Eric Bosshard: And then a second question for Jim. On Slide 7, pretty compelling from a value creation, the divestitures and the portfolio changes that add up to, I think, about $1 billion which is the present value of future cash flows. I’m curious what the math on that slide would be if you look at the current level of performance of the business is not the future anticipated improvement. What does that look like that we took a snapshot of it today?
Jim Peters: Yes. I mean, if you took a snapshot of today and maybe if I kind of roll back and say, as we went through this process, we looked at multiple alternatives and cases. And we looked at from if we keep the business and the improvements we would make and what investments that would require we had different types of potential buyers and then we looked at the strategic partnership. And what I would say is this had the highest return of any of those options that we had out there. And as I said, the reason for that, even on an internal type of option, is that would have required a significant amount of upfront cash investment from us. And while it would have allowed us to improve the margins that upfront cash investment would still give it a lower net present value.
Now the other thing is by keeping a 25% stake in this business, it allows us to participate in that upside which we do believe can be significantly more than we could have generated on our own. And so that’s really where when you look at this transaction, the value creation comes from. And Mark talked about this earlier in some of his remarks, is the opportunity that we have to participate and then potentially at some point in time, realize or monetize that part of the business. But we do believe in the long-term health of that business in this partnership.
Marc Bitzer: So given — I think this was the last question which we covered today. So let me just close up and wrap up here. First of all, thanks for joining us here today. Obviously, there is a lot of moving parts but I still want to remind of 2 critical items. One is what you just alluded to is the transaction in Europe. We — April last year, we said we will do a strategic review in Europe. I think as you heard from Jim, we looked at all the options. We strongly believe this is the most value-creating option of all which we looked at and our creative strongest business going forward. So we feel very good that we set we will be doing. And now we kind of signed a significant step, obviously, that still needs to be closed which we expect some time around Q3.
On the underlying operating business outside Europe, you also heard before that in the particular second half of ’22, yes, we had an unfavorable environment because it’s very historically somewhat unusual to have demand down and cost up. Typically, these kind of situations don’t last very long. And as you heard from us, we don’t expect that to last for the entire ’23. There still will be some carryover into Q1 but when we do expect improvement. But beyond hoping or betting on an extra environment, you saw we’re taking strong actions. The $800 million to $900 million cost target is the one which you need to hold us accountable for because that is ultimately the feel of a driver behind our guidance which we’ve given for ’23. So with that, looking forward to talk to you at the next earnings call or in respective conferences in between.
So thanks again for joining us.
Operator: Ladies and gentlemen, that concludes our fourth quarter 2022 Whirlpool Corporation earnings conference call. You may now disconnect.
