“Next, our guidance continues to incorporate an effective tax rate between 23% and 25%.”

In context

“uarter, we announced an agreement with Banco Bradesco to invest and become 50% owners in our Brazilian financing subsidiary, Banco John Deere. This strategic decision reduces incremental financing risks while allowing for continued investment in growth in the Brazilian market. The transaction is expected to close in the second fiscal quarter of 2025. In our quarterly results, we classified Banco John Deere as a business held for sale, which resulted in the net impact of a pretax and after-tax loss of $15 million accounted for in SA&G within the Financial Services segment. Next, Slide 13 outlines our guidance for Deere & Company's net income, our effective tax rate and operating cash flow. For fiscal year '24, we remain -- we maintain our outlook for net income at approximately $7 billion. Next, our guidance continues to incorporate an effective tax rate between 23% and 25%. And lastly, cash flow from the equipment operations is now projected to be in the range of $6 billion to $6.5 billion. And finally, on Slide 14, I'd like to hand it over to John May to say a few words. John May: Thank you, Josh. The third quarter was another solid quarter, thanks to the efforts of the entire John Deere team in partnership with our outstanding dealer network and supply base. As mentioned in the opening comments, our customers across nearly all business segments are facing headwinds, including softer commodity prices and elevated interest rates. Against this backdrop, I'm extremely proud of our team's unwavering commitment to and execution of our key priorities. They have navigated the business cycle through proactive inventory management and disciplined cost control, while”