Leading market position as one of the two largest global manufacturers of large commercial aircraft. Substantial order backlog, amounting to about 10 years of production. Heightened costs and execution risks on key military and civil aircraft programs, which could lead to additional charges on some existing programs. Below average profitability, with margins exposed to unhedged currency swings in the outer years. Zero S&P Global Ratings-adjusted debt at year-end 2017 and 2018, 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. Our expectation of positive free operating cash flow in 2017 and 2018. Large intrayear increase in working
