Tim Thein

should we think about that as a headwind more broadly for Cat as a whole in ’25

I'm just curious about the kind of the underlying profit dynamics in China

through the use of credits or other means that Cummins would be able to defray or potentially offset any potential penalties

the data center revenue in total in '25. Can you help us on that? And then what is embedded in 2026 across power systems and distribution

your joint venture partner in your AMT venture announced a potential or likely spin-off of that business. I am just curious if that impacts could that give rise to potential option

operators that are looking to leverage [indiscernible] as a way to kind of gain off-grid primary power

is that bringing along more services and more kind of ancillary type revenues with those installations

maybe we can dig a bit more on the margin performance there and specifically on, you mentioned aftermarket being a contributor

Just as you think about the margin outlook for '25 on flat to down revenues, a pretty nice improvement

your own expectations or the feedback you're hearing from dealers, how you expect that may play out

Has anything changed in terms of the expectation for the full year and how you expect to play out in terms of price versus cost?

The question is just on production costs. In '26. You highlighted tariffs, but just ex that, you saw kind of a build throughout 2025 in just in terms of production costs. How are you thinking about...

with just a quarter left. I'm curious how much of that reflects maybe potential difference in outcomes with respect to channel inventory

The question is on the implied profitability in the second half for the PPA segment and basically how we should be or shouldn't be viewing that

How do we think about kind of that normal seasonal ramp-up that you typically see in the second quarter and third quarter

how should we think about kind of the timing the realization of some of the associated savings in that particular business

the day sales outstanding did seem to kind of jump out. And I -- just curious if that's a reflection

are you starting to see any change in utilization or aspirations to reverse that and start expanding

Is there a mix shift between large mega fleets versus your historical small fleet base

I'm just curious what you're seeing in that business. Just with respect to utilization

did you give a comment just with respect to pricing that you realized in the truck business in the third quarter

I'm just curious if the company is thinking of any changes to the footprint with respect to the Canadian and Mexican output

The outlook for 90,000 to 100,000 units in 2025, was that altered in terms of how you're thinking about the market size

any comments you could provide just as it pertains to order activity and how the backlog is filling in both North America and Europe

a big if, but we had the dollar at today's levels through the quarter, some pretty big moves against some of your key currencies

if that business picks up, does that potentially portend a mix tailwind in 2027?

One of your big European-based competitors flagged more competition from some Asian competitors making inroads

the pricing flexibility that you have in aerospace, specifically, just given typically, you have more longer-term agreements

if you think the damage is sort of done for the year in terms of customers pulling the trigger on those more discretionary capital decisions

Matt, if you could maybe speak to how the company is positioned today versus, we look back at historical periods when diesel and flatbed trucking rates really spiked

have you detected or seen any change in terms of -- again, just kind of thoughts around big project spending and now that some time has elapsed since the OBBBA

is that creating any sort of a mix headwind for United? I guess if so, it would could it be more pronounced in what is a seasonally softer quarter?

from an OpEx perspective, to the extent we were to see parts pricing change or be impacted by tariffs, is there protection there?

is there a way, Ted, just to think about that in terms of the contribution as to what we can expect from the deals done in the back half of the year

The target that you outlined in terms of the ability to outrun inflation of 1.5%, I think still believe in that in terms of realistic target for '25?