“This process is happening earlier in some cases than last year, so intact might be more pronounced in Q1 for top and margin lines.”

In context

“ur key planning assumptions on Slide 20. For the current year, we expect to deliver on our long term algorithm for revenue, earnings and cash flow. We expect to be at the upper end of our 3% to 5% algo range for organic net revenue growth as pricing in certain markets with significant chocolate portfolios such as Europe is expected to be higher than historical levels. We expect free cash flow of $3.5 billion-plus. In terms of the assumptions, for inflation, we expect a high single digit increase for '24. This inflation is driven by significant increases in both cocoa and sugar, as well as another update in labor costs. As Europe faces more inflation than any other market, we expect customer disruption during Q1 and potentially into Q2, associated with our annual price negotiation process. This process is happening earlier in some cases than last year, so intact might be more pronounced in Q1 for top and margin lines. We also remain committed to substantial brand support in this region and all the others, similar to our stance over the last past several years. In terms of interest expenses, we expect approximately $325 million. We are expecting $0.03 of EPS of headwinds related to forex impact for the year. In terms of taxes, we expect an ETR in the mid-20s. Share repurchase expectations are around $2 billion. Turning to our EPS outlook on page 21. With respect to adjusted EPS, we expect high single digit growth of our reported base '23 of $3.30 per share, which includes the $0.11 of contribution from our divested developed gum business. We expect to eliminate nearly all of these $0.11 impact by removing stranded costs. In fact, we made good progress by already realizing this sense of stranded cost sav”