Carl Hess: Yes, just for clarity, that was our insurance broking business, not reinsurance broking which we €“ any of that would have already been divested with the Willis Re divestiture.
Operator: Thank you. Our next question comes from the line of Michael Zaremski with BMO. Your line is open.
Michael Zaremski: Hey, good morning. I promise to just hold it to one question and a follow-up. First question, I just wanted to €“ I heard the answer to Elyse’s question about the pension income being factored into your long-term guide and it can be volatile. But I just want to be clear, it’s a meaningful headwind in 2023. And so are there other levers that you’re pulling more so than you had kind of previously expected in 2023 to be able to show margin improvement?
Carl Hess: So just to clarify on the size of the headwind, as you’ll see in our 10-K, pension income for 2022 was $272 million and we’re guiding for $412 million in 2023. So that, I think, shows you the product quantitative basis what we’re facing. We do look at all levers available to us as we run this company. And to the extent we’ve got a headwind in the other direction, we search for what we can do elsewhere. That feels like how you manage the company every day. And just as we’ve seen during 2022, we can get all sorts of headwinds and directions, expected or not. We think the benefit of running the diversified portfolio we have, gives us the opportunity to adapt.
Michael Zaremski: Okay. And my follow-up, just curious, some of your peers have publicly talked about looking for ways to bring employees more back to the office and to better collaborate. I believe Willis has always kind of been collaborative and a more virtual environment. And you’ve been clear that a lot of the cost €“ some of the cost saves will come from less real estate. But any changes in kind of in your view on the meaningfully lower real estate footprint and kind of just the overall firm’s view of remote work? Thanks.
Carl Hess: So we absolutely have adapted really well to remote work, but we recognize the benefit of in-office collaboration as well. None of that is incompatible with a reduced real estate footprint and we are, I think, extremely successfully navigating back to work, back to collaboration and the flexibility that the workplace of tomorrow really wants from their employment. So I’m really happy with how our colleagues have adapted and kept up to great work as they do, both in office and remote. I’ve seen no lag in how we’re able to perform for our clients, and I think that’s demonstrated by our results.
Michael Zaremski: Thank you.
Operator: Thank you. Our next question comes from the line of Paul Newsome with Piper Sandler. Your line is open.
Paul Newsome: Good morning. Thanks for the call. I wanted to revisit the gain of the book sales impact. And if you could just give us a little bit more, maybe just walk us through, again, what the comparisons will likely be prospectively if we continue to have negative comparisons. And one thing I’m not sure if I have it in my mind and maybe some others are not quite getting is I think there’s two impacts. One is the actual comparison of having a gain a year ago versus not having today. But is that there also an impact of not having that book any more prospectively over the next year versus a year ago. And so how should we think about sort of those two pieces? And how long we will be talking about book gain comparisons.
