Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Ally Financial Inc. | |
Entity Central Index Key | 40,729 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 413,081,733 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Revenue and Other Income [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 1,708 | $ 1,486 | $ 4,898 | $ 4,301 |
Interest on loans held-for-sale | 4 | 0 | 10 | 0 |
Interest and dividends on investment securities and other earning assets | 198 | 157 | 562 | 437 |
Interest on cash and cash equivalents | 18 | 11 | 50 | 23 |
Operating leases | 368 | 434 | 1,124 | 1,465 |
Financing revenue and other interest income | 2,296 | 2,088 | 6,644 | 6,226 |
Interest Expense [Abstract] | ||||
Interest on deposits | 462 | 285 | 1,212 | 766 |
Interest on short-term borrowings | 29 | 34 | 101 | 94 |
Interest on long-term debt | 451 | 416 | 1,296 | 1,257 |
Interest expense | 942 | 735 | 2,609 | 2,117 |
Net depreciation expense on operating lease assets | 247 | 272 | 785 | 982 |
Net financing revenue and other interest income | 1,107 | 1,081 | 3,250 | 3,127 |
Other revenue [Abstract] | ||||
Insurance premiums and service revenue earned | 258 | 252 | 753 | 720 |
Gain on mortgage and automotive loans, net | 17 | 15 | 19 | 65 |
Other gain on investments, net | 22 | 23 | 37 | 73 |
Other income, net of losses | 101 | 91 | 307 | 307 |
Other revenue | 398 | 381 | 1,116 | 1,165 |
Net revenue | 1,505 | 1,462 | 4,366 | 4,292 |
Provision for loan losses | 233 | 314 | 652 | 854 |
Noninterest Expense [Abstract] | ||||
Compensation and benefits expense | 274 | 264 | 872 | 814 |
Insurance losses and loss adjustment expenses | 77 | 65 | 241 | 278 |
Other operating expenses | 456 | 424 | 1,347 | 1,249 |
Noninterest expense | 807 | 753 | 2,460 | 2,341 |
Income from continuing operations before income tax expense | 465 | 395 | 1,254 | 1,097 |
Income tax expense from continuing operations | 91 | 115 | 280 | 350 |
Net income from continuing operations | 374 | 280 | 974 | 747 |
Net income | 374 | 282 | 973 | 748 |
Other comprehensive income (loss), attributable to parent | (133) | 48 | (531) | 144 |
Comprehensive income | 241 | 330 | 442 | 892 |
Income (loss) from discontinued operations, net of tax | $ 0 | $ 2 | $ (1) | $ 1 |
Earnings Per Share, Basic [Abstract] | ||||
Net income from continuing operations, basic earnings per share | $ 0.89 | $ 0.62 | $ 2.27 | $ 1.63 |
Loss from discontinued operations, net of tax, basic earnings per share | 0 | 0 | 0 | 0 |
Net income, basic earnings per share | 0.89 | 0.63 | 2.26 | 1.63 |
Earnings Per Share, Diluted [Abstract] | ||||
Net income from continuing operations, diluted earnings per share | 0.88 | 0.62 | 2.25 | 1.63 |
Loss from discontinued operations, net of tax, diluted earnings per share | 0 | 0 | 0 | 0 |
Net income, diluted earnings per share | 0.88 | 0.63 | 2.25 | 1.63 |
Cash dividends declared per common share | $ 0.15 | $ 0.12 | $ 0.41 | $ 0.28 |
Retained earnings | ||||
Net income | $ 374 | $ 282 | $ 973 | $ 748 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet & Mini Balance Sheet - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||
Cash and cash equivalents, noninterest-bearing | $ 802 | $ 844 |
Cash and cash equivalents, interest-bearing | 2,970 | 3,408 |
Total cash and cash equivalents | 3,772 | 4,252 |
Equity securities | 514 | 518 |
Available-for-sale securities | 24,122 | 22,303 |
Held-to-maturity securities | 2,246 | 1,899 |
Loans held-for-sale, net | 425 | 108 |
Finance receivables and loans, net [Abstract] | ||
Finance receivables and loans, net of unearned income | 126,605 | 122,893 |
Allowance for loan losses | 1,248 | 1,276 |
Total finance receivables and loans, net | 125,357 | 121,617 |
Investment in operating leases, net | 8,578 | 8,741 |
Premiums receivable and other insurance assets | 2,291 | 2,047 |
Other assets | 5,796 | 5,663 |
Total assets | 173,101 | 167,148 |
Liabilities and Equity [Abstract] | ||
Deposit liabilities, noninterest-bearing | 180 | 108 |
Deposit liabilities, interest-bearing | 101,199 | 93,148 |
Total deposit liabilities | 101,379 | 93,256 |
Short-term borrowings | 7,338 | 11,413 |
Long-term debt | 45,542 | 44,226 |
Interest payable | 712 | 375 |
Unearned insurance premiums and service revenue | 3,020 | 2,604 |
Accrued expenses and other liabilities | 2,025 | 1,780 |
Total liabilities | 160,016 | 153,654 |
Equity [Abstract] | ||
Common stock and paid-in capital | 21,322 | 21,245 |
Accumulated deficit | (5,716) | (6,406) |
Accumulated other comprehensive loss | (781) | (235) |
Treasury stock, at cost | (1,740) | (1,110) |
Total equity | 13,085 | 13,494 |
Total liabilities and equity | 173,101 | 167,148 |
Variable Interest Entity, Primary Beneficiary | ||
Finance receivables and loans, net [Abstract] | ||
Finance receivables and loans, net of unearned income | 17,694 | 20,623 |
Allowance for loan losses | 123 | 136 |
Total finance receivables and loans, net | 17,571 | 20,487 |
Investment in operating leases, net | 206 | 444 |
Other assets | 622 | 689 |
Total assets | 18,399 | 21,620 |
Liabilities and Equity [Abstract] | ||
Long-term debt | 11,457 | 10,197 |
Accrued expenses and other liabilities | 26 | 9 |
Total liabilities | $ 11,483 | $ 10,206 |
Consolidated Balance Sheet and
Consolidated Balance Sheet and Mini Balance Sheet (Paranthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 1,100,000,000 | 1,100,000,000 |
Common stock, issued | 492,366,900 | 489,883,553 |
Common stock, outstanding | 437,053,936 | |
Treasury stock, shares | 75,776,392 | 52,829,617 |
Debt securities, held-to-maturity, fair value | $ 2,139 | $ 1,865 |
End of period | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, outstanding | 416,590,508 | 437,054,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity - USD ($) | Total | Common stock and paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Accumulated other comprehensive loss | $ (341,000,000) | $ (341,000,000) | |||
Equity | 13,317,000,000 | $ 21,166,000,000 | $ (7,151,000,000) | $ (357,000,000) | |
Common stock dividends | 0.28 | ||||
Net income | 748,000,000 | 748,000,000 | |||
Share-based compensation | 57,000,000 | 57,000,000 | |||
Other comprehensive income (loss) | 144,000,000 | 144,000,000 | |||
Other comprehensive income (loss), attributable to parent | 144,000,000 | ||||
Common stock repurchases | (563,000,000) | (563,000,000) | |||
Common stock dividends | (130,000,000) | (130,000,000) | |||
Accumulated other comprehensive loss | (197,000,000) | (197,000,000) | |||
Equity | 13,573,000,000 | 21,223,000,000 | (6,533,000,000) | (920,000,000) | |
Accumulated other comprehensive loss | (235,000,000) | (235,000,000) | |||
Equity | 13,494,000,000 | 21,245,000,000 | (6,406,000,000) | (1,110,000,000) | |
Common stock dividends | 0.41 | ||||
Net income | 973,000,000 | 973,000,000 | |||
Share-based compensation | 77,000,000 | 77,000,000 | |||
Other comprehensive income (loss) | (531,000,000) | (531,000,000) | |||
Other comprehensive income (loss), attributable to parent | (531,000,000) | ||||
Common stock repurchases | (630,000,000) | (630,000,000) | |||
Common stock dividends | (179,000,000) | (179,000,000) | |||
Accumulated other comprehensive loss | (781,000,000) | $ (781,000,000) | |||
Equity | 13,085,000,000 | $ 21,322,000,000 | $ (5,716,000,000) | $ (1,740,000,000) | |
Cumulative effect of changes in accounting principles, net of tax | Accounting Standards Update 2014-09 | (126,000,000) | ||||
Cumulative effect of changes in accounting principles, net of tax | Accounting Standards Update 2016-01 | (20,000,000) | ||||
Cumulative effect of changes in accounting principles, net of tax | Accounting Standards Update 2018-02 | $ 42,000,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net income | $ 973 | $ 748 |
Depreciation and amortization | 1,280 | 1,434 |
Provision for loan losses | 652 | 854 |
Gain on mortgage and automotive loans, net | (19) | (65) |
Other gain on investments, net | (37) | (73) |
Originations and purchases of loans held-for-sale | (889) | (252) |
Proceeds from sales and repayments of loans held-for-sale | 830 | 236 |
Increase (decrease) in deferred income taxes | 272 | 289 |
Increase (decrease) in interest payable | 338 | 202 |
Increase (decrease) in other operating assets | (136) | (57) |
Increase (decrease) in other operating liabilities | (9) | (19) |
Increase (decrease) in other operating assets and liabilities, net | 89 | 76 |
Net cash provided by (used in) operating activities | 3,344 | 3,373 |
Net Cash (Used in) Provided by Investing Activities [Abstract] | ||
Purchases of equity securities | (652) | (612) |
Proceeds from sales of equity securities | 715 | 728 |
Purchases of available-for-sale securities | (5,669) | (8,410) |
Proceeds from sale of available-for-sale securities | 637 | 2,198 |
Proceeds from repayments of available-for-sale securities | 2,509 | 2,002 |
Purchases of held-to-maturity securities | (436) | (709) |
Proceeds from repayments of held-to-maturity securities | 107 | 32 |
Purchases of finance receivables and loans held-for-investment | (4,778) | (3,125) |
Proceeds from sales of finance receivables and loans initially held-for-investment | 53 | 1,323 |
Originations and repayments of finance receivables and loans held-for-investment and other, net | (558) | 1,021 |
Purchases of operating lease assets | (2,991) | (2,844) |
Disposals of operating lease assets | 2,461 | 4,409 |
Net change in nonmarketable equity investments | (3) | (20) |
Payments for (proceeds from) other, net | (241) | (155) |
Net cash provided by investing activities | (8,846) | (4,162) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net change in short-term borrowings | (4,074) | (2,500) |
Net increase in deposits | 8,063 | 11,050 |
Proceeds from issuance of long-term debt | 14,756 | 13,302 |
Repayments of long-term debt | (12,994) | (22,376) |
Repurchase of common stock | (630) | (563) |
Dividends paid | (179) | (130) |
Net cash provided by (used in) financing activities | 4,942 | (1,217) |
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | (2) | 3 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | (562) | (2,003) |
Cash and cash equivalents and restricted cash | 4,707 | 5,878 |
Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet | 3,772 | 4,424 |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | 935 | 1,454 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 2,242 | 1,910 |
Income taxes paid | 21 | 32 |
Held-to-maturity securities received in consideration for loans sold | 26 | 56 |
Finance receivables and loans transferred to loans held-for-sale | 815 | 1,326 |
Proceeds from repayments of mortgage loans held-for-investment originally designated as held-for-sale | $ 18 | $ 29 |
Description of Business, Basis
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context requires otherwise, Ally, the Company, or we, us, or our) is a leading digital financial services company and top 25 U.S. financial holding company (FHC) based on total assets, offering diversified financial products and services for consumers, businesses, automotive dealers, and corporate clients. Ally operates with a distinctive brand, an innovative approach, and a relentless focus on our customers. We are a Delaware corporation and are registered as a bank holding company (BHC) under the Bank Holding Company Act of 1956, as amended, and an FHC under the Gramm-Leach-Bliley Act of 1999, as amended . We are one of the largest full service automotive finance operations in the country with a legacy that dates back to 1919, a deep expertise in automotive lending, and a complementary automotive-focused insurance business. Our wholly-owned banking subsidiary, Ally Bank, has received numerous industry awards for its services and capabilities and is one of the largest and most respected online banks, uniquely positioned for the observed shifting trends in consumer banking preferences for digital banking . We offer mortgage lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. We also promote a cash back credit card. We have recently integrated a growing digital wealth management and online brokerage platform to enable consumers to have a variety of options in managing their savings and wealth. Additionally, through our corporate finance business, we primarily offer senior secured leveraged cash flow and asset-based loans to middle-market companies. 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. 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. The Condensed Consolidated Financial Statements at September 30, 2018 , and for the three months and nine months ended September 30, 2018 , and 2017 , are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed on February 21, 2018, with the U.S. Securities and Exchange Commission (SEC). Significant Accounting Policies Investments Our investment portfolio includes various debt and equity securities. Our debt securities include government securities, corporate bonds, asset-backed securities (ABS), and mortgage-backed securities (MBS). Debt securities are classified based on management’s intent to sell or hold the security. We classify debt securities as held-to-maturity only when we have both the intent and ability to hold the securities to maturity. We classify debt securities as trading when the securities are acquired for the purpose of selling or holding them for a short period of time. Debt securities not classified as either held-to-maturity or trading are classified as available-for-sale. Our portfolio includes debt securities classified as available-for-sale and held-to-maturity. Our available-for-sale debt securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income and are subject to impairment. Our held-to-maturity debt securities are carried at amortized cost and are subject to impairment. We assess our available-for-sale and held-to-maturity debt 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 securities. 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, for debt securities classified as available-for-sale, 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 Condensed Consolidated Statement of Comprehensive Income, and a new cost basis in the investment is established. The noncredit loss component of a debt security continues to be recorded in other comprehensive (loss) income 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. Both the credit and noncredit loss components are recorded in earnings when we intend to sell the security or it is more likely than not that we will have to sell the security prior to the security’s anticipated recovery. Subsequent increases and decreases to the fair value of available-for-sale debt securities are included in other comprehensive (loss) income, so long as they are not attributable to another other-than-temporary impairment. 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. Our investment in equity securities includes securities that are recognized at fair value with changes in the fair value recorded in earnings, and equity securities that are recognized using other measurement principles. Effective January 1, 2018, equity securities that have a readily determinable fair value, as well as certain investments that do not have a readily determinable fair value and are not eligible to be recognized using other measurement principles, are recorded at fair value with changes in fair value recorded in earnings and reported in other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income . These investments, which are primarily attributable to the investment portfolio of our Insurance operations, are included in equity securities on our Condensed Consolidated Balance Sheet . Refer to Note 6 for further information on our equity securities that have a readily determinable market value. Our equity securities recognized using other measurement principles include investments in Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock held to meet regulatory requirements, equity investments related to low income housing tax credits and the Community Reinvestment Act (CRA), which do not have a readily determinable fair value, and other equity investments that do not have a readily determinable fair value. Our low income housing tax credit investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments. Our obligations related to unfunded commitments for our low income housing tax credit investments are included in other liabilities. The majority of our CRA investments are accounted for using the equity method of accounting. Our investments in low income housing tax credits and CRA investments are included in other assets on our Condensed Consolidated Balance Sheet. Our investments in FHLB and FRB stock are carried at cost, less impairment. Our remaining investments in equity securities are recorded at cost, less impairment and adjusted for observable price changes under the measurement alternative provided under GAAP. These investments, along with our investments in FHLB and FRB stock, are included in nonmarketable equity investments in other assets on our Condensed Consolidated Balance Sheet. As conditions warrant, we review these investments for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Investments recorded under the measurement alternative are also reviewed at each reporting period to determine if any adjustments are required for observable price changes in identical or similar securities of the same issuer. Realized gains and losses on the sale of securities are determined using the specific identification method and are reported in other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income. Derivative Instruments and Hedging Activities We use derivative instruments primarily for risk-management purposes. We do not use derivative instruments for speculative purposes. Certain of our derivative instruments are designated as accounting hedges in qualifying relationships, whereas other derivative instruments have not been designated as accounting hedges. 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. We have elected to report the fair value of derivative assets and liabilities on a gross basis—including the fair value for the right to reclaim cash collateral or the obligation to return cash collateral—arising from instruments executed with the same counterparty under a master netting arrangement where we do not have the intent to offset. For additional information on derivative instruments and hedging activities, refer to Note 17 . At the inception of a hedge accounting relationship, we designate each qualifying hedge relationship 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, or forecasted 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, as well as the risk-management objectives for undertaking various hedge transactions. Both at hedge 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 the fair values or cash flows of hedged items. Changes in the fair value of derivative instruments qualifying as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in current period earnings. For qualifying cash flow hedges, the changes in fair value of the derivative financial instruments are recorded in accumulated other comprehensive loss 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 loss as part of the cumulative translation adjustment. Hedge accounting treatment is no longer applied if a derivative financial instrument is terminated, or if the hedge designation is removed or assessed to be no longer highly effective. For 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 loss, and are reclassified into earnings in the same period that the hedged cash flows affect earnings. Any previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive loss 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 as accounting hedges under GAAP are reported in current period earnings. Income Taxes In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K regarding additional significant accounting policies. Recently Adopted Accounting Standards Statement of Cash Flows — Restricted Cash (ASU 2016-18) As of December 31, 2017, we elected to early-adopt Accounting Standards Update (ASU) 2016-18. The amendments in this update require that amounts classified as restricted cash and restricted cash equivalents be included within the beginning-of-period and end-of-period amounts along with cash and cash equivalents on the statement of cash flows. The amendments were applied retrospectively to all periods presented within the statement of cash flows. The implementation of this guidance resulted in a change in presentation of our Condensed Consolidated Statement of Cash Flows and additional disclosures surrounding restricted cash balances, but did not result in a change to our Condensed Consolidated Statement of Comprehensive Income or Condensed Consolidated Balance Sheet. Revenue from Contracts with Customers (ASU 2014-09) 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. 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 core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. The FASB issued several additional ASUs to clarify guidance and provide implementation support for ASU 2014-09. The clarifying guidance elaborates on the key concepts within ASU 2014-09 and clarifies how those concepts interact with other GAAP requirements. On January 1, 2018, we adopted ASU 2014-09 and all subsequent ASUs that modified ASU 2014-09 (collectively, the amendments to the revenue recognition principles), which have been codified in ASC 606, Revenue from Contracts with Customers, and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , respectively. We elected to adopt this guidance using the modified retrospective approach applied to all contracts with customers that were not completed as of January 1, 2018. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $126 million , net of income taxes. Refer to Note 2 for further details. Financial Instruments — Recognition and Measurement of Financial Assets (ASU 2016-01) As of January 1, 2018, we adopted 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 operations. The FASB subsequently issued ASU 2018-03 to clarify guidance and provide implementation support for ASU 2016-01, which we elected to early-adopt as of January 1, 2018, to align with the adoption of ASU 2016-01. 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. Changes in fair value for equity securities are no longer recognized through other comprehensive (loss) income , which creates additional volatility in our Condensed Consolidated Statement of Comprehensive Income. Reporting entities may continue to elect to measure certain equity investments that 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 (loss) income and not as a component of net income. We adopted these amendments, as required, on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $20 million , net of income taxes. Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12) As of January 1, 2018, we elected to early-adopt ASU 2017-12. The amendments in this update enhance the financial reporting of hedging relationships to better align hedge accounting with an entity’s risk-management activities. This update also makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP and better portrays economic results through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. We adopted the amendments to all cash flow and net investment hedge relationships that existed on the date of adoption using a modified retrospective approach. No cumulative effect adjustment to our opening retained earnings was required as a result of the adoption. The presentation and disclosure requirements included in this update were adopted prospectively. Refer to Note 17 for further details. Accumulated Other Comprehensive Income — Reclassification of Certain Tax Effects (ASU 2018-02) In February 2018, the FASB issued ASU 2018-02. The amendments in this update provide guidance concerning the treatment of the impact of income tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the Tax Act) on items included in accumulated other comprehensive income. Our policy is to use the portfolio method with respect to reclassification of stranded income tax effects in accumulated other comprehensive loss. The amendments in ASU 2018-02 provide entities an election to reclassify the income tax effect of the Tax Act from accumulated other comprehensive income to retained earnings. We elected to early-adopt this standard as of January 1, 2018, and reclassified the effect of the change in the federal corporate income tax rate on items included in accumulated other comprehensive loss. This election resulted in a reclassification of $42 million from accumulated other comprehensive loss to retained earnings. Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) In August 2018 , t he FASB issued ASU 2018-13. The amendments in this update modify, remove, and add certain disclosure requirements for fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The ASU is effective on January 1, 2020, and early adoption is permitted. The amendments include (i) the removal of certain disclosure requirements related to transfers between fair value input levels and the valuation process for Level 3 fair value measurements, (ii) modification of the disclosures on measurement uncertainty and certain disclosures related to investments in entities that calculate net asset value, and (iii) additional disclosure requirements related to changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The modification of the narrative disclosure on measurement uncertainty, the disclosure of changes in unrealized gains and losses, and disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We elected to early-adopt the amendments that allow for removal and modification of certain disclosure requirements as of September 30, 2018. Refer to Note 19 for further details. We plan to adopt the amendments that require additional fair value measurement disclosures on January 1, 2020, and are currently evaluating the impact these amendments will have to our financial statements. Recently Issued Accounting Standards Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales-type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors. The amendments also require additional disclosures for all lease types for both lessees and lessors. The FASB has subsequently issued additional ASUs intended to clarify guidance, provide implementation support, and provide an additional transition election. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied on a modified retrospective basis, and we anticipate selecting the transition option that will allow us to record a cumulative adjustment as of the adoption date. We are completing our review of lease contracts and ensuring our control environment and reporting processes reflect the requirements of the amendments. Upon adoption, our balance sheet will include a right-of-use asset and lease liability for our operating leases where we are the lessee, which primarily include our facilities leases. In addition, we will no longer capitalize certain initial direct costs in connection with lease originations where we are the lessor. We anticipate electing certain practical expedients permitted within the ASU that would allow us to not reassess (i) current lease classifications, (ii) whether existing contracts meet the definition of a lease under the amendments to the lease guidance, and (iii) whether current initial direct costs meet the new criteria for capitalization, for all existing leases as of the adoption date. We do not anticipate the adoption of these amendments will have a material impact to our financial statements. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as currently required. Financial Instruments — Credit Losses (ASU 2016-13) In June 2016, the FASB issued ASU 2016-13. The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. Credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. In effect, the financial asset or group of financial assets should be presented at the net amount expected to be collected. Credit losses will no longer be recorded under the current incurred loss model for financial assets measured at amortized cost. The amendments also modify the accounting for available-for-sale debt securities whereby credit losses will be recorded through an allowance for credit losses rather than a write-down to the security’s cost basis, which allows for reversals of credit losses when estimated credit losses decline. Credit losses for available-for-sale debt securities should be measured in a manner similar to current GAAP. The amendments are effective on January 1, 2020, with early adoption permitted as of January 1, 2019. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. The new accounting model for credit losses represents a significant departure from existing GAAP, and will likely materially increase the allowance for credit losses with a resulting negative adjustment to retained earnings. The amount of the change in the allowance for credit losses will also be impacted by the composition of our portfolio at the adoption date, as well as economic conditions and forecasts at that time. Management created a cross-functional working group to govern the implementation of these amendments, including consideration of model development, data integrity, technology, reporting and disclosure requirements, key accounting interpretations, control environment, and corporate governance. We are in the process of designing and building the models and procedures that will be used to calculate the credit loss reserves in accordance with these amendments. We plan to adopt these amendments on January 1, 2020, and expect to use the modified retrospective approach as required. Receivables — Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08) In March 2017, the FASB issued ASU 2017-08. The amendments in this update require premiums on purchased callable debt securities to be amortized to the security’s earliest call date. Prior to this ASU, premiums and discounts on purchased callable debt securities were generally required to be amortized to the security’s maturity date. The amendments do not require an accounting change for securities held at a discount. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. While our assessment is not final, we do not expect the amendments to have a material impact to our financial statements and are currently in the process of ensuring our control environment and reporting processes reflect the requirements of the amendments. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers On January 1, 2018, we adopted the amendments to the revenue recognition principles using the modified retrospective approach applied to contracts with customers outstanding as of the date of adoption. Results for reporting periods beginning after January 1, 2018, are presented in accordance with the amendments to the revenue recognition principles, while prior period amounts have not been adjusted and continue to be presented in accordance with the accounting standards in effect for those periods. Refer to Note 1 for additional information. Our primary revenue sources, which include financing revenue and other interest income, are addressed by other GAAP and are not in the scope of the amendments to the revenue recognition principles. