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Finance Assets, net | 9 Months Ended
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Sep. 30, 2014
Receivables [Abstract] |
Finance Assets, net | Finance Assets, net: In 2003, PMCC ceased making new investments and began focusing exclusively on managing its portfolio of finance assets in order to maximize its operating results and cash flows from its existing lease portfolio activities and asset sales. Accordingly, PMCC’s operating companies income will fluctuate over time as investments mature or are sold. At September 30, 2014, finance assets, net, of $1,773 million were comprised of investments in finance leases of $1,815 million, reduced by the allowance for losses of $42 million. At December 31, 2013, finance assets, net, of $1,997 million were comprised of investments in finance leases of $2,049 million, reduced by the allowance for losses of $52 million. PMCC assesses the adequacy of its allowance for losses relative to the credit risk of its leasing portfolio on an ongoing basis. PMCC believes that, as of September 30, 2014, the allowance for losses of $42 million was adequate. PMCC continues to monitor economic and credit conditions, and the individual situations of its lessees and their respective industries, and may increase or decrease its allowance for losses if such conditions change in the future. The activity in the allowance for losses on finance assets for the nine months ended September 30, 2014 and 2013 was as follows:
|  | For the Nine Months Ended September 30,
|  | 2014 |  | 2013
|  | (in millions)
Balance at beginning of the year |  | $ | 52 |  |  | $ | 99 |
Decrease to allowance |  | (10 | ) |  | (47 | )
Balance at September 30 |  | $ | 42 |  |  | $ | 52 |
During the nine months ended September 30, 2014 and 2013, PMCC determined that its allowance for losses exceeded the amounts required based on management’s assessment of the credit quality and size of PMCC’s leasing portfolio. As a result, PMCC reduced its allowance for losses by $10 million and $47 million for the nine months ended September 30, 2014 and 2013, respectively. These decreases to the allowance for losses were recorded as reductions to marketing, administration and research costs on Altria Group, Inc.’s condensed consolidated statements of earnings. All PMCC lessees were current on their lease payment obligations as of September 30, 2014. 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 September 30, 2014 and December 31, 2013 was as follows:
|  | September 30, 2014 |  | December 31, 2013
|  | (in millions)
Credit Rating by Standard & Poor’s/Moody’s: |  |  |  |
“AAA/Aaa” to “A-/A3” |  | $ | 437 |  |  | $ | 464 |
“BBB+/Baa1” to “BBB-/Baa3” |  | 878 |  |  | 927 |
“BB+/Ba1” and Lower |  | 500 |  |  | 658 |
Total |  | $ | 1,815 |  |  | $ | 2,049 |

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e4975-111524 + Details
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