Now we’re significantly better. That challenge will remain through Q1, but coming out of Q1, we’re going to have that behind us and have our productivity where we expect it to be. So, lower volumes is the principal driver of the margin pressure, and then higher costs that we’ll work through early in the year.
Matthew Bouley: Got it. All right. Thanks, Keith. Thank, John. Good luck, guys.
Keith Allman: Thanks, Matt.
John Sznewajs: Thanks, Matt.
Operator: The next question comes from John Lovallo with UBS. John, your line is open.
John Lovallo: Good morning, guys. Thank you for taking my questions. And John, best of luck with everything. The first question I guess is, are you guys anticipating implementing additional pricing actions in 2023, or is it really just largely carryover pricing at this point?
Keith Allman: No, we’ll have some additional actions. There are spots of our Plumbing business that we’re looking at, and we’ll be implementing price. And then, in our Decorative business, as I mentioned with our commodity basket, we’re continuing to see elevation there, and we’ll watch that.
John Lovallo: Got it. Okay. And then, I think, the outlook for $500 million of either acquisitions or buybacks, I think you mentioned buybacks would be sort of back-half weighted. Just more curious on the acquisition front. I mean, what you’re seeing in terms of pipeline there?
John Sznewajs: Yes, I’ll take that, John. So, our corporate development team is active and we, as a management team, are active in the cultivation process of (ph) of acquisitions. But at the same time, as you might imagine, in this environment, there’s — the conversations are probably not as productive, just given some of the softening performance in businesses through the course of the back half of ’22. But that said, you never know when people are going to transact. And so, we have to be out there. We have to be engaged. And so, we’ve got the team out there and actively looking. That’s — and so it’s always hard to forecast what may develop through the course of ’23, and so that’s why we’re guiding for everyone to think more about share repurchases at this moment. But Keith, I don’t know if there’s…
Keith Allman: Yes. I think it remains to be seen, but the cost of capital and the leverage limitation that, that represents could make it a little bit more difficult for financial buyers and could help us. But we are seeing a little bit of a slower deal flow, but again, very active in the cultivation and trying to make sure that we drive strategic fit and right return.
John Lovallo: Makes sense. Thanks guys.
Operator: The next question comes from Garik Shmois with Loop Capital Markets. Please go ahead.
Garik Shmois: Hi, thanks. Just curious on the DIY paint side with down low double digits in 2023. This category has been slowly up against some tough comps, but it has been trending lower from a growth perspective. Just wondering, are we at pre-pandemic levels for DIY paint? And any perspective of how we are there relative to history would be great.
John Sznewajs: Yes. So, as we look at our DIY paint volumes, Garik, we are at roughly 2019 volumes, if not, just slightly under them right now. So we — the market has kind of reverted back to those 2019 levels.