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other GAAP and are not included in the scope of the amendments to the revenue recognition principles. Certain noninsurance contracts within our Insurance operations, including vehicle service contracts (VSCs), guaranteed asset protection (GAP) contracts, and vehicle maintenance contracts (VMCs), are included in the scope of the amendments to the revenue recognition principles. Under the previous guidance, a portion of revenue earned on noninsurance contracts was recognized at contract inception, while the remainder was recognized over the contract term on a basis proportionate to the anticipated cost emergence. In addition, dealer and sales commissions incurred to obtain a noninsurance contract were recognized as expense when incurred, and certain direct-response advertising costs were deferred and recognized as expense over the term of the contract. Upon adoption of the amendments to the revenue recognition principles, all revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are capitalized and recognized as expense over the contract term, and all advertising costs are recognized as expense when incurred. The following table presents the impact to our Condensed Consolidated Balance Sheet as of January 1, 2018, as a result of adopting the amendments to the revenue recognition principles. ($ in millions) As reported, December 31, 2017 Adjustment related to adoption As adjusted, January 1, 2018 Assets Premiums receivable and other insurance assets $ 2,047 $ 122 $ 2,169 Other assets 5,663 41 5,704 Total assets $ 167,148 $ 163 $ 167,311 Liabilities Unearned insurance premiums and service revenue $ 2,604 $ 289 $ 2,893 Total liabilities 153,654 289 153,943 Equity Accumulated deficit (6,406 ) (126 ) (6,532 ) Total equity 13,494 (126 ) 13,368 Total liabilities and equity $ 167,148 $ 163 $ 167,311 The following tables present the impact of adopting the amendments to the revenue recognition principles to our Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Balance Sheet . Three months ended September 30, 2018 Nine months ended September 30, 2018 ($ in millions) As reported Effect of adoption As reported Effect of adoption Other revenue Insurance premiums and service revenue earned $ 258 $ (8 ) $ 753 $ (23 ) Total other revenue 398 (8 ) 1,116 (23 ) Total net revenue 1,505 (8 ) 4,366 (23 ) Noninterest expense Compensation and benefits expense 274 — 872 (2 ) Other operating expenses 456 (4 ) 1,347 (9 ) Total noninterest expense 807 (4 ) 2,460 (11 ) Income from continuing operations before income tax expense 465 (4 ) 1,254 (12 ) Income tax expense from continuing operations 91 (1 ) 280 (3 ) Net income from continuing operations 374 (3 ) 974 (9 ) Net income 374 (3 ) 973 (9 ) Comprehensive income $ 241 $ (3 ) $ 442 $ (9 ) September 30, 2018 ($ in millions) As reported Effect of adoption Assets Premiums receivable and other insurance assets $ 2,291 $ 133 Other assets 5,796 44 Total assets $ 173,101 $ 177 Liabilities Unearned insurance premiums and service revenue $ 3,020 $ 312 Total liabilities 160,016 312 Equity Accumulated deficit (5,716 ) (135 ) Total equity 13,085 (135 ) Total liabilities and equity $ 173,101 $ 177 The following is a description of our primary revenue sources that are derived from contracts with customers. As a result of the adoption of the amendments to the revenue recognition principles, our only revenue source for which the recognition pattern was affected was that of noninsurance contracts, as described in this note. Revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, and in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. For information regarding our revenue recognition policies outside the scope of the amendments to the revenue recognition principles of ASC 606, Revenue from Contracts with Customers , refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K. • Noninsurance contracts — We sell VSCs that offer owners mechanical repair protection and roadside assistance for new and used vehicles beyond the manufacturer’s new vehicle limited warranty. We sell GAP contracts that protect the customer against having to pay certain amounts to a lender above the fair market value of their vehicle if the vehicle is damaged and declared a total loss or stolen. We also sell VMCs that provide coverage for certain agreed-upon services, such as oil changes and tire rotations, over the coverage period. We receive payment in full at the inception of each of these contracts. Our performance obligation for these contracts is satisfied over the term of the contract and we recognize revenue over the contract term on a basis proportionate to the anticipated cost emergence, as we believe this is the most appropriate method to measure progress towards satisfaction of the performance obligation. Upon adoption of the amendments to the revenue recognition principles, unearned revenue of $289 million was recognized as a component of unearned insurance premiums and service revenue on our Condensed Consolidated Balance Sheet associated with outstanding contracts at January 1, 2018, and $24 million and $68 million of this balance were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months and nine months ended September 30, 2018 , respectively. At September 30, 2018 , we had unearned revenue of $2.6 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $190 million during the remainder of 2018 , $696 million in 2019 , $610 million in 2020 , $479 million in 2021 , and $633 million thereafter. The incremental costs to obtain these contracts are initially deferred and recorded as a component of premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet . These deferred costs are amortized as an expense over the term of the related contract commensurate with how the related revenue is recognized, and are included in compensation and benefits and other operating expenses in our Condensed Consolidated Statement of Comprehensive Income . We had deferred insurance assets of $1.5 billion at September 30, 2018 , and recognized $108 million and $317 million of expense during the three months and nine months ended September 30, 2018 , respectively. • Sale of off-lease vehicles — When a customer’s vehicle lease matures, the customer has the option of purchasing or returning the vehicle. If the vehicle is returned to us, we obtain possession with the intent to sell through SmartAuction—our online auction platform, our dealer channel, or through various other physical auctions. Our performance obligation is satisfied and the remarketing gain or loss is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. 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 on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income . • Remarketing fee income — In addition to using SmartAuction as a remarketing channel for our returned lease vehicles, we maintain the internet auction site and administer the auction process for third-party use. We earn a service fee from dealers for every third-party vehicle sold through SmartAuction. Our performance obligation is to provide the online marketplace for used vehicle transactions to be consummated. This obligation is satisfied and revenue is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. This revenue is recorded as remarketing fees within other income in our Condensed Consolidated Statement of Comprehensive Income . • Brokerage commissions and other revenues through Ally Invest — We charge fees to customers related to their use of certain services on our Ally Invest digital wealth management and online brokerage platform. These fees include commissions on customer-directed trades, account service fees, account management fees on professional portfolio management services, and other ancillary fees. Commissions on customer-directed trades and account service fees are based on published fee schedules and are generated from a customer option to purchase the services offered under the contract. These options do not represent a material right and are only considered a contract when the customer executes their option to purchase these services. Based on this, the term of the contract does not extend beyond services provided, and as such revenue is recognized upon the completion of our performance obligation, which we view as the successful execution of the trade or service. Revenue on professional portfolio management services is calculated monthly based upon a fixed percentage of the client’s assets under management. Due to the fact that this revenue stream is composed of variable consideration that is based on factors outside of our control, we have deemed this revenue as constrained and we are unable to estimate the initial transaction price at the inception of the contract. We have elected to use the practical expedient under GAAP to recognize revenue monthly based on the amount we are able to invoice the customer. We also earn revenue from a fee-sharing agreement with our clearing broker related to the interest income the clearing broker earns on customer cash balances and margin loans made to our customers. Ally concluded the initial transaction price is exclusively variable consideration and, based on the nature of our performance obligation to allow the clearing broker to collect interest income from cash deposits and customer loans from our customers, we are unable to determine the amount of revenue to be recognized until the total customer cash balance or the total interest income recognized on margin loans has been determined, which occurs monthly. These revenue streams are recorded as other income in our Condensed Consolidated Statement of Comprehensive Income . • Brokered/agent commissions through Insurance operations — We have agreements with third parties to offer various vehicle protection products to consumers. We also have agreements with third-party insurers to offer various insurance coverages to dealers. Our performance obligation for these arrangements is satisfied when a customer or dealer has purchased a vehicle protection product or an insurance policy through the third-party provider. In determining the initial transaction price for these agreements, we noted that revenue on brokered/agent commissions is based on the volume of vehicle protection product contracts sold or a percentage of insurance premium written, which is not known to Ally at the inception of the agreements with these third-party providers. As such, we believe the initial transaction price is exclusively variable consideration and, based on the nature of the performance obligation, we are unable to determine the amount of revenue we will record until the customer purchases a vehicle protection product or a dealer purchases an insurance policy from the third-party provider. Once we are notified of vehicle protection product sales or insurance policies issued by the third-party providers, we record the commission earned as insurance premiums and service revenues earned in our Condensed Consolidated Statement of Comprehensive Income . • Deposit account and other banking fees — We charge depositors various account service fees including those for outgoing wires, excessive transactions, overdrafts, stop payments, and returned deposits. These fees are generated from a customer option to purchase services offered under the contract. These options do not represent a material right and are only considered a contract in accordance with the amendments to the revenue recognition principles when the customer exercises their option to purchase these account services. Based on this, the term for our contracts with customers is considered day-to-day, and the contract does not extend beyond the services already provided. Revenue derived from deposit account fees is recorded at the point in time we perform the requested service, and is recorded as other income in our Condensed Consolidated Statement of Comprehensive Income . As a debit card issuer, we also generate interchange fee income from merchants during debit card transactions and incur certain corresponding charges from merchant card networks. Our performance obligation is satisfied when we have initiated the payment of funds from a customer’s account to a merchant through our contractual agreements with the merchant card networks. Interchange fees are reported on a net basis as other income in our Condensed Consolidated Statement of Comprehensive Income . Gross interchange fee income was $3 million and $9 million , and interchange expense was $2 million and $7 million , for the three months and nine months ended September 30, 2018 , respectively. • Other revenue — Other revenue primarily includes service revenue related to various account management functions, fee income derived from third-party loans arranged through Clearlane—our online automotive lender exchange, and revenue associated with licensing and marketing from the Ally CashBack Credit Card—our co-branded credit card. These revenue streams are recorded as other income in our Condensed Consolidated Statement of Comprehensive Income . The following table presents a disaggregated view of our revenue from contracts with customers included in other revenue that falls within the scope of the amendments to the revenue recognition principles. Three months ended September 30, 2018 ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated Revenue from contracts with customers Noninsurance contracts $ — $ 129 $ — $ — $ — $ 129 Remarketing fee income 19 — — — — 19 Brokerage commissions and other revenue — — — — 15 15 Brokered/agent commissions — 3 — — — 3 Deposit account and other banking fees — — — — 3 3 Other 4 — — — — 4 Total revenue from contracts with customers 23 132 — — 18 173 All other revenue 57 150 2 14 2 225 Total other revenue (a) $ 80 $ 282 $ 2 $ 14 $ 20 $ 398 (a) Represents a component of total net revenue. Refer to Note 21 for further information on our reportable operating segments. Nine months ended September 30, 2018 ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated Revenue from contracts with customers Noninsurance contracts $ — $ 377 $ — $ — $ — $ 377 Remarketing fee income 63 — — — — 63 Brokerage commissions and other revenue — — — — 46 46 Brokered/agent commissions — 11 — — — 11 Deposit account and other banking fees — — — — 9 9 Other 10 1 — — — 11 Total revenue from contracts with customers 73 389 — — 55 517 All other revenue 136 405 5 36 17 599 Total other revenue (a) $ 209 $ 794 $ 5 $ 36 $ 72 $ 1,116 (a) Represents a component of total net revenue. Refer to Note 21 for further information on our reportable operating segments. In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $27 million and $61 million for the three months and nine months ended September 30, 2018 , respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income . |
Other Income, Net of Losses
Other Income, Net of Losses | 9 Months Ended |
Sep. 30, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income and Other Expense Disclosure | Other Income, Net of Losses Details of other income, net of losses, were as follows. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Late charges and other administrative fees $ 29 $ 25 $ 83 $ 77 Remarketing fees 19 26 63 82 Servicing fees 5 11 21 41 Income from equity-method investments 5 7 18 12 Other, net 43 22 122 95 Total other income, net of losses $ 101 $ 91 $ 307 $ 307 |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Reserves for Insurance Losses and Loss Adjustment Expense [Abstract] | |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2018 2017 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 140 $ 149 Less: Reinsurance recoverable 108 108 Net reserves for insurance losses and loss adjustment expenses at January 1, 32 41 Net insurance losses and loss adjustment expenses incurred related to: Current year 235 276 Prior years (a) 6 2 Total net insurance losses and loss adjustment expenses incurred 241 278 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (205 ) (248 ) Prior years (27 ) (31 ) Total net insurance losses and loss adjustment expenses paid or payable (232 ) (279 ) Foreign exchange and other — 1 Net reserves for insurance losses and loss adjustment expenses at September 30, 41 41 Plus: Reinsurance recoverable 98 132 Total gross reserves for insurance losses and loss adjustment expenses at September 30, $ 139 $ 173 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses
Other Operating Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Operating Expenses [Abstract] | |
Other Operating Income and Expense | Other Operating Expenses Details of other operating expenses were as follows. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Insurance commissions $ 113 $ 106 $ 332 $ 309 Technology and communications 75 72 220 212 Lease and loan administration 42 41 124 116 Advertising and marketing 38 33 106 96 Professional services 33 28 100 81 Regulatory and licensing fees 33 27 98 82 Vehicle remarketing and repossession 27 29 85 82 Premises and equipment depreciation 22 22 64 67 Occupancy 11 11 33 34 Non-income taxes 10 6 24 22 Amortization of intangible assets 2 2 8 8 Other 50 47 153 140 Total other operating expenses $ 456 $ 424 $ 1,347 $ 1,249 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | Investment Securities Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale and held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity debt securities were as follows. September 30, 2018 December 31, 2017 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,007 $ — $ (103 ) $ 1,904 $ 1,831 $ — $ (54 ) $ 1,777 U.S. States and political subdivisions 887 4 (26 ) 865 850 11 (7 ) 854 Foreign government 158 — (3 ) 155 153 2 (1 ) 154 Agency mortgage-backed residential 16,641 2 (629 ) 16,014 14,412 35 (156 ) 14,291 Mortgage-backed residential 2,670 1 (110 ) 2,561 2,517 11 (34 ) 2,494 Mortgage-backed commercial 632 1 (2 ) 631 541 1 (1 ) 541 Asset-backed 735 1 (3 ) 733 933 4 (1 ) 936 Corporate debt 1,302 — (43 ) 1,259 1,262 5 (11 ) 1,256 Total available-for-sale securities (a) (b) (c) $ 25,032 $ 9 $ (919 ) $ 24,122 $ 22,499 $ 69 $ (265 ) $ 22,303 Held-to-maturity securities Debt securities Agency mortgage-backed residential (d) $ 2,197 $ — $ (107 ) $ 2,090 $ 1,863 $ 3 $ (37 ) $ 1,829 Asset-backed retained notes 49 — — 49 36 — — 36 Total held-to-maturity securities $ 2,246 $ — $ (107 ) $ 2,139 $ 1,899 $ 3 $ (37 ) $ 1,865 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both September 30, 2018 , and December 31, 2017. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 17 for additional information. (c) Available-for-sale securities with a fair value of $5.5 billion and $7.8 billion at September 30, 2018 , and December 31, 2017 , respectively, were pledged to secure advances from the FHLB, short-term borrowings or repurchase agreements, or for other purposes as required by contractual obligation or law. Under these agreements, we have granted the counterparty the right to sell or pledge $1.4 billion and $1.0 billion of the underlying investment securities at September 30, 2018 , and December 31, 2017 , respectively. (d) Held-to-maturity securities with a fair value of $992 million and $664 million at September 30, 2018 , and December 31, 2017, respectively, were pledged to secure advances from the FHLB. The maturity distribution of debt securities outstanding is summarized in the following tables. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield September 30, 2018 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 1,904 1.9 % $ 7 1.7 % $ 932 1.9 % $ 965 1.9 % $ — — % U.S. States and political subdivisions 865 3.1 44 2.5 57 2.4 257 2.6 507 3.5 Foreign government 155 2.5 18 3.4 61 2.3 73 2.4 3 2.9 Agency mortgage-backed residential 16,014 3.2 — — — — 56 1.9 15,958 3.2 Mortgage-backed residential 2,561 3.2 — — — — — — 2,561 3.2 Mortgage-backed commercial 631 3.6 — — 3 3.0 46 3.6 582 3.6 Asset-backed 733 3.3 — — 533 3.3 99 3.7 101 3.0 Corporate debt 1,259 3.1 134 2.9 515 2.8 582 3.3 28 5.1 Total available-for-sale securities $ 24,122 3.1 $ 203 2.8 $ 2,101 2.5 $ 2,078 2.5 $ 19,740 3.3 Amortized cost of available-for-sale securities $ 25,032 $ 203 $ 2,154 $ 2,181 $ 20,494 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 2,197 3.2 % $ — — % $ — — % $ — — % $ 2,197 3.2 % Asset-backed retained notes 49 2.0 — — 48 2.0 1 3.3 — — Total held-to-maturity securities $ 2,246 3.1 $ — — $ 48 2.0 $ 1 3.3 $ 2,197 3.2 December 31, 2017 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 1,777 1.7 % $ — — % $ 487 1.7 % $ 1,290 1.8 % $ — — % U.S. States and political subdivisions 854 2.9 76 1.8 36 2.3 203 2.5 539 3.3 Foreign government 154 2.5 — — 80 2.5 74 2.4 — — Agency mortgage-backed residential 14,291 3.1 — — — — 3 2.9 14,288 3.1 Mortgage-backed residential 2,494 3.1 — — — — — — 2,494 3.1 Mortgage-backed commercial 541 3.2 — — 30 3.1 31 3.1 480 3.2 Asset-backed 936 3.1 — — 698 3.1 106 3.1 132 2.8 Corporate debt 1,256 2.9 140 2.6 513 2.6 564 3.2 39 4.7 Total available-for-sale securities $ 22,303 3.0 $ 216 2.3 $ 1,844 2.5 $ 2,271 2.3 $ 17,972 3.1 Amortized cost of available-for-sale securities $ 22,499 $ 217 $ 1,852 $ 2,314 $ 18,116 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,863 3.1 % $ — — % $ — — % $ — — % $ 1,863 3.1 % Asset-backed retained notes 36 1.7 — — 35 1.7 1 3.0 — — Total held-to-maturity securities $ 1,899 3.1 $ — — $ 35 1.7 $ 1 3.0 $ 1,863 3.1 (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. The balances of cash equivalents were $54 million and $10 million at September 30, 2018 , and December 31, 2017 , respectively, and were composed primarily of money market accounts and short-term securities, including U.S. Treasury bills. The following table presents interest and dividends on investment securities. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Taxable interest $ 172 $ 141 $ 490 $ 390 Taxable dividends 4 3 10 8 Interest and dividends exempt from U.S. federal income tax 6 6 18 17 Interest and dividends on investment securities $ 182 $ 150 $ 518 $ 415 The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. There were no other-than-temporary impairments of available-for-sale securities for either period. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Available-for-sale securities Gross realized gains $ 1 $ 24 $ 8 $ 75 Gross realized losses (a) — (1 ) — (2 ) Net realized gains on available-for-sale securities 1 23 8 73 Net realized gain on equity securities 15 55 Net unrealized gain (loss) on equity securities (b) 6 (26 ) Other gain on investments, net $ 22 $ 23 $ 37 $ 73 (a) Certain available-for-sale securities were sold at a loss in 2018 and 2017 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security). Any such sales were made in accordance with our risk-management policies and practices. (b) As a result of our adoption of ASU 2016-01, beginning January 1, 2018, changes in the fair value of our portfolio of equity securities are recognized in net income. Prior to adoption, equity securities were included in our available-for-sale portfolio and unrealized changes in fair value were recognized through other comprehensive (loss) income until realized, at which point we recorded a gain or loss on sale. We adopted ASU 2016-01 on January 1, 2018, on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information. The table below summarizes available-for-sale and held-to-maturity securities in an unrealized loss position, which we evaluated for other than temporary impairment applying the methodology described in Note 1 . As of September 30, 2018 , we did not have the intent to sell the available-for-sale or held-to-maturity securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result of this evaluation, we believe that the securities with an unrealized loss position are not considered to be other-than-temporarily impaired at September 30, 2018 . September 30, 2018 December 31, 2017 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ 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 $ 268 $ (5 ) $ 1,635 $ (98 ) $ 471 $ (8 ) $ 1,305 $ (46 ) U.S. States and political subdivisions 504 (12 ) 211 (14 ) 242 (2 ) 183 (5 ) Foreign government 73 (2 ) 30 (1 ) 80 (1 ) 4 — Agency mortgage-backed residential 9,600 (258 ) 5,991 (371 ) 4,066 (19 ) 5,671 (137 ) Mortgage-backed residential 1,701 (49 ) 711 (61 ) 857 (2 ) 773 (32 ) Mortgage-backed commercial 60 (1 ) 20 (1 ) 76 (1 ) 21 — Asset-backed 410 (2 ) 76 (1 ) 220 (1 ) 91 — Corporate debt 897 (23 ) 312 (20 ) 529 (4 ) 194 (7 ) Total temporarily impaired available-for-sale securities $ 13,513 $ (352 ) $ 8,986 $ (567 ) $ 6,541 $ (38 ) $ 8,242 $ (227 ) Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 940 $ (25 ) $ 1,116 $ (82 ) $ 773 $ (5 ) $ 687 $ (32 ) Asset-backed retained notes 22 — 17 — 35 — — — Total held-to-maturity debt securities $ 962 $ (25 ) $ 1,133 $ (82 ) $ 808 $ (5 ) $ 687 $ (32 ) |
Finance Receivables and Loans,
Finance Receivables and Loans, Net | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at gross carrying value was as follows. ($ in millions) September 30, 2018 December 31, 2017 Consumer automotive (a) $ 69,995 $ 68,071 Consumer mortgage Mortgage Finance (b) 14,840 11,657 Mortgage — Legacy (c) 1,666 2,093 Total consumer mortgage 16,506 13,750 Total consumer 86,501 81,821 Commercial Commercial and industrial Automotive 31,424 33,025 Other 4,132 3,887 Commercial real estate 4,548 4,160 Total commercial 40,104 41,072 Total finance receivables and loans (d) $ 126,605 $ 122,893 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 17 for additional information. (b) Includes loans originated as interest-only mortgage loans of $16 million and $20 million at September 30, 2018 , and December 31, 2017 , respectively, 38% of which are expected to start principal amortization in 2019 , and 45% in 2020 . The remainder of these loans has exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $381 million and $496 million at September 30, 2018 , and December 31, 2017 , respectively, of which 99% have exited the interest-only period. (d) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $606 million and $551 million at September 30, 2018 , and December 31, 2017 , respectively. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans. Three months ended September 30, 2018 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at July 1, 2018 $ 1,053 $ 66 $ 138 $ 1,257 Charge-offs (a) (343 ) (7 ) (3 ) (353 ) Recoveries 110 8 — 118 Net charge-offs (233 ) 1 (3 ) (235 ) Provision for loan losses 229 (4 ) 8 233 Other (b) (6 ) 1 (2 ) (7 ) Allowance at September 30, 2018 $ 1,043 $ 64 $ 141 $ 1,248 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Three months ended September 30, 2017 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at July 1, 2017 $ 1,002 $ 83 $ 140 $ 1,225 Charge-offs (a) (327 ) (7 ) (10 ) (344 ) Recoveries 85 6 — 91 Net charge-offs (242 ) (1 ) (10 ) (253 ) Provision for loan losses 314 — — 314 Other — (1 ) 1 — Allowance at September 30, 2017 $ 1,074 $ 81 $ 131 $ 1,286 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. Nine months ended September 30, 2018 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2018 $ 1,066 $ 79 $ 131 $ 1,276 Charge-offs (a) (1,004 ) (27 ) (5 ) (1,036 ) Recoveries 336 20 6 362 Net charge-offs (668 ) (7 ) 1 (674 ) Provision for loan losses 650 (7 ) 9 652 Other (b) (5 ) (1 ) — (6 ) Allowance at September 30, 2018 $ 1,043 $ 64 $ 141 $ 1,248 Allowance for loan losses at September 30, 2018 Individually evaluated for impairment $ 43 $ 24 $ 35 $ 102 Collectively evaluated for impairment 1,000 40 106 1,146 Finance receivables and loans at gross carrying value Ending balance $ 69,995 $ 16,506 $ 40,104 $ 126,605 Individually evaluated for impairment 483 231 184 898 Collectively evaluated for impairment 69,512 16,275 39,920 125,707 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Nine months ended September 30, 2017 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2017 $ 932 $ 91 $ 121 $ 1,144 Charge-offs (a) (958 ) (22 ) (10 ) (990 ) Recoveries 266 19 — 285 Net charge-offs (692 ) (3 ) (10 ) (705 ) Provision for loan losses 841 (6 ) 19 854 Other (b) (7 ) (1 ) 1 (7 ) Allowance at September 30, 2017 $ 1,074 $ 81 $ 131 $ 1,286 Allowance for loan losses at September 30, 2017 Individually evaluated for impairment $ 35 $ 30 $ 21 $ 86 Collectively evaluated for impairment 1,039 51 110 1,200 Finance receivables and loans at gross carrying value Ending balance $ 67,077 $ 12,015 $ 39,779 $ 118,871 Individually evaluated for impairment 403 237 146 786 Collectively evaluated for impairment 66,674 11,778 39,633 118,085 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Consumer automotive $ 578 $ 28 $ 578 $ 1,326 Consumer mortgage — 3 5 9 Commercial 238 — 238 — Total sales and transfers $ 816 $ 31 $ 821 $ 1,335 The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Consumer automotive $ 251 $ 83 $ 652 $ 762 Consumer mortgage 1,743 1,183 3,890 2,319 Commercial 14 — 14 — Total purchases of finance receivables and loans $ 2,008 $ 1,266 $ 4,556 $ 3,081 The following table presents an analysis of our past due finance receivables and loans recorded at gross carrying value. ($ 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 September 30, 2018 Consumer automotive $ 1,831 $ 442 $ 262 $ 2,535 $ 67,460 $ 69,995 Consumer mortgage Mortgage Finance 56 6 10 72 14,768 14,840 Mortgage — Legacy 36 14 51 101 1,565 1,666 Total consumer mortgage 92 20 61 173 16,333 16,506 Total consumer 1,923 462 323 2,708 83,793 86,501 Commercial Commercial and industrial Automotive — — 15 15 31,409 31,424 Other 4 — 15 19 4,113 4,132 Commercial real estate — — — — 4,548 4,548 Total commercial 4 — 30 34 40,070 40,104 Total consumer and commercial $ 1,927 $ 462 $ 353 $ 2,742 $ 123,863 $ 126,605 December 31, 2017 Consumer automotive $ 1,994 $ 478 $ 268 $ 2,740 $ 65,331 $ 68,071 Consumer mortgage Mortgage Finance 60 11 18 89 11,568 11,657 Mortgage — Legacy 43 25 62 130 1,963 2,093 Total consumer mortgage 103 36 80 219 13,531 13,750 Total consumer 2,097 514 348 2,959 78,862 81,821 Commercial Commercial and industrial Automotive 5 — 3 8 33,017 33,025 Other — — — — 3,887 3,887 Commercial real estate — — — — 4,160 4,160 Total commercial 5 — 3 8 41,064 41,072 Total consumer and commercial $ 2,102 $ 514 $ 351 $ 2,967 $ 119,926 $ 122,893 The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status. ($ in millions) September 30, 2018 December 31, 2017 Consumer automotive $ 620 $ 603 Consumer mortgage Mortgage Finance 18 25 Mortgage — Legacy 81 92 Total consumer mortgage 99 117 Total consumer 719 720 Commercial Commercial and industrial Automotive 78 27 Other 99 44 Commercial real estate 7 1 Total commercial 184 72 Total consumer and commercial finance receivables and loans $ 903 $ 792 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 at least 90 days or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information. September 30, 2018 December 31, 2017 ($ in millions) Performing Nonperforming Total Performing Nonperforming Total Consumer automotive $ 69,375 $ 620 $ 69,995 $ 67,468 $ 603 $ 68,071 Consumer mortgage Mortgage Finance 14,822 18 14,840 11,632 25 11,657 Mortgage — Legacy 1,585 81 1,666 2,001 92 2,093 Total consumer mortgage 16,407 99 16,506 13,633 117 13,750 Total consumer $ 85,782 $ 719 $ 86,501 $ 81,101 $ 720 $ 81,821 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. September 30, 2018 December 31, 2017 ($ in millions) Pass Criticized (a) Total Pass Criticized (a) Total Commercial and industrial Automotive $ 28,789 $ 2,635 $ 31,424 $ 30,982 $ 2,043 $ 33,025 Other 3,328 804 4,132 2,986 901 3,887 Commercial real estate 4,333 215 4,548 4,023 137 4,160 Total commercial $ 36,450 $ 3,654 $ 40,104 $ 37,991 $ 3,081 $ 41,072 (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. 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 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K. The following table presents information about our impaired finance receivables and loans. ($ in millions) Unpaid principal balance (a) Gross carrying value Impaired with no allowance Impaired with an allowance Allowance for impaired loans September 30, 2018 Consumer automotive $ 492 $ 483 $ 108 $ 375 $ 43 Consumer mortgage Mortgage Finance 14 14 5 9 1 Mortgage — Legacy 222 217 63 154 23 Total consumer mortgage 236 231 68 163 24 Total consumer 728 714 176 538 67 Commercial Commercial and industrial Automotive 78 78 8 70 10 Other 112 99 40 59 25 Commercial real estate 7 7 5 2 — Total commercial 197 184 53 131 35 Total consumer and commercial finance receivables and loans $ 925 $ 898 $ 229 $ 669 $ 102 December 31, 2017 Consumer automotive $ 438 $ 430 $ 91 $ 339 $ 36 Consumer mortgage Mortgage Finance 8 8 4 4 — Mortgage — Legacy 228 223 58 165 27 Total consumer mortgage 236 231 62 169 27 Total consumer 674 661 153 508 63 Commercial Commercial and industrial Automotive 27 27 9 18 3 Other 54 44 10 34 11 Commercial real estate 1 1 — 1 — Total commercial 82 72 19 53 14 Total consumer and commercial finance receivables and loans $ 756 $ 733 $ 172 $ 561 $ 77 (a) Adjusted for charge-offs. The following tables present average balance and interest income for our impaired finance receivables and loans. 2018 2017 Three months ended September 30, ($ in millions) Average balance Interest income Average balance Interest income Consumer automotive $ 485 $ 7 $ 389 $ 5 Consumer mortgage Mortgage Finance 12 1 8 — Mortgage — Legacy 217 2 231 2 Total consumer mortgage 229 3 239 2 Total consumer 714 10 628 7 Commercial Commercial and industrial Automotive 83 — 77 1 Other 101 — 63 — Commercial real estate 7 — 7 — Total commercial 191 — 147 1 Total consumer and commercial finance receivables and loans $ 905 $ 10 $ 775 $ 8 2018 2017 Nine months ended September 30, ($ in millions) Average balance Interest income Average balance Interest income Consumer automotive $ 477 $ 21 $ 368 $ 15 Consumer mortgage Mortgage Finance 10 1 8 — Mortgage — Legacy 219 7 236 7 Total consumer mortgage 229 8 244 7 Total consumer 706 29 612 22 Commercial Commercial and industrial Automotive 65 2 55 2 Other 76 — 73 8 Commercial real estate 5 — 6 — Total commercial 146 2 134 10 Total consumer and commercial finance receivables and loans $ 852 $ 31 $ 746 $ 32 Troubled Debt Restructurings Troubled Debt Restructurings (TDRs) are loan modifications where concessions were granted to borrowers experiencing financial difficulties. 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. Additionally, for mortgage loans, as part of certain programs, we offer mortgage loan modifications to qualified borrowers. These programs 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. Total TDRs recorded at gross carrying value were $790 million and $712 million at September 30, 2018 , and December 31, 2017 , respectively. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $4 million and $6 million at September 30, 2018 , and December 31, 2017 , respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information. The following tables present information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period. 2018 2017 Three months ended September 30, ($ 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 6,759 $ 67 $ 67 7,165 $ 80 $ 75 Consumer mortgage Mortgage Finance 10 4 4 2 — — Mortgage — Legacy 65 8 6 37 4 4 Total consumer mortgage 75 12 10 39 4 4 Total consumer 6,834 79 77 7,204 84 79 Commercial Commercial and industrial Automotive — — — 3 13 13 Commercial real estate — — — 1 3 3 Total commercial — — — 4 16 16 Total consumer and commercial finance receivables and loans 6,834 $ 79 $ 77 7,208 $ 100 $ 95 2018 2017 Nine months ended September 30, ($ 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 19,699 $ 302 $ 270 19,374 $ 298 $ 262 Consumer mortgage Mortgage Finance 18 7 7 3 — — Mortgage — Legacy 154 24 22 109 19 18 Total consumer mortgage 172 31 29 112 19 18 Total consumer 19,871 333 299 19,486 317 280 Commercial Commercial and industrial Automotive 3 4 4 3 13 13 Other 2 55 51 2 44 44 Commercial real estate — — — 1 3 3 Total commercial 5 59 55 6 60 60 Total consumer and commercial finance receivables and loans 19,876 $ 392 $ 354 19,492 $ 377 $ 340 The following tables present 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 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2018 2017 Three months ended September 30, ($ in millions) Number of loans Gross carrying value Charge-off amount Number of loans Gross carrying value Charge-off amount Consumer automotive 2,466 $ 27 $ 19 2,222 $ 25 $ 18 Consumer mortgage Mortgage Finance — — — — — — Mortgage — Legacy — — — 1 — — Total consumer finance receivables and loans 2,466 $ 27 $ 19 2,223 $ 25 $ 18 2018 2017 Nine months ended September 30, ($ in millions) Number of loans Gross carrying value Charge-off amount Number of loans Gross carrying value Charge-off amount Consumer automotive 7,217 $ 84 $ 54 6,354 $ 74 $ 51 Consumer mortgage Mortgage Finance — — — 1 1 — Mortgage — Legacy 1 — — 1 — — Total consumer finance receivables and loans 7,218 $ 84 $ 54 6,356 $ 75 $ 51 |
