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; and 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" 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 the
