“In normal years the multiplier is 1.5 times to 2 times, we would continue to assume that will be the case going forward.”

In context

“questions out there on currency overall. First of all, I think it's important to highlight the 2024 guidance that we've given. It would be close to flat if we were to exclude those few hyperinflationary markets. And it just reinforces the point that we're making on that sort of distortion that those few markets have. And then secondly, with regards to your specific question, I do not have that breakdown. Today, there is just too many -- there's just too many puts and takes, particularly in that below the operating income line as we go through the year. You got to do a monthly remeasurement on the balance sheet items. And that's just a calculation, that's -- I don't have the ability to predict with great detail. So I just keep in mind that the overall impact I think is the one to focus on. In normal years the multiplier is 1.5 times to 2 times, we would continue to assume that will be the case going forward. But these hyperinflationary markets have a tenancy to create that distortion that we've highlighted and we’ll continue to provide guidance as we go through the year to make sure that everybody stays abreast of the latest developments. Operator: Our next question comes from Rob Ottenstein from Evercore ISI. Please go ahead, your line is open. Rob Ottenstein: Great. Thank you very much. So, James, I think you made a very strong case that really over the last five years, if you accept the noise you've delivered at roughly kind of 5.5%, topline growth, which puts you clearly in the top rankings of your other staples companies. And that's great. In terms of both 2024 and looking forward, assuming a continuation of that, what can you do to both derisk that in terms of the bottom line and enhanc”