Investment in Operating Leases,
Investment in Operating Leases, Net | 9 Months Ended |
Sep. 30, 2018 | |
Leases, Operating [Abstract] | |
Lessor, Operating Leases | Investment in Operating Leases, Net Investments in operating leases were as follows. ($ in millions) September 30, 2018 December 31, 2017 Vehicles $ 10,174 $ 10,556 Accumulated depreciation (1,596 ) (1,815 ) Investment in operating leases, net $ 8,578 $ 8,741 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. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Depreciation expense on operating lease assets (excluding remarketing gains) $ 274 $ 323 $ 846 $ 1,062 Remarketing gains, net (27 ) (51 ) (61 ) (80 ) Net depreciation expense on operating lease assets $ 247 $ 272 $ 785 $ 982 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
Securitizations And Variable Interest Entities [Abstract] | |
Variable Interest Entity Disclosure | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans, and operating leases. We often securitize these loans and notes secured by operating leases (collectively referred to as financial assets) through the use of special-purpose entities (SPEs). An SPE is a legal 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. SPEs may or may not be included on our Condensed Consolidated Balance Sheet . The transaction-specific SPEs involved in our securitization 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. 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. 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. We had a pretax gain on sales of financial assets into nonconsolidated VIEs of $1 million for both the three months and nine months ended September 30, 2018 . We had no pretax gain or loss for the three months ended September 30, 2017 , and a pretax gain of $2 million for the nine months ended September 30, 2017 . With respect to financial assets we sell, we generally retain the right to service and earn a servicing fee for our servicing function. We have concluded that the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We have involvement with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low income housing tax credits that are subject to recapture. Refer to Note 11 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs September 30, 2018 On-balance sheet variable interest entities Consumer automotive $ 16,982 (b) $ 7,113 (c) Commercial automotive 9,961 4,394 Off-balance sheet variable interest entities Consumer automotive (d) (e) 52 (f) — $ 1,462 $ 1,514 (g) Commercial other 762 (h) 346 (i) — 988 (j) Total $ 27,757 $ 11,853 $ 1,462 $ 2,502 December 31, 2017 On-balance sheet variable interest entities Consumer automotive $ 17,597 (b) $ 7,677 (c) Commercial automotive 12,550 2,558 Off-balance sheet variable interest entities Consumer automotive 37 (f) — $ 1,964 $ 2,001 (g) Commercial other 592 (h) 248 (i) — 790 (j) Total $ 30,776 $ 10,483 $ 1,964 $ 2,791 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $ 8.5 billion of assets that were not encumbered by VIE beneficial interests held by third parties at both September 30, 2018 , and December 31, 2017 . Ally or consolidated affiliates hold the interests in these assets. (c) Includes $24 million and $29 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2018 , and December 31, 2017 , respectively. (d) During the three months ended September 30, 2018, we indicated our intent to exercise clean-up call options related to two nonconsolidated securitization-related VIEs. The options enable us to repurchase the remaining transferred financial assets at our discretion once the asset pool declines to a predefined level and redeem the related outstanding debt. As a result of this event, we became the primary beneficiary of the VIEs, which included $223 million of consumer automotive loans and $219 million of related debt, and the VIEs were consolidated on our Condensed Consolidated Balance Sheet. The related amounts were removed from assets sold to nonconsolidated VIEs and maximum exposure to loss in nonconsolidated VIEs. (e) In September 2018, we sold residual interests related to an on-balance sheet VIE to an unrelated third party. As a result of this sale, we are no longer the primary beneficiary of the VIE, and as such have deconsolidated its assets and liabilities from our Condensed Consolidated Balance Sheet including $545 million and $497 million of consumer automotive loans and long-term debt, respectively. We received cash proceeds of $24 million related to this sale, and recognized a pretax gain on sale of $1 million . We will continue to service the assets previously transferred to the VIE. (f) Represents retained notes and certificated residual interests, of which $49 million and $36 million were classified as held-to-maturity securities at September 30, 2018 , and December 31, 2017 , respectively, and $3 million and $1 million was classified as other assets at September 30, 2018 , and December 31, 2017 , respectively. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (g) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. This measure is based on the very unlikely event that all of our sold loans have defects that would trigger a representation and warranty provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss. (h) Amounts are classified as other assets. (i) Amounts are classified as accrued expenses and other liabilities. (j) 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. Cash Flows with Off-balance Sheet Securitization Entities The following table summarizes cash flows received and paid related to securitization entities and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (e.g., servicing) that were outstanding during the nine months ended September 30, 2018 , and 2017. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period. Nine months ended September 30, ($ in millions) Consumer automotive Consumer mortgage 2018 Cash proceeds from transfers completed during the period $ 24 $ — Cash disbursements for repurchases during the period (3 ) — Servicing fees 14 — Cash flows received on retained interests in securitization entities 13 — Representation and warranty recoveries — 2 2017 Cash proceeds from transfers completed during the period $ 1,187 $ — Cash disbursements for repurchases during the period (a) (491 ) — Servicing fees 25 — Cash flows received on retained interests in securitization entities 16 — Other cash flows 4 — (a) During the second quarter of 2017, we elected to not renew a retail automotive credit conduit facility and also purchased the related retail automotive loans and settled associated retained interests. Delinquencies and Net Credit Losses The following tables present quantitative information about delinquencies and net credit losses for off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due ($ in millions) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Off-balance sheet securitization entities Consumer automotive $ 1,462 $ 1,964 $ 12 $ 16 Whole-loan sales (a) Consumer automotive 787 1,399 3 4 Total $ 2,249 $ 3,363 $ 15 $ 20 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. Net credit losses Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Off-balance sheet securitization entities Consumer automotive $ 2 $ 3 $ 7 $ 9 Whole-loan sales (a) Consumer automotive 1 1 2 3 Total $ 3 $ 4 $ 9 $ 12 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Other Assets Disclosure | Other Assets The components of other assets were as follows. ($ in millions) September 30, 2018 December 31, 2017 Property and equipment at cost $ 1,203 $ 1,064 Accumulated depreciation (667 ) (608 ) Net property and equipment 536 456 Nonmarketable equity investments (a) 1,235 1,233 Restricted cash collections for securitization trusts (b) 695 812 Accrued interest and rent receivables 588 550 Net deferred tax assets 432 461 Goodwill (c) 240 240 Restricted cash and cash equivalents (d) 132 94 Other accounts receivable 119 116 Cash reserve deposits held for securitization trusts (e) 108 111 Fair value of derivative contracts in receivable position (f) 70 39 Cash collateral placed with counterparties 68 29 Other assets 1,573 1,522 Total other assets $ 5,796 $ 5,663 (a) Includes investments in FHLB stock of $732 million and $745 million at September 30, 2018 , and December 31, 2017, respectively; FRB stock of $447 million and $445 million at September 30, 2018 , and December 31, 2017, respectively; and equity securities without a readily determinable fair value of $56 million at September 30, 2018 , measured at cost with adjustments for impairment and observable changes in price. During the nine months ended September 30, 2018 , we recorded $1 million in impairment related to equity securities without a readily determinable fair value. (b) Represents cash collections from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt. (c) Includes goodwill of $27 million within our Insurance operations at both September 30, 2018 , and December 31, 2017 ; $193 million within Corporate and Other at both September 30, 2018 , and December 31, 2017 ; and $20 million within Automotive Finance operations at both September 30, 2018 , and December 31, 2017 . No changes to the carrying amount of goodwill were recorded during the nine months ended September 30, 2018 . (d) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (e) Represents credit enhancement in the form of cash reserves for various securitization transactions. (f) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Deposit Liabilities
Deposit Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures | Deposit Liabilities Deposit liabilities consisted of the following. ($ in millions) September 30, 2018 December 31, 2017 Noninterest-bearing deposits $ 180 $ 108 Interest-bearing deposits Savings and money market checking accounts 52,896 49,267 Certificates of deposit 48,300 43,869 Dealer deposits 3 12 Total deposit liabilities $ 101,379 $ 93,256 At September 30, 2018 , and December 31, 2017 , certificates of deposit included $20.4 billion and $18.9 billion , respectively, of those in denominations of $100 thousand or more. At September 30, 2018 , and December 31, 2017 , certificates of deposit included $5.5 billion and $5.3 billion , respectively, of those in denominations in excess of $250 thousand federal insurance limits. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Short-term Borrowings The following table presents the composition of our short-term borrowings portfolio. September 30, 2018 December 31, 2017 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes $ 2,575 $ — $ 2,575 $ 3,171 $ — $ 3,171 Federal Home Loan Bank — 3,525 3,525 — 7,350 7,350 Financial instruments sold under agreements to repurchase — 1,238 1,238 — 892 892 Total short-term borrowings $ 2,575 $ 4,763 $ 7,338 $ 3,171 $ 8,242 $ 11,413 (a) Refer to the section below titled Long-term Debt for further details on assets restricted as collateral for payment of the related debt. 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 September 30, 2018 , the financial instruments sold under agreements to repurchase consisted of $812 million of U.S. Treasury and $426 million of agency mortgage-backed residential debt securities set to mature as follows: $1.1 billion within 30 days, and $142 million within 61 to 90 days. Refer to Note 6 and Note 20 for further details. 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, we are 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, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At September 30, 2018 , we placed cash collateral totaling $15 million and received no cash collateral . At December 31, 2017 , we placed cash collateral totaling $10 million and received cash collateral totaling $1 million . Long-term Debt The following table presents the composition of our long-term debt portfolio. September 30, 2018 December 31, 2017 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt Due within one year $ 2,043 $ 7,619 $ 9,662 $ 3,482 $ 7,499 $ 10,981 Due after one year (a) 11,135 24,683 35,818 11,909 21,128 33,037 Fair value adjustment (b) 135 (73 ) 62 240 (32 ) 208 Total long-term debt (c) $ 13,313 $ 32,229 $ 45,542 $ 15,631 $ 28,595 $ 44,226 (a) Includes $2.6 billion of trust preferred securities at both September 30, 2018 , and December 31, 2017. (b) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 17 for additional information. (c) Includes advances from the FHLB of Pittsburgh of $14.0 billion and $10.3 billion at September 30, 2018 , and December 31, 2017, respectively. The following table presents the scheduled remaining maturity of long-term debt at September 30, 2018 , assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2018 2019 2020 2021 2022 2023 and thereafter Fair value adjustment Total Unsecured Long-term debt $ 1,245 $ 1,681 $ 2,251 $ 679 $ 1,066 $ 7,417 $ 135 $ 14,474 Original issue discount (26 ) (38 ) (39 ) (43 ) (47 ) (968 ) — (1,161 ) Total unsecured 1,219 1,643 2,212 636 1,019 6,449 135 13,313 Secured Long-term debt 1,556 7,670 7,784 8,977 4,659 1,656 (73 ) 32,229 Total long-term debt $ 2,775 $ 9,313 $ 9,996 $ 9,613 $ 5,678 $ 8,105 $ 62 $ 45,542 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. September 30, 2018 December 31, 2017 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Investment securities (b) $ 6,335 $ 5,487 $ 8,371 $ 7,443 Mortgage assets held-for-investment and lending receivables 16,299 16,299 13,579 13,579 Consumer automotive finance receivables 17,813 10,333 19,787 6,200 Commercial automotive finance receivables 14,371 14,337 16,567 16,472 Operating leases 213 — 457 — Total assets restricted as collateral (c) (d) $ 55,031 $ 46,456 $ 58,761 $ 43,694 Secured debt $ 36,992 (e) $ 29,118 $ 36,837 (e) $ 23,278 (a) Ally Bank is a component of the total column. (b) A portion of the restricted investment securities at September 30, 2018 , and December 31, 2017 , were restricted under repurchase agreements. Refer to the section above titled Short-term Borrowings 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 $25.9 billion and $25.2 billion at September 30, 2018 , and December 31, 2017 , respectively. These assets were composed primarily of consumer mortgage finance receivables and loans and investment securities. Ally Bank has access to the FRB Discount Window. Ally Bank had assets pledged and restricted as collateral to the FRB totaling $2.4 billion and $2.3 billion at September 30, 2018 , and December 31, 2017 , respectively. These assets were composed of consumer automotive finance receivables and loans. 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 Condensed Consolidated Balance Sheet . Refer to Note 10 for additional information. (e) Includes $4.8 billion and $8.2 billion of short-term borrowings at September 30, 2018 , and December 31, 2017 , respectively. Trust Preferred Securities At September 30, 2018 , 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). 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 equal to three-month London interbank offer rate plus 5.785% payable quarterly in arrears. 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 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. 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 Condensed Consolidated Balance Sheet . As of September 30, 2018 , Ally Bank had exclusive access to $3.5 billion of funding capacity from committed credit facilities. Funding programs supported by the FRB and the FHLB complement Ally Bank’s private collateralized funding vehicles. The total capacity in our committed funding facilities is provided by banks 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 September 30, 2018 , all of our $9.2 billion of committed capacity was revolving. Our revolving facilities generally have an original tenor ranging from 364 days to two years. As of September 30, 2018 , we had $5.0 billion of committed funding capacity from revolving facilities with a remaining tenor greater than 364 days. Committed Funding Facilities Outstanding Unused capacity (a) Total capacity ($ in millions) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Bank funding Secured $ 3,500 $ 1,785 $ — $ 890 $ 3,500 $ 2,675 Parent funding Secured 3,345 6,330 2,380 2,920 5,725 9,250 Total committed facilities $ 6,845 $ 8,115 $ 2,380 $ 3,810 $ 9,225 $ 11,925 (a) Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows. ($ in millions) September 30, 2018 December 31, 2017 Accounts payable $ 846 $ 746 Employee compensation and benefits 236 248 Reserves for insurance losses and loss adjustment expenses 139 140 Fair value of derivative contracts in payable position (a) 70 41 Cash collateral received from counterparties 50 17 Deferred revenue 27 32 Other liabilities 657 556 Total accrued expenses and other liabilities $ 2,025 $ 1,780 (a) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Loss The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. ($ in millions) Unrealized (losses) gains on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive loss Balance at December 31, 2016 $ (273 ) $ 14 $ 8 $ (90 ) $ (341 ) 2017 net change 142 2 1 (1 ) 144 Balance at September 30, 2017 $ (131 ) $ 16 $ 9 $ (91 ) $ (197 ) Balance at December 31, 2017, before cumulative effect of adjustments $ (173 ) $ 16 $ 11 $ (89 ) $ (235 ) Cumulative effect of changes in accounting principles, net of tax (c) Adoption of Accounting Standards Update 2016-01 27 — — — 27 Adoption of Accounting Standards Update 2018-02 (40 ) 4 — (6 ) (42 ) Balance at January 1, 2018, after cumulative effect of adjustments (186 ) 20 11 (95 ) (250 ) 2018 net change (545 ) (1 ) 17 (2 ) (531 ) Balance at September 30, 2018 $ (731 ) $ 19 $ 28 $ (97 ) $ (781 ) (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 17 . (c) Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income. Three months ended September 30, 2018 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (174 ) $ 41 $ (133 ) Less: Net realized gains reclassified to income from continuing operations 1 (a) (1 ) (b) — Net change (175 ) 42 (133 ) Translation adjustments Net unrealized gains arising during the period 2 (1 ) 1 Net investment hedges (c) Net unrealized losses arising during the period (2 ) 1 (1 ) Cash flow hedges (c) Net unrealized losses arising during the period (1 ) 1 — Other comprehensive loss $ (176 ) $ 43 $ (133 ) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Three months ended September 30, 2017 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 95 $ (22 ) $ 73 Less: Net realized gains reclassified to income from continuing operations 25 (a) 2 (b) 27 Net change 70 (24 ) 46 Translation adjustments Net unrealized gains arising during the period 8 (3 ) 5 Net investment hedges (c) Net unrealized losses arising during the period (6 ) 3 (3 ) Cash flow hedges (c) Net unrealized gains arising during the period 1 (1 ) — Other comprehensive income $ 73 $ (25 ) $ 48 (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Nine months ended September 30, 2018 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (705 ) $ 166 $ (539 ) Less: Net realized gains reclassified to income from continuing operations 8 (a) (2 ) (b) 6 Net change (713 ) 168 (545 ) Translation adjustments Net unrealized losses arising during the period (6 ) 1 (5 ) Net investment hedges (c) Net unrealized gains arising during the period 5 (1 ) 4 Cash flow hedges (c) Net unrealized gains arising during the period 22 (5 ) 17 Defined benefit pension plans Net unrealized losses arising during the period (2 ) — (2 ) Other comprehensive loss $ (694 ) $ 163 $ (531 ) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Nine months ended September 30, 2017 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 278 $ (64 ) $ 214 Less: Net realized gains reclassified to income from continuing operations 75 (a) (3 ) (b) 72 Net change 203 (61 ) 142 Translation adjustments Net unrealized gains arising during the period 14 (5 ) 9 Net investment hedges (c) Net unrealized losses arising during the period (12 ) 5 (7 ) Cash flow hedges (c) Net unrealized gains arising during the period 2 (1 ) 1 Defined benefit pension plans Net unrealized losses arising during the period (1 ) — (1 ) Other comprehensive income $ 206 $ (62 ) $ 144 (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share. Three months ended September 30, Nine months ended September 30, ($ in millions, except per share data; shares in thousands) (a) 2018 2017 2018 2017 Net income from continuing operations attributable to common stockholders $ 374 $ 280 $ 974 $ 747 Income (loss) from discontinued operations, net of tax — 2 (1 ) 1 Net income attributable to common stockholders $ 374 $ 282 $ 973 $ 748 Basic weighted-average common shares outstanding (b) 422,187 449,169 429,625 457,612 Diluted weighted-average common shares outstanding (b) 424,784 451,078 432,038 458,848 Basic earnings per common share Net income from continuing operations $ 0.89 $ 0.62 $ 2.27 $ 1.63 Income from discontinued operations, net of tax — — — — Net income $ 0.89 $ 0.63 $ 2.26 $ 1.63 Diluted earnings per common share Net income from continuing operations $ 0.88 $ 0.62 $ 2.25 $ 1.63 Income from discontinued operations, net of tax — — — — Net income $ 0.88 $ 0.63 $ 2.25 $ 1.63 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued for the three months and nine months ended September 30, 2018 , and 2017 . |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations | Regulatory Capital and Other Regulatory Matters The FRB and other U.S. banking agencies have adopted risk-based and leverage capital standards that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank. The risk-based capital ratios are based on a banking organization’s risk-weighted assets (RWAs), which are generally determined under the Basel III standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance sheet exposures to broad risk weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance sheet exposures. Ally and 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. 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 generally reflects higher capital requirements, capital buffers, and changes to regulatory capital definitions, deductions and adjustments, relative to the predecessor requirements implementing the Basel I capital framework in the United States. Certain aspects of U.S. Basel III, including the capital buffers are subject to a phase-in period through December 31, 2018. 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 Condensed 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 FRB also uses 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 an FHC, Ally and its bank subsidiary, Ally Bank, must remain well capitalized and well managed, as defined under applicable laws. The well capitalized standard for insured depository institutions, such as Ally Bank, reflects the capital requirements under U.S. Basel III. Under U.S. Basel III, Ally and Ally Bank 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 risk-based capital ratios, Ally and Ally Bank are also subject to a Common Equity Tier 1 capital conservation buffer of more than 2.5% , subject to a phase-in period from January 1, 2016, through December 31, 2018. Failure to maintain the full amount of the buffer would result in restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4% . U.S. Basel III also revised 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 these criteria. For example, subject to certain exceptions (e.g., certain debt or equity issued to the U.S. government under the Emergency Economic Stabilization Act), trust preferred and other hybrid securities were excluded from a BHC’s Tier 1 capital as of January 1, 2016. Also, subject to a phase-in schedule, certain items are deducted from Common Equity Tier 1 capital under U.S. Basel III that had not previously been deducted from regulatory capital, and certain other deductions from regulatory capital have been modified. Among other things, U.S. Basel III requires significant investments in the common stock of unconsolidated financial institutions, mortgage servicing assets, 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 revised the standardized approach for calculating RWAs by, among other things, modifying certain risk weights and the methods for calculating RWAs for certain types of assets and exposures. Ally and Ally Bank are subject to the U.S. Basel III standardized approach for counterparty credit risk, but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not subject to the U.S. market risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act was enacted. This legislation included targeted amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and other financial services laws, including amendments that affect whether and, if so, how the FRB applies enhanced prudential standards to BHCs like us with total consolidated assets equal to or greater than $100 billion and less than $250 billion . On October 31, 2018, the FRB and other U.S. banking agencies issued proposals that would tailor the application of prudential standards to U.S. BHCs and apply enhanced standards to certain large savings and loan holding companies. Additionally, the proposals tailor the application of the agencies’ capital and liquidity rules. These proposals seek to align the regulatory requirements that apply to large banking organizations with their risk profiles. We are currently evaluating the impacts these proposals may have to us. On April 13, 2018, the FRB and other U.S. banking agencies proposed a revision to their regulatory capital rules to address the regulatory capital treatment related to ASU 2016-13, which Ally plans to adopt effective January 1, 2020, as further described in Note 1 . We expect the implementation of ASU 2016-13 will significantly increase our allowance for credit losses upon adoption. If finalized, the proposed changes to the regulatory capital rules would allow Ally to phase in the impact to our regulatory capital as a result of the increase to our allowance for credit losses on a straight-line basis over a three-year period. In addition, the U.S. banking agencies are proposing to make amendments to the stress testing regulations that would exclude the impact of the adoption of ASU 2016-13 until the 2020 stress testing cycle. We continue to monitor and evaluate these regulatory developments. Until the U.S. banking agencies decide whether and, if so, how to amend their regulatory capital rules to account for ASU 2016-13, its ultimate impact on our regulatory capital and, therefore, our business, results of operations, and financial condition is unclear. On April 10, 2018, the FRB issued a proposal that would seek to more closely align forward-looking stress testing results with the FRB’s non-stress capital requirements for banking organizations with $50 billion or more in assets. The proposal would introduce a “stress capital buffer” based on firm-specific stress test performance, which would effectively replace the capital conservation buffer for determining non-stress capital requirements. The proposal would also incorporate several other changes to the CCAR process including eliminating the CCAR quantitative objection, narrowing the set of planned capital actions assumed to occur in the stress scenario and eliminating the thirty percent dividend payout ratio as a criterion for heightened scrutiny of a firm’s capital plan, among other proposed changes. If finalized, the rule would be effective on December 31, 2018, and a firm’s first stress buffer requirements would generally be effective on October 1, 2019. We are currently evaluating the effect this proposal will have on our capital planning and stress testing requirements. In December 2017, the Basel Committee approved revisions to the global Basel III capital framework (commonly known as Basel IV), many of which—if adopted in the United States—could heighten regulatory capital standards even more. At this time, it is not clear how all of these proposals and revisions will be harmonized and finalized in the United States. Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. The following table summarizes our capital ratios under the U.S. Basel III capital framework. September 30, 2018 December 31, 2017 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 13,376 9.41 % $ 13,237 9.53 % 4.50 % (b) Ally Bank 16,590 13.32 17,059 15.04 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,810 11.12 % $ 15,628 11.25 % 6.00 % 6.00 % Ally Bank 16,590 13.32 17,059 15.04 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 18,029 12.68 % $ 17,974 12.94 % 8.00 % 10.00 % Ally Bank 17,606 14.13 17,886 15.77 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 15,810 9.23 % $ 15,628 9.53 % 4.00 % (b) Ally Bank 16,590 11.27 17,059 12.87 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for common equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 1.875% and 1.25% at September 30, 2018, and December 31, 2017, respectively, which ultimately increases to 2.5% on January 1, 2019. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. At September 30, 2018 , Ally and Ally Bank were “well-capitalized” and met all applicable capital requirements to which each was subject. Capital Planning and Stress Tests Ally is required to conduct semi-annual company-run stress tests, is subject to an annual supervisory stress test conducted by the FRB, and must submit a proposed capital plan to the FRB. Ally’s proposed capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on Ally’s capital. The proposed capital plan must also include a discussion of how Ally, under expected and stressful conditions, will maintain capital commensurate with its risks and above the minimum regulatory capital ratios, and serve as a source of strength to Ally Bank. The FRB will either object to Ally’s proposed capital plan, in whole or in part, or provide a notice of non-objection to Ally’s proposed capital plan, and must do so before Ally may take any capital action. In addition, even if the FRB does not object to our capital plan, Ally may be precluded from or limited in paying dividends or other capital distributions without the FRB’s approval under certain circumstances—for example, when we would not meet minimum regulatory capital ratios and capital buffers after giving effect to the distributions. The following table presents information related to our common stock for each quarter since the commencement of our common stock repurchase programs and initiation of a quarterly cash dividend on common stock. Common stock repurchased during period (a) Number of common shares outstanding Cash dividends declared per common share (b) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2016 Third quarter $ 159 8,298 483,753 475,470 $ 0.08 Fourth quarter 167 8,745 475,470 467,000 0.08 2017 First quarter $ 169 8,097 467,000 462,193 $ 0.08 Second quarter 204 10,485 462,193 452,292 0.08 Third quarter 190 8,507 452,292 443,796 0.12 Fourth quarter 190 7,033 443,796 437,054 0.12 2018 First quarter $ 185 6,473 437,054 432,691 $ 0.13 Second quarter 195 7,280 432,691 425,752 0.13 Third quarter 250 9,194 425,752 416,591 0.15 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On October 9, 2018 , the Ally Board of Directors (the Board) declared a quarterly cash dividend of $0.15 per share on all common stock, payable on November 15, 2018 . Refer to Note 24 for further information regarding this common stock dividend. Ally submitted its 2018 capital plan and company-run stress test results to the FRB on April 5, 2018. On June 21, 2018, we publicly disclosed summary results of the stress test under the severely adverse scenario in accordance with applicable regulatory requirements. On June 28, 2018, we received from the FRB a non-objection to our capital plan, which includes increases in both our share repurchase program and our planned dividends. Consistent with the capital plan, the Board authorized a 32% increase in our share repurchase program, permitting us to repurchase up to $1.0 billion of our common stock from time to time from the third quarter of 2018 through the second quarter of 2019. Also consistent with the capital plan, on October 9, 2018, the Board declared a quarterly cash dividend of $0.15 per share of our common stock. Refer to Note 24 for further information on the most recent dividend. On October 5, 2018 , we submitted to the FRB the results of our company-run mid-cycle stress test and publicly disclosed summary results under the severely adverse scenario in accordance with applicable regulatory requirements. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review of and non-objection to the actions that we propose each year in our annual capital plan. The amount and size of any future dividends and share repurchases will depend upon our results of operations, capital levels, future opportunities, consideration and approval by the Board, and other considerations including the degree of severity of stress scenarios assigned by the FRB as part of the CCAR process. In January 2017, the FRB amended the capital planning and stress testing rules, effective for the 2017 cycle and beyond. As a result of this amendment, the FRB may no longer object to the capital plan of a large and noncomplex BHC, like Ally, on the basis of qualitative deficiencies in its capital planning process. Instead, the qualitative assessment of Ally’s capital planning process is now conducted outside of CCAR through the supervisory review process. The amendment also decreased the de minimis threshold for the amount of capital that Ally could distribute to stockholders outside of an approved capital plan without seeking prior approval of the FRB, and modified Ally’s reporting requirements to reduce unnecessary burdens. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments and Hedging Activities We enter into derivative instruments, such as interest rate, foreign-currency, and equity swaps, futures, forwards, and options in connection with our risk-management activities. 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 other market risks related to our investment portfolio. Interest Rate Risk We monitor our mix of fixed- and variable-rate assets and liabilities and 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 these trades 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 can include 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 FHLB advances, fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of closed portfolios of fixed-rate held-for-investment retail automotive loan assets in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Other derivatives qualifying for hedge accounting consist of pay-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest payments on certain variable-rate borrowings and deposit liabilities. We may also execute economic hedges, which consist of interest rate swaps, interest rate caps, forwards, futures, options, and swaptions to mitigate interest rate risk. We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative. 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 loss. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These foreign-currency forwards that are used as economic hedges are recorded at fair value with changes recorded as income offsetting the gains and losses on the associated foreign-currency transactions. Equity Risk We enter into equity options to economically hedge our exposure to the equity markets. 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, assuming no recoveries 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 generally 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. These payments are characterized as collateral for over-the-counter (OTC) derivatives. We execute certain derivatives such as interest rate swaps with clearinghouses, which requires us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral. 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 during the three months ended September 30, 2018 , or 2017 . We placed cash collateral totaling $51 million and noncash collateral totaling $120 million supporting our derivative positions at September 30, 2018 , and $20 million and $97 million at December 31, 2017 , respectively, in accounts maintained by counterparties. This amount excludes cash and noncash collateral pledged under repurchase agreements. Refer to Note 12 for details on the repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets. We received cash collateral from counterparties totaling $45 million and noncash collateral totaling $12 million at September 30, 2018 , and $17 million and $2 million at December 31, 2017 , respectively, in accounts maintained by counterparties. These amounts exclude cash and noncash collateral pledged under repurchase agreements. Refer to Note 12 for details on repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet . The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated collateral exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet . Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. September 30, 2018 December 31, 2017 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 29,050 $ — $ — $ 6,915 Foreign exchange contracts Forwards — 1 150 — 1 136 Total derivatives designated as accounting hedges — 1 29,200 — 1 7,051 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards — — 9 — — 23 Written options 1 69 7,074 1 39 8,327 Purchased options 68 — 7,011 38 — 8,237 Total interest rate risk 69 69 14,094 39 39 16,587 Foreign exchange contracts Futures and forwards 1 — 192 — 1 124 Total foreign exchange risk 1 — 192 — 1 124 Total derivatives not designated as accounting hedges 70 69 14,286 39 40 16,711 Total derivatives $ 70 $ 70 $ 43,486 $ 39 $ 41 $ 23,762 The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. ($ in millions) Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Assets Available-for-sale securities (b) $ 1,433 $ 173 $ 4 $ 2 $ 4 $ 2 Finance receivables and loans, net (c) 41,080 2,305 (52 ) 18 8 19 Liabilities Long-term debt $ 14,200 $ 14,640 $ 62 $ 208 $ 87 $ 235 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) The carrying amount of hedged available-for-sale securities is presented above using amortized cost. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) The hedged item represents the carrying value of the hedged portfolio of assets. The amount that is identified as the last of layer in the hedge relationship is $19.4 billion as of September 30, 2018 . The basis adjustment associated with the last-of-layer relationship is a $60 million liability as of September 30, 2018 , which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. A last-of-layer hedge strategy did not exist at December 31, 2017 . Statement of Comprehensive Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Gain (loss) recognized in earnings Interest rate contracts Gain on mortgage and automotive loans, net $ — $ — $ — $ 1 Other income, net of losses — — — (3 ) Total interest rate contracts — — — (2 ) Foreign exchange contracts Other income, net of losses (1 ) (3 ) 5 (7 ) Total foreign exchange contracts (1 ) (3 ) 5 (7 ) (Loss) gain recognized in earnings $ (1 ) $ (3 ) $ 5 $ (9 ) The following table summarizes the location and amounts of gains and losses on derivative instruments designated as fair value hedges reported in our Condensed Consolidated Statement of Comprehensive Income . We had no gains or losses on derivative instruments designated as cash flow hedges for the periods shown. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ 20 $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — (20 ) — Hedged fixed-rate FHLB advances — — — — 10 5 Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — (10 ) (5 ) Hedged available-for-sale securities — — (2 ) (3 ) — — Derivatives designated as hedging instruments on available-for-sale securities — — 2 3 — — Hedged fixed-rate retail automotive loans (9 ) — — — — — Derivatives designated as hedging instruments on fixed-rate retail automotive loans 9 — — — — — Total gain (loss) on fair value hedging relationships $ — $ — $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 1,708 $ 1,486 $ 198 $ 157 $ 451 $ 416 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ 64 $ (23 ) Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — (63 ) 24 Hedged fixed-rate FHLB advances — — — — 53 5 Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — (53 ) (5 ) Hedged available-for-sale securities — — (7 ) (1 ) — — Derivatives designated as hedging instruments on available-for-sale securities — — 7 1 — — Hedged fixed-rate retail automotive loans (60 ) (3 ) — — — — Derivatives designated as hedging instruments on fixed-rate retail automotive loans 60 1 — — — — Total (loss) gain on fair value hedging relationships $ — $ (2 ) $ — $ — $ 1 $ 1 Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 4,898 $ 4,301 $ 562 $ 437 $ 1,296 $ 1,257 The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Three months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 13 $ 19 Interest for qualifying accounting hedges of unsecured debt — — — — — — 3 7 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — (6 ) (1 ) Interest for qualifying accounting hedges of secured debt (FHLB advances) — — — — — — 2 1 Amortization of deferred loan basis adjustments (3 ) (6 ) — — — — — — Interest for qualifying accounting hedges of retail automotive loans held-for-investment 7 — — — — — — — Total gain (loss) on fair value hedging relationships 4 (6 ) — — — — 12 26 Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate borrowings — — — — — — 3 — Interest for qualifying accounting hedges of deposit liabilities — — — — 2 — — — Total gain on cash flow hedging relationships $ — $ — $ — $ — 2 — $ 3 $ — Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 42 $ 59 Interest for qualifying accounting hedges of unsecured debt — — — — — — 7 19 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — (12 ) (2 ) Interest for qualifying accounting hedges of secured debt (FHLB advances) — — — — — — 6 1 Interest for qualifying accounting hedges of available-for-sale securities — — (1 ) — — — — — Amortization of deferred loan basis adjustments (11 ) (17 ) — — — — — — Interest for qualifying accounting hedges of retail automotive loans held-for-investment 5 (1 ) — — — — — — Total (loss) gain on fair value hedging relationships (6 ) (18 ) (1 ) — — — 43 77 Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate borrowings — — — — — — 6 — Interest for qualifying accounting hedges of deposit liabilities — — — — 2 — — — Total gain on cash flow hedging relationships $ — $ — $ — $ — 2 — $ 6 $ — During the next twelve months, we estimate $21 million will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Interest rate contracts (Loss) gain recognized in other comprehensive loss $ (1 ) $ 2 $ 22 $ 2 The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss and the Condensed Consolidated Statement of Comprehensive Income . Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Foreign exchange contracts (a) (b) (Loss) gain recognized in other comprehensive loss $ (2 ) $ (6 ) $ 5 $ (12 ) (a) There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2018 , or 2017 . (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income . There were no amounts reclassified for the three months and nine months ended September 30, 2018 , or 2017 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes We recognized total income tax expense from continuing operations of $91 million and $280 million for the three months and nine months ended September 30, 2018 , respectively, compared to $115 million and $350 million for the same periods in 2017 . The decreases in income tax expense for the three months and nine months ended September 30, 2018 , compared to the same periods in 2017 , were primarily driven by the reduction of the U.S. federal corporate tax rate enacted as a result of the Tax Act and a nonrecurring tax benefit from the release of valuation allowance against state net operating loss carryforwards as a result of a state tax law enactment in the third quarter of 2018. This decrease was partially offset by the tax effects of an increase in pretax earnings, nondeductible Federal Deposit Insurance Corporation (FDIC) premiums as a result of the Tax Act, and a nonrecurring tax benefit in 2017 from the release of valuation allowance against our capital-in-nature deferred tax assets and foreign tax credit carryforwards. As further described in Note 1 , we elected to early-adopt ASU 2018-02 effective January 1, 2018. As a result of this adoption, we reclassified $42 million from accumulated other comprehensive loss to retained earnings, which eliminated the stranded federal income tax effects in accumulated other comprehensive loss resulting from the Tax Act. Our policy is to use the portfolio method with respect to reclassification of stranded income tax effects in accumulated other comprehensive loss. 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 carryforwards, state net operating loss carryforwards, 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. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 under current market conditions. Fair value is based on the assumptions we believe 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. Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements. Accordingly, our estimates of fair value are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. 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. 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. The 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. • Equity Securities — Includes various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. • 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). • Interests retained in financial asset sales — Includes certain noncertificated interests retained from the sale of automotive finance receivables. 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. We also execute OTC and centrally-cleared derivative contracts, such as interest rate swaps, swaptions, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these 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 derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet . Because these derivatives are valued using internal pricing models with unobservable inputs, they are classified as Level 3. 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. Recurring fair value measurements September 30, 2018 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 503 $ — $ 11 $ 514 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 1,903 1 — 1,904 U.S. States and political subdivisions — 865 — 865 Foreign government 7 148 — 155 Agency mortgage-backed residential — 16,014 — 16,014 Mortgage-backed residential — 2,561 — 2,561 Mortgage-backed commercial — 631 — 631 Asset-backed — 733 — 733 Corporate debt — 1,259 — 1,259 Total available-for-sale securities 1,910 22,212 — 24,122 Mortgage loans held-for-sale (b) — — 13 13 Interests retained in financial asset sales — — 4 4 Derivative contracts in a receivable position Interest rate — 68 1 69 Foreign currency — 1 — 1 Total derivative contracts in a receivable position — 69 1 70 Total assets $ 2,413 $ 22,281 $ 29 $ 24,723 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 69 $ — $ 69 Foreign currency — 1 — 1 Total derivative contracts in a payable position — 70 — 70 Total liabilities $ — $ 70 $ — $ 70 (a) Our investment in any one industry did not exceed 13% . (b) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2017 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 518 $ — $ — $ 518 Available-for-sale securities Debt securities U.S. Treasury 1,777 — — 1,777 U.S. States and political subdivisions — 854 — 854 Foreign government 8 146 — 154 Agency mortgage-backed residential — 14,291 — 14,291 Mortgage-backed residential — 2,494 — 2,494 Mortgage-backed commercial — 541 — 541 Asset-backed — 936 — 936 Corporate debt — 1,256 — 1,256 Total available-for-sale securities 1,785 20,518 — 22,303 Mortgage loans held-for-sale (b) — — 13 13 Interests retained in financial asset sales — — 5 5 Derivative contracts in a receivable position Interest rate — 38 1 39 Total derivative contracts in a receivable position — 38 1 39 Total assets $ 2,303 $ 20,556 $ 19 $ 22,878 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 39 $ — $ 39 Foreign currency — 2 — 2 Total derivative contracts in a payable position — 41 — 41 Total liabilities $ — $ 41 $ — $ 41 (a) Our investment in any one industry did not exceed 14% . (b) Carried at fair value due to fair value option elections. The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. There were no transfers into or out of Level 3 in the periods presented. 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. Level 3 recurring fair value measurements Net realized/unrealized gains Fair value at September 30, 2018 Net unrealized losses included in earnings still held at September 30, 2018 ($ in millions) Fair value at July 1, 2018 included in earnings included in OCI Purchases Sales Issuances Settlements Assets Equity securities $ 12 $ — $ — $ — $ — $ — $ (1 ) $ 11 $ (1 ) Mortgage loans held-for-sale (a) 13 2 (b) — 86 (88 ) — — 13 — Other assets Interests retained in financial asset sales 4 — — — — — — 4 — Derivative assets 1 — — — — — — 1 — Total assets $ 30 $ 2 $ — $ 86 $ (88 ) $ — $ (1 ) $ 29 $ (1 ) (a) Carried at fair value due to fair value option elections. (b) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Fair value at July 1, 2017 Net realized/unrealized gains Purchases Sales Issuances Settlements Fair value at September 30, 2017 Net unrealized gains included in earnings still held at September 30, 2017 ($ in millions) included in earnings included in OCI Assets Mortgage loans held-for-sale (a) $ 3 $ 1 $ — $ 49 $ (44 ) $ — $ — $ 9 $ — Other assets Interests retained in financial asset sales 5 — — — — — — 5 — Derivative assets 1 — — — — — — 1 — Total assets $ 9 $ 1 $ — $ 49 $ (44 ) $ — $ — $ 15 $ — (a) Carried at fair value due to fair value option elections. Level 3 recurring fair value measurements Net realized/unrealized (losses) gains Fair value at September 30, 2018 Net unrealized losses included in earnings still held at September 30, 2018 ($ in millions) Fair value at Jan. 1, 2018 included in earnings included in OCI Purchases Sales Issuances Settlements Assets Equity securities (a) $ 19 $ (4 ) (b) $ — $ — $ — $ — $ (4 ) $ 11 $ (6 ) Mortgage loans held-for-sale (c) 13 4 (d) — 218 (222 ) — — 13 — Other assets Interests retained in financial asset sales 5 — — — — — (1 ) 4 — Derivative assets 1 — — — — — — 1 — Total assets $ 38 $ — $ — $ 218 $ (222 ) $ — $ (5 ) $ 29 $ (6 ) (a) In connection with our adoption of ASU 2016-01 on January 1, 2018, certain of our equity securities previously measured using the cost method of accounting are now measured at fair value on a recurring basis, and have been categorized as Level 3 within the fair value hierarchy. Accordingly, the fair value of such investments has been included in the opening balance of the reconciliation above. (b) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (c) Carried at fair value due to fair value option elections. (d) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Fair value at Jan. 1, 2017 Net realized/unrealized gains Purchases Sales Issuances Settlements Fair value at September 30, 2017 Net unrealized gains included in earnings still held at September 30, 2017 ($ in millions) included in earnings included in OCI Assets Mortgage loans held-for-sale (a) $ — $ 1 $ — $ 72 $ (64 ) $ — $ — $ 9 $ — Other assets Interests retained in financial asset sales 29 1 (b) — — 8 — (33 ) 5 — Derivative assets — 1 (c) — — — — — 1 1 Total assets $ 29 $ 3 $ — $ 72 $ (56 ) $ — $ (33 ) $ 15 $ 1 (a) Carried at fair value due to fair value option elections. (b) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income . (c) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . 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. Nonrecurring fair value measurements Lower-of-cost or fair value or valuation reserve allowance Total gain (loss) included in earnings September 30, 2018 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 157 $ 157 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 64 64 (10 ) n/m (a) Other — — 33 33 (25 ) n/m (a) Total commercial finance receivables and loans, net — — 97 97 (35 ) n/m (a) Other assets Nonmarketable equity investments — 1 — 1 — n/m (a) Repossessed and foreclosed assets (c) — — 13 13 (1 ) n/m (a) Total assets $ — $ 1 $ 267 $ 268 $ (36 ) n/m n/m = not meaningful (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 2018 . 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 gain (loss) included in earnings December 31, 2017 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 77 $ 77 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 20 20 (3 ) n/m (a) Other — — 22 22 (12 ) n/m (a) Total commercial finance receivables and loans, net — — 42 42 (15 ) n/m (a) Other assets Repossessed and foreclosed assets (c) — — 14 14 (1 ) n/m (a) Other — — 3 3 — n/m (a) Total assets $ — $ — $ 136 $ 136 $ (16 ) n/m n/m = not meaningful (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 2017 . 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. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming 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 derivatives. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or 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 current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2018 , and December 31, 2017 . Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total September 30, 2018 Financial assets Held-to-maturity securities $ 2,246 $ — $ 2,139 $ — $ 2,139 Loans held-for-sale, net 412 — — 419 419 Finance receivables and loans, net 125,357 — — 127,106 127,106 Nonmarketable equity investments 1,179 — 1,179 — 1,179 Financial liabilities Deposit liabilities (a) $ 50,300 $ — $ — $ 50,128 $ 50,128 Short-term borrowings 7,338 — — 7,342 7,342 Long-term debt 45,542 — 26,425 20,953 47,378 December 31, 2017 Financial assets Held-to-maturity securities $ 1,899 $ — $ 1,865 $ — $ 1,865 Loans held-for-sale, net 95 — — 95 95 Finance receivables and loans, net 121,617 — — 123,302 123,302 Nonmarketable equity investments 1,233 — 1,190 49 1,239 Financial liabilities Deposit liabilities (a) $ 45,869 $ — $ — $ 45,827 $ 45,827 Short-term borrowings 11,413 — — 11,417 11,417 Long-term debt 44,226 — 27,807 18,817 46,624 (a) In connection with our adoption of ASU 2016-01 on January 1, 2018, deposit liabilities with no defined or contractual maturities are no longer included in the table above. Amounts for December 31, 2017, have been adjusted to conform to the current presentation and exclude $47.4 billion and $45.2 billion of deposit liabilities with no defined or contractual maturities from the carrying value and Level 3 fair value, respectively. Refer to Note 11 for information regarding the composition of our deposits portfolio, and Note 1 for further information regarding recently adopted accounting standards. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Offsetting Assets and Liabilities [Abstract] | |
Offsetting Assets and Liabilities | 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 (i) 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 (ii) 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 obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A 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 September 30, 2018 , these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet . The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet September 30, 2018 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount Assets Derivative assets in net asset positions $ 69 $ — $ 69 $ — $ — $ 69 Derivative assets with no offsetting arrangements 1 — 1 — — 1 Total assets (d) $ 70 $ — $ 70 $ — $ — $ 70 Liabilities Derivative liabilities in net liability positions (d) $ 70 $ — $ 70 $ — $ — $ 70 Securities sold under agreements to repurchase (e) 1,238 — 1,238 — (1,238 ) — Total liabilities $ 1,308 $ — $ 1,308 $ — $ (1,238 ) $ 70 (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. $12 million of noncash derivative collateral pledged to us was excluded at September 30, 2018 . We do not record such collateral received on our Condensed 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 $12 million at September 30, 2018 . We have not sold or pledged any of the noncash collateral received under these agreements as of September 30, 2018 . (d) For additional information on derivative instruments and hedging activities, refer to Note 17 . (e) For additional information on securities sold under agreements to repurchase, refer to Note 12 . Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet December 31, 2017 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount Assets Derivative assets in net asset positions $ 38 $ — $ 38 $ — $ — $ 38 Derivative assets with no offsetting arrangements 1 — 1 — — 1 Total assets (d) $ 39 $ — $ 39 $ — $ — $ 39 Liabilities Derivative liabilities in net liability positions (d) $ 41 $ — $ 41 $ — $ (1 ) $ 40 Securities sold under agreements to repurchase (e) 892 — 892 — (892 ) — Total liabilities $ 933 $ — $ 933 $ — $ (893 ) $ 40 (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. $2 million of noncash derivative collateral pledged to us was excluded at December 31, 2017. We do not record such collateral received on our Condensed 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 $2 million at December 31, 2017. We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2017. (d) For additional information on derivative instruments and hedging activities, refer to Note 17 . (e) For additional information on securities sold under agreements to repurchase, refer to Note 12 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment 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. 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 — One of the largest full service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to companies, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle remarketing services. Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ wholesale vehicle inventory. Mortgage Finance operations — Primarily consists of the management of a held-for-investment consumer mortgage finance loan portfolio, which includes bulk purchases of high-quality jumbo and low-to-moderate income (LMI) mortgage loans originated by third parties. In late 2016, we introduced our direct-to-consumer mortgage offering, named Ally Home, consisting of a variety of jumbo and conforming fixed- and adjustable-rate mortgage products with the assistance of a third-party fulfillment partner. Jumbo mortgage loans are generally held on our balance sheet and are accounted for as held-for-investment. Conforming mortgage loans are generally originated as held-for-sale and then sold to the fulfillment partner , and we retain no mortgage servicing rights associated with those loans that are sold. Corporate Finance operations — Primarily provides senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle-market companies. Our primary focus is on businesses owned by private equity sponsors with loans typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. In 2017, we introduced a commercial real estate product to serve companies in the healthcare industry. Corporate and Other primarily consists of 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, original issue discount, 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, which primarily consist of FHLB and FRB stock, the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Additionally, financial results related to Ally Invest are currently included within Corporate and Other. 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 is based in part on internal allocations, which involve management judgment. Financial information for our reportable operating segments is summarized as follows. Three months ended September 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2018 Net financing revenue and other interest income $ 956 $ 14 $ 44 $ 50 $ 43 $ 1,107 Other revenue 80 282 2 14 20 398 Total net revenue 1,036 296 46 64 63 1,505 Provision for loan losses 229 — 2 8 (6 ) 233 Total noninterest expense 424 241 36 20 86 807 Income (loss) from continuing operations before income tax expense $ 383 $ 55 $ 8 $ 36 $ (17 ) $ 465 Total assets $ 114,675 $ 7,776 $ 14,896 $ 4,459 $ 31,295 $ 173,101 2017 Net financing revenue and other interest income $ 950 $ 15 $ 32 $ 39 $ 45 $ 1,081 Other revenue 82 272 2 5 20 381 Total net revenue 1,032 287 34 44 65 1,462 Provision for loan losses 312 — 4 3 (5 ) 314 Total noninterest expense 420 218 28 19 68 753 Income from continuing operations before income tax expense $ 300 $ 69 $ 2 $ 22 $ 2 $ 395 Total assets $ 112,141 $ 7,432 $ 9,804 $ 3,699 $ 30,937 $ 164,013 (a) Net financing revenue and other interest income after the provision for loan losses totaled $874 million and $767 million for the three months ended September 30, 2018 , and 2017 , respectively. Nine months ended September 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2018 Net financing revenue and other interest income $ 2,790 $ 39 $ 131 $ 153 $ 137 $ 3,250 Other revenue 209 794 5 36 72 1,116 Total net revenue 2,999 833 136 189 209 4,366 Provision for loan losses 658 — 4 2 (12 ) 652 Total noninterest expense 1,308 740 102 64 246 2,460 Income (loss) from continuing operations before income tax expense $ 1,033 $ 93 $ 30 $ 123 $ (25 ) $ 1,254 Total assets $ 114,675 $ 7,776 $ 14,896 $ 4,459 $ 31,295 $ 173,101 2017 Net financing revenue and other interest income $ 2,774 $ 44 $ 98 $ 121 $ 90 $ 3,127 Other revenue 290 781 3 33 58 1,165 Total net revenue 3,064 825 101 154 148 4,292 Provision for loan losses 846 — 6 15 (13 ) 854 Total noninterest expense 1,283 737 77 57 187 2,341 Income (loss) from continuing operations before income tax expense $ 935 $ 88 $ 18 $ 82 $ (26 ) $ 1,097 Total assets $ 112,141 $ 7,432 $ 9,804 $ 3,699 $ 30,937 $ 164,013 (a) Net financing revenue and other interest income after the provision for loan losses totaled $2.6 billion and $2.3 billion for the nine months ended September 30, 2018 , and 2017 , respectively. |
