“We expect price mix to moderate through the year as we cycle our pricing initiatives from the prior year.”

In context

“imately $350 million. Excluding these, our implied free cash flow conversion would be within our long-term guidance. This guidance does not include any payments related to our ongoing US income tax dispute with the IRS. Recently, the tax court issued an opinion on a case involving a separate company. The tax court will now apply this opinion to our case and ultimately render a final decision in our case, allowing us to move forward with the appeals process. As previously discussed, we intend to assert our claims on appeal, vigorously defend our position and believe we will ultimately prevail. Overall, we don't expect this to have a bearing on our ability to deliver on our capital allocation agenda and drive long-term business growth. There are some considerations to keep in mind for 2023. We expect price mix to moderate through the year as we cycle our pricing initiatives from the prior year. While the inflationary environment appears to be cooling, we are still expecting to see elevated inflation, across our operating costs. We have stepped up our marketing investments for the last few years and we will continue to invest to support momentum. And given the ongoing backdrop of rising interest rates, we expect to see higher net interest expense given our effective exposure to floating rate debt. Finally, due to our reporting calendar, there will be one less day in the first quarter and one additional day in the fourth quarter. Having delivered strong results in 2022, we are focused on driving a top line-led growth equation in many types of environments. We are well positioned to deliver on guidance for 2023, thanks to the incredible people we have around the world, the strong a”