Thank you all for dialing in to join us today. I'm going to begin with the safe harbor statement. I recommend you read it at your leisure. We have our entire management team on the call today. We are all available for Q&A after the formal pitch. We have a lot of slides and several presenters. I'm gonna give you the short story up front. 2021 was the year of supply chain disruption, inflation, and high consumer demand. We acted quickly in response. We raised price, and we added a significant number of co-packers and suppliers to our network. Consumer demand drove significant sales growth, which enabled us to offset some of the inflation. Because of the demand, we are now planning to significantly expand our capacity for vitamins, litter, and laundry in the next two years. During the past year, we kept our focus on being digitally savvy as our online sales grew to 15% of our global sales. We posted full year 2021 organic sales of 4%, which was broad-based across all our businesses, U.S., international, and Specialty Products. Our full year 2021 EPS growth of 7% is down the middle of the 6%-8% EPS outlook that we announced 12 months ago. We feel very good about hitting our EPS range given all that happened in 2021. Looking ahead to 2022, we expect strong growth in both our U.S. and international businesses, driven by consumer demand, which we expect to stay elevated for most of the year. Regarding inflation, we expect an incremental $155 million of cost inflation in 2022, some of which has already been priced. We expect to take more pricing actions this year. As always, we have innovative new products to announce today, and I'm especially proud of some sustainability news that we will share in a few minutes. On the M&A front, we are quickly integrating our recent acquisition, TheraBreath, which is our fourteenth power brand, and we are hunting for number 15. As you saw in the press release, we expect 3%-6% organic sales growth and 4%-8% EPS growth. The top end of the sales and EPS ranges are dependent upon our ability to improve our fill rates. As supply improves, our shares are also expected to increase as well. Long term, we believe our evergreen model is alive and well. Now let's jump into the formal part of the program. Let's start with our performance over time. Just about any period you would pick, you would conclude Church & Dwight is a stellar performer within the CPG space, and we are known for our consistency. 2021 was another year with 17.9% total shareholder return. We have an evergreen business model, which calls for 3% organic sales growth and 8% EPS growth. If you said, "How's that evergreen model working out for you?" Well, let's take a look. We've averaged 4.3% organic sales growth for over 10 years. If we take a look at EPS, we've averaged over 10% EPS growth over the same period. The sources of our 3% organic growth are 2% U.S., 6% international, and 5% specialty products. We have 14 power brands, and they drive more than 80% of our revenues and profits. We have a well-balanced portfolio with a pretty even split between household and personal care. Specialty Products rounds out the portfolio representing 6% of sales. Our business has been known to perform well in virtually any economic environment because we have a balance of 60% premium products and 40% value. We are well positioned for good times and bad times. About three-quarters of our business is in the U.S., which means we have a lot of room to grow internationally. We believe one of our competitive advantages is we can move fast and adapt to a changing market. That quality was clearly demonstrated over the past 18 months, given all the obstacles we have overcome. We have experienced significant headwinds in 2021, which will continue in 2022. You may have heard me say that it feels like we have been chasing a ball downhill. Well, that illustration you see was drawn by Scott Druker, the head of our animal productivity business. Obviously, we're very frugal here at Church & Dwight. Regarding the inflation headwinds, we will have raised price on 80% of our portfolio by February, and we are not done. We are planning for more price increases in 2022. Later on in the presentation, Rick Spann, our supply chain leader, will discuss our actions to address supply shortages. We have a long history of growth through acquisitions. Since 2004, we have completed an acquisition in almost every year as we have grown from a $1.5 billion company to over $5 billion today. Later on, Barry Bruno, our chief marketing officer, will take us through our most recent acquisition, TheraBreath. Back in the year 2000, we had only one power brand, and that was Arm & Hammer. Today, we have 14 power brands that are leaders in each of their categories. We've become a digitally savvy company. Only 1% of our sales were online in 2015. Today, it's 15%. This is another example of our ability to adapt. We have a low exposure to private label. The weighted average private label share in our categories is 12%. Actually, only five of our 17 categories have meaningful private label exposure. In general, private label has not been a significant factor in our categories over the past year. Now, I'll turn the mic over to Barry Bruno, our Chief Marketing Officer. Thanks, Matt, and hello, everyone. I'm Barry Bruno, and for the last several years, you've been hearing from me about our international business. But in October, I took over as our chief marketing officer. So while I still love our international business and team, you're gonna be hearing from me now about our U.S. domestic business. That business, which as you heard earlier, represents over 75% of total Church & Dwight sales, is in a great place and is well-positioned for future growth. I can say that with confidence, because first and foremost, we compete in healthy, growing categories in which we often hold the number one or two market share position. Second, there are a number of macro trends, some of which are established and some of which are just emerging, which provide huge tailwinds to our brands going forward. Finally, our two most recent acquisitions have, for different reasons which I'll get into shortly, huge room to run ahead of them. To my first point about healthy growing categories, here you can see the top 17 categories in which we compete, and whether they've grown in green or contracted in red in each calendar year. What you'll see overwhelmingly is a lot more growth than contraction. If you look more closely at 2021 performance, you'll see sequential aggregate weighted growth across all categories of +6.1% in 2021, which was on top of exceptional +12.5% growth in 2020. If we drill one level deeper on 2021 performance, here you can see which categories drove that growth with gummy vitamins, dry shampoo, power water flossers, and pregnancy test kits leading the way. More than offsetting softness in baking soda, electric grooming, and cold- shortening, which was driven down by an almost nonexistent flu season in 2021. Despite excellent growth, our market share suffered in 2021 as persistent supply challenges and related in-stock levels left us with demand we just couldn't fulfill. This was especially impactful on our fabric care, VMS, and cat litter businesses. As supply improves throughout 2022, we see a corresponding tailwind and expect market shares to improve accordingly. My second reason for confidence in the future is that multiple trends, both established and emerging, point to long-term future growth. The first trend centers around pricing, where you heard Matt confirm earlier that we've taken price on 80% of our portfolio, and we think pricing is a muscle we're going to continue building as we expect a prolonged inflationary environment and see future price increases as likely. The second trend is an elevated, and we believe permanent, consumer focus on maintaining a cleaner and healthier home. The third is a belief that from a health standpoint, both mental and physical, prevention is the best medicine. The fourth is that self-care has gone beyond just an occasional splurge and has become an essential and permanent part of so many more consumers' daily routines. Finally, that a gradual return to normalcy, despite what we've seen in the past few weeks, is inevitable, and when consumers are ready to return to their pre-COVID social routines, we're ready for them. Let's dive deeper into each. On pricing, we took price on laundry and litter in mid-2021, and we're taking price in VMS and across multiple personal care categories right now. We'll have a full year benefit in 2022 on the majority of those increases, and the early read is that competition has followed or is following in all key categories. Prices are sticking and elasticities are better than our initial forecasts. Should we move into a recessionary environment, our value brands, which make up 40% of our portfolio, are well-positioned for a consumer who's looking for deeper value. In terms of consumers who are spending more time at home today, and we think will continue to spend increased time at home in the future, and will therefore be even more focused on a clean and healthy home, we see great