“I think the back half is actually pretty similar to that, so not materially different.”

In context

“. And as we saw in that pullback, we've also seen some increases in high-horsepower tractor, used inventory. And as a result, we've made the decision to underproduce retail demand in large tractors this year in North America to bring down our ending inventory levels. We think that positions us best for 2025, again, given what we're seeing in the market. And that's reflected in some of the declines that you've seen. We were first half of the year, producing at healthy levels in line with strong retail demand. We have seen some pullback in what you're seeing in terms of decrementals and that change is related to that pullback that we've seen. Josh Jepsen: Yes, Grace. This is Josh Jepsen, maybe just to comment around decrementals. I think full year, I think we expect PPA to do around 44%. I think the back half is actually pretty similar to that, so not materially different. And maybe important just compare juxtaposition terms of the structural profitability of that business is if we look back to 2020, the business was around, call it, 90% of mid-cycle, which is not terribly far from where we are today for Production and Precision Ag. And we did around 16% operating margin kind of adjusted for some onetime things that occurred during that time. So 16%, today, middle of our guide is 21%. So I think underlies the shift we're seeing from a structural profitability perspective, even with, as we noted earlier, mix that has been less than favorable for us, both from products as well as regional shifts. Operator: Our next question comes from Mig Dobre with Baird. Mircea Dobre: I'm wondering if you can maybe put a finer point and help us understand how large is t”