Delaware | 38-0572512 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Exhibit | Description |
23.1 | Consent of Deloitte & Touche LLP |
99.1 | Consolidated Financial Statements and Notes thereto, and Management's Discussion and Analysis recast for the reportable operating segment change for the fiscal years ended December 31, 2015, 2014, and 2013 (which replaces and supersedes Part II, Item 7 and Item 8, respectively, of the 2015 Form 10-K filed with the SEC on February 24, 2016). |
Ally Financial Inc. | |
(Registrant) | |
/S/ DAVID J. DEBRUNNER | |
David J. DeBrunner | |
Vice President, Chief Accounting Officer, and Corporate Controller |
Form S-3: | |
No. 333-206284 | |
No. 333-193070 | |
No. 333-201057 | |
No. 333-201205 | |
Form S-8: | |
No. 333-195172 |
/S/ DELOITTE & TOUCHE LLP |
Deloitte & Touche LLP |
Detroit, Michigan |
May 5, 2016 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Total net revenue (loss) | ||||||||||||||||
Dealer Financial Services | ||||||||||||||||
Automotive Finance operations | $ | 3,664 | $ | 3,585 | $ | 3,427 | 2 | 5 | ||||||||
Insurance operations | 1,090 | 1,185 | 1,253 | (8) | (5) | |||||||||||
Mortgage Finance | 57 | 36 | 37 | 58 | (3) | |||||||||||
Corporate Finance | 114 | 91 | 77 | 25 | 18 | |||||||||||
Corporate and Other | (64 | ) | (246 | ) | (531 | ) | 74 | 54 | ||||||||
Total | $ | 4,861 | $ | 4,651 | $ | 4,263 | 5 | 9 | ||||||||
Income (loss) from continuing operations before income tax expense (benefit) | ||||||||||||||||
Dealer Financial Services | ||||||||||||||||
Automotive Finance operations | $ | 1,335 | $ | 1,429 | $ | 1,178 | (7) | 21 | ||||||||
Insurance operations | 211 | 197 | 254 | 7 | (22) | |||||||||||
Mortgage Finance | 11 | 12 | 18 | (8) | (33) | |||||||||||
Corporate Finance | 50 | 64 | 44 | (22) | 45 | |||||||||||
Corporate and Other | (214 | ) | (456 | ) | (1,137 | ) | 53 | 60 | ||||||||
Total | $ | 1,393 | $ | 1,246 | $ | 357 | 12 | n/m |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net financing revenue | ||||||||||||||||
Total financing revenue and other interest income | $ | 8,397 | $ | 8,391 | $ | 8,093 | — | 4 | ||||||||
Total interest expense | 2,429 | 2,783 | 3,319 | 13 | 16 | |||||||||||
Depreciation expense on operating lease assets | 2,249 | 2,233 | 1,995 | (1) | (12) | |||||||||||
Net financing revenue | 3,719 | 3,375 | 2,779 | 10 | 21 | |||||||||||
Other revenue | ||||||||||||||||
Servicing fees | 45 | 31 | (87 | ) | 45 | 136 | ||||||||||
Insurance premiums and service revenue earned | 940 | 979 | 1,012 | (4) | (3) | |||||||||||
Gain on mortgage and automotive loans, net | 45 | 7 | 55 | n/m | (87) | |||||||||||
Loss on extinguishment of debt | (357 | ) | (202 | ) | (59 | ) | (77) | n/m | ||||||||
Other gain on investments, net | 155 | 181 | 180 | (14) | 1 | |||||||||||
Other income, net of losses | 314 | 280 | 383 | 12 | (27) | |||||||||||
Total other revenue | 1,142 | 1,276 | 1,484 | (11) | (14) | |||||||||||
Total net revenue | 4,861 | 4,651 | 4,263 | 5 | 9 | |||||||||||
Provision for loan losses | 707 | 457 | 501 | (55) | 9 | |||||||||||
Noninterest expense | ||||||||||||||||
Compensation and benefits expense | 963 | 947 | 1,019 | (2) | 7 | |||||||||||
Insurance losses and loss adjustment expenses | 293 | 410 | 405 | 29 | (1) | |||||||||||
Other operating expenses | 1,505 | 1,591 | 1,981 | 5 | 20 | |||||||||||
Total noninterest expense | 2,761 | 2,948 | 3,405 | 6 | 13 | |||||||||||
Income from continuing operations before income tax expense (benefit) | 1,393 | 1,246 | 357 | 12 | n/m | |||||||||||
Income tax expense (benefit) from continuing operations | 496 | 321 | (59 | ) | (55) | n/m | ||||||||||
Net income from continuing operations | $ | 897 | $ | 925 | $ | 416 | (3) | 122 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net financing revenue | ||||||||||||||||
Consumer | $ | 3,230 | $ | 3,046 | $ | 3,004 | 6 | 1 | ||||||||
Commercial | 939 | 1,024 | 1,061 | (8) | (3) | |||||||||||
Loans held-for-sale | 34 | — | — | n/m | — | |||||||||||
Operating leases | 3,398 | 3,558 | 3,209 | (4) | 11 | |||||||||||
Other interest income | 8 | 10 | 22 | (20) | (55) | |||||||||||
Total financing revenue and other interest income | 7,609 | 7,638 | 7,296 | — | 5 | |||||||||||
Interest expense | 1,931 | 2,084 | 2,142 | 7 | 3 | |||||||||||
Depreciation expense on operating lease assets | 2,249 | 2,233 | 1,995 | (1) | (12) | |||||||||||
Net financing revenue | 3,429 | 3,321 | 3,159 | 3 | 5 | |||||||||||
Other revenue | ||||||||||||||||
Servicing fees | 45 | 31 | 58 | 45 | (47) | |||||||||||
(Loss) gain on automotive loans, net | (23 | ) | 10 | — | n/m | n/m | ||||||||||
Other income | 213 | 223 | 210 | (4) | 6 | |||||||||||
Total other revenue | 235 | 264 | 268 | (11) | (1) | |||||||||||
Total net revenue | 3,664 | 3,585 | 3,427 | 2 | 5 | |||||||||||
Provision for loan losses | 696 | 542 | 494 | (28) | (10) | |||||||||||
Noninterest expense | ||||||||||||||||
Compensation and benefits expense | 489 | 454 | 450 | (8) | (1) | |||||||||||
Other operating expenses | 1,144 | 1,160 | 1,305 | 1 | 11 | |||||||||||
Total noninterest expense | 1,633 | 1,614 | 1,755 | (1) | 8 | |||||||||||
Income from continuing operations before income tax expense | $ | 1,335 | $ | 1,429 | $ | 1,178 | (7) | 21 | ||||||||
Total assets | $ | 115,636 | $ | 113,188 | $ | 109,312 | 2 | 4 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net operating lease revenue | ||||||||||||||||
Operating lease revenue | $ | 3,398 | $ | 3,558 | $ | 3,209 | (4) | 11 | ||||||||
Depreciation expense | ||||||||||||||||
Depreciation expense on operating lease assets (excluding remarketing gains) | 2,600 | 2,666 | 2,327 | 2 | (15) | |||||||||||
Remarketing gains | (351 | ) | (433 | ) | (332 | ) | (19) | 30 | ||||||||
Total depreciation expense on operating lease assets | 2,249 | 2,233 | 1,995 | (1) | (12) | |||||||||||
Total net operating lease revenue | $ | 1,149 | $ | 1,325 | $ | 1,214 | (13) | 9 |
Year ended December 31, 2015 | |||||||||||||||
Credit Tier (a) | Volume ($ in billions) | % Share of Volume | Average Buy Rate (b) | NAALR (c) | Average FICO® | ||||||||||
S | $ | 12.7 | 35 | 3.24 | % | (0.14 | )% | 753 | |||||||
A | 13.8 | 38 | 5.26 | % | (0.77 | )% | 670 | ||||||||
B | 7.2 | 20 | 8.69 | % | (2.07 | )% | 636 | ||||||||
C | 2.4 | 6 | 12.27 | % | (3.45 | )% | 600 | ||||||||
D | 0.2 | 1 | 17.65 | % | (4.91 | )% | 571 | ||||||||
Total | $ | 36.3 | 100 | 5.81 | % | (1.11 | )% | 687 |
(a) | Represents Ally's internal credit score, incorporating numerous borrower and structure attributes including: FICO® score; severity and aging of delinquency; number of credit inquiries; loan-to-value ratio; and payment-to-income ratio. |
(b) | Simple weighted average rate at which Ally purchases a retail loan contract from a dealer. |
(c) | Projected Net Average Annualized Loss Rate. |
Year ended December 31, 2014 | |||||||||||||||
Credit Tier | Volume ($ in billions) | % Share of Volume | Average Buy Rate | NAALR | Average FICO® | ||||||||||
S | $ | 9.7 | 33 | 2.66 | % | (0.11 | )% | 777 | |||||||
A | 11.0 | 37 | 4.57 | % | (0.68 | )% | 688 | ||||||||
B | 6.1 | 21 | 8.04 | % | (1.78 | )% | 647 | ||||||||
C | 2.4 | 8 | 11.88 | % | (2.61 | )% | 611 | ||||||||
D | 0.4 | 1 | 16.30 | % | (3.81 | )% | 575 | ||||||||
Total | $ | 29.6 | 100 | 5.46 | % | (1.00 | )% | 700 |
Year ended December 31, 2013 | |||||||||||||||
Credit Tier | Volume ($ in billions) | % Share of Volume | Average Buy Rate | NAALR | Average FICO® | ||||||||||
S | $ | 8.8 | 33 | 2.83 | % | (0.10 | )% | 777 | |||||||
A | 8.5 | 32 | 4.49 | % | (0.64 | )% | 694 | ||||||||
B | 6.4 | 24 | 7.67 | % | (1.60 | )% | 649 | ||||||||
C | 2.6 | 10 | 11.47 | % | (2.49 | )% | 611 | ||||||||
D | 0.4 | 1 | 16.17 | % | (3.82 | )% | 574 | ||||||||
Total | $ | 26.7 | 100 | 5.64 | % | (1.00 | )% | 699 |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
New retail standard | $ | 19,220 | $ | 13,913 | $ | 12,059 | 47 | 34 | 32 | |||||||||
Used | 14,842 | 11,714 | 9,874 | 36 | 28 | 26 | ||||||||||||
Lease | 4,702 | 11,332 | 10,591 | 11 | 28 | 29 | ||||||||||||
New retail subvented | 2,244 | 3,992 | 4,806 | 6 | 10 | 13 | ||||||||||||
Total consumer automotive financing originations (a)(b) | $ | 41,008 | $ | 40,951 | $ | 37,330 | 100 | 100 | 100 |
(a) | Includes CSG originations of $3.8 billion, $3.8 billion, and $3.1 billion for the years ended December 31, 2015, 2014, and 2013, respectively, and RV originations of $514 million, $461 million, and $471 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
(b) | On September 16, 2015, we entered into agreements with Mitsubishi Motors Credit of America, Inc. (MMCA) affiliates providing us the beneficial interest in MMCA’s consumer loan and lease portfolio, which included $0.6 billion of retail and lease contracts. These assets have been excluded from the amounts presented. |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
Growth | $ | 12,748 | $ | 8,323 | $ | 5,737 | 31 | 20 | 15 | |||||||||
GM | 18,666 | 25,847 | 24,213 | 46 | 63 | 65 | ||||||||||||
Chrysler | 9,594 | 6,781 | 7,380 | 23 | 17 | 20 | ||||||||||||
Total consumer automotive financing originations (a) | $ | 41,008 | $ | 40,951 | $ | 37,330 | 100 | 100 | 100 |
(a) | Excludes consumer loans and leases purchased from MMCA of $0.6 billion. |
Year ended December 31, | 2015 | 2014 | 2013 | ||||||
0-71 | 21 | % | 26 | % | 28 | % | |||
72-75 | 68 | 72 | 70 | ||||||
76+ | 11 | 2 | 2 | ||||||
Total retail originations (a) | 100 | % | 100 | % | 100 | % |
(a) | Excludes RV loans. |
Year ended December 31, | 2015 | 2014 | 2013 | ||||||
740 + | 26 | % | 35 | % | 36 | % | |||
739-660 | 34 | 34 | 34 | ||||||
659-620 | 22 | 17 | 17 | ||||||
619-540 | 12 | 8 | 8 | ||||||
< 540 | 1 | 1 | 1 | ||||||
Unscored (a) | 5 | 5 | 4 | ||||||
Total consumer automotive financing originations | 100 | % | 100 | % | 100 | % |
(a) | Unscored are primarily CSG contracts with entities that have no FICO® Score. |
• | Sale to dealer — After the lessee declines an option to purchase the off-lease vehicle, the dealer who accepts the returned off-lease vehicle has the opportunity to purchase the vehicle directly from us at a price we define. |
• | Internet auctions — Once the lessee and dealer decline their options to purchase, we offer off-lease vehicles to dealers and certain other third parties through our proprietary internet site (SmartAuction). This internet sales program maximizes the net sales proceeds from off-lease vehicles by reducing the time between vehicle return and ultimate disposition, reducing holding costs, and broadening the number of prospective buyers. We use the internet auction ourselves, and also maintain the internet auction site and administer the auction process for third party use. We earn a service fee for every third party vehicle sold through SmartAuction. In 2015, approximately 357,000 vehicles were sold through the internet site. |
• | Physical auctions — We dispose of our off-lease vehicles not purchased at termination by the lease consumer or dealer or sold on an internet auction through traditional manufacturer-sponsored auctions. We are responsible for handling decisions at the auction including arranging for inspections, authorizing repairs and reconditioning, and determining whether bids received at auction should be accepted. |
Average balance | % Share of manufacturer franchise dealer inventory | |||||||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
GM new vehicles (a) | $ | 15,050 | $ | 16,736 | $ | 15,650 | 63 | 64 | 67 | |||||||||
Chrysler new vehicles (a) | 8,356 | 7,658 | 6,885 | 44 | 45 | 50 | ||||||||||||
Growth new vehicles | 3,580 | 3,039 | 2,637 | |||||||||||||||
Used vehicles | 3,478 | 3,129 | 3,044 | |||||||||||||||
Total commercial wholesale finance receivables | $ | 30,464 | $ | 30,562 | $ | 28,216 |
(a) | Share of manufacturer franchise dealer inventory based on a 13-point average of dealer inventory. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Insurance premiums and other income | ||||||||||||||||
Insurance premiums and service revenue earned | $ | 940 | $ | 979 | $ | 1,012 | (4) | (3) | ||||||||
Investment income, net (a) | 134 | 194 | 227 | (31) | (15) | |||||||||||
Other income | 16 | 12 | 14 | 33 | (14) | |||||||||||
Total insurance premiums and other income | 1,090 | 1,185 | 1,253 | (8) | (5) | |||||||||||
Expense | ||||||||||||||||
Insurance losses and loss adjustment expenses | 293 | 410 | 405 | 29 | (1) | |||||||||||
Acquisition and underwriting expense | ||||||||||||||||
Compensation and benefits expense | 68 | 63 | 62 | (8) | (2) | |||||||||||
Insurance commissions expense | 378 | 374 | 370 | (1) | (1) | |||||||||||
Other expenses | 140 | 141 | 162 | 1 | 13 | |||||||||||
Total acquisition and underwriting expense | 586 | 578 | 594 | (1) | 3 | |||||||||||
Total expense | 879 | 988 | 999 | 11 | 1 | |||||||||||
Income from continuing operations before income tax expense (benefit) | $ | 211 | $ | 197 | $ | 254 | 7 | (22) | ||||||||
Total assets | $ | 7,053 | $ | 7,190 | $ | 7,124 | (2) | 1 | ||||||||
Insurance premiums and service revenue written | $ | 977 | $ | 1,023 | $ | 997 | (4) | 3 | ||||||||
Combined ratio (b) | 92.8 | % | 100.2 | % | 98.0 | % |
(a) | Includes gain on investments of $85 million, $143 million, and $177 million for the years ended December 31, 2015, 2014, and 2013, respectively; and interest expense of $50 million, $54 million, and $64 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
(b) | Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other fee income. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Vehicle service contracts | ||||||||||||
New retail | $ | 436 | $ | 422 | $ | 421 | ||||||
Used retail | 485 | 509 | 509 | |||||||||
Reinsurance (a) | (178 | ) | (152 | ) | (143 | ) | ||||||
Total vehicle service contracts (b) | 743 | 779 | 787 | |||||||||
Wholesale | 169 | 186 | 157 | |||||||||
Other finance and insurance (c) | 65 | 58 | 53 | |||||||||
Total | $ | 977 | $ | 1,023 | $ | 997 |
(a) | Reinsurance represents the transfer of premiums and risk from an Ally insurance company to a third party insurance company. |
(b) | VSC revenue is earned over the life of the service contract on a basis proportionate to the anticipated cost pattern. |
(c) | Other finance and insurance includes GAP coverage, excess wear and tear, wind-down of Canadian personal lines, and other ancillary products. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Cash | ||||||||
Noninterest-bearing cash | $ | 293 | $ | 239 | ||||
Interest-bearing cash | 995 | 1,289 | ||||||
Total cash | 1,288 | 1,528 | ||||||
Available-for-sale securities | ||||||||
Debt securities | ||||||||
U.S. Treasury and federal agencies | 269 | 392 | ||||||
U.S. States and political subdivisions | 698 | 406 | ||||||
Foreign government | 177 | 232 | ||||||
Mortgage-backed | 694 | 1,097 | ||||||
Asset-backed | 6 | 6 | ||||||
Corporate debt | 1,204 | 746 | ||||||
Total debt securities | 3,048 | 2,879 | ||||||
Equity securities | 717 | 906 | ||||||
Total available-for-sale securities | 3,765 | 3,785 | ||||||
Total cash and securities | $ | 5,053 | $ | 5,313 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net financing revenue | ||||||||||||||||
Interest and fees on finance receivables and loans | $ | 177 | $ | 119 | $ | 139 | 49 | (14) | ||||||||
Interest expense | 120 | 83 | 101 | (45) | 18 | |||||||||||
Net financing revenue | 57 | 36 | 38 | 58 | (5) | |||||||||||
Loss on mortgage loans, net | — | — | (1 | ) | — | 100 | ||||||||||
Total net revenue | 57 | 36 | 37 | 58 | (3) | |||||||||||
Provision for loan losses | 7 | 3 | (11 | ) | (133) | (127) | ||||||||||
Noninterest expense | ||||||||||||||||
Compensation and benefits expense | 5 | 2 | 4 | (150) | 50 | |||||||||||
Other operating expenses | 34 | 19 | 26 | (79) | 27 | |||||||||||
Total noninterest expense | 39 | 21 | 30 | (86) | 30 | |||||||||||
Income from continuing operations before income tax expense | $ | 11 | $ | 12 | $ | 18 | (8) | (33) | ||||||||
Total assets | $ | 6,461 | $ | 3,542 | $ | 3,294 | 82 | 8 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net financing revenue | ||||||||||||||||
Interest and fees on finance receivables and loans | $ | 143 | $ | 116 | $ | 104 | 23 | 12 | ||||||||
Interest expense | 54 | 57 | 60 | 5 | 5 | |||||||||||
Net financing revenue | 89 | 59 | 44 | 51 | 34 | |||||||||||
Total other revenue | 25 | 32 | 33 | (22) | (3) | |||||||||||
Total net revenue | 114 | 91 | 77 | 25 | 18 | |||||||||||
Provision for loan losses | 9 | (16 | ) | (6 | ) | (156) | 167 | |||||||||
Noninterest expense | ||||||||||||||||
Compensation and benefits expense | 32 | 29 | 31 | (10) | 6 | |||||||||||
Other operating expenses | 23 | 14 | 8 | (64) | (75) | |||||||||||
Total noninterest expense | 55 | 43 | 39 | (28) | (10) | |||||||||||
Income from continuing operations before income tax expense | $ | 50 | $ | 64 | $ | 44 | (22) | 45 | ||||||||
Total assets | $ | 2,677 | $ | 1,870 | $ | 1,633 | 43 | 15 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | Favorable/ (unfavorable) 2015-2014 % change | Favorable/ (unfavorable) 2014-2013 % change | |||||||||||
Net financing revenue (loss) | ||||||||||||||||
Total financing revenue and other interest income | $ | 361 | $ | 408 | $ | 433 | (12) | (6) | ||||||||
Interest expense | ||||||||||||||||
Original issue discount amortization | 62 | 189 | 262 | 67 | 28 | |||||||||||
Other interest expense | 212 | 316 | 690 | 33 | 54 | |||||||||||
Total interest expense | 274 | 505 | 952 | 46 | 47 | |||||||||||
Net financing revenue (loss) (a) | 87 | (97 | ) | (519 | ) | 190 | 81 | |||||||||
Other revenue (expense) | ||||||||||||||||
Servicing fees | — | — | 68 | — | (100) | |||||||||||
Servicing asset valuation and hedge activities, net | — | — | (213 | ) | — | 100 | ||||||||||
Total servicing loss, net | — | — | (145 | ) | — | 100 | ||||||||||
Gain (loss) on mortgage and automotive loans, net | 68 | (3 | ) | 56 | n/m | (105) | ||||||||||
Loss on extinguishment of debt | (357 | ) | (202 | ) | (59 | ) | (77) | n/m | ||||||||
Other gain on investments, net | 70 | 38 | 3 | 84 | n/m | |||||||||||
Other income, net of losses | 68 | 18 | 133 | n/m | (86) | |||||||||||
Total other expense | (151 | ) | (149 | ) | (12 | ) | (1) | n/m | ||||||||
Total net loss | (64 | ) | (246 | ) | (531 | ) | 74 | 54 | ||||||||
Provision for loan losses | (5 | ) | (72 | ) | 24 | (93) | n/m | |||||||||
Total noninterest expense (b) | 155 | 282 | 582 | 45 | 52 | |||||||||||
Loss from continuing operations before income tax (benefit) expense | $ | (214 | ) | $ | (456 | ) | $ | (1,137 | ) | 53 | 60 | |||||
Total assets | $ | 26,754 | $ | 25,841 | $ | 29,545 | 4 | (13) |
(a) | Refer to the table that follows for further details on the components of net financing revenue (loss). |
(b) | Includes a reduction of $755 million, $759 million, and $798 million for the years ended December 31, 2015, 2014, and 2013, respectively, related to the allocation of corporate overhead expenses to other segments. The receiving segments record their allocation of corporate overhead expense within other operating expense. |
At and for the year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Original issue discount amortization (a) | $ | (62 | ) | $ | (189 | ) | $ | (262 | ) | |||
Net impact of the funds transfer pricing methodology | 118 | 68 | (308 | ) | ||||||||
Other (including legacy mortgage net financing revenue) | 31 | 24 | 51 | |||||||||
Total net financing revenue (loss) | $ | 87 | $ | (97 | ) | $ | (519 | ) | ||||
Outstanding original issue discount balance | $ | 1,391 | $ | 1,415 | $ | 1,589 |
(a) | Amortization is included as interest on long-term debt in the Consolidated Statement of Income. |
Year ended December 31, ($ in millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 and thereafter (a) | Total | |||||||||||||||||||||
Original issue discount | ||||||||||||||||||||||||||||
Outstanding balance | $ | 1,316 | $ | 1,229 | $ | 1,131 | $ | 1,096 | $ | 1,061 | $ | — | ||||||||||||||||
Total amortization (b) | 75 | 87 | 98 | 35 | 35 | 1,061 | $ | 1,391 |
(a) | The maximum annual scheduled amortization for any individual year is $158 million in 2030. |
(b) | The amortization is included as interest on long-term debt on the Consolidated Statement of Income. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Cash | ||||||||
Noninterest-bearing cash | $ | 1,829 | $ | 1,083 | ||||
Interest-bearing cash | 3,232 | 2,933 | ||||||
Total cash | 5,061 | 4,016 | ||||||
Available-for-sale securities | ||||||||
Debt securities | ||||||||
U.S. Treasury and federal agencies | 1,472 | 786 | ||||||
U.S. states and political subdivisions | 18 | — | ||||||
Mortgage-backed | 10,153 | 9,581 | ||||||
Asset-backed | 1,749 | 1,985 | ||||||
Total debt securities | 13,392 | 12,352 | ||||||
Total cash and securities | $ | 18,453 | $ | 16,368 |
• | Credit risk — The risk of loss arising from the potential failure to receive payments due from an obligor in accordance with contractual obligations. |
• | Lease Residual risk — The risk of loss arising from the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of the values used in establishing the pricing at lease inception. |
• | Market risk — The risk of loss arising from changes in the fair value of our assets or liabilities (including derivatives) caused by movements in market variables, such as interest rates, foreign-exchange rates, and equity and commodity prices. |
• | Operational risk — The risk of loss or harm arising from inadequate or failed processes or systems, human factors, or external events. We consider strategic and reputational risk part of operational risk. |
• | Insurance/Underwriting risk — The risk of loss associated with insured events occurring, the severity of insured events, and the timing of claim payments arising from insured events. |
• | Liquidity risk — The risk that our financial condition or overall safety and soundness is adversely affected by an inability, or perceived inability, to meet our financial obligations, and to withstand unforeseen liquidity stress events (refer to discussion in the section titled Liquidity Management, Funding, and Regulatory Capital within this MD&A). |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Finance receivables and loans | ||||||||
Automotive Finance operations | $ | 99,187 | $ | 90,592 | ||||
Mortgage Finance | 6,413 | 3,504 | ||||||
Corporate Finance | 2,568 | 1,827 | ||||||
Corporate and Other (a) | 3,432 | 4,025 | ||||||
Total finance receivables and loans | 111,600 | 99,948 | ||||||
Loans held-for-sale | ||||||||
Automotive Finance operations | — | 1,515 | ||||||
Mortgage Finance | — | — | ||||||
Corporate Finance | 105 | 36 | ||||||
Corporate and Other | — | 452 | ||||||
Total loans held-for-sale | 105 | 2,003 | ||||||
Total on-balance sheet loans | 111,705 | 101,951 | ||||||
Off-balance sheet securitized loans | ||||||||
Automotive Finance operations (b) | 2,529 | 2,801 | ||||||
Total off-balance sheet securitized loans | 2,529 | 2,801 | ||||||
Operating lease assets | ||||||||
Automotive Finance operations | 16,271 | 19,510 | ||||||
Total operating lease assets | 16,271 | 19,510 | ||||||
Total loan and lease exposure | $ | 130,505 | $ | 124,262 | ||||
Serviced loans and leases | ||||||||
Automotive Finance operations (c) | $ | 119,808 | $ | 115,391 | ||||
Mortgage Finance | 6,413 | 3,504 | ||||||
Corporate Finance | 2,532 | 1,347 | ||||||
Corporate and Other | 3,360 | 4,422 | ||||||
Total serviced loans and leases | $ | 132,113 | $ | 124,664 |
(a) | Includes $3.4 billion and $4.0 billion of consumer mortgage loans in our Mortgage — Legacy portfolio at December 31, 2015 and December 31, 2014, respectively. |
(b) | Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. |
(c) | Includes $2.3 billion and $887 million of off-balance sheet whole-loan transactions at December 31, 2015, and December 31, 2014, respectively. |
• | Finance receivables and loans — Loans that we have the intent and ability to hold for the foreseeable future or until maturity, or loans associated with an on-balance sheet securitization classified as secured borrowing. Finance receivables and loans are reported at their gross carrying value which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the gross carrying value less the allowance for loan loss as the net carrying value in finance receivables and loans. We manage the economic risks of these exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting our servicing and collection activities (including loan modifications and restructurings), and optimizing our product and geographic concentrations. Additionally, we may elect to account for certain mortgage loans at fair value. Changes in the fair value of these loans are recognized in a valuation allowance separate from the allowance for loan losses and were reflected in current period earnings. We use market-based instruments, such as derivatives, to hedge changes in the fair value of these loans. |
• | Loans held-for-sale — Loans that we do not have the intent and ability to hold for the foreseeable future or until maturity. These loans are recorded on our balance sheet at the lower of their net carrying value or fair market value and are evaluated by portfolio and product type. Changes in the recorded value are recognized in a valuation allowance and reflected in current period earnings. We manage the economic risks of these exposures, including market and credit risks, in various ways including the use of market-based instruments, such as derivatives. |
• | Off-balance sheet securitized loans — Loans that we transfer off-balance sheet to nonconsolidated variable interest entities. We primarily report this exposure as cash or retained interests (if applicable). Similar to finance receivables and loans, we manage the economic risks of these exposures, including credit risk, through activities including servicing and collections. |
• | Operating lease assets — The net book value of the automotive assets we lease includes the expected residual values upon remarketing the vehicles at the end of the lease. We are exposed to fluctuations in the expected residual value upon remarketing the vehicle at the end of the lease, and as such at contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally-generated data is compared against third party, independent data for reasonableness. Periodically, we revise the projected value of the lease vehicle at termination based on current market conditions and adjust depreciation expense appropriately over the remaining life of the contract. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense. The balance sheet reflects both the lease asset as well as any associated rent receivables. The lease rent receivable is accrued when collection is reasonably assured and presented as a component of other assets. The lease asset is reviewed for impairment in accordance with applicable accounting standards. |
• | Serviced loans and leases — Loans that we service on behalf of our customers or another financial institution. As such, these loans can be on or off our balance sheet. For our serviced consumer automotive loans, we do not recognize servicing assets or liabilities because we receive a fee that adequately compensates us for the servicing costs. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Finance receivables and loans | ||||||||||||||||||||||||
Loans at gross carrying value | $ | 74,065 | $ | 64,043 | $ | 603 | $ | 563 | $ | — | $ | — | ||||||||||||
Loans at fair value | — | 1 | — | — | — | — | ||||||||||||||||||
Total finance receivables and loans | 74,065 | 64,044 | 603 | 563 | — | — | ||||||||||||||||||
Loans held-for-sale | — | 1,967 | — | 8 | — | — | ||||||||||||||||||
Total consumer loans (b) | 74,065 | 66,011 | 603 | 571 | — | — | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Finance receivables and loans at gross carrying value | 37,535 | 35,904 | 77 | 82 | — | — | ||||||||||||||||||
Loans held-for-sale | 105 | 36 | — | — | — | — | ||||||||||||||||||
Total commercial loans | 37,640 | 35,940 | 77 | 82 | — | — | ||||||||||||||||||
Total on-balance sheet loans | $ | 111,705 | $ | 101,951 | $ | 680 | $ | 653 | $ | — | $ | — |
(a) | Includes nonaccrual TDR loans of $277 million and $281 million at December 31, 2015, and December 31, 2014, respectively. |
(b) | Includes outstanding CSG loans of $6.2 billion and $5.2 billion at December 31, 2015, and December 31, 2014, respectively, and RV loans of $1.5 billion and $1.2 billion at December 31, 2015, and December 31, 2014, respectively. |
Net charge-offs (recoveries) | Net charge-off ratios (a) | |||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Consumer | $ | 609 | $ | 544 | 0.9 | % | 0.8 | % | ||||||
Commercial | — | (7 | ) | — | — | |||||||||
Total finance receivables and loans at gross carrying value | $ | 609 | $ | 537 | 0.6 | % | 0.5 | % |
(a) | Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Consumer automotive (b) (c) | $ | 64,292 | $ | 56,570 | $ | 475 | $ | 386 | $ | — | $ | — | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | $ | 6,413 | $ | 3,504 | $ | 15 | $ | 19 | $ | — | $ | — | ||||||||||||
Mortgage — Legacy | $ | 3,360 | $ | 3,969 | $ | 113 | $ | 158 | $ | — | $ | — | ||||||||||||
Total consumer finance receivables and loans | $ | 74,065 | $ | 64,043 | $ | 603 | $ | 563 | $ | — | $ | — |
(a) | Includes nonaccrual TDR loans of $233 million and $216 million at December 31, 2015, and December 31, 2014, respectively. |
(b) | Includes $66 million and $35 million of fair value adjustment for loans in hedge accounting relationships at December 31, 2015, and December 31, 2014, respectively. Refer to Note 22 to the Consolidated Financial Statements for additional information. |
(c) | Includes outstanding CSG loans of $6.2 billion and $5.0 billion at December 31, 2015, and December 31, 2014, respectively, and RV loans of $1.5 billion and $1.2 billion at December 31, 2015, and December 31, 2014, respectively. |
Net charge-offs | Net charge-off ratios (a) | |||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Consumer automotive | $ | 578 | $ | 501 | 1.0 | % | 0.9 | % | ||||||
Consumer mortgage | ||||||||||||||
Mortgage Finance | $ | 2 | $ | 2 | — | 0.1 | ||||||||
Mortgage — Legacy | $ | 29 | $ | 41 | 0.8 | 0.9 | ||||||||
Total consumer finance receivables and loans | $ | 609 | $ | 544 | 0.9 | % | 0.8 | % |
(a) | Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category. |
Year ended December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive (a) | $ | 36,306 | $ | 29,619 | ||||
Consumer mortgage | 2 | — | ||||||
Total consumer loan originations | $ | 36,308 | $ | 29,619 |
(a) | Includes $1.2 billion of loans originated as held-for-sale during the first quarter of 2015. |
2015 (a) | 2014 | |||||||||||
December 31, | Consumer automotive | Consumer mortgage | Consumer automotive | Consumer mortgage | ||||||||
Texas | 13.7 | % | 6.2 | % | 13.6 | % | 6.0 | % | ||||
California | 7.3 | 33.6 | 6.2 | 30.8 | ||||||||
Florida | 7.7 | 4.1 | 7.3 | 3.7 | ||||||||
Pennsylvania | 5.0 | 1.5 | 5.3 | 1.6 | ||||||||
Illinois | 4.4 | 4.1 | 4.4 | 4.2 | ||||||||
Georgia | 4.4 | 2.2 | 4.2 | 2.1 | ||||||||
North Carolina | 3.6 | 1.8 | 3.5 | 1.9 | ||||||||
Ohio | 3.7 | 0.6 | 3.9 | 0.6 | ||||||||
New York | 3.5 | 1.9 | 4.0 | 1.9 | ||||||||
Michigan | 3.1 | 2.4 | 3.8 | 3.1 | ||||||||
Other United States | 43.6 | 41.6 | 43.8 | 44.1 | ||||||||
Total consumer loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(a) | Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2015. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | $ | 31,469 | $ | 30,871 | $ | 25 | $ | 32 | $ | — | $ | — | ||||||||||||
Other (b) | 2,640 | 1,882 | 44 | 46 | — | — | ||||||||||||||||||
Commercial real estate — Automotive | 3,426 | 3,151 | 8 | 4 | — | — | ||||||||||||||||||
Total commercial finance receivables and loans | $ | 37,535 | $ | 35,904 | $ | 77 | $ | 82 | $ | — | $ | — |
(a) | Includes nonaccrual troubled-debt-restructured loans of $44 million and $59 million at December 31, 2015, and December 31, 2014, respectively. |
(b) | Other commercial primarily includes senior secured commercial lending. |
Net charge-offs (recoveries) | Net charge-off ratios (a) | |||||||||||||
Year ended December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Commercial and industrial | ||||||||||||||
Automotive | $ | 3 | $ | 1 | — | % | — | % | ||||||
Other | (3 | ) | (8 | ) | (0.1 | ) | (0.4 | ) | ||||||
Total commercial finance receivables and loans | $ | — | $ | (7 | ) | — | % | — | % |
(a) | Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category. |
December 31, | 2015 | 2014 | ||||
Texas | 17.7 | % | 13.8 | % | ||
Florida | 10.0 | 12.3 | ||||
Michigan | 8.9 | 9.9 | ||||
California | 8.7 | 9.0 | ||||
North Carolina | 3.8 | 3.9 | ||||
Virginia | 3.8 | 4.1 | ||||
Georgia | 3.6 | 3.7 | ||||
Pennsylvania | 3.4 | 3.8 | ||||
New York | 3.1 | 3.9 | ||||
Illinois | 2.9 | 2.7 | ||||
Other United States | 34.1 | 32.9 | ||||
Total commercial real estate finance receivables and loans | 100.0 | % | 100.0 | % |
December 31, | 2015 | 2014 | ||||
Automotive | 80.5 | % | 87.3 | % | ||
Manufacturing | 7.8 | 0.9 | ||||
Services | 5.3 | 2.0 | ||||
Other | 6.4 | 9.8 | ||||
Total commercial criticized finance receivables and loans | 100.0 | % | 100.0 | % |
December 31, 2015 ($ in millions) | Within 1 year (a) | 1-5 years | After 5 years | Total (b) | |||||||||||
Commercial and industrial | $ | 30,277 | $ | 2,803 | $ | 1,029 | $ | 34,109 | |||||||
Commercial real estate | 123 | 1,754 | 1,549 | 3,426 | |||||||||||
Total commercial finance receivables and loans | $ | 30,400 | $ | 4,557 | $ | 2,578 | $ | 37,535 | |||||||
Loans at fixed interest rates | $ | 1,654 | $ | 1,412 | |||||||||||
Loans at variable interest rates | 2,903 | 1,166 | |||||||||||||
Total commercial finance receivables and loans | $ | 4,557 | $ | 2,578 |
(a) | Includes loans (e.g., floorplan) with revolving terms. |
(b) | Loan maturities are based on the remaining maturities under contractual terms. |
($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at January 1, 2015 | $ | 685 | $ | 152 | $ | 837 | $ | 140 | $ | 977 | ||||||||||
Charge-offs | (840 | ) | (48 | ) | (888 | ) | (4 | ) | (892 | ) | ||||||||||
Recoveries | 262 | 17 | 279 | 4 | 283 | |||||||||||||||
Net charge-offs | (578 | ) | (31 | ) | (609 | ) | — | (609 | ) | |||||||||||
Provision for loan losses | 739 | 1 | 740 | (33 | ) | 707 | ||||||||||||||
Other (a) | (12 | ) | (8 | ) | (20 | ) | (1 | ) | (21 | ) | ||||||||||
Allowance at December 31, 2015 | $ | 834 | $ | 114 | $ | 948 | $ | 106 | $ | 1,054 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2015 (b) | 1.3 | % | 1.2 | % | 1.3 | % | 0.3 | % | 0.9 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the year ended December 31, 2015 (b) | 1.0 | % | 0.4 | % | 0.9 | % | — | % | 0.6 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2015 (b) | 175.7 | % | 89.0 | % | 157.2 | % | 137.4 | % | 155.0 | % | ||||||||||
Ratio of allowance for loans losses to net charge-offs at December 31, 2015 | 1.4 | 3.7 | 1.6 | — | 1.7 |
(a) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
(b) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts. |
($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at January 1, 2014 | $ | 673 | $ | 389 | $ | 1,062 | $ | 146 | $ | 1,208 | ||||||||||
Charge-offs | (720 | ) | (51 | ) | (771 | ) | (5 | ) | (776 | ) | ||||||||||
Recoveries | 219 | 8 | 227 | 12 | 239 | |||||||||||||||
Net charge-offs | (501 | ) | (43 | ) | (544 | ) | 7 | (537 | ) | |||||||||||
Provision for loan losses | 540 | (69 | ) | 471 | (14 | ) | 457 | |||||||||||||
Other (a) | (27 | ) | (125 | ) | (152 | ) | 1 | (151 | ) | |||||||||||
Allowance at December 31, 2014 | $ | 685 | $ | 152 | $ | 837 | $ | 140 | $ | 977 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2014 (b) | 1.2 | % | 2.0 | % | 1.3 | % | 0.4 | % | 1.0 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the year ended December 31, 2014 (b) | 0.9 | % | 0.5 | % | 0.8 | % | — | % | 0.5 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2014 (b) | 177.3 | % | 86.3 | % | 148.7 | % | 169.9 | % | 151.5 | % | ||||||||||
Ratio of allowance for loans losses to net charge-offs at December 31, 2014 | 1.4 | 3.6 | 1.5 | (19.8 | ) | 1.8 |
(a) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
(b) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts. |
2015 | 2014 | |||||||||||||||||||
December 31, ($ in millions) | Allowance for loan losses | Allowance as a % of loans outstanding | Allowance as a % of total allowance for loan losses | Allowance for loan losses | Allowance as a % of loans outstanding | Allowance as a % of total allowance for loan losses | ||||||||||||||
Consumer | ||||||||||||||||||||
Consumer automotive | $ | 834 | 1.3 | % | 79.1 | % | $ | 685 | 1.2 | % | 70.1 | % | ||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 16 | 0.2 | 1.5 | 10 | 0.3 | 1.0 | ||||||||||||||
Mortgage — Legacy | 98 | 2.9 | 9.3 | 142 | 3.6 | 14.6 | ||||||||||||||
Total consumer mortgage | 114 | 1.2 | 10.8 | 152 | 2.0 | 15.6 | ||||||||||||||
Total consumer loans | 948 | 1.3 | 89.9 | 837 | 1.3 | 85.7 | ||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 29 | 0.1 | 2.8 | 65 | 0.2 | 6.7 | ||||||||||||||
Other | 53 | 2.0 | 5.0 | 42 | 2.2 | 4.2 | ||||||||||||||
Commercial real estate — Automotive | 24 | 0.7 | 2.3 | 33 | 1.0 | 3.4 | ||||||||||||||
Total commercial loans | 106 | 0.3 | 10.1 | 140 | 0.4 | 14.3 | ||||||||||||||
Total allowance for loan losses | $ | 1,054 | 0.9 | 100.0 | % | $ | 977 | 1.0 | 100.0 | % |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Consumer | ||||||||||||
Consumer automotive | $ | 739 | $ | 540 | $ | 490 | ||||||
Consumer mortgage | ||||||||||||
Mortgage Finance | 7 | 3 | (11 | ) | ||||||||
Mortgage — Legacy | (6 | ) | (72 | ) | 24 | |||||||
Total consumer mortgage | 1 | (69 | ) | 13 | ||||||||
Total consumer loans | 740 | 471 | 503 | |||||||||
Commercial | ||||||||||||
Commercial and industrial | ||||||||||||
Automotive | (34 | ) | (1 | ) | 11 | |||||||
Other | 10 | (16 | ) | (6 | ) | |||||||
Commercial real estate — Automotive | (9 | ) | 3 | (7 | ) | |||||||
Total commercial loans | (33 | ) | (14 | ) | (2 | ) | ||||||
Total provision for loan losses | $ | 707 | $ | 457 | $ | 501 |
• | Priced residual value projections — At contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and unanticipated shifts in used vehicle supply. This internally-generated data is compared against third party, independent data for reasonableness. Periodically, we revise the projected value of the lease vehicle at termination based on current market conditions and adjust depreciation expense appropriately over the remaining life of the contract. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense. |
• | Remarketing abilities — Our ability to efficiently process and effectively market off-lease vehicles affects the disposal costs and the proceeds realized from vehicle sales. Vehicles can be remarketed through auction (internet and physical), sale to dealer, sale to lessee, and other methods. The results within these channels vary, with physical auction typically resulting in the lowest-priced outcome. |
• | Manufacturer vehicle and marketing programs — Automotive manufacturers influence lease residual results in the following ways: |
◦ | The brand image of automotive manufacturers and consumer demand for their products affect residual risk. |
◦ | Automotive manufacturer marketing programs may influence the used vehicle market for those vehicles through programs such as incentives on new vehicles, programs designed to encourage lessees to terminate their leases early in conjunction with the acquisition of a new vehicle (referred to as pull-ahead programs), and special rate used vehicle programs. |
• | Used vehicle market — We have exposure to changes in used vehicle prices. General economic conditions, used vehicle supply and demand, and new vehicle market prices heavily influence used vehicle prices. |
Year ended December 31, | 2015 | 2014 | 2013 | |||||||||
Off-lease vehicles terminated (in units) | 264,256 | 296,393 | 148,587 | |||||||||
Average gain per vehicle ($ per unit) | $ | 1,329 | $ | 1,461 | $ | 2,237 | ||||||
Method of vehicle sales | ||||||||||||
Auction | ||||||||||||
Internet | 49 | % | 51 | % | 40 | % | ||||||
Physical | 12 | 10 | 7 | |||||||||
Sale to dealer, lessee, and other | 39 | 39 | 53 |
Year ended December 31, | 2015 | 2014 | 2013 | ||||||
Car | 38 | % | 40 | % | 43 | % | |||
Truck | 14 | 13 | 11 | ||||||
Sport utility vehicle | 48 | 47 | 46 |
December 31, ($ in millions) | 2015 | 2014 | |||||
Financial instruments exposed to changes in: | |||||||
Interest rates | |||||||
Estimated fair value | (a) | (a) | |||||
Effect of 10% adverse change in rates | (a) | (a) | |||||
Foreign-currency exchange rates | |||||||
Estimated fair value | $ | 359 | $ | 476 | |||
Effect of 10% adverse change in rates | (56 | ) | (24 | ) | |||
Equity prices | |||||||
Estimated fair value | $ | 710 | $ | 902 | |||
Effect of 10% decrease in prices | (71 | ) | (95 | ) |
