Rob Wertheimer: Thank you. And just to clarify. So, I guess I went into the call assuming there would be a channel inventory drawdown there, and the fact that you’re calling out as more the prior years had an inflow from distributors and others taking more inventory, you’re not and just getting a large drawdown in this guide?
Richard Kyle: A large drawdown, no, I would not say there’s a large drawdown. There’s a drawdown, but not a large one.
Rob Wertheimer: Okay, just a quick question on pricing then. So, you’ve obviously captured a lot. Your margins have reflected that in the last couple quarters especially. Are you back to kind of neutral-ish with the 2% outlook for next year? Is there still more catch-up to go and that’s embedded in the two or are you still working on getting catch-up pricing as contracts or other things roll though? And just in general, it’s been a tumultuous couple years for pricing, I wonder if you could step back and just comment on your overall structural initiatives, COVID and inflation out of the picture for how you’re capturing price? Thank you.
Richard Kyle: Yes, I think if you look over — if you added our two years of walks, maybe two years in a quarter because we really started in — 9-10 quarters ago, inflation, we would be close to neutral, maybe slightly behind, with a little bit of offset into our volume. So, we’re close to neutral. The 2% — more than 2% is expected the very modest — is just expected to be slightly better than neutral. But we’re looking at roughly neutral. And then, to your latter question, we feel good about our ability to capture price. We feel good about your ability to respond to volatility in commodity prices and supply chain issues, et cetera, I think we’ve demonstrated that. We’ve got — as talked before, we’ve got thousands of customers and a lot of complexity in our price, which tends to make it sticky and also tends to make it a little more complicated when these things happen than just pushing a button and raising and in a matter of a week or a month or a quarter.
But we’re there now. We’ve got good systems and processes. And feel good about being able to adjust to whatever comes our way in the course of ’23.
Rob Wertheimer: Thank you.
Operator: Thank you, Rob.
Philip Fracassa: Thanks, Rob.
Operator: We have another question, comes from Stephen Volkmann from Jefferies. Stephen, your line is now open.
Stephen Volkmann: Great. Good morning, guys. Thank you.
Richard Kyle: Morning.
Stephen Volkmann: And my question was around pricing as well. I guess I’m just surprised at your two-points kind of a forecast for ’23 because, obviously, you’re coming off a fourth quarter that’s way bigger than that. And I think your chief competitor sort of said mid single-digit. So, why wouldn’t we think about follow-on pricing for actions done during the year in ’22? Why wouldn’t that kind of have a stronger effect in ’23? And I think, Rich, you even said something about another recent price increase. So, are you seeing declines, I guess, is the other way to ask this, in certain parts of your customer base already and is that sort of the offset? Just help us think through why that wouldn’t be higher?
