Michael Dastugue: Hey Ike, this is Michael. With regard to the interest because it factors in financing, there’s a number of different scenarios that could play out between the mix between fixed and floating. So I think we’ll just stick with the 300 million at this point. As we work through the financing, then would probably be a lot more granularity or certainty you could — we could provide you about what’s the ultimate fixed floating mix there. With regard to the — your question on the tax rate? Yes, the effective tax rate, as you look at 2023 is in the area of 40% to 45%. And what will happen? I’m not sure I caught the tail end of the comments you were making. But as you think about this deferred tax accounting, what will happen over time is that it will return to normalized levels, but it could take several numbers of years.
And once again, it does not have an impact on the cash tax payments. So for perspective, the cash tax payments in 2023 are expected to be in the neighborhood of 90 million to 100 million, which is essentially where they were in 2022 and 2021. So the last question was on inventory.
Steve Bratspies: Yes, and I’ll take that one Michael. So on inventory we don’t got to a specific target about the inventory by the end of the year. But again, they kind of talking about expectations and working capital is going to drive a lot of the benefits in the cash flow perspective. And I know you’ve been with us a while so you know the cadence of our inventory. As we look in the first half, we typically use cash. And the first half as we are supporting the back of school season and looking to drive the inventory down over the course of the rest of the year. And as you think about our cash flow, again, we’re your guiding to $500 million. That’s a good mix of again, heavy working capital benefit, and the net income that drops from a profitability standpoint. But we can still really good about the cadence and being able to drop that working capital benefit or really revert back into a good position to cash standpoint.
Ike Boruchow: Got it. Super helpful. Thank you.
Operator: Our next question comes from the line of Paul Kearney with Barclays.
Paul Kearney: Hey, good morning. Thanks for taking my question. Can you talk a little bit more about what’s embedded behind maybe your segments in the full year guidance for sales for innerwear versus activewear? And then where are you seeing pricing and promotion shaking out through the year to offset any of the costs during the first half? And lastly, when do you expect to achieve the target leverage range? Thanks.
Steve Bratspies: Sure. So in terms of kind of a mix of the guide, if you will, by segment, the way I think you should think about it is will be roughly consistent across the segments for the total company guide. So no meaningful outliers across the three segments. In terms of pricing and promotion in the market I think you’re two different businesses. We’re looking at the start of Q1 for innerwear in particular or kind of less promo than when we’ve seen a lot of promotional environment. Retailers I think are working to recover some of their gross margin. And in the, in the interest base, if there was any distressed inventory, I think most of that’s been worked through. So they could start to see a normal cadence of promo where, Q1 is always less than Q4 kind of on the natural basis.
