“Our proactive management reflects this and demonstrates that we are structurally better business today with equipment margins forecast just above 18% despite unfavorable mix in a rapidly shifting global environment.”

In context

“Certainly. It was a good second quarter with strong results to round out the first half of the year. Despite a dynamic global ag market and competitive construction environment in North America, we performed at structurally higher levels across the business. Given the pullback we've seen in ag markets, we now expect to end the year moderately below mid-cycle levels. This quarter, we also returned approximately $1.5 billion in cash to shareholders via dividends and share repurchases and remain committed to returning cash to shareholders while concurrently investing in the business via value-accretive CapEx and R&D spending. I want to reinforce that we're not new to market cycles, and we've learned from the past, making us a more resilient and better prepared business than ever before. Our proactive management reflects this and demonstrates that we are structurally better business today with equipment margins forecast just above 18% despite unfavorable mix in a rapidly shifting global environment. And as a result, we feel that we are putting ourselves in the best position possible for the future. Regardless of where we are in the cycle, we remain committed to our customers and their needs, ensuring our solutions drive real value to their business while Deere and our dealers provide the support they need to be successful. The progress on technology adoption and utilization -- earlier with our engaged and highly engaged acre progress, provides evidence of the value in our integrated offering of equipment, technology and digital tools. At the end of the day, we're focused on doing more so our customers can do less, and we are more excited every day about the vast amount of opportunities that lay in front of us. Josh Rohleder: Thanks, Josh. Now let's open it up to questions from o”