“In regards to interest expense, we expect between $540 million and $560 million of interest expense in fiscal 2023, up from $483 million in fiscal 2022.”

In context

“les leverage, pricing and productivity from the reinvention, resulting in positive margin expansion as the year progresses, as I previously mentioned. The fourth building block is capital allocation. We expect our CapEx in fiscal 2023 to be approximately $2.5 billion. As we shared during our Investor Day, we also expect to return approximately $20 billion to shareholders in the next three years between dividends and share buybacks. We remain committed to targeting an approximately 50% dividend payout ratio as reflected in the recently announced dividend increase, and we'll also resume our buyback program in fiscal 2023. We expect the buyback benefit on EPS to be initially limited until fiscal 2024, when the benefit is expected to reach approximately 1%, calculated net of interest expense. In regards to interest expense, we expect between $540 million and $560 million of interest expense in fiscal 2023, up from $483 million in fiscal 2022. This increase, driven by incremental debt issuances in fiscal 2022 and fiscal 2023 as outlined in our capital allocation strategy. Importantly, we remain committed to our BBB+ credit rating and leverage cap of 3x rent-adjusted EBITDA. As for tax rates in fiscal 2023, we expect our effective GAAP and non-GAAP tax rates to be in the mid-20% range. This is up from our fiscal 2022 GAAP and non-GAAP tax rates of 22.4% and 23.1%, respectively, which benefited from certain discrete tax items that are not expected to repeat to the same degree in fiscal 2023. Finally, based on the current environment, we expect foreign currency translation to have approximate four percentage point unfavorable impact on fiscal 2023 earnings growth. Despite that, we continue to expect fiscal 2023 GAAP EPS growth to”