“Regarding our cost management for 2024 and sort of the level of structural profitability embedded in the business, you'll see that some of our most profitable markets are down from a top line perspective. So production and precision ag will be down 15% to 20%, while at the same time, maintaining a 35% decremental.”

In context

“re all ready to begin the Q&A portion of the call. The operator will instruct you on the polling procedure. [Operator Instructions]. Sue? Operator: Thank you.[Operator Instructions] Our first question is from Steve Volkmann with Jefferies. Stephen Volkmann: Great. My question, I guess, is around kind of the cost side of this. I guess, historically, I've been through a few cycles with you guys, I might have thought that there'd be more opportunity on the cost side relative to the sort of top line guide that you're giving. I'm calculating kind of a 35% decremental. I guess that's kind of okay, but it feels like there should be some levers for you to pull to maybe mitigate that a little bit. So any thoughts around that? I'd love to hear. Brent Norwood: Yes. Steve, thanks for the question. Regarding our cost management for 2024 and sort of the level of structural profitability embedded in the business, you'll see that some of our most profitable markets are down from a top line perspective. So production and precision ag will be down 15% to 20%, while at the same time, maintaining a 35% decremental. And as we look at sort of the execution in the fourth quarter, we're starting to see some of our disciplined cost management come into play. I mean that's the first quarter in a number of years where we've seen production costs actually become deflationary and serve as a tailwind for our business. And I would say there's a significant agenda that we'll be executing towards for the remainder of 2024, but we're pleased to see the progress we've made already in the fourth quarter of '23. Our goal from a cost management perspective is to really neutralize all of the -- to the extent possible, the production cost inflation in next year and where possible, actually drive some of that to a production cost deflation tailwind for us. If you think about some of the areas where we're most focused,”