Christopher Parkinson: That’s very helpful. And just as a very quick follow-up, just on the W&P side. You’ve seen some very, very solid growth out of Water Solutions, but you did have some comments as it pertains to the kind of the second half based on some fairly difficult comps to my understanding. Can you sit on kind of what’s the outlook for this business? Just – is that just – is your commentary solely a function of just the difficult comps and you’d expect kind of a reacceleration in 2024? But if you could just hit on that kind of cadence and how we should be continuously thinking about that business in the long term? That would be very helpful. Thank you.
Ed Breen: Yes. I think the way to look at that, that business is consistent, it is choppy, some quarters. We have a big installation we’re doing and all that. So it’s not going to be every single quarter. But generally, that business grows kind of mid to high single digits pretty consistently. And this past quarter, we had even a better quarter the not on the growth rate. But again, it can be lumpy. But when you kind of smooth out the whole year, I think that’s the way to look at it kind of in that 6% to 8% growth range when you smooth out the year. And look, I expect China activity will pick up. It’s hard to tell if there’s a little bit of excess inventory also that is part of it, but we’re again expecting a couple of just lighter quarters.
But I think quarters with growth in the third quarter, but just lighter than we had in the second quarter. And I think, again, it’s a consistent business. And it has been since we’ve had it. So I don’t expect it to continue to grow in that range.
Lori Koch: And to Ed’s comment on the lumpiness, if you put a 2 year stack on the volume, we’re up high single digits every quarter. So there is lumpiness of it comments around sometimes the projects work going on. But in general, it’s really strong growth for us. And there’s no change in our go-forward forecast, especially with the requirements that are going on around sustainability and the access to those are the key growth drivers for us.
Ed Breen: And then the key here is there’s a replacement business that’s 70% of the business. So that adds to the consistency of it.
Operator: Your next question comes from John Roberts from Credit Suisse.
John Roberts: Thank you. Ed, is it fair to say that Delrin will be a private equity transaction? It would seem to be hard for a strategic to do a closing by year-end at this point?
Ed Breen: Yes. We’re pretty confident we’ll close it by year-end. I would just say private equity has been interested along with strategic, but I don’t want to get into any more than that at this point in time. But I think we’re highly confident we’ll have a deal. There’s been nice interest in it.
John Roberts: And then secondly, there is been some challenges to the 3M PFAS settlement. Are you anticipating having to go through a similar process with your settlement?
Ed Breen: Yes. John, what happened here was very typical of these bigger type of settlements that have to these class actions. If you go back and look at any of the other big ones, you always get that, I think, what you’re referring to is the challenge from state AGs and all that. I don’t think by what we’re hearing that there’s going to be a problem here we’re thinking in the very near future, we get preliminary approval from the judge, and as we said in our prepared remarks, it will be about six months after that preliminary approval from the judge where we would then be finished with that and make the payment.
Operator: Your next question comes from Steve Tusa from JPMorgan.
Steve Tusa: Hi, good morning.
Ed Breen: Good morning, Steve.
Steve Tusa: Can you just give us a bit of an update on the — I know these businesses aren’t the most raw material centric anymore, but maybe just a bit of an update on the raw material outlook for this year. I’m not sure if you called it out in the beginning of the call, the $100 million you were talking about before?
Lori Koch: Yeah. So that was a net headwind between price and raws. So we did increase that to about $140 million from our view of $100 million. So we have seen a step up and we expect to benefit from deflation. To remind you, it was around $800 million last year of a headwind that we saw and we’ve got obviously a fair bit of room to go to get all of that money back, but we’re making really nice progress. Initially, a lot of the deflation is coming from the energy and logistics side. You can see what the natural gas prices have gone from the peaks that we bought in the third quarter of last year and the stabilization in the supply chain. We’re seeing nice improvement in logistics. So the one piece that we’re working through is just the timing of when that falls through the P&L.
So we actually in the first quarter, predominantly, a little bit in the second quarter, we actually saw some headwinds from the carryover from the escalation 2022 from a P&L perspective. And as we head into the back half of the year, we’ll start to see those benefits that we’ve been getting from a procurement perspective drop into the P&L.
