“This guidance does not include any payments related to our U.S. income tax dispute with the IRS which are unlikely to occur in 2023.”

In context

“to 14%. And based on current rates and our hedge positions, we now expect currency to be an approximate 4-point headwind to comparable net revenues and an approximate 6-point currency headwind to comparable earnings per share for full year 2023. Based on current rates and hedge positions, we continue to expect per-case commodity price inflation in the range of a mid-single-digit impact on comparable cost of goods sold in 2023. We now expect our underlying effective tax rate for 2023 to be 19%. All in, we are updating comparable earnings per share growth of 7% to 8% versus $2.48 in 2022. We continue to expect to generate approximately $9.5 billion of free cash flow in 2023 through approximately $11.4 billion in cash from operations. That's approximately $1.9 billion in capital investments. This guidance does not include any payments related to our U.S. income tax dispute with the IRS which are unlikely to occur in 2023. Given the momentum of our business, the strength of our balance sheet and some proceeds that we expect to receive from bottler refranchising, we have increased flexibility to continue to both reinvest in our business and return capital to shareowners. While it is too early to provide specific items on 2024, we want to share some considerations based on what we know today. We're encouraged by our top line momentum across the majority of our markets. There are a handful of hyperinflationary markets where it is either not possible to hedge or it is costly to do so. In these markets, we've demonstrated that we can manage currency pressures by taking price with local market inflation and we will continue to follow this approach. While some commodities are normalizing, we also have input costs”