Good morning. My name is Kelly, and I will be your conference operator today. At this time, I would like to welcome everyone to the AGCO 2015 Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. Greg Peterson, Head of Investor Relations, you may begin your conference.

Thanks, Kelly, and good morning. Welcome to those of you joining us on the call for our third quarter 2015 results summary. We will refer you to a slide presentation this morning, which is posted on our website at www.agcocorp.com. The non-GAAP measures used in the slide presentation are reconciled to GAAP measures in the appendix of this presentation. We'll make forward-looking statements this morning, including demand, product development plans and timing of those plans, acquisition, expansion and modernization plans and our expectations with respect to the cost and benefits of those plans and timing of those benefits, and our future revenue earnings and other financial metrics. We wish to caution you that these statements are predictions and that actual events may differ materially. We refer you to the periodic reports that we file from time to time with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2014 and subsequent Form 10-Qs. These documents discuss important factors that could cause the actual results to differ materially from those contained in our forward-looking statements. A replay of this call will be available on our corporate website. Pushing ahead, on the call this morning with me are Martin Richenhagen, our Chairman, President and Chief Executive Officer; and Andy Beck, our Senior Vice President and Chief Financial Officer. Martin, please go ahead. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Thank you, Greg, and good morning to those of you joining us on the call. My comments start on slide three. You will find a summary of our third quarter results. AGCO's performance demonstrates our ability to deliver solid results, despite difficult market conditions. During the third quarter, our focus remained on operational execution and customer service. In response to softer market conditions…

Your first question comes from the line of Ann Duignan of JPMorgan. Your line is open.

Hi, good morning. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Morning, Ann.

Good morning. First, can we talk a little bit about GSI? If I look at grain storage year-over-year, it looks like that business is down about 15% from a revenue perspective. Can you give us a little bit more color on the North America grain storage business? I mean – and I know you said it was down significantly, but can you quantify how much it was down in the quarter and why wouldn't we expect that to get worse before it gets better? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Well, Ann, what's happening on the grain storage side in North America is we're seeing that significant weakness on the on-farm storage part of the business. That's kind of being in line with what we're seeing on the row crop tractor/combine, where farmers are just delaying purchases or new investments. What has held up better is what we call the commercial side of the grain storage business; that's selling to the Cargills of the world or in ports or grain elevators and those types of operations. So, our overall grain storage business in North America, and I'm going to talk about year-to-date, is down about 7% or 8%. And our protein business, which in North America is up mid-teens – so overall, our sales in North America are relatively flat year-over-year through the first nine months of the year. Looking forward, I think what's going to happen, still, is that we'll see weakness on the grain storage side, particularly on the on-farm side, as it looks like the demand patterns are going to mirror what's happening on the tractor/combine part of the business as well.

Your next question comes from the line of Jerry Revich of Goldman Sachs. Your line is open. Jerry David Revich - Goldman Sachs & Co.: Hi, good morning.

Good morning, Jerry. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Hi, Jerry. Jerry David Revich - Goldman Sachs & Co.: I'm wondering if you could talk about what you're seeing out of the other major markets for you in South America outside of Brazil; it looks like your organic volume performance was better than shipments in Brazil. Can you just flush out for us what you're seeing in Chile and Argentina and the go forward there? Thanks. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Well, the strategy for those South American markets outside Brazil is, of course, to take advantage of the very favorable low real, so the favorable exchange rates, which makes us more competitive in exports. And this is what we see this year, and we also try to leverage this for the remainder of the year. Greg, do you want to comment?

Yeah, absolutely. So, Jerry, the biggest export market outside of Brazil, or the market that we ship the equipment from Brazil to, is Argentina. And as you're aware, the last few years they've had import restrictions that has really reduced sales in that market. This year, though, there has been some increase to those import and import allowances. And so, this year the market for us – or the – our sales in Argentina are up almost 20% and up actually more than that in some of the other South American markets; so, significant increases for sure.

