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PMCC |
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Consistent with its strategic shift in 2003, PMCC is focused on managing its existing portfolio of finance assets in order to maximize gains and generate cash flow from asset sales and related activities. The year-ago period included $204 million in tax benefits, primarily related to the American Jobs Creation Act (AJCA), offset by an increase of $200 million ($129 million after tax) in the provision for airline industry exposure at PMCC and $23 million in net charges ($15 million after tax) at PM USA related to tobacco quota buy-out legislation. 4 billion, reflecting the items described in the attached reconciliation on Schedule 3, including $247 million in charges for asset impairment and exit costs, primarily at Kraft, an increase of $103 million in the allowance for losses related to the airline industry at PMCC and unfavorable currency of $67 million. |
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