So we’re encouraged there. From an export standpoint, the first half of the year has been incredibly weak. As I mentioned last quarter, we started to see some stabilization in inventory levels and some improvement in order patterns, particularly related to Latin America. We saw that flow through in the second quarter, the encouraging thing is we’re seeing improvement across all three regions, Asia, EMEA and Latin America as we go into the third quarter. And if you look at our run rate based on our current order bookings out through August, we’re seeing about a 200,000 ton pickup in the run rate of the second half versus the first half. And that’s evidenced in our order pattern. So – and we’ve got room to grow from there. So I think in both cases, we’re encouraged about what we’re seeing at this time and how that can flow through for the second half.
Cleve Rueckert: That’s very clear. Thank you so much for all the color. Appreciate it.
Operator: Your question – next question comes to the line of Anthony Pettinari with Citigroup. Go ahead.
Anthony Pettinari: Good morning. I just had a question on the updated free cash flow guidance and specifically, with regards to the dividend. You’ve talked about, the commitment to maintain the dividend and targeting 40% to 50% of, I think, free cash flow over time. With the dividend payment, I think coming in above the midpoint of the free cash flow guide, just how do we think about levers that you can pull or sort of capital allocation priorities or ways that you can kind of balance that this year and going forward and how that maybe changes the approach a little bit.
Mark Sutton: Anthony, this is Mark. I’ll start on that. Just on the dividend question, it’s a very fair question. It’s one we get, if you just look at the numbers and the map, the long-term plan is 40% to 50% of free cash flow. We know that occasionally that’ll be tested and this is kind of a really odd set of cyclical dynamics that are really testing it, but we’re very confident in the medium and long-term cash flow potential, the generation potential of the company. And if the dividend is at the upper end of a range for a short period of time, we’re comfortable with that. We know we can grow back into it with future cash flows. So as Tim said in his prepared remarks, we’re committed to the dividend. That’s what that means.
It’s not just a formulaic commitment for international paper. We believe in talking with our shareholders, especially the people who hold our shares for a long period of time, the dividend’s very important to them. So that’s why we’re committed to it, not just when it’s easy and it fits into a metric, but we’re committed to it in good times and we’re committed to it in stress times. And as far as the levers to pull and what happened with the guidance and what we could do that we’re not doing, I’ll ask Tim to comment a little bit on that. But just so I’m clear on how we think about the dividend. We don’t get nervous when we’re at the upper end, just like we don’t look at arbitrarily doing something when we’re on the lower end that might be also a cyclical dynamic.
It’s something that we believe we can handle over time and that we’ll grow very nicely back into a more normal range. Tim, if you would add a few comments on the second part of this question about levers to pull.