inroads with 3 million incremental households now using Arm & Hammer and OxiClean each versus pre-pandemic levels in 2019. We don't see this going backwards, and in fact, see household penetration continuing to build year-over-year. In the spirit of consumers looking to stay healthy, both mentally and physically, we see a continuing trend where consumers are looking to vitamins to help out. Not just any vitamins, but the gummy form in particular, which is where consumers are migrating to from pills and capsules, is up seven points since 2019. Equally important is that we're well-positioned in the category with offerings that match up nicely to all of the consumer need states that are growing, including sleep, stress, mood, among the others you can see here, and all of that translates to an incremental 5.7 million households buying Vitafusion in 2021 than were buying in 2019. Likewise, brand awareness continues to grow, and our aided brand awareness is up an incredible 53 points since 2012. The fourth trend we see as not so much emerging, but is already established, is the belief that self-care is not just an occasional splurge, but is an increasing part of daily routines. A few statistics that bear this out include that 87% of consumers now claim to actively practice self-care, while 70% have established specific self-care goals, and 59% are practicing self-care more in 2021 than in 2020. A group of some of our most important brands, including Waterpik, Spinbrush, VitaFusion, Viviscal, and TheraBreath, are benefiting from this trend already and stand to benefit even more in the future. Waterpik, in particular, has a lot of runway ahead since the household penetration for water flossers is 23% compared to power toothbrushes, approximately 40%. Finally, we're as eager as our consumers and you for a return to normal. We're starting to see a reestablishment of social interaction, which is driving categories like skin and nail care, dry shampoo, hair growth, and depilatories to high single digit or even double-digit growth. We see that continuing. One interesting statistic to make this runway real is that Batiste, which is one of our fastest growers in 2021, still has years of runway ahead, as U.S. household penetration for dry shampoo is only 4.5% compared to the U.K., where the brand was born, where household penetration is 8%. Finally, one category that continues to lag is condoms. We don't believe sex is over with just yet, so we're ready with America's #1 condom brand when the category inevitably bounces back. If that's not enough, we still have huge runway ahead on our two most recent acquisitions. With regard to Zicam, we haven't had a normal cold and flu season since COVID struck. As we emerge from COVID, and consumers are increasingly social, experts predict there's an inevitable return of the flu, and those peak seasons that we see in Q1 and Q4 will provide material growth that we haven't experienced since acquiring the brand. Now that we're launching Zicam in a new gummy form, which I'll talk about more in a bit, there's even more reason to believe. Finally, TheraBreath was a great holiday present when the deal closed on December twenty-fourth. When we combine significant new distribution opportunities with our great Waterpik dental hygienist detailing force, we see significant room for growth ahead. Speaking of TheraBreath, just about everyone suffers from morning breath, and over 2.5 billion people worldwide, or almost 30% of the world's population, suffer from some sort of chronic bad breath. That bad breath starts most of the time in the mouth, throat, and tonsils, driven by sulfur-producing bacteria that lingers there. Dr. Katz, who we bought the brand from, realized this not only as a dentist himself, but as the father of a daughter who was struggling with chronic bad breath. Dr. Katz invented this alcohol-free mouthwash designed to specifically target sulfur-producing bacteria. It was a home run with his daughter, and you can see here that it's been a home run with consumers everywhere as it has been materially outpacing total mouthwash category growth and the alcohol-free category subset every year since launch. Better yet, there's still huge room to run ahead of us. This slide captures total retail points of distribution for our top competitors and for TheraBreath. What you'll quickly see is that even though TheraBreath is driving category growth, as you saw in the last slide, we're way behind in total points of distribution, with ample room to launch new variants, new sizes, and expand into new channels ahead. In summary, we participate in great, healthy, growing categories. Multiple key trends are our friend, and our most recent acquisitions have tremendous room to run, all of which give us confidence in our future, and we haven't even talked about new products yet. Okay, now let's move over to new products, where we have a long history of launching new product innovation across our portfolio of power brands, and 2022 will be no exception. Let's dive into a sampling of some of our 2022 new products. The new VMS consumer who entered during the pandemic is more likely to purchase gummies, seeks products with multiple benefits, and is a more immune-conscious consumer. As the category continues to shift to gummies, vitafusion set out to expand the relevance of gummies in order to continue to win at shelf. Introducing vitafusion bilayer gummies. These two-in-one gummies provide two benefits, two flavors, and two colors to deliver multiple benefits in a fun and visually appealing way. This multi-plus platform clearly articulates product benefits to shoppability, and researchers told us that the platform is expected to grow the VMS retail market basket, as nearly 30% of respondents said they would take these in addition to their current multivitamin. The immune SKU is a multivitamin plus zinc and vitamin C. The beauty SKU is a multivitamin plus biotin and retinol, and we're looking forward to both driving great continued growth. Now, moving over to our specialty hair care franchise. You heard me say earlier that over the past several years, there has been a shift in consumer priorities towards self-care. During COVID, this trend has been magnified as consumers are spending much more time at home. One example of the desire to pamper and treat oneself can be seen in 23% growth in hair treatments. Within that segment, 72% growth, specifically in hair masks. Hair masks represent an opportunity to care for the health and condition of hair. However, they typically take around 10 minutes to work and need to be rinsed off in the shower. Introducing Batiste leave-in hair masks, which deliver self-care on her terms. These lightweight conditioning formulas are infused with plant-derived proteins and vitamin E and allow her to nourish hair and seal in moisture between washes with no rinsing required. Now over to health and well-being, where two-thirds of consumers believe that products sold in the cough, cold, and flu aisle are more effective than those sold in the VMS aisle. The Zicam consumer is already buying over $40 worth of competitive immune products sold in the cough, cold, and flu aisle. We're losing out on potential sales by not having any immune products in that aisle. Now I'm pleased to share that Zicam is launching its first immune supplement gummies. The formula features Zicam zinc and also has 100% daily value of the top three immune ingredients. The line includes a regular formula and a nighttime version with melatonin, as immune plus sleep is one of the fastest-growing subsegments in VMS. Both products were also designed to provide a terrific value versus the competition. Now over to fabric care, where the baby detergent segment is currently a $136 million category and is the second fastest-growing segment in liquid laundry detergent. However, Arm & Hammer doesn't have a product here today to meet mom's needs, where we know she's looking for a hardworking product at a reasonable price, so she doesn't have to compromise on what's best for her baby. Introducing our first Arm & Hammer Baby Laundry detergent, which is designed to help families do what's best for their babies with zero compromises. Specially created with our Arm & Hammer babies in mind, it's gentle enough for baby skin, tested by pediatricians, and offers a hypoallergenic formula that has zero preservatives, no phosphates, and no dyes, and it's even EPA certified as a Safer Choice. We're very excited about this launch because a baby liquid laundry detergent also helps us down age the Arm & Hammer brand, increasing the lifetime value of each consumer. Let's take a look at some videos that bring this new offer from Arm & Hammer to life. [presentation] [presentation] [presentation]. Comfort or cry it out? .