“Based on current rates and hedge positions, we expect per-case commodity price inflation in the range of a mid-single-digit impact on comparable cost of goods sold in 2023.”

In context

“y, and winning locally; investing for the long-term health of the business; generating US dollar EPS growth. With that in mind, this morning, we provided guidance for 2023 that builds on our strong results in 2022. We expect organic revenue growth of 7% to 8%, primarily led by price/mix amidst the ongoing inflationary environment. And we expect comparable currency-neutral earnings per share growth of 7% to 9% versus 2022. Since we provided our initial outlook on currency in October, the currency environment has improved, but remains volatile. Based on current rates and our hedge positions, we anticipate an approximate two to three-point currency headwind to comparable net revenues and an approximate three to four-point currency headwind to comparable earnings per share for full year 2023. Based on current rates and hedge positions, we expect per-case commodity price inflation in the range of a mid-single-digit impact on comparable cost of goods sold in 2023. We continue to expect our underlying effective tax rate to be 19.5% for 2023. And all in, we expect comparable earnings per share growth of 4% to 5% versus $2.48 in 2022. We expect to generate approximately $9.5 billion of free cash flow in 2023 through approximately $11.4 billion in cash from operations less approximately $1.9 billion in capital investments. I would like to highlight that included in the $11.4 billion of cash from operations are two discrete items: transition tax payments of approximately $720 million; a scheduled increase of $335 million versus 2022; payments associated with various M&A transactions of approximately $350 million. Excluding these, our implied free cash flow conversion would be within our long-term guidance. This guidance does not include any payments rel”