Bryan Spillane: Hi. Thanks, operator. Good morning everyone. Maybe this question both for Noel and Stan, just related to Argentina. I think there was maybe a write-down that ran through the other expense line. So if you could give us a little bit more color on that and how much of that may recur and maybe, Noel, just kind of stepping back, I think this week we’ve heard from a several other companies who maybe even rethinking how they approach Argentina given the devaluation. It’s been a while right since we’ve had this kind of currency crisis in Latin America. So, I don’t know, just your perspective, both short-term, how we should be thinking about it from a accounting perspective, Stan? And then, Noel, just how you’re thinking about Argentina maybe longer term?
Noel Wallace: Okay, great. Bryan, good morning and thank you. Let me talk again a little bit of history in Argentina. And I apologize to go down with an extended answer, but I think it’s important for the audience to understand how we operate in these hyperinflationary environments. We’ve been in Argentina close to 100 years. We have an extraordinarily capable management team that understands hyperinflationary counting, understands how to manage the income statement and the balance sheet, understands how to prevent further devaluations on the balance sheet as we move forward. And that’s a reflection of just years and years of experience dealing with this level of volatility. We can go back to 2001, 2002, which I think was the last major devaluation in the country.
2014 had one as well. So we’re very accustomed to ensuring we’re doing everything to manage the potential volatility in a market like Argentina, and that experience has certainly played out. We have always, always continued to invest for the long term in Argentina. We have manufacturing on the ground. We have good relationships in terms of our ability to access dollars. But importantly, given some of the limitations that we’ve seen over the years on the ability to access dollars, we now have flexibility in the business to import product into the country as well. So we’re very attuned to the volatility. I would say on the flip side, good news that price controls seem to have been settled a bit, and we’re not going to see as much of those moving forward.
So we continue to operate in an environment where we can bring value to the consumer and take pricing in order to offset some of the significant transaction. Now, we’re not immune to the devaluation. We’ll see that ultimately unfold as we go through the next couple quarters, more on the margin line than the profit line, but ultimately we will make sure we get pricing in the market and that will take some time to flow through into the P&L. But overall, experienced team which I want to thank for their incredible diligence in how they do –they deal with the economic environment there and feel pretty good that we’ve got real control of what’s going on in Argentina notwithstanding there will be continued volatility. So with that, let me give Stan a chance to talk a little bit about how we’re managing more closely the income statement.
Stan Sutula: Thanks, Noel. And, Bryan, let me start and pick up where Noel left off on the team. So as an example, we have a gentleman that I work with, Jose Fernando and he is my CFO for Latin America. But, he was also the CFO or the Finance Director in Argentina in 2002. So we have a depth of experience and I think that manifests itself with a very proactive approach to market conditions. So he and I talk on a very regular basis about changing market conditions, and then more importantly the proactive nature of what we do about that. So they’ve operated in a hyperinflationary environment for a very long time. They take the actions necessary where we look at the long term. So while we operate hyperinflationary environment, we account for it appropriately.
You do see the impact of the devaluation and other income other expense. It was not the majority of that line item. So there are other items in there but we dealt with that, we delivered our overall numbers, we improved our productivity, we delivered margin expansion, profit expansion and cash flow. So I think the team’s done a very nice job looking at it proactively and dealing with it decisively. So you mentioned on a go forward basis, obviously when you [de-val] (ph), your balance sheet gets smaller. We’ll continue to take those actions going forward. We have a growing business there. So, going forward, I would not anticipate a major impact to our results from Argentina.
Operator: The next question comes from Andrea Teixeira with JP Morgan. Please go ahead.
Andrea Teixeira: Thank you [indiscernible] and good morning, everyone. I was wondering if you can talk, Noel, a little bit more about marketing investments. And you elaborated just recently that you mentioned increased [marked] (ph) advertising. And are you also seeing a normalizing promotional environment in the past? You had said that you dialed down and you’re reinvesting in promotional capabilities in the US. Can you comment on how you stand right now and how the category promotional levels are? And separately, if you can talk a bit about the supply chain changes that you implemented with the new leadership and also how your position in light of the disruptions in the Middle East and the learnings from the pandemic? Thank you.
