Ben Theurer: Okay. And then my follow-up, just quickly on China. I mean we all know fourth quarter, particularly December, was a very tough one with the whole reopening and cases, et cetera. But as of today, early March, have you seen like particularly in February and like signs of consumers being in a more normal environment of consumption? Is it fair to assume that, that could be an easier fix go forward than maybe some of the issues you have on the inventory side over in North America.
Jim Snee: Yes. Again, Ben, that’s a very fair assessment. And we said that, that we have seen early in the second quarter. The China foodservice business has seen a nice uptick or a nice rebound as consumer or Chinese population seems to be making their way through COVID and are now heading back out. So we’ve seen foodservice up on the retail side of the business. We’re really excited about the continued innovation that we’ve been able to deliver. The other thing, when we built that plant several years ago, we put in a SPAM line and our SPAM business has done really well, especially our SPAM Singles business. And so we’ve seen that continue to grow on the retail side to the point where we’ll be making some additional investments to support that growth. But your take on China is exactly what we’re seeing and how we’re thinking about it.
Operator: The next question comes from Tom Palmer of JPMorgan.
Tom Palmer: I’m sorry to belabor the inventory discussion. I just want to clarify something a bit. So it sounded like in the prepared remarks, there were some constraints in terms of sourcing pork and turkey right now, and that you’re unable to produce enough peanut butter. So maybe I heard this wrong, but I don’t think Planters can account for a lot of the inventory issue. So I just hope to better understand what types of products you’ve built up too much inventory of? And is it certain pork products that fall into that equation?
Jim Snee: Yes. So Tom, I’ll start with that first question. So we didn’t have any difficulty sourcing pork products for production. What we have said is it’s just the decline is what we would have normally had coming at us that we don’t today. So we used to have to sell it. Today, we don’t. That’s what we are talking about for the pork decline. The turkey is — absolutely not enough turkey coming through to support the business. But as we think about the inventory across the entire portfolio, you are right. I mean it’s not all Planter. I mean that’s part of it. When we think about — as I described earlier, some of it is inventory that has been built for promotion. So think SPAM as we get into bigger promotions throughout the year.
We do have elevated inventories of ribs. We have some elevated inventories of complete bacon bits. So it is a mixed bag, other perishable refrigerated items. So it’s a mixed bag across the inventory that we have and the portfolio. And so yes, we’re not trying to pin this on any one item or one category. I mean, it is broad-based.
Tom Palmer: Okay. And maybe just on the price increases you mentioned retail. Just any detail on how much of the portfolio is being addressed with pricing? Any help on the magnitude, the timing, and then just are there certain commodity types that need to be addressed in particular?