(a) | Refer to the section titled Net Financing Revenue Sensitivity Analysis for information on the interest rate sensitivity of our financial instruments. |
2015 | 2014 | |||||||||||||
Year ended December 31, ($ in millions) | Instantaneous | Gradual (a) | Instantaneous | Gradual (a) | ||||||||||
Change in Interest Rates | ||||||||||||||
-100 basis points | $ | 47 | $ | 17 | $ | 78 | n/a | |||||||
+100 basis points | (109 | ) | (37 | ) | (130 | ) | n/a | |||||||
+200 basis points | (278 | ) | (96 | ) | (215 | ) | n/a |
(a) | Gradual changes in interest rates are recognized over 12 months. |
December 31, 2015 | ||||||||
Change in Interest Rates ($ in millions) | Instantaneous | Gradual (a) | ||||||
+100 basis points | $ | 13 | $ | 4 | ||||
+200 basis points | (13 | ) | (1 | ) |
(a) | Gradual changes in interest rates are recognized over 12 months. |
December 31, 2015 ($ in millions) | Ally Bank | Parent Company (nonbank) (a) | ||||||
Unencumbered highly liquid U.S. federal government and U.S. agency securities | $ | 5,479 | $ | 2,862 | ||||
Liquid cash and equivalents | 3,801 | 2,519 | ||||||
Committed funding facilities (b) | ||||||||
Outstanding | 3,757 | 16,914 | ||||||
Unused capacity (c) | 3 | 251 | ||||||
Total capacity | 3,760 | 17,165 | ||||||
Intercompany loan (d) | (600 | ) | 600 | |||||
Total available liquidity | $ | 8,683 | $ | 6,232 |
(a) | Parent company liquidity is defined as our consolidated operations less Ally Bank and the regulated subsidiaries of Ally Insurance's holding company. |
(b) | Committed funding facilities include both consolidated and nonconsolidated facilities. |
(c) | Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities. |
(d) | To optimize cash and secured facility capacity between entities, the parent company lends cash to Ally Bank on occasion under an intercompany loan agreement. Amounts outstanding on this loan are repayable to the parent company upon demand, subject to a five day notice period. |
($ in millions) | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | 4th Quarter 2014 | 3rd Quarter 2014 | 2nd Quarter 2014 | 1st Quarter 2014 | ||||||||||||||||
Number of retail accounts | 1,969,562 | 1,931,380 | 1,874,632 | 1,818,770 | 1,731,105 | 1,698,585 | 1,641,327 | 1,589,441 | ||||||||||||||||
Deposits | ||||||||||||||||||||||||
Retail | $ | 55,437 | $ | 53,502 | $ | 51,750 | $ | 50,633 | $ | 47,954 | $ | 46,718 | $ | 45,934 | $ | 45,193 | ||||||||
Brokered | 10,723 | 10,180 | 9,844 | 9,835 | 9,866 | 9,673 | 9,665 | 9,662 | ||||||||||||||||
Other (a) | 89 | 91 | 89 | 79 | 64 | 73 | 75 | 70 | ||||||||||||||||
Total deposits | $ | 66,249 | $ | 63,773 | $ | 61,683 | $ | 60,547 | $ | 57,884 | $ | 56,464 | $ | 55,674 | $ | 54,925 |
(a) | Other deposits include mortgage escrow and other deposits (excluding intercompany deposits). |
• | Ally Financial Inc. closed, renewed, increased, and/or extended $19.9 billion in credit facilities. The automotive credit facility renewal amount includes the March 2015 refinancing of $12.5 billion in credit facilities at both the parent company and Ally Bank with a syndicate of eighteen lenders. The $12.5 billion capacity is secured by retail, lease, and dealer floorplan automotive assets and is allocated to two separate facilities; one is a $9.25 billion facility which is available to the parent company, while the other is a $3.25 billion facility available to Ally Bank. Both facilities mature in March 2017. |
• | Ally Financial Inc. continued to access the public and private term asset-backed securitization markets raising $8.3 billion, with $3.9 billion and $4.4 billion raised by Ally Bank and the parent company, respectively. Included in Ally Bank's funding for 2015 is one off-balance sheet securitization backed by retail automotive loans, which raised $1.0 billion. In addition, Ally Bank raised $2.5 billion related to three whole-loan sales comprised of retail automotive loans, approximately $500 million of which is considered an off-balance sheet credit facility and included in the total credit facility closures, renewals, increases, and extensions noted above. |
• | Ally Financial Inc. accessed the unsecured debt capital markets during 2015 and raised $5.4 billion. |
• | In January 2016, Ally Bank raised $795 million through a public securitization backed by retail automotive loans. |
December 31, ($ in millions) | Bank | Parent | Total | % | ||||||||||
2015 | ||||||||||||||
Secured financings | $ | 24,790 | $ | 25,129 | $ | 49,919 | 36 | |||||||
Institutional term debt | — | 20,235 | 20,235 | 14 | ||||||||||
Retail debt programs (a) | — | 3,850 | 3,850 | 3 | ||||||||||
Total debt (b) | 24,790 | 49,214 | 74,004 | 53 | ||||||||||
Deposits (c) | 66,249 | 229 | 66,478 | 47 | ||||||||||
Total on-balance sheet funding | $ | 91,039 | $ | 49,443 | $ | 140,482 | 100 | |||||||
2014 | ||||||||||||||
Secured financings | $ | 27,104 | $ | 20,717 | $ | 47,821 | 36 | |||||||
Institutional term debt | — | 21,499 | 21,499 | 17 | ||||||||||
Retail debt programs (a) | — | 3,670 | 3,670 | 3 | ||||||||||
Total debt (b) | 27,104 | 45,886 | 72,990 | 56 | ||||||||||
Deposits (c) | 57,884 | 319 | 58,203 | 44 | ||||||||||
Total on-balance sheet funding | $ | 84,988 | $ | 46,205 | $ | 131,193 | 100 |
(a) | Includes $397 million and $332 million of Retail Term Notes at December 31, 2015, and December 31, 2014, respectively. |
(b) | Excludes fair value adjustment as described in Note 25 to the Consolidated Financial Statements. |
(c) | Bank deposits include retail, brokered, mortgage escrow, and other deposits. Parent deposits include dealer deposits. Intercompany deposits are not included. |
Rating agency | Short-term | Senior unsecured debt | Outlook | Date of last action | ||||
Fitch | B | BB+ | Stable | April 8, 2015 (a) | ||||
Moody’s | Not Prime | Ba3 | Stable | October 20, 2015 (b) | ||||
S&P | B | BB+ | Positive | October 21, 2015 (c) | ||||
DBRS | R-4 | BB (High) | Positive | May 18, 2015 (d) |
(a) | Fitch affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and maintained a Stable outlook on April 8, 2015. |
(b) | Moody's upgraded our senior unsecured debt rating to Ba3 from B1, affirmed our short-term rating of Not Prime, and changed the outlook to Stable on October 20, 2015. |
(c) | Standard & Poor's affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and changed the outlook from Stable to Positive on October 21, 2015. |
(d) | DBRS upgraded our senior unsecured debt rating to BB (High) from BB, confirmed our short-term rating of R-4, and maintained a Positive trend on all ratings on May 18, 2015. |
December 31, 2015 ($ in millions) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||
Contractually obligated payments due by period | |||||||||||||||||||
Long-term debt | |||||||||||||||||||
Total (a) | $ | 67,462 | $ | 11,384 | $ | 32,451 | $ | 13,096 | $ | 10,531 | |||||||||
Scheduled interest payments for fixed-rate long-term debt | 18,930 | 1,782 | 2,883 | 2,031 | 12,234 | ||||||||||||||
Estimated interest payments for variable-rate long-term debt (b) | 742 | 254 | 339 | 121 | 28 | ||||||||||||||
Estimated net payments under interest rate swap agreements (b) | 39 | — | — | — | 39 | ||||||||||||||
Lease commitments | 263 | 39 | 65 | 60 | 99 | ||||||||||||||
Purchase obligations | 101 | 47 | 51 | 3 | — | ||||||||||||||
Bank certificates of deposit | 29,796 | 16,317 | 11,886 | 1,593 | — | ||||||||||||||
Total contractually obligated payments due by period | $ | 117,333 | $ | 29,823 | $ | 47,675 | $ | 16,904 | $ | 22,931 | |||||||||
Total other commitments by expiration period | |||||||||||||||||||
Lending commitments | $ | 2,132 | $ | 741 | $ | 194 | $ | 631 | $ | 566 |
(a) | Total long-term debt amount reflects the remaining principal obligation and excludes original issue discount of $1.4 billion and fair value adjustments of $331 million related to fixed-rate debt designated as a hedged item. |
(b) | Estimate utilized a forecasted variable interest model, when available, or the applicable variable interest rate as of the most recent reset date prior to December 31, 2015. For additional information on derivative instruments and hedging activities, refer to Note 22. |
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Year ended December 31, ($ in millions) | Average balance (a) | Interest income/Interest expense | Yield/rate | Average balance (a) | Interest income/Interest expense | Yield/rate | Average balance (a) | Interest income/Interest expense | Yield/rate | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 3,702 | $ | 8 | 0.22 | % | $ | 4,328 | $ | 8 | 0.18 | % | $ | 6,412 | $ | 10 | 0.16 | % | |||||||||||||||
Federal funds sold and securities purchased under resale agreements | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Investment securities (b) | 16,702 | 356 | 2.13 | 15,729 | 347 | 2.21 | 15,195 | 300 | 1.97 | ||||||||||||||||||||||||
Loans held-for-sale, net | 884 | 40 | 4.52 | 16 | 1 | 6.25 | 600 | 20 | 3.33 | ||||||||||||||||||||||||
Finance receivables and loans, net (c) (d) | 104,294 | 4,570 | 4.38 | 100,148 | 4,457 | 4.45 | 97,467 | 4,529 | 4.65 | ||||||||||||||||||||||||
Investment in operating leases, net (e) | 18,058 | 1,149 | 6.36 | 18,789 | 1,325 | 7.05 | 16,028 | 1,214 | 7.57 | ||||||||||||||||||||||||
Total interest-earning assets | 143,642 | 6,123 | 4.26 | 139,010 | 6,138 | 4.42 | 135,702 | 6,073 | 4.48 | ||||||||||||||||||||||||
Noninterest-bearing cash and cash equivalents | 1,522 | 1,610 | 1,628 | ||||||||||||||||||||||||||||||
Other assets (f) | 9,508 | 10,675 | 19,975 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (985 | ) | (1,173 | ) | (1,192 | ) | |||||||||||||||||||||||||||
Total assets | $ | 153,687 | $ | 150,122 | $ | 156,113 | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest-bearing deposit liabilities | $ | 62,086 | $ | 718 | 1.16 | % | $ | 55,838 | $ | 664 | 1.19 | % | $ | 50,163 | $ | 654 | 1.30 | % | |||||||||||||||
Short-term borrowings | 6,289 | 49 | 0.78 | 6,308 | 52 | 0.82 | 4,858 | 63 | 1.30 | ||||||||||||||||||||||||
Long-term debt (d) | 66,100 | 1,662 | 2.51 | 67,881 | 2,067 | 3.05 | 66,336 | 2,602 | 3.92 | ||||||||||||||||||||||||
Total interest-bearing liabilities | 134,475 | 2,429 | 1.81 | 130,027 | 2,783 | 2.14 | 121,357 | 3,319 | 2.73 | ||||||||||||||||||||||||
Noninterest-bearing deposit liabilities | 85 | 69 | 536 | ||||||||||||||||||||||||||||||
Total funding sources (f) | 134,560 | 2,429 | 1.81 | 130,096 | 2,783 | 2.14 | 121,893 | 3,319 | 2.72 | ||||||||||||||||||||||||
Other liabilities (f) | 4,302 | 5,231 | 15,448 | ||||||||||||||||||||||||||||||
Total liabilities | 138,862 | 135,327 | 137,341 | ||||||||||||||||||||||||||||||
Total equity | 14,825 | 14,795 | 18,772 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 153,687 | $ | 150,122 | $ | 156,113 | |||||||||||||||||||||||||||
Net financing revenue | $ | 3,694 | $ | 3,355 | $ | 2,754 | |||||||||||||||||||||||||||
Net interest spread (g) | 2.45 | % | 2.28 | % | 1.75 | % | |||||||||||||||||||||||||||
Net yield on interest-earning assets (h) | 2.57 | % | 2.41 | % | 2.03 | % |
(a) | Average balances are calculated using a combination of monthly and daily average methodologies. |
(b) | Excludes equity investments with an average balance of $941 million, $865 million, and $995 million at December 31, 2015, 2014, and 2013, respectively, and related income on equity investments of $25 million, $20 million, and $25 million during the years ended December 31, 2015, 2014, and 2013, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to amortized cost. |
(c) | Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements. |
(d) | Includes the effects of derivative financial instruments designated as hedges. |
(e) | Includes gains on sale of $351 million, $433 million, and $332 million for the years ended December 31, 2015, 2014, and 2013, respectively. Excluding these gains, the annualized yield would be 4.42%, 4.75%, and 5.50% at December 31, 2015, 2014, and 2013, respectively. |
(f) | Includes average balances of discontinued operations for the years ended December 31, 2014, and 2013. |
(g) | Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities. |
(h) | Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets. |
2015 vs 2014 Increase (decrease) due to (a) | 2014 vs 2013 Increase (decrease) due to (a) | |||||||||||||||||||||||
Year ended December 31, ($ in millions) | Volume | Yield/rate | Total | Volume | Yield/rate | Total | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | — | $ | — | $ | — | $ | (4 | ) | $ | 2 | $ | (2 | ) | ||||||||||
Investment securities | 20 | (11 | ) | 9 | 11 | 36 | 47 | |||||||||||||||||
Loans held-for-sale, net | 39 | — | 39 | (29 | ) | 10 | (19 | ) | ||||||||||||||||
Finance receivables and loans, net | 184 | (71 | ) | 113 | 122 | (194 | ) | (72 | ) | |||||||||||||||
Investment in operating leases, net | (51 | ) | (125 | ) | (176 | ) | 199 | (88 | ) | 111 | ||||||||||||||
Total interest-earning assets | $ | 192 | $ | (207 | ) | $ | (15 | ) | $ | 299 | $ | (234 | ) | $ | 65 | |||||||||
Liabilities | ||||||||||||||||||||||||
Interest-bearing deposit liabilities | $ | 72 | $ | (18 | ) | $ | 54 | $ | 70 | $ | (60 | ) | $ | 10 | ||||||||||
Short-term borrowings | — | (3 | ) | (3 | ) | 16 | (27 | ) | (11 | ) | ||||||||||||||
Long-term debt | (53 | ) | (352 | ) | (405 | ) | 60 | (595 | ) | (535 | ) | |||||||||||||
Total interest-bearing liabilities | $ | 19 | $ | (373 | ) | $ | (354 | ) | $ | 146 | $ | (682 | ) | $ | (536 | ) | ||||||||
Net financing revenue | $ | 173 | $ | 166 | $ | 339 | $ | 153 | $ | 448 | $ | 601 |
(a) | Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate. |
December 31, ($ in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Consumer | |||||||||||||||||||
Consumer automotive | $ | 64,292 | $ | 56,570 | $ | 56,417 | $ | 53,715 | $ | 63,459 | |||||||||
Consumer mortgage | |||||||||||||||||||
Mortgage Finance | 6,413 | 3,504 | 3,295 | 3,795 | 2,835 | ||||||||||||||
Mortgage — Legacy | 3,360 | 3,970 | 5,149 | 6,026 | 7,993 | ||||||||||||||
Total consumer mortgage | 9,773 | 7,474 | 8,444 | 9,821 | 10,828 | ||||||||||||||
Total consumer | 74,065 | 64,044 | 64,861 | 63,536 | 74,287 | ||||||||||||||
Commercial | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||
Automotive (a) | 31,469 | 30,871 | 30,948 | 30,270 | 34,817 | ||||||||||||||
Mortgage | — | — | — | — | 1,911 | ||||||||||||||
Other | 2,640 | 1,882 | 1,664 | 2,697 | 1,241 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
Automotive | 3,426 | 3,151 | 2,855 | 2,552 | 2,485 | ||||||||||||||
Mortgage | — | — | — | — | 14 | ||||||||||||||
Total commercial loans | 37,535 | 35,904 | 35,467 | 35,519 | 40,468 | ||||||||||||||
Total finance receivables and loans | $ | 111,600 | $ | 99,948 | $ | 100,328 | $ | 99,055 | $ | 114,755 | |||||||||
Loans held-for-sale | $ | 105 | $ | 2,003 | $ | 35 | $ | 2,576 | $ | 8,557 |
(a) | Includes notes receivable from GM of $529 million at December 31, 2011. |
December 31, ($ in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Consumer | |||||||||||||||||||
Consumer automotive | $ | 475 | $ | 386 | $ | 329 | $ | 260 | $ | 228 | |||||||||
Consumer mortgage | |||||||||||||||||||
Mortgage Finance | 15 | 19 | 7 | 10 | 10 | ||||||||||||||
Mortgage — Legacy | 113 | 158 | 185 | 372 | 539 | ||||||||||||||
Total consumer mortgage | 128 | 177 | 192 | 382 | 549 | ||||||||||||||
Total consumer (a) | 603 | 563 | 521 | 642 | 777 | ||||||||||||||
Commercial | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||
Automotive | 25 | 32 | 116 | 146 | 223 | ||||||||||||||
Mortgage | — | — | — | — | — | ||||||||||||||
Other | 44 | 46 | 74 | 33 | 37 | ||||||||||||||
Commercial real estate | |||||||||||||||||||
Automotive | 8 | 4 | 14 | 37 | 67 | ||||||||||||||
Mortgage | — | — | — | — | 12 | ||||||||||||||
Total commercial (b) | 77 | 82 | 204 | 216 | 339 | ||||||||||||||
Total nonperforming finance receivables and loans | 680 | 645 | 725 | 858 | 1,116 | ||||||||||||||
Foreclosed properties | 10 | 10 | 10 | 8 | 82 | ||||||||||||||
Repossessed assets (c) | 122 | 90 | 101 | 62 | 56 | ||||||||||||||
Total nonperforming assets | $ | 812 | $ | 745 | $ | 836 | $ | 928 | $ | 1,254 | |||||||||
Loans held-for-sale | $ | — | $ | 8 | $ | 9 | $ | 25 | $ | 2,820 |
(a) | Interest revenue that would have been accrued on total consumer finance receivables and loans at original contractual rates was $51 million during the year ended December 31, 2015. Interest income recorded for these loans was $19 million during the year ended December 31, 2015. |
(b) | Interest revenue that would have been accrued on total commercial finance receivables and loans at original contractual rates was $8 million during the year ended December 31, 2015. Interest income recorded for these loans was $5 million during the year ended December 31, 2015. |
(c) | Repossessed assets exclude $8 million, $7 million, $7 million, $3 million, and $3 million of repossessed operating lease assets at December 31, 2015, December 31, 2014, 2013, 2012, and 2011, respectively. |
December 31, ($ in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Consumer automotive | $ | — | $ | — | $ | — | $ | — | $ | 3 | |||||||||
Consumer mortgage | |||||||||||||||||||
Mortgage Finance | — | — | — | — | — | ||||||||||||||
Mortgage — Legacy | — | — | 1 | 1 | 1 | ||||||||||||||
Total accruing finance receivables and loans past due 90 days or more (a) | $ | — | $ | — | $ | 1 | $ | 1 | $ | 4 | |||||||||
Loans held-for-sale | $ | — | $ | — | $ | — | $ | — | $ | 73 |
(a) | There were no commercial on-balance sheet accruing loans past due 90 days or more as of December 31, 2015, 2014, 2013, 2012, and 2011. |
($ in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Balance at January 1, | $ | 977 | $ | 1,208 | $ | 1,170 | $ | 1,503 | $ | 1,873 | |||||||||
Charge-offs | (892 | ) | (776 | ) | (737 | ) | (776 | ) | (880 | ) | |||||||||
Recoveries | 283 | 239 | 265 | 302 | 327 | ||||||||||||||
Net charge-offs | (609 | ) | (537 | ) | (472 | ) | (474 | ) | (553 | ) | |||||||||
Provision for loan losses | 707 | 457 | 501 | 329 | 161 | ||||||||||||||
Other (a) | (21 | ) | (151 | ) | 9 | (188 | ) | 22 | |||||||||||
Balance at December 31, | $ | 1,054 | $ | 977 | $ | 1,208 | $ | 1,170 | $ | 1,503 |
(a) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Also includes provision for loan losses relating to discontinued operations of $65 million and $58 million for the years ended December 31, 2012, and 2011, respectively. |
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
December 31, ($ in millions) | Amount | % of total | Amount | % of total | Amount | % of total | Amount | % of total | Amount | % of total | ||||||||||||||
Consumer | ||||||||||||||||||||||||
Consumer automotive | $ | 834 | 79.1 | $ | 685 | 70.1 | $ | 673 | 55.7 | $ | 575 | 49.2 | $ | 766 | 51.0 | |||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 16 | 1.5 | 10 | 1.0 | 10 | 0.8 | 22 | 1.9 | 16 | 1.1 | ||||||||||||||
Mortgage — Legacy | 98 | 9.3 | 142 | 14.6 | 379 | 31.4 | 430 | 36.7 | 500 | 33.2 | ||||||||||||||
Total consumer mortgage | 114 | 10.8 | 152 | 15.6 | 389 | 32.2 | 452 | 38.6 | 516 | 34.3 | ||||||||||||||
Total consumer loans | 948 | 89.9 | 837 | 85.7 | 1,062 | 87.9 | 1,027 | 87.8 | 1,282 | 85.3 | ||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | 29 | 2.8 | 65 | 6.7 | 67 | 5.6 | 55 | 4.7 | 110 | 7.3 | ||||||||||||||
Mortgage | — | — | — | — | — | — | — | — | 11 | 0.7 | ||||||||||||||
Other | 53 | 5.0 | 42 | 4.2 | 50 | 4.1 | 48 | 4.1 | 53 | 3.6 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Automotive | 24 | 2.3 | 33 | 3.4 | 29 | 2.4 | 40 | 3.4 | 42 | 2.8 | ||||||||||||||
Mortgage | — | — | — | — | — | — | — | — | 5 | 0.3 | ||||||||||||||
Total commercial loans | 106 | 10.1 | 140 | 14.3 | 146 | 12.1 | 143 | 12.2 | 221 | 14.7 | ||||||||||||||
Total allowance for loan losses | $ | 1,054 | 100.0 | $ | 977 | 100.0 | $ | 1,208 | 100.0 | $ | 1,170 | 100.0 | $ | 1,503 | 100.0 |
2015 | 2014 | 2013 | ||||||||||||||||||
Year ended December 31, ($ in millions) | Average balance (a) | Average deposit rate | Average balance (a) | Average deposit rate | Average balance (a) | Average deposit rate | ||||||||||||||
Domestic deposits | ||||||||||||||||||||
Noninterest-bearing deposits | $ | 85 | — | % | $ | 69 | — | % | $ | 536 | — | % | ||||||||
Interest-bearing deposits | ||||||||||||||||||||
Savings and money market checking accounts | 31,608 | 0.91 | 24,296 | 0.82 | 18,223 | 0.83 | ||||||||||||||
Certificates of deposit | 30,212 | 1.39 | 31,153 | 1.44 | 31,266 | 1.53 | ||||||||||||||
Dealer deposits | 266 | 3.73 | 389 | 3.79 | 674 | 3.74 | ||||||||||||||
Total domestic deposit liabilities | $ | 62,171 | 1.15 | % | $ | 55,907 | 1.19 | % | $ | 50,699 | 1.29 | % |
(a) | Average balances are calculated using a combination of monthly and daily average methodologies. |
December 31, 2015 ($ in millions) | Three months or less | Over three months through six months | Over six months through twelve months | Over twelve months | Total | ||||||||||||||
Certificates of deposit ($100,000 or more) | $ | 1,922 | $ | 1,849 | $ | 3,164 | $ | 4,618 | $ | 11,553 |
/S/ JEFFREY J. BROWN | /S/ CHRISTOPHER A. HALMY | |
Jeffrey J. Brown | Christopher A. Halmy | |
Chief Executive Officer | Chief Financial Officer | |
February 24, 2016 | February 24, 2016 |
/S/ DELOITTE & TOUCHE LLP | |
Deloitte & Touche LLP | |
Detroit, Michigan | |
February 24, 2016 (May 5, 2016 as to Note 1, Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies, Note 2, Discontinued and Held-for-sale Operations, Note 7, Loans Held-for-Sale, Net, Note 8, Finance Receivables and Loans, Net, and Note 27, Segment and Geographic Information) |
/S/ DELOITTE & TOUCHE LLP | |
Deloitte & Touche LLP | |
Detroit, Michigan | |
February 24, 2016 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Financing revenue and other interest income | ||||||||||||
Interest and fees on finance receivables and loans | $ | 4,570 | $ | 4,457 | $ | 4,529 | ||||||
Interest on loans held-for-sale | 40 | 1 | 20 | |||||||||
Interest and dividends on available-for-sale investment securities | 381 | 367 | 325 | |||||||||
Interest on cash and cash equivalents | 8 | 8 | 10 | |||||||||
Operating leases | 3,398 | 3,558 | 3,209 | |||||||||
Total financing revenue and other interest income | 8,397 | 8,391 | 8,093 | |||||||||
Interest expense | ||||||||||||
Interest on deposits | 718 | 664 | 654 | |||||||||
Interest on short-term borrowings | 49 | 52 | 63 | |||||||||
Interest on long-term debt | 1,662 | 2,067 | 2,602 | |||||||||
Total interest expense | 2,429 | 2,783 | 3,319 | |||||||||
Net depreciation expense on operating lease assets | 2,249 | 2,233 | 1,995 | |||||||||
Net financing revenue | 3,719 | 3,375 | 2,779 | |||||||||
Other revenue | ||||||||||||
Servicing fees | 45 | 31 | 126 | |||||||||
Servicing asset valuation and hedge activities, net | — | — | (213 | ) | ||||||||
Total servicing income (loss), net | 45 | 31 | (87 | ) | ||||||||
Insurance premiums and service revenue earned | 940 | 979 | 1,012 | |||||||||
Gain on mortgage and automotive loans, net | 45 | 7 | 55 | |||||||||
Loss on extinguishment of debt | (357 | ) | (202 | ) | (59 | ) | ||||||
Other gain on investments, net | 155 | 181 | 180 | |||||||||
Other income, net of losses | 314 | 280 | 383 | |||||||||
Total other revenue | 1,142 | 1,276 | 1,484 | |||||||||
Total net revenue | 4,861 | 4,651 | 4,263 | |||||||||
Provision for loan losses | 707 | 457 | 501 | |||||||||
Noninterest expense | ||||||||||||
Compensation and benefits expense | 963 | 947 | 1,019 | |||||||||
Insurance losses and loss adjustment expenses | 293 | 410 | 405 | |||||||||
Other operating expenses | 1,505 | 1,591 | 1,981 | |||||||||
Total noninterest expense | 2,761 | 2,948 | 3,405 | |||||||||
Income from continuing operations before income tax expense | 1,393 | 1,246 | 357 | |||||||||
Income tax expense (benefit) from continuing operations | 496 | 321 | (59 | ) | ||||||||
Net income from continuing operations | 897 | 925 | 416 | |||||||||
Income (loss) from discontinued operations, net of tax | 392 | 225 | (55 | ) | ||||||||
Net income | $ | 1,289 | $ | 1,150 | $ | 361 |
Year ended December 31, (in dollars) (a) | 2015 | 2014 | 2013 | |||||||||
Basic earnings per common share | ||||||||||||
Net (loss) income from continuing operations | $ | (3.47 | ) | $ | 1.36 | $ | (1.51 | ) | ||||
Income (loss) from discontinued operations, net of tax | 0.81 | 0.47 | (0.13 | ) | ||||||||
Net (loss) income | $ | (2.66 | ) | $ | 1.83 | $ | (1.64 | ) | ||||
Diluted earnings per common share | ||||||||||||
Net (loss) income from continuing operations | $ | (3.47 | ) | $ | 1.36 | $ | (1.51 | ) | ||||
Income (loss) from discontinued operations, net of tax | 0.81 | 0.47 | (0.13 | ) | ||||||||
Net (loss) income | $ | (2.66 | ) | $ | 1.83 | $ | (1.64 | ) |
(a) | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Net income | $ | 1,289 | $ | 1,150 | $ | 361 | |||||
Other comprehensive (loss) income, net of tax | |||||||||||
Unrealized (losses) gains on investment securities | |||||||||||
Net unrealized (losses) gains arising during the period | (39 | ) | 415 | (159 | ) | ||||||
Less: Net realized gains reclassified to net income | 99 | 167 | 186 | ||||||||
Net change | (138 | ) | 248 | (345 | ) | ||||||
Translation adjustments | |||||||||||
Net unrealized losses arising during the period | (26 | ) | (17 | ) | (80 | ) | |||||
Less: Net realized gains reclassified to net income | 22 | 20 | 429 | ||||||||
Net change | (48 | ) | (37 | ) | (509 | ) | |||||
Net investment hedges | |||||||||||
Net unrealized gains arising during the period | 18 | 8 | 37 | ||||||||
Less: Net realized losses reclassified to net income | (3 | ) | — | (169 | ) | ||||||
Net change | 21 | 8 | 206 | ||||||||
Translation adjustments and net investment hedges, net change | (27 | ) | (29 | ) | (303 | ) | |||||
Cash flow hedges | |||||||||||
Net unrealized gains (losses) arising during the period | 1 | 2 | (1 | ) | |||||||
Less: Net realized losses reclassified to net income | — | — | (4 | ) | |||||||
Net change | 1 | 2 | 3 | ||||||||
Defined benefit pension plans | |||||||||||
Net unrealized (losses) gains arising during the period | — | (15 | ) | 18 | |||||||
Less: Net realized gains (losses) reclassified to net income | 1 | (4 | ) | (40 | ) | ||||||
Net change | (1 | ) | (11 | ) | 58 | ||||||
Other comprehensive (loss) income, net of tax | (165 | ) | 210 | (587 | ) | ||||||
Comprehensive income (loss) | $ | 1,124 | $ | 1,360 | $ | (226 | ) |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Assets | ||||||||
Cash and cash equivalents | ||||||||
Noninterest-bearing | $ | 2,148 | $ | 1,348 | ||||
Interest-bearing | 4,232 | 4,228 | ||||||
Total cash and cash equivalents | 6,380 | 5,576 | ||||||
Investment securities (refer to Note 6 for discussion of investment securities pledged as collateral) | 17,157 | 16,137 | ||||||
Loans held-for-sale, net | 105 | 2,003 | ||||||
Finance receivables and loans, net | ||||||||
Finance receivables and loans, net of unearned income | 111,600 | 99,948 | ||||||
Allowance for loan losses | (1,054 | ) | (977 | ) | ||||
Total finance receivables and loans, net | 110,546 | 98,971 | ||||||
Investment in operating leases, net | 16,271 | 19,510 | ||||||
Premiums receivable and other insurance assets | 1,801 | 1,695 | ||||||
Other assets | 6,321 | 7,105 | ||||||
Assets of operations held-for-sale | — | 634 | ||||||
Total assets | $ | 158,581 | $ | 151,631 | ||||
Liabilities | ||||||||
Deposit liabilities | ||||||||
Noninterest-bearing | $ | 89 | $ | 64 | ||||
Interest-bearing | 66,389 | 58,139 | ||||||
Total deposit liabilities | 66,478 | 58,203 | ||||||
Short-term borrowings | 8,101 | 7,062 | ||||||
Long-term debt | 66,234 | 66,380 | ||||||
Interest payable | 350 | 477 | ||||||
Unearned insurance premiums and service revenue | 2,434 | 2,375 | ||||||
Accrued expenses and other liabilities | 1,545 | 1,735 | ||||||
Total liabilities | 145,142 | 136,232 | ||||||
Commitments and contingencies (refer to Note 29 and Note 30) | ||||||||
Equity | ||||||||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 482,790,696 and 480,136,039; and outstanding 481,980,111 and 480,094,891) | 21,100 | 21,038 | ||||||
Preferred stock | 696 | 1,255 | ||||||
Accumulated deficit | (8,110 | ) | (6,828 | ) | ||||
Accumulated other comprehensive loss | (231 | ) | (66 | ) | ||||
Treasury stock, at cost (810,585 shares) | (16 | ) | — | |||||
Total equity | 13,439 | 15,399 | ||||||
Total liabilities and equity | $ | 158,581 | $ | 151,631 |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Assets | ||||||||
Finance receivables and loans, net | ||||||||
Finance receivables and loans, net of unearned income | $ | 27,929 | $ | 30,081 | ||||
Allowance for loan losses | (196 | ) | (179 | ) | ||||
Total finance receivables and loans, net | 27,733 | 29,902 | ||||||
Investment in operating leases, net | 4,791 | 5,595 | ||||||
Other assets | 1,624 | 1,964 | ||||||
Total assets | $ | 34,148 | $ | 37,461 | ||||
Liabilities | ||||||||
Long-term debt | 20,267 | 24,297 | ||||||
Accrued expenses and other liabilities | 22 | 173 | ||||||
Total liabilities | $ | 20,289 | $ | 24,470 |
($ in millions) | Common stock and paid-in capital | Mandatorily convertible preferred stock held by U.S. Department of Treasury | Preferred stock | Accumulated deficit | Accumulated other comprehensive income (loss) | Treasury stock | Total equity | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 19,668 | $ | 5,685 | $ | 1,255 | $ | (7,021 | ) | $ | 311 | $ | — | $ | 19,898 | ||||||||||||
Net income | 361 | 361 | |||||||||||||||||||||||||
Preferred stock dividends — U.S. Department of Treasury (a) | (543 | ) | (543 | ) | |||||||||||||||||||||||
Preferred stock dividends | (267 | ) | (267 | ) | |||||||||||||||||||||||
Other comprehensive loss | (587 | ) | (587 | ) | |||||||||||||||||||||||
Increase in paid-in capital | 1 | 1 | |||||||||||||||||||||||||
Issuance of common stock | 1,270 | 1,270 | |||||||||||||||||||||||||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right | (5,685 | ) | (240 | ) | (5,925 | ) | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 20,939 | $ | — | $ | 1,255 | $ | (7,710 | ) | $ | (276 | ) | $ | — | $ | 14,208 | |||||||||||
Net income | 1,150 | 1,150 | |||||||||||||||||||||||||
Preferred stock dividends | (268 | ) | (268 | ) | |||||||||||||||||||||||
Share-based compensation | 99 | 99 | |||||||||||||||||||||||||
Other comprehensive income | 210 | 210 | |||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 21,038 | $ | — | $ | 1,255 | $ | (6,828 | ) | $ | (66 | ) | $ | — | $ | 15,399 | |||||||||||
Net income | 1,289 | 1,289 | |||||||||||||||||||||||||
Preferred stock dividends | (2,571 | ) | (b) | (2,571 | ) | ||||||||||||||||||||||
Series A preferred stock repurchase | (325 | ) | (325 | ) | |||||||||||||||||||||||
Series G preferred stock redemption | (234 | ) | (234 | ) | |||||||||||||||||||||||
Share-based compensation | 62 | 62 | |||||||||||||||||||||||||
Other comprehensive loss | (165 | ) | (165 | ) | |||||||||||||||||||||||
Share repurchases related to employee stock-based compensation awards | (16 | ) | (16 | ) | |||||||||||||||||||||||
Balance at December 31, 2015 | $ | 21,100 | $ | — | $ | 696 | $ | (8,110 | ) | $ | (231 | ) | $ | (16 | ) | $ | 13,439 |
(a) | Includes $8 million of preferred stock dividends paid to the U.S. Department of Treasury related to the period from November 15, 2013, through November 20, 2013. |
(b) | Preferred stock dividends include $2,364 million recognized in connection with the redemption of the Series G Preferred Stock and the repurchase of the Series A Preferred Stock. These dividends represent an additional return to preferred shareholders calculated as the excess consideration paid over the carrying amount derecognized. Refer to Note 18 for additional preferred stock information. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Operating activities | ||||||||||||
Net income | $ | 1,289 | $ | 1,150 | $ | 361 | ||||||
Reconciliation of net income to net cash provided by operating activities | ||||||||||||
Depreciation, amortization and accretion, net | 2,801 | 2,936 | 2,864 | |||||||||
Changes in fair value of mortgage servicing rights | — | — | 101 | |||||||||
Provision for loan losses | 707 | 457 | 570 | |||||||||
Gain on sale of loans, net | (45 | ) | (7 | ) | (55 | ) | ||||||
Net gain on investment securities | (155 | ) | (181 | ) | (182 | ) | ||||||
Loss on extinguishment of debt | 357 | 202 | 59 | |||||||||
Originations and purchases of loans originated as held-for-sale | (1,770 | ) | — | (6,235 | ) | |||||||
Proceeds from sales and repayments of loans held-for-sale | 1,658 | 62 | 8,696 | |||||||||
Impairment and settlement related to Residential Capital, LLC | — | (150 | ) | (600 | ) | |||||||
(Gain) loss on sale of subsidiaries and joint ventures, net | (452 | ) | 7 | (666 | ) | |||||||
Net change in | ||||||||||||
Deferred income taxes | 565 | 117 | (671 | ) | ||||||||
Interest payable | (127 | ) | (411 | ) | (39 | ) | ||||||
Other assets | 526 | (132 | ) | 2,592 | ||||||||
Other liabilities | (247 | ) | (400 | ) | (3,860 | ) | ||||||
Other, net | (12 | ) | (247 | ) | (434 | ) | ||||||
Net cash provided by operating activities | 5,095 | 3,403 | 2,501 | |||||||||
Investing activities | ||||||||||||
Purchases of available-for-sale securities | (12,250 | ) | (5,417 | ) | (12,304 | ) | ||||||
Proceeds from sales of available-for-sale securities | 6,874 | 4,260 | 3,627 | |||||||||
Proceeds from maturities and repayment of available-for-sale securities | 4,255 | 2,657 | 5,509 | |||||||||
Net increase in finance receivables and loans | (13,845 | ) | (5,024 | ) | (2,479 | ) | ||||||
Proceeds from sales of finance receivables and loans originated as held-for-investment | 3,197 | 2,592 | — | |||||||||
Purchases of operating lease assets | (4,685 | ) | (9,884 | ) | (9,196 | ) | ||||||
Disposals of operating lease assets | 5,546 | 5,860 | 2,964 | |||||||||
Sale of mortgage servicing rights | — | — | 911 | |||||||||
Proceeds from sale of business units, net (a) | 1,049 | 47 | 7,444 | |||||||||
Net change in restricted cash | 264 | 1,625 | (70 | ) | ||||||||
Other, net | (152 | ) | 72 | 51 | ||||||||
Net cash used in investing activities | (9,747 | ) | (3,212 | ) | (3,543 | ) |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Financing activities | ||||||||||||
Net change in short-term borrowings | 1,028 | (1,494 | ) | 1,591 | ||||||||
Net increase in deposits | 8,247 | 4,851 | 5,357 | |||||||||
Proceeds from issuance of long-term debt | 30,665 | 27,192 | 27,330 | |||||||||
Repayments of long-term debt | (31,350 | ) | (30,426 | ) | (31,892 | ) | ||||||
Proceeds from issuance of common stock | — | — | 1,270 | |||||||||
Repurchase and redemption of preferred stock | (559 | ) | — | — | ||||||||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right | — | — | (5,925 | ) | ||||||||
Dividends paid | (2,571 | ) | (268 | ) | (810 | ) | ||||||
Net cash provided by (used in) financing activities | 5,460 | (145 | ) | (3,079 | ) | |||||||
Effect of exchange-rate changes on cash and cash equivalents | (4 | ) | (1 | ) | 45 | |||||||
Net increase (decrease) in cash and cash equivalents | 804 | 45 | (4,076 | ) | ||||||||
Adjustment for change in cash and cash equivalents of operations held-for-sale (a) (b) | — | — | 2,094 | |||||||||
Cash and cash equivalents at beginning of year | 5,576 | 5,531 | 7,513 | |||||||||
Cash and cash equivalents at end of year | $ | 6,380 | $ | 5,576 | $ | 5,531 | ||||||
Supplemental disclosures | ||||||||||||
Cash paid for | ||||||||||||
Interest | $ | 2,632 | $ | 3,090 | $ | 3,827 | ||||||
Income taxes | 96 | 8 | 75 | |||||||||
Noncash items | ||||||||||||
Finance receivables and loans transferred to loans held-for-sale | 1,311 | 4,631 | 18 | |||||||||
Other disclosures | ||||||||||||
Proceeds from sales and repayments of mortgage loans held-for-investment originally designated as held-for-sale | 68 | 38 | 51 |
(a) | The amounts are net of cash and cash equivalents of $1.6 billion at December 31, 2013, of business units at the time of disposition. |
(b) | Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the Consolidated Statement of Cash Flows. The cash balance of these operations is reported as assets of operations held-for-sale on the Consolidated Balance Sheet. |
• | Consumer automotive — Consists of retail automotive financing for new and used vehicles. |
• | Consumer mortgage — Consists of the following classes of finance receivables. |
• | Mortgage Finance — Consists of consumer first mortgages from our ongoing mortgage operations including bulk acquisitions, originations, and refinancing of high quality jumbo mortgages and low-to-moderate income (LMI) mortgages. |
• | Mortgage — Legacy — Consists of consumer mortgage assets originated prior to January 1, 2009 including first mortgages, subordinate-lien mortgages, and home equity mortgages. |
• | Commercial — Consists of the following classes of finance receivables. |
• | Commercial and Industrial |
• | Automotive — Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale or floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines of credit, and dealer fleet financing. |
• | Other — Consists of senior secured leveraged cash flow and asset based loans. |
• | Commercial Real Estate — Automotive — Consists of term loans to finance dealership land and buildings. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||||
Select Insurance operations | |||||||||||||
Total net revenue | $ | — | $ | — | $ | 190 | |||||||
Pretax income including direct costs to transact a sale (a) | 3 | 6 | 319 | (b) | |||||||||
Tax expense (benefit) (c) | 1 | 6 | (14 | ) | |||||||||
Select Automotive Finance operations | |||||||||||||
Total net revenue | $ | — | $ | 123 | $ | 572 | |||||||
Pretax income including direct costs to transact a sale (a) | 452 | 129 | 660 | (d) | |||||||||
Tax expense (benefit) (c) | 80 | 7 | (101 | ) | |||||||||
Select Corporate Finance operations | |||||||||||||
Total net revenue | $ | — | $ | — | $ | — | |||||||
Pretax income including direct costs to transact a sale (a) | 22 | 23 | — | ||||||||||
Tax expense (c) | — | 3 | — | ||||||||||
Select Corporate and Other operations | |||||||||||||
Total net revenue | $ | — | $ | — | $ | — | |||||||
Pretax loss (e) | (9 | ) | (4 | ) | (1,741 | ) | |||||||
Tax (benefit) | (5 | ) | (87 | ) | (592 | ) |
(a) | Includes certain treasury and other corporate activity recognized by Corporate and Other. |
(b) | Includes recognized pretax gain of $274 million in connection with the sale of our Mexican insurance business, ABA Seguros. |
(c) | Includes certain income tax activity recognized by Corporate and Other. |
(d) | Includes recognized pretax loss of $488 million in connection with the sale of our European and Latin American automotive finance operations and pretax gain of $888 million in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust. |
(e) | Includes amounts related to our former ResCap subsidiary. |
2015 | 2014 | 2013 | |||||||||||||||||||||
Year ended December 31, ($ in millions) | Written | Earned | Written | Earned | Written | Earned | |||||||||||||||||
Insurance premiums | |||||||||||||||||||||||
Direct | $ | 313 | $ | 296 | $ | 294 | $ | 282 | $ | 270 | $ | 305 | |||||||||||
Assumed | 2 | 16 | 43 | 54 | 61 | 58 | |||||||||||||||||
Gross insurance premiums | 315 | 312 | 337 | 336 | 331 | 363 | |||||||||||||||||
Ceded | (184 | ) | (125 | ) | (156 | ) | (117 | ) | (172 | ) | (120 | ) | |||||||||||
Net insurance premiums | 131 | 187 | 181 | 219 | 159 | 243 | |||||||||||||||||
Service revenue | 846 | 753 | 842 | 760 | 838 | 769 | |||||||||||||||||
Insurance premiums and service revenue written and earned | $ | 977 | $ | 940 | $ | 1,023 | $ | 979 | $ | 997 | $ | 1,012 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Remarketing fees | $ | 101 | $ | 112 | $ | 82 | |||||
Late charges and other administrative fees | 90 | 88 | 94 | ||||||||
Income from equity-method investments | 52 | 18 | 15 | ||||||||
Mortgage processing fees and other mortgage income | — | — | 81 | ||||||||
Fair value adjustment on derivatives (a) | (8 | ) | (31 | ) | 24 | ||||||
Other, net | 79 | 93 | 87 | ||||||||
Total other income, net of losses | $ | 314 | $ | 280 | $ | 383 |
(a) | Refer to Note 22 for a description of derivative instruments and hedging activities. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Insurance commissions | $ | 378 | $ | 374 | $ | 370 | |||||
Technology and communications | 267 | 334 | 346 | ||||||||
Lease and loan administration | 126 | 122 | 173 | ||||||||
Advertising and marketing | 107 | 111 | 136 | ||||||||
Professional services | 93 | 100 | 176 | ||||||||
Premises and equipment depreciation | 82 | 81 | 81 | ||||||||
Regulatory and licensing fees | 79 | 87 | 116 | ||||||||
Vehicle remarketing and repossession | 78 | 83 | 60 | ||||||||
Occupancy | 50 | 47 | 44 | ||||||||
Provision for legal and regulatory settlements (a) | 45 | 4 | 105 | ||||||||
Non-income taxes | 29 | 40 | 35 | ||||||||
Mortgage representation and warranty obligation, net | (13 | ) | (10 | ) | 104 | ||||||
