“As of March 31st, we had $1 billion remaining under the current share repurchase program, which we expect to complete by the end of this year.”

In context

“f the end of the first quarter, our debt-to-EBITDA ratio was 2.1. In February, we retired $1.3 billion of notes that came due with available cash. And as part of the IQOS agreement we announced last fall, we expect to receive the remaining $1.7 billion plus interest from Philip Morris International by July of this year. We remain committed to creating long-term shareholder value through the pursuit of our vision and our focus on significant capital returns. We demonstrated this commitment in the first quarter, by paying approximately $1.7 billion in dividends and announcing a new progressive dividend goal that targets mid-single-digit dividend growth annually through 2028. Due to the timing of our announcement of the NJOY transaction, we did not repurchase any shares in the first quarter. As of March 31st, we had $1 billion remaining under the current share repurchase program, which we expect to complete by the end of this year. With that, we’ll wrap up, and Billy and I will be happy to take your questions. While the calls are being compiled, I’ll remind you that today’s earnings release and our non-GAAP reconciliations are available on altria.com. We’ve also posted our usual quarterly metrics, which include pricing, inventory and other items. Let’s now open the question-and-answer period. Operator, do we have any questions? Operator: [Operator Instructions] Our first question comes from Bonnie Herzog with Goldman Sachs. Bonnie Herzog: I guess my first question is on your cig volumes, which were pretty pressured this quarter down 11%, and that’s actually comping some pretty significant decline. So could you maybe just -- I don’t know, I’m thinking take a step back for us and then give us a better sense of what yo”