“In terms of phasing, we expect Q1 to be lower from a margin rate perspective due to lower volumes in Europe associated with the expected customer disruptions and Chinese New Year phasing.”

In context

“n 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 line associated with the financing of recent acquisitions that we plan to repay later in the year with the developed gum divestiture proceed. We are planning for a net increase in total pension cost of around $25 million as above the line service cost will be lower and below the line element will be worse due to the rising interest rate. Important to note that due to our strong funding levels, we do not have to make additional contributions to our plan. We will also benefit from the higher OI dollar contribution from the acquisitions of Clif and Ricolino and their related synergies. In terms of phasing, we expect Q1 to be lower from a margin rate perspective due to lower volumes in Europe associated with the expected customer disruptions and Chinese New Year phasing. Disruption in Europe might also continue into Q2. We are expecting $0.04 of EPS headwinds related to ForEx. With respect to free cash flow, we expect another strong year with $3.3 billion plus absent any significant one-time non-operating item. In this outlook, we also expect an adjusted effective tax rate in the low to mid-20s based on what we know today and a share repurchase of around $2 billion. With that, let's open the line for questions. Operator: Thank you, sir. [Operator Instructions] And our first question will come from Andrew Lazar with Barclays. Your line is open. Andrew Lazar: Great. Thanks so much. Two questions for me, if I could. First, Dirk, maybe you could provide a bit of a state of the union in key markets, especially in Europe in terms of just what you're seeing with”