Joshua Pokrzywinski: We’ve covered supply chain and some of this like inventory phenomenon for a while now in orders. But maybe just to put a bow on it a little bit. As your own lead times have improved, have you seen customers adjust the way they order to match that? So I’m assuming there was a point in time in which everyone was sort of scrambling a little bit more to get everything that they can and maybe it’s a little bit more normalcy, that’s changed. Anything that you guys have seen on that end?
Jennifer Parmentier: Yes. I think that’s a really good question. We really haven’t seen that yet, but we know that that’s what happens, right? We know that when the lead times either reduced or just effect to normal, the order patterns usually follow that. We have really close relationships from the divisions to the customers. So we really work closely with the customers and looking at the backlog and making sure that it’s healthy but I would also say, at the same time, we’ve seen a few pushouts. Nothing that I would characterize as being significant, but I do think it’s a little bit of a leveling of demand as the supply chain heels, but really nothing that has drastically changed any order patterns yet.
Joshua Pokrzywinski: Got it. That’s helpful. And then just as a follow-up in terms of what lessons, I guess, the last two or three years have taught you guys. How are you thinking about different ways you would pull levers in a downturn knowing the types of scarcity and tightness that might have waived on the other side as well as what you guys are doing today even without a downturn?
Jennifer Parmentier: Yes. I think we — as we’ve talked about before, we’re well positioned for changes. We have a recession playbook, right? We start pulling those levers way in advance at the first signal. So I think we do a really good job of that. Thinking about levers into the future, it really goes back to that increasing the dual sourcing and the local for local. What helps us reduce those lead times and ensure that we can give our customers the delivery that they’re looking for. So that’s why that’s an area of focus for us going into the future.
Lee Banks: Josh, short thing I would add to that, too, is we’ve got an incredibly strong operating cadence around here. I mean we — we are looking at orders, we’re looking at businesses weekly, both at the division level and then rolled up to myself and Andy Ross. And as a team, we get together once a month look at the trend, making sure we are ahead of the curve on whatever is happening. And it’s no different. It’s the way we’ve operated in the past, and that’s the reason we’ve been able to act quickly.
Operator: And one moment for our next question. Our next question will come from Joe Ritchie of Goldman Sachs.
Joseph Ritchie: Lee, just one quick clarification on your fee of red comment from earlier. You’re basically implying that the outlook that your end markets are decelerating, but not necessarily negative because it sounds like you still — you guys found still pretty constructive on most of your end markets. Is that correct?
Lee Banks: Yes, I think that’s exactly what I’m trying to tell you. When I’m looking at this heat map, we’ve been in a contraction from a PMI standpoint almost around the world since August. And I think what’s really holding us well are the portfolio changes that we’ve done inside the business, and the secular trends that are taking place that we’re able to tap into inside our business today. So we’re not immune from what’s happening around the world. None of us are, but it’s a different portfolio today when I started 32 years ago.
