Mark Hartman: Yes. Thanks, Pete. Let me give you a little clarity on that. So first, just to remind everybody, our FX is really what I call more just translation FX. Our exposure to the euro is naturally hedged. We have revenues in euros. We have costs in euros. So really, it’s just the translation effect of those euros translating into dollars that we continue to see, which does have, as you’re pointing out, that top line effect on the industrial side of the business. With where the euro is currently at about parity to the dollar, it is a significant effect for us of about, I’ll say, mid-single digits, 5%-ish of FX headwind if the euro stayed at parity to the dollar just from that translation effect.
Pete Skibitski: Okay. That’s great. Very helpful. I guess just last one for me on the incentive comp costs in fiscal 2023, the $50 million increase. That’s pretty steep. It’s more than 20% of your EBIT this year, right? So a pretty big jump there. Can you €“ similar question, can you kind of bifurcate that for us? Is it kind of linear between €“ if I look at the size of Aerospace versus the size of Industrial? And is that just kind of based on your expected results in 2023?
Mark Hartman: Yes. So just to do a little reminder for everybody. During the pandemic, I think we were pretty clear on €“ we didn’t have bonus €“ the variable compensation part of our membership. Incentive was not in our cost structure in 2020 and 2021. We did have a slight improvement, and variable compensation was paid out at a very low level in 2022. So this is returning us back to the normal variable incentive compensation picture. If you look at the incremental of $50 million, the other piece, you could break it down like you’re talking, but the one other piece you have to remember is we do have variable compensation that would be in the non-segment also. And so it’s really across those three, Aerospace would be the largest as you’re kind of thinking about there.
Pete Skibitski: Okay. Thanks, guys.
Mark Hartman: You’re welcome, Pete.
Operator: The next question is from Matt Akers with Wells Fargo. Your line is open.
Matt Akers: Hey, guys. Good afternoon. I wanted to ask about share count and how you’re thinking about repurchase. It looks like you’re assuming 61 million shares for next year, I guess, kind of flat off of Q4. So just how you’re thinking about using what’s left of the authorization there?
Mark Hartman: Yes. So what we’re thinking is at this point, we would be at the 61 million, which is generally flat off of Q4, like you’re talking about. We’d have to offset some dilution if we end up taking further opportunity to increase that over the offset of dilution, that would be something that we would talk about in future quarters related to what the share count effect might be of any further repurchases over the dilution effect.
Matt Akers: Okay. Got it. Thanks. And can you give us any more help on just the pacing of kind of EPS as we go through the year? I know there’s the pricing step up early next year. But I guess, how much lower is kind of Q1 compared to the other quarters?
Mark Hartman: Yes. So some of this is €“ just a reminder, our Q1 has always been lower than the other quarters. It’s a working day-type approach and you look at our customer. Their customer working days also are lower. And so as we mentioned, that is kind of always there. Now on top of that, you hit on a few of those €“ the pace of improvement that chip was talking about related to our supply chain and labor disruption effect, we’re anticipating that to €“ the rate of improvement to really increase in the second half of the year. So again, not being overly optimistic as to what we could do here in Q1. You mentioned the price, the OEM indices that the customers that are indices-based increases typically go into effect on January 1.
