Mike Dahl: Okay. That’s helpful. And my second question, just in relation to the channel inventories and then your own production, where is your sense of where channel inventories are, obviously, just cover a rough range of products and geographies, so either kind of high level or by region, do you think you — are you back at normal levels? Are you below normal levels? I was just trying to gauge the risk of further destock here in part?
Jeff Lorberbaum: As a general statement, we think there was a significant amount taken out in the fourth quarter and the third quarter. And we believe in most markets, they should be close to the bottom. There’s some where the costs and prices and supply was a little tighter and longer. So there may be some in a few regional markets. But for the most case, we are assuming they’re close to the bottom at this point, but we’ll know after this quarter.
Mike Dahl: Got it. Thanks.
Operator: Our next question comes from Stephen Kim from Evercore ISI. Please go ahead.
Stephen Kim: Yes. Thanks very much for all the info. I’m going to sort of follow up on that last question there regarding inventory. With respect to the plant shutdowns and your planned inventory reduction, I understand that market forces are driving some of this. But it also seems like there’s a bit of an opportunistic aspect, perhaps, where you’re shifting the timing of your annual production into periods with lower commodity cost. So in other words, what I’m curious about is, if commodity costs were not declining as they are, would you still take the same amount of shutdowns? Or are you planning to take a little bit more than you would otherwise do because of the trajectory of commodity costs? And then finally, can we get some guidance about where your inventories and dollars could go over the next couple of quarters?
Jeff Lorberbaum: So in the fourth quarter, we made conscious decisions to decrease the inventories in some of the businesses, given our forward view of the commodity prices. And so we took them down even knowing that our customers were also taking them down, which also hurt our margins in the quarter. And some of the businesses in Europe, we made a choice not to take them down. At the time we were looking at it, and we didn’t know whether there was going to be a spike in the energy costs and we actually left some of the inventories higher in anticipation of higher costs in the first quarter, which we are going to reverse out in the first quarter now that didn’t — it didn’t happen like we thought. So we actually — if we knew what would happen, we probably would have taken those down sooner as if. So we are making those decisions on a constant basis based on our future view of the dynamics of the business. I forgot the other part of your question.
James Brunk: So the other part, Stephen, in terms of our view of kind of our inventory plan for 2023, presently, we would expect the year to be kind of at year-end to be slightly below where we ended in 2022. Obviously, it really depends upon the demand conditions as we go through second quarter and the second half of the year and the pace of inflation.
Stephen Kim: Okay. So that’s a year -end comment. In terms of the trajectory here over the next couple of quarters, though, can you give us an idea of what we might expect, Jim?