Parent and Guarantor Condensed
Parent and Guarantor Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | Parent and Guarantor Condensed Consolidating Financial Statements Certain of our senior notes issued by the parent are guaranteed by 100% directly owned subsidiaries of Ally (the Guarantors). As of September 30, 2018 , the Guarantors include Ally US LLC and IB Finance Holding Company, LLC (IB Finance), each of which fully and unconditionally guarantee the senior notes on a joint and several basis. The following financial statements present condensed consolidating financial data for (i) Ally Financial Inc. (on a parent company-only basis); (ii) the Guarantors; (iii) the nonguarantor subsidiaries (all other subsidiaries); and (iv) an elimination column for adjustments to arrive at (v) the information for the parent company, the Guarantors, and nonguarantors on a consolidated basis. Investments in subsidiaries are accounted for by the parent company and the Guarantors using the equity method for this presentation. Results of operations of subsidiaries are therefore classified in the parent company’s and Guarantors’ investment in subsidiaries accounts. The elimination entries set forth in the following condensed consolidating financial statements eliminate distributed and undistributed income of subsidiaries, investments in subsidiaries, and intercompany balances and transactions between the parent, the Guarantors, and nonguarantors. Condensed Consolidating Statements of Comprehensive Income Three months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ (4 ) $ — $ 1,712 $ — $ 1,708 Interest and fees on finance receivables and loans — intercompany 3 — 2 (5 ) — Interest on loans held-for-sale — — 4 — 4 Interest and dividends on investment securities and other earning assets — — 198 — 198 Interest on cash and cash equivalents 2 — 16 — 18 Interest-bearing cash — intercompany 1 — 3 (4 ) — Operating leases 1 — 367 — 368 Total financing revenue and other interest income 3 — 2,302 (9 ) 2,296 Interest expense Interest on deposits — — 462 — 462 Interest on short-term borrowings 12 — 17 — 29 Interest on long-term debt 250 — 201 — 451 Interest on intercompany debt 5 — 4 (9 ) — Total interest expense 267 — 684 (9 ) 942 Net depreciation expense on operating lease assets 2 — 245 — 247 Net financing (loss) revenue (266 ) — 1,373 — 1,107 Cash dividends from subsidiaries Bank subsidiary 550 550 — (1,100 ) — Nonbank subsidiaries 88 — — (88 ) — Other revenue Insurance premiums and service revenue earned — — 258 — 258 Gain on mortgage and automotive loans, net 16 — 1 — 17 Other gain on investments, net — — 22 — 22 Other income, net of losses 105 — 187 (191 ) 101 Total other revenue 121 — 468 (191 ) 398 Total net revenue 493 550 1,841 (1,379 ) 1,505 Provision for loan losses 30 — 203 — 233 Noninterest expense Compensation and benefits expense 19 — 255 — 274 Insurance losses and loss adjustment expenses — — 77 — 77 Other operating expenses 175 — 472 (191 ) 456 Total noninterest expense 194 — 804 (191 ) 807 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 269 550 834 (1,188 ) 465 Income tax (benefit) expense from continuing operations (88 ) — 179 — 91 Net income from continuing operations 357 550 655 (1,188 ) 374 Income (loss) from discontinued operations, net of tax — — — — — Undistributed (loss) income of subsidiaries Bank subsidiary (31 ) (31 ) — 62 — Nonbank subsidiaries 48 — — (48 ) — Net income 374 519 655 (1,174 ) 374 Other comprehensive loss, net of tax (133 ) (104 ) (133 ) 237 (133 ) Comprehensive income $ 241 $ 415 $ 522 $ (937 ) $ 241 Three months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ 13 $ — $ 1,473 $ — $ 1,486 Interest and fees on finance receivables and loans — intercompany 2 — 1 (3 ) — Interest and dividends on investment securities and other earning assets — — 157 — 157 Interest on cash and cash equivalents 2 — 9 — 11 Interest-bearing cash — intercompany 1 — 2 (3 ) — Operating leases 3 — 431 — 434 Total financing revenue and other interest income 21 — 2,073 (6 ) 2,088 Interest expense Interest on deposits — — 286 (1 ) 285 Interest on short-term borrowings 16 — 18 — 34 Interest on long-term debt 278 — 138 — 416 Interest on intercompany debt 3 — 2 (5 ) — Total interest expense 297 — 444 (6 ) 735 Net depreciation expense on operating lease assets 3 — 269 — 272 Net financing (loss) revenue (279 ) — 1,360 — 1,081 Cash dividends from subsidiaries Bank subsidiary 2,900 2,900 — (5,800 ) — Nonbank subsidiaries 101 — — (101 ) — Other revenue Insurance premiums and service revenue earned — — 252 — 252 Gain on mortgage and automotive loans, net 9 — 6 — 15 Other gain on investments, net — — 23 — 23 Other income, net of losses 137 — 196 (242 ) 91 Total other revenue 146 — 477 (242 ) 381 Total net revenue 2,868 2,900 1,837 (6,143 ) 1,462 Provision for loan losses 161 — 153 — 314 Noninterest expense Compensation and benefits expense 17 — 247 — 264 Insurance losses and loss adjustment expenses — — 65 — 65 Other operating expenses 208 — 459 (243 ) 424 Total noninterest expense 225 — 771 (243 ) 753 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 2,482 2,900 913 (5,900 ) 395 Income tax (benefit) expense from continuing operations (135 ) — 250 — 115 Net income from continuing operations 2,617 2,900 663 (5,900 ) 280 Income (loss) from discontinued operations, net of tax 4 — (2 ) — 2 Undistributed (loss) income of subsidiaries Bank subsidiary (2,524 ) (2,524 ) — 5,048 — Nonbank subsidiaries 185 — — (185 ) — Net income 282 376 661 (1,037 ) 282 Other comprehensive income, net of tax 48 36 51 (87 ) 48 Comprehensive income $ 330 $ 412 $ 712 $ (1,124 ) $ 330 Nine months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ 6 $ — $ 4,892 $ — $ 4,898 Interest and fees on finance receivables and loans — intercompany 9 — 4 (13 ) — Interest on loans held-for-sale — — 10 — 10 Interest and dividends on investment securities and other earning assets — — 563 (1 ) 562 Interest on cash and cash equivalents 6 — 44 — 50 Interest-bearing cash — intercompany 5 — 7 (12 ) — Operating leases 4 — 1,120 — 1,124 Total financing revenue and other interest income 30 — 6,640 (26 ) 6,644 Interest expense Interest on deposits — — 1,212 — 1,212 Interest on short-term borrowings 32 — 69 — 101 Interest on long-term debt 765 — 531 — 1,296 Interest on intercompany debt 12 — 14 (26 ) — Total interest expense 809 — 1,826 (26 ) 2,609 Net depreciation expense on operating lease assets 7 — 778 — 785 Net financing (loss) revenue (786 ) — 4,036 — 3,250 Cash dividends from subsidiaries Bank subsidiary 2,050 2,050 — (4,100 ) — Nonbank subsidiaries 389 — — (389 ) — Other revenue Insurance premiums and service revenue earned — — 753 — 753 Gain on mortgage and automotive loans, net 44 — 3 (28 ) 19 Other gain on investments, net — — 37 — 37 Other income, net of losses 301 — 593 (587 ) 307 Total other revenue 345 — 1,386 (615 ) 1,116 Total net revenue 1,998 2,050 5,422 (5,104 ) 4,366 Provision for loan losses 143 — 537 (28 ) 652 Noninterest expense Compensation and benefits expense 67 — 805 — 872 Insurance losses and loss adjustment expenses — — 241 — 241 Other operating expenses 530 — 1,404 (587 ) 1,347 Total noninterest expense 597 — 2,450 (587 ) 2,460 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 1,258 2,050 2,435 (4,489 ) 1,254 Income tax (benefit) expense from continuing operations (210 ) — 490 — 280 Net income from continuing operations 1,468 2,050 1,945 (4,489 ) 974 (Loss) income from discontinued operations, net of tax (2 ) — 1 — (1 ) Undistributed (loss) income of subsidiaries Bank subsidiary (576 ) (576 ) — 1,152 — Nonbank subsidiaries 83 — — (83 ) — Net income 973 1,474 1,946 (3,420 ) 973 Other comprehensive loss, net of tax (531 ) (436 ) (546 ) 982 (531 ) Comprehensive income $ 442 $ 1,038 $ 1,400 $ (2,438 ) $ 442 Nine months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing (loss) revenue and other interest income Interest and fees on finance receivables and loans $ (57 ) $ — $ 4,358 $ — $ 4,301 Interest and fees on finance receivables and loans — intercompany 10 — 5 (15 ) — Interest and dividends on investment securities and other earning assets — — 439 (2 ) 437 Interest on cash and cash equivalents 6 — 17 — 23 Interest-bearing cash — intercompany 1 — 5 (6 ) — Operating leases 9 — 1,456 — 1,465 Total financing (loss) revenue and other interest income (31 ) — 6,280 (23 ) 6,226 Interest expense Interest on deposits 2 — 765 (1 ) 766 Interest on short-term borrowings 52 — 42 — 94 Interest on long-term debt 834 — 423 — 1,257 Interest on intercompany debt 12 — 10 (22 ) — Total interest expense 900 — 1,240 (23 ) 2,117 Net depreciation expense on operating lease assets 8 — 974 — 982 Net financing (loss) revenue (939 ) — 4,066 — 3,127 Cash dividends from subsidiaries Bank subsidiary 2,900 2,900 — (5,800 ) — Nonbank subsidiaries 528 — — (528 ) — Other revenue Insurance premiums and service revenue earned — — 720 — 720 Gain on mortgage and automotive loans, net 39 — 26 — 65 Other gain on investments, net — — 73 — 73 Other income, net of losses 568 — 630 (891 ) 307 Total other revenue 607 — 1,449 (891 ) 1,165 Total net revenue 3,096 2,900 5,515 (7,219 ) 4,292 Provision for loan losses 350 — 504 — 854 Noninterest expense Compensation and benefits expense 157 — 657 — 814 Insurance losses and loss adjustment expenses — — 278 — 278 Other operating expenses 709 — 1,431 (891 ) 1,249 Total noninterest expense 866 — 2,366 (891 ) 2,341 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 1,880 2,900 2,645 (6,328 ) 1,097 Income tax (benefit) expense from continuing operations (362 ) — 712 — 350 Net income from continuing operations 2,242 2,900 1,933 (6,328 ) 747 Income (loss) from discontinued operations, net of tax 6 — (5 ) — 1 Undistributed (loss) income of subsidiaries Bank subsidiary (1,760 ) (1,760 ) — 3,520 — Nonbank subsidiaries 260 — — (260 ) — Net income 748 1,140 1,928 (3,068 ) 748 Other comprehensive income, net of tax 144 91 140 (231 ) 144 Comprehensive income $ 892 $ 1,231 $ 2,068 $ (3,299 ) $ 892 Condensed Consolidating Balance Sheet September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Assets Cash and cash equivalents Noninterest-bearing $ 50 $ — $ 752 $ — $ 802 Interest-bearing 5 — 2,965 — 2,970 Interest-bearing — intercompany 913 — 569 (1,482 ) — Total cash and cash equivalents 968 — 4,286 (1,482 ) 3,772 Equity securities — — 514 — 514 Available-for-sale securities — — 24,122 — 24,122 Held-to-maturity securities — — 2,269 (23 ) 2,246 Loans held-for-sale, net — — 425 — 425 Finance receivables and loans, net Finance receivables and loans, net 4,379 — 122,226 — 126,605 Intercompany loans to Nonbank subsidiaries 821 — 405 (1,226 ) — Allowance for loan losses (98 ) — (1,150 ) — (1,248 ) Total finance receivables and loans, net 5,102 — 121,481 (1,226 ) 125,357 Investment in operating leases, net 7 — 8,571 — 8,578 Intercompany receivables from Bank subsidiary 113 — — (113 ) — Nonbank subsidiaries 44 — 121 (165 ) — Investment in subsidiaries Bank subsidiary 16,057 16,057 — (32,114 ) — Nonbank subsidiaries 6,999 — — (6,999 ) — Premiums receivable and other insurance assets — — 2,291 — 2,291 Other assets 2,220 — 4,999 (1,423 ) 5,796 Total assets $ 31,510 $ 16,057 $ 169,079 $ (43,545 ) $ 173,101 Liabilities Deposit liabilities Noninterest-bearing $ — $ — $ 180 $ — $ 180 Interest-bearing 3 — 101,196 — 101,199 Interest-bearing — intercompany — — 913 (913 ) — Total deposit liabilities 3 — 102,289 (913 ) 101,379 Short-term borrowings 2,575 — 4,763 — 7,338 Long-term debt 14,111 — 31,431 — 45,542 Intercompany debt to Bank subsidiary 23 — — (23 ) — Nonbank subsidiaries 974 — 821 (1,795 ) — Intercompany payables to Bank subsidiary 45 — — (45 ) — Nonbank subsidiaries 117 — 81 (198 ) — Interest payable 242 — 470 — 712 Unearned insurance premiums and service revenue — — 3,020 — 3,020 Accrued expenses and other liabilities 335 — 3,148 (1,458 ) 2,025 Total liabilities 18,425 — 146,023 (4,432 ) 160,016 Total equity 13,085 16,057 23,056 (39,113 ) 13,085 Total liabilities and equity $ 31,510 $ 16,057 $ 169,079 $ (43,545 ) $ 173,101 December 31, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Assets Cash and cash equivalents Noninterest-bearing $ 74 $ — $ 770 $ — $ 844 Interest-bearing 5 — 3,403 — 3,408 Interest-bearing — intercompany 1,138 — 695 (1,833 ) — Total cash and cash equivalents 1,217 — 4,868 (1,833 ) 4,252 Equity securities — — 518 — 518 Available-for-sale securities — — 22,303 — 22,303 Held-to-maturity securities — — 1,973 (74 ) 1,899 Loans held-for-sale, net — — 108 — 108 Finance receivables and loans, net Finance receivables and loans, net 7,434 — 115,459 — 122,893 Intercompany loans to Nonbank subsidiaries 879 — 408 (1,287 ) — Allowance for loan losses (185 ) — (1,091 ) — (1,276 ) Total finance receivables and loans, net 8,128 — 114,776 (1,287 ) 121,617 Investment in operating leases, net 19 — 8,722 — 8,741 Intercompany receivables from Bank subsidiary 80 — — (80 ) — Nonbank subsidiaries 71 — 77 (148 ) — Investment in subsidiaries Bank subsidiary 16,962 16,962 — (33,924 ) — Nonbank subsidiaries 8,111 — — (8,111 ) — Premiums receivable and other insurance assets — — 2,082 (35 ) 2,047 Other assets 2,207 — 5,105 (1,649 ) 5,663 Total assets $ 36,795 $ 16,962 $ 160,532 $ (47,141 ) $ 167,148 Liabilities Deposit liabilities Noninterest-bearing $ — $ — $ 108 $ — $ 108 Interest-bearing 12 — 93,136 — 93,148 Interest-bearing — intercompany — — 1,139 (1,139 ) — Total deposit liabilities 12 — 94,383 (1,139 ) 93,256 Short-term borrowings 3,171 — 8,242 — 11,413 Long-term debt 17,966 — 26,260 — 44,226 Intercompany debt to Bank subsidiary 74 — — (74 ) — Nonbank subsidiaries 1,103 — 879 (1,982 ) — Intercompany payables to Bank subsidiary 4 — — (4 ) — Nonbank subsidiaries 132 — 127 (259 ) — Interest payable 200 — 175 — 375 Unearned insurance premiums and service revenue — — 2,604 — 2,604 Accrued expenses and other liabilities 639 — 2,790 (1,649 ) 1,780 Total liabilities 23,301 — 135,460 (5,107 ) 153,654 Total equity 13,494 16,962 25,072 (42,034 ) 13,494 Total liabilities and equity $ 36,795 $ 16,962 $ 160,532 $ (47,141 ) $ 167,148 Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Operating activities Net cash provided by operating activities $ 1,417 $ 2,050 $ 4,366 $ (4,489 ) $ 3,344 Investing activities Purchases of equity securities — — (652 ) — (652 ) Proceeds from sales of equity securities — — 715 — 715 Purchases of available-for-sale securities — — (5,669 ) — (5,669 ) Proceeds from sales of available-for-sale securities — — 637 — 637 Proceeds from repayments of available-for-sale securities — — 2,509 — 2,509 Purchases of held-to-maturity securities — — (436 ) — (436 ) Proceeds from repayments of held-to-maturity securities — — 107 — 107 Net change in investment securities — intercompany — — 51 (51 ) — Purchases of finance receivables and loans held-for-investment (131 ) — (5,577 ) 930 (4,778 ) Proceeds from sales of finance receivables and loans initially held-for-investment 983 — — (930 ) 53 Originations and repayments of finance receivables and loans held-for-investment and other, net 2,092 — (2,650 ) — (558 ) Net change in loans — intercompany 45 — (6 ) (39 ) — Purchases of operating lease assets — — (2,991 ) — (2,991 ) Disposals of operating lease assets 9 — 2,452 — 2,461 Capital contributions to subsidiaries (58 ) (6 ) — 64 — Returns of contributed capital 222 — — (222 ) — Net change in nonmarketable equity investments (14 ) — 11 — (3 ) Other, net 1 — (241 ) (1 ) (241 ) Net cash provided by (used in) investing activities 3,149 (6 ) (11,740 ) (249 ) (8,846 ) Financing activities Net change in short-term borrowings — third party (596 ) — (3,478 ) — (4,074 ) Net (decrease) increase in deposits (9 ) — 7,846 226 8,063 Proceeds from issuance of long-term debt — third party 51 — 14,705 — 14,756 Repayments of long-term debt — third party (3,393 ) — (9,601 ) — (12,994 ) Net change in debt — intercompany (143 ) — (73 ) 216 — Repurchase of common stock (630 ) — — — (630 ) Dividends paid — third party (179 ) — — — (179 ) Dividends paid and returns of contributed capital — intercompany — (2,050 ) (2,661 ) 4,711 — Capital contributions from parent — 6 58 (64 ) — Net cash (used in) provided by financing activities (4,899 ) (2,044 ) 6,796 5,089 4,942 Effect of exchange-rate changes on cash and cash equivalents — — (2 ) — (2 ) Net decrease in cash and cash equivalents and restricted cash (333 ) — (580 ) 351 (562 ) Cash and cash equivalents and restricted cash at beginning of year 1,395 — 5,707 (1,833 ) 5,269 Cash and cash equivalents and restricted cash at September 30, $ 1,062 $ — $ 5,127 $ (1,482 ) $ 4,707 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows. September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet $ 968 $ — $ 4,286 $ (1,482 ) $ 3,772 Restricted cash included in other assets on the Condensed Consolidated Balance Sheet (a) 94 — 841 — 935 Total cash and cash equivalents and restricted cash as disclosed in the Condensed Consolidated Statement of Cash Flows $ 1,062 $ — $ 5,127 $ (1,482 ) $ 4,707 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances. Nine months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Operating activities Net cash provided by operating activities $ 3,701 $ 2,900 $ 3,019 $ (6,247 ) $ 3,373 Investing activities Purchases of equity securities — — (612 ) — (612 ) Proceeds from sales of equity securities — — 728 — 728 Purchases of available-for-sale securities — — (8,410 ) — (8,410 ) Proceeds from sales of available-for-sale securities — — 2,198 — 2,198 Proceeds from repayments of available-for-sale securities — — 2,002 — 2,002 Purchases of held-to-maturity securities — — (709 ) — (709 ) Proceeds from repayments of held-to-maturity securities — — 32 — 32 Net change in investment securities — intercompany 7 — 281 (288 ) — Purchases of finance receivables and loans held-for-investment (35 ) — (3,090 ) — (3,125 ) Proceeds from sales of finance receivables and loans initially held-for-investment 96 — 1,227 — 1,323 Originations and repayments of finance receivables and loans held-for-investment and other, net 259 — 2,718 (1,956 ) 1,021 Net change in loans — intercompany 2,159 — 232 (2,391 ) — Purchases of operating lease assets — — (2,844 ) — (2,844 ) Disposals of operating lease assets 7 — 4,402 — 4,409 Capital contributions to subsidiaries (1,200 ) — — 1,200 — Returns of contributed capital 1,031 — — (1,031 ) — Net change in nonmarketable equity investments — — (20 ) — (20 ) Other, net (20 ) — (39 ) (96 ) (155 ) Net cash provided by (used in) investing activities 2,304 — (1,904 ) (4,562 ) (4,162 ) Financing activities Net change in short-term borrowings — third party (245 ) — (2,255 ) — (2,500 ) Net (decrease) increase in deposits (153 ) — 12,698 (1,495 ) 11,050 Proceeds from issuance of long-term debt — third party 355 — 10,986 1,961 13,302 Repayments of long-term debt — third party (4,125 ) — (18,251 ) — (22,376 ) Net change in debt — intercompany (366 ) — (2,166 ) 2,532 — Repurchase of common stock (563 ) — — — (563 ) Dividends paid — third party (130 ) — — — (130 ) Dividends paid and returns of contributed capital — intercompany — (2,900 ) (4,459 ) 7,359 — Capital contributions from parent — — 1,200 (1,200 ) — Net cash used in financing activities (5,227 ) (2,900 ) (2,247 ) 9,157 (1,217 ) Effect of exchange-rate changes on cash and cash equivalents — — 3 — 3 Net increase (decrease) in cash and cash equivalents and restricted cash 778 — (1,129 ) (1,652 ) (2,003 ) Cash and cash equivalents and restricted cash at beginning of year 989 — 7,293 (401 ) 7,881 Cash and cash equivalents and restricted cash at September 30, $ 1,767 $ — $ 6,164 $ (2,053 ) $ 5,878 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows. September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet $ 1,574 $ — $ 4,903 $ (2,053 ) $ 4,424 Restricted cash included in other assets on the Condensed Consolidated Balance Sheet (a) 193 — 1,261 — 1,454 Total cash and cash equivalents and restricted cash as disclosed in the Condensed Consolidated Statement of Cash Flows $ 1,767 $ — $ 6,164 $ (2,053 ) $ 5,878 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances. |
Contingencies and Other Risks
Contingencies and Other Risks | 9 Months Ended |
Sep. 30, 2018 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure | Contingencies and Other Risks Legal Matters Ally and its subsidiaries, including Ally Bank, are or may be subject to potential liability in connection with pending or threatened legal proceedings and other matters. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages. We accrue for a legal matter when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC 450, Contingencies . The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when threatened or pending legal matters will be resolved and what losses may be incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters, possibly to a significant degree. Descriptions of our material legal matters follow. We do not believe, however, that an estimate of reasonably possible losses or a range of reasonably possible losses—whether in excess of any related accrual or where no accrual exists—can be made for any of these matters for some or all of the reasons identified in the preceding paragraph. Securities Litigation In October 2016, a purported class action—Bucks County Employees Retirement Fund v. Ally Financial Inc. et al.—was filed in the Circuit Court for Wayne County in the State of Michigan (Case No. 16-013616-CZ). The complaint alleges material misstatements and omissions in connection with Ally’s initial public offering in April 2014, including a failure to adequately disclose the severity of rising subprime automotive loan delinquency rates, deficient underwriting measures employed in the origination of subprime automotive loans, and aggressive tactics used with low-income borrowers. The request for relief includes an indeterminate amount of damages, fees, and costs and other remedies. In January 2017, another purported class action—National Shopmen Pension Fund v. Ally Financial Inc. et al.—was filed in the Circuit Court for Oakland County in the State of Michigan (Case No. 2017-156719-CB). In March 2017, a third purported class action—James McIntire v. Ally Financial Inc. et al.—was filed in the Circuit Court for Wayne County in the State of Michigan (Case No. 17-003811-CZ). The allegations and requested relief in the National Shopmen Pension Fund and James McIntire complaints are substantially similar to those included in the complaint filed by Bucks County Employees Retirement Fund. All three matters were initially removed to the U.S. District Court for the Eastern District of Michigan, were then remanded back to the state circuit courts, and have been consolidated for discovery in Wayne County Circuit Court as In re Ally Financial, Inc. Securities Litigation (Case No. 16-013616-CB). In November 2017, the plaintiffs filed a consolidated amended complaint. A motion for summary disposition and discovery requests are pending. We intend to vigorously defend against each of these 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 U.S. Department of Justice requesting similar information. In May 2015 and December 2016, we received information requests from the New York Department of Financial Services requesting similar information. We responded timely to each of the requests. Other Contingencies Ally and its subsidiaries, including Ally Bank, are or may be subject to potential liability under various other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment. No assurance exists that our accruals will not need to be adjusted in the future, and actual losses may be higher or lower than any amounts accrued or estimated for those exposures, possibly to a significant degree. On the basis of information currently available, we do not believe that these other contingent exposures will be material to our consolidated financial condition, results of operations, or cash flows. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information related to our policy for establishing reserves for legal and regulatory matters. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Quarterly Dividend On October 9, 2018 , the Board declared a quarterly cash dividend of $0.15 per share on all common stock. The dividend is payable on November 15, 2018 , to stockholders of record at the close of business on November 1, 2018. |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | 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. 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. |
Investment, Policy | Our investment portfolio includes various debt and equity securities. Our debt securities include government securities, corporate bonds, asset-backed securities (ABS), and mortgage-backed securities (MBS). Debt securities are classified based on management’s intent to sell or hold the security. We classify debt securities as held-to-maturity only when we have both the intent and ability to hold the securities to maturity. We classify debt securities as trading when the securities are acquired for the purpose of selling or holding them for a short period of time. Debt securities not classified as either held-to-maturity or trading are classified as available-for-sale. Our portfolio includes debt securities classified as available-for-sale and held-to-maturity. Our available-for-sale debt securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income and are subject to impairment. Our held-to-maturity debt securities are carried at amortized cost and are subject to impairment. We assess our available-for-sale and held-to-maturity debt 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 securities. 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, for debt securities classified as available-for-sale, 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 Condensed Consolidated Statement of Comprehensive Income, and a new cost basis in the investment is established. The noncredit loss component of a debt security continues to be recorded in other comprehensive (loss) income 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. Both the credit and noncredit loss components are recorded in earnings when we intend to sell the security or it is more likely than not that we will have to sell the security prior to the security’s anticipated recovery. Subsequent increases and decreases to the fair value of available-for-sale debt securities are included in other comprehensive (loss) income, so long as they are not attributable to another other-than-temporary impairment. 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. Our investment in equity securities includes securities that are recognized at fair value with changes in the fair value recorded in earnings, and equity securities that are recognized using other measurement principles. Effective January 1, 2018, equity securities that have a readily determinable fair value, as well as certain investments that do not have a readily determinable fair value and are not eligible to be recognized using other measurement principles, are recorded at fair value with changes in fair value recorded in earnings and reported in other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income . These investments, which are primarily attributable to the investment portfolio of our Insurance operations, are included in equity securities on our Condensed Consolidated Balance Sheet . Refer to Note 6 for further information on our equity securities that have a readily determinable market value. Our equity securities recognized using other measurement principles include investments in Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock held to meet regulatory requirements, equity investments related to low income housing tax credits and the Community Reinvestment Act (CRA), which do not have a readily determinable fair value, and other equity investments that do not have a readily determinable fair value. Our low income housing tax credit investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments. Our obligations related to unfunded commitments for our low income housing tax credit investments are included in other liabilities. The majority of our CRA investments are accounted for using the equity method of accounting. Our investments in low income housing tax credits and CRA investments are included in other assets on our Condensed Consolidated Balance Sheet. Our investments in FHLB and FRB stock are carried at cost, less impairment. Our remaining investments in equity securities are recorded at cost, less impairment and adjusted for observable price changes under the measurement alternative provided under GAAP. These investments, along with our investments in FHLB and FRB stock, are included in nonmarketable equity investments in other assets on our Condensed Consolidated Balance Sheet. As conditions warrant, we review these investments for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Investments recorded under the measurement alternative are also reviewed at each reporting period to determine if any adjustments are required for observable price changes in identical or similar securities of the same issuer. Realized gains and losses on the sale of securities are determined using the specific identification method and are reported in other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income. |