Your next question comes from the line of Jamie Cook of Credit Suisse. Your line is open. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Hi, good morning. A couple of questions. One, on the order book, I think you noted again that Europe was up. If you could just – I mean, does that give you increased confidence? Has your backlog improved at all, and what did you see on a sequential basis? And then, I guess, Martin or Andy, just broadly, you know, can you talk about sort of where dealer inventory is relative to where you want it to be and does the excess inventory in the channel sort of, you know, shift into 2016, which I think is the market's view at this point. But if you could give us a little color on how much of a headwind that is to 2016 and whether or not, given what you're seeing in the markets, do you – should we expect – are you contemplating another restructuring of size? Thanks. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Okay, Jamie, looking at the orders in Europe, if you look at the Europe/Africa/Middle East order backlog, it's up over 20% versus where we were a year ago. But if you look at just Western European market, it's just modestly up. So, most of that order growth is in markets like Africa, Middle East. So, the Western European market, I think, has been very steady; it's been down all year, relatively constant rates. And that's what we expect to continue for the balance of the year. In terms of dealer inventory levels, we're making some progress. Our North America dealer inventories are down about 10% compared to where we were a year ago. Obviously, in the market, on the large equipment is down at a higher percentage than that, so that would indicate that we still have more work to do. Our target for the end of the year is to continue to have that dealer inventory get lower. And the end of the year is a big retail period for our business in North America, and we'll have to look and see where we are at the end of the year to see how that impacts 2016. So, I would expect that we will have some more work to do in 2016, but the extent of it is still yet to be determined. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Jamie, when it comes to restructuring, I do not hope that we have to do something major 2016. We'll do a little bit here in North America. We offered another early retirement program, which could affect about 150 people. So the question is how many will take it. I guess maybe half of those. So, we try to run the company with, let's say – very carefully in order to make sure that we stay very cost focused.

And your next question comes from the line of Joe O'Dea, Vertical Research Partners. Your line is open.

Hi, good morning. With the outlook for a little bit more work to do on North America inventories, and I think the slides show that production should be flattish 4Q versus 3Q and I think some seasonal element of that, but could you talk about, in general, your comfort level with sort of current production rates and the extent to which you think those still need to come down a little bit, or have you made most of the move there and now it's a matter of just letting the inventory work itself down? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: No, we will cut production levels, also, in the fourth quarter. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yeah. I think – right. As we indicated, our production levels will be down year-over-year about 10%, and I think we've pretty much set our production for the balance of the year. There could be some, I would say, minor changes from that, depending on what happens in the market in the fourth quarter, but for the most part we're now in a position where our production's set and it's a matter of what our sales activities are, what our retail sales are for the balance of the year; and that's where the real focus is at this point.

Your next question comes from the line of Andy Casey of Wells Fargo Securities. Your line is open. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Andy?

Martin, can you hear me now? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah, yes. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yes, yes.

Sorry about that. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: That's technology.

Yeah. I still have to learn how to use it, I guess. Anyways, couple of questions, can you update us on what you're hearing about the potential changes to FINAME? And then, second, on cash flow, there is an implied acceleration in CapEx during Q4, and to get to the $300 million in free cash guidance, I understand Q4 is always seasonally strong. What sort of inventory reduction or working capital benefit do you expect? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Well, on the CapEx, you're right. We do typically spend more in the fourth quarter. And so, that should be consistent with what we've done in the prior years. On the inventory side, because we did not increase seasonally our inventory as much as we did in the prior year, you won't see as dramatic a reduction in the fourth quarter; but we will reduce – our working capital comes down in the fourth quarter and our inventory levels come down as we wind down the year, and that should be consistent. What we're looking for is our total inventories year-over-year on a constant currency basis to be somewhere $100 million and $125 million lower than a year ago. And I'll let Greg discuss what's going on in the Brazilian financing program.

