Solid diversification across the capital goods, aerospace and defense, and chemicals sectors. Track record of effective execution that supports average aggregate and reasonably stable profitability. Exposure to cyclical and competitive industries but with strong leadership positions (generally No. 1 or No. 2) in addressable markets. Large, consistent free operating cash flow (FOCF) generation of well in excess of $3.5 billion annually. Capacity to pursue financial objectives, including acquisitions, share repurchases, and moderately growing dividends, while maintaining credit measures commensurate with a "modest" financial risk profile. Sizable, but manageable, annual outflows for asbestos and other environmental legacy liabilities (we estimate about $700 million in 2014). Progress in addressing its large pension and other postretirement underfunding through contributions and high returns over
