“But we do expect quarterly fluctuations in share to continue until the economy begins to stabilize from the pandemic.”

In context

“gh, there were several macroeconomic tailwinds. So - and we've mentioned them before. There was lower consumer mobility, there is higher government stimulus payments in what we believe led to increased smoking occasions. And when you think about that, that led to increase or higher discretionary income for competitive adult smokers who then traded up to Marlboro. And I think that really showed the continued appeal of premium brands. Now as we start seeing some of those pressures you're referring to put pressure or decrease the discretionary spend of some of our consumers, you see the more price-sensitive adult smokers moving back to discount brands. And I think that would be expected. Look, we believe that the current discount share, to your point, is at the high end of historical norms. But we do expect quarterly fluctuations in share to continue until the economy begins to stabilize from the pandemic. I think overall, from a pricing standpoint, and I'll be careful not to talk about future pricing. You recall the four factors that we look at to make pricing decisions: strength of the brands; the economic health of our consumers; the demographics or relevancy of the brands across the various age cohorts and corporate objectives. And I think when you think about the strength of the brand, I would remind you that like Marlboro has over 90% loyalty, and that, I think, has shown through the eight quarters of stability. Pamela Kaufman: Thanks. That's helpful. And then just a question on the smokeless segment. Profitability and margins have been under pressure in smokeless over the last several quarters. Can you elaborate on the investments you're making there? And how are you thinking about s”