“So we're confident in our $1.5 billion productivity guidance on cost-of-goods-sold and the $2 billion guidance overall, including SG&A and pricing levers.”

In context

“ood morning, Steve. I think we'll -- we are forecasting right now at spot rates as we always do, both on the P&L side and the organic sales growth side. And Europe will see -- we're seeing high volatility in currencies, obviously that are moving on a daily basis based on commentary. So we'll reserve our ability to update here, but for now, we're reflecting spot rates. The impact of foreign-exchange rate will mostly hit in the second half. So we saw a lot of the commodity impact in the first-half and the corresponding impact of FX will be mostly in half two. That is built into our guidance logic that we've communicated. Our ability to deal with foreign-exchange as with any headwind is a combination of productivity, which we feel very good about for the year across all productivity buckets. So we're confident in our $1.5 billion productivity guidance on cost-of-goods-sold and the $2 billion guidance overall, including SG&A and pricing levers. Pricing is probably most pronounced in enterprise markets where we see strong foreign-exchange rate exposure, but it's going to be a combination of both. All of that is baked-in in our guidance commentary. But again, we'll watch this closely because there's a lot of volatility in this, as you know. Jon Moeller: Just on pricing, Steve, the -- our business model is hopefully was reflected again in my comments this morning is heavily innovation-based. It's at the heart of everything we do. And that's the primary enabler of modest amounts of pricing as we move forward. If you look at our history, again, as a source of potential confidence in our ability to continue to execute modest amounts of pricing, even as Andre said in the focus markets, pricing has been a neutral or positive contributor”