The company continues to invest in growth with cost savings from the CCI program, an ongoing initiative to improve productivity and reduce costs throughout the organization, as well as savings from the organization and streamlining actions described in note 2 of notes to our consolidated financial statements that includes our GOE program.

The company expects net sales to range from a decline of 2% to 0% from net sales in 2023 including a 1% unfavorable impact of foreign currency rates, or to range from a decline of 1% to an increase of 1% on a constant currency basis.

The company expects an increase in operating income of 8% to 10%, which includes a 1% unfavorable impact from foreign currency rates, over the 2023 level.

Management is focused on improving productivity and reducing costs through the Global Operating Effectiveness (GOE) and Comprehensive Continuous Improvement (CCI) programs, which delivered cost savings in 2023 and are expected to continue in 2024.

Unfavorable volume and product mix decreased sales by 0.7%. Unfavorable volume and product mix in our flavor solutions segment, including the effects of the lower quick service restaurant and packaged food customer demand, exceeded the favorable volume and product mix in our consumer segment.

We expect our brand marketing investments in 2024 to increase in the high-single digits over the 2023 level.

The company notes that its industry continues to be impacted by commodity cost inflation, labor cost inflation, and other global macro-economic conditions, and while seeing moderation in input cost inflation from that experienced in 2023, expects inflationary pressures to persist into fiscal 2024.

The company acknowledges that it is subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes have been volatile over the past several years.

The company is exposed to risks associated with the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and in the Red Sea, including the potential for broader economic disruption.

We anticipate that the 2024 sales change will include a favorable impact from prior year pricing actions, which will be partially reduced by current year pricing actions taken in response to price gap management as well as promotional activities.

The customers of our consumer segment are predominantly food retailers and food wholesalers. Consolidations in these industries have created larger customers. In addition, competition has increased with the growth in alternative channels including mass merchandisers, dollar stores, warehouse clubs, discount chains and e-commerce.

Results may be materially affected by factors such as the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand

We are fueling our investment in growth with cost savings from our CCI program, an ongoing initiative to improve productivity and reduce costs throughout the organization, as well as savings from the organization and streamlining actions described in note 2 of notes to our consolidated financial statements that includes our GOE program.

In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology.

Results may be materially affected by factors such as issues affecting the company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and in the Red Sea, including the potential for broader economic disruption.

Results may be materially affected by factors such as the company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate

Results may be materially affected by factors such as risks associated with the company's information technology systems, including the threat of data breaches and cyber-attacks

In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology.

We expect our brand marketing investments in 2024 to increase in the high-single digits over the 2023 level.

We expect 2024 capital expenditures to approximate $290 million.

As of May 31, 2024, $497 million remained of the $600 million share repurchase program that was authorized by the Board of Directors in November 2019. The timing and amount of any shares repurchased is determined by our management based on its evaluation of market conditions and other factors.

In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology.

Results may be materially affected by factors such as climate change; Environmental, Social and Governance (ESG) matters

In 2022, our Management Committee approved an initiative to consolidate our manufacturing operations in the United Kingdom into a net-zero carbon condiments manufacturing and distribution center facility with state-of-the-art technology.

The company notes that its industry continues to be impacted by commodity cost inflation, labor cost inflation, and other global macro-economic conditions, and while seeing moderation in input cost inflation from that experienced in 2023, expects inflationary pressures to persist into fiscal 2024.

The company acknowledges that it is subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes have been volatile over the past several years.

The company is exposed to risks associated with the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and in the Red Sea, including the potential for broader economic disruption.