Derivatives, Policy | We use derivative instruments primarily for risk-management purposes. We do not use derivative instruments for speculative purposes. Certain of our derivative instruments are designated as accounting hedges in qualifying relationships, whereas other derivative instruments have not been designated as accounting hedges. 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. We have elected to report the fair value of derivative assets and liabilities on a gross basis—including the fair value for the right to reclaim cash collateral or the obligation to return cash collateral—arising from instruments executed with the same counterparty under a master netting arrangement where we do not have the intent to offset. For additional information on derivative instruments and hedging activities, refer to Note 17 . At the inception of a hedge accounting relationship, we designate each qualifying hedge relationship 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, or forecasted 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, as well as the risk-management objectives for undertaking various hedge transactions. Both at hedge 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 the fair values or cash flows of hedged items. Changes in the fair value of derivative instruments qualifying as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in current period earnings. For qualifying cash flow hedges, the changes in fair value of the derivative financial instruments are recorded in accumulated other comprehensive loss 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 loss as part of the cumulative translation adjustment. Hedge accounting treatment is no longer applied if a derivative financial instrument is terminated, or if the hedge designation is removed or assessed to be no longer highly effective. For 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 loss, and are reclassified into earnings in the same period that the hedged cash flows affect earnings. Any previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive loss 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 as accounting hedges under GAAP are reported in current period earnings. |
Income Tax, Policy | In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Standards Statement of Cash Flows — Restricted Cash (ASU 2016-18) As of December 31, 2017, we elected to early-adopt Accounting Standards Update (ASU) 2016-18. The amendments in this update require that amounts classified as restricted cash and restricted cash equivalents be included within the beginning-of-period and end-of-period amounts along with cash and cash equivalents on the statement of cash flows. The amendments were applied retrospectively to all periods presented within the statement of cash flows. The implementation of this guidance resulted in a change in presentation of our Condensed Consolidated Statement of Cash Flows and additional disclosures surrounding restricted cash balances, but did not result in a change to our Condensed Consolidated Statement of Comprehensive Income or Condensed Consolidated Balance Sheet. Revenue from Contracts with Customers (ASU 2014-09) 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. 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 core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. The FASB issued several additional ASUs to clarify guidance and provide implementation support for ASU 2014-09. The clarifying guidance elaborates on the key concepts within ASU 2014-09 and clarifies how those concepts interact with other GAAP requirements. On January 1, 2018, we adopted ASU 2014-09 and all subsequent ASUs that modified ASU 2014-09 (collectively, the amendments to the revenue recognition principles), which have been codified in ASC 606, Revenue from Contracts with Customers, and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , respectively. We elected to adopt this guidance using the modified retrospective approach applied to all contracts with customers that were not completed as of January 1, 2018. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $126 million , net of income taxes. Refer to Note 2 for further details. Financial Instruments — Recognition and Measurement of Financial Assets (ASU 2016-01) As of January 1, 2018, we adopted 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 operations. The FASB subsequently issued ASU 2018-03 to clarify guidance and provide implementation support for ASU 2016-01, which we elected to early-adopt as of January 1, 2018, to align with the adoption of ASU 2016-01. 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. Changes in fair value for equity securities are no longer recognized through other comprehensive (loss) income , which creates additional volatility in our Condensed Consolidated Statement of Comprehensive Income. Reporting entities may continue to elect to measure certain equity investments that 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 (loss) income and not as a component of net income. We adopted these amendments, as required, on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $20 million , net of income taxes. Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12) As of January 1, 2018, we elected to early-adopt ASU 2017-12. The amendments in this update enhance the financial reporting of hedging relationships to better align hedge accounting with an entity’s risk-management activities. This update also makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP and better portrays economic results through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. We adopted the amendments to all cash flow and net investment hedge relationships that existed on the date of adoption using a modified retrospective approach. No cumulative effect adjustment to our opening retained earnings was required as a result of the adoption. The presentation and disclosure requirements included in this update were adopted prospectively. Refer to Note 17 for further details. Accumulated Other Comprehensive Income — Reclassification of Certain Tax Effects (ASU 2018-02) In February 2018, the FASB issued ASU 2018-02. The amendments in this update provide guidance concerning the treatment of the impact of income tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the Tax Act) on items included in accumulated other comprehensive income. Our policy is to use the portfolio method with respect to reclassification of stranded income tax effects in accumulated other comprehensive loss. The amendments in ASU 2018-02 provide entities an election to reclassify the income tax effect of the Tax Act from accumulated other comprehensive income to retained earnings. We elected to early-adopt this standard as of January 1, 2018, and reclassified the effect of the change in the federal corporate income tax rate on items included in accumulated other comprehensive loss. This election resulted in a reclassification of $42 million from accumulated other comprehensive loss to retained earnings. Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) In August 2018 , t he FASB issued ASU 2018-13. The amendments in this update modify, remove, and add certain disclosure requirements for fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The ASU is effective on January 1, 2020, and early adoption is permitted. The amendments include (i) the removal of certain disclosure requirements related to transfers between fair value input levels and the valuation process for Level 3 fair value measurements, (ii) modification of the disclosures on measurement uncertainty and certain disclosures related to investments in entities that calculate net asset value, and (iii) additional disclosure requirements related to changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The modification of the narrative disclosure on measurement uncertainty, the disclosure of changes in unrealized gains and losses, and disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We elected to early-adopt the amendments that allow for removal and modification of certain disclosure requirements as of September 30, 2018. Refer to Note 19 for further details. We plan to adopt the amendments that require additional fair value measurement disclosures on January 1, 2020, and are currently evaluating the impact these amendments will have to our financial statements. Recently Issued Accounting Standards Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales-type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors. The amendments also require additional disclosures for all lease types for both lessees and lessors. The FASB has subsequently issued additional ASUs intended to clarify guidance, provide implementation support, and provide an additional transition election. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied on a modified retrospective basis, and we anticipate selecting the transition option that will allow us to record a cumulative adjustment as of the adoption date. We are completing our review of lease contracts and ensuring our control environment and reporting processes reflect the requirements of the amendments. Upon adoption, our balance sheet will include a right-of-use asset and lease liability for our operating leases where we are the lessee, which primarily include our facilities leases. In addition, we will no longer capitalize certain initial direct costs in connection with lease originations where we are the lessor. We anticipate electing certain practical expedients permitted within the ASU that would allow us to not reassess (i) current lease classifications, (ii) whether existing contracts meet the definition of a lease under the amendments to the lease guidance, and (iii) whether current initial direct costs meet the new criteria for capitalization, for all existing leases as of the adoption date. We do not anticipate the adoption of these amendments will have a material impact to our financial statements. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as currently required. Financial Instruments — Credit Losses (ASU 2016-13) In June 2016, the FASB issued ASU 2016-13. The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. Credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. In effect, the financial asset or group of financial assets should be presented at the net amount expected to be collected. Credit losses will no longer be recorded under the current incurred loss model for financial assets measured at amortized cost. The amendments also modify the accounting for available-for-sale debt securities whereby credit losses will be recorded through an allowance for credit losses rather than a write-down to the security’s cost basis, which allows for reversals of credit losses when estimated credit losses decline. Credit losses for available-for-sale debt securities should be measured in a manner similar to current GAAP. The amendments are effective on January 1, 2020, with early adoption permitted as of January 1, 2019. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. The new accounting model for credit losses represents a significant departure from existing GAAP, and will likely materially increase the allowance for credit losses with a resulting negative adjustment to retained earnings. The amount of the change in the allowance for credit losses will also be impacted by the composition of our portfolio at the adoption date, as well as economic conditions and forecasts at that time. Management created a cross-functional working group to govern the implementation of these amendments, including consideration of model development, data integrity, technology, reporting and disclosure requirements, key accounting interpretations, control environment, and corporate governance. We are in the process of designing and building the models and procedures that will be used to calculate the credit loss reserves in accordance with these amendments. We plan to adopt these amendments on January 1, 2020, and expect to use the modified retrospective approach as required. Receivables — Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08) In March 2017, the FASB issued ASU 2017-08. The amendments in this update require premiums on purchased callable debt securities to be amortized to the security’s earliest call date. Prior to this ASU, premiums and discounts on purchased callable debt securities were generally required to be amortized to the security’s maturity date. The amendments do not require an accounting change for securities held at a discount. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. While our assessment is not final, we do not expect the amendments to have a material impact to our financial statements and are currently in the process of ensuring our control environment and reporting processes reflect the requirements of the amendments. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. |
Accounting Standards Update 2016-18 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | As of December 31, 2017, we elected to early-adopt Accounting Standards Update (ASU) 2016-18. The amendments in this update require that amounts classified as restricted cash and restricted cash equivalents be included within the beginning-of-period and end-of-period amounts along with cash and cash equivalents on the statement of cash flows. The amendments were applied retrospectively to all periods presented within the statement of cash flows. The implementation of this guidance resulted in a change in presentation of our Condensed Consolidated Statement of Cash Flows and additional disclosures surrounding restricted cash balances, but did not result in a change to our Condensed Consolidated Statement of Comprehensive Income or Condensed Consolidated Balance Sheet. |
Accounting Standards Update 2014-09 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | 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. 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 core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. The FASB issued several additional ASUs to clarify guidance and provide implementation support for ASU 2014-09. The clarifying guidance elaborates on the key concepts within ASU 2014-09 and clarifies how those concepts interact with other GAAP requirements. On January 1, 2018, we adopted ASU 2014-09 and all subsequent ASUs that modified ASU 2014-09 (collectively, the amendments to the revenue recognition principles), which have been codified in ASC 606, Revenue from Contracts with Customers, and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets , respectively. We elected to adopt this guidance using the modified retrospective approach applied to all contracts with customers that were not completed as of January 1, 2018. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $126 million , net of income taxes. Refer to Note 2 for further details. |
Accounting Standards Update 2016-01 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | As of January 1, 2018, we adopted 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 operations. The FASB subsequently issued ASU 2018-03 to clarify guidance and provide implementation support for ASU 2016-01, which we elected to early-adopt as of January 1, 2018, to align with the adoption of ASU 2016-01. 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. Changes in fair value for equity securities are no longer recognized through other comprehensive (loss) income , which creates additional volatility in our Condensed Consolidated Statement of Comprehensive Income. Reporting entities may continue to elect to measure certain equity investments that 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 (loss) income and not as a component of net income. We adopted these amendments, as required, on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $20 million , net of income taxes |
Accounting Standards Update 2017-12 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | As of January 1, 2018, we elected to early-adopt ASU 2017-12. The amendments in this update enhance the financial reporting of hedging relationships to better align hedge accounting with an entity’s risk-management activities. This update also makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP and better portrays economic results through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. We adopted the amendments to all cash flow and net investment hedge relationships that existed on the date of adoption using a modified retrospective approach. No cumulative effect adjustment to our opening retained earnings was required as a result of the adoption. The presentation and disclosure requirements included in this update were adopted prospectively. Refer to Note 17 for further details. |
Accounting Standards Update 2018-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In February 2018, the FASB issued ASU 2018-02. The amendments in this update provide guidance concerning the treatment of the impact of income tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the Tax Act) on items included in accumulated other comprehensive income. Our policy is to use the portfolio method with respect to reclassification of stranded income tax effects in accumulated other comprehensive loss. The amendments in ASU 2018-02 provide entities an election to reclassify the income tax effect of the Tax Act from accumulated other comprehensive income to retained earnings. We elected to early-adopt this standard as of January 1, 2018, and reclassified the effect of the change in the federal corporate income tax rate on items included in accumulated other comprehensive loss. This election resulted in a reclassification of $42 million from accumulated other comprehensive loss to retained earnings. |
Accounting Standards Update 2018-13 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In August 2018 , t he FASB issued ASU 2018-13. The amendments in this update modify, remove, and add certain disclosure requirements for fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The ASU is effective on January 1, 2020, and early adoption is permitted. The amendments include (i) the removal of certain disclosure requirements related to transfers between fair value input levels and the valuation process for Level 3 fair value measurements, (ii) modification of the disclosures on measurement uncertainty and certain disclosures related to investments in entities that calculate net asset value, and (iii) additional disclosure requirements related to changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The modification of the narrative disclosure on measurement uncertainty, the disclosure of changes in unrealized gains and losses, and disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We elected to early-adopt the amendments that allow for removal and modification of certain disclosure requirements as of September 30, 2018. Refer to Note 19 for further details. We plan to adopt the amendments that require additional fair value measurement disclosures on January 1, 2020, and are currently evaluating the impact these amendments will have to our financial statements. |
Accounting Standards Update 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In February 2016, the FASB issued ASU 2016-02. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales-type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors. The amendments also require additional disclosures for all lease types for both lessees and lessors. The FASB has subsequently issued additional ASUs intended to clarify guidance, provide implementation support, and provide an additional transition election. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied on a modified retrospective basis, and we anticipate selecting the transition option that will allow us to record a cumulative adjustment as of the adoption date. We are completing our review of lease contracts and ensuring our control environment and reporting processes reflect the requirements of the amendments. Upon adoption, our balance sheet will include a right-of-use asset and lease liability for our operating leases where we are the lessee, which primarily include our facilities leases. In addition, we will no longer capitalize certain initial direct costs in connection with lease originations where we are the lessor. We anticipate electing certain practical expedients permitted within the ASU that would allow us to not reassess (i) current lease classifications, (ii) whether existing contracts meet the definition of a lease under the amendments to the lease guidance, and (iii) whether current initial direct costs meet the new criteria for capitalization, for all existing leases as of the adoption date. We do not anticipate the adoption of these amendments will have a material impact to our financial statements. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as currently required. |
Accounting Standards Update 2016-13 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In June 2016, the FASB issued ASU 2016-13. The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. Credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. In effect, the financial asset or group of financial assets should be presented at the net amount expected to be collected. Credit losses will no longer be recorded under the current incurred loss model for financial assets measured at amortized cost. The amendments also modify the accounting for available-for-sale debt securities whereby credit losses will be recorded through an allowance for credit losses rather than a write-down to the security’s cost basis, which allows for reversals of credit losses when estimated credit losses decline. Credit losses for available-for-sale debt securities should be measured in a manner similar to current GAAP. The amendments are effective on January 1, 2020, with early adoption permitted as of January 1, 2019. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. The new accounting model for credit losses represents a significant departure from existing GAAP, and will likely materially increase the allowance for credit losses with a resulting negative adjustment to retained earnings. The amount of the change in the allowance for credit losses will also be impacted by the composition of our portfolio at the adoption date, as well as economic conditions and forecasts at that time. Management created a cross-functional working group to govern the implementation of these amendments, including consideration of model development, data integrity, technology, reporting and disclosure requirements, key accounting interpretations, control environment, and corporate governance. We are in the process of designing and building the models and procedures that will be used to calculate the credit loss reserves in accordance with these amendments. We plan to adopt these amendments on January 1, 2020, and expect to use the modified retrospective approach as required. |
Accounting Standards Update 2017-08 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In March 2017, the FASB issued ASU 2017-08. The amendments in this update require premiums on purchased callable debt securities to be amortized to the security’s earliest call date. Prior to this ASU, premiums and discounts on purchased callable debt securities were generally required to be amortized to the security’s maturity date. The amendments do not require an accounting change for securities held at a discount. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. While our assessment is not final, we do not expect the amendments to have a material impact to our financial statements and are currently in the process of ensuring our control environment and reporting processes reflect the requirements of the amendments. We plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. |
Fair Value Fair Value (Policies
Fair Value Fair Value (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | 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. 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. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table presents the impact to our Condensed Consolidated Balance Sheet as of January 1, 2018, as a result of adopting the amendments to the revenue recognition principles. ($ in millions) As reported, December 31, 2017 Adjustment related to adoption As adjusted, January 1, 2018 Assets Premiums receivable and other insurance assets $ 2,047 $ 122 $ 2,169 Other assets 5,663 41 5,704 Total assets $ 167,148 $ 163 $ 167,311 Liabilities Unearned insurance premiums and service revenue $ 2,604 $ 289 $ 2,893 Total liabilities 153,654 289 153,943 Equity Accumulated deficit (6,406 ) (126 ) (6,532 ) Total equity 13,494 (126 ) 13,368 Total liabilities and equity $ 167,148 $ 163 $ 167,311 |
Impact of ASU 2014-09 on Balance Sheet and Income Statement | The following tables present the impact of adopting the amendments to the revenue recognition principles to our Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Balance Sheet . Three months ended September 30, 2018 Nine months ended September 30, 2018 ($ in millions) As reported Effect of adoption As reported Effect of adoption Other revenue Insurance premiums and service revenue earned $ 258 $ (8 ) $ 753 $ (23 ) Total other revenue 398 (8 ) 1,116 (23 ) Total net revenue 1,505 (8 ) 4,366 (23 ) Noninterest expense Compensation and benefits expense 274 — 872 (2 ) Other operating expenses 456 (4 ) 1,347 (9 ) Total noninterest expense 807 (4 ) 2,460 (11 ) Income from continuing operations before income tax expense 465 (4 ) 1,254 (12 ) Income tax expense from continuing operations 91 (1 ) 280 (3 ) Net income from continuing operations 374 (3 ) 974 (9 ) Net income 374 (3 ) 973 (9 ) Comprehensive income $ 241 $ (3 ) $ 442 $ (9 ) September 30, 2018 ($ in millions) As reported Effect of adoption Assets Premiums receivable and other insurance assets $ 2,291 $ 133 Other assets 5,796 44 Total assets $ 173,101 $ 177 Liabilities Unearned insurance premiums and service revenue $ 3,020 $ 312 Total liabilities 160,016 312 Equity Accumulated deficit (5,716 ) (135 ) Total equity 13,085 (135 ) Total liabilities and equity $ 173,101 $ 177 |
Disaggregation of Revenue | The following table presents a disaggregated view of our revenue from contracts with customers included in other revenue that falls within the scope of the amendments to the revenue recognition principles. Three months ended September 30, 2018 ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated Revenue from contracts with customers Noninsurance contracts $ — $ 129 $ — $ — $ — $ 129 Remarketing fee income 19 — — — — 19 Brokerage commissions and other revenue — — — — 15 15 Brokered/agent commissions — 3 — — — 3 Deposit account and other banking fees — — — — 3 3 Other 4 — — — — 4 Total revenue from contracts with customers 23 132 — — 18 173 All other revenue 57 150 2 14 2 225 Total other revenue (a) $ 80 $ 282 $ 2 $ 14 $ 20 $ 398 (a) Represents a component of total net revenue. Refer to Note 21 for further information on our reportable operating segments. Nine months ended September 30, 2018 ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated Revenue from contracts with customers Noninsurance contracts $ — $ 377 $ — $ — $ — $ 377 Remarketing fee income 63 — — — — 63 Brokerage commissions and other revenue — — — — 46 46 Brokered/agent commissions — 11 — — — 11 Deposit account and other banking fees — — — — 9 9 Other 10 1 — — — 11 Total revenue from contracts with customers 73 389 — — 55 517 All other revenue 136 405 5 36 17 599 Total other revenue (a) $ 209 $ 794 $ 5 $ 36 $ 72 $ 1,116 (a) Represents a component of total net revenue. Refer to Note 21 for further information on our reportable operating segments. In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $27 million and $61 million for the three months and nine months ended September 30, 2018 , respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income . |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income, by Component | Details of other income, net of losses, were as follows. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Late charges and other administrative fees $ 29 $ 25 $ 83 $ 77 Remarketing fees 19 26 63 82 Servicing fees 5 11 21 41 Income from equity-method investments 5 7 18 12 Other, net 43 22 122 95 Total other income, net of losses $ 101 $ 91 $ 307 $ 307 |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Reserves for Insurance Losses and Loss Adjustment Expense [Abstract] | |
Short-Duration Insurance and Deposit Contracts | The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2018 2017 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 140 $ 149 Less: Reinsurance recoverable 108 108 Net reserves for insurance losses and loss adjustment expenses at January 1, 32 41 Net insurance losses and loss adjustment expenses incurred related to: Current year 235 276 Prior years (a) 6 2 Total net insurance losses and loss adjustment expenses incurred 241 278 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (205 ) (248 ) Prior years (27 ) (31 ) Total net insurance losses and loss adjustment expenses paid or payable (232 ) (279 ) Foreign exchange and other — 1 Net reserves for insurance losses and loss adjustment expenses at September 30, 41 41 Plus: Reinsurance recoverable 98 132 Total gross reserves for insurance losses and loss adjustment expenses at September 30, $ 139 $ 173 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Insurance commissions $ 113 $ 106 $ 332 $ 309 Technology and communications 75 72 220 212 Lease and loan administration 42 41 124 116 Advertising and marketing 38 33 106 96 Professional services 33 28 100 81 Regulatory and licensing fees 33 27 98 82 Vehicle remarketing and repossession 27 29 85 82 Premises and equipment depreciation 22 22 64 67 Occupancy 11 11 33 34 Non-income taxes 10 6 24 22 Amortization of intangible assets 2 2 8 8 Other 50 47 153 140 Total other operating expenses $ 456 $ 424 $ 1,347 $ 1,249 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale and held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity debt securities were as follows. September 30, 2018 December 31, 2017 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,007 $ — $ (103 ) $ 1,904 $ 1,831 $ — $ (54 ) $ 1,777 U.S. States and political subdivisions 887 4 (26 ) 865 850 11 (7 ) 854 Foreign government 158 — (3 ) 155 153 2 (1 ) 154 Agency mortgage-backed residential 16,641 2 (629 ) 16,014 14,412 35 (156 ) 14,291 Mortgage-backed residential 2,670 1 (110 ) 2,561 2,517 11 (34 ) 2,494 Mortgage-backed commercial 632 1 (2 ) 631 541 1 (1 ) 541 Asset-backed 735 1 (3 ) 733 933 4 (1 ) 936 Corporate debt 1,302 — (43 ) 1,259 1,262 5 (11 ) 1,256 Total available-for-sale securities (a) (b) (c) $ 25,032 $ 9 $ (919 ) $ 24,122 $ 22,499 $ 69 $ (265 ) $ 22,303 Held-to-maturity securities Debt securities Agency mortgage-backed residential (d) $ 2,197 $ — $ (107 ) $ 2,090 $ 1,863 $ 3 $ (37 ) $ 1,829 Asset-backed retained notes 49 — — 49 36 — — 36 Total held-to-maturity securities $ 2,246 $ — $ (107 ) $ 2,139 $ 1,899 $ 3 $ (37 ) $ 1,865 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both September 30, 2018 , and December 31, 2017. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 17 for additional information. (c) Available-for-sale securities with a fair value of $5.5 billion and $7.8 billion at September 30, 2018 , and December 31, 2017 , respectively, were pledged to secure advances from the FHLB, short-term borrowings or repurchase agreements, or for other purposes as required by contractual obligation or law. Under these agreements, we have granted the counterparty the right to sell or pledge $1.4 billion and $1.0 billion of the underlying investment securities at September 30, 2018 , and December 31, 2017 , respectively. (d) Held-to-maturity securities with a fair value of $992 million and $664 million at September 30, 2018 , and December 31, 2017, respectively, were pledged to secure advances from the FHLB. |
Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield September 30, 2018 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 1,904 1.9 % $ 7 1.7 % $ 932 1.9 % $ 965 1.9 % $ — — % U.S. States and political subdivisions 865 3.1 44 2.5 57 2.4 257 2.6 507 3.5 Foreign government 155 2.5 18 3.4 61 2.3 73 2.4 3 2.9 Agency mortgage-backed residential 16,014 3.2 — — — — 56 1.9 15,958 3.2 Mortgage-backed residential 2,561 3.2 — — — — — — 2,561 3.2 Mortgage-backed commercial 631 3.6 — — 3 3.0 46 3.6 582 3.6 Asset-backed 733 3.3 — — 533 3.3 99 3.7 101 3.0 Corporate debt 1,259 3.1 134 2.9 515 2.8 582 3.3 28 5.1 Total available-for-sale securities $ 24,122 3.1 $ 203 2.8 $ 2,101 2.5 $ 2,078 2.5 $ 19,740 3.3 Amortized cost of available-for-sale securities $ 25,032 $ 203 $ 2,154 $ 2,181 $ 20,494 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 2,197 3.2 % $ — — % $ — — % $ — — % $ 2,197 3.2 % Asset-backed retained notes 49 2.0 — — 48 2.0 1 3.3 — — Total held-to-maturity securities $ 2,246 3.1 $ — — $ 48 2.0 $ 1 3.3 $ 2,197 3.2 December 31, 2017 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 1,777 1.7 % $ — — % $ 487 1.7 % $ 1,290 1.8 % $ — — % U.S. States and political subdivisions 854 2.9 76 1.8 36 2.3 203 2.5 539 3.3 Foreign government 154 2.5 — — 80 2.5 74 2.4 — — Agency mortgage-backed residential 14,291 3.1 — — — — 3 2.9 14,288 3.1 Mortgage-backed residential 2,494 3.1 — — — — — — 2,494 3.1 Mortgage-backed commercial 541 3.2 — — 30 3.1 31 3.1 480 3.2 Asset-backed 936 3.1 — — 698 3.1 106 3.1 132 2.8 Corporate debt 1,256 2.9 140 2.6 513 2.6 564 3.2 39 4.7 Total available-for-sale securities $ 22,303 3.0 $ 216 2.3 $ 1,844 2.5 $ 2,271 2.3 $ 17,972 3.1 Amortized cost of available-for-sale securities $ 22,499 $ 217 $ 1,852 $ 2,314 $ 18,116 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,863 3.1 % $ — — % $ — — % $ — — % $ 1,863 3.1 % Asset-backed retained notes 36 1.7 — — 35 1.7 1 3.0 — — Total held-to-maturity securities $ 1,899 3.1 $ — — $ 35 1.7 $ 1 3.0 $ 1,863 3.1 (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. |
