“We now expect an underlying effective tax rate of 19% in 2022.”

In context

“our targeted range of 2x to 2.5x. As we look to the operating environment, there are clearly many variables at play today, as James mentioned. We are spinning our top line and bottom line flywheels faster to fortify our business and manage through many types of environments, and we're investing in the marketplace to create value for our customers and consumers. Given our strong results and the visibility we have for the rest of the year, we are raising guidance for the full year. We now expect to deliver organic revenue growth of 14% to 15% and comparable currency-neutral EPS growth of 15% to 16%. Based on current rates and our hedge positions, we expect currency to be a 7-point headwind to comparable net revenues and a 9-point headwind to comparable earnings per share for full year 2022. We now expect an underlying effective tax rate of 19% in 2022. All in, we expect comparable earnings per share growth of 6% to 7% versus 2021. We continue to expect to generate approximately $10.5 billion of free cash flow for 2022, through approximately $12 billion in cash from operations, less about $1.5 billion in capital investments. There are some considerations to keep in mind for Q4 that we factored into our full year guidance. There is an additional day in the fourth quarter, however, we expect concentrate sales to end the year in line with unit case sales. We are investing in consumer-facing marketing to get a fast start for next year. Lastly, given the backdrop of rising interest rates, we expect to see an impact on our interest expense given our effective exposure to floating rate debt. The environment remains volatile, and while we are pr”