“Clearly, as we talked about on the last question, we are expecting some extra improvement in the away-from-home going into 2022.”

In context

“volume. Certainly, channel mix should be a pretty good story for gross margins going into next year. Would you expect sequential improvement from the Q4 level with the away-from-home being ahead of 2019 levels for the first time? Would you expect, barring geopolitical risk or otherwise, that, that sequential improvement should continue? And can you just frame how we should be thinking about how that might benefit your gross margin rate for the year? Thanks. James Quincey: Thanks, Chris. And just to confirm, you’re talking about sequential improvement in gross margins? Chris Carey: Sequential improvement in the away-from-home business from the Q4. James Quincey: Right. Chris Carey: And how that can impact and benefit your gross margins as you get through the year? James Quincey: Yes. Okay. Clearly, as we talked about on the last question, we are expecting some extra improvement in the away-from-home going into 2022. As I said, it’s not yet back to the 2019 levels, and that is a plus from a gross margin point of view. I would not want to characterize that as the biggest thing happening next year. There’s a lot more moving pieces going on. So, I think it is a factor. It’s probably more important, the overall growth of the business and the reopenings in the different geographies. But I think that’s the key. I think, John, do you want to add anything? John Murphy: Yes. No, I think it’s a good juncture maybe to just say a little bit about gross margins, because I know there will be questions on what we expect. And I think I’d like to just emphasize there’s really several factors that are playing into the 2022 picture. We do have the mechanical effect of the BODYARMOR acquisition that, I think, is importan”