“In terms of tax rate, we continue to expect an adjusted effective tax rate in the mid-20s.”

In context

“19. Our outlook for 2024 remains unchanged. We continue to expect on-algo delivery for revenue, earnings per share and cash flow. This includes the upper end of our 3% to 5% range for organic net revenue growth, which continues to factor in ongoing customer disruption in Europe and softer growth in parts of the U.S. Most of our key assumptions remain consistent with what we shared with you in our last call. We continue to expect a high single-digit inflation in '24. Although the vast majority of pricing has been landed in Europe, we continue to expect some level of customer disruption in Q2 associated with our annual price negotiation process. Interest expense is now expected to be approximately $300 million for the year. We are expecting $0.10 of EPS headwinds related to ForEx impact. In terms of tax rate, we continue to expect an adjusted effective tax rate in the mid-20s. Share repurchase is expected to be $2 billion with an opportunistic approach. With that, let's open the line for questions. Operator: [Operator Instructions] We'll take our first question from Ken Goldman with JPMorgan. Kenneth Goldman: You highlighted a few of the challenges in North America at the moment. Just as we think about the path ahead maybe, how are you considering some of the more important actions that can be taken to protect share, maybe in light of some of the challenges at the lower end consumer and also given your comments about globally sort of protecting some of the price points that are out there? I'm just trying to get a sense for the tactics that might be implemented. Dirk Van de Put: Yes, Ken. I mean you see that the category is slowing down and that we are losin”