KO
#Good morning.
Certainly, hi, <UNK>.
So, this year the commodity environment was relatively benign and we anticipate that next year ---+ the same thing.
As we said, next year will be largely the same as what we've seen in 2016.
We do anticipate that with the refranchising that our exposure to commodities goes down significantly.
As we talked about (technical difficulty) CAGNY.
So there is a ---+ we will give you some more flavor of this in the modeling call but yes, there's a significant change in the impact to the Coca-Cola Company as it relates to commodity.
Thanks <UNK>, <UNK>, and <UNK>.
Last year we made significant progress as we accelerated the transformation of our Company into a higher margin business, while keeping focused on consumers.
With a strong foundation set, now is the time for a seamless leadership transition and I have every confidence that <UNK> is the best person to take us through the next phase of our sustainable growth.
There's no question that this phase will look different than the past driven by a broad consumer-centric portfolio across all categories, while enabling consumers to control their intake of added sugar.
And this is going to require a change to some of our strategies, many of which have already begun, and now need further scale in regions all around the world.
As always, we thank you for your interest, your investment in our Company, and for joining us this morning.