Investment Income | The following table presents interest and dividends on investment securities. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Taxable interest $ 172 $ 141 $ 490 $ 390 Taxable dividends 4 3 10 8 Interest and dividends exempt from U.S. federal income tax 6 6 18 17 Interest and dividends on investment securities $ 182 $ 150 $ 518 $ 415 |
Schedule of Realized Gain (Loss) | The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. There were no other-than-temporary impairments of available-for-sale securities for either period. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Available-for-sale securities Gross realized gains $ 1 $ 24 $ 8 $ 75 Gross realized losses (a) — (1 ) — (2 ) Net realized gains on available-for-sale securities 1 23 8 73 Net realized gain on equity securities 15 55 Net unrealized gain (loss) on equity securities (b) 6 (26 ) Other gain on investments, net $ 22 $ 23 $ 37 $ 73 (a) Certain available-for-sale securities were sold at a loss in 2018 and 2017 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security). Any such sales were made in accordance with our risk-management policies and practices. (b) As a result of our adoption of ASU 2016-01, beginning January 1, 2018, changes in the fair value of our portfolio of equity securities are recognized in net income. Prior to adoption, equity securities were included in our available-for-sale portfolio and unrealized changes in fair value were recognized through other comprehensive (loss) income until realized, at which point we recorded a gain or loss on sale. We adopted ASU 2016-01 on January 1, 2018, on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information. |
Schedule of Unrealized Loss on Investments | The table below summarizes available-for-sale and held-to-maturity securities in an unrealized loss position, which we evaluated for other than temporary impairment applying the methodology described in Note 1 . As of September 30, 2018 , we did not have the intent to sell the available-for-sale or held-to-maturity securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result of this evaluation, we believe that the securities with an unrealized loss position are not considered to be other-than-temporarily impaired at September 30, 2018 . September 30, 2018 December 31, 2017 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ 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 $ 268 $ (5 ) $ 1,635 $ (98 ) $ 471 $ (8 ) $ 1,305 $ (46 ) U.S. States and political subdivisions 504 (12 ) 211 (14 ) 242 (2 ) 183 (5 ) Foreign government 73 (2 ) 30 (1 ) 80 (1 ) 4 — Agency mortgage-backed residential 9,600 (258 ) 5,991 (371 ) 4,066 (19 ) 5,671 (137 ) Mortgage-backed residential 1,701 (49 ) 711 (61 ) 857 (2 ) 773 (32 ) Mortgage-backed commercial 60 (1 ) 20 (1 ) 76 (1 ) 21 — Asset-backed 410 (2 ) 76 (1 ) 220 (1 ) 91 — Corporate debt 897 (23 ) 312 (20 ) 529 (4 ) 194 (7 ) Total temporarily impaired available-for-sale securities $ 13,513 $ (352 ) $ 8,986 $ (567 ) $ 6,541 $ (38 ) $ 8,242 $ (227 ) Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 940 $ (25 ) $ 1,116 $ (82 ) $ 773 $ (5 ) $ 687 $ (32 ) Asset-backed retained notes 22 — 17 — 35 — — — Total held-to-maturity debt securities $ 962 $ (25 ) $ 1,133 $ (82 ) $ 808 $ (5 ) $ 687 $ (32 ) |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at gross carrying value was as follows. ($ in millions) September 30, 2018 December 31, 2017 Consumer automotive (a) $ 69,995 $ 68,071 Consumer mortgage Mortgage Finance (b) 14,840 11,657 Mortgage — Legacy (c) 1,666 2,093 Total consumer mortgage 16,506 13,750 Total consumer 86,501 81,821 Commercial Commercial and industrial Automotive 31,424 33,025 Other 4,132 3,887 Commercial real estate 4,548 4,160 Total commercial 40,104 41,072 Total finance receivables and loans (d) $ 126,605 $ 122,893 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 17 for additional information. (b) Includes loans originated as interest-only mortgage loans of $16 million and $20 million at September 30, 2018 , and December 31, 2017 , respectively, 38% of which are expected to start principal amortization in 2019 , and 45% in 2020 . The remainder of these loans has exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $381 million and $496 million at September 30, 2018 , and December 31, 2017 , respectively, of which 99% have exited the interest-only period. (d) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $606 million and $551 million at September 30, 2018 , and December 31, 2017 , respectively |
Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans. Three months ended September 30, 2018 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at July 1, 2018 $ 1,053 $ 66 $ 138 $ 1,257 Charge-offs (a) (343 ) (7 ) (3 ) (353 ) Recoveries 110 8 — 118 Net charge-offs (233 ) 1 (3 ) (235 ) Provision for loan losses 229 (4 ) 8 233 Other (b) (6 ) 1 (2 ) (7 ) Allowance at September 30, 2018 $ 1,043 $ 64 $ 141 $ 1,248 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Three months ended September 30, 2017 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at July 1, 2017 $ 1,002 $ 83 $ 140 $ 1,225 Charge-offs (a) (327 ) (7 ) (10 ) (344 ) Recoveries 85 6 — 91 Net charge-offs (242 ) (1 ) (10 ) (253 ) Provision for loan losses 314 — — 314 Other — (1 ) 1 — Allowance at September 30, 2017 $ 1,074 $ 81 $ 131 $ 1,286 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. Nine months ended September 30, 2018 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2018 $ 1,066 $ 79 $ 131 $ 1,276 Charge-offs (a) (1,004 ) (27 ) (5 ) (1,036 ) Recoveries 336 20 6 362 Net charge-offs (668 ) (7 ) 1 (674 ) Provision for loan losses 650 (7 ) 9 652 Other (b) (5 ) (1 ) — (6 ) Allowance at September 30, 2018 $ 1,043 $ 64 $ 141 $ 1,248 Allowance for loan losses at September 30, 2018 Individually evaluated for impairment $ 43 $ 24 $ 35 $ 102 Collectively evaluated for impairment 1,000 40 106 1,146 Finance receivables and loans at gross carrying value Ending balance $ 69,995 $ 16,506 $ 40,104 $ 126,605 Individually evaluated for impairment 483 231 184 898 Collectively evaluated for impairment 69,512 16,275 39,920 125,707 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Nine months ended September 30, 2017 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2017 $ 932 $ 91 $ 121 $ 1,144 Charge-offs (a) (958 ) (22 ) (10 ) (990 ) Recoveries 266 19 — 285 Net charge-offs (692 ) (3 ) (10 ) (705 ) Provision for loan losses 841 (6 ) 19 854 Other (b) (7 ) (1 ) 1 (7 ) Allowance at September 30, 2017 $ 1,074 $ 81 $ 131 $ 1,286 Allowance for loan losses at September 30, 2017 Individually evaluated for impairment $ 35 $ 30 $ 21 $ 86 Collectively evaluated for impairment 1,039 51 110 1,200 Finance receivables and loans at gross carrying value Ending balance $ 67,077 $ 12,015 $ 39,779 $ 118,871 Individually evaluated for impairment 403 237 146 786 Collectively evaluated for impairment 66,674 11,778 39,633 118,085 (a) Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for more information regarding our charge-off policies. (b) Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
Schedule Of Sales Of Financing Receivables And Loans | The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Consumer automotive $ 578 $ 28 $ 578 $ 1,326 Consumer mortgage — 3 5 9 Commercial 238 — 238 — Total sales and transfers $ 816 $ 31 $ 821 $ 1,335 |
Schedule of Purchases of Financing Receivables and Loans | The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Consumer automotive $ 251 $ 83 $ 652 $ 762 Consumer mortgage 1,743 1,183 3,890 2,319 Commercial 14 — 14 — Total purchases of finance receivables and loans $ 2,008 $ 1,266 $ 4,556 $ 3,081 |
Past Due Financing Receivables | The following table presents an analysis of our past due finance receivables and loans recorded at gross carrying value. ($ 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 September 30, 2018 Consumer automotive $ 1,831 $ 442 $ 262 $ 2,535 $ 67,460 $ 69,995 Consumer mortgage Mortgage Finance 56 6 10 72 14,768 14,840 Mortgage — Legacy 36 14 51 101 1,565 1,666 Total consumer mortgage 92 20 61 173 16,333 16,506 Total consumer 1,923 462 323 2,708 83,793 86,501 Commercial Commercial and industrial Automotive — — 15 15 31,409 31,424 Other 4 — 15 19 4,113 4,132 Commercial real estate — — — — 4,548 4,548 Total commercial 4 — 30 34 40,070 40,104 Total consumer and commercial $ 1,927 $ 462 $ 353 $ 2,742 $ 123,863 $ 126,605 December 31, 2017 Consumer automotive $ 1,994 $ 478 $ 268 $ 2,740 $ 65,331 $ 68,071 Consumer mortgage Mortgage Finance 60 11 18 89 11,568 11,657 Mortgage — Legacy 43 25 62 130 1,963 2,093 Total consumer mortgage 103 36 80 219 13,531 13,750 Total consumer 2,097 514 348 2,959 78,862 81,821 Commercial Commercial and industrial Automotive 5 — 3 8 33,017 33,025 Other — — — — 3,887 3,887 Commercial real estate — — — — 4,160 4,160 Total commercial 5 — 3 8 41,064 41,072 Total consumer and commercial $ 2,102 $ 514 $ 351 $ 2,967 $ 119,926 $ 122,893 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status. ($ in millions) September 30, 2018 December 31, 2017 Consumer automotive $ 620 $ 603 Consumer mortgage Mortgage Finance 18 25 Mortgage — Legacy 81 92 Total consumer mortgage 99 117 Total consumer 719 720 Commercial Commercial and industrial Automotive 78 27 Other 99 44 Commercial real estate 7 1 Total commercial 184 72 Total consumer and commercial finance receivables and loans $ 903 $ 792 |
Financing Receivable Credit Quality Indicators | 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 at least 90 days or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information. September 30, 2018 December 31, 2017 ($ in millions) Performing Nonperforming Total Performing Nonperforming Total Consumer automotive $ 69,375 $ 620 $ 69,995 $ 67,468 $ 603 $ 68,071 Consumer mortgage Mortgage Finance 14,822 18 14,840 11,632 25 11,657 Mortgage — Legacy 1,585 81 1,666 2,001 92 2,093 Total consumer mortgage 16,407 99 16,506 13,633 117 13,750 Total consumer $ 85,782 $ 719 $ 86,501 $ 81,101 $ 720 $ 81,821 |
Schedule Of Pass And Criticized Credit Quality Indicators Of Finance Receivables | 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. September 30, 2018 December 31, 2017 ($ in millions) Pass Criticized (a) Total Pass Criticized (a) Total Commercial and industrial Automotive $ 28,789 $ 2,635 $ 31,424 $ 30,982 $ 2,043 $ 33,025 Other 3,328 804 4,132 2,986 901 3,887 Commercial real estate 4,333 215 4,548 4,023 137 4,160 Total commercial $ 36,450 $ 3,654 $ 40,104 $ 37,991 $ 3,081 $ 41,072 (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. |
Impaired Financing Receivables | The following table presents information about our impaired finance receivables and loans. ($ in millions) Unpaid principal balance (a) Gross carrying value Impaired with no allowance Impaired with an allowance Allowance for impaired loans September 30, 2018 Consumer automotive $ 492 $ 483 $ 108 $ 375 $ 43 Consumer mortgage Mortgage Finance 14 14 5 9 1 Mortgage — Legacy 222 217 63 154 23 Total consumer mortgage 236 231 68 163 24 Total consumer 728 714 176 538 67 Commercial Commercial and industrial Automotive 78 78 8 70 10 Other 112 99 40 59 25 Commercial real estate 7 7 5 2 — Total commercial 197 184 53 131 35 Total consumer and commercial finance receivables and loans $ 925 $ 898 $ 229 $ 669 $ 102 December 31, 2017 Consumer automotive $ 438 $ 430 $ 91 $ 339 $ 36 Consumer mortgage Mortgage Finance 8 8 4 4 — Mortgage — Legacy 228 223 58 165 27 Total consumer mortgage 236 231 62 169 27 Total consumer 674 661 153 508 63 Commercial Commercial and industrial Automotive 27 27 9 18 3 Other 54 44 10 34 11 Commercial real estate 1 1 — 1 — Total commercial 82 72 19 53 14 Total consumer and commercial finance receivables and loans $ 756 $ 733 $ 172 $ 561 $ 77 (a) Adjusted for charge-offs. |
Schedule of Average Balance And Interest Income Of Impaired Finance Receivables | The following tables present average balance and interest income for our impaired finance receivables and loans. 2018 2017 Three months ended September 30, ($ in millions) Average balance Interest income Average balance Interest income Consumer automotive $ 485 $ 7 $ 389 $ 5 Consumer mortgage Mortgage Finance 12 1 8 — Mortgage — Legacy 217 2 231 2 Total consumer mortgage 229 3 239 2 Total consumer 714 10 628 7 Commercial Commercial and industrial Automotive 83 — 77 1 Other 101 — 63 — Commercial real estate 7 — 7 — Total commercial 191 — 147 1 Total consumer and commercial finance receivables and loans $ 905 $ 10 $ 775 $ 8 2018 2017 Nine months ended September 30, ($ in millions) Average balance Interest income Average balance Interest income Consumer automotive $ 477 $ 21 $ 368 $ 15 Consumer mortgage Mortgage Finance 10 1 8 — Mortgage — Legacy 219 7 236 7 Total consumer mortgage 229 8 244 7 Total consumer 706 29 612 22 Commercial Commercial and industrial Automotive 65 2 55 2 Other 76 — 73 8 Commercial real estate 5 — 6 — Total commercial 146 2 134 10 Total consumer and commercial finance receivables and loans $ 852 $ 31 $ 746 $ 32 |
Troubled Debt Restructurings on Financing Receivables | The following tables present information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period. 2018 2017 Three months ended September 30, ($ 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 6,759 $ 67 $ 67 7,165 $ 80 $ 75 Consumer mortgage Mortgage Finance 10 4 4 2 — — Mortgage — Legacy 65 8 6 37 4 4 Total consumer mortgage 75 12 10 39 4 4 Total consumer 6,834 79 77 7,204 84 79 Commercial Commercial and industrial Automotive — — — 3 13 13 Commercial real estate — — — 1 3 3 Total commercial — — — 4 16 16 Total consumer and commercial finance receivables and loans 6,834 $ 79 $ 77 7,208 $ 100 $ 95 2018 2017 Nine months ended September 30, ($ 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 19,699 $ 302 $ 270 19,374 $ 298 $ 262 Consumer mortgage Mortgage Finance 18 7 7 3 — — Mortgage — Legacy 154 24 22 109 19 18 Total consumer mortgage 172 31 29 112 19 18 Total consumer 19,871 333 299 19,486 317 280 Commercial Commercial and industrial Automotive 3 4 4 3 13 13 Other 2 55 51 2 44 44 Commercial real estate — — — 1 3 3 Total commercial 5 59 55 6 60 60 Total consumer and commercial finance receivables and loans 19,876 $ 392 $ 354 19,492 $ 377 $ 340 |
Finance receivables and loans redefaulted during the period | The following tables present 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 to the Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2018 2017 Three months ended September 30, ($ in millions) Number of loans Gross carrying value Charge-off amount Number of loans Gross carrying value Charge-off amount Consumer automotive 2,466 $ 27 $ 19 2,222 $ 25 $ 18 Consumer mortgage Mortgage Finance — — — — — — Mortgage — Legacy — — — 1 — — Total consumer finance receivables and loans 2,466 $ 27 $ 19 2,223 $ 25 $ 18 2018 2017 Nine months ended September 30, ($ in millions) Number of loans Gross carrying value Charge-off amount Number of loans Gross carrying value Charge-off amount Consumer automotive 7,217 $ 84 $ 54 6,354 $ 74 $ 51 Consumer mortgage Mortgage Finance — — — 1 1 — Mortgage — Legacy 1 — — 1 — — Total consumer finance receivables and loans 7,218 $ 84 $ 54 6,356 $ 75 $ 51 |
Investment in Operating Lease_2
Investment in Operating Leases, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Leases, Operating [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease | Investments in operating leases were as follows. ($ in millions) September 30, 2018 December 31, 2017 Vehicles $ 10,174 $ 10,556 Accumulated depreciation (1,596 ) (1,815 ) Investment in operating leases, net $ 8,578 $ 8,741 |
Depreciation Expense On Operating Lease Assets | 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. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Depreciation expense on operating lease assets (excluding remarketing gains) $ 274 $ 323 $ 846 $ 1,062 Remarketing gains, net (27 ) (51 ) (61 ) (80 ) Net depreciation expense on operating lease assets $ 247 $ 272 $ 785 $ 982 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Securitizations And Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs September 30, 2018 On-balance sheet variable interest entities Consumer automotive $ 16,982 (b) $ 7,113 (c) Commercial automotive 9,961 4,394 Off-balance sheet variable interest entities Consumer automotive (d) (e) 52 (f) — $ 1,462 $ 1,514 (g) Commercial other 762 (h) 346 (i) — 988 (j) Total $ 27,757 $ 11,853 $ 1,462 $ 2,502 December 31, 2017 On-balance sheet variable interest entities Consumer automotive $ 17,597 (b) $ 7,677 (c) Commercial automotive 12,550 2,558 Off-balance sheet variable interest entities Consumer automotive 37 (f) — $ 1,964 $ 2,001 (g) Commercial other 592 (h) 248 (i) — 790 (j) Total $ 30,776 $ 10,483 $ 1,964 $ 2,791 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $ 8.5 billion of assets that were not encumbered by VIE beneficial interests held by third parties at both September 30, 2018 , and December 31, 2017 . Ally or consolidated affiliates hold the interests in these assets. (c) Includes $24 million and $29 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2018 , and December 31, 2017 , respectively. (d) During the three months ended September 30, 2018, we indicated our intent to exercise clean-up call options related to two nonconsolidated securitization-related VIEs. The options enable us to repurchase the remaining transferred financial assets at our discretion once the asset pool declines to a predefined level and redeem the related outstanding debt. As a result of this event, we became the primary beneficiary of the VIEs, which included $223 million of consumer automotive loans and $219 million of related debt, and the VIEs were consolidated on our Condensed Consolidated Balance Sheet. The related amounts were removed from assets sold to nonconsolidated VIEs and maximum exposure to loss in nonconsolidated VIEs. (e) In September 2018, we sold residual interests related to an on-balance sheet VIE to an unrelated third party. As a result of this sale, we are no longer the primary beneficiary of the VIE, and as such have deconsolidated its assets and liabilities from our Condensed Consolidated Balance Sheet including $545 million and $497 million of consumer automotive loans and long-term debt, respectively. We received cash proceeds of $24 million related to this sale, and recognized a pretax gain on sale of $1 million . We will continue to service the assets previously transferred to the VIE. (f) Represents retained notes and certificated residual interests, of which $49 million and $36 million were classified as held-to-maturity securities at September 30, 2018 , and December 31, 2017 , respectively, and $3 million and $1 million was classified as other assets at September 30, 2018 , and December 31, 2017 , respectively. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (g) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. This measure is based on the very unlikely event that all of our sold loans have defects that would trigger a representation and warranty provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss. (h) Amounts are classified as other assets. (i) Amounts are classified as accrued expenses and other liabilities. (j) 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. |
Schedule Of Cash Flow Received And Paid To Nonconsolidated Securitization Entities | The following table summarizes cash flows received and paid related to securitization entities and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (e.g., servicing) that were outstanding during the nine months ended September 30, 2018 , and 2017. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period. Nine months ended September 30, ($ in millions) Consumer automotive Consumer mortgage 2018 Cash proceeds from transfers completed during the period $ 24 $ — Cash disbursements for repurchases during the period (3 ) — Servicing fees 14 — Cash flows received on retained interests in securitization entities 13 — Representation and warranty recoveries — 2 2017 Cash proceeds from transfers completed during the period $ 1,187 $ — Cash disbursements for repurchases during the period (a) (491 ) — Servicing fees 25 — Cash flows received on retained interests in securitization entities 16 — Other cash flows 4 — (a) During the second quarter of 2017, we elected to not renew a retail automotive credit conduit facility and also purchased the related retail automotive loans and settled associated retained interests. |
Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together | The following tables present quantitative information about delinquencies and net credit losses for off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due ($ in millions) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Off-balance sheet securitization entities Consumer automotive $ 1,462 $ 1,964 $ 12 $ 16 Whole-loan sales (a) Consumer automotive 787 1,399 3 4 Total $ 2,249 $ 3,363 $ 15 $ 20 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. Net credit losses Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Off-balance sheet securitization entities Consumer automotive $ 2 $ 3 $ 7 $ 9 Whole-loan sales (a) Consumer automotive 1 1 2 3 Total $ 3 $ 4 $ 9 $ 12 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. ($ in millions) September 30, 2018 December 31, 2017 Property and equipment at cost $ 1,203 $ 1,064 Accumulated depreciation (667 ) (608 ) Net property and equipment 536 456 Nonmarketable equity investments (a) 1,235 1,233 Restricted cash collections for securitization trusts (b) 695 812 Accrued interest and rent receivables 588 550 Net deferred tax assets 432 461 Goodwill (c) 240 240 Restricted cash and cash equivalents (d) 132 94 Other accounts receivable 119 116 Cash reserve deposits held for securitization trusts (e) 108 111 Fair value of derivative contracts in receivable position (f) 70 39 Cash collateral placed with counterparties 68 29 Other assets 1,573 1,522 Total other assets $ 5,796 $ 5,663 (a) Includes investments in FHLB stock of $732 million and $745 million at September 30, 2018 , and December 31, 2017, respectively; FRB stock of $447 million and $445 million at September 30, 2018 , and December 31, 2017, respectively; and equity securities without a readily determinable fair value of $56 million at September 30, 2018 , measured at cost with adjustments for impairment and observable changes in price. During the nine months ended September 30, 2018 , we recorded $1 million in impairment related to equity securities without a readily determinable fair value. (b) Represents cash collections from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt. (c) Includes goodwill of $27 million within our Insurance operations at both September 30, 2018 , and December 31, 2017 ; $193 million within Corporate and Other at both September 30, 2018 , and December 31, 2017 ; and $20 million within Automotive Finance operations at both September 30, 2018 , and December 31, 2017 . No changes to the carrying amount of goodwill were recorded during the nine months ended September 30, 2018 . (d) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (e) Represents credit enhancement in the form of cash reserves for various securitization transactions. (f) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposit Liabilities, Type | Deposit liabilities consisted of the following. ($ in millions) September 30, 2018 December 31, 2017 Noninterest-bearing deposits $ 180 $ 108 Interest-bearing deposits Savings and money market checking accounts 52,896 49,267 Certificates of deposit 48,300 43,869 Dealer deposits 3 12 Total deposit liabilities $ 101,379 $ 93,256 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. September 30, 2018 December 31, 2017 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes $ 2,575 $ — $ 2,575 $ 3,171 $ — $ 3,171 Federal Home Loan Bank — 3,525 3,525 — 7,350 7,350 Financial instruments sold under agreements to repurchase — 1,238 1,238 — 892 892 Total short-term borrowings $ 2,575 $ 4,763 $ 7,338 $ 3,171 $ 8,242 $ 11,413 (a) Refer to the section below titled Long-term Debt for further details on assets restricted as collateral for payment of the related debt. |
Long-term Debt | The following table presents the composition of our long-term debt portfolio. September 30, 2018 December 31, 2017 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt Due within one year $ 2,043 $ 7,619 $ 9,662 $ 3,482 $ 7,499 $ 10,981 Due after one year (a) 11,135 24,683 35,818 11,909 21,128 33,037 Fair value adjustment (b) 135 (73 ) 62 240 (32 ) 208 Total long-term debt (c) $ 13,313 $ 32,229 $ 45,542 $ 15,631 $ 28,595 $ 44,226 (a) Includes $2.6 billion of trust preferred securities at both September 30, 2018 , and December 31, 2017. (b) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 17 for additional information. (c) Includes advances from the FHLB of Pittsburgh of $14.0 billion and $10.3 billion at September 30, 2018 , and December 31, 2017, respectively. |
Scheduled of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at September 30, 2018 , assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2018 2019 2020 2021 2022 2023 and thereafter Fair value adjustment Total Unsecured Long-term debt $ 1,245 $ 1,681 $ 2,251 $ 679 $ 1,066 $ 7,417 $ 135 $ 14,474 Original issue discount (26 ) (38 ) (39 ) (43 ) (47 ) (968 ) — (1,161 ) Total unsecured 1,219 1,643 2,212 636 1,019 6,449 135 13,313 Secured Long-term debt 1,556 7,670 7,784 8,977 4,659 1,656 (73 ) 32,229 Total long-term debt $ 2,775 $ 9,313 $ 9,996 $ 9,613 $ 5,678 $ 8,105 $ 62 $ 45,542 |
Pledged assets for the payment of the related secured borrowings and repurchase agreements | 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. September 30, 2018 December 31, 2017 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Investment securities (b) $ 6,335 $ 5,487 $ 8,371 $ 7,443 Mortgage assets held-for-investment and lending receivables 16,299 16,299 13,579 13,579 Consumer automotive finance receivables 17,813 10,333 19,787 6,200 Commercial automotive finance receivables 14,371 14,337 16,567 16,472 Operating leases 213 — 457 — Total assets restricted as collateral (c) (d) $ 55,031 $ 46,456 $ 58,761 $ 43,694 Secured debt $ 36,992 (e) $ 29,118 $ 36,837 (e) $ 23,278 (a) Ally Bank is a component of the total column. (b) A portion of the restricted investment securities at September 30, 2018 , and December 31, 2017 , were restricted under repurchase agreements. Refer to the section above titled Short-term Borrowings 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 $25.9 billion and $25.2 billion at September 30, 2018 , and December 31, 2017 , respectively. These assets were composed primarily of consumer mortgage finance receivables and loans and investment securities. Ally Bank has access to the FRB Discount Window. Ally Bank had assets pledged and restricted as collateral to the FRB totaling $2.4 billion and $2.3 billion at September 30, 2018 , and December 31, 2017 , respectively. These assets were composed of consumer automotive finance receivables and loans. 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 Condensed Consolidated Balance Sheet . Refer to Note 10 for additional information. (e) Includes $4.8 billion and $8.2 billion of short-term borrowings at September 30, 2018 , and December 31, 2017 , respectively |
Schedule Of Committed Funding Facilities | Outstanding Unused capacity (a) Total capacity ($ in millions) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Bank funding Secured $ 3,500 $ 1,785 $ — $ 890 $ 3,500 $ 2,675 Parent funding Secured 3,345 6,330 2,380 2,920 5,725 9,250 Total committed facilities $ 6,845 $ 8,115 $ 2,380 $ 3,810 $ 9,225 $ 11,925 (a) Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | The components of accrued expenses and other liabilities were as follows. ($ in millions) September 30, 2018 December 31, 2017 Accounts payable $ 846 $ 746 Employee compensation and benefits 236 248 Reserves for insurance losses and loss adjustment expenses 139 140 Fair value of derivative contracts in payable position (a) 70 41 Cash collateral received from counterparties 50 17 Deferred revenue 27 32 Other liabilities 657 556 Total accrued expenses and other liabilities $ 2,025 $ 1,780 (a) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. ($ in millions) Unrealized (losses) gains on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive loss Balance at December 31, 2016 $ (273 ) $ 14 $ 8 $ (90 ) $ (341 ) 2017 net change 142 2 1 (1 ) 144 Balance at September 30, 2017 $ (131 ) $ 16 $ 9 $ (91 ) $ (197 ) Balance at December 31, 2017, before cumulative effect of adjustments $ (173 ) $ 16 $ 11 $ (89 ) $ (235 ) Cumulative effect of changes in accounting principles, net of tax (c) Adoption of Accounting Standards Update 2016-01 27 — — — 27 Adoption of Accounting Standards Update 2018-02 (40 ) 4 — (6 ) (42 ) Balance at January 1, 2018, after cumulative effect of adjustments (186 ) 20 11 (95 ) (250 ) 2018 net change (545 ) (1 ) 17 (2 ) (531 ) Balance at September 30, 2018 $ (731 ) $ 19 $ 28 $ (97 ) $ (781 ) (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 17 . (c) Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information. |
