Cat Financial reported revenues of $2.67 billion for 2015, a decrease of $212 million, or 7%, compared with 2014. Profit after tax was $460 million, a $75 million, or 14%, decrease from 2014.

The decrease in revenues was primarily due to a $117 million unfavorable impact from lower average earning assets and an $80 million unfavorable impact from lower average financing rates.

Profit before income taxes was $619 million for 2015, compared with $753 million for 2014. The decrease was primarily due to a $68 million decrease in net yield on average earning assets reflecting geographic mix changes and currency impacts and a $55 million unfavorable impact from lower average earning assets.

The provision for income taxes reflects an annual tax rate of 26% for 2015, compared with 28% for 2014. The decrease in the annual tax rate is primarily due to foreign tax credits and changes in the geographic mix of profits.

Retail new business volume for 2015 was $11.42 billion, a decrease of $1.26 billion, or 10%, from 2014. The decrease was primarily related to lower volume across most regions, partially offset by an increase in North America.

At the end of 2015, past dues were 2.14%, compared with 2.17% at the end of 2014. Write-offs, net of recoveries, were $155 million for 2015, compared with $99 million for 2014. The increase in write-offs, net of recoveries, was primarily driven by the mining and marine portfolios.

As of December 31, 2015, Cat Financial’s allowance for credit losses totaled $338 million or 1.22% of net finance receivables, compared with $401 million or 1.36% of net finance receivables at year-end 2014.

“Our focus has remained on maintaining solid portfolio performance at Caterpillar Financial during the current period of weakness in some of the key end markets we serve. Our past due results at year-end were excellent and demonstrate our continued success in achieving this objective,” said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar. “The global Cat Financial team remains focused on helping Caterpillar customers and Cat dealers succeed through financial services excellence.”