“So, we have considered that when you think about 2023, there will be an elevated level of inflation. We have seen some receding of the rate of inflation, but still expect it to be elevated.”

In context

“ayments next year and how we should factor in inflation? And if you could just help us understand because I think there is confusion that how does that 3% number work versus inflation, or is it the change of inflation that we should be looking at? Sal Mancuso: Gaurav, you are correct to point out that inflation is a factor when you think about MSA expense. A couple of points I’ll make. One is the high rate of inflation in 2022 has been accounted for and is already in the base. You are correct to point out that when you think about inflation related to MSA, there’s 3% floor. So, even if inflation were measured below 3%, there’d be a 3% increase in the MSA expense. And I’ll also remind you that inflation is measured at a point in time, December 31st current year to December 31st prior year. So, we have considered that when you think about 2023, there will be an elevated level of inflation. We have seen some receding of the rate of inflation, but still expect it to be elevated. So, we have considered that when we put together our guidance. And then finally, I’ll say, there are other factors besides inflation to consider when you think about MSA expense, including volume, shipment share and other such factors. Gaurav Jain: Sure. And my last question is on share repurchases for next year, which at $1 billion or below what we thought and I think where most people were. And even though your EBITDA is growing -- you’re generating free cash flow after dividends, your leverage will anyway be down when you have the ABI stake. So, what mix you buy $2 billion of stock and not $1 billion? Sal Mancuso: Well, first, let me say, we’re very happy that the Board authorized a $1 billion share repurchase. And if you think about capital allocation, I think we have a history of tak”