[presentation] [presentation] [presentation] [presentation] [presentation] [presentation]. [presentation]. In closing, these are just a few highlights from another great year of innovation from Church & Dwight. Okay, now let's switch gears and move over to the steps we're taking on our path to a more sustainable future. Starting with the reality that climate is more relevant than ever, especially for our younger consumers. Gen Z in particular is two times more likely than baby boomers to say they've been personally affected by climate change. The expectations for businesses and brands are very high. Consumers expect companies to take care of the planet and make progress on societal issues at the same time. As a company, our recent actions, such as offsetting 100% of our global electricity demand by moving to green energy and in partnering with Arbor Day Foundation to plant millions of trees in the Mississippi River Valley, have helped set the stage for our next move, which is formalizing our climate strategy by submitting our application to the Science Based Targets initiative. We recognize the importance of taking a science-based approach to the environment and ensuring that the targets we set and corresponding actions we take are aligned to industry standards and best practices. Included in our application to SBTI is a commitment to slow the warming of the planet, increase the use of renewables, and report on our progress through our annual sustainability report. You can see that we're taking this problem seriously at a corporate level, but our consumers, who've always been proud problem solvers, wanna get involved as well. Our goal is to engage them through the power of our most iconic brand, Arm & Hammer. Which is why today we're pleased to announce we're kicking off a new campaign starting with Arm & Hammer Baking Soda, to show consumers we're taking responsibility for our impact on the environment, brand by brand. To get started, we measured our carbon footprint on baking soda and are working to reduce it to zero, initially through verified carbon offsets. Allow me to share a video with you that illustrates how we plan to bring this to life. [presentation] Throughout this journey, our goals are to drive awareness, engage consumers, and inspire action. We'll have more news to share in this space around how we can work in partnership with our consumers to multiply our efforts and invite you to follow our journey as we build new strengths here and do our part to protect the environment. Okay, now over to my friend, Michael Read, to talk about our growing international business. Thanks, Barry, and good morning, everyone. Over the next few minutes, I'd like to run you through the international consumer highlights, followed by our specialty product story. For the international division, our evergreen model target is 6% in organic sales growth. In 2021, we posted organic growth of 5%, slightly below our evergreen model of 6%, but lapping 8.6% growth in 2020. While we're below our evergreen model target, 2021 is a strong delivery in the face of widespread global supply disruptions, impacts from COVID-19, and weather related events. Q4 finished at 4.7% growth, combining our two international segments. First, our subsidiary markets, which are fully staffed Church & Dwight teams, Canada, Mexico, the U.K., France, Germany, and Australia. Secondly, our Global Markets Group that covers more than 130 markets and represented by over 400 distributor partners around the globe. Both our Subsidiary and GMG segments posted positive growth in 2021, and continue to have strong consumer demand in improving market share positions in key categories. The result is we built an international consumer business that is now in excess of $900 million in sales and approaching scale in several markets. Let's take a closer look. GMG now represents our largest segment at 35% of total international net sales and has doubled in size over the past 5 years, followed by Canada at 28%, Europe at 22%, and Australia and Mexico at 8% and 7%. Across all our segments, we continue to gain distribution, introduce new brands and innovation, enter new channels, and widen our geographic reach to drive growth. From a growth standpoint, our subsidiary markets grew 3% in 2021, and GMG grew almost 11%. Important to note, international mix is heavily weighted towards personal care and OTC categories versus household, many of which have faced category setbacks due to COVID-19. What's driving our international growth? We have a portfolio of brands that consumers love, and that's not limited to the U.S. market, and we are early days in many of the world's largest economies. We continue to expand our U.S. power brands into global power brands. Brands like Arm & Hammer, OxiClean and Trojan continue to gain momentum, all of which have long international runways in our global markets. This includes selectively leveraging innovation sourced out of our GNPI organization and launching locally relevant new products under our global brands. We continue to widen our personal care and OTC portfolio presence in emerging markets like China, Southeast Asia, the Middle East, and Latin America, with particular focus on brands like Batiste, Anusol, Gravol, and Stérimar. Our portfolio has proven over and over it can travel with success. We continue to drive household penetration of more recent acquisitions like Waterpik and Flawless. Acquisition has been a key growth driver for international, and TheraBreath offers our latest installment. Let's turn now to some of the key investments and capabilities we're focused on. First, we continue to widen our support of a booming e-commerce business in China with local resources and expertise to partner closely with our value distributors. As one example, in 2022, we are investing behind a direct sell model in China, which will enable us to sell new brands directly to consumers online via e-commerce portals. Second, we continue to evolve our manufacturing footprint strategy to help service the needs of a fast-growing international business, particularly in Asia. This includes select local manufacturing and the use of co-packers where scale warrants and lower costs can be achieved. We've added people resources on the ground in our newest GMG office in Mumbai, India, to support our local distributors and growth throughout the region. We continue to build e-commerce and digital marketing capability across the globe to connect better with our consumers and drive consumption in e-commerce platforms. We continue to approach pricing with discipline, important in an inflationary environment, and we're adding dedicated resources in revenue growth management to support this capability moving forward. While this isn't an exhaustive list, it provides some examples of the investments we're making internationally to continue to drive profitable growth for years to come. As we continue to build scale, leverage pricing, and improve brand mix towards personal care and OTC, we continue to deliver on our evergreen target to expand operating margin in the international division by at least 50 basis points per year. We did better than expected in 2020, where we grew 120 basis points. In 2021 is more of the same, growing operating margin another 120 basis points. In closing on international, we've had a stellar track record of growth since 2014. At more than $900 million in net sales, we are pacing ahead of the long-term evergreen model target. By leveraging our portfolio brands that consumers love, including our newly acquired acquisitions and innovation, continuing to expand our global market footprint, and by investing in key capabilities, international remains committed to delivering our evergreen target of 6% organic sales growth and expanding operating margin by 50 basis points. Okay, let's switch gears to our animal productivity story. Our Specialty Products Division, from an evergreen model perspective, aims to deliver 5% organic sales growth. Our Specialty Products Division is now more than $330 million in sales and posted strong growth above plan in 2021 at 12%. 70% of the business is animal productivity, while the remaining 30% is supported by specialty chemical sales. As you can see, animal productivity is split into two main segments, dairy and non-dairy. We produce three types of products, prebiotics, probiotics, and nutritional supplements. This is important as today's consumer continues to move away from foods produced with antibiotics, and our portfolio is geared directly to support this growing trend. The dairy business is a cyclical market and represents the biggest part of the animal productivity business. Typically, every few years, we see an up year as evidenced by 2011, 2014, then again in 2017. Due to COVID-19, we did experience a delay in the upcycle in 2020, and we did anticipate a strong recovery in 2021. With healthy milk prices forecasted and strong demand for dairy products, we do expect back-to-back years of organic growth in 2022, breaking the animal productivity cycle. Back in 2015, non-dairy sales were largely non-existent. Today, non-dairy sales represent approximately 26% and has balanced out in our portfolio. We expect our non-dairy sales to grow double digits in 2022. Similarly, we're adding resources and growing our animal nutrition business globally. In 2021, our international business has grown to represent 16% of total sales. Again, offering further balance and revenue growth streams in our portfolio. In summary, Specialty Products has delivered an impressive 12% growth