“Yes, you're right. I mean, the structure of the early order programs will be similar to the past. They will occur in phases over the next several months.”

In context

“es. Jamie Cook: I guess my first question -- or my question is just your -- the world we're in with tariffs, et cetera. Your approach as we enter in 2026 in terms of the early order program, whether there'll be any change there in pricing? And then I guess, Josh, typically, for Deere, if we enter a year with flat sales, but we're producing in line with retail demand that generally means Deere can manufacture earnings growth. Do you still see that as potential or should we be less optimistic about your ability to fully offset tariffs and looking out into 2026? Josh Jepsen: Yes. Thanks, Jamie. I mean, first, starting with early order programs, and those programs are just getting underway. In fact, we just launched Sprayers yesterday and Planters will be forthcoming at the beginning of June. Yes, you're right. I mean, the structure of the early order programs will be similar to the past. They will occur in phases over the next several months. I think the beauty of that structure, particularly in an uncertain environment is it gives us some price flexibility phase-by-phase as we see this ever-changing tariff environment play out. And so we do have structured some optionality in those programs, optionality to wait as we think about the price and discount structure for upcoming phases as tariffs evolve over the next few months. So we've got that built-in. As you think about what that means for next year and building in line with retail, the point I would make is, and we mentioned this in our comments, we've done a lot of work last year, and then that continued in the first half of this year in some select geographies to get new inventory to a very, very low level, candidly. We talked about the work we did last year in the U.S. U.”