John Fortson: That’s a very good question, Vincent. I mean it is — you are calling it — that’s a very good read. And that’s exactly what happened, frankly, right? The destocking predominantly occurred in the Rosin-based end markets, total based end markets continue to remain very robust and we don’t see that changing, in particular with regards to oil fields as well, right? So that market remained very, very robust. We’ve actually had success selling both TOFA and SOFA into that market, and we expect that to continue to through 2023.
Richard White: And if I could add, this is Rich, Vincent, that the ability of our oil field team to have already been able to receive approval of our alternative product in the Oilfield segment has helped us to balance that TOFA demand that we have and the rosin impact that we have to meet the TOFA demand. So, it’s — so the timing was great if we didn’t have the alternative fatty asset, it would have been a bit more problematic for us.
John Fortson: And I want to be clear, too, Vince, we don’t see volumes of CTO on the margin, it might come down a little bit. It all just depends on how the year plays out. It’s really just the price of the CTO that’s going to be an issue, right? So that’s what we’re working on. We do have our long-term agreements. We do buy in a third party. Our supply is secure for the year. It’s just a function of what we’re going to pay for it.
Operator: Our next question is from Chris Kapsch from Loop Capital. Please go ahead. Chris your line is now open.
Christopher Kapsch: Good morning. So, on the — you mentioned your target leverage by year-end ’23, I think it was 2.5 from — just curious what your assumption regarding buyback statement to that target? And just maybe more general, how are you thinking about governing that to buy back things?
Mary Hall: Okay. You were breaking up a little bit. I’ll answer and John chime in if I miss something there, but yes what we said in the release is back to that 2.5-time barrier by year-end, which is consistent with what we’ve said in the past, we were pretty aggressive on share repurchase in 2022. We continue to balance and our philosophy and actions are to balance debt paydown with share repurchase and expect to continue that in 2023.
Christopher Kapsch: Okay. Fair enough. And then, John, you talked about the sequential trends in and around the destocking in Industrial Specialties and pavements. Curious if you could just talk about the sequential trends related to the COVID lockdowns in China. How has that affected? The businesses are reopening in China. Are you seeing that in terms of manifesting in demand? How has that progressed through the fourth quarter and thus far in the first quarter? Thank you.
John Fortson: Good question, Chris. I mean typically, 0and we talk about it a lot, right? I mean, typically, in China, there’s usually a large kind of prebuild and a lot of activity in the fourth quarter of China because they try and knock it out before Chinese New Year, right? And that didn’t happen this year. That’s kind of what made it unusual because of their reopening strategy, right? So, because they reopened so fast, a lot of the plants not only OEMs, but also parts people also an influence kind of the broader Asia region, really couldn’t operate for periods of time because they were having to get their people through that sort of first wave and get their immunities up, right? So — and then they roll right into Chinese New Year, right?
So, you have this kind of period that’s not historically normal in China, but we expect and can see they’re coming back, coming going back to the races. We expect them to get back in. They are reopening, I think, will be a positive. Their economy will recover. I think they’re desperate to get back to normal, and we are going to benefit from that.
