“This includes a step-up in capital spending as we begin to add capacity in several categories.”

In context

“$5.81. This guidance equates to a range of $5.81 to $6.05 per share, $5.93 or up 2% at the center of the range. Considering a 6-point headwind from foreign exchange, this outlook translates to 6% to 10% EPS growth on a constant currency basis. There are many possible scenarios that could cause us to be outside of this range to either side, high or low. While it's relatively easy to envision many possible scenarios, steeper inflation, deep recession, further geopolitical disruption or commodity cost reversion easing inflation, peaceful conflict resolution, it's very difficult to assign probability to any single scenario. As a result, we set the range we feel is most probable based on market conditions as we see them today. We expect adjusted free cash flow productivity of 90% for the year. This includes a step-up in capital spending as we begin to add capacity in several categories. We expect to pay more than $9 billion in dividends and to repurchase $6 billion to $8 billion of common stock. Combined, a plan to return $15 billion to $17 billion of cash to shareowners 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 or store closures are not anticipated within this guidance range. Now I'll hand it back to Jon for his closing thoughts. Jon Moeller: The macroeconomic and market-level consumer challenges we're facing are not unique to P&G, and we won't be immune to the impacts. We've attempted to be realistic about these impacts in our guidance and transparent in our comme”