Finance Assets, net (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Allowance for Losses on Finance Assets

The activity in the allowance for losses on finance assets for the three months ended March 31, 2014 and 2013 was as follows:



	For the Three Months Ended March 31,
	2014			2013
	(in millions)
Balance at beginning of the year	$	52		$	99
Decrease to allowance	(10		)	(20		)
Balance at March 31	$	42		$	79

Schedule of Credit Quality of Investments in Finance Assets

The credit quality of PMCC’s investments in finance leases as assigned by Standard & Poor’s Ratings Services (“Standard & Poor’s”) and Moody’s Investors Service, Inc. (“Moody’s”) at March 31, 2014 and December 31, 2013 was as follows:



	March 31, 2014		December 31, 2013
	(in millions)
Credit Rating by Standard & Poor’s/Moody’s:
“AAA/Aaa” to “A-/A3”	$	409	$	464
“BBB+/Baa1” to “BBB-/Baa3”	892		927
“BB+/Ba1” and Lower	615		658
Total	$	1,916	$	2,049