“As far as assumptions grow, we are planning for another year of double-digit inflation with dollars higher than in 2022.”

In context

“%. Turning to Slide 17. We delivered $3 billion of free cash flow for the full-year, including a one-time expense of $300 million related to the Clif acquisition and buyout of its employee stock ownership plan. Turning to outlook on Page 19. For the current year, we expect to deliver on or in excess of our long-term algorithm for all variables. There might still be meaningful variability for the year, so we expect plus 5% to plus 7% organic net revenue growth, which stands from the higher pricing. We also expect on our growth to adjusted EPS of high single-digit. Somewhat like 2022, we expect a slightly different shape related to the P&L with higher topline, strong profit dollar growth and lower than historical margin rate given elevated inflation and related pricing away in dollar terms. As far as assumptions grow, we are planning for another year of double-digit inflation with dollars higher than in 2022. This inflation is driven by the continued elevated cost in packaging, energy, ingredients and labor. This input costs are also more pronounced in Europe and some select emerging markets. We also had favorable coverage versus the market in 2022. And although spot rates have been easing in many cases, new hedges are coming at higher levels than what was incorporated in March of last year. We are taking action with a flexible hedging program by using options to minimize risk and volatility, whether commodity rise or fall significantly from current rate. That is to reassure you that in case of commodity price dislocations, we will still be in a position to hit our profit commitment while still investing for growth. In terms of interest expenses, we expect an incremental $90 million for the li”