“We won't react too quickly. Similar to when we saw tariffs going up last year, we didn't take immediate price action, and you can expect a similar approach for us this year in 2026 as well.”

In context

“from Bernstein. Charles Albert Dillard: I got a quick question for you on tariffs. So if we get the tariff relief, will that get rolled back to farmers? And how soon could that happen? Is that something you need to wait to see until the '27 model year pricing? Josh Beal: Yes. Yes. And so maybe just to break down a little bit, Chad, on the exposure. So like I mentioned, total tariff costs this year in 2026 is $1.2 billion pretax. And if you break that down kind of by exposure, the IEPA tariffs is a little less than half of that, a little bit higher in 232, but a little less than half is IEPA. So we'll see what happens on the Supreme Court side. It's been a very dynamic environment. So it's hard to say if those go away or something else doesn't come back. So we'll watch how that plays out. We won't react too quickly. Similar to when we saw tariffs going up last year, we didn't take immediate price action, and you can expect a similar approach for us this year in 2026 as well. Joshua Jepsen: Yes. I'd just reiterate, Chad, I mean, we were relatively muted. I mean we're well below normal or historical averages for price. I mean last year in PPA, we did just below 1 point. We're talking about 1.5 points here this year. So we haven't taken outsized price as it's related to tariffs. We're focused on how do we mitigate, how do we work our way through those. We've seen good progress on mitigation on 232, and the teams continue to do a lot of really good work. So I think we're kind of heads down focused on that, and we'll see what -- how the environment changes, but we're going to keep working on that and focus on the things that we can manage. Operator: Our next question comes from Jerry Revich from Wells Fargo. Unknown Analyst: This is Kevin on for Jerry Revich. Just”