Jay Royalty: Yes, so this is Jay Royalty. So there’s clearly costs there that the containerboard business has to bear as a consequence of that move. Just putting a little perspective on how we think about Pensacola. Pensacola is a unique asset within our portfolio. It’s globally competitive, lightweight, craft liner, really serving all the channels, both domestic export and as well as NAC. And if you think about the grade range that we have there, it goes from about 20 pounds to the mid-30s, so definitely differentiated from a lightweight standpoint. If you look at it on a traditional cost curve, it’s right in the middle of the pack, but that’s not on a per ton basis, it’s not really the right way to look at a mill like Pensacola.
You have to look at it on an area basis, which is the way boxes are made and sold. And Pensacola is a very capable machine. It’s a live machine. It’s a well-equipped machine. It’s got significant output, about 550,000 tons, which is significant, in particular, when you consider that basis weight. And the capabilities at Pensacola, from our perspective, really match where the market is heading. Demand is high and growing for these wider weight products. And also in the context of being a single machine mill, we have other mills that are single machine mills that are competitive and successful, and we expect Pensacola to be no different in that regard.
Matthew McKellar: Great. Thanks for that detail. And then last one for me, and you touched on this as part of your response to Anthony’s question, but last quarter you showed a slide that indicated where your customer inventories were versus target levels broken down by customer segment. And it sounds like destocking is generally run its course, but if you’re to run that same analysis today, do you think all customer segments would show inventories at or below target levels? Are there any segments, particularly within North America here, where destocking could still be a factor in the fourth quarter? Thanks.
Tom Hamic : Great. Hey, Matthew, this is Tom Hammack. I think you’re accurate in saying that destocking is generally over. We actually went out and talked to customers. We do that quarterly to get an idea of inventory levels. And the data came back exactly like we’re saying is a dramatic shift over the last three quarters in terms of stock levels. In fact, in many cases, anecdotally, we’re hearing people have oversteered a bit. And if you look at our order patterns in certain markets, it looks like that you’re, we’re seeing more rush orders, more volatility in orders, and so you can kind of picture them bouncing along the bottom. So we think in many cases it’s more than healthy relative to future box demand. But all indications so far are exactly what you said.
Operator: Thank you. I’ll now turn the call back over to Mark Sutton for closing comments.
Mark Sutton: Thank you, operator. I want to thank everybody for your time today and for your interest in International Paper. I look forward, along with the leadership team, to updating you on our progress on our next call at the end of January. So have a great rest of the day. Thank you.
Operator: Once again, we’d like to thank you for participating in today’s International Paper’s Third quarter, 2023 Earnings Call. You may now disconnect.
