Operator: The next question comes from Matthew Bouley with Barclays. Matthew, please go ahead.
Matthew Bouley: Good morning, everyone. Thanks for taking the questions. I also want to extend my best wishes to John. Apologies if I missed this. I had some call issues. But on the revenue guide for Plumbing, the down 10% to 14%, I think you had talked about Q1 sales results for the whole business perhaps looking similar to Q4. So, I’m assuming that you’re saying something similar for Plumbing. And so therefore, the assumption would be a rather sharp deceleration in the Plumbing segment beyond Q1. I guess, number one, correct me if I’m wrong. But number two, can you sort of help us out with any additional cadence there? And any kind of specifics around whether it’s the spa business that’s moving the needle or some assumed destocking? Anything along those lines to help us on that Plumbing guide? Thank you.
John Sznewajs: Yes. Sure, Matthew. So, I’ll give you a little bit of color on that. And you touched on it partly in your question. And a portion of what we expect to see happen in the year in Plumbing is due to the spa business, because it is a high-ticket item and it’s one that, as Keith mentioned in his prepared remarks, is now back at normalized backlog levels — backlogs. And so that’s a portion. But the other portion that I would guide you to think about is, if you look at the sales cadence through the course of 2022, Plumbing had much less of a pullback than our paint business did in 2022. And so, as we see the calendar role to 2023, partly due to the spa business, partly due to some of the stronger comps that they’re going to be facing in the first part of the year, we should expect to see a little bit of soft — a little bit more softness perhaps in the Plumbing segment as a result of those strong comps that they’ll face.
Keith Allman: Matthew, you mentioned destocking, and I know there’s been talk out in the industry of that in various channels. We did see, I’ll call it, moderate to very moderate destocking in Plumbing in Q4, a little bit in North American wholesale and less in retail. It really wasn’t significantly material for us, and we’re not expecting significant headwinds from destocking in 2023.
Matthew Bouley: All right. Thank you for that. That’s super helpful. And then, just second one, sticking with Plumbing on the margin side and the guide there. I mean it seems like the assumption on the decrementals, I guess, on the softer end of the low 20%-s you mentioned for the entire business for the year. And I heard you say earlier, you’re not assuming much in terms of raw material tailwinds for the business. So, just kind of any help on kind of what you are assuming there? Is it ocean freight, et cetera? What are some of the areas where you feel like you can sort of manage that decremental in 2023? Thank you.
Keith Allman: The biggest impact is the planned volume reduction. So, the way we impact that is to drive productivity and to reset our manufacturing and supply chain. So, as you might imagine, we’re working hard to equalize shifts to make sure we’re continuing to drive productivity in the variable overhead line. We always drive and focus on our direct labor and shifting that direct labor down. And we have had, as we talked about, really starting in the back half of last year’s operational and supply chain challenges, and it really is on rhythm and getting our supply base to deliver us and delivered in a way that’s synchronous with what we expect and how we have our build scheduled, so we can be very efficient. That’s still a challenge.