Right, Andy. So the announcements that were made last week – the numbers that were thrown out were for all the commercial programs that they have; so that's trucks and construction equipment and farm equipment. And the numbers that you saw, $50 billion, was the original authorized amount. It got cut to $19.5 billion. Some of that isn't – maybe the headline is a little worse than reality in that only about $7 billion has been funded year-to-date. So they're just cutting those budgets to kind of to back into what the run rates are today. Right now, our going-in assumption for the rest of 2015 is that interest rates and down payment requirements stay the same. Throughout the year, the government has slowed the processing of loans to kind of regulate the amount of funding that's being met. So our expectation is that'll continue through the end of the year. We're going to monitor it very closely. Right now, our assumption for 2015, though, is that we'll be able to fund – or that the financing program will fund our estimated industry sales. So that's kind of where we are. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: When it comes to the slowdown in the – basically, in the process as such, together with our peers we really lobby hard in order to get that changed, because this is not acceptable. We talked to the Secretary of Agriculture, who has no understanding for the problem so far. We talked to the government, who does not understand how important farming is for Brazil, and this is unheard of. And it's not okay that the process, let's say, after the money has been allocated, is going as slow as it is right now. I think they have political intentions. They want to keep as much money in their pocket as possible. It's a lousy government. It doesn't function. It's dysfunctional, and we need to speak up and we need to basically get our voice heard; and that's what we are doing. We went to Brasilia. We talked to all relevant people, but this is a very, very difficult time in Brazil.

Your next question comes from the line of Seth Weber of RBC Capital Markets. Your line is open.

Hey. Good morning, guys. I guess, first question, can you just update us on what you're seeing on used equipment inventories for AGCO and, I guess, maybe relative to the industry, and what you're seeing on used equipment pricing? And then, I had a follow-up question on the GSI business if you could? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yeah, sure. Our used inventory is coming down. It's down in relation to what I discussed or – actually, a little better than what I discussed on our new inventory. So, we're making progress there, but obviously the market is weak and – especially, on the large equipment. And so, it's just a matter of time to watch that inventory move its way down. That certainly continues to impact the market as dealers do not want to increase their used inventories at this time. So, it's something that we continue to monitor. I think we're probably in maybe better shape than the overall industry just because of our position in North America, and we do still see it as an issue for the overall industry.

Is pricing holding, or is it, I don't know, down low single-digits, mid-single digits, something like that? Is that about right? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yes, it's been down modestly. We haven't seen any recent major changes in the used pricing. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: The reason is a used Massey Ferguson tractor is so better as a new John Deere, so, therefore, we don't suffer as much.

Understood. If I could just follow-up with a GSI question, the North American margins were actually better than what we were looking for just across the board. Is there any granularity you could share with respect to GSI margin? Grain storage versus the protein business, are they roughly comparable? Is one better than the other? Is there any way that we can help – you could help frame that for us?

Yeah. So in South and North America, the products that we sell through our GSI business are typically a little more sophisticated. And so, the margins in North America are typically a little higher than what you would find outside the U.S. And when you're looking between the grain storage and the protein production, I'd say that they're pretty comparable. Grain, in some cases – the bigger grain installations might be a little higher, but they're both very attractive margins.

Your next question comes from the line of Larry De Maria from William Blair. Your line is open. Lawrence De Maria - William Blair & Co. LLC: Hi, thanks. Good morning. Two questions... Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Hi. Lawrence De Maria - William Blair & Co. LLC: Hey. You mentioned that (32:55) not to do any major restructuring next year, but if volumes are down again, you know, 10% or 15%, and thinking maybe North America and Brazil, how would we think about decremental margins and your ability to take out more costs next year? And secondly, could you just help out – European registrations were down in most markets in the quarter, even sharply in some markets, but you posted a nice organic growth in the quarter. So, can you give us a little color as to where that growth is coming from? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah, first I want to make some comments on the restructuring. I think, so far, we reacted early and in a very radical manner. So, you should assume that we will do something similar, if needed, in 2016. But I still believe we don't have to do major things directly, but will be adjusted anyhow, automatically. So I would just suggest that you trust that we master this kind of situation.