in 2021. We're backed by a trusted brand in Arm & Hammer. We're aligned to growing consumer trends towards prebiotics and probiotics. We continue to widen our species footprint to include cattle, swine, and poultry, and we're adding resources to grow our international business. Thanks for listening. Now over to Rick Spann to talk about supply chain. I'm going to take a few moments to talk about our efforts to secure the performance of our supply chain. Like many manufacturers, we have stepped up our focus on resiliency over the last two years. Here's how we articulate our strategy. Church & Dwight has a short, resilient, and tariff-proof supply chain serving Western and APAC markets with local manufacturing. We have implemented several initiatives to reduce the length of our supply chain over the last two years. One example is how we are supplying our growing business in the APAC region. In 2020, 0% of our business sold in APAC was manufactured there. By the end of next year, 40% will be sourced from within the region. Closer to home, we have added two 3PLs to our distribution network, which has enabled us to position buffer inventory closer to our customers' DCs in the Southeast and South Central regions. In order to reduce tariffs and our overall dependency on China, we have started to move Waterpik manufacturing to other Southeast Asia locations. By the end of 2023, 50% of our volume will be produced ex-China. We do a good job of managing a complex base of suppliers and co-packers. In order to add additional sourcing options, we have increased our co-manufacturing base by 19% since the start of the pandemic and our supplier base by 22%. We now have many more options when we face upstream disruptions. Of course, in addition to a large base of contract manufacturers, we have impressive in-house manufacturing capabilities, with an ability to produce a wide array of products in multiple formats across our 15 plants. We have done a lot of work over the last 2 years to increase throughput out of our plants and to be the best employer in the areas where we operate so that we can retain and attract talented employees. We are making significant capacity investment in-house in order to stay ahead of our growing categories. We have either completed or have active capacity projects underway for scent boosters, liquid laundry, unit dose laundry, trigger products, VMS, and cat litter. We have a dedicated and talented supply chain team. The vision that they march to is to maintain operational excellence while creating the supply chain of the future. Our talented team has done a great job of dealing with the many urgent issues that the pandemic has put in front of them while building more resiliency for the future. Now, back to Matt. Thanks, Rick. Let's spend a few minutes on how we run the company. We have five operating principles. Number one, we leverage our brands. Number two, we are a friend of the environment. Number three, we have highly productive people. Number four, we strive to be asset light. Finally, number five, we leverage acquisitions. If you do the first four well, you will have good shareholder returns. If you can add solid acquisitions, you can generate great returns. Number one, we are fortunate to have brands that consumers love, and we have dozens of brands around the world. Number two, we have a long history of being a friend of the environment. You can see some of the milestones on this slide. We are very proud of our heritage, and you heard Barry take us through our most recent commitment to Science Based Targets. In addition to our goal of being carbon neutral by 2025 through Science-Based Targets, we have a goal of reducing our water usage by 10% annually and maintaining a solid waste recycling rate of 75%. We have received plenty of recognition for our ESG efforts. A few of them are displayed here. Number three, we have the most productive people in the CPG space. We have approximately 5,000 employees with $1 million in sales per employee. We believe this is an underappreciated performance measure. Our people are motivated by a simple compensation structure with four metrics: sales, gross margin, EPS, and cash from operations. Our long-term incentives are stock options, so we are aligned with shareholders to drive our valuation. We have a focus on gross margin. This is an uncommon incentive compensation metric. While we missed our gross margin target in 2021, that hasn't shaken our confidence. We are still focused on the four drivers of gross margin expansion. Good to Great, which is our continuous improvement program, supply chain optimization, new products, and acquisition synergies. Number four is leverage assets. We are an asset light company. Historically, CapEx averages about 2% of sales. That will be higher in 2022 and 2023 as we expand our capacity in our growing businesses, namely vitamins, laundry, and litter. Number five is leverage acquisitions. As I said earlier, we have a long history of growth through acquisitions. We have clear acquisition criteria and the discipline to apply that criteria, which is to buy number one or number two brands. They need to grow at or above our evergreen model and have gross margins in excess of corporate gross margins. We are attracted to businesses that are asset light. Oftentimes, we can leverage our scale to generate synergies. Finally, they need to have a sustainable competitive advantage. Our long-term view is this: we have 14 power brands today, 20 tomorrow. Next up is Rick to take us through the financials. Thank you, Matt, and good morning, everybody. We have some great results to share. Across the board, we finished 2021 better than expected, led by strong consumer demand for our products, and we're entering 2022 with momentum. Today, we'll walk through four areas. First, the Evergreen model. Second, on 2021 results. Third, our 2022 outlook. Then finally, I'll wrap up with capital allocation. Here's our Evergreen business model. We've had this for a very long time, and our long-term investors know this. 3% organic sales growth, 8% EPS growth. The details would be +3% organic sales growth, 25 basis points of gross margin expansion. Marketing is typically flat. SG&A is leveraged, and we get 50 basis points of operating margin expansion, which leads to 8% EPS growth. We have a lot of different levers to pull in order to get 3% and 8%. For 2021, we ended the year in the quarter with 4.3% organic sales growth. Domestic was 3.5%. International was a little bit better than 4.5%, and SPD was 12%. Gross margin declined by 50 basis points, but this was better than we expected. Marketing change was down 90 basis points at 14.7%, a lot higher than the 13% our outlook had. This is really because we had a great tax benefit that we were able to spend back in marketing. SG&A was +50 basis points, and EPS was $0.64 or $0.06 better than our $0.58 outlook. Our full year 2021, we ended the year with 4.3% organic sales growth, 3.5% for domestic, 5% for international, and 12% for SPD. Gross margin was down 160 basis points as we faced 9% of COGS inflation year over year, or $250 million. Marketing was down 100 basis points to 11.1%, and adjusted SG&A was down 50 basis points. All to get adjusted EPS at 7% or $3.02 per share. Cash from operations was $994 million, and free cash flow conversion was 116%. That's free cash flow divided by net income. How much net income have we turned into cash flow? Gross margin contracted in 2021, and in Q4, we were down 50 basis points. Price volume mix was +2.9, which was partially offsetting the inflation, the massive headwind of inflation, commodities, distribution, labor. Productivity programs added 110 basis points, and then the acquisition was +30 basis points. That's how we get to -50. As you can see, when you compare Q4 to 2021 full year, you can see the gap between price volume mix and inflation narrowing, and we expect that to continue in 2022. Now turning to the outlook. 