“But I would say, all in all, given the cash we expect to generate, we'll be able to handle all of our use of cash priorities from investing in the business, organic and inorganic, the dividend as well as using residual cash to repurchase shares.”

In context

“years. So there's a tremendous amount of focus from an R&D perspective on that. And as you've heard us talk about before, we're continuing to think about alternative propulsion solutions that are going to reduce emissions and reduce cost for our customers, and we've got a focus in that space for sure. As it relates to the dividend, we've mentioned we've taken it up nearly 20% this year. I think that underlies the confidence we have in where we are and where we're going. As it relates to our payout percentage in the range, we're still working our way to that range, to the bottom of that and recognize over time, as we continue to execute the way we are, that range will continue to move. So that is something we likely chase as we demonstrate and deliver continued structural profitability. But I would say, all in all, given the cash we expect to generate, we'll be able to handle all of our use of cash priorities from investing in the business, organic and inorganic, the dividend as well as using residual cash to repurchase shares. And we think over the long term, we can drive value-enhancing actions there. So thanks, Kristen. Operator: The next question is from Jerry Revich with Goldman Sachs. Jerry Revich: Happy Thanksgiving. Nice to see the production cut in the business before used inventories got out of hand the way they did in prior cycles. I'm wondering if we could just unpack the 15% to 20% production cut in large ag and how you're thinking that will drive a balancing in used inventories because obviously, used inventories are at absolute low level but rising rapidly off the bottom. So what's the level of comfort based on your modeling that the 15% to 20% cut is going to get us where we need to be versus needing to cut production further if used inventories continue to build? Would love to hear how you're”