On the decremental margins, Larry, our assumptions – and again, we think about it typically more on a constant currency basis, but our decremental margin assumptions are – range from probably low 20% more so – low-20%s to mid-20%s in South America to, in Europe, probably upper 20%s or low 30%s. So depending on the mix of the products that are in decline, you'll see varying rates of decremental margins; but those are the assumptions that we typically think about, and – again, keeping currency constant. And that's one of the things this year as you look at our margins. From a decremental basis, the currency movements have definitely influenced those. So, when you look at the underlying margins, so they're typically in that low 20%s to low 30%s range. Andrew H. Beck - Chief Financial Officer & Senior Vice President: And you had one last question Larry? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: No. Two.

Yeah. Okay. Operator, we'll go ahead.

Your next question comes from the line of Robert Wertheimer of Barclays. Your line is open.

Hi, good morning, everybody. My first question is on Brazil margins, and you just alluded to it. It would seem with the rapid – well, continued rapid depreciation of the real that importing some of the componentry that you might – I know you produce locally, but I assume there is a decent portion that's imported – would raise the local cost, and yet your margins were pretty good. So, are you able to get local pricing? If there is such an impact as I've described, is that a quarter or two ahead? Are we through the worst of it? Maybe you can comment on that situation. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: I just want to make a comment before I hand over to Andy on our factory. So we have several factories in Brazil, a very strong footprint and all products are localized, so we don't depend on imports so much.

I didn't mean, Martin, the finished product, but I didn't know how much componentry and whatnot. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: No, no. Components as well; you can only localize if you buy the components locally, okay. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yes. To qualify for the FINAME program in Brazil, you have to have at least 60% local content; and they're actually making those rules more stringent going forward. So you must be a local manufacturer. You are right that there are some components and some volume that we're importing. Actually, the amount of imports had gone up over the years because we were able to get some content out of developing markets, like India or China, that were cheaper than Brazil. What our purchasing teams are doing right now is resourcing some of those components back locally. So, we think, for the most part, we can cope with the change in the real. It does have some impact on the imported content, but also we are exporting tractors and production out of Brazil into other markets. We export them into the other South American markets. We export them into markets like Africa, Middle East and some other markets that like – that use small equipment. And so, for that reason, actually, we're a net exporter out of Brazil, and so the weakening in the currency has some favorable impact for us.

That explains it; perfect. If I can ask a quick follow-up on the earlier question on financing, one of the summaries mentioned the PSI funding cut-off was changed from December 30 to October 31. I don't know if that has an actual meaning on the ground or what that meant, if you're able to clarify that if you saw it.

Yeah, Martin mentioned that we're working with various government agencies to get that clarified and to improve that. But also, Rob, there is another program in Brazil that you're aware of, (37:46), that is available when and if the PSI program is cut off. So right now our expectation is there won't be a gap in funding, but obviously we'll watch that closely.

Your next question comes from the line of Tim Thein of Citigroup. Your line is open.

Great. Thank you. And, Martin, there's some good billboard material for some of the folks in Moline earlier. Two questions on EMEA (sic) [EAME], first just the margin expectations in light of the total company guidance coming down a bit. Do you still feel, Andy, that you see the normal kind of 4Q margin acceleration to get you into the same ballpark as where you finished 2014? And then, the second part was just overall sentiment in Western Europe looks like it's picked up in – here in recent months, and even in Eastern Europe, but they've called out German dealers as talking about higher levels of both new and used machines. So I'm just curious if there's something – especially, in light of the show coming up in a couple weeks, if there is anything kind of particular there? I know it's obviously a pretty important market for Fendt, so maybe you can just comment on Germany, specifically. Thanks. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah, Germany actually is down this year, and I'm not sure how Germany will develop. We will know more, as you say, after we saw dealers and customers on the show. So the mood in Germany is not really great compared to other European countries.

