“As we mentioned that we expected anywhere around close to a billion dollars of benefit on F-35 with the delivery of -- with higher deliveries as well as progress on the withholds.”

In context

“continue to drive asset productivity there and that's going to be part of our formula going forward, as it was in 2024 and our outlook for 2025. Operator: The next question comes from Gavin Parsons with UBS. Your line is open. Gavin Parsons: Hey, thanks. Good morning. Jay Malave: Good morning. Gavin Parsons: Could you just dig in a little further on the free cash flow bridges, the EBIT and EPS bridges were super helpful in the deck. But just given a lot of moving pieces in cash flow like the F-35 inventory unwind pension contribution recovery, Lot 18 cash timing. Maybe I missed that one. But if we could just kind of do a bridge walk on cash flow, that would be great. Jay Malave: If you just start from this year, adjusted cash flow at 6.1. So adjusted for the pension contribution in 2024. As we mentioned that we expected anywhere around close to a billion dollars of benefit on F-35 with the delivery of -- with higher deliveries as well as progress on the withholds. We also, though, as you remember, in 2024 got the benefit of significant international advances to the tune of $600 million. So partially offsetting, that is, it's the net impact of those two things. About $400 million in that ballpark. We do expect a benefit from taxes with lower R&D capitalization as that's coming down, and we expect a little bit of benefit from, I'll call it cash based net income. All that taken together takes us from $6.1 billion to the $6.7 billion midpoint. So those are the key drivers of free cash flow for 2025. Operator: The next question comes from Scott Deuschle of Deutsche Bank. Your line is open. Scott Deuschle: Hey, thanks, Jay. It looks like if you're guiding. Looks like you're guiding Aeronautics margins down about 20 basis points year-over-year in 2025. If”