Mondelez International Earnings Call Insights: Reinvestment and Full-Year Guidance
Chris Growe – Stifel Nicolaus: Just two questions for you. The first one I would like to ask, just as you think about the emerging market investments, Irene, you had some tax favorability in the first quarter, you have some more here in this quarter. If you look, some of that flow-through in the first quarter, I just want to get an understanding now, like all the tax benefits that are coming through this year, should we assume that the majority of those are being reinvested back in the business? I’m sure you can put some color around the amount of incremental reinvestment back in the business.
Irene Rosenfeld – Chairman and CEO: Well, I think Chris, we gave you a schedule to show that. We said we generate about $0.11 to $0.14 favorability from taxes. We gave about $0.03 back in the first quarter as you recall. Our investments are about $0.06. That just gives you a sense of how we’re thinking about that.
Chris Growe – Stifel Nicolaus: Then if I could also ask a question, I guess, maybe more for Dave, regarding your increase – the share repurchase authorization and you’re increasing likely the repurchase shares. Is there an expectation that you would take on debt – I was trying to think about your free cash flow over the next year or two? Is that free cash flow growing faster than you expect and allow you to do more share repurchase activity, or is there the capacity to take on some more debt?
David Brearton – EVP and CFO: Well, the free cash flow is pretty much in line with what we laid out at CAGNY at this point in time. But I think as you think about what we said at CAGNY, ’13 and ’14, we’ve still got the restructuring program spending in there. As we get going forward beyond ’14, that will disappear out of the base and we will be delivering a stronger cash flow. So, we may have to take on a small amount of incremental debt in the near-term, but I think it’s well within what we can afford as we go over time.
Andrew Lazar – Barclays Capital: Just one thing I wanted to follow-up on Chris’ question just to make sure I fully understand the new full year guidance. When you reported the first quarter you mentioned you are holding adding $0.03 to $0.04 of tax flexibility in your pocket for the rest of the year. As I look at your current guidance you are saying it’s still $1.55 to $1.60, but you also beat this quarter, taxes more favorable than you thought even at the end of the first quarter and relative to our model interest expense was also much more favorable. So I am just trying to get a sense of where some of that flexibility is going? I have a follow-on.
Irene Rosenfeld – Chairman and CEO: Yes. Andrew, I mean we are still looking to keep our powder dry as we look to the balance of the year. We can always, there is quite a bit of volatility in a number of these markets and we want to make sure that we are appropriately hedged to deliver our commitments.
Andrew Lazar – Barclays Capital: Then we are I guess five weeks into your third quarter and I wanted to get a sense from you if you could just even directionally, are the trends you are seeing so far in the third quarter relatively consistent with your expectation for the kind of acceleration you are expecting in, most importantly in the organic rate of top line growth that you are looking for in the second half of the year?
Irene Rosenfeld – Chairman and CEO: I don’t want to give you a week by week guidance but what I will tell you is certainly we have expressed great confidence in the back half of the year for all the reasons that we have said and there is nothing we are seeing that is inconsistent with that.
A Closer Look: Mondelez International Earnings Cheat Sheet>>