And then on your question on the margins, we have not changed anything relating to our assumptions on Europe/Africa/Middle East segment and we do continue to see that the margin should be relatively close to what we performed last year in terms of overall operating margins in our Europe/Africa/Middle East business.

Your next question comes from the line of Nicole DeBlase of Morgan Stanley. Your line is open. Nicole DeBlase - Morgan Stanley & Co. LLC: Yeah, thanks. Good morning.

Good morning. Nicole DeBlase - Morgan Stanley & Co. LLC: So, my first question is around North America margins. So they were really strong this quarter. You guys saw 130 bps of expansion even though the revenues were down. I know you highlighted FX and mix, but I thought maybe you could dig into that a little bit and talk about the sustainability of that result into the fourth quarter. And then, my second question is just if you guys have any more color around the volume of buybacks that you're expecting in 4Q since you said that you'll be accelerating the program. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Sure. On the margins, we did have a pretty good result here in the third quarter. There was a benefit from foreign exchange of about 1% on our margin. So, that helped offset some of the impacts of the – within our factory costs associated with the lower production, and so that was the main reason why we're up. And then, the mix is much better. It's the best quarter – or one of the best quarters for our GSI business, which, as Greg highlighted before, is very good margin. As you move into the fourth quarter in North America, that is the weakest quarter for GSI. And so, we lose a lot from a mix standpoint. And so our margins will come down substantially here in the fourth quarter compared to what we saw in the third and compared to what we had a year ago, because we have lowered production further to compensate for some of the industry weakness and that is going to affect our margins in the fourth quarter. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: When it comes to the share buyback, we had discussions with some of our major shareholders and we basically agreed to the idea to accelerate the program. We couldn't do that – or we can't do that at any time because we have windows we have to reward. And, therefore, we will do that in the fourth – in the next quarter. Nicole DeBlase - Morgan Stanley & Co. LLC: Okay. Thank you.

Your next question comes from the line of Steven Fisher of UBS. Your line is open.

Thanks. Good morning. I know it's a little bit too early for 2016 guidance, but I just want to get a sense of the impact of your restructuring actions. What kind of market... Martin H. Richenhagen - Chairman, President & Chief Executive Officer: We don't talk about 2016 during that call. We will be in New York in December and talk about next year.

Right. But I was just kind of curious about what kind of market conditions you think... Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. We don't talk about 2016. And understand, I'm curious as well, but let's wait till we put the plan together.

Okay. Fair enough. So I guess the other question would be coming back to Europe. Wondering if you can just talk a little bit more about what really did drive the European growth in the quarter and how sustainable it is. It sounds like it wasn't Germany. I know you mentioned some new products. Do you have an extensive pipeline there that can keep that going? Just curious, what were the real drivers of Europe and how sustainable is that growth? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Sure. You have to kind of first go back to what third quarter looked like a year ago. It was the quarter where we started to make rapid adjustments to production and sales levels to respond to the declining industry. And so, we had some extended production shut downs a year ago in Europe. And actually, even though we've talked a little about Germany being weaker, our – for instance, our German Fendt facility, the production was actually up this year versus last year, just modestly. And so, for that reason, we saw some sales growth in some of our brands because of what we did a year ago. Secondly, we had, last year, some really slower sales because we were transitioning to some new Tier 4 products that were going to be released later in the year. So it was a relatively weak sales quarter for us. And this year, we have the full benefit of those new products in our results, so we can definitely see margin improvement and sales growth associated with those products that were not in our results a year ago.

So, I mean, is that enough to kind of sustain it for multiple quarters going forward, or do you need to see the kind of market conditions improve? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yeah. No, that was somewhat of an unusual situation. We kind of get back to normalized sales conditions in the fourth quarter with the comparable products being sold in both quarters. And so, I would expect that you're going to see our sales be down and be down in relation to what we're giving from an industry perspective of the decline.

Okay. Thanks a lot, guys.

Your next question comes from Joel Tiss of BMO. Your line is open.