5%-8% reported sales growth, 3%-6% organic sales growth, operating profit margin of +60 to +70 basis points, and adjusted EPS growth of 4%-8%. Here's the detail. The 3.6% organic sales growth is made up of domestic at 3%-6%, international at 5%-7%, and SPD at 5%. All these divisions are at or above their Evergreen model for organic sales growth. Gross margins contracted. Marketing dollars are higher. We leverage SG&A, and that's how we get to 60-70 basis points of operating margin expansion. The effective tax rate's higher year-over-year by 320 basis points or 23%. This is a huge headwind to face, but our profit is actually gonna be up 10%+ as a result, just showing and demonstrating the strength of our business. Adjusted EPS growth is 4%-8%, and cash from operations is about $920 million as we build back safety stocks on inventory. Here's our organic sales over the ten-year horizon. Our Evergreen model is 3%. Our ten-year average is closer to 4.1%, and our 2022 outlook is 3%-6%. We're focused on gross margin, and we have been for a long time. Very few companies have it in their incentive targets. We believe it drives not only cash earnings but cash flow as well. In 2021, we had a step down, largely due to inflation. We had a 9% increase in COGS. In 2022, we expect a 5%-6% increase in COGS. All the pricing work that we're doing is offsetting that, but we're gonna be continuing to chase that ball downhill. We're committed to offset it dollar for dollar, but margin will be down in 2022. There's a cadence to the margin. In the first half, we expect it to be down. In the second half, we expect it to be up, largely because of the timing of inflation in 2021. Specifically, in Q1, we expect margin to decline by 250 basis points. On marketing spend, we have a long track record of spending behind our brands. In 2021, we hit 11.1%. In 2022, we're gonna have higher dollars than in 2021. The percent will be lower as it's impacted by the top-line pricing actions that we've taken. SG&A leverage is a hallmark of Church & Dwight. We have the highest revenue per employee in the industry. We expect in 2022 to again leverage SG&A. We have a long track record of great EPS growth, up high single digit, low double-digit EPS growth for a long, long time. In 2022, we expect 4%-8% EPS growth, $3.14-$3.26. The cadence for EPS growth is similar to gross margin, down in the first half but up in the second half. We expect stronger volumes in the back half as our supply chain improves and we have normalized promotional levels. Turning to cash flow. This is probably my favorite slide. 10 years of history here. 122% average free cash flow conversion. In 2021, 116%. How do we do that? We do it through a tight control of working capital. We've moved our cash conversion cycle from 52 days down to the 30s and the 20s, and now 15 days in 2021. In 2022, we expect that to go up a little bit as we build back inventory and safety stock. We have a strong balance sheet. We ended 2021 with 1.9 times debt to EBITDA. We expect to end 2022 with 1.6 times debt to EBITDA. That's despite doing our fourth largest acquisition recently, TheraBreath. This has been our business model for a long period of time. We buy business, we lever up, and we pay it down. We have significant financial capacity. We could do a $3.8 billion deal and maintain our credit rating. Moving to capital allocation, here are the prioritized uses of cash flow. First, far and away, TSR accretive M&A. Number two, CapEx for organic growth and G2G. Number three, new product development. Number four, debt reduction. Number five, return cash to shareholders through dividends or buyback. We're not a capital-intensive company. Our evergreen model is around 2% of sales for CapEx, and for many years, we've run below that. You can see back in 2009, when we have to add capacity, we do, and it will spike. In 2022 and 2023, it's no different. We're gonna bump up as we add capacity for laundry, litter, and vitamins. Then finally, we have a 4% dividend increase in 2022. This is 121 consecutive years of dividends. In Q3 and Q4, we also spent $500 million on share buybacks, so we always like to return cash to shareholders. This ends the formal presentation, and now we'll turn it over to Matt and myself and the rest of the leadership team for Q&A. Thank you. And ladies and gentlemen, if you have a question at this time, simply press star one for your questions. Okay. I have a question from Christopher Carey with Wells Fargo Securities. Your line is open. Hi, good morning, everyone. Good morning. I just a question on pricing relative to volumes. You know, kind of a wide range on organic sales as you get through the year. Are you embedding the potential that elasticities start to become a bigger factor as you get through the year? Perhaps the consumer is less able to handle the additional pricing. In the near term, just on Q1, clearly, your organic sales outlook with the pricing and conscious that some is coming later in the quarter still seems relatively low to the momentum that you've been seeing, cognizant of some of the supply chain headwinds and otherwise. Can you just frame, you know, the potential, you know, flex in that Q1 top line outlook as well? Thank you. Yeah, sure. I'll take the quarter and some of those answers are gonna be explained when we talk about the full year as well. On Q1, our outlook is 1%-2%, Chris, and it's largely you know two reasons, but let me talk about price volume mix first for the year. If you take the midpoint of our outlook for organic growth, it's about 4.5%, right? 3%-6%, midpoint's 4.5. We would say that price mix is about 5.5%, and we have a drag of volume of about 1%. All that 1%'s in Q4 in Q1, though, so that's 4%. The run out is three things. One is volume elasticities, right? All the price increases that were effective in 2021 were really in the second half of the year. Number two, we discontinued some club programs for Waterpik. Then, as we always do, we rationalize low margin volume for laundry. Those are three reasons why we're at 1%-2% in the quarter, and that's also why, you know, price volume mix actually improves throughout the year, organic improves throughout the year, and gross margin also improves throughout the year. Chris, does that answer your question? Oh, yeah. Yeah. Thanks so much. Just following up on you know, you know, spending levels for this year, you know, marketing, you know, back to the lower end or the historical range, can you just talk about, you know, how you view that as a flex item in the outlook through the year? Will you stay committed, you know, to that level of spending? Should volume elasticity become more of a dynamic, would you look to spend more behind, say, bringing back promotional levels? Just, you know, the sorts of actions that you'd look to should elasticity become more of a factor as we get through the year. Thanks. Yeah, that's exactly what we would do, Chris. Obviously, we have a wide range for both, reported and for organic. As our supply chain issues abate and we get more shipments out the door, got an opportunity to spend more on marketing. The expectation is anyway, for 2022 versus 2021, that our marketing dollars are gonna be up year over year. Just that if you look at the percentage, it may not. It'd be lower than 2021, but you gotta keep in mind you got big price increases that are driving the top line. You know, the relationship is a little bit different, percentage of sales, but our dollar spend is up in 2022 versus 2021. Good. Okay, thanks so much. Thank you. All right. Thanks, Chris. Our next question comes from Olivia Tong with Raymond James. Your line is open. Great. Thank you. Good morning, everybody. I was just wondering if you could talk a little bit about the organic sales outlook because this is, perhaps, for the full year, the widest range we've seen in a while. Obviously starting at a relatively low point in Q1. It's your comps are only about 120 basis points of a range from low to high end. That's a really substantial step up as the year progresses. You just noted that every year you rationalize some low margin sales. That should be in the comp presumably, as well. Just a little bit more granularity with respect to your views as you implement the price increases, and what seems like a fairly favorable view on the volume elasticity as the year progresses. Thanks. Yeah. You're right about our elasticities. Our elasticities are actually much better than we had expected. If you took liquid laundry, for example, it's in a 20-30 range, and we expected it to be worse actually. That'll actually probably improve going forward simply because we know that both Procter and Henkel are now raising prices. As far as the range goes, yeah, it's you know so kind of a wide range. We haven't had a range like that in the past, but it's with good reason. You know, our fill levels have been low for not just the past 12 months, but it's almost the past 18 months. We've had difficulty raising them, so to the extent that our labor issues abate, and not only in-house, but also out-of-house, you know, our suppliers and co-packers are also struggling with labor. We get more and more product to ship, we're gonna have a much higher top line. Now, look, we also know we have a high single digit price increase. So you think, well, if you've got a high single digit price increase, you would think that you're gonna have a pretty robust reported top line and organic top line, which we will if we can ship the product. We had to leave ourselves some room because we're anticipating things getting better, but it hasn't happened yet. Yeah. The only thing I would add to that, Olivia, to Rick, is, 2021 was the most volatile year in many years. We're used to giving tight ranges, but 2022 we expect to be very volatile as well. Like a lot of companies, we're just making sure we have a range of possibilities for the revenue line and the earnings line. Got it. Thanks. I on the margin guide, looking for 60-70 basis points in operating margin, just right gross margin decline on marketing increasing perhaps looks like as a, you know, in dollar terms, but maybe not in terms of margin on a year-over-year basis. That would imply some pretty nice improvement on G&A. Can you talk about some of the key levers there to improve G&A? Just one last question on vitamins. If you could just talk about the competitive dynamics