“about half of the North American pricing that you see in Q4 is mix. And therefore, you can basically kind of park that relative to 2025.”

In context

“And can you talk about the potential risk of recession or -- or would we met this is at a stronger dollar, meaning obviously, more business to their pockets, partially offsetting the slowdown? And then on the second point, you both spend a fair amount of time discussing the accelerating innovation results, which are remarkable. On the strong delivery in North America, I believe you posted like 12% growth in price mix, how much is that driven by Fair Life or away from home recovery? And should we expect that comparison to lead to a deceleration there? Or you still see a lot of potential for [indiscernible] distribution and potentially better execution on on-premise ahead? James Quincey: Wow. Okay. That's a lot of questions in there. Let me try and pack it into two. North American pricing, about half of the North American pricing that you see in Q4 is mix. And therefore, you can basically kind of park that relative to 2025. And so and it's not just fairlife. But if you just take half of that and call that price mix, that is going to continue to moderate as you go into 2025 in the North American sense and the mix will also moderate in 2025. We'll continue to grow fairlife in 2025, but we are -- given the runaway success of the products, we are reaching the need to get the New York factory that we've been building up and running in order to continue unconstrained growth. So we will see some moderation of the fairlife growth in '25, which will obviously then moderate the mix. So much more normalization of U.S. price/mix in 2025. And then Mexico, I mean, unpacking the Mexican playbook is a longer conversation, but I think is a play where par excellence, we have had a dedicated and consistent execution of the pla”