Other | 184 | 218 | 235 | ||||||||
Total other operating expenses | $ | 1,505 | $ | 1,591 | $ | 1,981 |
(a) | Results for the year ended December 31, 2013, include a $98 million settlement charge related to Consent Orders issued by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) pertaining to the allegation of disparate impact in the automotive finance business. Refer to Note 30 for additional details. |
2015 | 2014 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized | Fair value | Amortized cost | Gross unrealized | Fair value | |||||||||||||||||||||||||||
December 31, ($ in millions) | gains | losses | gains | losses | ||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | 1,760 | $ | — | $ | (19 | ) | $ | 1,741 | $ | 1,195 | $ | 1 | $ | (18 | ) | $ | 1,178 | ||||||||||||||
U.S. States and political subdivisions | 693 | 24 | (1 | ) | 716 | 389 | 17 | — | 406 | |||||||||||||||||||||||
Foreign government | 169 | 8 | — | 177 | 224 | 8 | — | 232 | ||||||||||||||||||||||||
Mortgage-backed residential (a) | 10,459 | 52 | (145 | ) | 10,366 | 10,431 | 119 | (125 | ) | 10,425 | ||||||||||||||||||||||
Mortgage-backed commercial | 486 | — | (5 | ) | 481 | 254 | — | (1 | ) | 253 | ||||||||||||||||||||||
Asset-backed | 1,762 | 1 | (8 | ) | 1,755 | 1,989 | 5 | (3 | ) | 1,991 | ||||||||||||||||||||||
Corporate debt | 1,213 | 8 | (17 | ) | 1,204 | 734 | 14 | (2 | ) | 746 | ||||||||||||||||||||||
Total debt securities (b) (c) | 16,542 | 93 | (195 | ) | 16,440 | 15,216 | 164 | (149 | ) | 15,231 | ||||||||||||||||||||||
Equity securities | 808 | 3 | (94 | ) | 717 | 891 | 49 | (34 | ) | 906 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 17,350 | $ | 96 | $ | (289 | ) | $ | 17,157 | $ | 16,107 | $ | 213 | $ | (183 | ) | $ | 16,137 |
(a) | Residential mortgage-backed securities include agency-backed bonds totaling $7,544 million and $7,557 million at December 31, 2015, and December 31, 2014, respectively. |
(b) | Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $14 million and $15 million at December 31, 2015, and December 31, 2014, respectively. |
(c) | Investment securities with a fair value of $2,506 million and $801 million at December 31, 2015, and December 31, 2014, were pledged to secure advances from the FHLB, short-term borrowings or repurchase agreements and for other purposes as required by contractual obligation or law. Under these agreements, Ally has granted the counterparty the right to sell or pledge $745 million of the underlying investment securities. |
Total | Due in one year or less | Due after one year through five years | Due after five years through ten years | Due after ten years | |||||||||||||||||||||||||||||||
($ in millions) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
Fair value of available-for-sale debt securities (a) | |||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | 1,741 | 1.8 | % | $ | 6 | 5.1 | % | $ | 510 | 1.2 | % | $ | 1,225 | 2.1 | % | $ | — | — | % | |||||||||||||||
U.S. States and political subdivisions | 716 | 3.2 | 86 | 1.3 | 37 | 2.2 | 141 | 2.8 | 452 | 3.7 | |||||||||||||||||||||||||
Foreign government | 177 | 2.6 | 9 | 1.9 | 77 | 2.8 | 91 | 2.6 | — | — | |||||||||||||||||||||||||
Mortgage-backed residential | 10,366 | 2.9 | — | — | 33 | 2.1 | 36 | 2.5 | 10,297 | 2.9 | |||||||||||||||||||||||||
Mortgage-backed commercial | 481 | 2.0 | — | — | — | — | 3 | 2.7 | 478 | 2.0 | |||||||||||||||||||||||||
Asset-backed | 1,755 | 2.3 | 6 | 1.4 | 1,027 | 2.1 | 518 | 2.6 | 204 | 2.2 | |||||||||||||||||||||||||
Corporate debt | 1,204 | 2.9 | 50 | 3.0 | 713 | 2.5 | 410 | 3.4 | 31 | 5.4 | |||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 16,440 | 2.7 | $ | 157 | 2.0 | $ | 2,397 | 2.1 | $ | 2,424 | 2.5 | $ | 11,462 | 2.9 | ||||||||||||||||||||
Amortized cost of available-for-sale debt securities | $ | 16,542 | $ | 156 | $ | 2,404 | $ | 2,436 | $ | 11,546 | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Fair value of available-for-sale debt securities (a) | |||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | 1,178 | 1.5 | % | $ | 7 | 3.0 | % | $ | 677 | 1.2 | % | $ | 494 | 1.9 | % | $ | — | — | % | |||||||||||||||
U.S. States and political subdivisions | 406 | 3.7 | 34 | 1.9 | 12 | 2.1 | 106 | 3.0 | 254 | 4.3 | |||||||||||||||||||||||||
Foreign government | 232 | 2.7 | — | — | 128 | 2.5 | 104 | 2.9 | — | — | |||||||||||||||||||||||||
Mortgage-backed residential | 10,425 | 2.6 | 34 | 3.1 | 58 | 2.1 | — | — | 10,333 | 2.6 | |||||||||||||||||||||||||
Mortgage-backed commercial | 253 | 1.5 | — | — | 30 | 1.8 | — | — | 223 | 1.4 | |||||||||||||||||||||||||
Asset-backed | 1,991 | 1.9 | — | — | 1,311 | 1.9 | 463 | 2.0 | 217 | 2.2 | |||||||||||||||||||||||||
Corporate debt | 746 | 3.2 | 33 | 3.1 | 460 | 2.7 | 216 | 3.8 | 37 | 5.6 | |||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 15,231 | 2.5 | $ | 108 | 2.7 | $ | 2,676 | 1.9 | $ | 1,383 | 2.4 | $ | 11,064 | 2.6 | ||||||||||||||||||||
Amortized cost of available-for-sale debt securities | $ | 15,216 | $ | 108 | $ | 2,674 | $ | 1,374 | $ | 11,060 |
(a) | Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Taxable interest | $ | 340 | $ | 336 | $ | 297 | |||||
Taxable dividends | 23 | 20 | 25 | ||||||||
Interest and dividends exempt from U.S. federal income tax | 18 | 11 | 3 | ||||||||
Interest and dividends on available-for-sale securities | $ | 381 | $ | 367 | $ | 325 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Gross realized gains | $ | 184 | $ | 209 | $ | 221 | |||||
Gross realized losses (a) | (15 | ) | (14 | ) | (21 | ) | |||||
Other-than-temporary impairment | (14 | ) | (14 | ) | (20 | ) | |||||
Other gain on investments, net | $ | 155 | $ | 181 | $ | 180 |
(a) | Certain available-for-sale securities were sold at a loss in 2015, 2014, and 2013 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security), in accordance with our risk management policies and practices. |
2015 | 2014 | |||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||
December 31, ($ in millions) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | 1,553 | $ | (17 | ) | $ | 173 | $ | (2 | ) | $ | 297 | $ | (3 | ) | $ | 859 | $ | (15 | ) | ||||||||||||
U.S. States and political subdivisions | 179 | (1 | ) | — | — | 50 | — | — | — | |||||||||||||||||||||||
Foreign government | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mortgage-backed | 4,096 | (43 | ) | 2,453 | (107 | ) | 1,172 | (10 | ) | 3,098 | (116 | ) | ||||||||||||||||||||
Asset-backed | 1,402 | (8 | ) | 64 | — | 819 | (3 | ) | 8 | — | ||||||||||||||||||||||
Corporate debt | 745 | (16 | ) | 12 | (1 | ) | 132 | (2 | ) | 11 | — | |||||||||||||||||||||
Total temporarily impaired debt securities | 7,977 | (85 | ) | 2,702 | (110 | ) | 2,470 | (18 | ) | 3,976 | (131 | ) | ||||||||||||||||||||
Temporarily impaired equity securities | 534 | (54 | ) | 96 | (40 | ) | 231 | (24 | ) | 40 | (10 | ) | ||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 8,511 | $ | (139 | ) | $ | 2,798 | $ | (150 | ) | $ | 2,701 | $ | (42 | ) | $ | 4,016 | $ | (141 | ) |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive | $ | — | $ | 1,515 | ||||
Consumer mortgage | ||||||||
Mortgage Finance | — | — | ||||||
Mortgage — Legacy | — | 452 | ||||||
Total consumer mortgage | — | 452 | ||||||
Total consumer | — | 1,967 | ||||||
Commercial and industrial — Other | 105 | 36 | ||||||
Total loans held-for-sale, net | $ | 105 | $ | 2,003 |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive (a) | $ | 64,292 | $ | 56,570 | ||||
Consumer mortgage | ||||||||
Mortgage Finance (b) | 6,413 | 3,504 | ||||||
Mortgage — Legacy (c) (d) | 3,360 | 3,970 | ||||||
Total consumer mortgage | 9,773 | 7,474 | ||||||
Total consumer | 74,065 | 64,044 | ||||||
Commercial | ||||||||
Commercial and industrial | ||||||||
Automotive | 31,469 | 30,871 | ||||||
Other | 2,640 | 1,882 | ||||||
Commercial real estate — Automotive | 3,426 | 3,151 | ||||||
Total commercial | 37,535 | 35,904 | ||||||
Total finance receivables and loans (e) | $ | 111,600 | $ | 99,948 |
(a) | Includes $66 million and $35 million of fair value adjustment for loans in hedge accounting relationships at December 31, 2015, and December 31, 2014, respectively. Refer to Note 22 for additional information. |
(b) | Includes loans originated as interest-only mortgage loans of $44 million and $55 million at December 31, 2015, and December 31, 2014, respectively, 7% of which are expected to start principal amortization in 2016, 3% in 2017, none in 2018, 39% in 2019, and 38% thereafter. |
(c) | Includes loans originated as interest-only mortgage loans of $941 million and $1.1 billion at December 31, 2015, and December 31, 2014, respectively, 35% of which are expected to start principal amortization in 2016, 22% in 2017, 2% in 2018, none in 2019, and 1% thereafter. |
(d) | Includes consumer mortgages at a fair value of $1 million at December 31, 2014, as a result of fair value option election. |
(e) | Totals include a net increase of $110 million at December 31, 2015, compared to a net reduction of $266 million at December 31, 2014, for unearned income, unamortized premiums and discounts, and deferred fees and costs. |
($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at January 1, 2015 | $ | 685 | $ | 152 | $ | 140 | $ | 977 | ||||||||
Charge-offs | (840 | ) | (48 | ) | (4 | ) | (892 | ) | ||||||||
Recoveries | 262 | 17 | 4 | 283 | ||||||||||||
Net charge-offs | (578 | ) | (31 | ) | — | (609 | ) | |||||||||
Provision for loan losses | 739 | 1 | (33 | ) | 707 | |||||||||||
Other (a) | (12 | ) | (8 | ) | (1 | ) | (21 | ) | ||||||||
Allowance at December 31, 2015 | $ | 834 | $ | 114 | $ | 106 | $ | 1,054 | ||||||||
Allowance for loan losses at December 31, 2015 | ||||||||||||||||
Individually evaluated for impairment | $ | 22 | $ | 44 | $ | 20 | $ | 86 | ||||||||
Collectively evaluated for impairment | 812 | 70 | 86 | 968 | ||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | ||||||||||||
Finance receivables and loans at gross carrying value | ||||||||||||||||
Ending balance | 64,292 | 9,773 | 37,535 | 111,600 | ||||||||||||
Individually evaluated for impairment | 315 | 266 | 77 | 658 | ||||||||||||
Collectively evaluated for impairment | 63,977 | 9,507 | 37,458 | 110,942 | ||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — |
(a) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at January 1, 2014 | $ | 673 | $ | 389 | $ | 146 | $ | 1,208 | ||||||||
Charge-offs | (720 | ) | (51 | ) | (5 | ) | (776 | ) | ||||||||
Recoveries | 219 | 8 | 12 | 239 | ||||||||||||
Net charge-offs | (501 | ) | (43 | ) | 7 | (537 | ) | |||||||||
Provision for loan losses | 540 | (69 | ) | (14 | ) | 457 | ||||||||||
Other (a) | (27 | ) | (125 | ) | 1 | (151 | ) | |||||||||
Allowance at December 31, 2014 | $ | 685 | $ | 152 | $ | 140 | $ | 977 | ||||||||
Allowance for loan losses | ||||||||||||||||
Individually evaluated for impairment | $ | 23 | $ | 62 | $ | 21 | $ | 106 | ||||||||
Collectively evaluated for impairment | 662 | 90 | 119 | 871 | ||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | ||||||||||||
Finance receivables and loans at gross carrying value | ||||||||||||||||
Ending balance | 56,570 | 7,473 | 35,904 | 99,947 | ||||||||||||
Individually evaluated for impairment | 282 | 336 | 82 | 700 | ||||||||||||
Collectively evaluated for impairment | 56,287 | 7,137 | 35,822 | 99,246 | ||||||||||||
Loans acquired with deteriorated credit quality | 1 | — | — | 1 |
(a) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive | $ | 1,237 | $ | 4,106 | ||||
Consumer mortgage | 78 | 489 | ||||||
Commercial | 2 | 36 | ||||||
Total sales and transfers | $ | 1,317 | $ | 4,631 |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive | $ | 272 | $ | — | ||||
Consumer mortgage | 4,125 | 857 | ||||||
Total purchases | $ | 4,397 | $ | 857 |
December 31, ($ in millions) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total finance receivables and loans | ||||||||||||||||||
2015 | ||||||||||||||||||||||||
Consumer automotive | $ | 1,618 | $ | 369 | $ | 222 | $ | 2,209 | $ | 62,083 | $ | 64,292 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 44 | 5 | 10 | 59 | 6,354 | 6,413 | ||||||||||||||||||
Mortgage — Legacy | 53 | 20 | 73 | 146 | 3,214 | 3,360 | ||||||||||||||||||
Total consumer mortgage | 97 | 25 | 83 | 205 | 9,568 | 9,773 | ||||||||||||||||||
Total consumer | 1,715 | 394 | 305 | 2,414 | 71,651 | 74,065 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | — | — | — | — | 31,469 | 31,469 | ||||||||||||||||||
Other | — | — | — | — | 2,640 | 2,640 | ||||||||||||||||||
Commercial real estate — Automotive | — | — | — | — | 3,426 | 3,426 | ||||||||||||||||||
Total commercial | — | — | — | — | 37,535 | 37,535 | ||||||||||||||||||
Total consumer and commercial | $ | 1,715 | $ | 394 | $ | 305 | $ | 2,414 | $ | 109,186 | $ | 111,600 | ||||||||||||
2014 | ||||||||||||||||||||||||
Consumer automotive | $ | 1,340 | $ | 293 | $ | 164 | $ | 1,797 | $ | 54,773 | $ | 56,570 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 11 | 2 | 11 | 24 | 3,480 | 3,504 | ||||||||||||||||||
Mortgage — Legacy | 65 | 23 | 113 | 201 | 3,768 | 3,969 | ||||||||||||||||||
Total consumer mortgage | 76 | 25 | 124 | 225 | 7,248 | 7,473 | ||||||||||||||||||
Total consumer | 1,416 | 318 | 288 | 2,022 | 62,021 | 64,043 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | — | 9 | — | 9 | 30,862 | 30,871 | ||||||||||||||||||
Other | — | — | — | — | 1,882 | 1,882 | ||||||||||||||||||
Commercial real estate — Automotive | — | — | — | — | 3,151 | 3,151 | ||||||||||||||||||
Total commercial | — | 9 | — | 9 | 35,895 | 35,904 | ||||||||||||||||||
Total consumer and commercial | $ | 1,416 | $ | 327 | $ | 288 | $ | 2,031 | $ | 97,916 | $ | 99,947 |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Consumer automotive | $ | 475 | $ | 386 | ||||
Consumer mortgage | ||||||||
Mortgage Finance | 15 | 19 | ||||||
Mortgage — Legacy | 113 | 158 | ||||||
Total consumer mortgage | 128 | 177 | ||||||
Total consumer | 603 | 563 | ||||||
Commercial | ||||||||
Commercial and industrial | ||||||||
Automotive | 25 | 32 | ||||||
Other | 44 | 46 | ||||||
Commercial real estate — Automotive | 8 | 4 | ||||||
Total commercial | 77 | 82 | ||||||
Total consumer and commercial finance receivables and loans | $ | 680 | $ | 645 |
2015 | 2014 | |||||||||||||||||||||||
December 31, ($ in millions) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||||||
Consumer automotive | $ | 63,817 | $ | 475 | $ | 64,292 | $ | 56,184 | $ | 386 | $ | 56,570 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 6,398 | 15 | 6,413 | 3,485 | 19 | 3,504 | ||||||||||||||||||
Mortgage — Legacy | 3,247 | 113 | 3,360 | 3,811 | 158 | 3,969 | ||||||||||||||||||
Total consumer mortgage | 9,645 | 128 | 9,773 | 7,296 | 177 | 7,473 | ||||||||||||||||||
Total consumer | $ | 73,462 | $ | 603 | $ | 74,065 | $ | 63,480 | $ | 563 | $ | 64,043 |
2015 | 2014 | |||||||||||||||||||||||
December 31, ($ in millions) | Pass | Criticized (a) | Total | Pass | Criticized (a) | Total | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | $ | 29,613 | $ | 1,856 | $ | 31,469 | $ | 29,150 | $ | 1,721 | $ | 30,871 | ||||||||||||
Other | 2,122 | 518 | 2,640 | 1,509 | 373 | 1,882 | ||||||||||||||||||
Commercial real estate — Automotive | 3,265 | 161 | 3,426 | 3,015 | 136 | 3,151 | ||||||||||||||||||
Total commercial | $ | 35,000 | $ | 2,535 | $ | 37,535 | $ | 33,674 | $ | 2,230 | $ | 35,904 |
(a) | Includes loans classified as special mention, substandard, or doubtful. These classifications are based on regulatory definitions and generally represent loans within our portfolio that have a higher default risk or have already defaulted. |
December 31, ($ in millions) | Unpaid principal balance | Gross carrying value | Impaired with no allowance | Impaired with an allowance | Allowance for impaired loans | |||||||||||||||
2015 | ||||||||||||||||||||
Consumer automotive | $ | 315 | $ | 315 | $ | — | $ | 315 | $ | 22 | ||||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 9 | 9 | 5 | 4 | 1 | |||||||||||||||
Mortgage — Legacy | 260 | 257 | 59 | 198 | 43 | |||||||||||||||
Total consumer mortgage | 269 | 266 | 64 | 202 | 44 | |||||||||||||||
Total consumer | 584 | 581 | 64 | 517 | 66 | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 25 | 25 | 4 | 21 | 3 | |||||||||||||||
Other | 44 | 44 | — | 44 | 15 | |||||||||||||||
Commercial real estate — Automotive | 8 | 8 | 1 | 7 | 2 | |||||||||||||||
Total commercial | 77 | 77 | 5 | 72 | 20 | |||||||||||||||
Total consumer and commercial finance receivables and loans | $ | 661 | $ | 658 | $ | 69 | $ | 589 | $ | 86 | ||||||||||
2014 | ||||||||||||||||||||
Consumer automotive | $ | 282 | $ | 282 | $ | — | $ | 282 | $ | 23 | ||||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 8 | 7 | 4 | 3 | — | |||||||||||||||
Mortgage — Legacy | 332 | 329 | 82 | 247 | 62 | |||||||||||||||
Total consumer mortgage | 340 | 336 | 86 | 250 | 62 | |||||||||||||||
Total consumer | 622 | 618 | 86 | 532 | 85 | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 32 | 32 | 4 | 28 | 5 | |||||||||||||||
Other | 46 | 46 | — | 46 | 15 | |||||||||||||||
Commercial real estate — Automotive | 4 | 4 | 1 | 3 | 1 | |||||||||||||||
Total commercial | 82 | 82 | 5 | 77 | 21 | |||||||||||||||
Total consumer and commercial finance receivables and loans | $ | 704 | $ | 700 | $ | 91 | $ | 609 | $ | 106 |
2015 | 2014 | 2013 | ||||||||||||||||||||||
Year ended December 31, ($ in millions) | Average balance | Interest income | Average balance | Interest income | Average balance | Interest income | ||||||||||||||||||
Consumer automotive | $ | 295 | $ | 16 | $ | 317 | $ | 20 | $ | 278 | $ | 18 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 8 | — | 12 | — | 11 | — | ||||||||||||||||||
Mortgage — Legacy | 272 | 9 | 861 | 12 | 897 | 29 | ||||||||||||||||||
Total consumer mortgage | 280 | 9 | 873 | 12 | 908 | 29 | ||||||||||||||||||
Total consumer | 575 | 25 | 1,190 | 32 | 1,186 | 47 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | 33 | 1 | 61 | 2 | 152 | 6 | ||||||||||||||||||
Other | 41 | 3 | 59 | 3 | 72 | 2 | ||||||||||||||||||
Commercial real estate — Automotive | 5 | — | 6 | — | 29 | 1 | ||||||||||||||||||
Total commercial | 79 | 4 | 126 | 5 | 253 | 9 | ||||||||||||||||||
Total consumer and commercial finance receivables and loans | $ | 654 | $ | 29 | $ | 1,316 | $ | 37 | $ | 1,439 | $ | 56 |
2015 | 2014 | |||||||||||||||||||||
Year ended December 31, ($ in millions) | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | ||||||||||||||||
Consumer automotive | 17,222 | $ | 278 | $ | 237 | 17,511 | $ | 211 | $ | 187 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||
Mortgage Finance | 7 | 4 | 4 | 2 | 1 | 1 | ||||||||||||||||
Mortgage — Legacy | 197 | 42 | 40 | 394 | 79 | 73 | ||||||||||||||||
Total consumer mortgage | 204 | 46 | 44 | 396 | 80 | 74 | ||||||||||||||||
Total consumer | 17,426 | 324 | 281 | 17,907 | 291 | 261 | ||||||||||||||||
Commercial | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||
Automotive | — | — | — | 3 | 23 | 23 | ||||||||||||||||
Other | 1 | 21 | 21 | 3 | 48 | 48 | ||||||||||||||||
Commercial real estate — Automotive | 1 | 3 | 3 | — | — | — | ||||||||||||||||
Total commercial | 2 | 24 | 24 | 6 | 71 | 71 | ||||||||||||||||
Total consumer and commercial finance receivables and loans | 17,428 | $ | 348 | $ | 305 | 17,913 | $ | 362 | $ | 332 |
2015 | 2014 | |||||||||||||||||||||
Year ended December 31, ($ in millions) | Number of loans | Gross carrying value | Charge-off amount | Number of loans | Gross carrying value | Charge-off amount | ||||||||||||||||
Consumer automotive | 6,836 | $ | 82 | $ | 47 | 7,117 | $ | 90 | $ | 47 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||
Mortgage Finance | — | — | — | — | — | — | ||||||||||||||||
Mortgage — Legacy | 10 | 1 | — | 27 | 2 | 1 | ||||||||||||||||
Total consumer finance receivables and loans | 6,846 | $ | 83 | $ | 47 | 7,144 | $ | 92 | $ | 48 |
2015 (a) | 2014 | ||||||||||
December 31, | Consumer automotive | Consumer mortgage | Consumer automotive | Consumer mortgage | |||||||
Texas | 13.7 | % | 6.2 | % | 13.6 | % | 6.0 | % | |||
California | 7.3 | 33.6 | 6.2 | 30.8 | |||||||
Florida | 7.7 | 4.1 | 7.3 | 3.7 | |||||||
Pennsylvania | 5.0 | 1.5 | 5.3 | 1.6 | |||||||
Illinois | 4.4 | 4.1 | 4.4 | 4.2 | |||||||
Georgia | 4.4 | 2.2 | 4.2 | 2.1 | |||||||
North Carolina | 3.6 | 1.8 | 3.5 | 1.9 | |||||||
Ohio | 3.7 | 0.6 | 3.9 | 0.6 | |||||||
New York | 3.5 | 1.9 | 4.0 | 1.9 | |||||||
Michigan | 3.1 | 2.4 | 3.8 | 3.1 | |||||||
Other United States | 43.6 | 41.6 | 43.8 | 44.1 | |||||||
Total consumer loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(a) | Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2015. |
December 31, | 2015 | 2014 | |||
Texas | 17.7 | % | 13.8 | % | |
Florida | 10.0 | 12.3 | |||
Michigan | 8.9 | 9.9 | |||
California | 8.7 | 9.0 | |||
North Carolina | 3.8 | 3.9 | |||
Virginia | 3.8 | 4.1 | |||
Georgia | 3.6 | 3.7 | |||
Pennsylvania | 3.4 | 3.8 | |||
New York | 3.1 | 3.9 | |||
Illinois | 2.9 | 2.7 | |||
Other United States | 34.1 | 32.9 | |||
Total commercial real estate finance receivables and loans | 100.0 | % | 100.0 | % |
December 31, | 2015 | 2014 | |||
Automotive | 80.5 | % | 87.3 | % | |
Manufacturing | 7.8 | 0.9 | |||
Services | 5.3 | 2.0 | |||
Other | 6.4 | 9.8 | |||
Total commercial criticized finance receivables and loans | 100.0 | % | 100.0 | % |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Vehicles | $ | 20,211 | $ | 23,144 | ||||
Accumulated depreciation | (3,940 | ) | (3,634 | ) | ||||
Investment in operating leases, net | $ | 16,271 | $ | 19,510 |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Depreciation expense on operating lease assets (excluding remarketing gains) | $ | 2,600 | $ | 2,666 | $ | 2,327 | |||||
Remarketing gains | (351 | ) | (433 | ) | (332 | ) | |||||
Net depreciation expense on operating lease assets | $ | 2,249 | $ | 2,233 | $ | 1,995 |
Year ended December 31, ($ in millions) | |||
2016 | $ | 2,687 | |
2017 | 1,445 | ||
2018 | 406 | ||
2019 | 57 | ||
2020 and thereafter | 1 | ||
Total | $ | 4,596 |
December 31, ($ in millions) | Consolidated involvement with VIEs | Assets of nonconsolidated VIEs (a) | Maximum exposure to loss in nonconsolidated VIEs | ||||||||||
2015 | |||||||||||||
On-balance sheet variable interest entities | |||||||||||||
Consumer automotive | $ | 27,967 | (b) | ||||||||||
Commercial automotive | 16,763 | ||||||||||||
Off-balance sheet variable interest entities | |||||||||||||
Consumer automotive | — | $ | 3,034 | $ | 3,034 | (c) | |||||||
Commercial other | 210 | (d) | — | (e) | 493 | (f) | |||||||
Total | $ | 44,940 | $ | 3,034 | $ | 3,527 | |||||||
2014 | |||||||||||||
On-balance sheet variable interest entities | |||||||||||||
Consumer automotive | $ | 31,966 | (b) | ||||||||||
Commercial automotive | 18,153 | ||||||||||||
Off-balance sheet variable interest entities | |||||||||||||
Consumer automotive | — | $ | 2,801 | $ | 2,801 | (c) | |||||||
Commercial other | 146 | (d) | — | (e) | 362 | (f) | |||||||
Total | $ | 50,265 | $ | 2,801 | $ | 3,163 |
(a) | Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. |
(b) | Includes $10.6 billion and $12.7 billion of assets which are not encumbered by VIE beneficial interests held by third parties at December 31, 2015, and December 31, 2014, respectively. Ally or consolidated affiliates hold the interests in these assets which eliminate in consolidation. |
(c) | Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all of the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss. |
(d) | Includes $222 million and $164 million classified as other assets, offset by $12 million and $18 million classified as accrued expenses and other liabilities at December 31, 2015, and December 31, 2014, respectively. |
(e) | Includes a VIE for which we have no management oversight and therefore we are not able to provide the total assets of the VIEs. |
(f) | For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long term guarantee contracts. The amount disclosed is based on the unlikely event that the underlying properties cease generating yield to investors and the yield delivered to investors in the form of low income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. |
December 31, ($ in millions) | 2015 | 2014 | |||||
Assets | |||||||
Finance receivables and loans, net | |||||||
Consumer | $ | 11,682 | $ | 12,594 | |||
Commercial | 16,247 | 17,487 | |||||
Allowance for loan losses | (196 | ) | (179 | ) | |||
Total finance receivables and loans, net | 27,733 | 29,902 | |||||
Investment in operating leases, net | 4,791 | 5,595 | |||||
Other assets | 1,624 | 1,964 | |||||
Total assets | $ | 34,148 | $ | 37,461 | |||
Liabilities | |||||||
Long-term debt | 20,267 | 24,297 | |||||
Accrued expenses and other liabilities | 22 | 173 | |||||
Total liabilities | $ | 20,289 | $ | 24,470 |
Year ended December 31, ($ in millions) | Consumer automotive | Consumer mortgage | ||||||
2015 | ||||||||
Cash proceeds from transfers completed during the period | $ | 1,551 | $ | — | ||||
Servicing fees | 28 | — | ||||||
2014 | ||||||||
Cash proceeds from transfers completed during the period | $ | 2,594 | $ | — | ||||
Servicing fees | 11 | — | ||||||
Representations and warranties obligations | — | (31 | ) | |||||
2013 | ||||||||
Cash proceeds from transfers completed during the period | $ | — | $ | 8,676 | ||||
Servicing fees | 13 | 70 | ||||||
Representations and warranties obligations | — | (66 | ) | |||||
Other cash flows | — | 70 |
Total Amount | Amount 60 days or more past due | Net credit losses | ||||||||||||||||||||||
December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
On-balance sheet loans | ||||||||||||||||||||||||
Consumer automotive | $ | 64,292 | $ | 58,085 | $ | 591 | $ | 457 | $ | 578 | $ | 501 | ||||||||||||
Consumer mortgage | 9,773 | 7,926 | 108 | 151 | 31 | 43 | ||||||||||||||||||
Commercial automotive | 34,895 | 34,022 | — | 9 | 3 | 1 | ||||||||||||||||||
Commercial other | 2,745 | 1,918 | — | — | (3 | ) | (8 | ) | ||||||||||||||||
Total on-balance sheet loans | 111,705 | 101,951 | 699 | 617 | 609 | 537 | ||||||||||||||||||
Off-balance sheet securitization entities | ||||||||||||||||||||||||
Consumer automotive | 2,529 | 2,801 | 9 | 5 | 5 | 1 | ||||||||||||||||||
Total off-balance sheet securitization entities | 2,529 | 2,801 | 9 | 5 | 5 | 1 | ||||||||||||||||||
Whole-loan transactions (a) | 2,252 | 929 | 13 | 33 | — | 6 | ||||||||||||||||||
Total | $ | 116,486 | $ | 105,681 | $ | 721 | $ | 655 | $ | 614 | $ | 544 |
(a) | Whole-loan transactions are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
On-balance sheet automotive finance loans and leases | ||||||||
Consumer automotive | $ | 64,067 | $ | 58,085 | ||||
Commercial automotive | 34,895 | 34,022 | ||||||
Operating leases | 15,965 | 19,510 | ||||||
Other | 72 | 55 | ||||||
Off-balance sheet automotive finance loans | ||||||||
Loans sold to third-party investors | ||||||||
Securitizations | 2,550 | 2,832 | ||||||
Whole-loan | 2,259 | 887 | ||||||
Total serviced automotive finance loans and leases | $ | 119,808 | $ | 115,391 |
December 31, ($ in millions) | 2015 | 2014 | |||||
Prepaid reinsurance premiums | $ | 382 | $ | 326 | |||
Reinsurance recoverable on unpaid losses | 120 | 143 | |||||
Reinsurance recoverable on paid losses | 18 | 12 | |||||
Premiums receivable | 82 | 90 | |||||
Deferred policy acquisition costs | 1,199 | 1,124 | |||||
Total premiums receivable and other insurance assets | $ | 1,801 | $ | 1,695 |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Property and equipment at cost | $ | 691 | $ | 775 | ||||
Accumulated depreciation | (456 | ) | (550 | ) | ||||
Net property and equipment | 235 | 225 | ||||||
Restricted cash collections for securitization trusts (a) | 2,010 | 2,221 | ||||||
Net deferred tax assets | 1,369 | 1,812 | ||||||
Nonmarketable equity investments | 418 | 271 | ||||||
Cash reserve deposits held-for-securitization trusts (b) | 252 | 303 | ||||||
Fair value of derivative contracts in receivable position (c) | 233 | 263 | ||||||
Other accounts receivable | 158 | 298 | ||||||
Collateral placed with counterparties | 125 | 236 | ||||||
Restricted cash and cash equivalents | 120 | 122 | ||||||
Other assets | 1,401 | 1,354 | ||||||
Total other assets | $ | 6,321 | $ | 7,105 |
(a) | Represents cash collection from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt. |
(b) | Represents credit enhancement in the form of cash reserves for various securitization transactions. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Noninterest-bearing deposits | $ | 89 | $ | 64 | ||||
Interest-bearing deposits | ||||||||
Savings and money market checking accounts | 36,386 | 26,769 | ||||||
Certificates of deposit | 29,774 | 31,051 | ||||||
Dealer deposits | 229 | 319 | ||||||
Total deposit liabilities | $ | 66,478 | $ | 58,203 |
($ in millions) | |||
Due in 2016 | $ | 16,313 | |
Due in 2017 | 8,800 | ||
Due in 2018 | 3,068 | ||
Due in 2019 | 695 | ||
Due in 2020 | 898 | ||
Total certificates of deposit | $ | 29,774 |
2015 | 2014 | |||||||||||||||||||||||
December 31, ($ in millions) | Unsecured | Secured (a) | Total | Unsecured | Secured (a) | Total | ||||||||||||||||||
Demand notes | $ | 3,369 | $ | — | $ | 3,369 | $ | 3,338 | $ | — | $ | 3,338 | ||||||||||||
Federal Home Loan Bank | — | 4,000 | 4,000 | — | 2,950 | 2,950 | ||||||||||||||||||
Securities sold under agreements to repurchase | — | 648 | 648 | — | 774 | 774 | ||||||||||||||||||
Other | 84 | — | 84 | — | — | — | ||||||||||||||||||
Total short-term borrowings | $ | 3,453 | $ | 4,648 | $ | 8,101 | $ | 3,338 | $ | 3,724 | $ | 7,062 | ||||||||||||
Weighted average interest rate (b) | 0.8 | % | 0.8 | % |
(a) | Refer to Note 16 for further details on assets restricted as collateral for payment of the related debt. |
(b) | Based on the debt outstanding and the interest rate at December 31 of each year. |
December 31, ($ in millions) | Amount | Interest rate | Weighted-average interest rate (a) | Due date range | ||||||
2015 | ||||||||||
Unsecured debt | ||||||||||
Fixed rate (b) | $ | 17,657 | ||||||||
Variable rate | 375 | |||||||||
Trust preferred securities | 2,600 | |||||||||
Fair value adjustment (c) | 334 | |||||||||
Total unsecured debt | 20,966 | 0.37 - 8.13% | 5.40 | % | 2016 - 2049 | |||||
Secured debt | ||||||||||
Fixed rate | 20,511 | |||||||||
Variable rate | 24,760 | |||||||||
Fair value adjustment (c) | (3 | ) | ||||||||
Total secured debt (d) (e) (f) | 45,268 | 0.48 - 4.06% | 1.18 | % | 2016 - 2035 | |||||
Total long-term debt | $ | 66,234 | ||||||||
2014 | ||||||||||
Unsecured debt | ||||||||||
Fixed rate (b) | $ | 18,858 | ||||||||
Variable rate | 374 | |||||||||
Trust preferred securities | 2,598 | |||||||||
Fair value adjustment (c) | 452 | |||||||||
Total unsecured debt | 22,282 | 0.33 - 8.30% | 5.90 | % | 2015 - 2049 | |||||
Secured debt | ||||||||||
Fixed rate | 19,793 | |||||||||
Variable rate | 24,305 | |||||||||
Total secured debt (d) (e) (f) | 44,098 | 0.21 - 4.59% | 0.94 | % | 2015 - 2023 | |||||
Total long-term debt | $ | 66,380 |
(a) | Based on the debt outstanding and the interest rate at December 31 of each year. |
(b) | Includes subordinated debt of $1.1 billion and $296 million at December 31, 2015, and 2014, respectively. |
(c) | Represents the fair value adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 22 for additional information. |
(d) | Includes $20.3 billion and $24.3 billion of VIE secured debt outstanding at December 31, 2015, and 2014, respectively. |
(e) | Includes $19.9 billion and $17.0 billion of debt outstanding from the Automotive secured revolving credit facilities at December 31, 2015, and 2014, respectively. |
(f) | Includes advances from the FHLB of $5.4 billion and $2.8 billion at December 31, 2015, and 2014, respectively. |
2015 | 2014 | |||||||||||||||||||||||
December 31, ($ in millions) | Unsecured | Secured | Total | Unsecured | Secured | Total | ||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||
Due within one year | $ | 1,829 | $ | 9,427 | $ | 11,256 | $ | 4,780 | $ | 12,603 | $ | 17,383 | ||||||||||||
Due after one year | 18,803 | 35,844 | 54,647 | 17,050 | 31,495 | 48,545 | ||||||||||||||||||
Fair value adjustment | 334 | (3 | ) | 331 | 452 | — | 452 | |||||||||||||||||
Total long-term debt | $ | 20,966 | $ | 45,268 | $ | 66,234 | $ | 22,282 | $ | 44,098 | $ | 66,380 |
Year ended December 31, ($ in millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 and thereafter | Fair value adjustment | Total | ||||||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,904 | $ | 4,371 | $ | 3,702 | $ | 1,615 | $ | 2,228 | $ | 8,203 | $ | 334 | $ | 22,357 | ||||||||||||||||
Original issue discount | (75 | ) | (87 | ) | (98 | ) | (35 | ) | (35 | ) | (1,061 | ) | — | (1,391 | ) | |||||||||||||||||
Total unsecured | 1,829 | 4,284 | 3,604 | 1,580 | 2,193 | 7,142 | 334 | 20,966 | ||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||||||||
Long-term debt | 9,427 | 15,217 | 9,109 | 5,823 | 3,414 | 2,281 | (3 | ) | 45,268 | |||||||||||||||||||||||
Total long-term debt | $ | 11,256 | $ | 19,501 | $ | 12,713 | $ | 7,403 | $ | 5,607 | $ | 9,423 | $ | 331 | $ | 66,234 |
2015 | 2014 | |||||||||||||||
December 31, ($ in millions) | Total | Ally Bank (a) | Total | Ally Bank (a) | ||||||||||||
Investment securities (b) | $ | 2,420 | $ | 1,761 | $ | 786 | $ | 786 | ||||||||
Mortgage assets held-for-investment and lending receivables | 9,743 | 9,743 | 7,541 | 7,541 | ||||||||||||
Consumer automotive finance receivables | 34,324 | 9,167 | 33,438 | 11,263 | ||||||||||||
Commercial automotive finance receivables | 19,623 | 19,177 | 20,605 | 20,083 | ||||||||||||
Investment in operating leases, net | 5,539 | 3,205 | 6,820 | 4,672 | ||||||||||||
Total assets restricted as collateral (c) (d) | $ | 71,649 | $ | 43,053 | $ | 69,190 | $ | 44,345 | ||||||||
Secured debt | $ | 49,916 | (e) | $ | 24,787 | $ | 47,822 | (e) | $ | 27,103 |
(a) | Ally Bank is a component of the total column. |
(b) | Certain investment securities are restricted under repurchase agreements. Refer to Note 15 for information on the repurchase agreements. |
(c) | Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $14.9 billion and $10.7 billion at December 31, 2015, and 2014, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans, net and investment securities. Ally Bank has access to the Federal Reserve Bank Discount Window. Ally Bank had assets pledged and restricted as collateral to the Federal Reserve Bank totaling $2.9 billion and $3.2 billion at December 31, 2015, and 2014, respectively. These assets were composed of consumer automotive finance receivables and loans, net and investment in operating leases, net. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries. |
(d) | Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information. |
(e) | Includes $4.6 billion and $3.7 billion of short-term borrowings at December 31, 2015, and 2014, respectively. |
Outstanding | Unused capacity (a) | Total capacity | ||||||||||||||||||||||
December 31, ($ in millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Bank funding | ||||||||||||||||||||||||
Secured (b) | $ | 3,250 | $ | 3,250 | $ | — | $ | 250 | $ | 3,250 | $ | 3,500 | ||||||||||||
Parent funding | ||||||||||||||||||||||||
Secured | 16,914 | 15,030 | 251 | 3,425 | 17,165 | 18,455 | ||||||||||||||||||
Total committed facilities | $ | 20,164 | $ | 18,280 | $ | 251 | $ | 3,675 | $ | 20,415 | $ | 21,955 |
(a) | Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities. |
(b) | Excludes off-balance sheet credit facility amounts. |
December 31, ($ in millions) | 2015 | 2014 | ||||||
Accounts payable | $ | 391 | $ | 298 | ||||
Employee compensation and benefits | 242 | 298 | ||||||
Reserves for insurance losses and loss adjustment expenses | 169 | 208 | ||||||
Fair value of derivative contracts in payable position (a) | 145 | 252 | ||||||
Deferred revenue | 108 | 151 | ||||||
Collateral received from counterparties | 82 | 71 | ||||||
Other liabilities | 408 | 457 | ||||||
Total accrued expenses and other liabilities | $ | 1,545 | $ | 1,735 |
(a) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
Year ended December 31, (in shares) | 2015 | 2014 | 2013 | |||||
Common stock | ||||||||
Total issued, January 1, | 480,136,039 | 479,767,470 | 412,600,700 | |||||
New issuances | ||||||||
Employee benefits and compensation plans | 2,654,657 | 368,569 | — | |||||
Private placement (a) | — | — | 67,166,770 | |||||
Total issued, December 31, | 482,790,696 | 480,136,039 | 479,767,470 | |||||
Total treasury stock, December 31, | (810,585 | ) | (41,148 | ) | — | |||
Total outstanding, December 31, | 481,980,111 | 480,094,891 | 479,767,470 |
(a) | On November 20, 2013, Ally completed its private placement of its common stock for an aggregate price of $1.3 billion. |
December 31, 2015 | December 31, 2014 | |||||||
Series A preferred stock (a) | ||||||||
Carrying value ($ in millions) | $ | 696 | $ | 1,021 | ||||
Par value (per share) | 0.01 | 0.01 | ||||||
Liquidation preference (per share) | 25 | 25 | ||||||
Number of shares authorized | 40,870,560 | 40,870,560 | ||||||
Number of shares issued and outstanding | 27,870,560 | 40,870,560 | ||||||
Dividend/coupon | ||||||||
Prior to May 15, 2016 | 8.5 | % | 8.5 | % | ||||
On and after May 15, 2016 | Three month LIBOR + 6.243% | Three month LIBOR + 6.243% | ||||||
Series G preferred stock | ||||||||
Carrying value ($ in millions) | $ | — | $ | 234 | ||||
Par value (per share) | — | 0.01 | ||||||
Liquidation preference (per share) | — | 1,000 | ||||||
Number of shares authorized | — | 2,576,601 | ||||||
Number of shares issued and outstanding | — | 2,576,601 | ||||||
Dividend/coupon | — | % | 7 | % |
(a) | Nonredeemable prior to May 15, 2016. |
($ in millions) | Unrealized gains (losses) on investment securities (a) | Translation adjustments and net investment hedges (b) | Cash flow hedges (b) | Defined benefit pension plans | Accumulated other comprehensive income (loss) | ||||||||||||||
Balance at January 1, 2013 | $ | 76 | $ | 368 | $ | 2 | $ | (135 | ) | $ | 311 | ||||||||
2013 net change | (345 | ) | (303 | ) | 3 | 58 | (587 | ) | |||||||||||
Balance at December 31, 2013 | (269 | ) | 65 | 5 | (77 | ) | (276 | ) | |||||||||||
2014 net change | 248 | (29 | ) | 2 | (11 | ) | 210 | ||||||||||||
Balance at December 31, 2014 | (21 | ) | 36 | 7 | (88 | ) | (66 | ) | |||||||||||
2015 net change | (138 | ) | (27 | ) | 1 | (1 | ) | (165 | ) | ||||||||||
Balance at December 31, 2015 | $ | (159 | ) | $ | 9 | $ | 8 | $ | (89 | ) | $ | (231 | ) |
(a) | Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. |
(b) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
Year ended December 31, 2015 ($ in millions) | Before Tax | Tax Effect | After Tax | ||||||||
Unrealized losses on investment securities | |||||||||||
Net unrealized losses arising during the period | $ | (65 | ) | $ | 26 | $ | (39 | ) | |||
Less: Net realized gains reclassified to income from continuing operations | 155 | (a) | (56 | ) | (b) | 99 | |||||
Net change | (220 | ) | 82 | (138 | ) | ||||||
Translation adjustments | |||||||||||
Net unrealized losses arising during the period | (39 | ) | 13 | (26 | ) | ||||||
Less: Net realized gains reclassified to income from discontinued operations, net of tax | 42 | (20 | ) | 22 | |||||||
Net change | (81 | ) | 33 | (48 | ) | ||||||
Net investment hedges (c) | |||||||||||
Net unrealized gains arising during the period | 29 | (11 | ) | 18 | |||||||
Less: Net realized losses reclassified to income from discontinued operations, net of tax | (4 | ) | 1 | (3 | ) | ||||||
Net change | 33 | (12 | ) | 21 | |||||||
Cash flow hedges (c) | |||||||||||
Net unrealized gains arising during the period | 2 | (1 | ) | 1 | |||||||
Defined benefit pension plans | |||||||||||
Net unrealized gains (losses) arising during the period | — | — | — | ||||||||
Less: Net realized gains reclassified to income from continuing operations | 1 | (d) | — | (b) | 1 | ||||||
Net change | (1 | ) | — | (1 | ) | ||||||
Other comprehensive loss | $ | (267 | ) | $ | 102 | $ | (165 | ) |
(a) | Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. |
(b) | Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Consolidated Statement of Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(d) | Includes gains reclassified to compensation and benefits expense in our Consolidated Statement of Income. |
Year ended December 31, 2014 ($ in millions) | Before Tax | Tax Effect | After Tax | ||||||||
Unrealized gains on investment securities | |||||||||||
Net unrealized gains arising during the period | $ | 557 | $ | (142 | ) | $ | 415 | ||||
Less: Net realized gains reclassified to income from continuing operations | 181 | (a) | (14 | ) | (b) | 167 | |||||
Net change | 376 | (128 | ) | 248 | |||||||
Translation adjustments | |||||||||||
Net unrealized losses arising during the period | (27 | ) | 10 | (17 | ) | ||||||
Less: Net realized gains reclassified to income from discontinued operations, net of tax | 23 | (3 | ) | 20 | |||||||
Net change | (50 | ) | 13 | (37 | ) | ||||||
