Question-and-Answer Session
Operator
Thank you, gentlemen. The question-and-answer session will begin at this time. [Operator Instructions].
Our first question comes from Eric Serotta with Merrill Lynch.
Eric Serotta - Merrill Lynch
Good morning.
Mark R. Belgya - Vice President, Chief Financial Officer, and Treasurer
Good morning, Eric.
Timothy P. Smucker - Chairman and Co-Chief Executive Officer
Good morning, Eric.
Eric Serotta - Merrill Lynch
First of all, the $150 million in input cost inflation this year that you are looking at, seems pretty staggering, particularly in relation to the $30 million increase last year. You mentioned about a third of that is milk. Can you give us some context as to how much of that you expect to be able to cover with pricing productivity, mix improvement and the like?
Mark R. Belgya - Vice President, Chief Financial Officer, and Treasurer
Eric, this is Mark, I will start and then some guys can jump in. I guess if you take it from a higher level view, I think our first line of defense if you will is price increases. So, as Richard mentioned we have a number of those going into effect in the third quarter. Again, we have looked at our overhead spending, again indicative of what we performed as a way we can offset some of that as well so that we will be a key driver going into the back half of the year, but price I think is probably the way we recoup the majority of that.
Eric Serotta - Merrill Lynch
And do you expect to recoup the majority of that this year?
Richard K. Smucker - President and Co-Chief Executive Officer
We do, as you see the first half of the year we have been able to cover a good portion of those costs but we still have some costs yet to cover. We still have a number of ways to do that including pricing and looking at our costs within the company. But, yes we do expect to cover those.
Eric Serotta - Merrill Lynch
Okay and I noticed that you didn’t make any comments in? I didn’t see any in the press release or didn’t hear anything in the call about your longer term topline and bottom line growth targets of 8%, each? I presume that you are maintaining those long term targets. There has been comments as to whether you expect to achieve those this year.
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