PepsiCo, Inc.

The way we're thinking about the year is continuing with the systematic productivity, multi-year programs that we talked to you about, so automation, digitalization, global capability centers, simplifying the company, the duplicating. So there's a lot of, and we feel very strong about that. We are reinvesting into, you know, price partitions that we're not participating for freedom. You think about there's sub $1, sub $2, there's multiple price partitions where we're not participating, where we're doing our price pack architecture on single serve, on multi-packs and multi-serve to make sure that we attract consumers, depending on their disposable income during the month, they will be able to access our products across the multiple parts of the portfolio. And then to your point, we're being cautious. The reality is that the world looks better from the unemployment point of view. There's very low unemployment around the world. There is, I think, better inflation in most of the markets. However, the world is very volatile, if you think from the geopolitical point of view or some of the potential decisions that governments might take going forward. We think it's prudent for us to give a guidance that reflects all that, and obviously we can invest in the business and continue to invest for the long term as we always manage the business, but also give us flexibility to react to potential circumstances that might come our way in the coming months, especially, I would say, the first half of the year. I don't know, Jamie, also in terms of Forex.

Yeah, I'd add, you know, we have about a 3.4X hit. Obviously, the dollar's strengthened recently. Peso is the biggest piece of that Forex guide. And then below the line, we're expecting higher net interest expense. Part of that is, as we've rolled over debt, we've issued at slightly higher rates, and then higher debt balances with the acquisitions of CFA and the 50% of Sabra that we did not previously own. On top of that, pension expense is going to be up a bit. So where we typically have maybe a little bit of leverage from below the line items, it'll be a bit of a headwind. So you should expect the sector operating profit to grow in excess of what we're guiding on EPS.

Thank you. One moment for our next question. Our next question comes from Camille Gargiola with Jefferies. Your line is open.