“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.”

In context

“$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 that could be impacted by tensions and conflicts. With respect to advertising spend, our bias is to continue to reinvest behind our brands while maintaining flexibility. Regarding currency, if we assume current rates and our hedge positions, there would be an approximate low single-digit currency headwind to comparable net revenues and an approximate mid-single-digit currency headwind to comparable earnings per share for full year 2024. Of course, several factors could impact both our currency outlook and broader business outlook between now and February. Over the past few years, we've delivered U.S. dollar EPS growth and we have many levers to continue to do so. So in summary, we are encouraged by our business results and c”