“we'll continue to take action on costs throughout the remainder of the year while still investing in our future.”

In context

“ck half of 2024. Notably, our production volumes will decline more than demand in the back half as we're taking proactive steps to drive down field inventories. This is true for all of our major markets, South America, Europe and also now for North America large tractors. We believe this approach best positions us to build the retail demand for '25. Josh Jepsen: This is Jepsen here. Maybe a couple of things to add. First, I want to commend our employees for the work they've done to drive the overall decrementals for the business despite the velocity of declines we're experiencing this year. We're delivering value for our customers and driving operating margins that are structurally better at this point in the cycle than ever before. However, there's always opportunity to do better, and we'll continue to take action on costs throughout the remainder of the year while still investing in our future. Josh Rohleder: Thanks for that additional color, Josh. And you make a great point about the decrementals. We're definitely being impacted by more definitely being impacted more significantly than usual by the unfavorable mix associated with higher margin products and regions declining more significantly. But I think the key differentiator this year is around more proactive management. Both you and Beal alluded to the rate at which we're bringing in production. Cory, I'd like to bring you into the conversation now. You've been in the ag business nearly your entire career. What is different in terms of how we have managed the changing environment in this cycle? Cory Reed: Yes. Thanks, Josh. We are coming down from a period of high demand, and historically, we would have, as an industr”