given, you know, you've obviously continued to add, you know, innovative new products, you've got solid demand for the category, but just wondering if you could touch on competition. Thanks so much. Appreciate it. Let's talk about vitamins first. Demand is really high for vitamins right now. You know, the category was up 8% for the full year, and our share position is very strong. As you heard from Barry earlier, household penetration is up and is sticking. Now, we have tailwinds, of course, two of them. One is the wellness trend, and the other one is the transition from pills and capsules to gummies. Part of our success in the last few years, and we think continuing into the future, is gonna be our new product launches. They've done really well this past year. As far as private label, that does come up from time to time. Private label share of gummies has declined in four consecutive quarters. Went from 25% four quarters ago down to 21% the most recent quarter. You know, looking ahead to 2022, we have a nice lineup of new products. You know, we can sell everything we make, and we have a couple of co-packers that are gonna be coming online mid-year, so that should give us some relief. Yeah. In terms of the operating expansion and where that's coming from, you're right, Olivia, we said that gross margin is gonna be down. Marketing as a percent of sales will be down, dollars will be up, and that means we're gonna also leverage SG&A. We've said for many years, when you look at our evergreen model for SG&A, we're trying to get 25 basis points from that. We've done the math and we've said, hey, if we can grow our SG&A dollars at half the rate of sales in the evergreen model, right at 3% of sales, then it's about 15 basis points. Our revenue is growing anywhere between 5%-8% next year. We're gonna be able to leverage that because we're still having the same type of dollar increase on SG&A. We expect that. I'm not gonna point to any specific details, but we'll have more leverage than normal because our top line's growing faster. Understood. Thanks Matt. Thanks. Our next question comes from Steve Powers with Deutsche Bank. Your line is open. Yeah. Hey, good morning, guys. Can you elaborate on the improvement in the North American supply and fill rates that you're anticipating just in terms of your latest base case timing and kinda just do we improve all the way back to normal by the end of the year or second half? Or is it, are you still expecting tightness throughout 2022? Yeah. Okay. Thanks, Steve. We think it's gonna be sequential improvement throughout the year. You know, we normally have fill rates around 98-99%. You know, we're low 80s% right now. We hope to be exiting the year in the mid-90s%. We have Rick Spann on the phone, who's our head of supply chain, so he's the guy that's gonna make it happen. Anything to add, Rick? Yeah. Thanks, Matt. We're doing a lot. You know, as you saw from the presentation, we're investing in incremental capacity. Those projects take time, of course. Where we need to, we're increasing our third-party manufacturing to supplement supply to hold us over until the capacity projects come on stream. As Matt said, we will progress up through the mid-nineties by the end of the year. Omicron gave us a step back with high absenteeism, but we're already starting to see absenteeism improve in our plants, and now we're focusing on upstream supply of materials. Okay. Great. Just two quick questions, the follow-ups on pricing, if I could. Just the first one is, so the pricing. I guess, to what degree is there pricing you've announced that hasn't yet hit the market, and what's the cadence of that incremental pricing flowing through? Number one. Just on some of the new products, specifically the Zicam VMS products and the Baby Arm & Hammer detergent, how are those gonna be priced relative to the rest of your VMS and laundry portfolios respectively? Thank you. Yeah, I'll take the incremental pricing. We did announce, you know, a few months ago that we were gonna have incremental pricing hit, that extra 30%. Now we're 80% plus, and that's gonna hit in late February. We haven't, and we wouldn't front-run any other conversations on pricing on this call, but we will report back and let you know when there's incremental pricing above that 80%. Yeah. The other question was pricing for the baby product? Yeah. Okay. The Zicam VMS and Baby just relative to, you know, the rest of those portfolios. Yeah. Okay. Well, maybe Paul or Barry would like to comment. Yeah, this is Paul. They must be sipping coffee. This is Paul. I think probably the easiest way to answer all three of them at once is they're gonna be line priced within the set, right? The part of these launches is we want to be complementary to the set or incremental purchases, but part of the family brand. Particularly you can imagine on Zicam and VMS and others. Baby obviously is a different proposition, but still an incremental purchase in that a mom is looking for a separate product, you know, for the baby loads. But I would say on that one, I don't wanna be too prescriptive or detailed on this call, but I would say we're well priced competitively in the category, would be how I'd answer that one in particular. Okay. Thank you very much. Appreciate it. Thanks, Steve. Thank you. Our next question comes from Kevin Grundy with Jefferies. Your line is open. Great. Thanks. Good morning, everyone. Question for Matt and Rick on the guidance and then an unrelated question for Barry if I could squeeze in a second one. The first one on the long-term guidance of 3%, sort of in the spirit of the Analyst Day and sort of, you know, more longer term oriented. You know, the company's exceeded it naturally for a number of years. You're guiding above that for this upcoming year, about 4.5%. You have a slide up, which rightly points out the higher category growth alone, sort of setting aside what you hope to do from a market share perspective. You talked a lot about some of the stickiness in consumer behavior around health and wellness, where I think most people on this call would agree. I suspect for your own internal planning around capacity and around your cost structure, I suspect that's predicated on the growth rate over the next 3 to 5 years ahead of that 3%. That's all a big sort of wind up here. Have you considered revisiting that guidance for investors? Kevin, I could have predicted this question was coming. I think you are consistent. I think you ask that question annually. I'm glad I didn't disappoint you, Matt. Well, I thought maybe we'd duck it this year because we have this range of 3-6 and 4.5 in the middle. I think Kevin's gonna be happy with that. What you're asking about is should we change our evergreen model? Correct. Yeah. Even, Matt, if I could, not to cut you off, even consider changing where it's, you know, less emphasis on the 50 basis points of margin improvement, which is tough to do year in, year out, in the absence of favorable mix from doing deals. Heavier on the top line and even something 25-50 on operating margin. Sorry for cutting you off, but go ahead. No, no. I understand the math. The way we've used the evergreen model is we do it for our long-range planning, and yes, we don't ever wanna leave ourselves short from a capacity standpoint. Just because we have a 3% evergreen model doesn't mean that we would put any governance or caps on our capacity expansion, because that's the last thing we wanna do is be completely sold out. I would remind you as well that the evergreen model is also something that is very important to financial literacy within the company, 'cause it's something we talk about all the time. It's familiar to all of our employees. Yeah, there is some merit to your argument were we to say we're gonna grow at a 4% organic level. It takes some of the air out of the balloon when it comes to gross margin, but it does still. We will still arrive at the 8% EPS number on the bottom. It's not something we don't think about, Kevin. Don't think once a year when you ask this question is when we give it some thought. Stay tuned. It's something we've been looking at. Understood. Fair. If I could just squeeze in one more. Just for Barry. Early observations since moving into to the CMO role, you know, biggest areas of opportunity that you see, sort of fresh set of eyes, fresh perspective of the portfolio, and then maybe areas that perhaps need a little bit more of your attention over the next 12 months. Sure. Thanks, Kevin. I think 90 days in or so, I think you know, I've been telling the international story for so long before about how much opportunity is there. I think I see ample opportunity here in the U.S. as well, right? There are so many of those trends that I took you through earlier in the presentation that are so well suited to our brands and the categories that we're in. You know, I've been beating up on the U.S. guys when I was in international for a while, but I'd say equally excited here. Whether it's around vitamins or whether it's around laundry, as supply comes back, ample opportunity everywhere. In terms of challenges or things, you know, I'm looking at, as we spend more