Mark Douglas: Yes. Thanks, Steve. Top line, no, it’s not a concern, and we’ve been following this for some time, as you can imagine. We’re well clued into where the EPA is going. Cyazypyr is one of the — what we call the softer chemistries, much more targeted. We don’t see the EPA guidance has any impact on our business. We continue to see Cyazypyr grow at quite a fast rate around the world. It has numerous attributes that are very targeted. There are lots of old pesticides and insecticides that are more broad in nature that Cyazypyr would take share from and is taking share from. So we don’t see any impact to our business from this ruling.
Stephen Byrne: Okay. And I wanted to just drill into your outlook on the biologicals. It’s clearly an area that you’re devoting a lot of focus on. Do you find that it has the potential to be, say, synergistic with your synthetics or is used in combination? I think that was view that Kathy Shelton had in prior years. Is that still the view that there’s a synergy between the biologicals and synthetic chemistries.
Mark Douglas: Yes, very much so. When you look at the growth rate of our biologicals, we talk about our Plant Health business. This year, it will be pretty close to $300 million in size. Biologicals is now roughly half of that. It’s getting close to the $150 million business. It’s growing in excess of 20% top line per year. And that growth is coming from not only the new products but the synergistic effect that you talk about, which is twofold. First of all, we are developing products where biologicals and synthetics are in the same formulation. So you’re getting different modes of action and different attributes from a biological and lowering the amount of synthetic material in the formulation. The second one is in spray programs where you will replace a synthetic spray with a biological spray.
So you are using a pure biological but using it in a way that augments what the synthetics are doing and once again reduces the amount of synthetic material. So we see that growth coming from both aspects. We’re launching, as I said, we launched 17 new products last year in the whole biological space. I continue to see that space growing rapidly. We are investing more in R&D. We are investing through ventures as well. So I think it’s one of the bright spots in the portfolio in terms of overall growth and investment for the company.
Operator: The next question comes from Kevin McCarthy with Vertical Research Partners.
Kevin McCarthy: Mark, how would you characterize channel inventory levels in the U.S., Brazil and Argentina exclusive of the nonselective herbicides where you don’t compete?
Mark Douglas: Yes. I think — so from a North American perspective, U.S. in particular, I think channel inventories are a little bit elevated right now, but that’s normal. I would say, as you enter the season, most of retail and distribution is stocked up for a very good year. When I think of inventory levels for FMC compared to our sales on a percent basis, we’re about the same place we were the year before. So I think it’s pretty normal. Brazil and Argentina, a different story. Forget the nonselective that we just talked about. I think because of the conditions that we saw in the south of Brazil and in Argentina, it was very dry in the fourth quarter. I have no doubt that there is elevated channel inventories in that area, would not be a surprise at all.
