Unidentified Analyst: Right. Unless — until you get the payment restrictions lifted, the cash is going to build, but ultimately, right, you don’t want to have too little debt. Got it.
John Sims: Yes.
Unidentified Analyst: The other question I had relates to Europe. I know in the past, you said about, I think, it was 25% of Europe’s capacity is not fully integrated. I’m not that close to the markets as you guys are, but are there any other mills in Europe or capacity reductions or potential consolidations that you guys have heard about or rumored to further consolidate the European markets?
Jean-Michel Ribieras: I think we cannot really answer that question. We don’t comment on rumors. So — but your numbers in terms of non-integrated capacity and which means less competitive for Europe of about 25% is correct.
Unidentified Analyst: Okay. Appreciate it. Thanks very much.
John Sims: Thank you, Adam.
Operator: Thank you. Our next question comes from George Staphos with BoA Securities. You may begin.
George Staphos: Hi, thanks for taking my question. It’ll be my last one, guys, I promise. So, when we look at the CapEx this year, and you’ve done a good job of outlining why there’s an increase, nonetheless, when we look back over time and certainly, priorities have changed, the market has changed, your relative positioning has changed probably for — in a good way. It’s still a pretty sizable jump up in CapEx. Could you remind us what you think a more normalized, which suggests that maybe ’23 isn’t normalized or maybe it is, but what you think a normalized level of CapEx could be for the company incorporating return projects, making sure everything is functioning at the level you want? And when you do your indexing, do you think you’re spending at least as much, if not more, than what you see overall within the industry?
Because my view would be you’re probably spending at a very healthy level, and it’s working out. Your performance has been very good. What do you think normalized is? And do you think you are at least spending as much, if not, more, per mill or per ton versus averages in the industry? Thanks, guys, and good luck in the quarter.
John Sims: Yes. Thank you, George. And I think when we — our focus is as we keep saying is to generate cash. And so, we want to be very judicious in the capital that we spend, but also the engine of our cash is our low-cost assets, as well as our customer relationships and our people, of course, but this is a key focus. Now if you look at the average of our capital when we do this, we’d really go back to pre-2016, because it was ’16, after that ’17, ’18, ’19, capital was pulled back. And we would say that we — that was underinvested in the paper business — in our business during that time period. Both in the forest, we saw it down in Brazil, and also in our facilities. But if you look at the period prior to 2016, we’re spending essentially pretty much on average what we’ve spent back then on per facility basis, with the exception of inflation.