“I would say, we're running right now. If you look at the total equipment operations, our forecast is probably in the range of 37%, 38% overall kind of across the businesses.”

In context

“split perspective in terms of how the business looks. Operator: Our next question comes from Steve Volkmann with Jefferies. Stephen Volkmann: I wanted to go back to the ideas around the sort of decremental margins here because Josh Jepsen, I think you said that you were sort of looking to prioritize reduced volatility, but obviously, these decrementals early in the downturn look pretty big, I think, relative to what we were expecting. So can you just talk about, update us on what normal decrementals should be as we think through a longer sort of downturn? And any implication for how we should think about 2025, I guess, is what I'm trying to think about? And then what an incremental might look like as well if there's just kind of any update there? Josh Jepsen: Steve, it's Josh Jepsen. I would say, we're running right now. If you look at the total equipment operations, our forecast is probably in the range of 37%, 38% overall kind of across the businesses. And then obviously, there's a range there from 30 to just in the low 40s on the production precision ag side. That's -- that production precision ag piece is clearly impacted by the underproduction there. I mean, historically, that's probably on the decremental side, run higher, closer to 45 I think we're seeing a shift in structurally how we perform and driving that down. And I think [ x ] underproduction would be 40 or maybe a touch better. But I think our focus area is, yes, we can manage this across these businesses in this range of -- from an equip ops perspective in between 35 and 40. And as we continue to execute, drive that down lower. Now part of that, to your question, one of the points you made is the ability to drive less variability in their business, certainly continuing”