“we'll expect over the couple of years to have the both of the refranchising, John, if not all of us.”

In context

“tanding that market conditions may potentially dictate. But can you help us how you're currently thinking about potential timing there? And then as you're thinking about value creation for shareholders, how much does EPS solution come into that? We hear that from shareholders sometimes, if at all, as you're thinking about moving forward with that? Thanks. John Murphy: So regarding the timing, we're not giving out dates as to when we expect the refranchising process to finish, we're staying very thoughtful, disciplined in recruiting new partners in the areas that are still outstanding. And so, there's good work underway, but no imminent decisions and we'll advise as that work bear fruition. But I think the overall message is, we continue to be very clear internally on the path forward. And we'll expect over the couple of years to have the both of the refranchising, John, if not all of us. With regard to the impact on EPS dilution, it's a mechanical effect that comes from the broader strategic decisions that, we've - that we believe are right for the Coca-Cola Company, and over time for the Coca-Cola system. The refranchising work that started back in the mid-teens is demonstrating time and again that the overall system benefits, when there's a step change in overall performance. And with that step change, we benefit over the longer haul to - as you've seen this year, there is a mechanical impact on the EPS line. But longer term, we think that the broader value proposition of the Coca-Cola Company is staying very focused on what we do best, and having a balance sheet then that's designed to support what we do best, working in partnership with great partners around the world”