Full-Year 2020 vs. Full-Year 2019 Cat Financial reported revenues of $2.55 billion for 2020, a decrease of $416 million, or 14%, compared with 2019. Profit was $293 million for 2020, a $117 million, or 29%, decrease from 2019. The decrease in revenues was primarily due to a $190 million unfavorable impact from lower average financing rates and a $151 million unfavorable impact from lower average earning assets. Profit before income taxes was $434 million for 2020, a $194 million, or 31%, decrease from 2019. The decrease was primarily due to a $104 million increase in provision for credit losses, a $69 million unfavorable impact from lower average earning assets, a $52 million decrease in net yield on average earning assets and a $36 million unfavorable impact from returned or repossessed equipment. These unfavorable impacts were partially offset by an $82 million decrease in general, operating and administrative expenses, primarily due to lower incentive compensation.