“That said, given our proactive underproduction previously discussed, we expect these numbers to fall by year-end with beginning 2025 inventory to sales ratios down significantly from where they stand today.”

In context

“e. This is reflective of the fact we're starting to see our inventory come down following our production rate reductions in the first half of the year, creating a source of cash for the business. We're continuing to manage working capital and expect further reductions throughout the remainder of the year. Josh Rohleder: Perfect. And in the spirit of inventory management, I'd like to briefly touch on new and used inventories. Josh Beal, could you give us an update on where we stand today and what to expect in the back half of the year? Josh Beal: Yes, absolutely. And I'll start with new equipment. In North America, large ag, we're seeing intra-season inventory build as expected, albeit below industry levels and inventory to sales ratios -- ratio increases in line with historical norms. That said, given our proactive underproduction previously discussed, we expect these numbers to fall by year-end with beginning 2025 inventory to sales ratios down significantly from where they stand today. Furthermore, we expect to see the largest decline in new inventory levels to occur during the fourth quarter as normal year-end seasonal declines are amplified by our planned underproduction for the year. On the used inventory side, we've seen total used units up year-over-year. While combines are up from decade lows, they remain below the highs seen in the last downturn. Meanwhile, used high horsepower tractors have increased more rapidly and are skewing more predominantly to later models, driving up the average value of the equipment. The trend that we're seeing in used high horsepower tractors was a key factor in our decision to underproduce retail demand in North America. Cory Reed: Josh, this is Cory. Just one thing to add here is as you look at the industry as a whole, we've be”