Leasing Activities (Tables)

3 Months Ended

Mar. 31, 2013

Leases [Abstract]

Cross-Border Energy Lease Investments

	March 31, 2013			December 31, 2012
	(millions of dollars)
Scheduled lease payments to PHI, net of non-recourse debt	$	1,842		$	1,852
Less: Unearned and deferred income		(973	)		(615	)
Investment in finance leases held in trust		869			1,237
Less: Deferred income tax liabilities		(95	)		(756	)
Net investment in finance leases held in trust	$	774		$	481

Income Recognized From Cross-Border Energy Lease Investments

	Three Months Ended March  31,
	2013			2012
	(millions of dollars)
Pre-tax income from PHI’s cross-border energy lease investments (included in Other Revenue)	$	5		$	13
Non-cash charge to reduce carrying value of PHI’s cross-border energy lease investments		(373	)		—
Pre-tax (loss) income from PHI’s cross-border energy lease investments after adjustment		(368	)		13
Income tax (benefit) expense related to PHI’s cross-border energy lease investments, including interest expense on uncertain tax positions of $16 million		(48	)		1
Net (loss) income from PHI’s cross-border energy lease investments	$	(320	)	$	12

Net Investment In Leases By Published Credit Ratings

Lessee Rating (a)	March 31, 2013		December 31, 2012
	(millions of dollars)
Rated Entities
AA/Aa and above	$	537	$	766
A		332		471
Total	$	869	$	1,237

(a) Excludes the credit ratings associated with collateral posted by the lessees in these transactions.