“Additionally, our cash taxes should remain around the same level, with both years receiving some benefit from the R&D capitalization recovery.”

In context

“ared to 2025's plan. We have $1 billion of notes coming due in 2026. Our plan assumes that these notes will be refinanced, but this is something that we will continue to evaluate as time approaches. Turning to interest. Our net interest expense in the fourth quarter was $63 million, bringing interest expense for the full year to $314 million. That compares to $76 million and $324 million in the respective 2024 periods. Under the assumption that we refinance the maturing notes, we expect interest expense to increase to approximately $340 million due to higher expected interest rates on the new debt. Wrapping up with income taxes. Our 2025 full-year effective tax rate ended up at 17.5%, consistent with our guidance. Looking ahead to 2026, we expect the tax rate to remain at a similar level. Additionally, our cash taxes should remain around the same level, with both years receiving some benefit from the R&D capitalization recovery. That concludes my remarks. I'll turn it back over to you, Phebe. Phebe Novakovic: Thank you, Kim. So let me provide our operating forecast for 2026 with some color around our outlook for each business group. And then the company-wide roll-up. In 2026, we expect Aerospace revenue to be about $13.6 billion, up around $500 million over 2025. Operating margin is expected to be increased to around 14%. This should result in operating earnings of around $1.9 billion. Gulfstream deliveries will be 160 with a little upside. This is fairly close to 2025. In Combat Systems, we expect revenue in a range of $9.6 to $9.7 billion coupled with an operating margin of 14.1%. Which should lead to improved earnings around $1.36 billion at the midpoint of the revenue range. As I noted earlier, the Marine gro”