in media, which Rick and Matt mentioned, up in absolute dollars next year, what's the best spend of that? Digital gets really attractive because of its perceived perfect measurability. I think linear still has a role. Linear TV still has a role for its broad reach. Really working on that right mix of linear versus digital and kind of upper funnel brand building versus lower funnel buy now, buy here kind of stuff. Those are early thoughts. Great opportunity. Want to get the marketing mix right as it's a large line item in our P&L. Got it. Makes sense. Thank you very much for the color. Good luck, everyone. Sure. Thanks, Kevin. Thanks, Kevin. Thank you. Our next question comes from Rupesh Parikh with Oppenheimer. Your line is open. Good morning, and thanks for taking my question. The first area I wanna touch on is just international. I was just curious what you guys are seeing lately in the international front and, you know, whether you're seeing any impact from lockdowns or restrictions. Yeah, no, we have. I'm gonna dish this to Michael Read in a second, but you're absolutely right that we've had intermittent lockdowns in a lot of markets. International is also hampered by you know, transportation issues and containers and getting product. If you look at our guide for next year, you know, we said 5%-7%, and you know our evergreen number is 6%, so we are expecting to be in the sweet spot. Maybe Mike, you could give a little bit of color on what we've been experiencing in international markets. Yeah. Thanks, Matt. Thanks, Rupesh, for the question. Yeah, look, we're having similar challenges, as Matt said, from a supply chain perspective. What I'd point to is we have really healthy consumer demand for our portfolio across the board. We are seeing really strong growth across all our subsidiary divisions, but also within kinda how we break out our Global Markets Group into kind of five regions. We are seeing really positive growth and demand. It's really just about fulfilling it. I'd point to our ability to access our portfolio in multiple markets is still really strong. It's just a matter of kinda keeping up with demand, but the orders are definitely there. Great. Yeah, Rupesh, this is Rick. I- Yeah. I just wanna add one line to that. You know, we had 4.7% organic growth in Q4 for international, so somebody might say, "Oh, well, that's a little below your evergreen model for international." But I would tell you, if you look back in Q4 of 2020, we grew 14.9%. On the two-year stack, the 19.5% growth rate is the strongest quarter actually in the whole year. Great. Maybe just two quick financial questions. First, on the CapEx side, any specific guidance you can give on CapEx? I think last time you guys said expect to see $200 million. On gross margins, is there any additional color you can provide just in terms of the drivers for the year? Yeah. On the CapEx side, we have a slide in the analyst deck, and we actually put out a number. I think it was 212, off the top of my head, but it was $200 million plus for 2022, and it was $300 million. It was $216 million in 2022, and it's plus $300 million in 2023 is what we're putting out there right now just for those capacity projects like laundry, litter, and vitamins. In terms of gross margin, you know, I think the biggest thing on gross margin, and we've talked about how it's gonna improve throughout the year, is really just the, when you take price. Well, let's talk about inflation. We have $150 million of inflation, right? The simple math is when you do that, you're down like 300 basis points on margin. When you take price, even if you take price of $150 million to offset it, you only get a margin benefit of about 160 or 170 basis points because it impacts the top line and it impacts COGS. I think, as I said before, gross margin improves throughout the quarter, and we'll exit the year with positive gross margin in Q4. Thank you. Okay. Thanks, Rupesh. Thank you. Our next question comes from Andrea Teixeira with JP Morgan. Your line is open. Thank you. Good morning, everybody. I just wanted to find, like the, obviously the M&A priority in your cash allocation. What are the areas that you're thinking there are still white spaces for you to go in organically? Then on the fine print on this, I appreciate, Rick, you giving the margin bridge, but I believe you still have the benefits. In the fourth quarter you have, I believe, 30 basis points, and for the full year, 20 basis points benefit from acquisitions. Like, that is an additional, call it, 20 basis points for the year in terms of acquisitions. Thank you. Yeah. Thanks, Andrea. I'll do some of the margin discussion, and then Matt will answer the M&A question. I wasn't really given a margin bridge. I was just given an example on how price doesn't have the same margin impact as inflation would. I wasn't really guiding to specific numbers there. We're not gonna get into the margin details because it's just more volatile than normal. The guidance is that we're That we're gonna decline on gross margin for 2022. Yeah, as far as acquisitions go, we've had this question from time to time about what categories are we interested in? If you asked us that two years ago, I think we probably would not have come up with going into cold shortening or going into mouthwash. What we do, because we have a competency in making so many different types of products in our manufacturing facilities, so we can put liquid in a bottle, we can make aerosols, we can put powder in a box, gels, et cetera. There's lots of things that we know how to make and can manage. Consequently, we throw a very wide net when we're looking at potential acquisitions. You know we have a well-worn list of acquisitions that we went through on our pitch this morning, the five criteria, which does weed out a lot of categories. We wouldn't be able to call out, "Hey, here's a couple of categories we're looking for for acquisitions," Andrea. Just our process doesn't work that way. Thanks so much, Rick. I'll pass it on. Okay. Thank you. Our next question comes from Peter Grom with UBS. Your line is open. Thanks, and good morning, everyone. You know, I was kinda hoping to drill down or get back to that slide that showed category growth that Kevin alluded to in his question earlier. I think that you look back to 2017, 2019, it was kind of, you know, hovering around that 4% range, obviously accelerated a lot in 2022, and I think it showed, like up 6% in 2021. I'm just curious, like how do you see category growth unfolding as we move ahead? I know there's a lot of puts and takes. Some categories can be getting better, some's probably getting worse. Like what is the right category growth rate longer term, you know, as we move, you know, further away from this like COVID environment? Yeah, well, Barry can take a swing at that, but I'll just say historically, if you're referring to that particular slide, generally the categories that we're in. Remember, every company's different. The organic growth rates are a function of what categories you're in. We're different than lots of other companies I'm sure that you follow. Historically, our average, if you took, you know, 2017, 2018 and 2019, it's around 4%. Now 2020 was gigantic, you know, 12.5%, 6.5% in 2021. It's gonna float down over time. We expect it would go back to around 4.5%. I think the expectation for 2022 would be higher than that. Now, Barry, anything you wanna add to that? Yeah. No, you got it right. Again, historically, Peter, 3%-4% has been kind of the weighted average growth of the categories that we're in. Obviously elevated in 2020, still high in 2021. There are a number of them that are gonna benefit from some of the trends that I touched on, right? I look at vitamins as a new behavior that's more permanent, and we're in more and more households, and vitamins are overall, of course. So there's a few that'll continue to benefit, but I think there's a reversion to more normal levels, as things return back to normal. So is that in the 4% range versus 6%? I think that's a safe assumption. Okay. Got it. That's super helpful. I just maybe like a follow-up on Zicam and kind of the underlying assumption around like a normal cold and flu season ahead. Is there a way to quantify how much of a benefit just a normal season would be in terms of your total company organic revenue growth? Like, is that included in your guidance already for 2022, or would that be like a source of upside? Thanks. Well, I'll give you a little bit of context on Zicam. It's number one in cold shortening. It's got a 76% share. The recent trends are certainly encouraging. If you looked at consumption in Q4 2021 versus 2020, it was up 20%. It's a brand we bought for the long term and expect it to be a contributor to sales and profits in 2022. We wouldn't necessarily call out what the net sales number is for a particular brand. Yeah. I mean, we think it's gonna get to be more like a normal cold and flu season, but probably not all the way to right. Yeah, we're not gonna get all the way back yet. I think that'll happen in 2023. Okay, awesome. Thank you for that, and best of luck. Okay, thank you. Thank you. Our next