Steve Powers: Okay. And then, Mike, maybe bigger picture, you’ve been — you talked about the higher A&P and marketing spending this year. And just in general, there’s been a lot of strategic growth initiatives and commercial investments that you’ve been making. I guess as you think about the aggregate investment that you’ve made over the last couple of years in that regard, just where do you think you are versus your long-term strategic priorities? And do you see opportunity or need to kind of continue to invest at an accelerated pace as we think about next year, is that — is it an investment year? Is it a year where you’re growing investments more in line with sales? Or are you at a point where you can actually start to leverage and lever from a margin expansion standpoint, some of the investments you’ve been making over the past couple of years?
Michael Hsu: Yes. Thanks, Steve. One, I’m really pleased with the team. We are delivering what we set out to do which is balanced and sustainable growth. As you could see, the organic momentum remains very strong. The margins are coming along as we mentioned, restored them the pre-COVID levels. And so we feel good about that. I would say we’ve made a lot of progress in the investment. We’ve made a lot of progress in building improved capability. We’ve made a lot of progress in improving our innovation capability and the innovation pipeline. And so I think over the last 5 years, we’re probably up a couple of hundred basis points in advertising investment. I think from there, we really need to make that investment. At this point, we’re approaching 6% overall sales.
And so I would say that’s competitive in our business. It’s perhaps not as much as our primary global competitor but our plan is not to outspend them. And our plan would be to drive great innovation, great commercial programming and have a competitive spend. And so I don’t expect — Steve, I don’t think, I’ll go and say, “Hey, we need to continue with increased advertising investment in a straight line infinitely”. Do I think there’s some opportunity for us to continue to invest? Yes. But do I think we also have to leverage the investments we’ve already made better? Yes.
Steve Powers: Okay. Yes. No, so I play it back, it sounds like you’ve — the catch up that you might have identified 4 or 5 years ago, you feel like you’ve done and now it’s more opportunistic spend where there’s a clear ROI but you don’t feel a huge need to catch up because you’re underspending?
Michael Hsu: Yes. Because 5 years ago, we were spending in the 3s and so that was — I think I felt like too low for a company of the categories that we operate in. I feel competitive at this point. But we also have great opportunities to spend on and ROIs are great. And so especially as we continue to migrate more and more to digital and so there’s going to be plenty of things that we’re going to want to invest in.
Operator: [Operator Instructions] Your next question is coming from Andrea Teixeira from JPMorgan.
Unidentified Analyst: This is Shabana [ph] on for Andrea. I just wanted to ask you, can you please add color on your views regarding carryover pricing into 2024 and how to think about the possibly the need to roll back some of this pricing into 2024, especially with the retailers seeing some commodities coming in better? I mean I understand you just elaborated that pulp is lower but resin may potentially go up, especially with oil coming in higher. If you could just like, in aggregate, give us a little bit more picture?