Net investment hedges (c) | |||||||||||
Net unrealized gains arising during the period | 13 | (5 | ) | 8 | |||||||
Cash flow hedges (c) | |||||||||||
Net unrealized gains arising during the period | 2 | — | 2 | ||||||||
Defined benefit pension plans | |||||||||||
Net unrealized losses arising during the period | (24 | ) | 9 | (15 | ) | ||||||
Less: Net realized losses reclassified to income from continuing operations | (7 | ) | (d) | 3 | (b) | (4 | ) | ||||
Net change | (17 | ) | 6 | (11 | ) | ||||||
Other comprehensive income | $ | 324 | $ | (114 | ) | $ | 210 |
(a) | Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. |
(b) | Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Consolidated Statement of Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(d) | Includes losses reclassified to compensation and benefits expense in our Consolidated Statement of Income. |
Year ended December 31, 2013 ($ in millions) | Before Tax | Tax Effect | After Tax | ||||||||
Unrealized losses on investment securities | |||||||||||
Net unrealized losses arising during the period | $ | (333 | ) | $ | 174 | $ | (159 | ) | |||
Less: Net realized gains reclassified to income from continuing operations | 180 | (a) | (2 | ) | (b) | 178 | |||||
Less: Net realized gains reclassified to income from discontinued operations, net of tax | 10 | (2 | ) | 8 | |||||||
Net change | (523 | ) | 178 | (345 | ) | ||||||
Translation adjustments | |||||||||||
Net unrealized losses arising during the period | (104 | ) | 24 | (80 | ) | ||||||
Less: Net realized gains reclassified to income from discontinued operations, net of tax | 337 | 92 | 429 | ||||||||
Net change | (441 | ) | (68 | ) | (509 | ) | |||||
Net investment hedges (c) | |||||||||||
Net unrealized gains arising during the period | 59 | (22 | ) | 37 | |||||||
Less: Net realized losses reclassified to income from discontinued operations, net of tax | (250 | ) | 81 | (169 | ) | ||||||
Net change | 309 | (103 | ) | 206 | |||||||
Cash flow hedges (c) | |||||||||||
Net unrealized losses arising during the period | (1 | ) | — | (1 | ) | ||||||
Less: Net realized losses reclassified to income from continuing operations | (7 | ) | (d) | 3 | (b) | (4 | ) | ||||
Net change | 6 | (3 | ) | 3 | |||||||
Defined benefit pension plans | |||||||||||
Net unrealized gains arising during the period | 26 | (8 | ) | 18 | |||||||
Less: Net realized losses reclassified to income from continuing operations | (2 | ) | (e) | — | (b) | (2 | ) | ||||
Less: Net realized losses reclassified to income from discontinued operations, net of tax | (49 | ) | 11 | (38 | ) | ||||||
Net change | 77 | (19 | ) | 58 | |||||||
Other comprehensive loss | $ | (572 | ) | $ | (15 | ) | $ | (587 | ) |
(a) | Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. |
(b) | Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Consolidated Statement of Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(d) | Includes losses reclassified to long-term debt in our Consolidated Statement of Income. |
(e) | Includes losses reclassified to compensation and benefits expense in our Consolidated Statement of Income |
Year ended December 31, ($ in millions except per share data) (a) | 2015 | 2014 | 2013 | |||||||||
Net income from continuing operations | $ | 897 | $ | 925 | $ | 416 | ||||||
Preferred stock dividends — U.S. Department of the Treasury | — | — | (543 | ) | ||||||||
Impact of repurchase of mandatorily convertible preferred stock held by U.S. Department of the Treasury and elimination of share adjustment right | — | — | (240 | ) | ||||||||
Preferred stock dividends (b) | (2,571 | ) | (268 | ) | (267 | ) | ||||||
Net (loss) income from continuing operations attributable to common shareholders | (1,674 | ) | 657 | (634 | ) | |||||||
Income (loss) from discontinued operations, net of tax | 392 | 225 | (55 | ) | ||||||||
Net (loss) income attributable to common shareholders | $ | (1,282 | ) | $ | 882 | $ | (689 | ) | ||||
Basic weighted-average common shares outstanding (c) | 482,873,120 | 481,154,609 | 420,166,188 | |||||||||
Diluted weighted-average common shares outstanding (c) (d) | 482,873,120 | 481,933,811 | 420,166,188 | |||||||||
Basic earnings per common share | ||||||||||||
Net (loss) income from continuing operations | $ | (3.47 | ) | $ | 1.36 | $ | (1.51 | ) | ||||
Income (loss) from discontinued operations, net of tax | 0.81 | 0.47 | (0.13 | ) | ||||||||
Net (loss) income | $ | (2.66 | ) | $ | 1.83 | $ | (1.64 | ) | ||||
Diluted earnings per common share | ||||||||||||
Net (loss) income from continuing operations | $ | (3.47 | ) | $ | 1.36 | $ | (1.51 | ) | ||||
Income (loss) from discontinued operations, net of tax | 0.81 | 0.47 | (0.13 | ) | ||||||||
Net (loss) income | $ | (2.66 | ) | $ | 1.83 | $ | (1.64 | ) |
(a) | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
(b) | Preferred stock dividends for the year ended December 31, 2015, include $2,364 million recognized in connection with the redemption of the Series G Preferred Stock and the repurchase of the Series A Preferred Stock. These dividends represent an additional return to preferred shareholders calculated as the excess consideration paid over the carrying amount derecognized. Refer to Note 18 for additional preferred stock information. |
(c) | Includes shares related to share-based compensation that vested but were not yet issued for the years ended December 31, 2015, and 2014, respectively. |
(d) | Due to antidilutive effect of the net loss from continuing operations attributable to common shareholders for the years ended December 31, 2015, and 2013, respectively, basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share. |
Under Basel III | Under Basel I | ||||||||||||||||||
December 31, 2015 (a) | December 31, 2014 (b) | Required minimum | Well-capitalized minimum | ||||||||||||||||
($ in millions) | Amount | Ratio | Amount | Ratio | |||||||||||||||
Risk-based capital | |||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) (c) | |||||||||||||||||||
Ally Financial Inc. | $ | 12,507 | 9.21 | % | $ | 12,588 | 9.64 | % | 4.50 | % | (d) | ||||||||
Ally Bank | 16,594 | 17.05 | 16,022 | 16.89 | 4.50 | 6.50 | % | ||||||||||||
Tier 1 (to risk-weighted assets) | |||||||||||||||||||
Ally Financial Inc. | $ | 15,077 | 11.10 | % | $ | 16,389 | 12.55 | % | 6.00 | % | 6.00 | % | |||||||
Ally Bank | 16,594 | 17.05 | 16,022 | 16.89 | 6.00 | 8.00 | |||||||||||||
Total (to risk-weighted assets) | |||||||||||||||||||
Ally Financial Inc. | $ | 17,005 | 12.52 | % | $ | 17,294 | 13.24 | % | 8.00 | % | 10.00 | % | |||||||
Ally Bank | 17,043 | 17.51 | 16,468 | 17.36 | 8.00 | 10.00 | |||||||||||||
Tier 1 leverage (to adjusted quarterly average assets) (e) | |||||||||||||||||||
Ally Financial Inc. | $ | 15,077 | 9.73 | % | $ | 16,389 | 10.94 | % | 4.00 | % | (d) | ||||||||
Ally Bank | 16,594 | 15.38 | 16,022 | 15.44 | 15.00 | (f) | 5.00 | % |
(a) | U.S. Basel III became effective for us on January 1, 2015, subject to transitional provisions primarily related to deductions and adjustments impacting Common Equity Tier 1 capital and Tier 1 capital. |
(b) | Capital ratios as of December 31, 2014, are presented under the U.S. Basel I capital framework. |
(c) | Previously referred to as Tier 1 Common Equity under the U.S. Basel I capital framework. |
(d) | Currently, there is no ratio component for determining whether a BHC is "well-capitalized." |
(e) | Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. |
(f) | Ally Bank, in accordance with the CLMA, is required to maintain a Tier 1 leverage ratio of at least 15%. |
2015 | 2014 | |||||||||||||||||||||||
Derivative contracts in a | Notional amount | Derivative contracts in a | Notional amount | |||||||||||||||||||||
December 31, ($ in millions) | receivable position (a) | payable position (b) | receivable position (a) | payable position (b) | ||||||||||||||||||||
Derivatives qualifying for hedge accounting | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Swaps (c) (d) (e) | $ | 126 | $ | 9 | $ | 14,151 | $ | 118 | $ | 7 | $ | 18,554 | ||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||
Forwards | — | 1 | 189 | — | — | 210 | ||||||||||||||||||
Total derivatives qualifying for hedge accounting | 126 | 10 | 14,340 | 118 | 7 | 18,764 | ||||||||||||||||||
Economic hedges | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Swaps | 30 | 51 | 6,101 | 40 | 65 | 11,979 | ||||||||||||||||||
Futures and forwards | 2 | 2 | 1,905 | 4 | 2 | 18,886 | ||||||||||||||||||
Written options | — | 72 | 18,220 | — | 94 | 14,823 | ||||||||||||||||||
Purchased options | 73 | — | 18,240 | 94 | — | 15,159 | ||||||||||||||||||
Total interest rate risk | 105 | 125 | 44,466 | 138 | 161 | 60,847 | ||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||
Swaps | — | — | — | — | 74 | 1,210 | ||||||||||||||||||
Futures and forwards | — | — | 278 | 5 | 4 | 304 | ||||||||||||||||||
Total foreign exchange risk | — | — | 278 | 5 | 78 | 1,514 | ||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||
Forwards | — | 9 | 32 | — | 3 | 74 | ||||||||||||||||||
Written options | — | 1 | — | — | 3 | 1 | ||||||||||||||||||
Purchased options | 2 | — | — | 2 | — | — | ||||||||||||||||||
Total equity risk | 2 | 10 | 32 | 2 | 6 | 75 | ||||||||||||||||||
Total economic hedges | 107 | 135 | 44,776 | 145 | 245 | 62,436 | ||||||||||||||||||
Total derivatives | $ | 233 | $ | 145 | $ | 59,116 | $ | 263 | $ | 252 | $ | 81,200 |
(a) | Derivative contracts in a receivable position are classified as other assets on the Consolidated Balance Sheet, and includes accrued interest of $46 million and $50 million at December 31, 2015, and 2014, respectively. |
(b) | Derivative contracts in a liability position are classified as accrued expenses and other liabilities on the Consolidated Balance Sheet, and includes accrued interest of $12 million and $17 million at December 31, 2015, and 2014, respectively. |
(c) | Includes fair value hedges consisting of receive-fixed swaps on fixed-rate debt obligations with $112 million and $97 million in a receivable position, $3 million and $1 million in a payable position, and a $6.8 billion and $4.7 billion notional amount at December 31, 2015, and December 31, 2014, respectively. Of the hedge notional amount at December 31, 2015, $2.6 billion is associated with debt maturing in five or more years. |
(d) | Other fair value hedges include pay-fixed swaps on portfolios of held-for-investment automotive loan assets with $13 million and $21 million in a receivable position, $3 million and $6 million in a payable position, and a $6.8 billion and $13.9 billion notional amount at December 31, 2015, and December 31, 2014, respectively. |
(e) | Fair value hedges were executed during the fourth quarter consisting of receive-fixed swaps on fixed-rate secured debt obligations (FHLB Advances) with $1 million in a receivable position, $2 million in a payable position, and a $500 million notional amount at December 31, 2015. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Derivatives qualifying for hedge accounting | ||||||||||||
(Loss) gain recognized in earnings on derivatives | ||||||||||||
Interest rate contracts | ||||||||||||
Interest and fees on finance receivables and loans (a) | $ | (9 | ) | $ | 15 | $ | 7 | |||||
Interest on long-term debt (b) (c) | 35 | 199 | (389 | ) | ||||||||
Gain (loss) recognized in earnings on hedged items | ||||||||||||
Interest rate contracts | ||||||||||||
Interest and fees on finance receivables and loans (d) | 39 | 34 | 2 | |||||||||
Interest on long-term debt (e) | (30 | ) | (185 | ) | 402 | |||||||
Total derivatives qualifying for hedge accounting | 35 | 63 | 22 | |||||||||
Economic derivatives | ||||||||||||
(Loss) gain recognized in earnings on derivatives | ||||||||||||
Interest rate contracts | ||||||||||||
Servicing asset valuation and hedge activities, net | — | — | (112 | ) | ||||||||
Loss on mortgage and automotive loans, net | (2 | ) | — | (37 | ) | |||||||
Other income, net of losses | (17 | ) | (37 | ) | 14 | |||||||
Total interest rate contracts | (19 | ) | (37 | ) | (135 | ) | ||||||
Foreign exchange contracts (f) | ||||||||||||
Interest on long-term debt | (139 | ) | (172 | ) | 94 | |||||||
Other income, net of losses | 12 | 12 | 24 | |||||||||
Total foreign exchange contracts | (127 | ) | (160 | ) | 118 | |||||||
Equity contracts | ||||||||||||
Compensation and benefits expense | (10 | ) | (5 | ) | — | |||||||
Total equity contracts | (10 | ) | (5 | ) | — | |||||||
(Loss) gain recognized in earnings on derivatives | $ | (121 | ) | $ | (139 | ) | $ | 5 |
(a) | Amounts exclude losses related to interest for qualifying accounting hedges of portfolios of retail automotive loans held-for-investment, which are primarily offset by the fixed coupon payments of the loans. The losses were $64 million, $61 million, and $9 million for the years ended December 31, 2015, and 2014, and 2013, respectively. |
(b) | Amounts exclude gains related to interest for qualifying accounting hedges of debt, which are primarily offset by the fixed coupon payment on the long-term debt. The gains were $97 million, $112 million, and $131 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
(c) | Amounts exclude gains related to interest for qualifying accounting hedges of secured debt (FHLB Advances), which are primarily offset by the fixed coupon payment on the long-term debt. The gains were $1 million for the year ended December 31, 2015. |
(d) | Amounts exclude losses related to amortization of deferred loan basis adjustments on the de-designated hedged item of $8 million for the year ended December 31, 2015. |
(e) | Amounts exclude gains related to amortization of deferred basis adjustments on the de-designated hedged item of $73 million, $155 million, and $247 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
(f) | Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of $132 million, and $165 million, and losses of $117 million, were recognized for the years ended December 31, 2015, 2014, and 2013, respectively. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | |||||||||
Cash flow hedges | ||||||||||||
Interest rate contracts | ||||||||||||
Loss reclassified from accumulated other comprehensive income to interest on long-term debt | $ | — | $ | (2 | ) | $ | (7 | ) | ||||
Total interest on long-term debt | $ | — | $ | (2 | ) | $ | (7 | ) | ||||
Gain recognized in other comprehensive income | $ | 2 | $ | 2 | $ | 6 | ||||||
Net investment hedges | ||||||||||||
Foreign exchange contracts | ||||||||||||
Loss reclassified from accumulated other comprehensive income to income (loss) from discontinued operations, net | $ | (4 | ) | $ | — | $ | (250 | ) | ||||
Total loss from discontinued operations, net | $ | (4 | ) | $ | — | $ | (250 | ) | ||||
Gain recognized in other comprehensive income (a) | $ | 33 | $ | 13 | $ | 309 |
(a) | The amounts represent the effective portion of net investment hedges. There are offsetting amounts recognized in accumulated other comprehensive income related to the revaluation of the related net investment in foreign operations, including the tax impacts of the hedge and related net investment, as disclosed separately in Note 19. There were losses of $59 million, $41 million, and $582 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Current income tax expense (benefit) | |||||||||||
U.S. federal | $ | — | $ | (3 | ) | $ | — | ||||
Foreign | 6 | 8 | 4 | ||||||||
State and local | 3 | 5 | — | ||||||||
Total current expense | 9 | 10 | 4 | ||||||||
Deferred income tax expense (benefit) | |||||||||||
U.S. federal | 454 | 270 | (67 | ) | |||||||
Foreign | 1 | 2 | (1 | ) | |||||||
State and local | 32 | 39 | 5 | ||||||||
Total deferred expense (benefit) | 487 | 311 | (63 | ) | |||||||
Total income tax expense (benefit) from continuing operations | $ | 496 | $ | 321 | $ | (59 | ) |
Year ended December 31, ($ in millions) | 2015 | 2014 | 2013 | ||||||||
Statutory U.S. federal tax expense | $ | 488 | $ | 436 | $ | 125 | |||||
Change in tax resulting from | |||||||||||
State and local income taxes, net of federal income tax benefit | 38 | 48 | 16 | ||||||||
Effect of valuation allowance change | (26 | ) | (64 | ) | (154 | ) | |||||
Nondeductible expenses | 14 | 31 | 26 | ||||||||
Tax credits | (12 | ) | (10 | ) | (45 | ) | |||||
Changes in unrecognized tax benefits | (5 | ) | (63 | ) | (10 | ) | |||||
Tax law enactment | — | (39 | ) | (44 | ) | ||||||
Other, net | (1 | ) | (18 | ) | 27 | ||||||
Total income tax expense (benefit) from continuing operations | $ | 496 | $ | 321 | $ | (59 | ) |
December 31, ($ in millions) | 2015 | 2014 | |||||
Deferred tax assets | |||||||
Tax credit carryforwards | $ | 1,941 | $ | 1,911 | |||
Tax loss carryforwards | 950 | 1,158 | |||||
Adjustments to loan value | 311 | 520 | |||||
State and local taxes | 194 | 227 | |||||
Unearned insurance premiums | 141 | 141 | |||||
Hedging transactions | 99 | 139 | |||||
Other | 212 | 210 | |||||
Gross deferred tax assets | 3,848 | 4,306 | |||||
Valuation allowance | (582 | ) | (734 | ) | |||
Deferred tax assets, net of valuation allowance | 3,266 | 3,572 | |||||
Deferred tax liabilities | |||||||
Lease transactions | 1,273 | 1,148 | |||||
Deferred acquisition costs | 403 | 378 | |||||
Debt transactions | 162 | 161 | |||||
Other | 69 | 78 | |||||
Gross deferred tax liabilities | 1,907 | 1,765 | |||||
Net deferred tax assets (a) | $ | 1,359 | $ | 1,807 |
(a) | Total net deferred tax assets includes $1,369 million of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position and $10 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position at December 31, 2015. |
($ in millions) | Deferred Tax Asset/(Liability) | Valuation Allowance | Net Deferred Tax Asset/(Liability) | Years of Expiration | ||||||||||
Tax credit carryforwards | ||||||||||||||
Foreign tax credits | $ | 1,748 | $ | (472 | ) | $ | 1,276 | 2016 - 2025 | ||||||
General business credits | 173 | — | 173 | 2032 - 2035 | ||||||||||
AMT credits | 20 | — | 20 | n/a | ||||||||||
Total tax credit carryforwards | 1,941 | (472 | ) | 1,469 | ||||||||||
Tax loss carryforwards | ||||||||||||||
Net operating losses — federal | 950 | — | 950 | 2031 - 2033 | ||||||||||
Net operating losses — state | 208 | (a) | (77 | ) | 131 | 2016 - 2035 | ||||||||
Capital losses — state | 28 | (a) | (28 | ) | — | 2016 - 2017 | ||||||||
Total tax loss carryforwards | 1,186 | (105 | ) | 1,081 | ||||||||||
Other deferred tax assets | 721 | (5 | ) | 716 | n/a | |||||||||
Deferred tax assets | 3,848 | (582 | ) | 3,266 | ||||||||||
Deferred tax liabilities | (1,907 | ) | — | (1,907 | ) | n/a | ||||||||
Net deferred tax assets | $ | 1,941 | $ | (582 | ) | $ | 1,359 |
(a) | State net operating loss and capital loss carryforwards are included in the state and local taxes total disclosed in our deferred inventory table above. |
($ in millions) | 2015 | 2014 | 2013 | ||||||||
Balance at January 1, | $ | 191 | $ | 262 | $ | 102 | |||||
Additions based on tax positions related to the current year | — | — | 174 | ||||||||
Additions for tax positions of prior years | 7 | 9 | 1 | ||||||||
Settlements | (10 | ) | (79 | ) | (14 | ) | |||||
Expiration of statute of limitations | (3 | ) | (1 | ) | (1 | ) | |||||
Balance at December 31, | $ | 185 | $ | 191 | $ | 262 |
Level 1 | Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity. |
Level 2 | Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. |
Level 3 | Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management's best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. |
Transfers | Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfer occurred. There were no transfers between any levels for the year ended December 31, 2015. |
• | Available-for-sale securities — All classes of available-for-sale securities are carried at fair value based on observable market prices, when available. If observable market prices are not available, our valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate and consider recent market transactions, experience with similar securities, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we are required to utilize various significant assumptions including market observable inputs (e.g., forward interest rates) and internally developed inputs (including prepayment speeds, delinquency levels, and credit losses). |
• | Mortgage loans held-for-sale, net — Certain of our mortgage loans held-for-sale are accounted for at fair value because of fair value option elections. Mortgage loans held-for-sale are typically pooled together and sold into certain exit markets depending on underlying attributes of the loan, such as eligibility with the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or the Government National Mortgage Association (Ginnie Mae) (collectively, the Government-sponsored Enterprises, or GSEs), product type, interest rate, and credit quality. Mortgage loans previously classified as Level 2 were mainly GSE-eligible mortgage loans carried at fair value due to fair value option election, which were valued predominantly using published forward agency prices. It also included any domestic loans where recently negotiated market prices for the loan pool exist with a counterparty (which approximates fair value) or quoted market prices for similar loans are available. These mortgage loans were transferred into Level 3 as of December 31, 2014, based on decreased observability of |
• | Interests retained in financial asset sales — The interests retained are in securitization trusts and deferred purchase prices on the sale of whole-loans. Due to inactivity in the market, valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate; therefore, we classified these assets as Level 3. The valuation considers recent market transactions, experience with similar assets, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (e.g., forward interest rates) and internally developed inputs (e.g., prepayment speeds, delinquency levels, and credit losses). |
• | Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk management strategies. Certain of these derivatives are exchange traded, such as Eurodollar futures, options of Eurodollar futures, and equity options. To determine the fair value of these instruments, we utilize the quoted market prices for the particular derivative contracts; therefore, we classified these contracts as Level 1. |
Recurring fair value measurements | ||||||||||||||||
December 31, 2015 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. Treasury and federal agencies | $ | 1,469 | $ | 272 | $ | — | $ | 1,741 | ||||||||
U.S. State and political subdivisions | — | 716 | — | 716 | ||||||||||||
Foreign government | 10 | 167 | — | 177 | ||||||||||||
Mortgage-backed residential | — | 10,366 | — | 10,366 | ||||||||||||
Mortgage-backed commercial | — | 481 | — | 481 | ||||||||||||
Asset-backed | — | 1,755 | — | 1,755 | ||||||||||||
Corporate debt securities | — | 1,204 | — | 1,204 | ||||||||||||
Total debt securities | 1,479 | 14,961 | — | 16,440 | ||||||||||||
Equity securities (a) | 717 | — | — | 717 | ||||||||||||
Total available-for-sale securities | 2,196 | 14,961 | — | 17,157 | ||||||||||||
Other assets | ||||||||||||||||
Interests retained in financial asset sales | — | — | 40 | 40 | ||||||||||||
Derivative contracts in a receivable position (b) | ||||||||||||||||
Interest rate | 2 | 229 | — | 231 | ||||||||||||
Other | 2 | — | — | 2 | ||||||||||||
Total derivative contracts in a receivable position | 4 | 229 | — | 233 | ||||||||||||
Total assets | $ | 2,200 | $ | 15,190 | $ | 40 | $ | 17,430 | ||||||||
Liabilities | ||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||
Derivative contracts in a payable position (b) | ||||||||||||||||
Interest rate | $ | (2 | ) | $ | (133 | ) | $ | — | $ | (135 | ) | |||||
Foreign currency | — | (1 | ) | — | (1 | ) | ||||||||||
Other | (1 | ) | (8 | ) | — | (9 | ) | |||||||||
Total derivative contracts in a payable position | (3 | ) | (142 | ) | — | (145 | ) | |||||||||
Total liabilities | $ | (3 | ) | $ | (142 | ) | $ | — | $ | (145 | ) |
(a) | Our investment in any one industry did not exceed 14%. |
(b) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
Recurring fair value measurements | ||||||||||||||||
December 31, 2014 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. Treasury and federal agencies | $ | 217 | $ | 961 | $ | — | $ | 1,178 | ||||||||
U.S. State and political subdivisions | — | 406 | — | 406 | ||||||||||||
Foreign government | 14 | 218 | — | 232 | ||||||||||||
Mortgage-backed residential | — | 10,425 | — | 10,425 | ||||||||||||
Mortgage-backed commercial | — | 253 | — | 253 | ||||||||||||
Asset-backed | — | 1,991 | — | 1,991 | ||||||||||||
Corporate debt securities | — | 746 | — | 746 | ||||||||||||
Total debt securities | 231 | 15,000 | — | 15,231 | ||||||||||||
Equity securities (a) | 906 | — | — | 906 | ||||||||||||
Total available-for-sale securities | 1,137 | 15,000 | — | 16,137 | ||||||||||||
Mortgage loans held-for-sale, net (b) | — | — | 3 | 3 | ||||||||||||
Other assets | ||||||||||||||||
Interests retained in financial asset sales | — | — | 47 | 47 | ||||||||||||
Derivative contracts in a receivable position (c) | ||||||||||||||||
Interest rate | 4 | 252 | — | 256 | ||||||||||||
Foreign currency | — | 5 | — | 5 | ||||||||||||
Other | 2 | — | — | 2 | ||||||||||||
Total derivative contracts in a receivable position | 6 | 257 | — | 263 | ||||||||||||
Collateral placed with counterparties (d) | — | 15 | — | 15 | ||||||||||||
Total assets | $ | 1,143 | $ | 15,272 | $ | 50 | $ | 16,465 | ||||||||
Liabilities | ||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||
Derivative contracts in a payable position (c) | ||||||||||||||||
Interest rate | $ | (2 | ) | $ | (166 | ) | $ | — | $ | (168 | ) | |||||
Foreign currency | — | (78 | ) | — | (78 | ) | ||||||||||
Other | (2 | ) | (4 | ) | — | (6 | ) | |||||||||
Total derivative contracts in a payable position | (4 | ) | (248 | ) | — | (252 | ) | |||||||||
Total liabilities | $ | (4 | ) | $ | (248 | ) | $ | — | $ | (252 | ) |
(a) | Our investment in any one industry did not exceed 16%. |
(b) | Carried at fair value due to fair value option elections. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(d) | Represents collateral in the form of investment securities. Cash collateral was excluded. |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||||||||
Net realized/unrealized gains | Fair value at December 31, 2015 | Net unrealized gains included in earnings still held at December 31, 2015 | ||||||||||||||||||||||||||||||||
($ in millions) | Fair value at January 1, 2015 | included in earnings | included in OCI | Purchases | Sales | Issuances | Settlements | Transfers into level 3 | Transfers out of level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 3 | $ | 1 | $ | — | $ | — | $ | (4 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Other assets | ||||||||||||||||||||||||||||||||||
Interests retained in financial asset sales | 47 | 9 | (a) | — | — | — | 26 | (42 | ) | — | — | 40 | — | |||||||||||||||||||||
Total assets | $ | 50 | $ | 10 | $ | — | $ | — | $ | (4 | ) | $ | 26 | $ | (42 | ) | $ | — | $ | — | $ | 40 | $ | — |
(a) | Reported as other income, net of losses, in the Consolidated Statement of Income. |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||||||||
Net realized/unrealized gains | Fair value at December 31, 2014 | Net unrealized gains included in earnings still held at December 31, 2014 | ||||||||||||||||||||||||||||||||
($ in millions) | Fair value at January 1, 2014 | included in earnings | included in OCI | Purchases | Sales | Issuances | Settlements | Transfers into level 3 | Transfers out of level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | 3 | $ | 1 | ||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||
Interests retained in financial asset sales | 100 | 13 | (a) | — | — | — | — | (66 | ) | — | — | 47 | — | |||||||||||||||||||||
Interest rate derivative contracts, net | (1 | ) | — | — | — | — | — | (2 | ) | — | 3 | — | — | |||||||||||||||||||||
Total assets | $ | 99 | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | (68 | ) | $ | 3 | $ | 3 | $ | 50 | $ | 1 |
(a) | Reported as other income, net of losses, in the Consolidated Statement of Income. |
Nonrecurring fair value measurements | Lower-of-cost or fair value or valuation reserve allowance | Total loss included in earnings for the year ended | |||||||||||||||||||||
December 31, 2015 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Loans held-for-sale | $ | — | $ | — | $ | 105 | $ | 105 | $ | — | n/m | (a) | |||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Automotive | — | — | 19 | 19 | (2 | ) | n/m | (a) | |||||||||||||||
Other | — | — | 29 | 29 | (15 | ) | n/m | (a) | |||||||||||||||
Commercial real estate — Automotive | — | — | 4 | 4 | (3 | ) | n/m | (a) | |||||||||||||||
Total commercial finance receivables and loans, net | — | — | 52 | 52 | (20 | ) | n/m | (a) | |||||||||||||||
Other assets | |||||||||||||||||||||||
Repossessed and foreclosed assets (c) | — | — | 9 | 9 | (3 | ) | n/m | (a) | |||||||||||||||
Other | — | — | 6 | 6 | (2 | ) | n/m | (a) | |||||||||||||||
Total assets | $ | — | $ | — | $ | 172 | $ | 172 | $ | (25 | ) | n/m |
(a) | We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance. |
(b) | Represents the portion of the portfolio specifically impaired during 2015. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables. |
(c) | The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Nonrecurring fair value measurements | Lower-of-cost or fair value or valuation reserve allowance | Total loss included in earnings for the year ended | |||||||||||||||||||||
December 31, 2014 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Loans held-for-sale | $ | — | $ | — | $ | 36 | $ | 36 | $ | — | n/m | (a) | |||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||
Automotive | — | — | 24 | 24 | (6 | ) | n/m | (a) | |||||||||||||||
Other | — | — | 32 | 32 | (15 | ) | n/m | (a) | |||||||||||||||
Total commercial finance receivables and loans, net | — | — | 56 | 56 | (21 | ) | n/m | (a) | |||||||||||||||
Other assets | |||||||||||||||||||||||
Repossessed and foreclosed assets (c) | — | — | 8 | 8 | (2 | ) | n/m | (a) | |||||||||||||||
Other | — | — | 2 | 2 | — | n/m | (a) | ||||||||||||||||
Total assets | $ | — | $ | — | $ | 102 | $ | 102 | $ | (23 | ) | n/m |
(a) | We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance. |
(b) | Represents the portion of the portfolio specifically impaired during 2014. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables. |
(c) | The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Estimated fair value | |||||||||||||||||||
December 31, ($ in millions) | Carrying value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
2015 | |||||||||||||||||||
Financial assets | |||||||||||||||||||
Loans held-for-sale, net | $ | 105 | $ | — | $ | — | $ | 105 | $ | 105 | |||||||||
Finance receivables and loans, net | 110,546 | — | — | 110,737 | 110,737 | ||||||||||||||
Nonmarketable equity investments | 418 | — | 391 | 42 | 433 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposit liabilities | $ | 66,478 | $ | — | $ | — | $ | 66,889 | $ | 66,889 | |||||||||
Short-term borrowings | 8,101 | — | — | 8,102 | 8,102 | ||||||||||||||
Long-term debt | 66,234 | — | 23,018 | 45,157 | 68,175 | ||||||||||||||
2014 | |||||||||||||||||||
Financial assets | |||||||||||||||||||
Loans held-for-sale, net | $ | 2,003 | $ | — | $ | 485 | $ | 1,554 | $ | 2,039 | |||||||||
Finance receivables and loans, net | 98,971 | — | — | 99,430 | 99,430 | ||||||||||||||
Nonmarketable equity investments | 271 | — | 246 | 33 | 279 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposit liabilities | $ | 58,203 | $ | — | $ | — | $ | 58,777 | $ | 58,777 | |||||||||
Short-term borrowings | 7,062 | — | — | 7,063 | 7,063 | ||||||||||||||
Long-term debt | 66,380 | — | 25,224 | 44,084 | 69,308 |
• | Cash and cash equivalents — Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. As such, the carrying value approximates the fair value of these instruments. |
• | Loans held-for-sale, net — Loans held-for-sale classified as Level 3 include all loans valued using internally developed valuation models because observable market prices were not available. We based our valuation of automotive loans held-for-sale on internally developed discounted cash flow models (an income approach). These valuation models estimate the exit price we expect to receive in the loan’s principal market, which, depending on characteristics of the loans, may be the whole-loan market or the securitization market. Although we utilize and give priority to market observable inputs, such as interest rates and market spreads within these models, we are typically required to utilize internal inputs, such as prepayment speeds (absolute prepayment model, or ABS), gross loss range by loan segment (percentage of receivable balance lost in the event of default), and credit spreads (the risk premium component added to observed benchmark rate to determine the discount rate used in the discounted cash flow model). While numerous controls exist to calibrate, corroborate, and validate these internal inputs, these internal inputs require the use of judgment and can have a significant impact on the determination of the loan’s value. Accordingly, we classified all automotive loans held-for-sale as Level 3 as of December 31, 2014. Loans held-for-sale classified as Level 2 as of December 31, 2014, represent mortgage TDR loans valued using quoted prices in active markets for similar assets. |
• | Finance receivables and loans, net — With the exception of mortgage loans held-for-investment, the fair value of finance receivables and loans was based on discounted future cash flows using applicable spreads to approximate current rates applicable to each category of finance receivables and loans (an income approach using Level 3 inputs). The carrying value of commercial receivables in certain markets and certain automotive and other receivables for which interest rates reset on a short-term basis with applicable market indices are assumed to approximate fair value either because of the short-term nature or because of the interest rate adjustment feature. The fair value of commercial receivables in other markets was based on discounted future cash flows using applicable spreads to approximate current rates applicable to similar assets in those markets. |
• | Deposit liabilities — Deposit liabilities represent certain consumer and brokered bank deposits, mortgage escrow deposits, and dealer deposits. The fair value of deposits at Level 3 were estimated by discounting projected cash flows based on discount factors derived from the forward interest rate swap curve. |
• | Short-term borrowings and Long-term debt — Level 2 debt was valued using quoted market prices for similar instruments, when available, or other means for substantiation with observable inputs. Debt valued by discounting projected cash flows using internally derived inputs, such as prepayment speeds and discount rates, was classified as Level 3. |
• | Financial instruments for which carrying value approximates fair value — Certain financial instruments that are not carried at fair value on the consolidated balance sheet are carried at amounts that approximate fair value primarily due to their short term nature and limited credit risk. These instruments include restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short term receivables and payables. |
Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/(Liabilities) Presented in the Consolidated Balance Sheet | ||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
December 31, 2015 ($ in millions) | Financial Instruments | Collateral (a) (b) (c) | Net Amount | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Derivative assets in net asset positions | $ | 224 | $ | — | $ | 224 | $ | (69 | ) | $ | (67 | ) | $ | 88 | ||||||||||
Derivative assets in net liability positions | 9 | — | 9 | (9 | ) | — | — | |||||||||||||||||
Total assets (d) | $ | 233 | $ | — | $ | 233 | $ | (78 | ) | $ | (67 | ) | $ | 88 | ||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities in net liability positions | $ | (68 | ) | $ | — | $ | (68 | ) | $ | 9 | $ | 2 | $ | (57 | ) | |||||||||
Derivative liabilities in net asset positions | (69 | ) | — | (69 | ) | 69 | — | — | ||||||||||||||||
Derivative liabilities with no offsetting arrangements | (8 | ) | — | (8 | ) | — | — | (8 | ) | |||||||||||||||
Total derivative liabilities (d) | (145 | ) | — | (145 | ) | 78 | 2 | (65 | ) | |||||||||||||||
Securities sold under agreements to repurchase (e) | (648 | ) | — | (648 | ) | — | 648 | — | ||||||||||||||||
Total liabilities | $ | (793 | ) | $ | — | $ | (793 | ) | $ | 78 | $ | 650 | $ | (65 | ) |
(a) | Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. |
(b) | Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. $7 million of noncash derivative collateral pledged to us was excluded at December 31, 2015. We do not record such collateral received on our Consolidated Balance Sheet unless certain conditions are met. |
(c) | Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of $7 million at December 31, 2015. We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2015. |
(d) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(e) | For additional information on securities sold under agreements to repurchase, refer to Note 15. |
Gross Amounts of Recognized Assets/(Liabilities) | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/(Liabilities) Presented in the Consolidated Balance Sheet | ||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
December 31, 2014 ($ in millions) | Financial Instruments | Collateral (a) | Net Amount | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Derivative assets in net asset positions | $ | 216 | $ | — | $ | 216 | $ | (60 | ) | $ | (68 | ) | $ | 88 | ||||||||||
Derivative assets in net liability positions | 47 | — | 47 | (47 | ) | — | — | |||||||||||||||||
Total assets (b) | $ | 263 | $ | — | $ | 263 | $ | (107 | ) | $ | (68 | ) | $ | 88 | ||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities in net liability positions | $ | (188 | ) | $ | — | $ | (188 | ) | $ | 47 | $ | 54 | $ | (87 | ) | |||||||||
Derivative liabilities in net asset positions | (60 | ) | — | (60 | ) | 60 | — | — | ||||||||||||||||
Derivative liabilities with no offsetting arrangements | (4 | ) | — | (4 | ) | — | — | (4 | ) | |||||||||||||||
Total derivative liabilities (b) | (252 | ) | — | (252 | ) | 107 | 54 | (91 | ) | |||||||||||||||
Securities sold under agreements to repurchase (c) | (774 | ) | — | (774 | ) | — | 774 | — | ||||||||||||||||
Total liabilities | $ | (1,026 | ) | $ | — | $ | (1,026 | ) | $ | 107 | $ | 828 | $ | (91 | ) |
(a) | Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. |
(b) | For additional information on derivative instruments and hedging activities, refer to Note 22. |
(c) | For additional information on securities sold under agreements to repurchase, refer to Note 15. |
Year ended December 31, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated (a) | ||||||||||||||||||
2015 | ||||||||||||||||||||||||
Net financing revenue | $ | 3,429 | $ | 57 | $ | 57 | $ | 89 | $ | 87 | $ | 3,719 | ||||||||||||
Other revenue (loss) | 235 | 1,033 | — | 25 | (151 | ) | 1,142 | |||||||||||||||||
Total net revenue (loss) | 3,664 | 1,090 | 57 | 114 | (64 | ) | 4,861 | |||||||||||||||||
Provision for loan losses | 696 | — | 7 | 9 | (5 | ) | 707 | |||||||||||||||||
Total noninterest expense | 1,633 | 879 | 39 | 55 | 155 | 2,761 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 1,335 | $ | 211 | $ | 11 | $ | 50 | $ | (214 | ) | $ | 1,393 | |||||||||||
Total assets | $ | 115,636 | $ | 7,053 | $ | 6,461 | $ | 2,677 | $ | 26,754 | $ | 158,581 | ||||||||||||
2014 | ||||||||||||||||||||||||
Net financing revenue (loss) | $ | 3,321 | $ | 56 | $ | 36 | $ | 59 | $ | (97 | ) | $ | 3,375 | |||||||||||
Other revenue (loss) | 264 | 1,129 | — | 32 | (149 | ) | 1,276 | |||||||||||||||||
Total net revenue (loss) | 3,585 | 1,185 | 36 | 91 | (246 | ) | 4,651 | |||||||||||||||||
Provision for loan losses | 542 | — | 3 | (16 | ) | (72 | ) | 457 | ||||||||||||||||
Total noninterest expense | 1,614 | 988 | 21 | 43 | 282 | 2,948 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 1,429 | $ | 197 | $ | 12 | $ | 64 | $ | (456 | ) | $ | 1,246 | |||||||||||
Total assets | $ | 113,188 | $ | 7,190 | $ | 3,542 | $ | 1,870 | $ | 25,841 | $ | 151,631 | ||||||||||||
2013 | ||||||||||||||||||||||||
Net financing revenue (loss) | $ | 3,159 | $ | 57 | $ | 38 | $ | 44 | $ | (519 | ) | $ | 2,779 | |||||||||||
Other revenue (loss) | 268 | 1,196 | (1 | ) | 33 | (12 | ) | 1,484 | ||||||||||||||||
Total net revenue (loss) | 3,427 | 1,253 | 37 | 77 | (531 | ) | 4,263 | |||||||||||||||||
Provision for loan losses | 494 | — | (11 | ) | (6 | ) | 24 | 501 | ||||||||||||||||
Total noninterest expense | 1,755 | 999 | 30 | 39 | 582 | 3,405 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 1,178 | $ | 254 | $ | 18 | $ | 44 | $ | (1,137 | ) | $ | 357 | |||||||||||
