Diverse business mix, including exposures to the aerospace and defense, building technologies, safety, automation, and performance materials markets; Exposure to cyclical and competitive industries but with strong leadership positions (generally No. 1 or No. 2) in addressable markets; Good geographic diversity with increasing exposure to high-growth regions like India, China, and the Middle East; and A solid track record of effective execution and ongoing operational initiatives that support high and stable profit margins. Strong and consistent adjusted annual free operating cash flow (FOCF) generation that will likely soon exceed $5 billion on a pre-spinoff basis; and Capacity to pursue financial objectives, including acquisitions, share repurchases, and moderately growing dividends, while maintaining credit measures in line with the rating. The stable
