“But again, just to reiterate, we are going to have a strong bias toward shareholder returns.”

In context

“estion. Some would argue that RTX's ability to bundle Pratt's propulsion technology with Collins' offering in avionics and structures could provide them with a competitive advantage when bidding for work packages on future aircraft programs. Your balance sheet is in great shape. This is evidenced by your updated cash deployment plans this morning. And since you are going to generate a lot of cash over the next five years, is there any desire to expand the business beyond propulsion through organic or more particularly inorganic means? Larry Culp: I think we will stand by our capital allocation framework that we shared almost a year ago now with respect to how we think we will deploy not only our cash flows and our cash reserves in '25, but going forward. We certainly have ample resources. But again, just to reiterate, we are going to have a strong bias toward shareholder returns. It doesn't mean that we will exclude M&A, but as you saw with the Northstar announcement, much of what we will do will be small tuck-ins and adjacencies. I don't think I have ever, in this role at this company or elsewhere, publicly commented on specific situations, and I think I will hold to that again here this morning. But we appreciate and understand the question. Blaire Shoor: Larry, any final comments? Larry Culp: Blaire, I would just wrap up to say the team all around the world delivered standout results in 2024. And clearly, the finish there in the fourth quarter was no exception. I hope everybody on the call heard how excited we are about the year ahead as we work to meet what we believe to be historic industry demand and deliver for our customers. We certainly appreciate your ti”