“And we expect some of the disruption happening in March and potentially spinning over into Q2.”

In context

“e fourth quarter rather than bleeding into the first half of the year. What's happening there? And I'll pass it on. Luca Zaramella: Yes, there are some specific laws in France where, for instance, you have to be done with pricing negotiations by the end of February, reality is particularly on promotions and promotional calendars, there might still be negotiations underway and besides France, other countries can obviously, in terms of negotiations go a little bit longer. So we have announced pricing, we are clearly in active talks with most of the customers, by the way, successful implementation of pricing in places like the U.K., in the Nordics, in Southern Europe, namely Italy and Spain, predominantly. But clearly, places like France and Germany, there is still some ongoing negotiations. And we expect some of the disruption happening in March and potentially spinning over into Q2. That was a little bit the pattern we saw between Q3 and Q4 this year in 2022, sorry. And we expect the equivalent of that in 2023. Operator: Thank you. Our next question will come from Cody Ross with UBS. Your line is open. Cody Ross: Good evening. Thanks for taking our questions. I just want to go back to Jason's question earlier on the consumption or at least your shipments trend stronger than consumption in the developed markets. What is driving that? Was there any pull forward ahead of your price increases that you have going into the market in December and then again in 1Q? And then I have a follow-up? Thank you. Luca Zaramella: The simple straight answer is no. When you look at the European segment, I think you saw a volume decline of – volume mix decline of 4%. So the last thing we”