David Gagliano: Okay. And I don’t have the info in front of me right now. But I think when I was backing into it this morning, it worked out to about a $40 million reduction versus just what was implied last quarter, which is we weren’t assuming that much of a reduction, but I mean, not much of a benefit. But that’s a pretty big drop. Is that math right? And is there a little more information that we can get on why such a big drop?
Timothy Flanagan: Yes. I mean you’re definitely in the ballpark. You’re pretty close to $40 million. And really, again, it’s a driver of, as we work with these customers, the contracts have various provisions that protect our interest and their interest as we continue to reach commercial agreements with our customers going forward. Our predictions of how that may play out and what the requirements on the accounting rules are, and what we should or should not disclose have changed. So we reduced that forward-looking expectation going forward. But I will say the underlying implied kind of revenue per ton is really reflective of these are the tail ends of these contracts as most of these were entered into, again, back in 2017 and 2018.
And so we’ve gotten to the tail end of the blend and extend that I think that we’ve talked about in the past, where we extended the term of these and increased volumes over time with maybe a little bit of adjustment in price. So we’re seeing the tail of these contracts work out in the out years.
David Gagliano: Okay. Great. Just my last related question on that. On a go-forward basis, are there more potential revisions coming with these contracts that are left? And if so, can you quantify like sort of the assumptions that are made that could change?
Timothy Flanagan: Yes. No, I guess that’s why I added the commentary. I think the implied revenue net rate right now is really reflective of kind of the contractual — what the volume times the price would otherwise look like.
David Gagliano: Okay. Great, thanks.
Timothy Flanagan: So yes, let me just add, David. So unless you have a situation where a customer is in a situation of non-performance, I don’t think those change.
David Gagliano: Got it. Thank you.
Operator: Thank you. This concludes our question-and-answer session. I will now hand the call back over to Mr. Kessler for closing comments.
Marcel Kessler: Thank you, operator. I would like to thank everyone on this call for your interest in GrafTech, and we look forward to speaking with you next quarter. Thank you.
Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.
