Lauren Lieberman: I would absolutely agree with from the perspective an outsider looking in. Turning to the waste and storage business. I think it was Mr. Astrachan earlier who asked the question around Clorox’ disruption and the benefit that’s accruing to. You mentioned you saw some benefit late in the third quarter. How long should we expect these benefits to continue? And said differently, I imagine some of that disruption is giving you an opportunity to secure some maybe a higher share of promotional merchandising programming than you otherwise would have had. Is that the case? And how far out have you been able to secure the higher share?
Lance Mitchell: I think it would be premature for us to comment on that as we’re developing our 2024 plan, how sticky these gains have been on a sustained basis. We’ll wait and see, and we’ll plan accordingly.
Operator: Our next question comes from Andrea Teixeira with JPMorgan. Please proceed with your question.
Andrea Teixeira: And Michael, I would like to congratulate you in the next steps of your life and thank you for all the patience along the way. And Scott, welcome, and looking forward to working with you. My question is on the balance between your branded and private label offerings. And I understand that you have — and correct me if I’m wrong, you had alluded to that, I think, in the second quarter that you had a contractual price reduction in trash bags in the Q4 because of just the rising price flowing through. So I wonder, number one, if that’s correct? And number two, if you’re looking to do any adjustments to the price of Hefty trash bags given that the price gap will likely widen and what your experience with tableware has been in terms of price elasticity or conversely, because you probably got more velocity given your competitors issues.
Is there anything we should be thinking of? And again, thinking of how you’ve been able to recover your — it was impressive 800 basis points improvement in gross margin. If you want reinvest a little bit more in promo or that is the level that you feel is appropriate in terms of price points and price gaps?
Lance Mitchell: To your first point about the private label pricing and waste bags, it’s been stable and has not changed. We didn’t make any changes in private label pricing on waste bags. And resin has stabilized, but we haven’t seen nor do we expect significant decreases there. So our pricing strategy remains as it has been. We’ve restored the margins to a level that we’re satisfied with. We believe that we can continue to grow from this point forward.
Andrea Teixeira: Go ahead.
Michael Graham: I was going to say, I think one of your questions was there about our path to continued gross margin expansion. I did speak on this earlier, but we do expect to see continued gross margin expansion as we get the benefit of the full year benefits from the Reynolds Cooking & Baking improvements. And in additional, we do see mix being favorable. And obviously, we have Reyvolution cost savings that we’re still working through. But we’ve demonstrated in the past that we managed Reyvolution projects pretty well, and you should expect to see that going forward.
Operator: There are no further questions at this time. I would now like to turn the floor back over to Lance Mitchell for closing comments.
Lance Mitchell: Thank you, operator, and thank you, everyone, for your questions and your interest in our business. I’d also like to just say thank you again to Michael Graham for his contributions to our company. We’re going to miss his business partnership. I also want to really extend a sincere thank you to everyone on the RCP team. They are the reason that we’re doing and performing so well. And finally, I’d like you to all mark your calendars for Wednesday, March 20, 2024, when we will be in New York City on that day for an Investor Day to see you all then. Thank you.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time, thank you for your participation.
