So, I don’t know that I would try to quantify where we are in that range. We’re confident and as the categories remain healthy, we feel really good about where we are. I do think back to the point you made though, there is quite a bit of price here hitting the consumer. And while we have not seen elasticities at historical levels if and when the consumer comes under added pressure, I think, you can also expect that to, to evolve. So, we’re going to be thoughtful on that and react accordingly if that’s the environment we’re in. But as of right now, I think, 3% to 5% based on the drivers Rod and I have been talking about feels like the right place to be and I think Q1 reinforces that.
Kevin Grundy: Got it. Dan, the follow-up is just on FX and the impact on operating profit relative to the top line. So sort of said differently, your initial guidance implied a certain FX multiplier, if you will, and with your updated guidance, one would expect more favorability on that flow through to earnings than we saw in your update. I think in your prepared remarks you mentioned some of this was sort of tied up in inventory. Can you just help us sort of understand the profit impact that you are guiding to now from, from FX relative to the to the top line update?
Dan Sullivan: Yes, absolutely. It’s a good question, Kevin. It’s a complicated topic. So, happy to unpack it. I think first of all, we have to remember there are multiple drivers to this FX equation, right? You have translational gains and losses, it’s felt immediately. The best example of that you can see in our new net sales outlook for the year. I think that’s pretty straightforward. Equally you have hedge gains and losses which sit below the line that are also felt immediately, but tend to work in opposite direction as the benefit of your hedge is somewhat diluted. I think those are pretty straightforward. I think where it gets a bit more complicated is in the transactional FX, which is sort of capturing all things supply chain, all the moving parts on the cost side, where in fact, a weaker dollar is hurtful and all the moving parts on inventory in our commercial businesses like Japan, where obviously it’s helpful.
The challenge here though is timing, right? And the transactional FX doesn’t get released until the product gets sold. And so, if you take an average of four to five months of inventory, I think, it’s reasonable to say that we hadn’t yet felt all of the pressures of the rising dollar against the yen and therefore it’s going to take time to realize the benefits as the currency has moved now 8%, 9% since our guide. So there is a lot of moving parts in there with timing being the big piece. For us, honestly, we know it’s difficult to model, we understand that it’s difficult on all aspects, but that’s why we continue to point to constant currency and that’s why we give that outlook as a real clear benchmark of operational performance. And here as we’ve mentioned, the constant currency outlook is unchanged.
Kevin Grundy: Very good. I appreciate the comments guys. Good luck.
Dan Sullivan: Thank you.
Rod Little: Thank you.
Chris Gough: Thanks, Kevin. Operator, next question please.
Operator: Our next question comes from Bill Chappell, from Truist Securities. Please go ahead with your question.
Bill Chappell: Thanks. Good morning.
Rod Little: Good morning Bill.
