“Early order programs in large tractor pricing North America for 2026 those price increases are in the range of 3% to 4% and that's held.”

In context

“large ag remains our most profitable market. So there is negative mix for the year. Just given the magnitude of decline, that's what's driving the higher level of decrementals next year. Thanks, Jamie. Operator: Thank you. Our next question comes from Kristen Owen with Oppenheimer. Your line is open. Kristen Owen: Hi, good morning. Thank you for the question. I wanted to double click on the large ag price assumption that 1.5%. I think when we were talking about early order program, that number in North America was closer to 3% to 4%. So could you just help us unpack that 1%? How much of that is being driven by some of the geographic mix, Just a little bit more color on the underlying assumptions for that number. Thank you. Josh Jepsen: Yes. Thanks for the question, Kristen. You're right. Early order programs in large tractor pricing North America for 2026 those price increases are in the range of 3% to 4% and that's held. What you're seeing with the one-point price guide is a couple of things. One thing, you're spot on is geographic mix. We talked about Brazil in 2025. We did very strong price in Brazil in 2025, mid-single-digit price increase positive. It'll still be positive in 2026, but more muted. Think about closer to that guide range. So that is pulling down some of the list price. The other thing that's happening in North America is a, call it, parts mix versus complete goods. As we go down in the cycle, parts make up a bigger mix of our sales in a given year. And our parts pricing, excuse me, was a little more muted for 2026. So the combination of those two is really what's pulling down that guide versus the list price increases. Deanna Kovar: Yes. Thanks for unpacking that Josh. This is Deanna. An”