Hey, guys, how's it going?

Hey, good morning, Joel. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: So far, so good; hanging in.

Well, that's good. Because that's all you can ask for. So, a lot of my questions have been answered. But before, Larry asked about the capacity utilization rate and I was curious about the answer to that. And I guess we've gotten a lot of the pieces about really what's accounting for your much better resiliency in earnings and margins and all that during this cycle versus past cycles, but if there is anything else that we've missed on that front... Martin H. Richenhagen - Chairman, President & Chief Executive Officer: No, what I – I think the summary is pretty much that, one, we could deliver above guidance and above consensus. And then, second, we slightly raised the guidance for the reminder of the year, which is also good news. Compared to our peers, I think we are, as I said, hanging in as – you might believe that we really try very, very hard to perform as well as possible. And I think it shows, also, how much we have changed the footprint of the company in previous years; and now imagine markets come back. So, we need shareholders who have a little bit of patience. And if you're in for a little longer run, I think we will please our shareholders as soon as the markets come back.

And capacity utilization? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Well, this is a question for whom? Greg, to you.

Yeah, so obviously, Dave, the utilization varies pretty significantly across our factories. One of the things that's consistent is that we've gone to single assembly shifts in all of our plants. The good news is that over of the last 5 years to 10 years, we've made some significant improvements – significant investments in our plants such that we're able to operate more efficiently. A big example of that is in Germany; have taken a lot of cost out of the Fendt plant as a result of automation and some improved management and software. So, we're probably closer to the two-thirds, 60% to 70% of capacity utilization, assuming these single assembly shifts. And, of course, some of that is dependent upon our supply chain and how timely we can get components, but probably in that range, Joel.

All right. Thank you.

Your next question comes from the line of Vishal Shah of Deutsche Bank. Your line is open.

Yeah, hi, thanks for taking my questions. So, I wanted to just understand the tax rate. You guys have done a good job in cutting tax rate over the last year. Can you help us understand the contribution from regional mix versus some of the structural improvement and how much more runway you have to improve tax rate going forward? Andrew H. Beck - Chief Financial Officer & Senior Vice President: The tax rate is basically dependent on, as you say, the regional mix of profitability, and as our profitability's come down, particularly in our North America region – the U.S. tax rates are one of the – some of highest in the world, as you probably know. And so, that's allowing our rates to come down. So, that's the main driver of the rate decline. So, the rate going forward will be very dependent on the mix of profitability in the future.

And the GSI business, you mentioned the commercial GSI segment is doing quite okay. What kind of visibility do you have on that segment? Are you seeing strong orders from that part of the segment and do you think that this kind of activity continues into 2016? Andrew H. Beck - Chief Financial Officer & Senior Vice President: We don't really get a lot of visibility of GSI from an order backlog standpoint. Their order backlog's maybe one months to two months. And as we've said, that side of the market's held up better than the on-farm piece, but it's down as well and we're seeing weaker demand than a year ago in that segment as well.

Your next question comes from the line of Richard Haydon from THC. Your line is open.

Good morning. Most of the questions have been answered, so couple of small questions. What created the $12.1 million swing in other income in the quarter? Andrew H. Beck - Chief Financial Officer & Senior Vice President: Sure. As we've said in our comments, there was a number of things, some are lower discounts on sales of receivables as our sales go down. We were selling fewer receivables, and so those costs come down as well. That was a portion of it. And then, we always have some level of foreign exchange transactional gains or losses in any quarter. A year ago, they were losses and this year they were gains. And so, those are a little unpredictable and not something that you can count on, but they were gains this quarter versus losses and that creates that sizable swing in that line item on our income statement.

Thank you.

And there are no further questions at this time. I turn the call back over to Mr. Peterson.

Thank you for your participation this morning. We appreciate your interest in AGCO. And for those of you that have follow-up questions, I encourage you to follow-up with me later today. Thank you.

This concludes today's conference call. You may now disconnect.