they are doing a good job of premium rising -- premiumizing, and they've had a real winner in michelob ultra their u.s. portfolio is really vulnerable. particularly as this hard couldr phenomenon accelerate and make it harder for light beer to grow. paul: let's talk about the debt pile. if they are going to have another go at that ipo, how critical is it to get that lower? >> just to clarify, the us trillion deal will not close until the first quarter of 2020, sales price,llion they won't get that cash yet, but i think it is interesting that they are very keen to pursue an ipo in asia that says either they really feel anxious about reducing that debt quickly cashey have other uses of that they would like to accommodate ie acquisitions in that asia region, but they really cannot do that because of their commitment to reduce their debt to even. -- debt to ebitda ratios. their full-year guidance did not change, but how much will commodity and currency headwinds hurt? >> in terms of commodity headwinds, they actually hedge a year in advance or so, so they knew and we have had some warning that i