Michael Ciarmoli: Pat, maybe just a quick two-parter here. I mean, how much if you can tell us what percent of your assets in Wichita IP tooling is already owned by Boeing? And then, obviously, we throw in some of the advances. You’re still repaying them on each 787. I guess I’m just trying to get a sense of if there was a transaction, how much value do they already own? And then the other follow-on to that is you’re making all these wholesale changes, improving the inspection, process quality. Presumably, that will improve out-year margins and cash. Why is it a good move for shareholders to potentially sell to Boeing?
Mark Suchinski: Yes, Michael, let me just kind of address your questions around assets and IP. And I guess your question was specifically around Wichita. In our industry — and it’s consistent with whether it’s any OEM. The OEMs typically own the tooling associated with the production of their products. The facilities, call it, the brick-and-mortar, the property, plant and equipment, whether it’s tape laying machines, autoclaves, broaches to drill holes, that equipment is owned by Spirit, right? So for the most part, it’s a fully functioning business. It’s consistent, whether it’s in the U.S. or overseas. As it relates to IP, a lot of that just depends on the contract, right? It could be joint ownership, sole ownership. But I think that’s the way I would characterize it. It’s — they own the tooling and Spirit owns the rest of the assets used in the production of the products that we build for whether it’s Boeing, Airbus, Bombardier, et cetera.
Patrick Shanahan: Maybe I’ll just answer the broader question that you asked, the value of reintegration of most of these operations can only be unlocked by the OEM. And when we think of supply chain optimization, whether it’s forging, raw materials, fasteners, things that are needed for the higher production rates, that’s a significant amount of value they can unlock. Same goes for internal operations in terms of safety, quality, delivery cost. In the case of Spirit, whether it’s the wing of the fuselage on the 220 or the fuselage of the 737, so largest part of the build material for those major programs. It really represents another opportunity to drive efficiency. The kind of the broader value proposition is sharpening engineering and manufacturing expertise for the future.
And that’s a skill that’s hard to acquire. So whether you’re Brothers or Bombardier, their [indiscernible] 100 years, depth of expertise that’s here at Spirit and Wichita is similar. So — but quite often, it’s really only the OEM can unlock that value.
Operator: Ladies and gentlemen, this now concludes our Q&A session. I would like to thank you all for joining today’s call. Have a great rest of your day. You may now disconnect your lines.
