WRK
#Thanks, <UNK>.
Yes, so I would refer you to the assumptions that we gave last quarter.
We're not updating every individual assumption.
I do believe per CapEx spending we will be on the low end of the range.
We give a range of $825 million to $850 million.
I think the best place to refer you to for the D&A is the exhibit that has our business, excluding Ingevity.
As you look at the Q2, I think it showed that the quarterly run rate for D&A excluding Ingevity was just over $270 million, and you can use that as you start to think forward with some additional Capital Expenditures as we exit the year.
We did not go through line by line all the other assumptions, but the pension and post-retirement funding is consistent with what we said in January.
I actually think the operating cash flow range is also consistent.
Cash taxes may be a little bit higher as we look, I'd said that the cash taxes would be in the tax rate for the year would be in the mid-high 20s, I think it will be just above 30% as we exit the year.
<UNK>, we did say our box prices were stable.
I think going forward we have a host of relationships with each of our customers, and we're just reluctant to talk about forward pricing, and so I think what we've done is we've said whatever pricing impact we expect to experience is embedded in the cash flow guidance that we gave.
You know, <UNK>, I can't really comment on what another company is doing.
I read the pubs, and we're aware of discussions with our customers, but I can't comment on what another company is doing.
Well, as I shared in my earlier comments, we're seeing currency has improved a little bit and global demand is solid and growing.
Our customer demand is firm, but beyond that, I really can't comment on forward pricing.
That is today part of our business.
We sell containerboard three channels.
One is to our most important channel is our domestic box system, which includes a portfolio of sheet feeders and full-scale corrugated box plants, and so we sell sheets to independents.
And we sell, in some cases, boxes to independents that they do other work on them.
So, there's a mix of things that we do domestically, and in addition to our other two channels of our export customers and our North American independent base.
So all three of those channels are important and we try to look for customer opportunities to provide them something that helps them to win in their markets.
Remember, last quarter we had the Newberg loss, but Dublin is actually, it's EBITDA positive.
And it's operating quite well.
We're very pleased with its performance, volumes are up, costs are going down.
We've committed to significant synergies with that addition, and we're on track to meet those synergies.
So we're really pleased with how that asset has improved our portfolio.
Thank you.
Phillip, thank you.
We did share last time, and historically, we've given color as to our inventory being managed to ensure that we can give excellent customer service and on-time delivery for our internal box plants and our external customers, and because of the heavy major maintenance downtime load of this quarter, next quarter, we said we would build inventories that peaked in January.
And since January we've seen a decline of about 40,000 tons in February and March.
And we would expect to further reduce inventories pretty significantly by the end of our fiscal year in the September quarter.
And to your point, we over the last couple of years have increased inventories, in part due to the somewhat eroding supply chain in the rail and truck logistics channels.
And we're frankly seeing that improve right now, and together with all of the work that our internal supply chain team has done, it's giving us the opportunity to further reduce our inventories going forward.
You know, we've indicated we're down about 40,000 tons February and March, and I just need to leave you with a significant reduction going forward.
I think you're talking about Bob Beckler, who's retiring.
And since you asked, I've really appreciated the opportunity to get to know Bob over the past year.
He's a quality person and worked for the Company for a long time, and I'm obviously supportive of wishing him the best going forward.
The current organization is, I think, well structured.
I think somebody asked a question earlier about cross-selling and that requires, use the word, nimble to communication across the Company.
We need the leaders of the converting businesses and the paper businesses to both manage their business, which is their primary responsibility.
But where there's opportunity, and we have significant opportunity, we need each one of those leaders to work across the packaging grades, on an integrated basis with the paper grades to meet the needs of our customers.
And I'm very pleased, very excited with the organization we have in place and optimistic about improving the results that we have as we implement our strategy.
I think there are a lot of questions in your question, and I think we addressed them in the prepared comments.
And I'd just invite you to go back and review those, and then we can talk to you off line about those, if need be.
I think we're at an hour, and so I'd just like to thank you for your time and attention during the call.
We're proud of the progress we are making and appreciate your interest in WestRock.
It's Friday, so I hope you have a nice weekend, and we look forward to speaking with you in the coming weeks, thank you very much.
