Chief Financial Officer Nik Jhangiani added that the board’s payout decision was influenced by a faster deterioration in U.S. spirits affordability than the company had expected. He said the company wanted “space and flexibility” to invest in the business and emphasized that management’s commitment to strong cash generation is unchanged. Jhangiani said the payout ratio range provides flexibility and indicated it would “probably” start toward the lower end of the range.On questions about whether the dividend ...