So moving to first quarter results, organic sales grew 4%, volume contributed two points of sales growth, pricing and mix each added one point.
Growth was broad-based across business units with nine out of 10 product categories growing organic sales.
Organic sales were up 4% in the U.S. despite 16% growth in the base period.
On a two year stack basis, U.S. organic sales are up 20%.
On a two year stack basis, organic China -- China organic sales are up 12% in line to slightly ahead of underlying market growth.
Focused markets grew 4% for the quarter and enterprise markets were up 5%.
E-commerce sales grew 16% versus prior year.
Global aggregate market share increased 50 basis points.
36 of our top 50 category country combinations held or grew share for the quarter.
All channel market value sales in the U.S. categories in which we compete grew mid-single-digits this quarter and P&G value share continued to grow to over 34%.
Nine of 10 product categories grew share over the past three months with the 10th improving to flat versus year ago over the past one month.
On the bottom line, core earnings per share were $1.61, down 1% versus the prior year.
On a currency neutral basis, core earnings per share declined 3% mainly due to gross margin pressure from higher input costs, which we highlighted in our initial outlook for the year.
Core gross margin decreased 370 basis points and currency neutral core gross margin was down 390 basis points.
Higher commodity and freight cost impacts combined were a 400 basis point hit to gross margins, mix was an 80 basis points headwind, primarily due to geographic impacts.
Within SG&A, marketing expense as a percentage of sales was in line with prior year level for the quarter, increasing more than 5% in absolute dollars, consistent with all-in sales growth.
Core operating margin decreased 260 basis points.
Currency neutral core operating margin declined 270 basis points.
Productivity improvements were 180 basis points help to the quarter.
Adjusted free cash flow productivity was 92%.
We returned nearly $5 billion of cash to share owners, $2.2 billion in dividends and approximately $2.8 billion in share repurchase.
Based on current spot prices, we now estimate a $2.1 billion after-tax commodity cost headwind in fiscal 2022.
We now expect freight and transportation costs to be an incremental $200 million after-tax headwind in fiscal '22.
We continue to expect organic sales growth in the range of 2% to 4%.
On the bottom line, we're maintaining our outlook of core earnings-per-share growth in the range of 3% to 6% despite the increased cost challenges we're facing.
In total, our revised outlook for the impact of materials, freight and foreign exchange is now a $2.3 billion after-tax headwind for fiscal '22 earnings or roughly $0.90 per share, a 16 percentage point headwind to core earnings per share growth.
This is $500 million after-tax of incremental cost pressure versus our initial outlook for the year.
So while we are not changing our core earnings per share guidance range, please take note of these dynamics as you update your outlook for the year.
We are targeting adjusted free cash flow productivity of 90%.
We expect to pay over $8 billion in dividends and to repurchase $7 billion to $9 billion of common stock.
Combined, a plan to return $15 billion to $17 billion of cash to share owners this fiscal.

Summary:
So moving to first quarter results, organic sales grew 4%, volume contributed two points of sales growth, pricing and mix each added one point.
Organic sales were up 4% in the U.S. despite 16% growth in the base period.
Focused markets grew 4% for the quarter and enterprise markets were up 5%.
On the bottom line, core earnings per share were $1.61, down 1% versus the prior year.
Within SG&A, marketing expense as a percentage of sales was in line with prior year level for the quarter, increasing more than 5% in absolute dollars, consistent with all-in sales growth.
Based on current spot prices, we now estimate a $2.1 billion after-tax commodity cost headwind in fiscal 2022.
We continue to expect organic sales growth in the range of 2% to 4%.
So while we are not changing our core earnings per share guidance range, please take note of these dynamics as you update your outlook for the year.
We expect to pay over $8 billion in dividends and to repurchase $7 billion to $9 billion of common stock.