“For 2022, we announced a dividend increase of 5%, a higher rate than in recent years; and we also announced the resumption of share repurchases with approximately $500 million in net share repurchases expected this year.”

In context

“rations to keep in mind for 2022. The direct impact of the Ukraine conflict and the resulting suspension of business in Russia is estimated to be approximately $0.04 to comparable EPS. The recent increases in commodity costs are having an incremental effect. But based on current rates and hedge positions, we expect the commodity price inflation to remain in the range of mid-single digit impact on comparable cost of goods sold in 2022. Additionally, we see incremental cost pressure coming from areas like wages and transportation. The consolidation of the BODYARMOR finished goods business will continue to have a mechanical effect on margins. When it comes to capital allocation, our priorities remain the same, and we continue to balance financial flexibility with efficient capital structure. For 2022, we announced a dividend increase of 5%, a higher rate than in recent years; and we also announced the resumption of share repurchases with approximately $500 million in net share repurchases expected this year. Despite uncertainties around the world, our strategic transformation has fortified the organization to weather the storm, and we are extremely proud of how our people are responding and delivering. We are keeping consumers at the center, operating more effectively and efficiently and unlocking the immense potential of our growth portfolio of brands. This gives us confidence that we can deliver on our guidance for 2022. And with that, operator, we are ready to take questions. Operator: [Operator Instructions]. Our first question comes from Lauren Lieberman from Barclays. Lauren Lieberman: I was hoping we could talk a little bit more about Latin America, an area like you called out about performance, in particular, Mexico and Brazil this quarter. And I had sort of 2 sets of questions. One i”