“And so what that will amount to is about mid-single-digit underproduction in construction equipment for this year.”

In context

“the question, Angel. Maybe starting on the field inventories, -- we -- as you recall, we have been building inventories over the past year or so. But this year, construction equipment pretty much producing in line with demand. We feel like we got field inventories at a level that's very normal within our inventory band. As we mentioned, we did see some softening over the past quarter. We had a couple of months of down retail sales for the industry actually came out last night as well. So I think it's now 3 months running of down retail sales for the industry and a little bit of softening in order velocity. And given that we've made the decision to proactively bring down inventory levels to the lower end of those bands, again, sitting at pretty normal levels now on construction equipment. And so what that will amount to is about mid-single-digit underproduction in construction equipment for this year. On Compact Construction, we were still building some inventory this year. We'll underproduce a little bit in the fourth quarter there, but not for compact is still pretty much production in line, in fact, building inventories this year net on compact construction. Josh Jepsen: Yes. Angel, I would say I think as you contemplate inventory levels and where we're planning. As we look to execute this under production and see our retail plants come through in 4Q, we think that positions us really well for the year to come and would not expect to see dramatic changes there, but the guide would be -- or the goal would be to build it in line with retail as we step forward. . Operator: Next, we'll go to the line of Tami Zakaria from JPMorgan. Tami Zakaria: So I wanted to build on the pricing conver”