the debt level at $2.4 billion is too high in a rising interest rate environment, with interest expenses on short-term debt increasing significantly.

revising our dividend payout rate to return a substantial portion of free cash flow to shareholders, but directing a significant remainder to reduce debt obligations. Completing divestitures of non-core businesses to generate proceeds to pay down debt and reduce leverage, we are actively seeking to sell the Back to Nature brand and have initiated a strategic review to identify other potential divestitures that will shape the B&G Foods portfolio for future focus and strength.