“I don't foresee a substantial change in our focus to support the underlying business and the momentum that, that has.”

In context

“we use to make a total beverage portfolio that works for consumers. And we believe we can adapt to anything that comes at us. Operator: Our next question comes from Kaumil Gajrawala from Jefferies. Kaumil Gajrawala: John, you laid out a long list of very substantial cash payments that have been made this year -- last year, almost all of which will be behind you very soon. So can you maybe just talk about how you think about cash or capital allocation when you're on the other side of it, whether it be buybacks, whether it be more aggressive around M&A. The magnitude of the change of the amount of cash you'll have on hand next year versus this year, so substantial. I'd like to see how you might think about it differently. John Murphy: Let me maybe answer that in two parts. First of all, the I don't foresee a substantial change in our focus to support the underlying business and the momentum that, that has. And secondly, as we just talked about in our guidance, we will continue to support the dividend. So those two areas, you can assume will remain top priorities. As we get into '26, it's a little early to anticipate exactly what '26 will deliver for us. But as you said, clearly, we -- the transition tax will be in the rearview mirror. Some of the M&A payments likewise. And it will give us the opportunity to take a closer look as the M&A and the share repurchase agenda. So I think it's premature to get too specific on what '26 might bring for us. But I'm looking forward actually to having to deal with that challenge in the next year or so. We also have, as you are well aware, we also have a keen focus on the overall health of the balance sheet, and we'll take into account the puts and takes”