Joseph Ritchie: Yes. Okay, great. That makes a lot of sense. And wanted to ask also on cash flow. Todd, obviously, I saw you guys — you reduced your debt by about a couple of hundred million this quarter. I know that there’s a lot more cash flow expected in the second half of the year. What can we anticipate from either a net leverage or debt reduction perspective as you progress through the year?
Todd Leombruno: Yes. We’re really focused on that, Joe. It’s a great question. I kind of mentioned it earlier, our cash flow is certainly more weighted to the second half. We just made the dividend increase. Jenny talked about the CapEx 100% of the cash flow that we generate in that second half will be dedicated to that debt pay down. And like I said, we’ve got a nice plan for it. We’re on track, and the team is already focused on that. So we’re pretty positive on that. Chris, this is Todd. I think we have time for one more question. So thank you whoever is next on the list.
Operator: Thank you. One moment for the next question. Our last question will come from Nathan Jones of Stifel.
Nathan Jones: I’ve got a bit of a follow-up on the kind of orders backlog cadence as we see supply chains normalize here. Can you give us maybe a little bit more color on how elevated your backlog is relative to where it normally was, I guess, we haven’t had normal for three or four years now? And as supply chains improve and lead times shortened, if you would expect to see backlog get worked down, the order cadence dropped down a bit. And we could get into a scenario where we see lower orders with that, that actually signaling any lower demand as we normalize order cadence in backlog.
Jennifer Parmentier: Okay. Nathan, this is Jenny. Just to kind of talk a little bit about the backlog. So right now, our backlog without Meggitt is 12% over prior year. It’s roughly coming in at the same dollars as last quarter. When we answered this question, it’s around $8 billion. If you put Meggitt on top of that, it’s another $2 billion plus, so it’s a little bit over $10 billion total. So when we look at the backlog and at the orders, I think the first thing to point out is that with the portfolio changes, it’s different than it used to be. So we have longer cycle business. We’re going to see what I’d like to call a demand sense, a longer demand sense, and we’re going to see more orders out there. There’s been a lot of noise the last couple of years because of the supply chain.
But we have seen with the transformation of the portfolio that this has gradually increased. So even with supply chain normalizing in the future order patterns changing. I don’t think we’re going to get this down to where it used to be pre portfolio transformation. I think we’re going to see a higher backlog going forward.
Nathan Jones: And I have one on price cost. Parker has a tremendous long-term record for being mutual loan price cost at the margin level and did a tremendous job through the inflationary period we’ve seen over the last couple of years. Do you expect that if we get to a deflationary period to remain price cost neutral? Or do you think that you could actually hold on some of that pricing and have that be a tailwind to mine?