question comes from Bill Chappell with Truist. Your line is open. Thanks. Good morning. Hello. Hey, just a few kinda quick ones. One, on pricing, you know, the 80% level, why isn't that 100% now? Just because it seems like everybody's pricing everything. As we look forward over the next few months, will that number go to 100%, or is the next round of pricing more incremental pricing on the first 80%? Gee, Bill, that's very critical for you to be- I just... In, in, in- -inquisitive. Yeah. Yeah. Well, look, you know, there's some things that we didn't raise price on in 2021 that we're looking ahead to price in 2022. We're not gonna get all the way to 100%, but we expect to get above 80%. You know, there's some categories that we haven't priced on. We just bought into the mouthwash category. Right? That'd be one. Zicam is another one. You know, we've owned that for a year, so we haven't taken price on that. But anything that we intend to take price on, we've already baked in. So it's not. You shouldn't be thinking that that's gonna be all upside. Right. There are some areas where there hasn't been cost inflation, right? They're small, but there are some areas where that hasn't happened, and you don't have to go back to retailers on a few brands. Yeah, like condoms, for example. Latex isn't rocketing. Right. I would say overall, we expect that 80% to go a little bit higher, and we also expect to revisit price increases we've already made. Yeah. Yeah. Got it. Well, on the line of inquisitive, not critical, you know, I get this is a normal practice every year of you have tax benefits or other benefits, and you Plow it back into marketing in kind of third and fourth quarter. Why does that make sense in this year's fourth quarter when you're having low fill rates to put more into marketing, which would seem to exacerbate the issue? Yeah. Well, there were certain brands, particularly personal care, that we decided to put more money behind where our fill rates weren't as bad that might have been neglected earlier in the year. Batiste would be one of those. Waterpik would be another. Even TheraBreath, even though we own them just for, you know, a week or so, we spend money behind that because we wanna get that off to a good start. We plowed some money behind that late December. Got it. It was more selective in kind of how you reinvest that money. Yeah. Right. It wasn't peanut butter. It was very targeted. Got it. Last, just on the capacity expansions you've talked about, I mean, I understand, especially on vitamins, it takes longer. It would seem that especially for something like cat litter and maybe for detergent, you know, the York facility could be expanded fairly quickly, you know, and that you could have those, the capacity by midyear or sometime this year. Is that not the right way? Does it take that much longer? Yeah. I would say in general, Bill, it takes about 18 months for a capacity project. And you're right, we have available space in the network, not necessarily just York, but in the network. But those capital projects are running into the same things that are happening all over the globe and macro economy in terms of labor availability and timing of machinery and stuff like that. Rick Spann, anything you have to add on that one? Yeah, the only thing I would add, thanks, Rick, is that, you know, in some cases we're doing capacity increases on top of capacity increases. I mean, our litter volume growth has been explosive. Then the other piece of it is just what Rick said. Our lead times on equipment that we're purchasing for these capacity increases have increased pretty dramatically versus what they were pre-COVID because, you know, those supply chains are also impacted. Got it. Thanks so much. Thanks, Bill. Thank you. Our next question comes from Kaumil Gajrawala with Credit Suisse. Your line is open. Hey, guys, good afternoon. A little bit more maybe on the impact of supply constraints. Looks like your fill rates were still quite reasonable and maybe just inventories are low. Was there any impact on your top line from lack of supply anywhere? Yeah. Certainly. I think we've been pretty clear these last few quarters that when you look at shipment to consumption, right, our consumption in Q4 was anywhere between 6%-7%, and our domestic organic rate was 3.5%. That's been pretty consistent gap these last few quarters. That's also why we think we're gonna have a high range in 2022. Like, as the supply chain improves, and Matt and Rick Spann both commented on how that's gonna sequentially improve through the year, that's also gonna be a tailwind next year. Yeah. In short, the story is that we did leave money on the table because of our difficulties with getting supply. Got it. On capacity, are there, I guess particularly for vitamins, is these are your own facilities now, or is it CapEx going into something you might need to contribute to a co-packer or something? If you're willing to kind of share, you know, what sort of underlying growth are you expecting for that category within the context of the decision to, you know, spend more to increase capacity? Yeah. The capital that we're contributing is actually internal capacity for gummy manufacturing. We're also working with third-party manufacturers to increase our capacity, but no capital contributions there. The growth rate, you know, if you look back, right, when we bought this business, the percent of gummies for hard pills in the total vitamin category was 3%. Now we're in the 20s, and we have long-term visions of that's gonna continue to go to the 30s and 40s over time. We think that growth rate is high, is what I would tell you. Yeah. Got it. Thank you. Thank you. Our next question comes from Lauren Lieberman with Barclays. Your line is open. Thanks. Good morning. I just had two questions. One was just in terms of retailer reaction to still some of these supply chain challenges that you've been having. I think during 3Q, you talked about kind of pulling, very rationally pulling some of the promotional support because of those lower, you know, not wanting to exacerbate the supply demand issues. Just curious about kind of retailer reaction because it seems like some of your supply issues maybe at this point are a bit worse than what you're seeing from some competitors in your category. I was curious about that. That was one. Then the second thing was, and I apologize if I missed this, the 7% price mix in the quarter for Consumer Domestic, how much of that was lower promotion versus list? Because if I just think about that was at 50% pricing, you know, so if we're going to 80, are we going into double-digit pricing in 2022 when we look at the P&L? Or again, is that or was some of that just lower promotion and more a matter of timing? Thanks. Yeah, maybe I'll take that one first. We'll give the Paul, you can respond to the question about retailers, but you're up first, Rick. Okay. The positive price mix in the quarter was about. You know, remember, 50% of the pricing activity has happened. There is also lower trade spending, lower promotional spending in that number as well. In 2022, we tried to dimensionalize it on an earlier question, and I had said that the 4.5% organic was really 5.5%, price mix favorability throughout the year. Hopefully that can give you a sense of what it is. We said in the release also, Lauren, that we do expect to be spending back more on trade in the back half of this year as our supply chain normalizes. Paul, any retail, you know, supply constraint, color you wanna give? Yeah. Lauren, it's a good question, and I think the difference that we're getting ahead of now is, you know, the partnership with Rick Spann's organization and my sales organization to sit with some of these key retailers and give them a more transparent overview. In some cases, that meant we couldn't commit to maybe some further out promotions for those retailers that need longer lead times and promote just because of the uncertainty and that inconsistency. I won't comment on competitiveness and where others are. Candidly, it's a little different across, you can imagine, all the categories we play in. I would say, you know, the partnership, the communication, and communication I mean more weekly and biweekly communication, which normally doesn't happen. If anything, we tightened at least the understanding and the trust, if you will, between us and the retailers that could kinda help the burdens and the fines and fees in those discussions. Really, you know, we wanna be upfront and make sure that we're not, you know, holding them out to dry with a promotion or an end cap and just being transparent. Not easy conversations, Lauren. I don't want you to misinterpret, but yeah, I'd say transparency would probably be the word of choice to answer your question simply. Okay, that's great. Thanks so much. I appreciate it. Thanks, Lauren. Thanks. Thank you. Ladies and gentlemen, that concludes the Q&A. I will now turn the call back to Mr. Farrell. Hey, thanks everybody for joining us. We had a spectacular 2021 and hope to have another good one in 2022, and we'll talk to everybody at the end of April after Q1. Thanks for joining us today.