“We continue to expect adjusted free cash flow productivity of 95% for the year.”

In context

“and foreign exchange has increased significantly since the start of the fiscal year. Our initial guidance in July assumed $1.8 billion after tax or about $0.70 a share. This increased to $2.3 billion in our October outlook, $2.8 billion in January, now a $3.2 billion after-tax headwind to fiscal 2022 earnings. On an EPS basis, the headwinds are now approximately $1.26 a share or a 22% headwind to core EPS. So in the face of an incremental $0.56 per share of negative cost impact since the start of the year, we've held our going-in EPS range, and we've maintained strong investment superiority with new product innovation and fully funded advertising programs. Of note, the majority of the recent $400 million increase in cost and foreign exchange headwinds will impact us in the fourth quarter. We continue to expect adjusted free cash flow productivity of 95% for the year. We continue to expect to pay $8 billion in dividends and now expect to repurchase approximately $10 billion of common stock, combined a plan to return $18 billion of cash to share owners this fiscal year. This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruptions, major supply chain disruptions and store closures are not anticipated within these guidance ranges. To conclude, our business continues to exhibit strong momentum. And we believe P&G is well positioned to grow through and beyond the immediate issues we are facing. We will manage through the near-term cost pressures and market volatility with the strategy we've outlined many times. We'll co”