Laurence Alexander: And then just lastly, can you characterize or give a little bit more detail on what you think is going on with the agriculture chain inventories. I guess the timing and the severity of the adjustments to — a lot of the industry a little bit flat-footed. So, just curious about what you’re hearing in terms of when people think it will end, because I think you have a comment in the remarks about it accelerating into Christmas?
Mark Costa: Yes. So, I wouldn’t say it’s accelerating the Christmas necessarily. So — but what happened, I think, is pretty well discussed out there. Two things really. Last year, with all the Ukraine events around ammonia and other uncertainties around supply chain, farmers around the world were stocking up on safety stock. And their warehouses, the retailers were stocking up on safety stock. Their distributors are stocking on safety stock. All the way back to the big players that make the products like us and Syngenta, Corteva, et cetera. And so demand was really good. That was true through the first quarter. And as this chain started looking at season that wasn’t going to quite need quite as much product because of the dry weather and not meeting it as much, and feeling like supply chains were now safe to rely on, sort of in the middle of Q2 kicked in significant destocking downstream of us.
So, we started to feel some of that destocking from our direct customers in the second quarter. And it ramped up to full destocking as we go into the third quarter and, to some degree, in the fourth quarter. There’s a lot of debate going on, I’d say, about just when does that destocking end and when they have to start ramping up on production to meet the growing season next year. It’s important to realize that the final in-demand for the farmers is good this year and expect it to be good next year. So this really is a whole inventory management cycle we’re in. And at some point, they’ll have to kick back into gear to make sure they have enough supply for next year, whether that’s in the fourth quarter or the first — the beginning of the first quarter.
It has to happen sometime around then or they won’t have enough inventory for the next growing season.
Operator: Our next question comes from Arun Viswanathan with RBC Capital Markets. Your line is open.
Arun Viswanathan: Great. Thanks for taking my questions. I guess I just wanted to go to AM and AFP. There are some markets which you are seeing — which we’re seeing some strength in, notably maybe the aerospace side and maybe the food side. Is that what you’re seeing as well? And some of those stronger markets, you’d expect that to persist through the second half? How would you comment on some of your stronger markets? Thanks.
Mark Costa: So, when it comes to aviation, our view is the market was — has really improved through the first half of the year and will stay strong in the back half of the year. I wouldn’t say it’s not still going to grow relative to the first half of the year, but it will — because it’s been pretty strong, but it will stay that way. The airlines are obviously very confident about their demand going forward. And we’ll track with wherever their demand goes. Right now, that’s their viewpoint and we’re using their view to build our forecast.
Arun Viswanathan: And then just as a quick follow-up. Some other markets are notably on the weaker side. You addressed some of the destocking that’s going on in amines in the ag side. What are some of the other areas that maybe turned out worse than you expected? And you’ve addressed a couple on the call already, but if you were to reiterate some of the weaker areas, what would those be? Thanks.
