Deere & Company reported net income attributable to its finance company subsidiary John Deere Capital (JDCC) was $126.9 million for Q3/15 and $376.4 million year-to-date, compared with $129.2 million and $390.0 million for the respective periods last year.

Deere said the decline for the quarter was primarily due to less favorable financing spreads, partially offset by lower selling, administrative and general expenses. The decline in year-to-date results was primarily due to less favorable financing spreads, partially offset by growth in the credit portfolio and lower selling, administrative and general expenses. Last year’s year-to-date results also benefited from a favorable effective tax rate.

Net receivables and leases financed by JDCC were $33.400 billion at July 31, 2015, compared with $33.534 billion last year.

In its outlook for its JDCC subsidiary, Deere said the financial services operations net income is expected to be approximately $630 million. The forecast improvement over last year is primarily due to the divestiture of the crop insurance business and growth in the average credit portfolio. These factors are being partially offset by less favorable financing spreads, a less favorable tax rate, and an increased provision for credit losses.

Access the full release on John Deere’s Q3/15 earnings here.