“Finally, our cash taxes and pension contributions are expected to increase.”

In context

“th quarter was $76 million, bringing interest expense for the full year to $324 million. That compares to $78 million and $343 million in the respective 2023 period. Turning to 2025. While 100% of on average cash conversion has been our goal, we may come in lighter between 80% and 85% for several reasons. While we expect CapEx and interest expense to be relatively flat, we have a 27th pay period at a couple of our businesses, which requires an additional $175 million this year. And as I noted earlier, working capital will continue to build at least through part of the year. As far as capital deployment goes, we will continue to fund the dividend and buy shares when appropriate. We also have $1.5 billion of debt maturing in the second quarter, the disposition of which we will address them. Finally, our cash taxes and pension contributions are expected to increase. Turning now to income taxes. Our 2024 full year rate ended up at 16.7%. Looking ahead to 2025, we expect the full year effective tax rate to increase to around 17.5%. Phebe, that concludes my remarks. I'll turn it back over to you. Phebe Novakovic: Thank you, Kim. So let me provide our operating forecast for 2025 with some color around our outlook for each business group and then the company-wide roll-up. In 2025, we expect aerospace revenue around $12.650 billion , up around $1.4 billion over 2024. Operating margin is expected to be up 70 basis points to 13.7%. This should result in an 18.5% increase in earnings, up between $270 million to $275 million. Gulfstream deliveries will be 150, materially over the 136 delivered in 2024. As I just noted, we anticipate a 13.7% operating margin fo”