International Paper Co. Earnings Call Nuggets: All-In Project Improvement and Supply Chain Disruptions

International Paper Co. (NYSE:IP) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.

All-In Project Improvement

C. A. ‘Chip’ Dillon – Vertical Research: First question is you mentioned on the improvement that we – on Slide 33 from all the projects and that 350 to 450 on a mid-cycled basis would be just 40% of the improvement. Could you just clarify that is the amount you would expect and hope to see in 2013 and the all-in improvement from these projects would actually be north of $1 billion plus whatever LM gives you, is that the right way to read that?

John V. Faraci – Chairman and CEO: Yeah.

C. A. ‘Chip’ Dillon – Vertical Research: Then next question is. You mentioned, Carol, that the downtime in the fourth quarter in containerboard or in particularly not the downtime, the lack of downtime was to build inventories ahead of the seasonal downtime you’re about to take. I was just wondering if you could give us a gauge as to what the inventory increase was for your system in the fourth quarter and even if you have a look at January?

Carol L. Roberts – SVP and CFO: I’ll let Mark answer that question, Chip.