“31 Table of Contents Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) LATAM Three Months Ended March 31, Change 2026 2025 $ Net sales $ 211.7 $ 256.0 $ (44.3) Income (loss) from operations (40.9) 6.5 (47.4) Net sales decreased in LATAM in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to sales volume declines, most significantly in tractors and combines, and negative pricing impacts, partially offset by favorable foreign currency translation.”
“Overall, global production hours increased approximately 14.9% during the three months ended March 31, 2026 compared to the same period in 2025, reflecting our response to end market demand.”
“30 Table of Contents Interest expense, net was $66.4 million for 2025 compared to $93.0 million for 2024, resulting primarily from a decrease in interest expense resulting from the Company's repayment of the Term Loan Facility on November 1, 2024, partially offset by lower interest income.”