Total assets | $ | 109,312 | $ | 7,124 | $ | 3,294 | $ | 1,633 | $ | 29,545 | $ | 150,908 |
(a) | Net financing revenue after the provision for loan losses totaled $3.0 billion, $2.9 billion, and $2.3 billion for the years ended December 31, 2015, 2014, and 2013, respectively. |
Year ended December 31, ($ in millions) | Revenue (a) | Income (loss) from continuing operations before income tax expense (b) | Net income (loss) (b) (c) | Identifiable assets (d) | Long-lived assets (e) | |||||||||||||||
2015 | ||||||||||||||||||||
Canada | $ | 98 | $ | 47 | $ | 35 | $ | 514 | $ | — | ||||||||||
Europe | 1 | 4 | 27 | 325 | — | |||||||||||||||
Latin America | — | — | (2 | ) | 28 | — | ||||||||||||||
Asia-Pacific | — | — | 452 | 2 | — | |||||||||||||||
Total foreign (f) | 99 | 51 | 512 | 869 | — | |||||||||||||||
Total domestic (g) | 4,762 | 1,342 | 777 | 157,685 | 16,506 | |||||||||||||||
Total | $ | 4,861 | $ | 1,393 | $ | 1,289 | $ | 158,554 | $ | 16,506 | ||||||||||
2014 | ||||||||||||||||||||
Canada | $ | 124 | $ | 54 | $ | 68 | $ | 590 | $ | — | ||||||||||
Europe | 2 | — | 4 | 1,636 | — | |||||||||||||||
Latin America | — | — | (8 | ) | 29 | — | ||||||||||||||
Asia-Pacific | — | — | 122 | 636 | — | |||||||||||||||
Total foreign (f) | 126 | 54 | 186 | 2,891 | — | |||||||||||||||
Total domestic (g) | 4,525 | 1,192 | 964 | 148,713 | 19,735 | |||||||||||||||
Total | $ | 4,651 | $ | 1,246 | $ | 1,150 | $ | 151,604 | $ | 19,735 | ||||||||||
2013 | ||||||||||||||||||||
Canada | $ | 171 | $ | 64 | $ | 1,266 | $ | 704 | $ | — | ||||||||||
Europe (h) | (8 | ) | (18 | ) | (88 | ) | 1,972 | — | ||||||||||||
Latin America | — | 7 | 300 | 29 | — | |||||||||||||||
Asia-Pacific | 1 | (2 | ) | 117 | 520 | — | ||||||||||||||
Total foreign | 164 | 51 | 1,595 | 3,225 | — | |||||||||||||||
Total domestic (g) | 4,099 | 306 | (1,234 | ) | 147,656 | 17,916 | ||||||||||||||
Total | $ | 4,263 | $ | 357 | $ | 361 | $ | 150,881 | $ | 17,916 |
(a) | Revenue consists of net financing revenue and total other revenue as presented in our Consolidated Statement of Income. |
(b) | The domestic amounts include original discount amortization of $62 million, $189 million, and $262 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
(c) | Gain (loss) realized on sale of discontinued operations are allocated to the geographic area in which the business operated. |
(d) | Identifiable assets consist of total assets excluding goodwill. |
(e) | Long-lived assets consist of investment in operating leases, net, and net property and equipment. |
(f) | Our foreign operations as of December 31, 2015, and December 31, 2014, consist of our ongoing Insurance operations in Canada, and our remaining international entities in wind-down. |
(g) | Amounts include eliminations between our domestic and foreign operations. |
(h) | Amounts include eliminations between our foreign operations. |
Year ended December 31, 2015 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | (83 | ) | $ | — | $ | 4,653 | $ | — | $ | 4,570 | |||||||||
Interest and fees on finance receivables and loans — intercompany | 17 | — | 24 | (41 | ) | — | ||||||||||||||
Interest on loans held-for-sale | — | — | 40 | — | 40 | |||||||||||||||
Interest and dividends on available-for-sale investment securities | — | — | 381 | — | 381 | |||||||||||||||
Interest on cash and cash equivalents | 1 | — | 7 | — | 8 | |||||||||||||||
Interest-bearing cash — intercompany | — | — | 8 | (8 | ) | — | ||||||||||||||
Operating leases | 9 | — | 3,389 | — | 3,398 | |||||||||||||||
Total financing revenue and other interest income | (56 | ) | — | 8,502 | (49 | ) | 8,397 | |||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 10 | — | 708 | — | 718 | |||||||||||||||
Interest on short-term borrowings | 40 | — | 9 | — | 49 | |||||||||||||||
Interest on long-term debt | 1,121 | — | 541 | — | 1,662 | |||||||||||||||
Interest on intercompany debt | 32 | — | 17 | (49 | ) | — | ||||||||||||||
Total interest expense | 1,203 | — | 1,275 | (49 | ) | 2,429 | ||||||||||||||
Depreciation expense on operating lease assets | 7 | — | 2,242 | — | 2,249 | |||||||||||||||
Net financing (loss) revenue | (1,266 | ) | — | 4,985 | — | 3,719 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Bank subsidiaries | 525 | 525 | — | (1,050 | ) | — | ||||||||||||||
Nonbank subsidiaries | 1,123 | — | — | (1,123 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Servicing fees | 1,137 | — | 834 | (1,926 | ) | 45 | ||||||||||||||
Insurance premiums and service revenue earned | — | — | 940 | — | 940 | |||||||||||||||
(Loss) gain on mortgage and automotive loans, net | (9 | ) | — | 54 | — | 45 | ||||||||||||||
Loss on extinguishment of debt | (355 | ) | — | (2 | ) | — | (357 | ) | ||||||||||||
Other gain on investments, net | — | — | 155 | — | 155 | |||||||||||||||
Other income, net of losses | 236 | — | 539 | (461 | ) | 314 | ||||||||||||||
Total other revenue | 1,009 | — | 2,520 | (2,387 | ) | 1,142 | ||||||||||||||
Total net revenue | 1,391 | 525 | 7,505 | (4,560 | ) | 4,861 | ||||||||||||||
Provision for loan losses | 157 | — | 550 | — | 707 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 571 | — | 842 | (450 | ) | 963 | ||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 293 | — | 293 | |||||||||||||||
Other operating expenses | 1,247 | — | 2,195 | (1,937 | ) | 1,505 | ||||||||||||||
Total noninterest expense | 1,818 | — | 3,330 | (2,387 | ) | 2,761 | ||||||||||||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries | (584 | ) | 525 | 3,625 | (2,173 | ) | 1,393 | |||||||||||||
Income tax (benefit) expense from continuing operations | (267 | ) | — | 763 | — | 496 | ||||||||||||||
Net (loss) income from continuing operations | (317 | ) | 525 | 2,862 | (2,173 | ) | 897 | |||||||||||||
Income from discontinued operations, net of tax | 356 | — | 36 | — | 392 | |||||||||||||||
Undistributed income (loss) of subsidiaries | ||||||||||||||||||||
Bank subsidiary | 581 | 581 | — | (1,162 | ) | — | ||||||||||||||
Nonbank subsidiaries | 669 | (1 | ) | — | (668 | ) | — | |||||||||||||
Net income | 1,289 | 1,105 | 2,898 | (4,003 | ) | 1,289 | ||||||||||||||
Other comprehensive loss, net of tax | (165 | ) | (43 | ) | (172 | ) | 215 | (165 | ) | |||||||||||
Comprehensive income | $ | 1,124 | $ | 1,062 | $ | 2,726 | $ | (3,788 | ) | $ | 1,124 |
Year ended December 31, 2014 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | (14 | ) | $ | — | $ | 4,471 | $ | — | $ | 4,457 | |||||||||
Interest and fees on finance receivables and loans — intercompany | 37 | — | 82 | (119 | ) | — | ||||||||||||||
Interest on loans held-for-sale | — | — | 1 | — | 1 | |||||||||||||||
Interest and dividends on available-for-sale investment securities | — | — | 367 | — | 367 | |||||||||||||||
Interest on cash and cash equivalents | 1 | — | 7 | — | 8 | |||||||||||||||
Interest-bearing cash — intercompany | — | — | 6 | (6 | ) | — | ||||||||||||||
Operating leases | 269 | — | 3,289 | — | 3,558 | |||||||||||||||
Total financing revenue and other interest income | 293 | — | 8,223 | (125 | ) | 8,391 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 15 | — | 649 | — | 664 | |||||||||||||||
Interest on short-term borrowings | 43 | — | 9 | — | 52 | |||||||||||||||
Interest on long-term debt | 1,492 | — | 575 | — | 2,067 | |||||||||||||||
Interest on intercompany debt | 88 | — | 37 | (125 | ) | — | ||||||||||||||
Total interest expense | 1,638 | — | 1,270 | (125 | ) | 2,783 | ||||||||||||||
Depreciation expense on operating lease assets | 161 | — | 2,072 | — | 2,233 | |||||||||||||||
Net financing (loss) revenue | (1,506 | ) | — | 4,881 | — | 3,375 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Bank subsidiaries | 1,800 | 1,800 | — | (3,600 | ) | — | ||||||||||||||
Nonbank subsidiaries | 651 | — | — | (651 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Servicing fees | 1,071 | — | 792 | (1,832 | ) | 31 | ||||||||||||||
Insurance premiums and service revenue earned | — | — | 979 | — | 979 | |||||||||||||||
(Loss) gain on mortgage and automotive loans, net | (5 | ) | — | 12 | — | 7 | ||||||||||||||
Loss on extinguishment of debt | (202 | ) | — | — | — | (202 | ) | |||||||||||||
Other gain on investments, net | — | — | 181 | — | 181 | |||||||||||||||
Other income, net of losses | 208 | — | 507 | (435 | ) | 280 | ||||||||||||||
Total other revenue | 1,072 | — | 2,471 | (2,267 | ) | 1,276 | ||||||||||||||
Total net revenue | 2,017 | 1,800 | 7,352 | (6,518 | ) | 4,651 | ||||||||||||||
Provision for loan losses | 250 | — | 207 | — | 457 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 586 | — | 793 | (432 | ) | 947 | ||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 410 | — | 410 | |||||||||||||||
Other operating expenses | 1,267 | — | 2,159 | (1,835 | ) | 1,591 | ||||||||||||||
Total noninterest expense | 1,853 | — | 3,362 | (2,267 | ) | 2,948 | ||||||||||||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries | (86 | ) | 1,800 | 3,783 | (4,251 | ) | 1,246 | |||||||||||||
Income tax (benefit) expense from continuing operations | (457 | ) | — | 778 | — | 321 | ||||||||||||||
Net income from continuing operations | 371 | 1,800 | 3,005 | (4,251 | ) | 925 | ||||||||||||||
Income from discontinued operations, net of tax | 193 | — | 32 | — | 225 | |||||||||||||||
Undistributed (loss) income of subsidiaries | ||||||||||||||||||||
Bank subsidiary | (680 | ) | (680 | ) | — | 1,360 | — | |||||||||||||
Nonbank subsidiaries | 1,266 | (1 | ) | — | (1,265 | ) | — | |||||||||||||
Net income | 1,150 | 1,119 | 3,037 | (4,156 | ) | 1,150 | ||||||||||||||
Other comprehensive income, net of tax | 210 | 188 | 212 | (400 | ) | 210 | ||||||||||||||
Comprehensive income | $ | 1,360 | $ | 1,307 | $ | 3,249 | $ | (4,556 | ) | $ | 1,360 |
Year ended December 31, 2013 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | 771 | $ | — | $ | 3,758 | $ | — | $ | 4,529 | ||||||||||
Interest and fees on finance receivables and loans — intercompany | 59 | — | 68 | (127 | ) | — | ||||||||||||||
Interest on loans held-for-sale | — | — | 20 | — | 20 | |||||||||||||||
Interest and dividends on available-for-sale investment securities | — | — | 325 | — | 325 | |||||||||||||||
Interest on cash and cash equivalents | 3 | — | 7 | — | 10 | |||||||||||||||
Interest-bearing cash — intercompany | — | — | 7 | (7 | ) | — | ||||||||||||||
Operating leases | 500 | — | 2,709 | — | 3,209 | |||||||||||||||
Total financing revenue and other interest income | 1,333 | — | 6,894 | (134 | ) | 8,093 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 25 | — | 629 | — | 654 | |||||||||||||||
Interest on short-term borrowings | 46 | — | 17 | — | 63 | |||||||||||||||
Interest on long-term debt | 2,039 | — | 568 | (5 | ) | 2,602 | ||||||||||||||
Interest on intercompany debt | 66 | — | 62 | (128 | ) | — | ||||||||||||||
Total interest expense | 2,176 | — | 1,276 | (133 | ) | 3,319 | ||||||||||||||
Depreciation expense on operating lease assets | 369 | — | 1,626 | — | 1,995 | |||||||||||||||
Net financing (loss) revenue | (1,212 | ) | — | 3,992 | (1 | ) | 2,779 | |||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Nonbank subsidiaries | 5,732 | 3,659 | — | (9,391 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Servicing fees | 152 | — | (26 | ) | — | 126 | ||||||||||||||
Servicing asset valuation and hedge activities, net | — | — | (213 | ) | — | (213 | ) | |||||||||||||
Total servicing income (loss), net | 152 | — | (239 | ) | — | (87 | ) | |||||||||||||
Insurance premiums and service revenue earned | — | — | 1,012 | — | 1,012 | |||||||||||||||
Gain on mortgage and automotive loans, net | — | — | 55 | — | 55 | |||||||||||||||
(Loss) gain on extinguishment of debt | (61 | ) | — | 2 | — | (59 | ) | |||||||||||||
Other gain on investments, net | — | — | 180 | — | 180 | |||||||||||||||
Other income, net of losses | 157 | — | 1,438 | (1,212 | ) | 383 | ||||||||||||||
Total other revenue | 248 | — | 2,448 | (1,212 | ) | 1,484 | ||||||||||||||
Total net revenue | 4,768 | 3,659 | 6,440 | (10,604 | ) | 4,263 | ||||||||||||||
Provision for loan losses | 196 | — | 305 | — | 501 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 640 | — | 821 | (442 | ) | 1,019 | ||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 405 | — | 405 | |||||||||||||||
Other operating expenses | 501 | — | 2,250 | (770 | ) | 1,981 | ||||||||||||||
Total noninterest expense | 1,141 | — | 3,476 | (1,212 | ) | 3,405 | ||||||||||||||
Income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries | 3,431 | 3,659 | 2,659 | (9,392 | ) | 357 | ||||||||||||||
Income tax (benefit) expense from continuing operations | (969 | ) | — | 910 | — | (59 | ) | |||||||||||||
Net income from continuing operations | 4,400 | 3,659 | 1,749 | (9,392 | ) | 416 | ||||||||||||||
(Loss) income from discontinued operations, net of tax | (1,321 | ) | (19 | ) | 1,284 | 1 | (55 | ) | ||||||||||||
Undistributed income (loss) of subsidiaries | ||||||||||||||||||||
Bank subsidiary | 883 | 883 | — | (1,766 | ) | — | ||||||||||||||
Nonbank subsidiaries | (3,601 | ) | (2,393 | ) | — | 5,994 | — | |||||||||||||
Net income | 361 | 2,130 | 3,033 | (5,163 | ) | 361 | ||||||||||||||
Other comprehensive loss, net of tax | (587 | ) | (812 | ) | (873 | ) | 1,685 | (587 | ) | |||||||||||
Comprehensive (loss) income | $ | (226 | ) | $ | 1,318 | $ | 2,160 | $ | (3,478 | ) | $ | (226 | ) |
December 31, 2015 ($ in millions) | Parent (a) | Guarantors | Nonguarantors (a) | Consolidating adjustments | Ally consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Noninterest-bearing | $ | 1,234 | $ | — | $ | 914 | $ | — | $ | 2,148 | ||||||||||
Interest-bearing | 401 | — | 3,831 | — | 4,232 | |||||||||||||||
Interest-bearing — intercompany | — | — | 850 | (850 | ) | — | ||||||||||||||
Total cash and cash equivalents | 1,635 | — | 5,595 | (850 | ) | 6,380 | ||||||||||||||
Investment securities | — | — | 17,157 | — | 17,157 | |||||||||||||||
Loans held-for-sale, net | — | — | 105 | — | 105 | |||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||
Finance receivables and loans, net | 2,636 | — | 108,964 | — | 111,600 | |||||||||||||||
Intercompany loans to | ||||||||||||||||||||
Bank subsidiary | 600 | — | — | (600 | ) | — | ||||||||||||||
Nonbank subsidiaries | 3,277 | — | 559 | (3,836 | ) | — | ||||||||||||||
Allowance for loan losses | (72 | ) | — | (982 | ) | — | (1,054 | ) | ||||||||||||
Total finance receivables and loans, net | 6,441 | — | 108,541 | (4,436 | ) | 110,546 | ||||||||||||||
Investment in operating leases, net | 81 | — | 16,190 | — | 16,271 | |||||||||||||||
Intercompany receivables from | ||||||||||||||||||||
Bank subsidiary | 186 | — | — | (186 | ) | — | ||||||||||||||
Nonbank subsidiaries | 259 | — | 282 | (541 | ) | — | ||||||||||||||
Investment in subsidiaries | ||||||||||||||||||||
Bank subsidiary | 16,496 | 16,496 | — | (32,992 | ) | — | ||||||||||||||
Nonbank subsidiaries | 10,902 | 11 | — | (10,913 | ) | — | ||||||||||||||
Premiums receivable and other insurance assets | — | — | 1,827 | (26 | ) | 1,801 | ||||||||||||||
Other assets | 4,785 | — | 4,488 | (2,952 | ) | 6,321 | ||||||||||||||
Total assets | $ | 40,785 | $ | 16,507 | $ | 154,185 | $ | (52,896 | ) | $ | 158,581 | |||||||||
Liabilities | ||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||
Noninterest-bearing | $ | — | $ | — | $ | 89 | $ | — | $ | 89 | ||||||||||
Interest-bearing | 229 | — | 66,160 | — | 66,389 | |||||||||||||||
Total deposit liabilities | 229 | — | 66,249 | — | 66,478 | |||||||||||||||
Short-term borrowings | 3,453 | — | 4,648 | — | 8,101 | |||||||||||||||
Long-term debt | 21,048 | — | 45,186 | — | 66,234 | |||||||||||||||
Intercompany debt to | ||||||||||||||||||||
Nonbank subsidiaries | 1,409 | — | 3,877 | (5,286 | ) | — | ||||||||||||||
Intercompany payables to | ||||||||||||||||||||
Bank subsidiary | 142 | — | — | (142 | ) | — | ||||||||||||||
Nonbank subsidiaries | 420 | — | 191 | (611 | ) | — | ||||||||||||||
Interest payable | 258 | — | 92 | — | 350 | |||||||||||||||
Unearned insurance premiums and service revenue | — | — | 2,434 | — | 2,434 | |||||||||||||||
Accrued expenses and other liabilities | 387 | 82 | 4,028 | (2,952 | ) | 1,545 | ||||||||||||||
Total liabilities | 27,346 | 82 | 126,705 | (8,991 | ) | 145,142 | ||||||||||||||
Total equity | 13,439 | 16,425 | 27,480 | (43,905 | ) | 13,439 | ||||||||||||||
Total liabilities and equity | $ | 40,785 | $ | 16,507 | $ | 154,185 | $ | (52,896 | ) | $ | 158,581 |
(a) | Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership. |
December 31, 2014 ($ in millions) | Parent (a) | Guarantors | Nonguarantors (a) | Consolidating adjustments | Ally consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Noninterest-bearing | $ | 986 | $ | — | $ | 362 | $ | — | $ | 1,348 | ||||||||||
Interest-bearing | 1,300 | — | 2,928 | — | 4,228 | |||||||||||||||
Interest-bearing — intercompany | — | — | 615 | (615 | ) | — | ||||||||||||||
Total cash and cash equivalents | 2,286 | — | 3,905 | (615 | ) | 5,576 | ||||||||||||||
Investment securities | — | — | 16,137 | — | 16,137 | |||||||||||||||
Loans held-for-sale, net | 3 | — | 2,000 | — | 2,003 | |||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||
Finance receivables and loans, net | 4,225 | — | 95,723 | — | 99,948 | |||||||||||||||
Intercompany loans to | ||||||||||||||||||||
Bank subsidiary | 625 | — | — | (625 | ) | — | ||||||||||||||
Nonbank subsidiaries | 3,500 | — | 1,770 | (5,270 | ) | — | ||||||||||||||
Allowance for loan losses | (102 | ) | — | (875 | ) | — | (977 | ) | ||||||||||||
Total finance receivables and loans, net | 8,248 | — | 96,618 | (5,895 | ) | 98,971 | ||||||||||||||
Investment in operating leases, net | — | — | 19,510 | — | 19,510 | |||||||||||||||
Intercompany receivables from | ||||||||||||||||||||
Bank subsidiary | 219 | — | — | (219 | ) | — | ||||||||||||||
Nonbank subsidiaries | 267 | — | 393 | (660 | ) | — | ||||||||||||||
Investment in subsidiaries | ||||||||||||||||||||
Bank subsidiary | 15,967 | 15,967 | — | (31,934 | ) | — | ||||||||||||||
Nonbank subsidiaries | 11,559 | 12 | — | (11,571 | ) | — | ||||||||||||||
Premiums receivable and other insurance assets | — | — | 1,717 | (22 | ) | 1,695 | ||||||||||||||
Other assets | 4,757 | — | 4,814 | (2,466 | ) | 7,105 | ||||||||||||||
Assets of operations held-for-sale | 634 | — | — | — | 634 | |||||||||||||||
Total assets | $ | 43,940 | $ | 15,979 | $ | 145,094 | $ | (53,382 | ) | $ | 151,631 | |||||||||
Liabilities | ||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||
Noninterest-bearing | $ | — | $ | — | $ | 64 | $ | — | $ | 64 | ||||||||||
Interest-bearing | 319 | — | 57,820 | — | 58,139 | |||||||||||||||
Total deposit liabilities | 319 | — | 57,884 | — | 58,203 | |||||||||||||||
Short-term borrowings | 3,338 | — | 3,724 | — | 7,062 | |||||||||||||||
Long-term debt | 21,067 | — | 45,313 | — | 66,380 | |||||||||||||||
Intercompany debt to | ||||||||||||||||||||
Nonbank subsidiaries | 2,385 | — | 4,125 | (6,510 | ) | — | ||||||||||||||
Intercompany payables to | ||||||||||||||||||||
Bank subsidiary | 94 | — | — | (94 | ) | — | ||||||||||||||
Nonbank subsidiaries | 454 | — | 354 | (808 | ) | — | ||||||||||||||
Interest payable | 316 | — | 161 | — | 477 | |||||||||||||||
Unearned insurance premiums and service revenue | — | — | 2,375 | — | 2,375 | |||||||||||||||
Accrued expenses and other liabilities | 568 | 82 | 3,551 | (2,466 | ) | 1,735 | ||||||||||||||
Total liabilities | 28,541 | 82 | 117,487 | (9,878 | ) | 136,232 | ||||||||||||||
Total equity | 15,399 | 15,897 | 27,607 | (43,504 | ) | 15,399 | ||||||||||||||
Total liabilities and equity | $ | 43,940 | $ | 15,979 | $ | 145,094 | $ | (53,382 | ) | $ | 151,631 |
(a) | Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership. |
Year ended December 31, 2015 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Operating activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 354 | $ | 525 | $ | 6,390 | $ | (2,174 | ) | $ | 5,095 | |||||||||
Investing activities | ||||||||||||||||||||
Purchases of available-for-sale securities | — | — | (12,250 | ) | — | (12,250 | ) | |||||||||||||
Proceeds from sales of available-for-sale securities | — | — | 6,874 | — | 6,874 | |||||||||||||||
Proceeds from maturities and repayments of available-for-sale securities | — | — | 4,255 | — | 4,255 | |||||||||||||||
Net decrease (increase) in finance receivables and loans | 1,785 | — | (15,630 | ) | — | (13,845 | ) | |||||||||||||
Proceeds from sales of finance receivables and loans originated as held-for investment | — | — | 3,197 | — | 3,197 | |||||||||||||||
Net change in loans — intercompany | 240 | — | 1,211 | (1,451 | ) | — | ||||||||||||||
Purchases of operating lease assets | (94 | ) | — | (4,591 | ) | — | (4,685 | ) | ||||||||||||
Disposals of operating lease assets | 7 | — | 5,539 | — | 5,546 | |||||||||||||||
Capital contributions to subsidiaries | (796 | ) | (1 | ) | — | 797 | — | |||||||||||||
Returns of contributed capital | 1,444 | — | — | (1,444 | ) | — | ||||||||||||||
Proceeds from sale of business units, net | 1,049 | — | — | — | 1,049 | |||||||||||||||
Net change in restricted cash | (7 | ) | — | 271 | — | 264 | ||||||||||||||
Other, net | (47 | ) | — | (105 | ) | — | (152 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 3,581 | (1 | ) | (11,229 | ) | (2,098 | ) | (9,747 | ) | |||||||||||
Financing activities | ||||||||||||||||||||
Net change in short-term borrowings — third party | 115 | — | 913 | — | 1,028 | |||||||||||||||
Net (decrease) increase in deposits | (91 | ) | — | 8,338 | — | 8,247 | ||||||||||||||
Proceeds from issuance of long-term debt — third party | 5,428 | — | 25,237 | — | 30,665 | |||||||||||||||
Repayments of long-term debt — third party | (5,931 | ) | — | (25,419 | ) | — | (31,350 | ) | ||||||||||||
Net change in debt — intercompany | (977 | ) | — | (240 | ) | 1,217 | — | |||||||||||||
Repurchase and redemption of preferred stock | (559 | ) | — | — | — | (559 | ) | |||||||||||||
Dividends paid — third party | (2,571 | ) | — | — | — | (2,571 | ) | |||||||||||||
Dividends paid and returns of contributed capital — intercompany | — | (525 | ) | (3,092 | ) | 3,617 | — | |||||||||||||
Capital contributions from parent | — | 1 | 796 | (797 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (4,586 | ) | (524 | ) | 6,533 | 4,037 | 5,460 | |||||||||||||
Effect of exchange-rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (651 | ) | — | 1,690 | (235 | ) | 804 | |||||||||||||
Cash and cash equivalents at beginning of year | 2,286 | — | 3,905 | (615 | ) | 5,576 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 1,635 | $ | — | $ | 5,595 | $ | (850 | ) | $ | 6,380 |
Year ended December 31, 2014 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Operating activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 330 | $ | 1,789 | $ | 5,533 | $ | (4,249 | ) | $ | 3,403 | |||||||||
Investing activities | ||||||||||||||||||||
Purchases of available-for-sale securities | — | — | (5,417 | ) | — | (5,417 | ) | |||||||||||||
Proceeds from sales of available-for-sale securities | — | — | 4,277 | (17 | ) | 4,260 | ||||||||||||||
Proceeds from maturities and repayments of available-for-sale securities | — | — | 2,657 | — | 2,657 | |||||||||||||||
Net decrease (increase) in finance receivables and loans | 1,900 | — | (6,941 | ) | 17 | (5,024 | ) | |||||||||||||
Proceeds from sales of finance receivables and loans originated as held-for-investment | — | — | 2,592 | — | 2,592 | |||||||||||||||
Net change in loans — intercompany | 1,428 | — | 154 | (1,582 | ) | — | ||||||||||||||
Purchases of operating lease assets | (2,337 | ) | — | (7,547 | ) | — | (9,884 | ) | ||||||||||||
Disposals of operating lease assets | 3,053 | — | 2,807 | — | 5,860 | |||||||||||||||
Capital contributions to subsidiaries | (1,179 | ) | — | — | 1,179 | — | ||||||||||||||
Returns of contributed capital | 1,422 | — | — | (1,422 | ) | — | ||||||||||||||
Proceeds from sale of business units, net | 46 | — | 1 | — | 47 | |||||||||||||||
Net change in restricted cash | — | — | 1,625 | — | 1,625 | |||||||||||||||
Other, net | (29 | ) | — | 101 | — | 72 | ||||||||||||||
Net cash provided by (used in) investing activities | 4,304 | — | (5,691 | ) | (1,825 | ) | (3,212 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Net change in short-term borrowings — third party | 113 | — | (1,607 | ) | — | (1,494 | ) | |||||||||||||
Net (decrease) increase in deposits | (121 | ) | — | 4,972 | — | 4,851 | ||||||||||||||
Proceeds from issuance of long-term debt — third party | 3,132 | — | 24,060 | — | 27,192 | |||||||||||||||
Repayments of long-term debt — third party | (8,186 | ) | — | (22,240 | ) | — | (30,426 | ) | ||||||||||||
Net change in debt — intercompany | 52 | — | (1,428 | ) | 1,376 | — | ||||||||||||||
Dividends paid — third party | (268 | ) | — | — | — | (268 | ) | |||||||||||||
Dividends paid and returns of contributed capital — intercompany | — | (1,826 | ) | (3,846 | ) | 5,672 | — | |||||||||||||
Capital contributions from parent | — | — | 1,179 | (1,179 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (5,278 | ) | (1,826 | ) | 1,090 | 5,869 | (145 | ) | ||||||||||||
Effect of exchange-rate changes on cash and cash equivalents | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (644 | ) | (37 | ) | 931 | (205 | ) | 45 | ||||||||||||
Cash and cash equivalents at beginning of year | 2,930 | 37 | 2,974 | (410 | ) | 5,531 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 2,286 | $ | — | $ | 3,905 | $ | (615 | ) | $ | 5,576 |
Year ended December 31, 2013 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | ||||||||||||||
Operating activities | |||||||||||||||||||
Net cash provided by operating activities | $ | 3,015 | $ | 3,572 | $ | 5,305 | $ | (9,391 | ) | $ | 2,501 | ||||||||
Investing activities | |||||||||||||||||||
Purchases of available-for-sale securities | — | — | (12,304 | ) | — | (12,304 | ) | ||||||||||||
Proceeds from sales of available-for-sale securities | — | — | 3,627 | — | 3,627 | ||||||||||||||
Proceeds from maturities and repayments of available-for-sale securities | — | — | 5,509 | — | 5,509 | ||||||||||||||
Net decrease (increase) in finance receivables and loans | 4,898 | 79 | (7,456 | ) | — | (2,479 | ) | ||||||||||||
Net change in loans — intercompany | 301 | 251 | (1,503 | ) | 951 | — | |||||||||||||
Purchases of operating lease assets | (1,450 | ) | — | (7,746 | ) | — | (9,196 | ) | |||||||||||
Disposals of operating lease assets | 130 | — | 2,834 | — | 2,964 | ||||||||||||||
Capital contributions to subsidiaries | (477 | ) | — | — | 477 | — | |||||||||||||
Returns of contributed capital | 1,002 | 150 | — | (1,152 | ) | — | |||||||||||||
Sales of mortgage servicing rights | — | — | 911 | — | 911 | ||||||||||||||
Proceeds from sale of business unit, net | 1,799 | 554 | 5,091 | — | 7,444 | ||||||||||||||
Net change in restricted cash | — | (26 | ) | (44 | ) | — | (70 | ) | |||||||||||
Other, net | 41 | — | 10 | — | 51 | ||||||||||||||
Net cash provided by (used in) investing activities | 6,244 | 1,008 | (11,071 | ) | 276 | (3,543 | ) | ||||||||||||
Financing activities | |||||||||||||||||||
Net change in short-term borrowings — third party | 131 | 36 | 1,424 | — | 1,591 | ||||||||||||||
Net (decrease) increase in deposits | (543 | ) | — | 5,861 | 39 | 5,357 | |||||||||||||
Proceeds from issuance of long-term debt — third party | 3,236 | — | 24,094 | — | 27,330 | ||||||||||||||
Repayments of long-term debt — third party | (9,468 | ) | (70 | ) | (22,354 | ) | — | (31,892 | ) | ||||||||||
Net change in debt — intercompany | 1,803 | (271 | ) | (624 | ) | (908 | ) | — | |||||||||||
Proceeds from issuance of common stock | 1,270 | — | — | — | 1,270 | ||||||||||||||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right | (5,925 | ) | — | — | — | (5,925 | ) | ||||||||||||
Dividends paid — third party | (810 | ) | — | — | — | (810 | ) | ||||||||||||
Dividends paid and returns of contributed capital — intercompany | — | (4,267 | ) | (6,275 | ) | 10,542 | — | ||||||||||||
Capital contributions from parent | — | 29 | 448 | (477 | ) | — | |||||||||||||
Net cash (used in) provided by financing activities | (10,306 | ) | (4,543 | ) | 2,574 | 9,196 | (3,079 | ) | |||||||||||
Effect of exchange-rate changes on cash and cash equivalents | — | — | 45 | — | 45 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (1,047 | ) | 37 | (3,147 | ) | 81 | (4,076 | ) | |||||||||||
Adjustment for change in cash and cash equivalents of operations held-for-sale | — | — | 2,094 | — | 2,094 | ||||||||||||||
Cash and cash equivalents at beginning of year | 3,977 | — | 4,027 | (491 | ) | 7,513 | |||||||||||||
Cash and cash equivalents at end of year | $ | 2,930 | $ | 37 | $ | 2,974 | $ | (410 | ) | $ | 5,531 |
2015 | 2014 | ||||||||||||||
December 31, ($ in millions) | Maximum liability | Carrying value of liability | Maximum liability | Carrying value of liability | |||||||||||
Standby letters of credit and other guarantees | $ | 208 | $ | 13 | $ | 268 | $ | 19 |
December 31, ($ in millions) | 2015 | 2014 | |||||
Commitments to provide capital to investees (a) | $ | 132 | $ | 66 | |||
Construction-lending commitments (b) | 197 | 110 | |||||
Home equity lines of credit (c) | 358 | 371 | |||||
Unused revolving credit line commitments and other (d) | 1,445 | 1,284 |
(a) | We are committed to contribute capital to certain investees. The fair value of these commitments is considered in the overall valuation of the underlying assets with which they are associated. |
(b) | The fair value of these commitments is considered in the overall valuation of the related assets. |
(c) | We are committed to fund the remaining unused balances on home equity lines of credit. |
(d) | The unused portion of revolving lines of credit reset at prevailing market rates and, as such, approximate market value. |
Year ended December 31, ($ in millions) | |||
2016 | $ | 39 | |
2017 | 34 | ||
2018 | 31 | ||
2019 | 31 | ||
2020 | 29 | ||
2021 and thereafter | 99 | ||
Total minimum payment required | $ | 263 |
Year ended December 31, ($ in millions) | |||
2016 | $ | 47 | |
2017 and 2018 | 51 | ||
2019 and thereafter | 3 | ||
Total future payment obligations | $ | 101 |
($ in millions) | First quarter | Second quarter | Third quarter | Fourth quarter | |||||||||||
2015 | |||||||||||||||
Net financing revenue | $ | 850 | $ | 916 | $ | 970 | $ | 983 | |||||||
Other revenue | 243 | 211 | 332 | 356 | |||||||||||
Total net revenue | 1,093 | 1,127 | 1,302 | 1,339 | |||||||||||
Provision for loan losses | 116 | 140 | 211 | 240 | |||||||||||
Total noninterest expense | 695 | 724 | 674 | 668 | |||||||||||
Income from continuing operations before income tax expense | 282 | 263 | 417 | 431 | |||||||||||
Income tax expense from continuing operations | 103 | 94 | 144 | 155 | |||||||||||
Net income from continuing operations | 179 | 169 | 273 | 276 | |||||||||||
Income (loss) from discontinued operations, net of tax | 397 | 13 | (5 | ) | (13 | ) | |||||||||
Net income | $ | 576 | $ | 182 | $ | 268 | $ | 263 | |||||||
Basic earnings per common share | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.23 | $ | (2.24 | ) | $ | 0.49 | $ | (1.94 | ) | |||||
Net income (loss) | 1.06 | (2.22 | ) | 0.48 | (1.97 | ) | |||||||||
Diluted earnings per common share | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.23 | $ | (2.24 | ) | $ | 0.49 | $ | (1.94 | ) | |||||
Net income (loss) | 1.06 | (2.22 | ) | 0.47 | (1.97 | ) | |||||||||
2014 | |||||||||||||||
Net financing revenue | $ | 821 | $ | 866 | $ | 889 | $ | 799 | |||||||
Other revenue | 321 | 365 | 375 | 215 | |||||||||||
Total net revenue | 1,142 | 1,231 | 1,264 | 1,014 | |||||||||||
Provision for loan losses | 137 | 63 | 102 | 155 | |||||||||||
Total noninterest expense | 713 | 821 | 742 | 672 | |||||||||||
Income from continuing operations before income tax expense | 292 | 347 | 420 | 187 | |||||||||||
Income tax expense from continuing operations | 94 | 64 | 127 | 36 | |||||||||||
Net income from continuing operations | 198 | 283 | 293 | 151 | |||||||||||
Income from discontinued operations, net of tax | 29 | 40 | 130 | 26 | |||||||||||
Net income | $ | 227 | $ | 323 | $ | 423 | $ | 177 | |||||||
Basic earnings per common share | |||||||||||||||
Net income from continuing operations | $ | 0.27 | $ | 0.45 | $ | 0.47 | $ | 0.17 | |||||||
Net income | 0.33 | 0.54 | 0.74 | 0.23 | |||||||||||
Diluted earnings per common share | |||||||||||||||
Net income from continuing operations | $ | 0.27 | $ | 0.45 | $ | 0.47 | $ | 0.17 | |||||||
Net income | 0.33 | 0.54 | 0.74 | 0.23 |
Document And Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 31, 2015 |
Feb. 23, 2016 |
Jun. 30, 2015 |
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Document And Entity Information [Abstract] | |||
Entity Registrant Name | Ally Financial Inc. | ||
Entity Central Index Key | 0000040729 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 8-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 483,067,645 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,874,447,499 |
Consolidated Balance Sheet (Paranthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
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Statement of Financial Position [Abstract] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Common Stock, Shares Authorized | 1,100,000,000 | 1,100,000,000 | ||
Common Stock, Shares, Issued | 482,790,696 | 480,136,039 | 479,767,470 | 412,600,700 |
Common Stock, Shares, Outstanding | 481,980,111 | 480,094,891 | 479,767,470 | |
Treasury Stock, Shares | 810,585 | 41,148 | 0 |
Description Of Business, Basis Of Presentation, And Changes In Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (referred to herein as Parent, Ally, we, our, or us) is a leading, independent, diversified, financial services firm. Founded in 1919, we are a leading financial services company with over 95 years of experience providing a broad array of financial products and services, primarily to automotive dealers and their retail customers. We operate as a financial holding company (FHC) and a bank holding company (BHC). Our banking subsidiary, Ally Bank, is an indirect, wholly-owned subsidiary of Ally Financial Inc. and a leading franchise in the growing direct (internet, telephone, mobile, and mail) banking market. Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the Parent and its consolidated subsidiaries, to which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all variable interest entities (VIEs) in which we are the primary beneficiary. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for by the equity method of accounting within the financial statements and they are therefore not consolidated. Refer to Note 10 for further details on our VIEs. Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. In the past, we have operated our international subsidiaries in a similar manner as we operate in the United States of America (U.S. or United States), subject to local laws or other circumstances that may cause us to modify our procedures accordingly. The financial statements of subsidiaries that operate outside of the United States generally are measured using the local currency as the functional currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. The resulting translation adjustments are recorded in accumulated other comprehensive income until the foreign subsidiaries are sold or substantially liquidated at which point the accumulated translation adjustments are recognized directly in earnings as part of the gain or loss on sale or liquidation. Income and expense items are translated at average exchange rates prevailing during the reporting period. The majority of our international operations have ceased and are included in discontinued operations. Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, legal and regulatory reserves, and the determination of the provision for income taxes. |
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Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with maturities of three months or less from the date of purchase. Cash and cash equivalents that have restrictions on our ability to withdraw the funds are included in other assets on our Consolidated Balance Sheet. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. Certain securities with original maturities of three months or less from the date of purchase that are held as a portion of longer-term investment portfolios, primarily held by our Insurance operations, are classified as investment securities. Investments Our portfolio of investments includes various debt and marketable equity securities and nonmarketable equity investments. Debt and marketable equity securities are classified based on management’s intent to sell or hold the security. Our debt and marketable equity securities include government securities, corporate bonds, asset-backed securities (ABS), mortgage-backed securities (MBS), equity securities and other investments. Our portfolio currently includes securities classified as available-for-sale, which are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income or loss. We amortize premiums and discounts on debt securities as an adjustment to investment yield generally over the stated maturity of the security. For ABS and MBS where prepayments can be reasonably estimated, amortization is adjusted for expected prepayments. Additionally, we assess our debt and marketable equity securities for potential other-than-temporary impairment. We employ a methodology that considers available evidence in evaluating potential other-than-temporary impairment of our debt and marketable equity securities classified as available-for-sale. If the cost of an investment exceeds its fair value, we evaluate, among other factors, the magnitude and duration of the decline in fair value. We also evaluate the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and our intent and ability to hold the investment through recovery of its amortized cost basis. Once a decline in fair value of a debt security is determined to be other-than-temporary, an impairment charge for the credit component is recorded to other gain (loss) on investments, net, in our Consolidated Statement of Income, and a new cost basis in the investment is established. Noncredit component losses of a debt security are recorded in other comprehensive income (loss) when we do not intend to sell the security and it is not more likely than not that we will have to sell the security prior to the security's anticipated recovery. Unrealized losses that we have determined to be other-than-temporary on equity securities are recorded to other gain (loss) on investments, net in our Consolidated Statement of Income. Subsequent increases and decreases to the fair value of available-for-sale debt and equity securities are included in other comprehensive income (loss), so long as they are not attributable to another other-than-temporary impairment. Realized gains and losses on investment securities are reported in other gain (loss) on investments, net, and are determined using the specific identification method. For information on our debt and marketable equity securities, refer to Note 6. In addition to our investment securities, we hold nonmarketable equity investments. Our nonmarketable equity investments are carried at cost less any previously recognized impairment, reported in other assets, and include Federal Home Loan Bank (FHLB) stock held to meet regulatory requirements, certain equity investments in low income housing tax credits, and other equity investments that are not publicly traded and therefore do not have a readily determinable fair value. As conditions warrant, we review our investments carried at cost for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. No impairment was recognized in 2015 or 2014. For more information on our nonmarketable equity investments, refer to Note 25. Finance Receivables and Loans Finance receivables and loans are reported at their gross carrying value which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the gross carrying value less the allowance for loan loss as the net carrying value in finance receivables and loans. Unearned rate support received from an automotive manufacturer on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 8. We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management's assessment of our intent and ability to hold loans for the foreseeable future or until maturity. Management's view of the foreseeable future is based on the longest reasonably reliable net income, liquidity, and capital forecast period. Management's intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and reasonably identify the specific loans to be sold. Loans classified as held-for-sale are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. Interest income is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on finance receivables and loans in other assets on the Consolidated Balance Sheet. Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, and commercial.
Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for 90 days or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, our policy is to generally place all loans that have been modified in troubled debt restructurings (TDRs) on nonaccrual status until the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Loans on nonaccrual are reported as nonperforming loans in Note 8. The receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Impaired Loans Loans of all classes are considered impaired when we determine it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. For all classes of consumer loans, impaired loans include all loans that have been modified in TDRs. Commercial loans of all classes are considered impaired on an individual basis and reported as impaired when we determine it is probable that we will be unable to collect all amounts due according to the terms of the loan agreement. With the exception of certain consumer TDRs that have been returned to accruing status, for all classes of impaired loans, income recognition is consistent with that of nonaccrual loans discussed above. Impaired loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. For collateral dependent loans, if the recorded investment in impaired loans exceeds the fair value of the collateral, a charge-off is recorded consistent with the TDR discussion below. Troubled Debt Restructurings When the terms of finance receivables or loans are modified, consideration must be given as to whether or not the modification results in a TDR. A modification is considered to be a TDR when both a) the borrower is experiencing financial difficulty and b) we grant a concession to the borrower. These considerations require significant judgment and vary by portfolio segment. In all cases, the cumulative impacts of all modifications are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are utilized for assessing the financial difficulty of the borrower. These include, but are not limited to, the borrower's default status on any of its debts, bankruptcy and recent changes in financial circumstances (loss of job, etc.). A concession has been granted when as a result of the modification we do not expect to collect all amounts due, including interest accrued at the original contract rate. Types of modifications that may be considered concessions include, but are not limited to, extensions of terms at a rate that does not constitute a market rate, a reduction, deferral or forgiveness of principal or interest owed and loans that have been discharged in a Chapter 7 Bankruptcy and have not been reaffirmed by the borrower. In addition to the modifications noted above, in our consumer automotive portfolio segment of loans we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue and collect interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. A restructuring that results in only a delay in payment that is deemed to be insignificant is not a concession and the modification is not considered to be a TDR. In order to assess whether a restructuring that results in a delay in payment is insignificant, we consider the amount of the restructured payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan's original expected duration. In the cases where payment extensions on our automotive loan portfolio cumulatively extend beyond 90 days and are more than 10% of the original contractual term or where the cumulative payment extension is beyond 180 days, we deem the delay in payment to be more than insignificant, and as such, classify these types of modifications as TDRs. Otherwise, we believe that the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the factors noted above, consideration is also given to the borrower's forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions and other potential business disruptions (e.g., the loss of a significant customer or other revenue stream). Consideration of a concession is also similar for commercial loans. In addition to the factors noted above, consideration is also given to whether additional guarantees or collateral have been provided. For all loans, TDR classification typically results from our loss mitigation activities. For loans held-for-investment that are not carried at fair value and are TDRs, impairment is typically measured based on the difference between the gross carrying value of the loan and the present value of the expected future cash flows of the loan. The loan may also be measured for impairment based on the fair value of the underlying collateral less costs to sell for loans that are collateral dependent. We recognize impairment by either establishing a valuation allowance or recording a charge-off. The financial impacts of modifications that meet the definition of a TDR are reported in the period in which they are identified as TDRs. Additionally, if a loan that is classified as a TDR redefaults within twelve months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy except for commercial loans where redefault is defined as 90 days past due. Impaired loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the gross carry value directly written-off. Generally, we recognize recoveries when they are received and record them as a reduction to provision for loan losses. As a general rule, consumer automotive loans are written down to estimated collateral value, less costs to sell, once a loan becomes 120 days past due. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. Consumer mortgage loans within our second-lien portfolio in bankruptcy that are 60 days past due are fully charged off within 60 days of receipt of notification of filing from the bankruptcy court. Consumer automotive and first-lien consumer mortgage loans in bankruptcy that are 60 days past due are written down to the estimated fair value of the collateral, less costs to sell, within 60 days of receipt of notification of filing from the bankruptcy court. Regardless of other timelines noted within this policy, loans are considered collateral dependent once foreclosure or repossession proceedings begin and are charged-off to the estimated fair value of the underlying collateral, less costs to sell at that time. Commercial loans are individually evaluated and where collectability of the recorded balance is in doubt are written down to the estimated fair value of the collateral less costs to sell. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate and noncollateral dependent loans are fully written-off. Allowance for Loan Losses The allowance for loan losses (the allowance) is management's estimate of incurred losses in the lending portfolios. We determine the amount of the allowance required for each of our portfolio segments based on its relative risk characteristics. The evaluation of these factors for both consumer and commercial finance receivables and loans involves quantitative analysis combined with sound management judgment. Additions to the allowance are charged to current period earnings through the provision for loan losses; amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. The allowance is comprised of two components: specific reserves established for individual loans evaluated as impaired and portfolio-level reserves established for large groups of typically smaller balance homogeneous loans that are collectively evaluated for impairment. We evaluate the adequacy of the allowance based on the combined total of these two components. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions. Measurement of impairment for specific reserves is generally determined on a loan-by-loan basis. Loans determined to be specifically impaired are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate, an observable market price, or the estimated fair value of the collateral less estimated costs to sell when appropriate, whichever is determined to be the most appropriate. When these measurement values are lower than the carrying value of that loan, impairment is recognized. Loans that are not identified as individually impaired are pooled with other loans with similar risk characteristics for evaluation of impairment for the portfolio-level allowance. For the purpose of calculating portfolio-level reserves, we have grouped our loans into three portfolio segments: consumer automotive, consumer mortgage, and commercial. The allowance consists of the combination of a quantitative assessment component based on statistical models, a retrospective evaluation of actual loss information to loss forecasts, and includes a qualitative component based on management judgment. Management takes into consideration relevant qualitative factors, including external and internal trends such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events, among other factors, that have occurred but are not yet reflected in the quantitative assessment component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes. During 2015, we did not substantively change any material aspect of our overall approach used to determine the allowance for loan losses for our portfolio segments. There were no material changes in criteria or estimation techniques as compared to prior periods that impacted the determination of the current period allowance for loan losses for our portfolio segments. Refer to Note 8 for information on the allowance for loan losses. Consumer Loans Our consumer automotive and consumer mortgage portfolio segments are reviewed for impairment based on an analysis of loans that are grouped into common risk categories. We perform periodic and systematic detailed reviews of our lending portfolios to identify inherent risks and to assess the overall collectability of those portfolios. Loss models are utilized for these portfolios, which consider a variety of credit quality indicators including, but not limited to, historical loss experience, current economic conditions, anticipated repossessions or foreclosures based on portfolio trends, and credit scores, and expected loss factors by loan type. Consumer Automotive Portfolio Segment The allowance for loan losses within the consumer automotive portfolio segment is calculated using proprietary statistical models and other risk indicators applied to pools of loans with similar risk characteristics, including credit bureau score and loan-to-value ratios to arrive at an estimate of incurred losses in the portfolio. These statistical loss forecasting models are utilized to estimate incurred losses and consider a variety of factors including, but not limited to, historical loss experience, estimated defaults based on portfolio trends, and general economic and business trends. These statistical models predict forecasted losses inherent in the portfolio. The forecasted losses consider historical factors such as frequency (the number of contracts that we expect to default) and loss severity (the loss amount of contracts we expect to default). The loss severity within the consumer automotive portfolio segment is impacted by the market values of vehicles that are repossessed. Vehicle market values are affected by numerous factors including vehicle supply, the condition of the vehicle upon repossession, the overall price and volatility of gasoline or diesel fuel, consumer preference related to specific vehicle segments, and other factors. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. Consumer Mortgage Portfolio Segment The allowance for loan losses within the consumer mortgage portfolio segment is calculated by using proprietary statistical models based on pools of loans with similar risk characteristics, including credit score, loan-to-value, loan age, documentation type, product type, and loan purpose, to arrive at an estimate of incurred losses in the portfolio. These statistical loss forecasting models are utilized to estimate incurred losses and consider a variety of factors including, but not limited to, historical loss experience, estimated foreclosures or defaults based on portfolio trends, delinquencies, and general economic and business trends. The forecasted losses are statistically derived based on a suite of behavioral based transition models. This transition framework predicts various stages of delinquency, default, and voluntary prepayment over the course of the life of the loan. The transition probability is a function of the loan and borrower characteristics and economic variables and considers historical factors such as frequency and loss severity. When a default event is predicted, a severity model is applied to estimate future loan losses. Loss severity within the consumer mortgage portfolio segment is impacted by the market values of foreclosed properties, which is affected by numerous factors, including geographic considerations and the condition of the foreclosed property. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. Commercial Loans The allowance for loan losses within the commercial portfolio is comprised of reserves established for specific loans evaluated as impaired and portfolio-level reserves based on nonimpaired loans grouped into pools based on similar risk characteristics and collectively evaluated. A commercial loan is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement based on current information and events. These loans are primarily evaluated individually and are risk-rated based on borrower, collateral, and industry-specific information that management believes is relevant in determining the occurrence of a loss event and measuring impairment. Management establishes specific allowances for commercial loans determined to be individually impaired based on the present value of expected future cash flows, discounted at the loan's effective interest rate, observable market price or the fair value of collateral, whichever is determined to be the most appropriate. Estimated costs to sell or realize the value of the collateral on a discounted basis are included in the impairment measurement, when appropriate. Loans not identified as impaired are grouped into pools based on similar risk characteristics and collectively evaluated. Our risk rating models use historical loss experience, concentrations, current economic conditions, and performance trends. The commercial historical loss experience is updated quarterly to incorporate the most recent data reflective of the current economic environment. The determination of the allowance is influenced by numerous assumptions and many factors that may materially affect estimates of loss, including volatility of loss given default, probability of default, and rating migration. In assessing the risk rating of a particular loan, several factors are considered including an evaluation of historical and current information involving subjective assessments and interpretations. In addition, the allowance related to the commercial portfolio segment is influenced by estimated recoveries from automotive manufacturers relative to guarantees or agreements with them to repurchase vehicles used as collateral to secure the loans. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans and operating leases. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or secured borrowings. We may retain economic interests in the securitized and sold assets, which are generally retained in the form of senior or subordinated interests, interest- or principal-only strips, cash reserves, residual interests, and servicing rights. In order to conclude whether or not a variable interest entity is required to be consolidated, careful consideration and judgment must be given to our continuing involvement with the variable interest entity. In circumstances where we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, we would conclude that we would consolidate the entity, which would also preclude us from recording an accounting sale on the transaction. In the case of a consolidated variable interest entity, the accounting is consistent with a secured borrowing, (e.g., we continue to carry the loans and we record the related securitized debt on our Consolidated Balance Sheet). In transactions where we are not determined to be the primary beneficiary of the VIE, we then must determine whether or not we achieve a sale for accounting purposes. In order to achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we were to fail any of the three criteria for sale accounting, the accounting would be consistent with the preceding paragraph (i.e., a secured borrowing). Refer to Note 10 for discussion on VIEs. Gains or losses on off-balance sheet securitizations take into consideration the fair value of the retained interests including the value of certain servicing assets or liabilities, if any, which are initially recorded at fair value at the date of sale. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. Refer to Note 25 for a discussion of fair value estimates. Gains or losses on off-balance sheet securitizations and sales are reported in gain (loss) on mortgage and automotive loans, net, in our Consolidated Statement of Income. Retained interests, as well as any purchased securities, are generally included in available-for-sale investment securities and follow the accounting as described above or are classified in other assets. Retained interests that are included in other assets are reported at fair value and include cash reserves and certain noncertificated residual interests. We retain servicing responsibilities for all of our consumer and commercial automotive loan and operating lease securitizations. We may receive servicing fees for off-balance sheet securitizations based on the securitized loan balances and certain ancillary fees, all of which are reported in servicing fees in the Consolidated Statement of Income. Typically, the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. Whether on- or off-balance sheet, the investors in the securitization trusts generally have no recourse to our assets outside of customary market representation and warranty repurchase provisions. Repossessed and Foreclosed Assets Assets are classified as repossessed and foreclosed and included in other assets when physical possession of the collateral is taken, which includes the transfer of title through foreclosure or other similar proceedings. Repossessed and foreclosed assets are carried at the lower of the outstanding balance at the time of repossession or foreclosure or the fair value of the asset less estimated costs to sell. Losses on the revaluation of repossessed and foreclosed assets are recognized as a charge-off of the allowance for loan losses at the time of repossession. Declines in value after repossession are charged to other operating expenses for loans and depreciation expense for operating lease assets as incurred. Investment in Operating Leases Investment in operating leases, net represents the automobiles that are underlying the automotive lease contracts and is reported at cost, less accumulated depreciation and net of impairment charges and origination fees or costs. Depreciation of vehicles is recorded on a straight-line basis to an estimated residual value over the lease term. Manufacturer support payments that we receive upfront are treated as a reduction to the cost-basis in the underlying lease asset, which has the effect of reducing depreciation expense over the life of the contract. We periodically evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease if deemed appropriate. Income from operating lease assets that includes lease origination fees, net of lease origination costs, is recognized as operating lease revenue on a straight-line basis over the scheduled lease term. We have significant investments in the residual values of the assets in our operating lease portfolio. The residual values represent an estimate of the values of the assets at the end of the lease contracts. At contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally-generated data is compared against third party, independent data for reasonableness and analysis. Realization of the residual values is dependent on our future ability to market the vehicles under the prevailing market conditions. Over the life of the lease, we evaluate the adequacy of our estimate of the residual value and may make adjustments to the depreciation rates to the extent the expected value of the vehicle at lease termination changes. In addition to estimating the residual value at lease termination, we also evaluate the current value of the operating lease asset and test for impairment to the extent necessary based on market considerations and portfolio characteristics. Impairment is determined to exist if fair value of the leased asset is less than carrying value and it is determined that the net carrying value is not recoverable. The net carrying value of a leased asset is not recoverable if it exceeds the sum of the undiscounted expected future cash flows expected to result from the lease payments and the estimated residual value upon eventual disposition. No impairment was recognized in 2015, 2014, or 2013. If our operating lease assets are considered to be impaired, the impairment is measured as the amount by which the carrying amount of the assets exceeds the fair value as estimated by discounted cash flows. We accrue rental income on our operating leases when collection is reasonably assured. We generally discontinue the accrual of revenue on operating leases at the time an account is determined to be uncollectible, at the earliest of time of repossession, within 60 days of bankruptcy notification and greater than 60 days past due, or greater than 120 days past due. When a lease vehicle is returned to us, the asset is reclassified from investment in operating leases, net, to other assets and recorded at the lower-of-cost or estimated fair value, less costs to sell, on our Consolidated Balance Sheet. Impairment of Long-lived Assets The net carrying value of long-lived assets (including property and equipment) are evaluated for impairment whenever events or changes in circumstances indicate that their net carrying values may not be recoverable from the estimated undiscounted future cash flows expected to result from their use and eventual disposition. Recoverability of assets to be held and used is measured by a comparison of their net carrying amount to future net undiscounted cash flows expected to be generated by the assets. If these assets are considered to be impaired, the impairment is measured as the amount by which the net carrying amount of the assets exceeds the fair value estimated using a discounted cash flow method. No material impairment was recognized in 2015, 2014, or 2013. An impairment test on an asset group to be sold or otherwise disposed of is performed upon occurrence of a triggering event or when certain criteria are met (e.g., the asset is planned to be disposed of within twelve months, appropriate levels of authority have approved the sale, there is an active program to locate a buyer, etc.), which cause the disposal group to be classified as held-for-sale. Long-lived assets held-for-sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. If the net carrying value of the assets held-for-sale exceeds the fair value less cost to sell, we recognize an impairment loss based on the excess of the net carrying amount over the fair value of the assets less cost to sell. Refer to Note 2 for a discussion of discontinued and held-for-sale operations. Property and Equipment Property and equipment stated at cost, net of accumulated depreciation and amortization, are reported in other assets on our Consolidated Balance Sheet. Included in property and equipment are certain buildings, furniture and fixtures, leasehold improvements, company vehicles, IT hardware and software, and capitalized software costs. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, which generally ranges from three to thirty years. Capitalized software is generally amortized on a straight-line basis over its useful life, which generally ranges from three to five years. Capitalized software that is not expected to provide substantive service potential or for which development costs significantly exceed the amount originally expected is considered impaired and written down to fair value. Software expenditures that are considered general, administrative, or of a maintenance nature are expensed as incurred. Unearned Insurance Premiums and Service Revenue Insurance premiums, net of premiums ceded to reinsurers, and service revenue are earned over the terms of the policies. The portion of premiums and service revenue written applicable to the unexpired terms of the policies is recorded as unearned insurance premiums or unearned service revenue. For extended service and maintenance contracts, premiums and service revenues are earned on a basis proportionate to the anticipated cost emergence. For other short duration contracts, premiums and unearned service revenue are earned on a pro rata basis. For further information, refer to Note 3. Deferred Policy Acquisition Costs Certain commissions, that are primarily related to and vary with the production of business, are deferred and recorded in other assets. Deferred policy acquisition costs are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned. We group costs incurred for acquiring like contracts and consider anticipated investment income in determining the recoverability of these costs. Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for insurance losses and loss adjustment expenses are reported in accrued expenses and other liabilities on our Consolidated Balance Sheet. They are established for the unpaid cost of insured events that have occurred as of a point in time. More specifically, the reserves for insurance losses and loss adjustment expenses represent the accumulation of estimates for both reported losses and those incurred, but not reported, including claims adjustment expenses relating to direct insurance and assumed reinsurance agreements. Estimates for salvage and subrogation recoverable are recognized at the time losses are incurred and netted against the provision for insurance losses and loss adjustment expenses. Reserves are established for each business at the lowest meaningful level of homogeneous data. Since the reserves are based on estimates, the ultimate liability may vary from such estimates. The estimates are regularly reviewed and adjustments, which can potentially be significant, are included in earnings in the period in which they are deemed necessary. Legal and Regulatory Reserves Reserves for legal and regulatory matters are established when those matters present loss contingencies that are both probable and estimable, with a corresponding amount recorded to other operating expense. In cases where we have an accrual for losses, it is our policy to include an estimate for probable and estimable legal expenses related to the case. If, at the time of evaluation, the loss contingency related to a legal or regulatory matter is not both probable and estimable, we do not establish an accrued liability. We continue to monitor legal and regulatory matters for further developments that could affect the requirement to establish a liability or that may impact the amount of a previously established liability. There may be exposure to loss in excess of any amounts recognized. For certain other matters where the risk of loss is determined to be reasonably possible, estimable, and material to the financial statements, disclosure regarding details of the matter and an estimated range of loss is required. The estimated range of possible loss does not represent our maximum loss exposure. Financial statement disclosure is also required for matters that are deemed probable or reasonably possible, material to the financial statements, but for which an estimated range of loss is not possible to determine. While we believe our reserves are adequate, the outcome of legal and regulatory proceedings is extremely difficult to predict and we may settle claims or be subject to judgments for amounts that differ from our estimates. For information regarding the nature of all material contingencies, refer to Note 30. Earnings per Common Share We compute basic earnings (loss) per common share by dividing net income (loss) from continuing operations attributable to common shareholders after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period. We compute diluted earnings (loss) per common share by dividing net income (loss) from continuing operations after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period plus the dilution resulting from incremental shares that would have been outstanding if the dilutive potential common shares had been issued (assuming it does not have the effect of antidilution), if applicable. Derivative Instruments and Hedging Activities We primarily use derivative instruments for risk management purposes. Some of our derivative instruments are designated in qualifying hedge accounting relationships; other derivative instruments do not qualify for hedge accounting or are not elected to be designated in a qualifying hedging relationship. In accordance with applicable accounting standards, all derivative instruments, whether designated for hedge accounting or not, are required to be recorded on the balance sheet as assets or liabilities and measured at fair value. Additionally, we have elected to report the fair value amounts recognized for derivative financial instruments, including the fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement, on the Consolidated Balance Sheet on a gross basis where we do not have the intent to offset. For additional information on derivative instruments and hedging activities, refer to Note 22. At inception of a hedge accounting relationship, we designate each qualifying derivative financial instrument as a hedge of the fair value of a specifically identified asset or liability (fair value hedge); as a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as a hedge of the foreign-currency exposure of a net investment in a foreign operation (net investment hedge). We formally document all relationships between hedging instruments and hedged items and risk management objectives for undertaking various hedge transactions. Both at the hedge's inception and on an ongoing basis, we formally assess whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. Changes in the fair value of derivative instruments that are designated and qualify as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in the current period earnings. For qualifying cash flow hedges, the effective portion of the change in the fair value of the derivative financial instruments is recorded in accumulated other comprehensive income, and recognized in the income statement when the hedged cash flows affect earnings. For a qualifying net investment hedge, the gain or loss is reported in accumulated other comprehensive income as part of the cumulative translation adjustment. The ineffective portions of fair value, cash flow, and net investment hedges are immediately recognized in earnings, along with the portion of the change in fair value that is excluded from the assessment of hedge effectiveness, if any. The hedge accounting treatment described herein is no longer applied if a derivative financial instrument is terminated or the hedge designation is removed or is assessed to be no longer highly effective. For these terminated fair value hedges, any changes to the hedged asset or liability remain as part of the basis of the hedged asset or liability and are recognized into income over the remaining life of the asset or liability. For terminated cash flow hedges, unless it is probable that the forecasted cash flows will not occur within a specified period, any changes in fair value of the derivative financial instrument previously recognized remain in accumulated other comprehensive income, and are reclassified into earnings in the same period that the hedged cash flows affect earnings. The previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive income until earnings are impacted by sale or liquidation of the associated foreign operation. In all instances, after hedge accounting is no longer applied, any subsequent changes in fair value of the derivative instrument will be recorded into earnings. Changes in the fair value of derivative financial instruments held for risk management purposes that are not designated for hedge accounting under GAAP are reported in current period earnings. Income Taxes Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated future taxes to be paid. We are subject to income taxes predominantly in the United States. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise we consider all available positive and negative evidence including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and changes in accounting policies and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Also, we recognize accrued interest and penalties related to liabilities for uncertain income tax positions in interest expense and other operating expenses, respectively. For additional information regarding our provision for income taxes, refer to Note 23. Share-based Compensation Under accounting guidance for share-based compensation, compensation cost recognized includes the cost of share-based awards. For equity classified share-based awards, compensation cost is ratably charged to expense based on the grant date fair value of the awards over the applicable service periods. For liability classified share-based awards, the associated liability is remeasured quarterly at fair value until they are paid, with changes in fair value charged to compensation expense in the period in which the change occurs. Refer to Note 24 for a discussion of our share-based compensation plans. Foreign Exchange Foreign-denominated assets and liabilities resulting from foreign-currency transactions are valued using period-end foreign-exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income. We may elect to enter into foreign-currency derivatives to mitigate our exposure to changes in foreign-exchange rates. Refer to the Derivative Instruments and Hedging Activities section above for a discussion of our hedging activities of the foreign-currency exposure of a net investment in a foreign operation. Recently Adopted Accounting Standards Receivables — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (ASU 2014-04) As of January 1, 2015, we adopted ASU (Accounting Standards Update) 2014-04. The amendments in this ASU clarify the timing for which an entity should reclassify a loan that has been foreclosed or where an in substance repossession has occurred to real estate owned. The guidance requires a reclassification to occur when the entity obtains legal title upon completion of foreclosure or the borrower conveys all interest in the residential real estate property to the entity to satisfy the loan through completion of a deed in lieu of foreclosure or similar legal agreement. In addition, the ASU clarifies that redemption rights of the borrower should be ignored for purposes of determining whether legal title has transferred. We adopted the guidance utilizing a modified retrospective approach. The adoption of this guidance did not have a material effect on our consolidated financial condition or results of operations. Presentation of Financial Statements and Property, Plant, and Equipment — Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity (ASU 2014-08) As of January 1, 2015, we adopted ASU 2014-08. The amendments in this ASU modify the requirements for the reporting of discontinued operations. In order to qualify as a discontinued operation, the disposal of a component of an entity, a group of components, or a business of an entity must represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The ASU further indicates that the timing for recording a discontinued operation is when one of the following occurs: the component, group of components, or business meets the criteria to be classified as held-for-sale; the component, group of components, or business is disposed of by sale; or the component, group of components, or business is disposed of other than by sale (for example abandonment or spinoff). In addition, the ASU also requires additional disclosure items about an entity’s discontinued operations. The amendments were applied prospectively solely to newly identified disposals that qualify as discontinued operations after the effective date. Items previously reported as discontinued operations maintain their classification based on the prior guidance. The adoption of this guidance did not have a material effect on our consolidated financial condition or results of operations. Transfers and Servicing — Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures (ASU 2014-11) As of January 1, 2015, we adopted ASU 2014-11. The amendments in this ASU change the accounting for repurchase-to-maturity transactions and repurchase financing transactions such that both will be reported as secured borrowings. In addition to the changes to how these transactions are reported, the ASU also includes new disclosure requirements. The amendments were applied to all transactions that fall under the guidance as of the date of adoption with a cumulative effect adjustment recorded on the date of initial adoption. The adoption of this guidance did not have a material effect on our consolidated financial condition or results of operations. Imputation of Interest — Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) and Imputation of Interest — Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU 2015-15) As of December 31, 2015, we adopted ASU 2015-03 and ASU 2015-15. The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Historically, debt issuance costs were presented as a deferred charge and were therefore presented as an asset. The amendments in ASU 2015-15 codified comments made by the SEC that costs associated with revolving lines of credit may continue to be presented as an asset subsequent to the adoption of the guidance in ASU 2015-03. The amendments were applied retrospectively to all periods presented. The impact of adopting the standard was a reduction to other assets of $190 million and $197 million, a reduction to long-term debt of $168 million and $178 million and a reduction to interest-bearing deposit liabilities of $22 million and $19 million at December 31, 2015, and December 31, 2014, respectively. Recently Issued Accounting Standards Revenue from Contracts with Customers (ASU 2014-09) and Revenue from Contracts with Customers — Deferral of the Effective Date (ASU 2015-14) In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09. The purpose of this guidance is to streamline and consolidate existing revenue recognition principles in GAAP and to converge revenue recognition principles with International Financial Reporting Standards (IFRS). The core principle of the amendments is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The amendments include a five step process for consideration of the main principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. As originally issued, the amendments in ASU 2014-09 were to be effective for us beginning on January 1, 2017. However, in August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the guidance for us until January 1, 2018, and permitted early adoption as of the original effective date in ASU 2014-09. The amendments to the revenue recognition principles can be applied on adoption either through a full retrospective application or on a modified basis with a cumulative effect adjustment on the date of initial adoption with certain practical expedients. Management is in the process of completing a scoping assessment in order to determine the impact of the adoption of this guidance. Consolidation — Amendments to the Consolidation Analysis (ASU 2015-02) In February 2015, the FASB issued ASU 2015-02. The amendments in this update modify the requirements of consolidation with respect to entities that are or are similar in nature to limited partnerships or are VIEs. For entities that are or are similar to limited partnerships, the guidance clarifies the evaluation of kick-out rights, removes the presumption that the general partner will consolidate and generally states that such entities will be presumed to be VIEs unless proven otherwise. For VIEs, the guidance modifies the analysis related to the evaluation of servicing fees, excludes servicing fees that are deemed commensurate with the level of service required from the determination of the primary beneficiary and clarifies certain considerations related to the consolidation analysis when performing a related party assessment. The amendments are effective for us on January 1, 2016, with early adoption permitted. The amendments can be applied either through a full retrospective application or on a modified retrospective basis with a cumulative effect adjustment on the date of initial adoption. Based on our preliminary assessment within our ongoing implementation efforts, we do not believe this guidance will have a material impact on our consolidated financial condition or results of operations. Financial Instruments — Recognition and Measurement of Financial Assets (ASU 2016-01) In January 2016, the FASB issued ASU 2016-01. The amendments in this update modify the requirements related to the measurement of certain financial instruments in the statement of financial condition and results of operation. For equity investments (other than investments accounted for using the equity method), entities must measure such instruments at fair value with changes in fair value recognized in net income. Reporting entities may continue to elect to measure equity investments which do not have a readily determinable fair value at cost with adjustments for impairment and observable changes in price. In addition, for a liability (other than a derivative liability) that an entity measures at fair value, any change in fair value related to the instrument-specific credit risk, that is the entity’s own-credit, should be presented separately in other comprehensive income and not as a component of net income. The amendments are effective for us on January 1, 2018, with early adoption permitted solely for the instrument-instrument specific credit risk for liabilities measured at fair value. The amendments must be applied on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. Management is currently evaluating the impact of the amendments. However, we do expect additional volatility in our consolidated results of operations as a result of the requirement to measure equity investments at fair value with changes in the fair value recognized in net income upon adoption. |
Discontinued and Held-for-sale Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued and Held-for-sale Operations Discontinued Operations Prior to the adoption of ASU 2014-08, which was prospectively applied only to newly identified disposals that qualified as discontinued operations beginning after January 1, 2015, we classified operations as discontinued when operations and cash flows will be eliminated from our ongoing operations and we do not expect to retain any significant continuing involvement in their operations after the respective sale or disposal transactions. For all periods presented, the operating results for these discontinued operations have been removed from continuing operations and presented separately as discontinued operations, net of tax, in the Consolidated Statement of Income. The Notes to the Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted. Select Insurance Operations During the first quarter of 2013, we completed the sale of our U.K.-based operations. During the second quarter of 2013, we sold our Mexican insurance business, ABA Seguros. Select Automotive Finance Operations During the fourth quarter of 2012, we committed to sell our operations in Europe and Latin America to General Motors Financial Company, Inc. (GMF). On the same date, we entered into an agreement with GMF to sell our 40% interest in a motor vehicle finance joint venture in China. During the first quarter of 2013, we sold our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust. During the second quarter of 2013, we completed the sale of our operations in Europe and the majority of Latin America. The transaction included European operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, France and the Netherlands, and Latin America operations in Mexico, Chile, and Colombia. During the fourth quarter of 2013, we completed the sale of our Latin American operations in Brazil. On January 2, 2015, the sale of our interest in the motor vehicle finance joint venture in China was completed and an after-tax gain of approximately $400 million was recorded. The tax expense included in this gain was reduced by the release of the valuation allowance on our capital loss carryforward deferred tax asset that was utilized to offset capital gains stemming from this sale. Select Corporate Finance Operations During the second quarter of 2014, we ceased operations of our Corporate Finance Group's Canadian operation, and classified this business as discontinued. Select Corporate and Other Operations During the first quarter of 2013, the operations of our former subsidiary Residential Capital, LLC (ResCap) were classified as discontinued. Select Financial Information Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to transact a sale, includes any impairment recognized to present the operations at the lower-of-cost or fair value. Fair value was based on the estimated sales price, which could differ from the ultimate sales price due to price volatility, changing interest rates, changing foreign-currency rates, and future economic conditions.
Held-for-sale Operations Assets of operations held-for-sale consisted of $634 million in other assets at December 31, 2014, related to the joint venture in China that was sold to GMF on January 2, 2015. No held-for-sale operations remain at December 31, 2015. |
Insurance Premiums and Service Revenue Earned |
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Insurance Premiums and Service Revenue Earned [Text Block] | Insurance Premiums and Service Revenue Earned The following table is a summary of insurance premiums and service revenue written and earned.
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Other Income, Net Of Losses |
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Other Income, Net of Losses [Text Block] | Other Income, Net of Losses Details of other income, net of losses, were as follows.
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Other Operating Expenses |
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses [Text Block] | Other Operating Expenses Details of other operating expenses were as follows.
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Investment Securities |
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Available-for-sale Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities [Text Block] | Investment Securities Our portfolio of securities includes bonds, equity securities, asset- and mortgage-backed securities, and other investments. The cost, fair value, and gross unrealized gains and losses on available-for-sale securities were as follows.
The maturity distribution of available-for-sale debt securities outstanding is summarized in the following tables. Call or prepayment options may cause actual maturities to differ from contractual maturities.
The balances of cash equivalents were $1.0 billion and $2.0 billion at December 31, 2015, and December 31, 2014, respectively, and were composed primarily of money market accounts and short-term securities, including U.S. Treasury bills. The following table presents interest and dividends on available-for-sale securities.
The following table presents gross gains and losses realized upon the sales of available-for-sale securities and other-than-temporary impairment.
The table below summarizes available-for-sale securities in an unrealized loss position in accumulated other comprehensive income. Based on the assessment of whether such loses were deemed to be other than temporary, we believe that the unrealized losses are not indicative of an other-than-temporary impairment of these securities. As of December 31, 2015, we did not have the intent to sell the debt securities with an unrealized loss position in accumulated other comprehensive income, it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis, and we expect to recover the entire amortized cost basis of the securities. As of December 31, 2015, we had the ability and intent to hold equity securities with an unrealized loss position in accumulated other comprehensive income, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result, we believe that the securities with an unrealized loss position in accumulated other comprehensive income are not considered to be other-than-temporarily impaired at December 31, 2015. Refer to Note 1 for additional information related to investment securities and our methodology for evaluating potential other-than-temporary impairments.
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Loans Held-for-Sale, Net Loans Held-for-Sale, Net |
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Loans Held-for-Sale, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held-for-Sale, Net [Text Block] | Loans Held-for-Sale, Net Loans held-for-sale represent loans that we intend to sell. The composition of loans held-for-sale, net, was as follows.
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Finance Receivables And Loans, Net |
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Loans and Leases Receivable, Net Reported Amount, by Category Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Finance Receivables and Loans, Net The composition of finance receivables and loans, net, reported at gross carrying value was as follows.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans.
The following table presents information about significant sales of finance receivables and loans recorded at gross carrying value and transfers of finance receivables and loans from held-for-investment to held-for-sale.
The following table presents information about significant purchases of finance receivables and loans.
The following table presents an analysis of our past due finance receivables and loans, net, recorded at gross carrying value.
The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status.
Management performs a quarterly analysis of the consumer automotive, consumer mortgage, and commercial portfolios using a range of credit quality indicators to assess the adequacy of the allowance for loan losses based on historical and current trends. The following tables present the population of loans by quality indicators for our consumer automotive, consumer mortgage, and commercial portfolios. The following table presents performing and nonperforming credit quality indicators in accordance with our internal accounting policies for our consumer finance receivables and loans recorded at gross carrying value. Nonperforming loans include finance receivables and loans on nonaccrual status when the principal or interest has been delinquent for 90 days or when full collection is not expected. Refer to Note 1 for additional information.
The following table presents pass and criticized credit quality indicators based on regulatory definitions for our commercial finance receivables and loans recorded at gross carrying value.
Impaired Loans and Troubled Debt Restructurings Impaired Loans Loans are considered impaired when we determine it is probable that we will be unable to collect all amounts due according to the terms of the loan agreement. For more information on our impaired finance receivables and loans, refer to Note 1. The following table presents information about our impaired finance receivables and loans recorded at gross carrying value.
The following table presents average balance and interest income for our impaired finance receivables and loans.
Troubled Debt Restructurings TDRs are loan modifications where concessions were granted to borrowers experiencing financial difficulties. Numerous initiatives are in place to provide support to our mortgage customers in financial distress, including principal forgiveness, maturity extensions, delinquent interest capitalization, and changes to contractual interest rates. Additionally for automotive loans, we may offer several types of assistance to aid our customers, including extension of the loan maturity date and rewriting the loan terms. Total TDRs recorded at gross carrying value were $625 million at December 31, 2015, reflecting a decrease of $56 million from December 31, 2014. Refer to Note 1 for additional information. The following table presents information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period.
The following table presents information about finance receivables and loans recorded at gross carrying value that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (Refer to Note 1 for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
At December 31, 2015, and December 31, 2014, commercial commitments to lend additional funds to borrowers owing receivables whose terms had been modified in a TDR were $2 million and $4 million, respectively. Concentration Risk Consumer We monitor our consumer loan portfolio for concentration risk across the geographies in which we lend. The highest concentrations of loans are in Texas and California, which represent an aggregate of 23.5% of our total outstanding consumer finance receivables and loans at December 31, 2015. Concentrations in our mortgage portfolio are closely monitored given the volatility of the housing markets, with special attention given to states with greater declines in real estate values. The following table shows the percentage of total consumer finance receivables and loans recorded at gross carrying value by state concentration.
Commercial Real Estate The commercial real estate portfolio consists of loans issued primarily to automotive dealers. The following table shows the percentage of total commercial real estate finance receivables and loans reported at gross carrying value by state concentration.
Commercial Criticized Exposure Finance receivables and loans classified as special mention, substandard, or doubtful are deemed as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. The following table presents the percentage of total commercial criticized finance receivables and loans reported at gross carrying value by industry concentrations.
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Investment In Operating Leases, Net |
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Leases, Operating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases of Lessor Disclosure [Text Block] | Investment in Operating Leases, Net Investments in operating leases were as follows.
Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following summarizes the components of depreciation expense on operating lease assets.
The following table presents the future lease nonresidual rental payments due from customers for vehicles on operating leases.
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Securitizations And Variable Interest Entities |
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Securitizations And Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations And Variable Interest Entities Disclosure [Text Block] | Securitizations and Variable Interest Entities Overview We are involved in several types of securitization and financing transactions that utilize special-purpose entities (SPEs). A SPE is an entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets and operating lease assets. The transaction-specific SPEs involved in our securitization and other financing transactions are often considered VIEs. VIEs are entities that have either a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity's activities. We no longer securitize consumer mortgage loans through transactions involving the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Government National Mortgage Association (Ginnie Mae) (collectively, the Government-sponsored Enterprises, or GSEs), or through private-label mortgage securitizations. Accordingly, the discussion below represents our current involvement with VIEs as of December 31, 2015, except where otherwise stated or where comparative information is presented. Securitizations We provide a wide range of consumer and commercial automotive loans, operating leases, and commercial loans to a diverse customer base. We securitize consumer and commercial automotive loans, and operating leases through private-label securitizations. We often securitize these loans and notes securitized by operating leases (collectively referred to as financial assets) through the use of securitization entities, which may or may not be consolidated on our Consolidated Balance Sheet. In executing a securitization transaction, we typically sell pools of financial assets to a wholly owned, bankruptcy-remote SPE, which then transfers the financial assets to a separate, transaction-specific SPE for cash, and typically, other retained interests. The securitization entity is funded through the issuance of beneficial interests in the securitized financial assets. The beneficial interests take the form of either notes or trust certificates, which are sold to investors and/or retained by us. These beneficial interests are collateralized by the transferred financial assets and entitle the investors to specified cash flows generated from the underlying securitized assets. In addition to providing a source of liquidity and cost-efficient funding, securitizing these financial assets also reduces our credit exposure to the borrowers beyond any economic interest we may retain. Each securitization is governed by various legal documents that limit and specify the activities of the securitization entity. The securitization entity is generally allowed to acquire the financial assets, to issue beneficial interests to investors to fund the acquisition of the financial assets, and to enter into derivatives or other yield maintenance contracts to hedge or mitigate certain risks related to the financial assets or beneficial interests of the entity. A servicer, who is generally us, is appointed pursuant to the underlying legal documents to service the assets the securitization entity holds and the beneficial interests it issues. Servicing functions include, but are not limited to, general collection activity on current and noncurrent accounts, loss mitigation efforts including repossession and sale of collateral, as well as preparing and furnishing statements summarizing the asset and beneficial interest performance. Our servicing responsibilities, which constitute continued involvement in the transferred financial assets, consist of primary servicing (i.e., servicing the underlying transferred financial assets) and master servicing (i.e., servicing the beneficial interests that result from the securitization transactions). Cash flows from the assets initially transferred into the securitization entity represent the sole source for payment of distributions on the beneficial interests issued by the securitization entity and for payments to the parties that perform services for the securitization entity, such as the servicer or the trustee. We typically hold retained beneficial interests in our securitizations including, but not limited to, senior or subordinated ABS and residuals; and other residual interests. These retained interests may represent a form of significant continuing economic interests. Certain of these retained interests provide credit enhancement to the trust as they may absorb credit losses or other cash shortfalls. Additionally, the securitization agreements may require cash flows to be directed away from certain of our retained interests due to specific over-collateralization requirements, which may or may not be performance-driven. We generally hold certain conditional repurchase options specific to securitizations that allow us to repurchase assets from the securitization entity. The majority of the securitizations provide us, as servicer, with a call option that allows us to repurchase the remaining transferred financial assets or redeem outstanding beneficial interests at our discretion once the asset pool reaches a predefined level, which represents the point where servicing becomes burdensome (a clean-up call option). The repurchase price is typically the discounted securitization balance of the assets plus accrued interest when applicable. We generally have discretion regarding when or if we will exercise these options, but we would do so only when it is in our best interest. Other than our customary representation and warranty provisions, these securitizations are nonrecourse to us, thereby transferring the risk of future credit losses to the extent the beneficial interests in the securitization entities are held by third parties. Representation and warranty provisions generally require us to repurchase assets or indemnify the investor or other party for incurred losses to the extent it is determined that the assets were ineligible or were otherwise defective at the time of sale. We did not provide any noncontractual financial support to any of these entities during 2015 or 2014. Consolidation of Variable Interest Entities The determination of whether the assets and liabilities of the VIEs are consolidated on our balance sheet (also referred to as on-balance sheet) or not consolidated on our balance sheet (also referred to as off-balance sheet) depends on the terms of the related transaction and our continuing involvement (if any) with the VIE. We are deemed the primary beneficiary and therefore consolidate VIEs for which we have both (a) the power, through voting rights or similar rights, to direct the activities that most significantly impact the VIE's economic performance, and (b) a variable interest (or variable interests) that (i) obligates us to absorb losses that could potentially be significant to the VIE; and/or (ii) provides us the right to receive residual returns of the VIE that could potentially be significant to the VIE. We determine whether we hold a significant variable interest in a VIE based on a consideration of both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We assess whether we are the primary beneficiary of a VIE on an ongoing basis. We are generally determined to be the primary beneficiary in VIEs established for our securitization activities when we have a controlling financial interest in the VIE, primarily due to our servicing activities, and we hold a beneficial interest in the VIE that could be potentially significant. The consolidated VIEs included in the Consolidated Balance Sheet represent separate entities with which we are involved. The third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to us, except for the customary representation and warranty provisions. In addition, the cash flows from the assets are restricted only to pay such liabilities. Thus, our economic exposure to loss from outstanding third-party financing related to consolidated VIEs is limited to the carrying value of the consolidated VIE assets. Generally, all assets of consolidated VIEs, presented below based upon the legal transfer of the underlying assets in order to reflect legal ownership, are restricted for the benefit of the beneficial interest holders. The nature, purpose, and activities of nonconsolidated securitization entities are similar to those of our consolidated securitization entities with the primary difference being the nature and extent of our continuing involvement. We are generally not determined to be the primary beneficiary in VIEs established for our securitization activities when we either do not hold potentially significant variable interests or do not provide servicing or asset management functions for the financial assets held by the securitization entity. Additionally, to qualify for off-balance sheet treatment, transfers of financial assets must meet appropriate sale accounting conditions. For nonconsolidated securitization entities, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the securitization are primarily reported as cash, or retained interests (if applicable). Liabilities incurred as part of these securitization transactions, such as representation and warranty provisions, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. There were no sales of financial assets into nonconsolidated securitization trusts and similar asset-backed financing entities for consumer mortgage GSEs for the years ended December 31, 2015, and 2014, while there were $112 million of pretax gains on sales for the year ended December 31, 2013. The pretax loss recognized for consumer automotive was $3 million for the year ended December 31, 2015, while there was a pretax gain of $1 million for the year ended December 31, 2014, and no pretax gains or losses for the year ended December 31, 2013. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity and minimize our exposure under these contracts. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We have involvement with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low income housing tax credits that are subject to recapture. Our involvement with consolidated and nonconsolidated VIEs in which we hold variable interests is presented below.
On-balance Sheet Variable Interest Entities The consolidated VIEs included in the Consolidated Balance Sheet represent separate entities with which we are involved. The third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to us, except for the customary representation and warranty provisions. In addition, the cash flows from the assets are restricted only to pay such liabilities. Thus, our economic exposure to loss from outstanding third-party financing related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets. All assets of consolidated VIEs, presented below based upon the legal transfer of the underlying assets in order to reflect legal ownership, are restricted for the benefit of the beneficial interest holders.
Cash Flows with Off-balance Sheet Variable Interest Entities The following table summarizes cash flows received and paid related to securitization entities, asset-backed financings, or other similar transfers of financial assets where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding in 2015, 2014, and 2013. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period.
Delinquencies and Net Credit Losses The following table represents on-balance sheet loans held-for-sale and finance receivable and loans, off-balance sheet securitizations, and whole-loan sales where we have continuing involvement. The table presents quantitative information about delinquencies and net credit losses.
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Servicing Activities |
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Servicing Activities [Text Block] | Servicing Activities Automotive Finance Servicing Activities We service consumer automotive contracts. Historically, we have sold a portion of our consumer automotive contracts. With respect to contracts we sell, we retain the right to service and earn a servicing fee for our servicing function. Typically, we conclude that the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. We recognized automotive servicing fee income of $45 million, $31 million, and $58 million during the years ended December 31, 2015, 2014, and 2013, respectively. Automotive Finance Serviced Assets The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans and leases outstanding were as follows.
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Premiums Receivable and Other Insurance Assets |
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Premiums Receivable Note [Text Block] | Premiums Receivable and Other Insurance Assets Premiums receivable and other insurance assets consisted of the following.
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Other Assets |
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Other Assets Disclosure [Text Block] | Other Assets The components of other assets were as follows.
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Deposit Liabilities |
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Deposit Liabilities Disclosures [Text Block] | Deposit Liabilities Deposit liabilities consisted of the following.
At December 31, 2015, and December 31, 2014, certificates of deposit included $11.5 billion and $13.0 billion, respectively, of certificates of deposit in denominations of $100 thousand or more. At December 31, 2015, and December 31, 2014, certificates of deposit included $3.2 billion and $3.7 billion, respectively, in denominations in excess of $250 thousand federal insurance limits. The following table presents the scheduled maturity of total certificates of deposit.
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Short-Term Borrowings |
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Short-term Debt [Text Block] | Short-term Borrowings The following table presents the composition of our short-term borrowings portfolio.
We periodically enter into term repurchase agreements, short-term borrowing agreements in which we sell financial instruments to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of December 31, 2015, the financial instruments sold under agreements to repurchase consisted of mortgage-backed residential securities with the following maturities: $403 million within the next 30 days and $245 million within 31 to 60 days. Refer to Note 6 and Note 26 for further details on investment securities sold under agreements to repurchase. The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, Ally is exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, Ally may incur additional delays and costs. As of December 31, 2015, we placed cash collateral totaling $21 million with counterparties under these collateral arrangements associated with our repurchase agreements. |
Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | Long-term Debt The following tables present the composition of our long-term debt portfolio.
The following table presents the scheduled remaining maturity of long-term debt, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
To achieve the desired balance between fixed- and variable-rate debt, we utilize interest rate swap agreements. The use of these derivative financial instruments had the effect of synthetically converting $8.3 billion of our fixed-rate debt into variable-rate obligations and $0.9 billion of our variable-rate debt into fixed-rate obligations at December 31, 2015. The following summarizes assets restricted as collateral for the payment of the related debt obligation primarily arising from securitization transactions accounted for as secured borrowings and repurchase agreements.
Trust Preferred Securities At December 31, 2015 we have issued and outstanding approximately $2.6 billion in aggregate liquidation preference of 8.125% Fixed Rate / Floating Rate Trust Preferred Securities, Series 2 (Series 2 TRUPS) net of original issue discount and debt issuance costs. Each Series 2 TRUPS security has a liquidation amount of $25. Distributions are cumulative and are payable until redemption at the applicable coupon rate. Distributions are payable at an annual rate of 8.125% payable quarterly in arrears, through but excluding February 15, 2016. From and including February 15, 2016, to but excluding February 15, 2040, distributions will be payable at an annual rate equal to three-month London interbank offer rate plus 5.785% payable quarterly in arrears, beginning May 15, 2016. Ally has the right to defer payments of interest for a period not exceeding 20 consecutive quarters. The Series 2 TRUPS have no stated maturity date, but must be redeemed upon the redemption or maturity of the related debentures (Debentures), which mature on February 15, 2040. Ally at any time on or after February 15, 2016 may redeem the Series 2 TRUPS at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest through the date of redemption. The Series 2 TRUPS are generally nonvoting, other than with respect to certain limited matters. During any period in which any Series 2 TRUPS remain outstanding but in which distributions on the Series 2 TRUPS have not been fully paid, none of Ally or its subsidiaries will be permitted to (i) declare or pay dividends on, make any distributions with respect to, or redeem, purchase, acquire or otherwise make a liquidation payment with respect to, any of Ally’s capital stock or make any guarantee payment with respect thereto; or (ii) make any payments of principal, interest, or premium on, or repay, repurchase or redeem, any debt securities or guarantees that rank on a parity with or junior in interest to the Debentures with certain specified exceptions in each case. Covenants and Other Requirements In secured funding transactions, there are trigger events that could cause the debt to be prepaid at an accelerated rate or could cause our usage of the credit facility to be discontinued. The triggers are generally based on the financial health and performance of the servicer as well as performance criteria for the pool of receivables, such as delinquency ratios, loss ratios, and commercial payment rates. During 2015, there were no trigger events that resulted in the repayment of debt at an accelerated rate or impacted the usage of our credit facilities. Funding Facilities We utilize both committed credit facilities, and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Consolidated Balance Sheet. As of December 31, 2015, Ally Bank had exclusive access to $3.25 billion of funding capacity from a committed credit facility. Funding programs supported by the Federal Reserve and the FHLB, together with repurchase agreements, complement Ally Bank’s private collateralized funding vehicles. The total capacity in our committed funding facilities is provided by banks and other financial institutions through private transactions. The committed secured funding facilities can be revolving in nature and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the closing date. At December 31, 2015, $20.1 billion of our $20.4 billion of committed capacity was revolving. Our revolving facilities generally have an original tenor ranging from 364 days to two years. As of December 31, 2015, we had $12.5 billion of committed funding capacity from revolving facilities with a remaining tenor greater than 364 days. Committed Funding Facilities
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Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows.
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Equity |
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Equity Note [Text Block] | Equity Common Stock In April 2014, we completed an initial public offering (IPO) of our common stock. All proceeds from the offering were obtained by the U.S. Department of the Treasury (Treasury) as the single selling stockholder. In connection with the IPO, we effected a 310-for-one stock split on shares of our common stock, $0.01 par value per share. Accordingly, all references in the Consolidated Financial Statements to share and per share amounts relating to common stock have been adjusted, on a retroactive basis, to recognize the 310-for-one stock split. In addition, on April 9, 2014, we increased the number of shares authorized for issuance of common stock to 1.1 billion. The following table presents changes in the number of shares issued and outstanding.
Preferred Stock Series A Preferred Stock Holders of the Series A Preferred Stock are entitled to receive, when, and if declared by Ally, noncumulative cash dividends. Beginning March 25, 2011, to but excluding May 15, 2016, dividends accrue at a fixed rate of 8.5% per annum. Beginning on May 15, 2016, dividends will accrue at a rate equal to three-month London interbank offer rate (LIBOR) plus 6.243%, commencing on August 15, 2016, in each case on the 15th day of February, May, August, and November. Dividends will be payable to holders of record at the close of business on the preceding February 1, May 1, August 1, or November 1, as the case may be, or on such other date, not more than seventy calendar days prior to the dividend payment date, as will be fixed by the Ally Board of Directors. In the event that dividends with respect to a dividend period have not been paid in full on the dividend payment date, we will be prohibited, subject to certain specified exceptions, from (i) redeeming, purchasing or otherwise acquiring, any stock that ranks on a parity basis with, or junior in interest to, the Series A Preferred Stock; (ii) paying any dividends or making any distributions with respect to any stock that ranks junior in interest to the Series A Preferred Stock, until such time as Ally has paid the dividends payable on shares of the Series A Preferred Stock with respect to a subsequent dividend period; and (iii) declaring or paying any dividend on any stock ranking on a parity basis with the Series A Preferred Stock, subject to certain exceptions. The holders of the Series A Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series A Preferred Stock included in Ally's Certificate of Incorporation. Ally may not redeem the Series A Preferred Stock before May 15, 2016, and after such time the Series A Preferred Stock may be redeemed in certain circumstances. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series A Preferred Stock will be entitled to receive the liquidation amount per share of Series A Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series A Preferred Stock, subject to the rights of Ally's creditors. On April 9, 2014, we decreased the number of shares authorized for issuance of Series A Preferred Stock to 40,870,560. On April 23, 2015, we announced a tender offer to purchase up to 13,000,000 shares of our outstanding Series A preferred stock for $26.65 per Series A share, which included an amount to cover accrued and unpaid dividends through the settlement date. The tender offer expired on May 20, 2015. On May 22, 2015, we repurchased 13,000,000 Series A Preferred Shares with an aggregate liquidation preference of $325 million for $347 million in cash. Upon repurchase of the tendered Series A Preferred shares on May 22, 2015, we derecognized the carrying value of $325 million and recognized the excess consideration paid of $22 million as an additional return to preferred shareholders. The remaining 27,870,560 Series A Preferred Shares following the repurchase were not impacted as a result of this transaction. Series G Preferred Stock On March 11, 2015, we issued a Notice of Partial Redemption to the holders of the outstanding Series G Preferred Stock to redeem, on a pro-rata basis, 1,288,300 shares at a redemption price of $1,000 per share plus $10.50 per share of accrued and unpaid dividends through the redemption date. On April 10, 2015, we redeemed 1,288,300 shares of our outstanding Series G Preferred Stock, with an aggregate liquidation preference of approximately $1,288 million for approximately $1,302 million in cash, which included $14 million in accrued and unpaid dividends. Upon redemption of the Series G Preferred shares, we derecognized the carrying value of $117 million and recognized the excess consideration paid of $1,171 million as an additional return to preferred shareholders. On November 12, 2015, we issued a Notice of Redemption to the holders of the remaining outstanding Series G Preferred Stock to redeem, on a pro-rata basis, 1,288,301 shares at a redemption price of $1,000 per share plus $5.64 per share of accrued and unpaid dividends through the redemption date. On December 14, 2015, we redeemed 1,288,301 shares of our outstanding Series G Preferred Stock, with an aggregate liquidation preference of approximately $1,288 million for approximately $1,295 million in cash, which included $7 million in accrued and unpaid dividends. Upon redemption of the Series G Preferred shares, we derecognized the carrying value of $117 million and recognized the excess consideration paid of $1,171 million as an additional return to preferred shareholders. Effective December 14, 2015, the Series G Preferred Stock was retired. The following table summarizes information about our Series A and Series G preferred stock.
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income.
The following table presents the before- and after-tax changes in each component of accumulated other comprehensive (loss) income.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share.
