So in other words, maybe if you could just characterize the nature of the destocking that you were seeing beyond just the raw percentages or numbers? And then just taking that a little further, you did talk about further reductions, I guess, on your inventories that you anticipated in the back half of the year. Any kind of color on the nature of that? Is it — do you have the inventories because customers are trading down or because, I don’t know, regional economies are slower than you anticipated? Just some color on the nature of the destocking activity that you’ve seen in the second quarter and that you anticipate in the back half of the year would be helpful.
Scott Behrens: Yes. Thanks, David. With regards to destocking, so the destocking obviously started to happen in Q1, definitely in the polyol side of our business for sure and in, I would say, all segments of our consumer products business. I think when you look back and try to appreciate how much inventory was stuffed throughout the channels. I don’t think anyone had a really good handle on it. What we can say going forward is in the rigid polyol business, we think that the destocking is predominantly behind us, and we’re now starting to get into a normal demand pattern for the second half of the year. I would say the same thing is true in consumer products. The destocking probably bottomed out in late April, May, and we’re now going to be entering a normal stabilized volume pattern going forward.
The surprise for us was in agricultural chemicals. So we had an all-time record volume in agricultural chemicals in Q1. And in May, that kind of all stopped abruptly. And it has to do with what segment of the market you’re servicing, whether you’re in the commodity generic pesticide end markets or if you’re in the proprietary branded, our business is more associated with proprietary branded. You saw companies announced in Q1 a massive slowdown in ag, we did not see that because we’re in a different segment of the market. We did see it and we are experiencing it now. The channel is full in ag, and it will probably take us through the end of Q3 before we get back to a normal inventory and demand pattern for ag. So I’d say the different industries, different markets, all experienced the same issue at different times, but I want to leave you with, I think Polymers, the destocking is predominantly done and the Surfactant side, we expect a normal demand pattern for the second half.
David Silver: And just — so just to clarify, the back half liquidation, it’s predominantly or it’s tilted significantly towards the ag chem and not other surfactants and not so much on the Polymers. Is it a fair summary of what you have outlined?
Scott Behrens: Correct. And you asked about inventory reduction. We’re really talking about our raw materials and a little bit of finished goods. Some of that is operational as well. One of our large plants is on a river that’s going through major lock reconstruction. So we have to bring in higher levels of materials ahead of that 3- or 4-month outage. So when that project is done at the end of September, we’ll be back in more normal inventory levels in the polymer business as well. So I think we shared earlier in the $40 million target reduction for the second half in inventories that’s a real number from our perspective and our expectations.
