“So on a -- in a normal world, clearly, as John said, we will continue to increase our dividend and we would have substantive additional cash to continue to invest in the business and consider potential share repurchases.”

In context

“elling compound over time. And as it relates to cash, I think that you will see -- we've put in a kind of a new non-GAAP metric, somewhere in the ecosystem of the website, which just calls out what John was talking about, about the number of discrete items that are coming up over the next couple of years. As it relates to transition tax actually curiously tax on the M&A transactions, if you sell a bottler, the money you get disappears into one account, for the taxes you pay goes into the free cash flow curiously enough. So there's a whole set of discrete items that make the free cash flow look odd for the next few years. But if you strip that out, you see that the earnings are flowing into free cash flow. The cash conversion on that adjusted basis remains very high and is likely to do so. So on a -- in a normal world, clearly, as John said, we will continue to increase our dividend and we would have substantive additional cash to continue to invest in the business and consider potential share repurchases. The wrinkle in the cream, if you like, is our considerations of the IRS tax case and the impending appeal. And so, as we go forward for the next few years, we like our strong balance sheet, we are mindful of the likelihood of launching the appeal in the second half. We have incoming non-operating cash flows, which as John talked about, we used to buy some shares in the fourth quarter. We're going to balance all these things, particularly in the next couple of years, we'll keep everyone updated. But I think the long-term perspective is that, the cash generation will continue to be very strong. John, yes, go on. John Murphy: Just one additional point. In addition to that, unwavering commitment we have to the dividend that we talked about in the script. One of the lessons I think over the la”