Leading market position as one of the two largest global manufacturers of large commercial aircraft. Substantial backlog of orders, amounting to over 10 years of production. Heightened costs and execution risks on key military and civil aircraft programs, which could lead to additional charges on existing programs. Below average profitability, margins exposed to changes in foreign exchange rates. Zero S&P Global Ratings-adjusted debt at year-end 2016 and 2017, which creates significant financial headroom within the ratings. Sizable unrestricted cash balances and liquid investments that we regard as surplus cash. Credit-supportive financial policy. Ongoing investments in working capital and capital expenditures (capex). We expect broadly neutral free operating cash flow (FOCF) in 2016 and 2017. Large intrayear increase in working capital,
