Jay Royalty: Hey Anthony, it’s Jay Royalty. Yes, it’s a great question. I think from our vantage point we continue to wonder where these tons are going because we’re not seeing a lot of evidence of it in – in our space, in our customer space. I’ll take you back to – at the end of the day, customers – our customers buy boxes and that requires a complex set of needs and a complex offering. And so if you think about some of these new entrants, they’re coming in with kind of a single singular and a limited set of offerings in terms of 1 mill limited grades that cannot fulfill all their needs. And so when we think about our relationships with our customers, we’re bringing a more robust offering, multiple grades, redundancy in our supply chain and our manufacturing system to help them fulfill all of those needs and we structure our relationships accordingly. So that’s what they’re up against in terms of competing with a company like International Paper.
Anthony Pettinari: Okay. That’s helpful. I’ll turn it over.
Operator: Your next question will come from the line of Gabe Hajde with Wells Fargo. Go ahead.
Gabe Hajde: Mark, Tim, good morning. I apologize in advance for the long windy question here. But I’m looking back at 2021, 2022, where there was a cumulative, I think in the Industrial Packaging business, $2.8 billion of price realized. And if I take the $24 million year-over-year in the second quarter plus the $95 million, I think that you talked about on a sequential basis, I know it doesn’t work exactly this way, but on a year-over-year, we’re sort of implying down $125 million-ish. Has something changed, like when I think about the 80% of the business is vertically integrated of your corrugated converted, maybe 80% of that is [indiscernible] linked. You guys have talked about commercial initiatives. Has anything changed with respect to that lag in the pass-through and maybe it’s shorter or longer than it used to be?
And I guess, relatedly will we be at sort of – based on what [indiscernible] have transpired at run rate negative price in Q3? And I’ll take one stab at it. And if I were to summarize what you guys have said thus far, if we make an assumption about what the negative price roll through for next year might look like based on what you see in terms of maybe an improvement in volumes and improvement in operating rates and cost out, that Industrial Packaging segment EBIT to be flattish with 2023?
Tim Nicholls: So Gabe, I appreciate the preference of the long question, if you would take out some of these questions, and I gave up halfway through. Big picture, what was different about the last price changes in the market and for IP that is different from what you would consider more normal is the rate of price movement, meaning three in a 12-month period, that type of thing was different for us. Some of our commercial arrangements had been constructed anticipating more like one price increase a year, with maybe two limits on how fast you can go through. So in some cases, we were still getting price increases this year, in some customers that the last price increase was early last year and it started declining in the fall.
That was atypical in terms of a set of conditions. So the flow-through and the realization schedule looked a little different for IP than it has in the past. The balance of your question about going forward, I couldn’t keep up with all of it. I would ask maybe just following up with Mark and IR to try to kind of model out what you were talking about in terms of the flow-through. And I think you used the term when we go price negative, but I’m not sure I followed all of that. But that’s the one critical thing to think about is the rate of increases and the type of mix we have with a portion of our customer base, which that same customer base is more resilient right now, which is one of the reasons we’re performing pretty well in the market on an absolute basis is because those types of customers tend to be market leaders with that come some additional challenges on abnormal commercial times like rapid price increases and those kind of things.