The effects of converting the outstanding Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares are not included in the diluted earnings per share calculation for the year ended December 31, 2013, as the effects would be antidilutive for the period. As such, 89 million of potential common shares were excluded from the diluted earnings per share calculation for the year ended December 31, 2013. |
Regulatory Capital |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | Regulatory Capital and Other Regulatory Matters As a BHC, we and our wholly-owned state-chartered banking subsidiary, Ally Bank, are subject to capital requirements issued by U.S. banking regulators that require us to maintain risk-based and leverage capital ratios above minimum levels. A risk-based capital ratio is a ratio of a banking organization’s regulatory capital to its risk-weighted assets. A leverage capital ratio is a ratio of a banking organization’s regulatory capital to a measure of assets or exposures that is not risk-weighted. As of January 1, 2015, Ally and Ally Bank became subject to the rules implementing the 2010 Basel III capital framework in the United States (U.S. Basel III), which reflect new and higher capital requirements, capital buffers, and new regulatory capital definitions, deductions and adjustments. Certain aspects of U.S. Basel III, including the new capital buffers and regulatory capital deductions, will be phased in over several years. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements or the results of operations and financial condition of Ally and Ally Bank. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we and Ally Bank must meet specific capital guidelines that involve quantitative measures of capital, assets and certain off-balance sheet items. These measures and related classifications, which are used in the calculation of our risk-based and leverage capital ratios and those of Ally Bank, are also subject to qualitative judgments by the regulators about the components of capital, the risk-weightings of assets and other exposures, and other factors. The U.S. banking regulators also use these ratios and guidelines as part of the capital planning and stress testing processes. In addition, in order for Ally to maintain its status as a FHC, Ally and its bank subsidiary, Ally Bank, must remain “well-capitalized” and “well-managed,” as defined under applicable law. Effective January 1, 2015, the “well-capitalized” standard for insured depository institutions, such as Ally Bank, was revised to reflect the new and higher capital requirements under U.S. Basel III. Under U.S. Basel III, Ally must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum Total risk-based capital ratio of 8%. In addition to these minimum requirements, Ally is also subject to a Common Equity Tier 1 capital conservation buffer of more than 2.5%, subject to a phase-in from January 1, 2016 through December 31, 2018. Failure to maintain the full amount of the buffer will result in restrictions on Ally’s ability to make capital distributions, including dividend payment and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. In addition to these new risk-based capital standards, U.S. Basel III subjects all U.S. banking organizations, including Ally, to a minimum Tier 1 leverage ratio of 4%, the denominator of which takes into account only on-balance sheet assets. In addition to introducing new capital ratios, U.S. Basel III revises the eligibility criteria for regulatory capital instruments and provides for the phase-out of instruments that had previously been recognized as capital but that do not satisfy the new criteria. Subject to certain exceptions (e.g., for certain debt or equity issued to the U.S. government under the Emergency Economic Stabilization Act), trust preferred and other “hybrid” securities are no longer included in a BHC's Tier 1 capital as of January 1, 2016. Also, subject to a phase-in schedule, certain new items are deducted from Common Equity Tier 1 capital, and certain other deductions from regulatory capital have been modified. Among other things, U.S. Basel III requires significant investments in the common shares of unconsolidated financial institutions, mortgage servicing rights, and certain deferred tax assets that exceed specified individual and aggregate thresholds to be deducted from Common Equity Tier 1 capital. U.S. Basel III also revises the standardized approach for calculating risk-weighted assets by, among other things, modifying certain risk weights and introducing new methods for calculating risk-weighted assets for certain types of assets and exposures. Ally is subject to the U.S. Basel III standardized approach for credit risk. It is not subject to the U.S. Basel III advanced approaches for credit risk. Ally is currently not subject to the U.S. market risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. During 2010, Ally, IB Finance Holding Company, LLC (IB Finance), Ally Bank, and the Federal Deposit Insurance Corporation (FDIC) entered into a Capital and Liquidity Maintenance Agreement (CLMA). The CLMA was restated on July 13, 2015. The CLMA requires capital at Ally Bank to be maintained at a level such that Ally Bank's Tier 1 leverage ratio is at least 15%. For this purpose, the leverage ratio is determined in accordance with the FDIC's regulations related to capital maintenance. Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. The following table summarizes our capital ratios under the U.S. Basel III capital framework.
At December 31, 2015, Ally and Ally Bank were “well-capitalized” and met all capital requirements to which each was subject. Capital Planning and Stress Tests As a BHC with $50 billion or more of consolidated assets, Ally is required to conduct periodic company-run stress tests, is subject to an annual supervisory stress test conducted by the Board of Governors of the Federal Reserve System (FRB), and must submit an annual capital plan to the FRB. In addition, as an insured state nonmember bank with $50 billion or more in total consolidated assets, Ally Bank is required to conduct annual company-run stress tests. Ally’s capital plan must include a description of all planned capital actions over a nine-quarter planning horizon. The capital plan must also include a discussion of how Ally will maintain capital above the minimum regulatory capital ratios under baseline, adverse, and severely adverse economic scenarios, and serve as a source of strength to Ally Bank. The FRB must approve Ally's capital plan before Ally may take any capital action. Even with an approved capital plan, Ally must seek the approval of the FRB before making a capital distribution if, among other factors, Ally would not meet its regulatory capital requirements after making the proposed capital distribution. On January 5, 2015, Ally submitted the results of its semi-annual stress test and its proposed capital actions to the FRB, and Ally Bank submitted the results of its annual company-run stress test to the FDIC. On March 6, 2015, Ally and Ally Bank publicly disclosed summary results of the stress test under the most severe scenario in accordance with regulatory requirements. On March 11, 2015, Ally received a non-objection to its capital plan from the FRB, including the proposed capital actions contained in our submission. As a result, we redeemed $1.3 billion in Series G preferred securities in April 2015, and repurchased $325 million in Series A preferred securities in May 2015, pursuant to a tender offer. In addition, on July 6, 2015, Ally submitted to the FRB the results of our company-run mid-year stress test conducted under multiple macroeconomic scenarios. We disclosed the results of this stress test under the most severe scenario on July 15, 2015, in accordance with regulatory requirements. On November 12, 2015, we received approval from the FRB to redeem the remaining 1,288,301 shares of our outstanding Series G Preferred Stock, which was then redeemed and retired on December 14, 2015. Under a new rule effective for the 2016 capital planning cycle and subsequent cycles, Ally expects to submit its 2016 capital plan by April 5, 2016, with a response expected from the FRB by June 30, 2016. Depository Institutions Ally Bank is a state nonmember bank, chartered by the State of Utah, and subject to the supervision of the FDIC and the Utah Department of Financial Institutions (Utah DFI). Ally Bank's deposits are insured by the FDIC, and Ally Bank is required to file periodic reports with the FDIC concerning its financial condition. Total assets of Ally Bank were $111.3 billion and $104.4 billion at December 31, 2015, and 2014, respectively. Ally Bank is subject to Utah law (and, in certain instances, federal law) that places restrictions and limitations on the amount of dividends or other distributions. Dividends or other distributions made by Ally Bank to Ally were $525 million and $1.8 billion in 2015 and 2014, respectively. Ally Bank did not make any dividend or other distributions to Ally in 2013. The FRB requires banks to maintain minimum average reserve balances. The amount of the required reserve balance for Ally Bank was $216 million and $313 million at December 31, 2015, and 2014, respectively. Mortgage Operations Our mortgage business is subject to extensive federal, state, and local laws, rules, and regulations, in addition to judicial and administrative decisions that impose requirements and restrictions on this business. The mortgage business is also subject to examination by the Federal Housing Commissioner to assure compliance with Federal Housing Administration regulations, policies, and procedures. The federal, state, and local laws, rules, and regulations to which our mortgage business is subject, among other things, impose licensing obligations and financial requirements; limit the interest rates, finance charges, and other fees that can be charged; regulate the use of credit reports and the reporting of credit information; impose underwriting requirements; regulate marketing techniques and practices; require the safeguarding of nonpublic information about customers; and regulate servicing practices, including the assessment, collection, foreclosure, claims handling, and investment and interest payments on escrow accounts. Ally Bank is required to satisfy regulatory net worth requirements. Failure to meet minimum capital requirements can initiate certain mandatory actions by federal, state, and foreign agencies that could have a material effect on our results of operations and financial condition. Ally Bank was in compliance with these requirements at December 31, 2015. Insurance Companies Some of our Insurance companies are subject to certain minimum aggregate capital requirements, net asset and dividend restrictions under applicable state and foreign insurance law, and the rules and regulations promulgated by various U.S. and foreign regulatory agencies. Under various state and foreign insurance regulations, dividend distributions may be made only from statutory unassigned surplus, with approvals required from the regulatory authorities for dividends in excess of certain statutory limitations. At December 31, 2015, the maximum dividend that could be paid by the U.S. insurance subsidiaries over the next twelve months without prior statutory approval was $93 million. |
Derivative Instruments And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activities We enter into interest rate, foreign-currency, and equity swaps, futures, forwards, options, and swaptions in connection with our market risk management activities. Derivative instruments are used to manage interest rate risk relating to specific groups of assets and liabilities, including automotive loan assets and debt. We use foreign exchange contracts to mitigate foreign-currency risk associated with foreign-currency-denominated debt, foreign exchange transactions, and our net investment in foreign subsidiaries. In addition, we also enter into equity option contracts to manage our exposure to the equity markets. Our primary objective for utilizing derivative financial instruments is to manage interest rate risk associated with our fixed- and variable-rate assets and liabilities, foreign exchange risks related to our foreign-currency denominated assets and liabilities, and market risks related to our investment portfolio and certain of our executive share-based compensation plans. Interest Rate Risk We monitor our mix of fixed- and variable-rate assets and liabilities. When it is cost-effective to do so, we may enter into interest rate swaps, forwards, futures, options, and swaptions to achieve our desired mix of fixed- and variable-rate assets and liabilities. We execute interest rate swaps, forwards, futures, options, and swaptions to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges. Derivatives qualifying for hedge accounting consist of receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate Federal Home Loan Bank Advances, pay-fixed swaps designated as fair value hedges of specific portfolios of fixed-rate held-for-investment retail automotive loan assets, and pay-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest payments on certain outstanding variable-rate borrowings associated with our secured debt. We also execute economic hedges, which consist of interest rate swaps and interest rate caps held to mitigate interest rate risk associated with our debt portfolio. We also use interest rate swaps to economically hedge our net fixed-versus-variable interest rate exposure. We enter into economic hedges in the form of short-dated, exchange-traded Eurodollar futures to hedge the interest rate exposure of our fixed-rate automotive loans, as well as forwards, options, and swaptions to economically hedge our net fixed-versus-variable interest rate exposure. Foreign Exchange Risk We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures. We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investments in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income (loss). Our remaining foreign subsidiaries in wind-down maintain both assets and liabilities in local currencies. These local currencies are generally the subsidiaries' functional currencies for accounting purposes. Foreign-currency-exchange-rate gains and losses arise when the assets or liabilities of our subsidiaries are denominated in currencies that differ from its functional currency. We enter into economic hedges to mitigate this risk. We also enter into foreign currency forwards to economically hedge our foreign denominated debt, our centralized lending program, and foreign-denominated third party loans. The hedge of foreign denominated debt was entered into concurrent with the debt issuance with the terms of the derivative matching the terms of the underlying debt. The centralized lending program manages liquidity for our subsidiary businesses, but as of December 31, 2015, this activity is immaterial. Foreign-currency-denominated loan agreements are executed with our foreign subsidiaries in their local currencies. We evaluate our foreign-currency exposure resulting from intercompany lending and manage our currency risk exposure by entering into foreign-currency derivatives with external counterparties. Our remaining foreign-currency derivatives, such as hedges of foreign-denominated third party loans, are recorded at fair value with changes recorded as income offsetting the gains and losses on the associated foreign-currency transactions. We utilized a cross-currency swap to economically hedge foreign exchange exposure on foreign-currency-denominated debt by converting the funding currency to our functional currency. This swap was entered into concurrent with the debt issuance with the terms of the derivative matching the terms of the underlying debt. This swap matured during the second quarter of 2015. Market Risk We enter into equity options to economically hedge our exposure to the equity markets. We purchase options to assume a long position on certain equities and write options to assume a short position. We also enter into prepaid equity forward contracts to economically hedge the price risk associated with certain of our executive share-based compensation plans. The prepaid equity forward contracts are hybrid instruments containing an embedded forward contract, which is considered a derivative instrument. The embedded derivative instrument is bifurcated from the host contract and is recorded at fair value with changes in fair value recorded in compensation and benefits expense. The balance of the prepaid component of these equity forward contracts was $32 million as of December 31, 2015, and was recorded within other assets on the Consolidated Balance Sheet. Counterparty Credit Risk Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, net of underlying collateral as measured by the market value of the derivative financial instrument. To mitigate the risk of counterparty default, we maintain collateral agreements with certain counterparties. The agreements require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the value of our total obligation to each other. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. The securing party posts additional collateral when their obligation rises or removes collateral when it falls. Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit risk-related event. No such specified credit risk related events occurred in 2015. We placed cash collateral totaling $103 million and securities collateral totaling $86 million at December 31, 2015, and $221 million and $15 million at December 31, 2014, respectively, in accounts maintained by counterparties. This amount primarily relates to collateral posted to support our derivative positions. This amount also excludes cash and securities pledged as collateral under repurchase agreements. At December 31, 2015, we placed cash collateral totaling $21 million with counterparties under collateral arrangements associated with repurchase agreements. Refer to Note 15 for details on the repurchase agreements. The receivables for cash collateral placed are included in our Consolidated Balance Sheet in other assets. We received cash collateral from counterparties totaling $82 million at December 31, 2015, to support these derivative positions. We received cash collateral from counterparties totaling $71 million at December 31, 2014. The payables for cash collateral received are included on our Consolidated Balance Sheet in accrued expenses and other liabilities. In certain circumstances, we receive or post securities as collateral with counterparties. We do not record such collateral received on our Consolidated Balance Sheet unless certain conditions are met. At December 31, 2015, and 2014, we received noncash collateral of $7 million and $15 million, respectively. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the fair value amounts of derivative instruments reported on our Consolidated Balance Sheet. The fair value amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
Statement of Comprehensive Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments reported in our Consolidated Statement of Income.
The following table summarizes derivative instruments used in cash flow and net investment hedge accounting relationships.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes The significant components of income tax expense (benefit) from continuing operations were as follows.
A reconciliation of income tax expense (benefit) from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table.
For the year ended December 31, 2015, consolidated income tax expense from continuing operations is largely driven by tax attributable to pretax earnings for the year, offset by tax benefits recognized from the release of our valuation allowance on capital loss carryforwards utilized against current year capital gains. For the year ended December 31, 2014, consolidated income tax expense from continuing operations was largely driven by tax attributable to pretax earnings for the year, offset by tax benefits recognized from the release of a portion of our valuation allowance on capital loss carryforwards utilized against 2014 capital gains, a reduction in the liability for unrecognized tax benefits that resulted from the completion of the U.S. federal audit related to our 2009 tax year, and the reinstatement of the active financing exception included in the Tax Increase Prevention Act of 2014. For the year ended December 31, 2013, consolidated income tax benefit from continuing operations was largely driven by a release of a portion of our valuation allowance related to the measurement of foreign tax credit carryforwards anticipated to be utilized in the future and release of our valuation allowance on capital loss carryforwards utilized against 2013 capital gains. Additional benefit was also recognized from a tax law enactment that retroactively reinstated the active financing exception. As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit, state net operating loss, and state capital loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards. The sale of our joint venture in China, which was completed in January 2015, resulted in additional capital gains that allowed us to realize our remaining U.S. federal capital loss carryforwards. This resulted in an income tax benefit upon the reversal of the valuation allowance on the related deferred tax asset. The significant components of deferred tax assets and liabilities are reflected in the following table.
The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2015.
As of December 31, 2015, we do not assert that any foreign earnings are indefinitely reinvested outside of the United States. As a result, all deferred tax liabilities for incremental U.S. tax that stem from temporary differences related to investments in foreign subsidiaries or foreign corporate joint ventures have been recognized as of December 31, 2015. The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits.
Included in the unrecognized tax benefits balances are some items, the recognition of which would not affect the effective tax rate, such as the tax effect of certain temporary differences and the portion of gross state unrecognized tax benefits that would be offset by the tax benefit of the associated federal deduction. At December 31, 2015, 2014, and 2013, the balance of unrecognized tax benefits that, if recognized, would affect our effective tax rate is $177 million, $182 million, and $240 million, respectively. We recognize accrued interest and penalties related to uncertain income tax positions in interest expense and other operating expenses, respectively. For the years ended December 31, 2015, 2014, and 2013, less than $1 million, $1 million, and $2 million, respectively, were accrued for interest and penalties with the cumulative accrued balance totaling $2 million at December 31, 2015, $5 million at December 31, 2014, and $7 million at December 31, 2013. It is reasonably possible that the unrecognized tax benefits will decrease by up to $180 million over the next twelve months if certain tax matters ultimately settle with the applicable taxing jurisdiction. We file tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. Our most significant operations remaining following our divestitures of various international operations are the United States and Canada. The oldest tax years that remain subject to examination for those jurisdictions are 2012 and 2011, respectively. |
Employee Benefits and Compensation Plans |
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Compensation Related Costs [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Share-based Compensation Plans On December 24, 2014, as a result of Treasury completing the sale of all of its remaining shares in Ally's common stock, Ally exited the Troubled Asset Relief Program (TARP), which required us to comply with certain limitations on executive pay as determined by the Special Master of TARP Compensation (Special Master). Under TARP we established stock salary, or Deferred Stock Units (DSUs), and TARP Stock, or Incentive Restricted Stock Units (IRSUs), as forms of compensation to our senior executives, which were approved by the Special Master. During 2015, we discontinued granting DSU and IRSU awards to senior executives. We also grant Restricted Stock Units (RSUs) to executives under the Ally Financial 2014 Incentive Compensation Plan, which allows us to grant an array of equity-based and cash incentive awards to our named executive officers and other employees and service providers (other than our non-employee directors). Each of our approved compensation plans and awards were designed to provide our executives with an opportunity to share in the future growth in the value of Ally, which is necessary to attract and retain key executives. Prior to our IPO in April 2014, all share-based awards were settled in cash and required liability treatment under the accounting guidance. Accounting treatment for liability-classified awards requires compensation expense to be adjusted each period until the awards are settled based on the value of the underlying share price. Prior to IPO, the Ally Board of Directors was required to determine a share price valuation (Share Price Valuation) for share-based compensation awards not less than annually. The Share Price Valuation determined by the Board prior to the IPO, assisted by an independent advisor, considered, among other things, the stock price performance, on an indexed basis, of publicly traded common stock issued by certain comparative companies and considered Ally’s common stock as if it were freely tradable in the public markets. After the IPO, the share price valuation is based on the trading price for our stock. Also, after the IPO, certain awards, both existing and future grants, will be settled in stock and, as a result, will be accounted for as equity awards under the accounting guidance. For equity-classified awards, the compensation expense to be recognized over the vesting and service period is determined on the grant date. Certain awards will continue to require liability treatment and receive the same treatment as previously noted. For valuation purposes, we utilize Ally’s share price as of the grant date and the end of each reporting period for determining the necessary share-based compensation expense, depending on the classification of the awards. The per-share fair value based on market price for purposes of share-based compensation was $18.64 as of December 31, 2015. We had 35,838,068 shares authorized and available for future grants of incentive-based equity awards at December 31, 2015. During 2015 and 2014, we entered into prepaid equity forward contracts to economically hedge a portion of the price risk driven by fluctuations in the fair value of our DSU and IRSU awards. The prepaid equity forward contracts are hybrid instruments containing an embedded forward contract, which is considered a derivative instrument. The embedded derivative instrument is bifurcated from the host contract and is recorded at fair value with changes in fair value recorded as compensation and benefits expense in our Consolidated Statement of Income. For further information on our derivative instruments, refer to Note 22. RSU Awards RSU awards are incentive awards that have been granted to employees as phantom shares of Ally. Prior to our IPO, these awards were paid in cash. As a result, RSU awards required liability treatment and were remeasured quarterly at the Share Price Valuation until they were paid. The compensation costs related to these awards were ratably charged to expense over the applicable service period. Changes in the value related to the portion of the awards that had vested and had not been paid were recognized in earnings in the period in which the changes occurred. After the IPO, the majority of existing RSU awards settle in the form of Ally common stock, which changed the award classification from a liability award to an equity award. As a result of this classification change, a modification to the accounting for the existing awards was required. As part of the modification, the stock closing price on the date of the IPO (April 10, 2014) of $23.98 was used as the modification date value, which resulted in the recording of an increase to additional paid-in capital of $62 million, with a corresponding decrease in the liability. The remaining RSU cost for these awards, based on the modification date value, will be ratably charged to expense over the applicable service periods with an offset to additional paid-in capital. RSU awards granted in 2012 can vest in one of two different methods. The first method allows vesting ratably over a three-year period starting on the date the award was issued, with awards fully vesting in February 2015. The second method allows vesting ratably over a two-year period, starting on the date the award was issued, with awards fully vesting in February 2014. RSU awards granted in 2015, 2014, and 2013 vest using a single method where vesting is ratable over a two-year period starting on the date the award was issued, with the majority of the awards fully vesting in January 2017, 2016, and 2015. At December 31, 2015, there were a total of 6,476,427 RSU award shares outstanding, composed of 254,150 shares awarded during 2013, 1,691,509 shares awarded during 2014, and 4,530,768 shares awarded during 2015. At December 31, 2014, there were a total of 4,293,216 RSU award shares outstanding, composed of 17,571 shares awarded during 2009, 17,219 shares awarded during 2010, 0 shares awarded during 2011, 453,735 shares awarded during 2012, 2,053,271 shares awarded during 2013, and 1,751,420 shares awarded during 2014. We recognized expense related to RSU awards of $49 million, $46 million, and $64 million for the years ended December 31, 2015, 2014, and 2013, respectively. These costs were recorded as compensation and benefits expense in our Consolidated Statement of Income. DSU Awards DSU awards were generally granted to senior executives as phantom shares of Ally and were included as part of their base salary. DSU awards were commonly granted ratably each pay period throughout the year, vested immediately upon grant, and paid in cash. DSUs awarded in 2013, 2014, and 2015 will generally be redeemable in three equal installments: the first on the final payroll date of the respective year of grant, the second ratably over the first year following the grant date, and the third ratably over the second year following the grant date. The DSU awards require liability treatment and are remeasured monthly at fair value based on market price until they are paid, with each change in value fully charged to compensation expense in the period in which the change occurs. At December 31, 2015, and December 31, 2014, there were a total of 1,395,105 and 3,009,942 DSU awards outstanding, respectively. We recognized expense related to DSU awards, before economic hedge, of $3 million, $42 million, and $65 million for the years ended December 31, 2015, 2014, and 2013, respectively, for the outstanding awards. These costs were recorded as compensation and benefits expense in our Consolidated Statement of Income. For further information on our derivative instruments, refer to Note 22. IRSU Awards IRSU awards were incentive awards that had been granted to senior executives as phantom shares of Ally and vested based on continued service with Ally. IRSU awards from 2009, 2010, and 2011 have fully vested. There were no IRSU awards granted to senior executives in 2012. IRSU awards from 2013 vest two-thirds after two years from grant date and in full three years from grant date. IRSU awards from 2014 vest in 2016. As of December 31, 2014, Ally had repaid 100% of its TARP obligations, allowing complete payment of the fully vested awards. The vested IRSU awards that were being deferred until repayment of TARP obligations were paid out in January 2015. The remaining unvested IRSU awards are paid in cash after the vesting requirement is met. Payouts are based on fair value of Ally shares at the time of the payout. The awards require liability treatment and are remeasured monthly at fair value based on market price until they are paid. The compensation costs related to these awards are ratably charged to expense over the requisite service period. Changes in value relating to the portion of the awards that have vested and have not been paid are recognized in earnings in the period in which the changes occur. At December 31, 2015, and December 31, 2014, there were a total of 51,103 and 690,355 IRSU award shares outstanding, respectively. We recognized an expense related to IRSU awards, before economic hedge, of $1 million and $8 million for the years ended December 31, 2015, and 2013, respectively, and a reduction of expense, before economic hedge, of $2 million for the year ended December 31, 2014, for the outstanding awards. These costs were recorded as compensation and benefits expense in our Consolidated Statement of Income. For further information on our derivative instruments, refer to Note 22. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Fair Value Measurements For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.
Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized.
Refer to the section within this note titled Fair Value Option for Financial Assets for further information about the fair value elections.
We also execute over-the-counter (OTC) and centrally-cleared derivative contracts, such as interest rate swaps, a cross-currency swap, swaptions, foreign-currency denominated forward contracts, prepaid equity forward contracts, caps, floors, and agency to-be-announced securities. For OTC contracts, we utilize third-party-developed valuation models that are widely accepted in the market to value these OTC derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these OTC derivative contracts as Level 2 because all significant inputs into these models were market observable. For centrally-cleared contracts, we utilize unadjusted prices obtained from the clearing house as the basis for valuation, and they are also classified as Level 2. We did not have any derivative instruments classified as Level 3 as of December 31, 2015, or December 31, 2014. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of a liability. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk and the credit risk of our counterparties in the valuation of derivative instruments through a credit valuation adjustment (CVA), if warranted. The CVA calculation utilizes the credit default swap spreads of the counterparty. Recurring Fair Value The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.
Nonrecurring Fair Value We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures. The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
n/m = not meaningful
n/m = not meaningful
Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming and government-insured mortgage loans held-for-sale. We elected the fair value option to mitigate earnings volatility by better matching the accounting for the assets with the related hedges. Our intent in electing fair value measurement was to mitigate a divergence between accounting losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting market data to develop estimates of fair value, so the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information presented herein was based on information available at December 31, 2015, and 2014.
The following describes the methodologies and assumptions used to determine fair value for the significant classes of financial instruments. In addition to the valuation methods discussed below, we also followed guidelines for determining whether a market was not active and a transaction was not distressed. As such, we assumed the price that would be received in an orderly transaction (including a market-based return) and not in forced liquidation or distressed sale.
For consumer mortgage loans, we used valuation methods and assumptions similar to those used for mortgage loans held-for-sale. These valuations consider unique attributes of the loans such as geography, delinquency status, product type, and other factors. Refer to the section above titled Mortgage loans held-for-sale, net, for a description of methodologies and assumptions used to determine the fair value of mortgage loans held-for-sale.
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Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Text Block] | Offsetting Assets and Liabilities Our derivative contracts and repurchase/reverse repurchase transactions are supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (2) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty. To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the value of our total obligation to each other. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. The securing party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default. In certain instances as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At December 31, 2015, these instruments are reported as gross assets and gross liabilities on the Consolidated Balance Sheet. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
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Segment And Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance. Change in Reportable Segments As a result of a change in how management views and operates our business, during the first quarter of 2016, we made changes in the composition of our operating segments. Financial information related to our Corporate Finance business is now presented as a separate reportable segment. Previously, all such activity was included in Corporate and Other. Additionally, only the activity of our ongoing bulk acquisitions of mortgage loans and other originations and refinancing is now presented in Mortgage Finance operations. The activity related to the management of our legacy mortgage portfolio is now included in Corporate and Other. Our other operating segments, Automotive Finance operations and Insurance operations, remained unchanged. We continue to allocate costs to our reportable segments in a manner consistent with the methodology updated during the fourth quarter of 2015. Amounts for 2014 and 2013 have been adjusted to conform to the current management view. We report our results of operations on a line-of-business basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments. Automotive Finance operations — Provides automotive financing services to consumers and automotive dealers. Our automotive financing services include providing retail installment sales financing, loans, and leases; offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers; fleet financing, and vehicle remarketing services. Insurance operations — Offers both consumer financial and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide vehicle service contracts, maintenance coverage, and guaranteed asset protection products. We also underwrite selected commercial insurance coverages, which primarily insure dealers' vehicle inventories. Mortgage Finance operations — Includes the management of a held-for-investment consumer mortgage finance loan portfolio and includes the execution of bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Corporate Finance operations — Provides senior secured leveraged cash flow and asset-based loans primarily to U.S.-based middle market companies. The loans are used to support leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with new debt issuances and bond exchanges, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset liability management (ALM) activities. Corporate and Other also includes certain equity investments, the management of our legacy mortgage portfolio, and reclassifications and eliminations between the reportable operating segments. We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities based on expected duration and the benchmark rate curve plus an assumed credit spread. Matching duration allocates interest income and interest expense to these reportable segments so their respective results are insulated from interest rate risk. This methodology is consistent with our ALM practices, which includes managing interest rate risk centrally at a corporate level. The net residual impact of the FTP methodology is included within the results of Corporate and Other. The information presented in our reportable operating segments and geographic areas tables that follow are based in part on internal allocations, which involve management judgment. Change in Allocation of Costs to Reportable Segments During the fourth quarter of 2015, we began to allocate additional overhead expenses related to centralized support functions to our Automotive Finance, Insurance, and Mortgage operations as a result of a change in management's view of our operations. These expenses were previously included within our Corporate and Other activities. Amounts for 2014 and 2013 have been reclassified to conform to the current management view. Financial information for our reportable operating segments is summarized as follows.
Information concerning principal geographic areas were as follows.
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Parent And Guarantor Consolidating Financial Statements |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | Parent and Guarantor Consolidating Financial Statements Certain of our senior notes issued by the parent are guaranteed by 100% directly owned subsidiaries of Ally (the Guarantors). As of December 31, 2015, the Guarantors include Ally US LLC and IB Finance Holding Company, LLC (IB Finance), each of which fully and unconditionally guarantee the senior notes on a joint and several basis. The following financial statements present condensed consolidating financial data for (i) Ally Financial Inc. (on a parent company-only basis); (ii) the Guarantors; (iii) the nonguarantor subsidiaries (all other subsidiaries); and (iv) an elimination column for adjustments to arrive at (v) the information for the parent company, the Guarantors, and nonguarantors on a consolidated basis. Investments in subsidiaries are accounted for by the parent company and the Guarantors using the equity-method for this presentation. Results of operations of subsidiaries are therefore classified in the parent company’s and Guarantors’ investment in subsidiaries accounts. The elimination entries set forth in the following condensed consolidating financial statements eliminate distributed and undistributed income of subsidiaries, investments in subsidiaries, and intercompany balances and transactions between the parent, the Guarantors, and nonguarantors. Condensed Consolidating Statements of Comprehensive Income
Condensed Consolidating Balance Sheet
Condensed Consolidating Statement of Cash Flows
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Guarantees and Commitments |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Text Block] | Guarantees and Commitments Guarantees Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown.
Standby Letters of Credit Corporate Finance has exposure to standby letters of credit that represent irrevocable guarantees of payment of specified financial obligations. Third-party beneficiaries primarily utilize standby letters of credit as insurance in the event of nonperformance by our customers. Assets of the customers (e.g., trade receivables, inventory, and cash deposits) generally collateralize the letters of credit. Expiration dates on letters of credit range from certain ongoing commitments that will expire during the upcoming year to terms of several years for certain letters of credit. If nonperformance by a customer occurs for letters of credit, we can be liable for payment of the letter of credit to the beneficiary with our likely recourse being a charge back to the customer or liquidation of the collateral. Commitments Financing Commitments The contractual commitments were as follows.
Revolving credit line commitments contain an element of credit risk. Management reduces its credit risk for unused revolving credit line commitments by applying the same credit policies in making commitments as it does for extending loans. We typically require collateral as these commitments are drawn. Lease Commitments Future minimum rental payments required under operating leases, primarily for real property, with noncancelable lease terms expiring after December 31, 2015, are as follows.
Certain of the leases contain escalation clauses and renewal or purchase options. Rental expenses under operating leases were $51 million, $50 million, and $47 million in 2015, 2014, and 2013, respectively. Contractual Commitments We have entered into multiple agreements for information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions.
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Contingencies And Other Risks |
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Dec. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure and Other Risks [Text Block] | Contingencies and Other Risks In the normal course of business, we enter into transactions that expose us to varying degrees of risk. Concentration with GM and Chrysler While we are continuing to diversify our business, General Motors Company (GM) and Fiat Chrysler Automobiles US LLC (Chrysler) dealers and their retail customers continue to compose a significant portion of our customer base. It is possible that GM or Chrysler could take actions that negatively impact the amount of business we do with GM and Chrysler dealers and their customers. Further, a significant adverse change in GM’s or Chrysler’s business, including, for example, the production or sale of GM or Chrysler vehicles, the quality or resale value of GM or Chrysler vehicles, GM’s or Chrysler’s relationships with its key suppliers, or vehicle recalls, could negatively impact our GM and Chrysler dealer and retail customer bases. Any future reductions in GM and Chrysler business that we are not able to offset could adversely affect our profitability and financial condition. We were previously party to agreements with each of GM and Chrysler that provided for certain exclusivity privileges related to subvention programs that they offered. Our agreement with Chrysler expired in April 2013. In addition, our agreement with GM expired effective February 28, 2014. These agreements provided Ally with certain preferred provider benefits, including limiting the use of other financing providers by GM and Chrysler for their incentive programs. During 2015, GM determined to provide subvention programs exclusively through a wholly-owned subsidiary. Legal Proceedings We are or may be subject to potential liability under various governmental proceedings, claims, and legal actions that are pending or otherwise asserted against us. We are named as defendants in a number of legal actions, and we are involved in governmental proceedings arising in connection with our respective businesses. Some of the pending actions purport to be class actions, and certain legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. We establish reserves for legal claims when payments associated with the claims become probable and the payments can be reasonably estimated. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, it is generally very difficult to predict what the eventual outcome will be, and when the matter will be resolved. The actual costs of resolving legal claims may be higher or lower than any amounts reserved for the claims. On the basis of information currently available, advice of counsel, available insurance coverage, and established reserves, it is the opinion of management that the eventual outcome of the current actions against us will not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. However, it is possible that the ultimate resolution of legal matters, if unfavorable, may be material to our consolidated financial condition, results of operations, or cash flows in a particular period. Regulatory Matters Ally and its subsidiaries, including Ally Bank, are or may become involved from time to time in formal and informal reviews, investigations, examinations, proceedings, and information-gathering requests by federal and state government and self-regulatory agencies, including, among others, the DOJ, Securities and Exchange Commission (SEC), CFPB, the FRB, the FDIC, the Utah Department of Financial Institutions, and the Federal Trade Commission regarding their respective operations. Mortgage Matters We have received subpoenas from the DOJ that include a broad request for documentation and other information relating to residential mortgage-backed securities issued by our former mortgage subsidiary, Residential Capital, LLC and its subsidiaries (ResCap RMBS). In connection with these requests, the DOJ is investigating potential fraud and other potential legal claims related to ResCap RMBS, including its investigation of potential claims under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The DOJ is also investigating potential claims under the False Claims Act (FCA) related to representations made by us in connection with investments in Ally made by the United States Department of the Treasury pursuant to the Troubled Asset Relief Program in 2008 and 2009 regarding certain claims against Residential Capital, LLC or its subsidiaries at that time. We continue to engage in discussions with the DOJ with respect to legal and factual aspects of their investigations and potential claims. As previously disclosed, at the request of the DOJ, we entered into an agreement to voluntarily extend the statutes of limitations related to potential FCA claims. This agreement expired at the end of January 2016. We have separately received subpoenas and document requests from the SEC that include information covering a wide range of mortgage-related matters. These matters could result in material adverse consequences including, without limitation, adverse judgments, significant settlements, fines, penalties, injunctions, or other actions. Automotive Subprime Matters In October 2014, we received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities. Separately, in December 2014, we received a subpoena from the DOJ requesting similar information. In May 2015, we received an information request from the New York Department of Financial Services requesting similar information. We have cooperated with each of these agencies with respect to these matters. These matters could result in material adverse consequences including, without limitation, adverse judgments, significant settlements, fines, penalties, injunctions, or other actions. CFPB In December 2013, Ally Financial Inc. and Ally Bank entered into Consent Orders issued by the CFPB and the DOJ pertaining to the allegation of disparate impact in the automotive finance business. The Consent Orders require Ally to create a compliance plan addressing, at a minimum, the communication of Ally’s expectations of Equal Credit Opportunity Act compliance to dealers, maintenance of Ally’s existing limits on dealer finance income for contracts acquired by Ally, and monitoring for potential discrimination both at the dealer level and within our portfolio of contracts acquired across all dealers. Ally formed a compliance committee consisting of certain Ally and Ally Bank directors to oversee Ally’s execution of the Consent Orders’ terms. Ally is required to meet certain stipulations under the Consent Orders, including a requirement to make monetary payments when ongoing remediation targets are not attained. These matters could result in material adverse consequences including, without limitation, adverse judgments, significant settlements, fines, penalties, injunctions, or other actions. Other Contingencies We are subject to potential liability under various other exposures including tax, nonrecourse loans, self-insurance, and other miscellaneous contingencies. We establish reserves for these contingencies when the loss becomes probable and the amount can be reasonably estimated. The actual costs of resolving these items may be substantially higher or lower than the amounts reserved for any one item. Based on information currently available, it is the opinion of management that the eventual outcome of these items will not have a material adverse impact on our results of operations, financial position, or cash flows. |
Quarterly Financial Statments (unaudited) |
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Quarterly Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Statements (unaudited)
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Declaration of Quarterly Dividend Payments On January 11, 2016, the Ally Board of Directors declared a quarterly dividend payment on certain outstanding preferred stock. This included a cash dividend of $0.53 per share, or a total of $15 million, on Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A. The dividend was paid on February 16, 2016. Realignment of Operating Segments As a result of a change in how management views and operates our business, during the first quarter of 2016, we made changes in the composition of our operating segments. Financial information related to our Corporate Finance business will be presented as a separate reportable segment. Currently, all such activity is disclosed in Corporate and Other. Additionally, only the activity of our ongoing bulk acquisitions of mortgage loans and other originations and refinancing will be presented in Mortgage operations. The activity related to the management of our legacy mortgage portfolio will be disclosed in Corporate and Other. Our other operating segments, Automotive Finance operations and Insurance operations, remain unchanged. Our segment results will be reported under this new structure beginning in the first quarter of 2016, and results from prior periods will be reported in a manner consistent with the new structure. |
Description Of Business, Basis of Presentation, And Changes in Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | The Consolidated Financial Statements include the accounts of the Parent and its consolidated subsidiaries, to which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all variable interest entities (VIEs) in which we are the primary beneficiary. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for by the equity method of accounting within the financial statements and they are therefore not consolidated. Refer to Note 10 for further details on our VIEs. |
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Basis of Accounting [Policy Text Block] | Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, legal and regulatory reserves, and the determination of the provision for income taxes. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with maturities of three months or less from the date of purchase. Cash and cash equivalents that have restrictions on our ability to withdraw the funds are included in other assets on our Consolidated Balance Sheet. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. Certain securities with original maturities of three months or less from the date of purchase that are held as a portion of longer-term investment portfolios, primarily held by our Insurance operations, are classified as investment securities. |
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Marketable Securities, Policy [Policy Text Block] | Investments Our portfolio of investments includes various debt and marketable equity securities and nonmarketable equity investments. Debt and marketable equity securities are classified based on management’s intent to sell or hold the security. Our debt and marketable equity securities include government securities, corporate bonds, asset-backed securities (ABS), mortgage-backed securities (MBS), equity securities and other investments. Our portfolio currently includes securities classified as available-for-sale, which are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income or loss. We amortize premiums and discounts on debt securities as an adjustment to investment yield generally over the stated maturity of the security. For ABS and MBS where prepayments can be reasonably estimated, amortization is adjusted for expected prepayments. Additionally, we assess our debt and marketable equity securities for potential other-than-temporary impairment. We employ a methodology that considers available evidence in evaluating potential other-than-temporary impairment of our debt and marketable equity securities classified as available-for-sale. If the cost of an investment exceeds its fair value, we evaluate, among other factors, the magnitude and duration of the decline in fair value. We also evaluate the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and our intent and ability to hold the investment through recovery of its amortized cost basis. Once a decline in fair value of a debt security is determined to be other-than-temporary, an impairment charge for the credit component is recorded to other gain (loss) on investments, net, in our Consolidated Statement of Income, and a new cost basis in the investment is established. Noncredit component losses of a debt security are recorded in other comprehensive income (loss) when we do not intend to sell the security and it is not more likely than not that we will have to sell the security prior to the security's anticipated recovery. Unrealized losses that we have determined to be other-than-temporary on equity securities are recorded to other gain (loss) on investments, net in our Consolidated Statement of Income. Subsequent increases and decreases to the fair value of available-for-sale debt and equity securities are included in other comprehensive income (loss), so long as they are not attributable to another other-than-temporary impairment. Realized gains and losses on investment securities are reported in other gain (loss) on investments, net, and are determined using the specific identification method. For information on our debt and marketable equity securities, refer to Note 6. In addition to our investment securities, we hold nonmarketable equity investments. Our nonmarketable equity investments are carried at cost less any previously recognized impairment, reported in other assets, and include Federal Home Loan Bank (FHLB) stock held to meet regulatory requirements, certain equity investments in low income housing tax credits, and other equity investments that are not publicly traded and therefore do not have a readily determinable fair value. As conditions warrant, we review our investments carried at cost for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. No impairment was recognized in 2015 or 2014. For more information on our nonmarketable equity investments, refer to Note 25 |
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Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Finance Receivables and Loans Finance receivables and loans are reported at their gross carrying value which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the gross carrying value less the allowance for loan loss as the net carrying value in finance receivables and loans. Unearned rate support received from an automotive manufacturer on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 8. We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management's assessment of our intent and ability to hold loans for the foreseeable future or until maturity. Management's view of the foreseeable future is based on the longest reasonably reliable net income, liquidity, and capital forecast period. Management's intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and reasonably identify the specific loans to be sold. Loans classified as held-for-sale are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. Interest income is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on finance receivables and loans in other assets on the Consolidated Balance Sheet. Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, and commercial.
Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for 90 days or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, our policy is to generally place all loans that have been modified in troubled debt restructurings (TDRs) on nonaccrual status until the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Loans on nonaccrual are reported as nonperforming loans in Note 8. The receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Impaired Loans Loans of all classes are considered impaired when we determine it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. For all classes of consumer loans, impaired loans include all loans that have been modified in TDRs. Commercial loans of all classes are considered impaired on an individual basis and reported as impaired when we determine it is probable that we will be unable to collect all amounts due according to the terms of the loan agreement. With the exception of certain consumer TDRs that have been returned to accruing status, for all classes of impaired loans, income recognition is consistent with that of nonaccrual loans discussed above. Impaired loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. For collateral dependent loans, if the recorded investment in impaired loans exceeds the fair value of the collateral, a charge-off is recorded consistent with the TDR discussion below. Troubled Debt Restructurings When the terms of finance receivables or loans are modified, consideration must be given as to whether or not the modification results in a TDR. A modification is considered to be a TDR when both a) the borrower is experiencing financial difficulty and b) we grant a concession to the borrower. These considerations require significant judgment and vary by portfolio segment. In all cases, the cumulative impacts of all modifications are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are utilized for assessing the financial difficulty of the borrower. These include, but are not limited to, the borrower's default status on any of its debts, bankruptcy and recent changes in financial circumstances (loss of job, etc.). A concession has been granted when as a result of the modification we do not expect to collect all amounts due, including interest accrued at the original contract rate. Types of modifications that may be considered concessions include, but are not limited to, extensions of terms at a rate that does not constitute a market rate, a reduction, deferral or forgiveness of principal or interest owed and loans that have been discharged in a Chapter 7 Bankruptcy and have not been reaffirmed by the borrower. In addition to the modifications noted above, in our consumer automotive portfolio segment of loans we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue and collect interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. A restructuring that results in only a delay in payment that is deemed to be insignificant is not a concession and the modification is not considered to be a TDR. In order to assess whether a restructuring that results in a delay in payment is insignificant, we consider the amount of the restructured payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan's original expected duration. In the cases where payment extensions on our automotive loan portfolio cumulatively extend beyond 90 days and are more than 10% of the original contractual term or where the cumulative payment extension is beyond 180 days, we deem the delay in payment to be more than insignificant, and as such, classify these types of modifications as TDRs. Otherwise, we believe that the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the factors noted above, consideration is also given to the borrower's forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions and other potential business disruptions (e.g., the loss of a significant customer or other revenue stream). Consideration of a concession is also similar for commercial loans. In addition to the factors noted above, consideration is also given to whether additional guarantees or collateral have been provided. For all loans, TDR classification typically results from our loss mitigation activities. For loans held-for-investment that are not carried at fair value and are TDRs, impairment is typically measured based on the difference between the gross carrying value of the loan and the present value of the expected future cash flows of the loan. The loan may also be measured for impairment based on the fair value of the underlying collateral less costs to sell for loans that are collateral dependent. We recognize impairment by either establishing a valuation allowance or recording a charge-off. The financial impacts of modifications that meet the definition of a TDR are reported in the period in which they are identified as TDRs. Additionally, if a loan that is classified as a TDR redefaults within twelve months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy except for commercial loans where redefault is defined as 90 days past due. Impaired loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the gross carry value directly written-off. Generally, we recognize recoveries when they are received and record them as a reduction to provision for loan losses. As a general rule, consumer automotive loans are written down to estimated collateral value, less costs to sell, once a loan becomes 120 days past due. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. Consumer mortgage loans within our second-lien portfolio in bankruptcy that are 60 days past due are fully charged off within 60 days of receipt of notification of filing from the bankruptcy court. Consumer automotive and first-lien consumer mortgage loans in bankruptcy that are 60 days past due are written down to the estimated fair value of the collateral, less costs to sell, within 60 days of receipt of notification of filing from the bankruptcy court. Regardless of other timelines noted within this policy, loans are considered collateral dependent once foreclosure or repossession proceedings begin and are charged-off to the estimated fair value of the underlying collateral, less costs to sell at that time. Commercial loans are individually evaluated and where collectability of the recorded balance is in doubt are written down to the estimated fair value of the collateral less costs to sell. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate and noncollateral dependent loans are fully written-off. |
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Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses (the allowance) is management's estimate of incurred losses in the lending portfolios. We determine the amount of the allowance required for each of our portfolio segments based on its relative risk characteristics. The evaluation of these factors for both consumer and commercial finance receivables and loans involves quantitative analysis combined with sound management judgment. Additions to the allowance are charged to current period earnings through the provision for loan losses; amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. The allowance is comprised of two components: specific reserves established for individual loans evaluated as impaired and portfolio-level reserves established for large groups of typically smaller balance homogeneous loans that are collectively evaluated for impairment. We evaluate the adequacy of the allowance based on the combined total of these two components. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions. Measurement of impairment for specific reserves is generally determined on a loan-by-loan basis. Loans determined to be specifically impaired are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate, an observable market price, or the estimated fair value of the collateral less estimated costs to sell when appropriate, whichever is determined to be the most appropriate. When these measurement values are lower than the carrying value of that loan, impairment is recognized. Loans that are not identified as individually impaired are pooled with other loans with similar risk characteristics for evaluation of impairment for the portfolio-level allowance. For the purpose of calculating portfolio-level reserves, we have grouped our loans into three portfolio segments: consumer automotive, consumer mortgage, and commercial. The allowance consists of the combination of a quantitative assessment component based on statistical models, a retrospective evaluation of actual loss information to loss forecasts, and includes a qualitative component based on management judgment. Management takes into consideration relevant qualitative factors, including external and internal trends such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events, among other factors, that have occurred but are not yet reflected in the quantitative assessment component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes. During 2015, we did not substantively change any material aspect of our overall approach used to determine the allowance for loan losses for our portfolio segments. There were no material changes in criteria or estimation techniques as compared to prior periods that impacted the determination of the current period allowance for loan losses for our portfolio segments. Refer to Note 8 for information on the allowance for loan losses. Consumer Loans Our consumer automotive and consumer mortgage portfolio segments are reviewed for impairment based on an analysis of loans that are grouped into common risk categories. We perform periodic and systematic detailed reviews of our lending portfolios to identify inherent risks and to assess the overall collectability of those portfolios. Loss models are utilized for these portfolios, which consider a variety of credit quality indicators including, but not limited to, historical loss experience, current economic conditions, anticipated repossessions or foreclosures based on portfolio trends, and credit scores, and expected loss factors by loan type. Consumer Automotive Portfolio Segment The allowance for loan losses within the consumer automotive portfolio segment is calculated using proprietary statistical models and other risk indicators applied to pools of loans with similar risk characteristics, including credit bureau score and loan-to-value ratios to arrive at an estimate of incurred losses in the portfolio. These statistical loss forecasting models are utilized to estimate incurred losses and consider a variety of factors including, but not limited to, historical loss experience, estimated defaults based on portfolio trends, and general economic and business trends. These statistical models predict forecasted losses inherent in the portfolio. The forecasted losses consider historical factors such as frequency (the number of contracts that we expect to default) and loss severity (the loss amount of contracts we expect to default). The loss severity within the consumer automotive portfolio segment is impacted by the market values of vehicles that are repossessed. Vehicle market values are affected by numerous factors including vehicle supply, the condition of the vehicle upon repossession, the overall price and volatility of gasoline or diesel fuel, consumer preference related to specific vehicle segments, and other factors. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. Consumer Mortgage Portfolio Segment The allowance for loan losses within the consumer mortgage portfolio segment is calculated by using proprietary statistical models based on pools of loans with similar risk characteristics, including credit score, loan-to-value, loan age, documentation type, product type, and loan purpose, to arrive at an estimate of incurred losses in the portfolio. These statistical loss forecasting models are utilized to estimate incurred losses and consider a variety of factors including, but not limited to, historical loss experience, estimated foreclosures or defaults based on portfolio trends, delinquencies, and general economic and business trends. The forecasted losses are statistically derived based on a suite of behavioral based transition models. This transition framework predicts various stages of delinquency, default, and voluntary prepayment over the course of the life of the loan. The transition probability is a function of the loan and borrower characteristics and economic variables and considers historical factors such as frequency and loss severity. When a default event is predicted, a severity model is applied to estimate future loan losses. Loss severity within the consumer mortgage portfolio segment is impacted by the market values of foreclosed properties, which is affected by numerous factors, including geographic considerations and the condition of the foreclosed property. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. Commercial Loans The allowance for loan losses within the commercial portfolio is comprised of reserves established for specific loans evaluated as impaired and portfolio-level reserves based on nonimpaired loans grouped into pools based on similar risk characteristics and collectively evaluated. A commercial loan is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement based on current information and events. These loans are primarily evaluated individually and are risk-rated based on borrower, collateral, and industry-specific information that management believes is relevant in determining the occurrence of a loss event and measuring impairment. Management establishes specific allowances for commercial loans determined to be individually impaired based on the present value of expected future cash flows, discounted at the loan's effective interest rate, observable market price or the fair value of collateral, whichever is determined to be the most appropriate. Estimated costs to sell or realize the value of the collateral on a discounted basis are included in the impairment measurement, when appropriate. Loans not identified as impaired are grouped into pools based on similar risk characteristics and collectively evaluated. Our risk rating models use historical loss experience, concentrations, current economic conditions, and performance trends. The commercial historical loss experience is updated quarterly to incorporate the most recent data reflective of the current economic environment. The determination of the allowance is influenced by numerous assumptions and many factors that may materially affect estimates of loss, including volatility of loss given default, probability of default, and rating migration. In assessing the risk rating of a particular loan, several factors are considered including an evaluation of historical and current information involving subjective assessments and interpretations. In addition, the allowance related to the commercial portfolio segment is influenced by estimated recoveries from automotive manufacturers relative to guarantees or agreements with them to repurchase vehicles used as collateral to secure the loans. The quantitative assessment component may be supplemented with qualitative reserves based on management's determination that such adjustments provide a better estimate of credit losses. This qualitative assessment takes into consideration relevant internal and external factors that have occurred but are not yet reflected in the forecasted losses and may affect the performance of the portfolio. |
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Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans and operating leases. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or secured borrowings. We may retain economic interests in the securitized and sold assets, which are generally retained in the form of senior or subordinated interests, interest- or principal-only strips, cash reserves, residual interests, and servicing rights. In order to conclude whether or not a variable interest entity is required to be consolidated, careful consideration and judgment must be given to our continuing involvement with the variable interest entity. In circumstances where we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, we would conclude that we would consolidate the entity, which would also preclude us from recording an accounting sale on the transaction. In the case of a consolidated variable interest entity, the accounting is consistent with a secured borrowing, (e.g., we continue to carry the loans and we record the related securitized debt on our Consolidated Balance Sheet). In transactions where we are not determined to be the primary beneficiary of the VIE, we then must determine whether or not we achieve a sale for accounting purposes. In order to achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we were to fail any of the three criteria for sale accounting, the accounting would be consistent with the preceding paragraph (i.e., a secured borrowing). Refer to Note 10 for discussion on VIEs. Gains or losses on off-balance sheet securitizations take into consideration the fair value of the retained interests including the value of certain servicing assets or liabilities, if any, which are initially recorded at fair value at the date of sale. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. Refer to Note 25 for a discussion of fair value estimates. Gains or losses on off-balance sheet securitizations and sales are reported in gain (loss) on mortgage and automotive loans, net, in our Consolidated Statement of Income. Retained interests, as well as any purchased securities, are generally included in available-for-sale investment securities and follow the accounting as described above or are classified in other assets. Retained interests that are included in other assets are reported at fair value and include cash reserves and certain noncertificated residual interests. We retain servicing responsibilities for all of our consumer and commercial automotive loan and operating lease securitizations. We may receive servicing fees for off-balance sheet securitizations based on the securitized loan balances and certain ancillary fees, all of which are reported in servicing fees in the Consolidated Statement of Income. Typically, the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. Whether on- or off-balance sheet, the investors in the securitization trusts generally have no recourse to our assets outside of customary market representation and warranty repurchase provisions. |
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Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | Repossessed and Foreclosed Assets Assets are classified as repossessed and foreclosed and included in other assets when physical possession of the collateral is taken, which includes the transfer of title through foreclosure or other similar proceedings. Repossessed and foreclosed assets are carried at the lower of the outstanding balance at the time of repossession or foreclosure or the fair value of the asset less estimated costs to sell. Losses on the revaluation of repossessed and foreclosed assets are recognized as a charge-off of the allowance for loan losses at the time of repossession. Declines in value after repossession are charged to other operating expenses for loans and depreciation expense for operating lease assets as incurred. |
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Revenue Recognition Leases, Operating [Policy Text Block] | Investment in Operating Leases Investment in operating leases, net represents the automobiles that are underlying the automotive lease contracts and is reported at cost, less accumulated depreciation and net of impairment charges and origination fees or costs. Depreciation of vehicles is recorded on a straight-line basis to an estimated residual value over the lease term. Manufacturer support payments that we receive upfront are treated as a reduction to the cost-basis in the underlying lease asset, which has the effect of reducing depreciation expense over the life of the contract. We periodically evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease if deemed appropriate. Income from operating lease assets that includes lease origination fees, net of lease origination costs, is recognized as operating lease revenue on a straight-line basis over the scheduled lease term. We have significant investments in the residual values of the assets in our operating lease portfolio. The residual values represent an estimate of the values of the assets at the end of the lease contracts. At contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally-generated data is compared against third party, independent data for reasonableness and analysis. Realization of the residual values is dependent on our future ability to market the vehicles under the prevailing market conditions. Over the life of the lease, we evaluate the adequacy of our estimate of the residual value and may make adjustments to the depreciation rates to the extent the expected value of the vehicle at lease termination changes. In addition to estimating the residual value at lease termination, we also evaluate the current value of the operating lease asset and test for impairment to the extent necessary based on market considerations and portfolio characteristics. Impairment is determined to exist if fair value of the leased asset is less than carrying value and it is determined that the net carrying value is not recoverable. The net carrying value of a leased asset is not recoverable if it exceeds the sum of the undiscounted expected future cash flows expected to result from the lease payments and the estimated residual value upon eventual disposition. No impairment was recognized in 2015, 2014, or 2013. If our operating lease assets are considered to be impaired, the impairment is measured as the amount by which the carrying amount of the assets exceeds the fair value as estimated by discounted cash flows. We accrue rental income on our operating leases when collection is reasonably assured. We generally discontinue the accrual of revenue on operating leases at the time an account is determined to be uncollectible, at the earliest of time of repossession, within 60 days of bankruptcy notification and greater than 60 days past due, or greater than 120 days past due. When a lease vehicle is returned to us, the asset is reclassified from investment in operating leases, net, to other assets and recorded at the lower-of-cost or estimated fair value, less costs to sell, on our Consolidated Balance Sheet. |
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Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The net carrying value of long-lived assets (including property and equipment) are evaluated for impairment whenever events or changes in circumstances indicate that their net carrying values may not be recoverable from the estimated undiscounted future cash flows expected to result from their use and eventual disposition. Recoverability of assets to be held and used is measured by a comparison of their net carrying amount to future net undiscounted cash flows expected to be generated by the assets. If these assets are considered to be impaired, the impairment is measured as the amount by which the net carrying amount of the assets exceeds the fair value estimated using a discounted cash flow method. No material impairment was recognized in 2015, 2014, or 2013. An impairment test on an asset group to be sold or otherwise disposed of is performed upon occurrence of a triggering event or when certain criteria are met (e.g., the asset is planned to be disposed of within twelve months, appropriate levels of authority have approved the sale, there is an active program to locate a buyer, etc.), which cause the disposal group to be classified as held-for-sale. Long-lived assets held-for-sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. If the net carrying value of the assets held-for-sale exceeds the fair value less cost to sell, we recognize an impairment loss based on the excess of the net carrying amount over the fair value of the assets less cost to sell. Refer to Note 2 for a discussion of discontinued and held-for-sale operations. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment stated at cost, net of accumulated depreciation and amortization, are reported in other assets on our Consolidated Balance Sheet. Included in property and equipment are certain buildings, furniture and fixtures, leasehold improvements, company vehicles, IT hardware and software, and capitalized software costs. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, which generally ranges from three to thirty years. Capitalized software is generally amortized on a straight-line basis over its useful life, which generally ranges from three to five years. Capitalized software that is not expected to provide substantive service potential or for which development costs significantly exceed the amount originally expected is considered impaired and written down to fair value. Software expenditures that are considered general, administrative, or of a maintenance nature are expensed as incurred. |
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Revenue Recognition, Deferred Revenue [Policy Text Block] | Unearned Insurance Premiums and Service Revenue Insurance premiums, net of premiums ceded to reinsurers, and service revenue are earned over the terms of the policies. The portion of premiums and service revenue written applicable to the unexpired terms of the policies is recorded as unearned insurance premiums or unearned service revenue. For extended service and maintenance contracts, premiums and service revenues are earned on a basis proportionate to the anticipated cost emergence. For other short duration contracts, premiums and unearned service revenue are earned on a pro rata basis. For further information, refer to Note 3. |
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Deferred Charges, Policy [Policy Text Block] | Deferred Policy Acquisition Costs Certain commissions, that are primarily related to and vary with the production of business, are deferred and recorded in other assets. Deferred policy acquisition costs are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned. We group costs incurred for acquiring like contracts and consider anticipated investment income in determining the recoverability of these costs. |
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Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for insurance losses and loss adjustment expenses are reported in accrued expenses and other liabilities on our Consolidated Balance Sheet. They are established for the unpaid cost of insured events that have occurred as of a point in time. More specifically, the reserves for insurance losses and loss adjustment expenses represent the accumulation of estimates for both reported losses and those incurred, but not reported, including claims adjustment expenses relating to direct insurance and assumed reinsurance agreements. Estimates for salvage and subrogation recoverable are recognized at the time losses are incurred and netted against the provision for insurance losses and loss adjustment expenses. Reserves are established for each business at the lowest meaningful level of homogeneous data. Since the reserves are based on estimates, the ultimate liability may vary from such estimates. The estimates are regularly reviewed and adjustments, which can potentially be significant, are included in earnings in the period in which they are deemed necessary. |
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Legal Costs, Policy [Policy Text Block] | Legal and Regulatory Reserves Reserves for legal and regulatory matters are established when those matters present loss contingencies that are both probable and estimable, with a corresponding amount recorded to other operating expense. In cases where we have an accrual for losses, it is our policy to include an estimate for probable and estimable legal expenses related to the case. If, at the time of evaluation, the loss contingency related to a legal or regulatory matter is not both probable and estimable, we do not establish an accrued liability. We continue to monitor legal and regulatory matters for further developments that could affect the requirement to establish a liability or that may impact the amount of a previously established liability. There may be exposure to loss in excess of any amounts recognized. For certain other matters where the risk of loss is determined to be reasonably possible, estimable, and material to the financial statements, disclosure regarding details of the matter and an estimated range of loss is required. The estimated range of possible loss does not represent our maximum loss exposure. Financial statement disclosure is also required for matters that are deemed probable or reasonably possible, material to the financial statements, but for which an estimated range of loss is not possible to determine. While we believe our reserves are adequate, the outcome of legal and regulatory proceedings is extremely difficult to predict and we may settle claims or be subject to judgments for amounts that differ from our estimates. For information regarding the nature of all material contingencies, refer to Note 30. |
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Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share We compute basic earnings (loss) per common share by dividing net income (loss) from continuing operations attributable to common shareholders after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period. We compute diluted earnings (loss) per common share by dividing net income (loss) from continuing operations after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period plus the dilution resulting from incremental shares that would have been outstanding if the dilutive potential common shares had been issued (assuming it does not have the effect of antidilution), if applicable. |
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Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities We primarily use derivative instruments for risk management purposes. Some of our derivative instruments are designated in qualifying hedge accounting relationships; other derivative instruments do not qualify for hedge accounting or are not elected to be designated in a qualifying hedging relationship. In accordance with applicable accounting standards, all derivative instruments, whether designated for hedge accounting or not, are required to be recorded on the balance sheet as assets or liabilities and measured at fair value. Additionally, we have elected to report the fair value amounts recognized for derivative financial instruments, including the fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement, on the Consolidated Balance Sheet on a gross basis where we do not have the intent to offset. For additional information on derivative instruments and hedging activities, refer to Note 22. At inception of a hedge accounting relationship, we designate each qualifying derivative financial instrument as a hedge of the fair value of a specifically identified asset or liability (fair value hedge); as a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as a hedge of the foreign-currency exposure of a net investment in a foreign operation (net investment hedge). We formally document all relationships between hedging instruments and hedged items and risk management objectives for undertaking various hedge transactions. Both at the hedge's inception and on an ongoing basis, we formally assess whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. Changes in the fair value of derivative instruments that are designated and qualify as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in the current period earnings. For qualifying cash flow hedges, the effective portion of the change in the fair value of the derivative financial instruments is recorded in accumulated other comprehensive income, and recognized in the income statement when the hedged cash flows affect earnings. For a qualifying net investment hedge, the gain or loss is reported in accumulated other comprehensive income as part of the cumulative translation adjustment. The ineffective portions of fair value, cash flow, and net investment hedges are immediately recognized in earnings, along with the portion of the change in fair value that is excluded from the assessment of hedge effectiveness, if any. The hedge accounting treatment described herein is no longer applied if a derivative financial instrument is terminated or the hedge designation is removed or is assessed to be no longer highly effective. For these terminated fair value hedges, any changes to the hedged asset or liability remain as part of the basis of the hedged asset or liability and are recognized into income over the remaining life of the asset or liability. For terminated cash flow hedges, unless it is probable that the forecasted cash flows will not occur within a specified period, any changes in fair value of the derivative financial instrument previously recognized remain in accumulated other comprehensive income, and are reclassified into earnings in the same period that the hedged cash flows affect earnings. The previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive income until earnings are impacted by sale or liquidation of the associated foreign operation. In all instances, after hedge accounting is no longer applied, any subsequent changes in fair value of the derivative instrument will be recorded into earnings. Changes in the fair value of derivative financial instruments held for risk management purposes that are not designated for hedge accounting under GAAP are reported in current period earnings. |
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Income Tax, Policy [Policy Text Block] | Income Taxes Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management's best assessment of estimated future taxes to be paid. We are subject to income taxes predominantly in the United States. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise we consider all available positive and negative evidence including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we begin with historical results adjusted for the results of discontinued operations and changes in accounting policies and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Also, we recognize accrued interest and penalties related to liabilities for uncertain income tax positions in interest expense and other operating expenses, respectively. For additional information regarding our provision for income taxes, refer to Note 23. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation Under accounting guidance for share-based compensation, compensation cost recognized includes the cost of share-based awards. For equity classified share-based awards, compensation cost is ratably charged to expense based on the grant date fair value of the awards over the applicable service periods. For liability classified share-based awards, the associated liability is remeasured quarterly at fair value until they are paid, with changes in fair value charged to compensation expense in the period in which the change occurs. Refer to Note 24 for a discussion of our share-based compensation plans. |
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Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange Foreign-denominated assets and liabilities resulting from foreign-currency transactions are valued using period-end foreign-exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income. We may elect to enter into foreign-currency derivatives to mitigate our exposure to changes in foreign-exchange rates. Refer to the Derivative Instruments and Hedging Activities section above for a discussion of our hedging activities of the foreign-currency exposure of a net investment in a foreign operation. |
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Accounting Policies [Abstract] | |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations Prior to the adoption of ASU 2014-08, which was prospectively applied only to newly identified disposals that qualified as discontinued operations beginning after January 1, 2015, we classified operations as discontinued when operations and cash flows will be eliminated from our ongoing operations and we do not expect to retain any significant continuing involvement in their operations after the respective sale or disposal transactions. For all periods presented, the operating results for these discontinued operations have been removed from continuing operations and presented separately as discontinued operations, net of tax, in the Consolidated Statement of Income. The Notes to the Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted. |
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Select Income Statement Information for Discontinued Operations [Table Text Block] | Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to transact a sale, includes any impairment recognized to present the operations at the lower-of-cost or fair value. Fair value was based on the estimated sales price, which could differ from the ultimate sales price due to price volatility, changing interest rates, changing foreign-currency rates, and future economic conditions.
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Insurance Premiums and Service Revenue Earned [Table Text Block] | The following table is a summary of insurance premiums and service revenue written and earned.
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Other Income, Net Of Losses (Tables) |
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Schedule of Other Nonoperating Income, by Component [Table Text Block] | Details of other income, net of losses, were as follows.
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Other Operating Expenses (Tables) |
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Details of other operating expenses were as follows.
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Investment Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Available-for-sale Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Our portfolio of securities includes bonds, equity securities, asset- and mortgage-backed securities, and other investments. The cost, fair value, and gross unrealized gains and losses on available-for-sale securities were as follows.
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Investments Classified by Contractual Maturity Date [Table Text Block] | The maturity distribution of available-for-sale debt securities outstanding is summarized in the following tables. Call or prepayment options may cause actual maturities to differ from contractual maturities.
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Investment Income [Table Text Block] | The following table presents interest and dividends on available-for-sale securities.
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Schedule of Realized Gain (Loss) [Table Text Block] | The following table presents gross gains and losses realized upon the sales of available-for-sale securities and other-than-temporary impairment.
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Schedule of Unrealized Loss on Investments [Table Text Block] | The table below summarizes available-for-sale securities in an unrealized loss position in accumulated other comprehensive income. Based on the assessment of whether such loses were deemed to be other than temporary, we believe that the unrealized losses are not indicative of an other-than-temporary impairment of these securities. As of December 31, 2015, we did not have the intent to sell the debt securities with an unrealized loss position in accumulated other comprehensive income, it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis, and we expect to recover the entire amortized cost basis of the securities. As of December 31, 2015, we had the ability and intent to hold equity securities with an unrealized loss position in accumulated other comprehensive income, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result, we believe that the securities with an unrealized loss position in accumulated other comprehensive income are not considered to be other-than-temporarily impaired at December 31, 2015. Refer to Note 1 for additional information related to investment securities and our methodology for evaluating potential other-than-temporary impairments.
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Loans Held-for-Sale, Net Loans Held-for-Sale, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held-for-Sale, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held-for-Sale, Net [Table Text Block] | Loans held-for-sale represent loans that we intend to sell. The composition of loans held-for-sale, net, was as follows.
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Finance Receivables And Loans, Net (Tables) |
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Loans and Leases Receivable, Net Reported Amount, by Category Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The composition of finance receivables and loans, net, reported at gross carrying value was as follows.
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans.
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Schedule Of Sales Of Financing Receivables And Loans [Table Text Block] | The following table presents information about significant sales of finance receivables and loans recorded at gross carrying value and transfers of finance receivables and loans from held-for-investment to held-for-sale.
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Schedule of Purchases of Financing Receivables and Loans [Table Text Block] | The following table presents information about significant purchases of finance receivables and loans.
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Past Due Financing Receivables [Table Text Block] | The following table presents an analysis of our past due finance receivables and loans, net, recorded at gross carrying value.
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status.
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents performing and nonperforming credit quality indicators in accordance with our internal accounting policies for our consumer finance receivables and loans recorded at gross carrying value. Nonperforming loans include finance receivables and loans on nonaccrual status when the principal or interest has been delinquent for 90 days or when full collection is not expected. Refer to Note 1 for additional information.
The following table presents pass and criticized credit quality indicators based on regulatory definitions for our commercial finance receivables and loans recorded at gross carrying value.
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Impaired Financing Receivables [Table Text Block] | The following table presents information about our impaired finance receivables and loans recorded at gross carrying value.
The following table presents average balance and interest income for our impaired finance receivables and loans.
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period.
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Finance receivables and loans redefaulted during the period [Table Text Block] | The following table presents information about finance receivables and loans recorded at gross carrying value that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (Refer to Note 1 for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
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Consumer Concentration Risk [Table Text Block] | The following table shows the percentage of total consumer finance receivables and loans recorded at gross carrying value by state concentration.
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Commercial Concentration Risk [Table Text Block] | The commercial real estate portfolio consists of loans issued primarily to automotive dealers. The following table shows the percentage of total commercial real estate finance receivables and loans reported at gross carrying value by state concentration.
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Commercial Criticized Exposure [Table Text Block] | Finance receivables and loans classified as special mention, substandard, or doubtful are deemed as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. The following table presents the percentage of total commercial criticized finance receivables and loans reported at gross carrying value by industry concentrations.
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Investment In Operating Leases, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases, Operating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | Investments in operating leases were as follows.
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Depreciation Expense On Operating Lease Assets [Table Text Block] | Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following summarizes the components of depreciation expense on operating lease assets.
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Schedule of Operating Leases of Lessor [Table Text Block] | The following table presents the future lease nonresidual rental payments due from customers for vehicles on operating leases.
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Securitizations And Variable Interest Entities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations And Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | Our involvement with consolidated and nonconsolidated VIEs in which we hold variable interests is presented below.
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Schedule of On-balance Sheet Variable Interest Entities [Table Text Block] | The consolidated VIEs included in the Consolidated Balance Sheet represent separate entities with which we are involved. The third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to us, except for the customary representation and warranty provisions. In addition, the cash flows from the assets are restricted only to pay such liabilities. Thus, our economic exposure to loss from outstanding third-party financing related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets. All assets of consolidated VIEs, presented below based upon the legal transfer of the underlying assets in order to reflect legal ownership, are restricted for the benefit of the beneficial interest holders.
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Schedule Of Cash Flow Received And Paid To Nonconsolidated Securitization Entities [Table Text Block] | The following table summarizes cash flows received and paid related to securitization entities, asset-backed financings, or other similar transfers of financial assets where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding in 2015, 2014, and 2013. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period.
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Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together [Table Text Block] | The following table represents on-balance sheet loans held-for-sale and finance receivable and loans, off-balance sheet securitizations, and whole-loan sales where we have continuing involvement. The table presents quantitative information about delinquencies and net credit losses.
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Servicing Activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Total Serviced Automobile Loans Outstanding [Table Text Block] | The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans and leases outstanding were as follows.
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Premiums Receivable and Other Insurance Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums Receivable and Other Insurance Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums Receivable and Other Insurance Assets [Table Text Block] | Premiums receivable and other insurance assets consisted of the following.
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets [Table Text Block] | The components of other assets were as follows.
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Deposit Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Liabilities [Table Text Block] | Deposit liabilities consisted of the following.
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Schedule Of Maturities For Total Time Deposits Text Block [Table Text Block] | The following table presents the scheduled maturity of total certificates of deposit.
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Short-Term Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | The following table presents the composition of our short-term borrowings portfolio.
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Long-Term Debt (Tables) |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The following tables present the composition of our long-term debt portfolio.
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Schedule of Debt [Table Text Block] |
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Scheduled Remaining Maturity of Long-term Debt [Table Text Block] | The following table presents the scheduled remaining maturity of long-term debt, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
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Pledged assets for the payment of the related secured borrowings and repurchase agreements [Table Text Block] | The following summarizes assets restricted as collateral for the payment of the related debt obligation primarily arising from securitization transactions accounted for as secured borrowings and repurchase agreements.
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Schedule Of Committed Funding Facilities [Table Text Block] |
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Accrued Expenses and Other Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses and other liabilities were as follows.
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Equity (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | The following table presents changes in the number of shares issued and outstanding.
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Schedule of Stock by Class [Table Text Block] | The following table summarizes information about our Series A and Series G preferred stock.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income.
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the before- and after-tax changes in each component of accumulated other comprehensive (loss) income.
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the calculation of basic and diluted earnings per common share.
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Regulatory Capital (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table summarizes our capital ratios under the U.S. Basel III capital framework.
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Derivative Instruments And Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Amounts Of Derivative Instruments Reported On Our Consolidated Balance Sheet [Table Text Block] | The following table summarizes the fair value amounts of derivative instruments reported on our Consolidated Balance Sheet. The fair value amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
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Gains and Losses on Derivative Instruments Reported in our Consolidated Statement of Income [Table Text Block] | The following table summarizes the location and amounts of gains and losses on derivative instruments reported in our Consolidated Statement of Income.
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Derivative Instruments Used In Cash Flow and Net Investment Hedge Accounting Relationships [Table Text Block] | The following table summarizes derivative instruments used in cash flow and net investment hedge accounting relationships.
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The significant components of income tax expense (benefit) from continuing operations were as follows.
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense (benefit) from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table.
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of deferred tax assets and liabilities are reflected in the following table.
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Schedule of Deferred tax assets and related valuation allowances recognized for the net operating and other loss carryforwards and tax credit carryforwards [Table Text Block] | The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2015.
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Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits.
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring Basis [Table Text Block] | The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.
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Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities [Table Text Block] | The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.
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Fair Value Measurements - Nonrecurring Basis [Table Text Block] | The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
n/m = not meaningful
n/m = not meaningful
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Fair Value of Financial Instruments [Table Text Block] | The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting market data to develop estimates of fair value, so the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information presented herein was based on information available at December 31, 2015, and 2014.
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Offsetting Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
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Segment And Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information for our reportable operating segments is summarized as follows.
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Information Concerning Principal Geographic Areas [Table Text Block] | Information concerning principal geographic areas were as follows.
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Parent And Guarantor Consolidating Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income
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Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet
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Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows
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Guarantees and Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown.
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Financing Commitments [Table Text Block] | The contractual commitments were as follows.
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments required under operating leases, primarily for real property, with noncancelable lease terms expiring after December 31, 2015, are as follows.
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Long-term Purchase Commitment [Table Text Block] | We have entered into multiple agreements for information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions.
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Quarterly Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
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Description Of Business, Basis Of Presentation, And Changes In Significant Accounting Policies Accounting Standard Adoption (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Assets | $ 6,321 | $ 7,105 |
Long-term debt | 66,234 | 66,380 |
Interest-bearing deposit liabilities | 66,389 | 58,139 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Assets | (190) | (197) |
Long-term debt | (168) | (178) |
Interest-bearing deposit liabilities | $ (22) | $ (19) |
Discontinued and Held-for-sale Operations (Select Balance Sheet Information for Held-for-sale Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | |
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Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other Assets | $ 6,321 | $ 7,105 |
Assets of operations held-for-sale | $ 0 | 634 |
Automotive finance operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest in Joint Venture | 40.00% | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 400 | |
Other Assets | $ 634 |
Insurance Premiums and Service Revenue Earned (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Premiums Written and Earned [Abstract] | |||
Direct Premiums Written, Property and Casualty | $ 313 | $ 294 | $ 270 |
Direct Premiums Earned, Property and Casualty | 296 | 282 | 305 |
Assumed Premiums Written, Property and Casualty | 2 | 43 | 61 |
Assumed Premiums Earned, Property and Casualty | 16 | 54 | 58 |
Premiums Written, Gross | 315 | 337 | 331 |
Gross Insurance Premiums Earned | 312 | 336 | 363 |
Ceded Premiums Written, Property and Casualty | (184) | (156) | (172) |
Ceded Premiums Earned, Property and Casualty | (125) | (117) | (120) |
Premiums Written, Net, Property and Casualty | 131 | 181 | 159 |
Premiums Earned, Net, Property and Casualty | 187 | 219 | 243 |
Insurance Commissions and Fees Written | 846 | 842 | 838 |
Insurance Commissions and Fees | 753 | 760 | 769 |
Insurance Services Revenue Written | 977 | 1,023 | 997 |
Insurance premiums and service revenue earned | $ 940 | $ 979 | $ 1,012 |
Other Income, Net Of Losses (Other Income, Net Of Losses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Nonoperating Income (Expense) [Abstract] | |||
Remarketing Fees | $ 101 | $ 112 | $ 82 |
Fees and Commissions, Other | 90 | 88 | 94 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 52 | 18 | 15 |
Fees and Commissions, Mortgage Banking and Servicing | 0 | 0 | 81 |
Unrealized Gain (Loss) on Derivatives | (8) | (31) | 24 |
Other Income | 79 | 93 | 87 |
Other income, net of losses | $ 314 | $ 280 | $ 383 |
Other Operating Expenses (Details Of Other Operating Expenses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Expenses [Abstract] | |||
Insurance Commissions | $ 378 | $ 374 | $ 370 |
Communications and Information Technology | 267 | 334 | 346 |
Lease and loan administration | 126 | 122 | 173 |
Marketing and Advertising Expense | 107 | 111 | 136 |
Professional Fees | 93 | 100 | 176 |
Depreciation, Nonproduction | 82 | 81 | 81 |
Regulatory and licensing fees | 79 | 87 | 116 |
Vehicle remarketing and repossession | 78 | 83 | 60 |
Occupancy, Net | 50 | 47 | 44 |
Legal Fees | 45 | 4 | 105 |
State And Local Non-Income Taxes Amount | 29 | 40 | 35 |
Mortgage Representation And Warranty, Net | (13) | (10) | 104 |
Other Cost and Expense, Operating | 184 | 218 | 235 |
Total other operating expenses | $ 1,505 | $ 1,591 | 1,981 |
CFPB Settlement | $ 98 |
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Available-for-sale Securities [Abstract] | |||
Taxable interest | $ 340 | $ 336 | $ 297 |
Taxable dividends | 23 | 20 | 25 |
Interest and dividends exempt from U.S. federal income tax | 18 | 11 | 3 |
Interest and dividends on available-for-sale investment securities | $ 381 | $ 367 | $ 325 |
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Available-for-sale Securities [Abstract] | |||
Available-for-sale Securities, Gross Realized Gains | $ 184 | $ 209 | $ 221 |
Available-for-sale Securities, Gross Realized Losses | (15) | (14) | (21) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | (14) | (14) | (20) |
Other gain (loss) on investments, net | $ 155 | $ 181 | $ 180 |
Finance Receivables And Loans, Net (Schedule Of Sales Of Financing Receivables And Loans) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Sales and Transfers | $ 1,317 | $ 4,631 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Sales and Transfers | 1,237 | 4,106 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Sales and Transfers | 78 | 489 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Sales and Transfers | $ 2 | $ 36 |
Finance Receivables And Loans, Net Finance Receivables and Loans, Net (Schedule of Purchases of Finance Receivables and Loans) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | $ 4,397 | $ 857 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 272 | 0 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | $ 4,125 | $ 857 |
Finance Receivables and Loans, Net (Commercial Criticized Exposure) (Details) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Concentration Risk [Line Items] | ||
Commercial Criticized Finance Receivables and Loans | 100.00% | 100.00% |
5500 Retail, Auto Dealers and Gasoline Stations [Member] | ||
Concentration Risk [Line Items] | ||
Commercial Criticized Finance Receivables and Loans | 80.50% | 87.30% |
310000 to 330000 Manufacturing [Member] | ||
Concentration Risk [Line Items] | ||
Commercial Criticized Finance Receivables and Loans | 7.80% | 0.90% |
540000 to 549999 Professional, Scientific, and Technical Services [Member] | ||
Concentration Risk [Line Items] | ||
Commercial Criticized Finance Receivables and Loans | 5.30% | 2.00% |
810000 to 819999 Other Services (except Public Administration) [Member] | ||
Concentration Risk [Line Items] | ||
Commercial Criticized Finance Receivables and Loans | 6.40% | 9.80% |
Investment In Operating Leases, Net (Investments In Operating Leases) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Leases, Operating [Abstract] | ||
Property Subject to or Available for Operating Lease, Gross | $ 20,211 | $ 23,144 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | (3,940) | (3,634) |
Property Subject to or Available for Operating Lease, Net | $ 16,271 | $ 19,510 |
Investment In Operating Leases, Net (Schedule Of Depreciation Expense On Operating Lease Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Leases, Operating [Abstract] | |||
Depreciation Expense On Operating Lease Assets | $ 2,600 | $ 2,666 | $ 2,327 |
Gross Remarketing (Gains) Losses | (351) | (433) | (332) |
Depreciation expense on operating lease assets | $ 2,249 | $ 2,233 | $ 1,995 |
Investment in Operating Leases, Net (Schedule of Operating Leases of Lessor) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Leases, Operating [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 2,687 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1,445 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 406 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 57 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 1 |
Operating Leases, Future Minimum Payments Receivable | $ 4,596 |
Premiums Receivable and Other Insurance Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Premiums Receivable and Other Insurance Assets [Abstract] | ||
Prepaid Reinsurance Premiums | $ 382 | $ 326 |
Reinsurance Receivables, Incurred but Not Reported Claims | 120 | 143 |
Reinsurance Recoverables | 18 | 12 |
Premiums Receivable, at Carrying Value | 82 | 90 |
Deferred Policy Acquisition Costs | 1,199 | 1,124 |
Premiums receivable and other insurance assets | $ 1,801 | $ 1,695 |
Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Assets [Abstract] | ||
Property, Plant and Equipment, Gross | $ 691 | $ 775 |
Accumulated depreciation | (456) | (550) |
Property, Plant and Equipment, Net | 235 | 225 |
Restricted cash collections for securitization trusts | 2,010 | 2,221 |
Deferred Tax Assets, State Taxes | 1,369 | 1,812 |
Nonmarketable equity securities | 418 | 271 |
Cash reserve deposits held for securitization trusts | 252 | 303 |
Derivative Asset, Fair Value, Gross Asset | 233 | 263 |
Other accounts receivable | 158 | 298 |
Cash and securities collateral placed with counterparties | 125 | 236 |
Restricted cash and cash equivalents | 120 | 122 |
Other Assets, Miscellaneous | 1,401 | 1,354 |
Other Assets | $ 6,321 | $ 7,105 |
Deposit Liabilities (Schedule Of Deposit Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing deposit liabilities | $ 89 | $ 64 |
Interest-bearing Deposit Liabilities, by Component [Abstract] | ||
Deposits, Savings Deposits | 36,386 | 26,769 |
Time Deposits | 29,774 | 31,051 |
Deposits, Retail | 229 | 319 |
Total deposit liabilities | 66,478 | 58,203 |
Time Deposits, $100,000 or More, Domestic | 11,500 | 13,000 |
Time Deposits, $250,000 or More, Domestic | $ 3,200 | $ 3,700 |
Deposit Liabilities (Schedule of Maturities For Total Time Deposits) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | $ 29,774 | $ 31,051 |
One year or less [Member] | ||
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | 16,313 | |
Two years or less [Member] | ||
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | 8,800 | |
Three years or less [Member] | ||
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | 3,068 | |
Four years or less [Member] | ||
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | 695 | |
Five years or less [Member] | ||
Schedule of Maturities For Total Time Deposits [Line Items] | ||
Time Deposits | $ 898 |
Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Due within one year | $ 11,256 | $ 17,383 |
Due after one year | 54,647 | 48,545 |
Derivative, Amount of Hedged Item | 331 | 452 |
Long-term debt | 66,234 | 66,380 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Due within one year | 1,829 | 4,780 |
Due after one year | 18,803 | 17,050 |
Derivative, Amount of Hedged Item | 334 | 452 |
Long-term debt | 20,966 | 22,282 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Due within one year | 9,427 | 12,603 |
Due after one year | 35,844 | 31,495 |
Derivative, Amount of Hedged Item | (3) | 0 |
Long-term debt | $ 45,268 | $ 44,098 |
Long-Term Debt Long-Term Debt (Narrative - Trust Preferred Securities) (Details) $ / shares in Units, $ in Millions |
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
|
---|---|---|
Narrative - Trust Preferred Securities [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | |
Liquidation preference (per share) | $ / shares | $ 25 | |
From and including February 15, 2016, to but excluding February 15, 2040, distributions will be payable at an annual rate equal to three-month London interbank offer rate plus: | 5.785% | |
Ally has the right to defer payments of interest for a period not exceeding consecutive quarters of: | 20 | |
Percent of principle debt, plus accrued and unpaid interest is the redemption price if Ally redeems the Series 2 TRUPS on or after February 15, 2016. | 100.00% | |
Fixed Income Interest Rate [Member] | ||
Narrative - Trust Preferred Securities [Line Items] | ||
Trust preferred securities | $ | $ 2,600 | $ 2,598 |
Long-Term Debt (Schedule of Committed Funding Facilities) (Details) - Committed Funding Facilities [Member] - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Outstanding | $ 20,164 | $ 18,280 |
Unused capacity | 251 | 3,675 |
Total capacity | 20,415 | 21,955 |
Bank Funding Member | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding | 3,250 | 3,250 |
Unused capacity | 0 | 250 |
Total capacity | 3,250 | 3,500 |
Nonbank Funding Member | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding | 16,914 | 15,030 |
Unused capacity | 251 | 3,425 |
Total capacity | 17,165 | $ 18,455 |
Revolving secured funding facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total capacity | 20,100 | |
Revolving secured funding facilities 1 year or greater [Member] | ||
Debt Instrument [Line Items] | ||
Total capacity | $ 12,500 |
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts Payable | $ 391 | $ 298 |
Accrued Employee Benefits | 242 | 298 |
Liability for Claims and Claims Adjustment Expense | 169 | 208 |
Derivative Liability, Fair Value, Gross Liability | 145 | 252 |
Deferred Revenue | 108 | 151 |
Cash collateral received from counterparties | 82 | 71 |
Other Accrued Liabilities | 408 | 457 |
Accrued expenses and other liabilities | $ 1,545 | $ 1,735 |
Equity (Schedule of Stockholders Equity) (Details) $ / shares in Units, $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2013
USD ($)
shares
|
|
Schedule of Stockholders Equity [Line Items] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 310 | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 1,100,000,000 | 1,100,000,000 | |
Common Stock, Shares, Issued, Beginning Balance | 480,136,039 | 479,767,470 | 412,600,700 |
Stock Issued During Period, Shares, New Issues | 2,654,657 | 368,569 | 0 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 67,166,770 |
Common Stock, Shares, Issued, Ending Balance | 482,790,696 | 480,136,039 | 479,767,470 |
Treasury Stock, Shares | (810,585) | (41,148) | 0 |
Common Stock, Shares, Outstanding | 481,980,111 | 480,094,891 | 479,767,470 |
Common Stock, Value, Issued | $ | $ 1.3 |
Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Forward Contract Indexed to Issuer's Equity [Line Items] | |||
Derivative, Notional Amount | $ 59,116 | $ 81,200 | |
Cash Collateral Placed with Counterparties | 103 | 221 | |
Cash and securities collateral placed with counterparties | 86 | 15 | |
Non-derivative Cash Collateral Received from Counterparties Associated with the Repurchase Agreements. | 21 | ||
Non-derivative collateral placed with counterparties | $ 18 | ||
Cash collateral received from counterparties | 82 | 71 | |
noncash collateral received | $ 7 | $ 15 |
Income Taxes (Schedule of Significant Components of Income Tax Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ 0 | $ (3) | $ 0 | ||||||||
Current Foreign Tax Expense (Benefit) | 6 | 8 | 4 | ||||||||
Current State and Local Tax Expense (Benefit) | 3 | 5 | 0 | ||||||||
Current Income Tax Expense (Benefit) | 9 | 10 | 4 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 454 | 270 | (67) | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | 1 | 2 | (1) | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 32 | 39 | 5 | ||||||||
Deferred Income Tax Expense (Benefit) | 487 | 311 | (63) | ||||||||
Income tax expense (benefit) from continuing operations | $ 155 | $ 144 | $ 94 | $ 103 | $ 36 | $ 127 | $ 64 | $ 94 | $ 496 | $ 321 | $ (59) |
Income Tax (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits Beginning Balance | $ 191 | $ 262 | $ 102 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 0 | 0 | 174 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 7 | 9 | 1 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | (10) | (79) | (14) |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (3) | (1) | (1) |
Unrecognized Tax Benefits Ending Balance | $ 185 | $ 191 | $ 262 |
Income Tax (Narrative - Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 177 | $ 182 | $ 240 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | 1 | 2 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2 | $ 5 | $ 7 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 180 |
Guarantees and Commitments (Guarantees to third parties) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 13 | $ 19 |
Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 208 | $ 268 |
Guarantees and Commitments (Contractual financing commitments) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Guarantees [Abstract] | ||
Commitment to provide capital to investees | $ 132 | $ 66 |
Warehouse and construction lending commitments | 197 | 110 |
Commitment to fund remaining unused balances on home equity lines of credit | 358 | 371 |
Unused revolving credit line commitments and other | $ 1,445 | $ 1,284 |
Guarantees and Commitments (Schedule of Lease Commitments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Guarantees [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 39 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 34 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 31 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 31 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 29 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 99 | ||
Operating Leases, Future Minimum Payments Due | 263 | ||
Operating Leases, Rent Expense | $ 51 | $ 50 | $ 47 |
Guarantees and Commitments (Other Purchase Commitments) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Guarantees [Abstract] | |
Other Commitment, Due in Next Twelve Months | $ 47 |
Other Commitment, Due in Second and Third Year | 51 |
Other Commitment, Due in Fourth Year | 3 |
Other Commitment | $ 101 |
Quarterly Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Statements [Abstract] | |||||||||||
Net financing revenue (loss) | $ 983 | $ 970 | $ 916 | $ 850 | $ 799 | $ 889 | $ 866 | $ 821 | $ 3,719 | $ 3,375 | $ 2,779 |
Other revenue | 356 | 332 | 211 | 243 | 215 | 375 | 365 | 321 | 1,142 | 1,276 | 1,484 |
Total net revenue (loss) | 1,339 | 1,302 | 1,127 | 1,093 | 1,014 | 1,264 | 1,231 | 1,142 | 4,861 | 4,651 | 4,263 |
Provision for loan losses | 240 | 211 | 140 | 116 | 155 | 102 | 63 | 137 | 707 | 457 | 501 |
Total noninterest expense | 668 | 674 | 724 | 695 | 672 | 742 | 821 | 713 | 2,761 | 2,948 | 3,405 |
Income (loss) from continuing operations before income tax expense | 431 | 417 | 263 | 282 | 187 | 420 | 347 | 292 | 1,393 | 1,246 | 357 |
Income tax expense (benefit) from continuing operations | 155 | 144 | 94 | 103 | 36 | 127 | 64 | 94 | 496 | 321 | (59) |
Net income (loss) from continuing operations | 276 | 273 | 169 | 179 | 151 | 293 | 283 | 198 | 897 | 925 | 416 |
Income (loss) from discontinued operations, net of tax | (13) | (5) | 13 | 397 | 26 | 130 | 40 | 29 | 392 | 225 | (55) |
Net income (loss) | $ 263 | $ 268 | $ 182 | $ 576 | $ 177 | $ 423 | $ 323 | $ 227 | $ 1,289 | $ 1,150 | $ 361 |
Net income (loss) from continuing operations, Per Basic Share | $ (1.94) | $ 0.49 | $ (2.24) | $ 0.23 | $ 0.17 | $ 0.47 | $ 0.45 | $ 0.27 | $ (3.47) | $ 1.36 | $ (1.51) |
Net (loss) income, Basic | (1.97) | 0.48 | (2.22) | 1.06 | 0.23 | 0.74 | 0.54 | 0.33 | (2.66) | 1.83 | (1.64) |
Net income (loss) from continuing operations, Per Diluted Share | (1.94) | 0.49 | (2.24) | 0.23 | 0.17 | 0.47 | 0.45 | 0.27 | (3.47) | 1.36 | (1.51) |
Net (loss) income, Diluted | $ (1.97) | $ 0.47 | $ (2.22) | $ 1.06 | $ 0.23 | $ 0.74 | $ 0.54 | $ 0.33 | $ (2.66) | $ 1.83 | $ (1.64) |
Subsequent Events (Details) - Subsequent Event [Member] - Series A Preferred Stock [Member] $ / shares in Units, $ in Millions |
Jan. 11, 2016
USD ($)
$ / shares
|
---|---|
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ / shares | $ 0.53 |
Dividends, Preferred Stock | $ | $ 15 |
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