“While there are puts and takes to consider from the pandemic looking into next year, we're confident in the underlying top line trajectory supported by our transformation work, our innovation agenda, and a more efficient and effective approach to marketing.”

In context

“ear. 3, from a marketing perspective, we expect to increase consumer-facing marketing spend toward levels similar to 2019 while improving the quality of that spend and allocating it in a more targeted manner. 4, our currency outlook continues to contemplate a tailwind of 1% to 2% to the top line, and approximately 2% to 3% to comparable EPS in 2021 based on current spot rates and our hedge positions. Last, but not least, our current full-year guidance has built in the leveling of our concentrate shipments that are running ahead year-to-date due to timing considering that we have 6 fewer days in the fourth quarter. It's not typical for us to provide commentary on the year ahead at this stage but I would like to highlight a few points regarding 2022 given the dynamics we are already seeing. While there are puts and takes to consider from the pandemic looking into next year, we're confident in the underlying top line trajectory supported by our transformation work, our innovation agenda, and a more efficient and effective approach to marketing. Along with this ongoing momentum in revenues, we also expect to see some higher costs. We are not immune to the commodity inflation that has been impacting the world for the better part of 2021 nor the rapidly changing environment. We've been successful with hedges that were put in place to mitigate the impact of input cost inflation and those will begin to roll off in 2022. Based on current rates and hedge position, we'd expect commodity inflation having mid-single-digit impact on our cost of goods sold in 2022. We've been proactively accelerating our revenue growth management, and productivity levers to offset some of this pressure as we look out to next year. And we're closely monitoring the moving parts in the supply chain to ensure we are well-positioned to meet demand. Moving to mar”