Reclassification out of Accumulated Other Comprehensive Income | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income. Three months ended September 30, 2018 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (174 ) $ 41 $ (133 ) Less: Net realized gains reclassified to income from continuing operations 1 (a) (1 ) (b) — Net change (175 ) 42 (133 ) Translation adjustments Net unrealized gains arising during the period 2 (1 ) 1 Net investment hedges (c) Net unrealized losses arising during the period (2 ) 1 (1 ) Cash flow hedges (c) Net unrealized losses arising during the period (1 ) 1 — Other comprehensive loss $ (176 ) $ 43 $ (133 ) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Three months ended September 30, 2017 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 95 $ (22 ) $ 73 Less: Net realized gains reclassified to income from continuing operations 25 (a) 2 (b) 27 Net change 70 (24 ) 46 Translation adjustments Net unrealized gains arising during the period 8 (3 ) 5 Net investment hedges (c) Net unrealized losses arising during the period (6 ) 3 (3 ) Cash flow hedges (c) Net unrealized gains arising during the period 1 (1 ) — Other comprehensive income $ 73 $ (25 ) $ 48 (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Nine months ended September 30, 2018 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (705 ) $ 166 $ (539 ) Less: Net realized gains reclassified to income from continuing operations 8 (a) (2 ) (b) 6 Net change (713 ) 168 (545 ) Translation adjustments Net unrealized losses arising during the period (6 ) 1 (5 ) Net investment hedges (c) Net unrealized gains arising during the period 5 (1 ) 4 Cash flow hedges (c) Net unrealized gains arising during the period 22 (5 ) 17 Defined benefit pension plans Net unrealized losses arising during the period (2 ) — (2 ) Other comprehensive loss $ (694 ) $ 163 $ (531 ) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . Nine months ended September 30, 2017 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 278 $ (64 ) $ 214 Less: Net realized gains reclassified to income from continuing operations 75 (a) (3 ) (b) 72 Net change 203 (61 ) 142 Translation adjustments Net unrealized gains arising during the period 14 (5 ) 9 Net investment hedges (c) Net unrealized losses arising during the period (12 ) 5 (7 ) Cash flow hedges (c) Net unrealized gains arising during the period 2 (1 ) 1 Defined benefit pension plans Net unrealized losses arising during the period (1 ) — (1 ) Other comprehensive income $ 206 $ (62 ) $ 144 (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income . (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income . (c) For additional information on derivative instruments and hedging activities, refer to Note 17 . |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted earnings per common share. Three months ended September 30, Nine months ended September 30, ($ in millions, except per share data; shares in thousands) (a) 2018 2017 2018 2017 Net income from continuing operations attributable to common stockholders $ 374 $ 280 $ 974 $ 747 Income (loss) from discontinued operations, net of tax — 2 (1 ) 1 Net income attributable to common stockholders $ 374 $ 282 $ 973 $ 748 Basic weighted-average common shares outstanding (b) 422,187 449,169 429,625 457,612 Diluted weighted-average common shares outstanding (b) 424,784 451,078 432,038 458,848 Basic earnings per common share Net income from continuing operations $ 0.89 $ 0.62 $ 2.27 $ 1.63 Income from discontinued operations, net of tax — — — — Net income $ 0.89 $ 0.63 $ 2.26 $ 1.63 Diluted earnings per common share Net income from continuing operations $ 0.88 $ 0.62 $ 2.25 $ 1.63 Income from discontinued operations, net of tax — — — — Net income $ 0.88 $ 0.63 $ 2.25 $ 1.63 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued for the three months and nine months ended September 30, 2018 , and 2017 . |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes our capital ratios under the U.S. Basel III capital framework. September 30, 2018 December 31, 2017 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 13,376 9.41 % $ 13,237 9.53 % 4.50 % (b) Ally Bank 16,590 13.32 17,059 15.04 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,810 11.12 % $ 15,628 11.25 % 6.00 % 6.00 % Ally Bank 16,590 13.32 17,059 15.04 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 18,029 12.68 % $ 17,974 12.94 % 8.00 % 10.00 % Ally Bank 17,606 14.13 17,886 15.77 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 15,810 9.23 % $ 15,628 9.53 % 4.00 % (b) Ally Bank 16,590 11.27 17,059 12.87 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for common equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 1.875% and 1.25% at September 30, 2018, and December 31, 2017, respectively, which ultimately increases to 2.5% on January 1, 2019. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. |
Schedule of Common Share Repurchase Activity | The following table presents information related to our common stock for each quarter since the commencement of our common stock repurchase programs and initiation of a quarterly cash dividend on common stock. Common stock repurchased during period (a) Number of common shares outstanding Cash dividends declared per common share (b) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2016 Third quarter $ 159 8,298 483,753 475,470 $ 0.08 Fourth quarter 167 8,745 475,470 467,000 0.08 2017 First quarter $ 169 8,097 467,000 462,193 $ 0.08 Second quarter 204 10,485 462,193 452,292 0.08 Third quarter 190 8,507 452,292 443,796 0.12 Fourth quarter 190 7,033 443,796 437,054 0.12 2018 First quarter $ 185 6,473 437,054 432,691 $ 0.13 Second quarter 195 7,280 432,691 425,752 0.13 Third quarter 250 9,194 425,752 416,591 0.15 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On October 9, 2018 , the Ally Board of Directors (the Board) declared a quarterly cash dividend of $0.15 per share on all common stock, payable on November 15, 2018 . Refer to Note 24 for further information regarding this common stock dividend. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet . The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated collateral exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet . Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. September 30, 2018 December 31, 2017 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 29,050 $ — $ — $ 6,915 Foreign exchange contracts Forwards — 1 150 — 1 136 Total derivatives designated as accounting hedges — 1 29,200 — 1 7,051 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards — — 9 — — 23 Written options 1 69 7,074 1 39 8,327 Purchased options 68 — 7,011 38 — 8,237 Total interest rate risk 69 69 14,094 39 39 16,587 Foreign exchange contracts Futures and forwards 1 — 192 — 1 124 Total foreign exchange risk 1 — 192 — 1 124 Total derivatives not designated as accounting hedges 70 69 14,286 39 40 16,711 Total derivatives $ 70 $ 70 $ 43,486 $ 39 $ 41 $ 23,762 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. ($ in millions) Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 Assets Available-for-sale securities (b) $ 1,433 $ 173 $ 4 $ 2 $ 4 $ 2 Finance receivables and loans, net (c) 41,080 2,305 (52 ) 18 8 19 Liabilities Long-term debt $ 14,200 $ 14,640 $ 62 $ 208 $ 87 $ 235 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) The carrying amount of hedged available-for-sale securities is presented above using amortized cost. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) The hedged item represents the carrying value of the hedged portfolio of assets. The amount that is identified as the last of layer in the hedge relationship is $19.4 billion as of September 30, 2018 . The basis adjustment associated with the last-of-layer relationship is a $60 million liability as of September 30, 2018 , which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. A last-of-layer hedge strategy did not exist at December 31, 2017 . |
Derivative Instruments, Gain (Loss) | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Gain (loss) recognized in earnings Interest rate contracts Gain on mortgage and automotive loans, net $ — $ — $ — $ 1 Other income, net of losses — — — (3 ) Total interest rate contracts — — — (2 ) Foreign exchange contracts Other income, net of losses (1 ) (3 ) 5 (7 ) Total foreign exchange contracts (1 ) (3 ) 5 (7 ) (Loss) gain recognized in earnings $ (1 ) $ (3 ) $ 5 $ (9 ) |
Derivative Instruments Designated as FV Hedges, Gain (Loss) | The following table summarizes the location and amounts of gains and losses on derivative instruments designated as fair value hedges reported in our Condensed Consolidated Statement of Comprehensive Income . We had no gains or losses on derivative instruments designated as cash flow hedges for the periods shown. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ 20 $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — (20 ) — Hedged fixed-rate FHLB advances — — — — 10 5 Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — (10 ) (5 ) Hedged available-for-sale securities — — (2 ) (3 ) — — Derivatives designated as hedging instruments on available-for-sale securities — — 2 3 — — Hedged fixed-rate retail automotive loans (9 ) — — — — — Derivatives designated as hedging instruments on fixed-rate retail automotive loans 9 — — — — — Total gain (loss) on fair value hedging relationships $ — $ — $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 1,708 $ 1,486 $ 198 $ 157 $ 451 $ 416 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ 64 $ (23 ) Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — (63 ) 24 Hedged fixed-rate FHLB advances — — — — 53 5 Derivatives designated as hedging instruments on fixed-rate FHLB advances — — — — (53 ) (5 ) Hedged available-for-sale securities — — (7 ) (1 ) — — Derivatives designated as hedging instruments on available-for-sale securities — — 7 1 — — Hedged fixed-rate retail automotive loans (60 ) (3 ) — — — — Derivatives designated as hedging instruments on fixed-rate retail automotive loans 60 1 — — — — Total (loss) gain on fair value hedging relationships $ — $ (2 ) $ — $ — $ 1 $ 1 Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 4,898 $ 4,301 $ 562 $ 437 $ 1,296 $ 1,257 |
Schedule of Derivative Instruments | The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Three months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 13 $ 19 Interest for qualifying accounting hedges of unsecured debt — — — — — — 3 7 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — (6 ) (1 ) Interest for qualifying accounting hedges of secured debt (FHLB advances) — — — — — — 2 1 Amortization of deferred loan basis adjustments (3 ) (6 ) — — — — — — Interest for qualifying accounting hedges of retail automotive loans held-for-investment 7 — — — — — — — Total gain (loss) on fair value hedging relationships 4 (6 ) — — — — 12 26 Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate borrowings — — — — — — 3 — Interest for qualifying accounting hedges of deposit liabilities — — — — 2 — — — Total gain on cash flow hedging relationships $ — $ — $ — $ — 2 — $ 3 $ — Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 2018 2017 2018 2017 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ 42 $ 59 Interest for qualifying accounting hedges of unsecured debt — — — — — — 7 19 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — (12 ) (2 ) Interest for qualifying accounting hedges of secured debt (FHLB advances) — — — — — — 6 1 Interest for qualifying accounting hedges of available-for-sale securities — — (1 ) — — — — — Amortization of deferred loan basis adjustments (11 ) (17 ) — — — — — — Interest for qualifying accounting hedges of retail automotive loans held-for-investment 5 (1 ) — — — — — — Total (loss) gain on fair value hedging relationships (6 ) (18 ) (1 ) — — — 43 77 Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate borrowings — — — — — — 6 — Interest for qualifying accounting hedges of deposit liabilities — — — — 2 — — — Total gain on cash flow hedging relationships $ — $ — $ — $ — 2 — $ 6 $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Interest rate contracts (Loss) gain recognized in other comprehensive loss $ (1 ) $ 2 $ 22 $ 2 |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss and the Condensed Consolidated Statement of Comprehensive Income . Three months ended September 30, Nine months ended September 30, ($ in millions) 2018 2017 2018 2017 Foreign exchange contracts (a) (b) (Loss) gain recognized in other comprehensive loss $ (2 ) $ (6 ) $ 5 $ (12 ) (a) There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2018 , or 2017 . (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income . There were no amounts reclassified for the three months and nine months ended September 30, 2018 , or 2017 . |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a 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. Recurring fair value measurements September 30, 2018 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 503 $ — $ 11 $ 514 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 1,903 1 — 1,904 U.S. States and political subdivisions — 865 — 865 Foreign government 7 148 — 155 Agency mortgage-backed residential — 16,014 — 16,014 Mortgage-backed residential — 2,561 — 2,561 Mortgage-backed commercial — 631 — 631 Asset-backed — 733 — 733 Corporate debt — 1,259 — 1,259 Total available-for-sale securities 1,910 22,212 — 24,122 Mortgage loans held-for-sale (b) — — 13 13 Interests retained in financial asset sales — — 4 4 Derivative contracts in a receivable position Interest rate — 68 1 69 Foreign currency — 1 — 1 Total derivative contracts in a receivable position — 69 1 70 Total assets $ 2,413 $ 22,281 $ 29 $ 24,723 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 69 $ — $ 69 Foreign currency — 1 — 1 Total derivative contracts in a payable position — 70 — 70 Total liabilities $ — $ 70 $ — $ 70 (a) Our investment in any one industry did not exceed 13% . (b) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2017 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 518 $ — $ — $ 518 Available-for-sale securities Debt securities U.S. Treasury 1,777 — — 1,777 U.S. States and political subdivisions — 854 — 854 Foreign government 8 146 — 154 Agency mortgage-backed residential — 14,291 — 14,291 Mortgage-backed residential — 2,494 — 2,494 Mortgage-backed commercial — 541 — 541 Asset-backed — 936 — 936 Corporate debt — 1,256 — 1,256 Total available-for-sale securities 1,785 20,518 — 22,303 Mortgage loans held-for-sale (b) — — 13 13 Interests retained in financial asset sales — — 5 5 Derivative contracts in a receivable position Interest rate — 38 1 39 Total derivative contracts in a receivable position — 38 1 39 Total assets $ 2,303 $ 20,556 $ 19 $ 22,878 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 39 $ — $ 39 Foreign currency — 2 — 2 Total derivative contracts in a payable position — 41 — 41 Total liabilities $ — $ 41 $ — $ 41 (a) Our investment in any one industry did not exceed 14% . (b) Carried at fair value due to fair value option elections. |
Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. There were no transfers into or out of Level 3 in the periods presented. 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. Level 3 recurring fair value measurements Net realized/unrealized gains Fair value at September 30, 2018 Net unrealized losses included in earnings still held at September 30, 2018 ($ in millions) Fair value at July 1, 2018 included in earnings included in OCI Purchases Sales Issuances Settlements Assets Equity securities $ 12 $ — $ — $ — $ — $ — $ (1 ) $ 11 $ (1 ) Mortgage loans held-for-sale (a) 13 2 (b) — 86 (88 ) — — 13 — Other assets Interests retained in financial asset sales 4 — — — — — — 4 — Derivative assets 1 — — — — — — 1 — Total assets $ 30 $ 2 $ — $ 86 $ (88 ) $ — $ (1 ) $ 29 $ (1 ) (a) Carried at fair value due to fair value option elections. (b) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Fair value at July 1, 2017 Net realized/unrealized gains Purchases Sales Issuances Settlements Fair value at September 30, 2017 Net unrealized gains included in earnings still held at September 30, 2017 ($ in millions) included in earnings included in OCI Assets Mortgage loans held-for-sale (a) $ 3 $ 1 $ — $ 49 $ (44 ) $ — $ — $ 9 $ — Other assets Interests retained in financial asset sales 5 — — — — — — 5 — Derivative assets 1 — — — — — — 1 — Total assets $ 9 $ 1 $ — $ 49 $ (44 ) $ — $ — $ 15 $ — (a) Carried at fair value due to fair value option elections. Level 3 recurring fair value measurements Net realized/unrealized (losses) gains Fair value at September 30, 2018 Net unrealized losses included in earnings still held at September 30, 2018 ($ in millions) Fair value at Jan. 1, 2018 included in earnings included in OCI Purchases Sales Issuances Settlements Assets Equity securities (a) $ 19 $ (4 ) (b) $ — $ — $ — $ — $ (4 ) $ 11 $ (6 ) Mortgage loans held-for-sale (c) 13 4 (d) — 218 (222 ) — — 13 — Other assets Interests retained in financial asset sales 5 — — — — — (1 ) 4 — Derivative assets 1 — — — — — — 1 — Total assets $ 38 $ — $ — $ 218 $ (222 ) $ — $ (5 ) $ 29 $ (6 ) (a) In connection with our adoption of ASU 2016-01 on January 1, 2018, certain of our equity securities previously measured using the cost method of accounting are now measured at fair value on a recurring basis, and have been categorized as Level 3 within the fair value hierarchy. Accordingly, the fair value of such investments has been included in the opening balance of the reconciliation above. (b) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (c) Carried at fair value due to fair value option elections. (d) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Fair value at Jan. 1, 2017 Net realized/unrealized gains Purchases Sales Issuances Settlements Fair value at September 30, 2017 Net unrealized gains included in earnings still held at September 30, 2017 ($ in millions) included in earnings included in OCI Assets Mortgage loans held-for-sale (a) $ — $ 1 $ — $ 72 $ (64 ) $ — $ — $ 9 $ — Other assets Interests retained in financial asset sales 29 1 (b) — — 8 — (33 ) 5 — Derivative assets — 1 (c) — — — — — 1 1 Total assets $ 29 $ 3 $ — $ 72 $ (56 ) $ — $ (33 ) $ 15 $ 1 (a) Carried at fair value due to fair value option elections. (b) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income . (c) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . |
Fair Value Measurements - Nonrecurring Basis [Table Text Block] | The following tables display the assets and liabilities measured at fair value on a nonrecurring basis. Nonrecurring fair value measurements Lower-of-cost or fair value or valuation reserve allowance Total gain (loss) included in earnings September 30, 2018 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 157 $ 157 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 64 64 (10 ) n/m (a) Other — — 33 33 (25 ) n/m (a) Total commercial finance receivables and loans, net — — 97 97 (35 ) n/m (a) Other assets Nonmarketable equity investments — 1 — 1 — n/m (a) Repossessed and foreclosed assets (c) — — 13 13 (1 ) n/m (a) Total assets $ — $ 1 $ 267 $ 268 $ (36 ) n/m n/m = not meaningful (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 2018 . 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 gain (loss) included in earnings December 31, 2017 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 77 $ 77 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 20 20 (3 ) n/m (a) Other — — 22 22 (12 ) n/m (a) Total commercial finance receivables and loans, net — — 42 42 (15 ) n/m (a) Other assets Repossessed and foreclosed assets (c) — — 14 14 (1 ) n/m (a) Other — — 3 3 — n/m (a) Total assets $ — $ — $ 136 $ 136 $ (16 ) n/m n/m = not meaningful (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 2017 . 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. |
Financial Instruments Disclosure [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 current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2018 , and December 31, 2017 . Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total September 30, 2018 Financial assets Held-to-maturity securities $ 2,246 $ — $ 2,139 $ — $ 2,139 Loans held-for-sale, net 412 — — 419 419 Finance receivables and loans, net 125,357 — — 127,106 127,106 Nonmarketable equity investments 1,179 — 1,179 — 1,179 Financial liabilities Deposit liabilities (a) $ 50,300 $ — $ — $ 50,128 $ 50,128 Short-term borrowings 7,338 — — 7,342 7,342 Long-term debt 45,542 — 26,425 20,953 47,378 December 31, 2017 Financial assets Held-to-maturity securities $ 1,899 $ — $ 1,865 $ — $ 1,865 Loans held-for-sale, net 95 — — 95 95 Finance receivables and loans, net 121,617 — — 123,302 123,302 Nonmarketable equity investments 1,233 — 1,190 49 1,239 Financial liabilities Deposit liabilities (a) $ 45,869 $ — $ — $ 45,827 $ 45,827 Short-term borrowings 11,413 — — 11,417 11,417 Long-term debt 44,226 — 27,807 18,817 46,624 (a) In connection with our adoption of ASU 2016-01 on January 1, 2018, deposit liabilities with no defined or contractual maturities are no longer included in the table above. Amounts for December 31, 2017, have been adjusted to conform to the current presentation and exclude $47.4 billion and $45.2 billion of deposit liabilities with no defined or contractual maturities from the carrying value and Level 3 fair value, respectively. Refer to Note 11 for information regarding the composition of our deposits portfolio, and Note 1 for further information regarding recently adopted accounting standards. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Offsetting Assets and Liabilities [Abstract] | |
Offsetting Assets and Liabilities | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet September 30, 2018 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount Assets Derivative assets in net asset positions $ 69 $ — $ 69 $ — $ — $ 69 Derivative assets with no offsetting arrangements 1 — 1 — — 1 Total assets (d) $ 70 $ — $ 70 $ — $ — $ 70 Liabilities Derivative liabilities in net liability positions (d) $ 70 $ — $ 70 $ — $ — $ 70 Securities sold under agreements to repurchase (e) 1,238 — 1,238 — (1,238 ) — Total liabilities $ 1,308 $ — $ 1,308 $ — $ (1,238 ) $ 70 (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. $12 million of noncash derivative collateral pledged to us was excluded at September 30, 2018 . We do not record such collateral received on our Condensed 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 $12 million at September 30, 2018 . We have not sold or pledged any of the noncash collateral received under these agreements as of September 30, 2018 . (d) For additional information on derivative instruments and hedging activities, refer to Note 17 . (e) For additional information on securities sold under agreements to repurchase, refer to Note 12 . Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet December 31, 2017 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount Assets Derivative assets in net asset positions $ 38 $ — $ 38 $ — $ — $ 38 Derivative assets with no offsetting arrangements 1 — 1 — — 1 Total assets (d) $ 39 $ — $ 39 $ — $ — $ 39 Liabilities Derivative liabilities in net liability positions (d) $ 41 $ — $ 41 $ — $ (1 ) $ 40 Securities sold under agreements to repurchase (e) 892 — 892 — (892 ) — Total liabilities $ 933 $ — $ 933 $ — $ (893 ) $ 40 (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. $2 million of noncash derivative collateral pledged to us was excluded at December 31, 2017. We do not record such collateral received on our Condensed 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 $2 million at December 31, 2017. We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2017. (d) For additional information on derivative instruments and hedging activities, refer to Note 17 . (e) For additional information on securities sold under agreements to repurchase, refer to Note 12 . |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Three months ended September 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2018 Net financing revenue and other interest income $ 956 $ 14 $ 44 $ 50 $ 43 $ 1,107 Other revenue 80 282 2 14 20 398 Total net revenue 1,036 296 46 64 63 1,505 Provision for loan losses 229 — 2 8 (6 ) 233 Total noninterest expense 424 241 36 20 86 807 Income (loss) from continuing operations before income tax expense $ 383 $ 55 $ 8 $ 36 $ (17 ) $ 465 Total assets $ 114,675 $ 7,776 $ 14,896 $ 4,459 $ 31,295 $ 173,101 2017 Net financing revenue and other interest income $ 950 $ 15 $ 32 $ 39 $ 45 $ 1,081 Other revenue 82 272 2 5 20 381 Total net revenue 1,032 287 34 44 65 1,462 Provision for loan losses 312 — 4 3 (5 ) 314 Total noninterest expense 420 218 28 19 68 753 Income from continuing operations before income tax expense $ 300 $ 69 $ 2 $ 22 $ 2 $ 395 Total assets $ 112,141 $ 7,432 $ 9,804 $ 3,699 $ 30,937 $ 164,013 (a) Net financing revenue and other interest income after the provision for loan losses totaled $874 million and $767 million for the three months ended September 30, 2018 , and 2017 , respectively. Nine months ended September 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2018 Net financing revenue and other interest income $ 2,790 $ 39 $ 131 $ 153 $ 137 $ 3,250 Other revenue 209 794 5 36 72 1,116 Total net revenue 2,999 833 136 189 209 4,366 Provision for loan losses 658 — 4 2 (12 ) 652 Total noninterest expense 1,308 740 102 64 246 2,460 Income (loss) from continuing operations before income tax expense $ 1,033 $ 93 $ 30 $ 123 $ (25 ) $ 1,254 Total assets $ 114,675 $ 7,776 $ 14,896 $ 4,459 $ 31,295 $ 173,101 2017 Net financing revenue and other interest income $ 2,774 $ 44 $ 98 $ 121 $ 90 $ 3,127 Other revenue 290 781 3 33 58 1,165 Total net revenue 3,064 825 101 154 148 4,292 Provision for loan losses 846 — 6 15 (13 ) 854 Total noninterest expense 1,283 737 77 57 187 2,341 Income (loss) from continuing operations before income tax expense $ 935 $ 88 $ 18 $ 82 $ (26 ) $ 1,097 Total assets $ 112,141 $ 7,432 $ 9,804 $ 3,699 $ 30,937 $ 164,013 (a) Net financing revenue and other interest income after the provision for loan losses totaled $2.6 billion and $2.3 billion for the nine months ended September 30, 2018 , and 2017 , respectively. |
Parent and Guarantor Condense_2
Parent and Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement | Condensed Consolidating Statements of Comprehensive Income Three months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ (4 ) $ — $ 1,712 $ — $ 1,708 Interest and fees on finance receivables and loans — intercompany 3 — 2 (5 ) — Interest on loans held-for-sale — — 4 — 4 Interest and dividends on investment securities and other earning assets — — 198 — 198 Interest on cash and cash equivalents 2 — 16 — 18 Interest-bearing cash — intercompany 1 — 3 (4 ) — Operating leases 1 — 367 — 368 Total financing revenue and other interest income 3 — 2,302 (9 ) 2,296 Interest expense Interest on deposits — — 462 — 462 Interest on short-term borrowings 12 — 17 — 29 Interest on long-term debt 250 — 201 — 451 Interest on intercompany debt 5 — 4 (9 ) — Total interest expense 267 — 684 (9 ) 942 Net depreciation expense on operating lease assets 2 — 245 — 247 Net financing (loss) revenue (266 ) — 1,373 — 1,107 Cash dividends from subsidiaries Bank subsidiary 550 550 — (1,100 ) — Nonbank subsidiaries 88 — — (88 ) — Other revenue Insurance premiums and service revenue earned — — 258 — 258 Gain on mortgage and automotive loans, net 16 — 1 — 17 Other gain on investments, net — — 22 — 22 Other income, net of losses 105 — 187 (191 ) 101 Total other revenue 121 — 468 (191 ) 398 Total net revenue 493 550 1,841 (1,379 ) 1,505 Provision for loan losses 30 — 203 — 233 Noninterest expense Compensation and benefits expense 19 — 255 — 274 Insurance losses and loss adjustment expenses — — 77 — 77 Other operating expenses 175 — 472 (191 ) 456 Total noninterest expense 194 — 804 (191 ) 807 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 269 550 834 (1,188 ) 465 Income tax (benefit) expense from continuing operations (88 ) — 179 — 91 Net income from continuing operations 357 550 655 (1,188 ) 374 Income (loss) from discontinued operations, net of tax — — — — — Undistributed (loss) income of subsidiaries Bank subsidiary (31 ) (31 ) — 62 — Nonbank subsidiaries 48 — — (48 ) — Net income 374 519 655 (1,174 ) 374 Other comprehensive loss, net of tax (133 ) (104 ) (133 ) 237 (133 ) Comprehensive income $ 241 $ 415 $ 522 $ (937 ) $ 241 Three months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ 13 $ — $ 1,473 $ — $ 1,486 Interest and fees on finance receivables and loans — intercompany 2 — 1 (3 ) — Interest and dividends on investment securities and other earning assets — — 157 — 157 Interest on cash and cash equivalents 2 — 9 — 11 Interest-bearing cash — intercompany 1 — 2 (3 ) — Operating leases 3 — 431 — 434 Total financing revenue and other interest income 21 — 2,073 (6 ) 2,088 Interest expense Interest on deposits — — 286 (1 ) 285 Interest on short-term borrowings 16 — 18 — 34 Interest on long-term debt 278 — 138 — 416 Interest on intercompany debt 3 — 2 (5 ) — Total interest expense 297 — 444 (6 ) 735 Net depreciation expense on operating lease assets 3 — 269 — 272 Net financing (loss) revenue (279 ) — 1,360 — 1,081 Cash dividends from subsidiaries Bank subsidiary 2,900 2,900 — (5,800 ) — Nonbank subsidiaries 101 — — (101 ) — Other revenue Insurance premiums and service revenue earned — — 252 — 252 Gain on mortgage and automotive loans, net 9 — 6 — 15 Other gain on investments, net — — 23 — 23 Other income, net of losses 137 — 196 (242 ) 91 Total other revenue 146 — 477 (242 ) 381 Total net revenue 2,868 2,900 1,837 (6,143 ) 1,462 Provision for loan losses 161 — 153 — 314 Noninterest expense Compensation and benefits expense 17 — 247 — 264 Insurance losses and loss adjustment expenses — — 65 — 65 Other operating expenses 208 — 459 (243 ) 424 Total noninterest expense 225 — 771 (243 ) 753 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 2,482 2,900 913 (5,900 ) 395 Income tax (benefit) expense from continuing operations (135 ) — 250 — 115 Net income from continuing operations 2,617 2,900 663 (5,900 ) 280 Income (loss) from discontinued operations, net of tax 4 — (2 ) — 2 Undistributed (loss) income of subsidiaries Bank subsidiary (2,524 ) (2,524 ) — 5,048 — Nonbank subsidiaries 185 — — (185 ) — Net income 282 376 661 (1,037 ) 282 Other comprehensive income, net of tax 48 36 51 (87 ) 48 Comprehensive income $ 330 $ 412 $ 712 $ (1,124 ) $ 330 Nine months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing revenue and other interest income Interest and fees on finance receivables and loans $ 6 $ — $ 4,892 $ — $ 4,898 Interest and fees on finance receivables and loans — intercompany 9 — 4 (13 ) — Interest on loans held-for-sale — — 10 — 10 Interest and dividends on investment securities and other earning assets — — 563 (1 ) 562 Interest on cash and cash equivalents 6 — 44 — 50 Interest-bearing cash — intercompany 5 — 7 (12 ) — Operating leases 4 — 1,120 — 1,124 Total financing revenue and other interest income 30 — 6,640 (26 ) 6,644 Interest expense Interest on deposits — — 1,212 — 1,212 Interest on short-term borrowings 32 — 69 — 101 Interest on long-term debt 765 — 531 — 1,296 Interest on intercompany debt 12 — 14 (26 ) — Total interest expense 809 — 1,826 (26 ) 2,609 Net depreciation expense on operating lease assets 7 — 778 — 785 Net financing (loss) revenue (786 ) — 4,036 — 3,250 Cash dividends from subsidiaries Bank subsidiary 2,050 2,050 — (4,100 ) — Nonbank subsidiaries 389 — — (389 ) — Other revenue Insurance premiums and service revenue earned — — 753 — 753 Gain on mortgage and automotive loans, net 44 — 3 (28 ) 19 Other gain on investments, net — — 37 — 37 Other income, net of losses 301 — 593 (587 ) 307 Total other revenue 345 — 1,386 (615 ) 1,116 Total net revenue 1,998 2,050 5,422 (5,104 ) 4,366 Provision for loan losses 143 — 537 (28 ) 652 Noninterest expense Compensation and benefits expense 67 — 805 — 872 Insurance losses and loss adjustment expenses — — 241 — 241 Other operating expenses 530 — 1,404 (587 ) 1,347 Total noninterest expense 597 — 2,450 (587 ) 2,460 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 1,258 2,050 2,435 (4,489 ) 1,254 Income tax (benefit) expense from continuing operations (210 ) — 490 — 280 Net income from continuing operations 1,468 2,050 1,945 (4,489 ) 974 (Loss) income from discontinued operations, net of tax (2 ) — 1 — (1 ) Undistributed (loss) income of subsidiaries Bank subsidiary (576 ) (576 ) — 1,152 — Nonbank subsidiaries 83 — — (83 ) — Net income 973 1,474 1,946 (3,420 ) 973 Other comprehensive loss, net of tax (531 ) (436 ) (546 ) 982 (531 ) Comprehensive income $ 442 $ 1,038 $ 1,400 $ (2,438 ) $ 442 Nine months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Financing (loss) revenue and other interest income Interest and fees on finance receivables and loans $ (57 ) $ — $ 4,358 $ — $ 4,301 Interest and fees on finance receivables and loans — intercompany 10 — 5 (15 ) — Interest and dividends on investment securities and other earning assets — — 439 (2 ) 437 Interest on cash and cash equivalents 6 — 17 — 23 Interest-bearing cash — intercompany 1 — 5 (6 ) — Operating leases 9 — 1,456 — 1,465 Total financing (loss) revenue and other interest income (31 ) — 6,280 (23 ) 6,226 Interest expense Interest on deposits 2 — 765 (1 ) 766 Interest on short-term borrowings 52 — 42 — 94 Interest on long-term debt 834 — 423 — 1,257 Interest on intercompany debt 12 — 10 (22 ) — Total interest expense 900 — 1,240 (23 ) 2,117 Net depreciation expense on operating lease assets 8 — 974 — 982 Net financing (loss) revenue (939 ) — 4,066 — 3,127 Cash dividends from subsidiaries Bank subsidiary 2,900 2,900 — (5,800 ) — Nonbank subsidiaries 528 — — (528 ) — Other revenue Insurance premiums and service revenue earned — — 720 — 720 Gain on mortgage and automotive loans, net 39 — 26 — 65 Other gain on investments, net — — 73 — 73 Other income, net of losses 568 — 630 (891 ) 307 Total other revenue 607 — 1,449 (891 ) 1,165 Total net revenue 3,096 2,900 5,515 (7,219 ) 4,292 Provision for loan losses 350 — 504 — 854 Noninterest expense Compensation and benefits expense 157 — 657 — 814 Insurance losses and loss adjustment expenses — — 278 — 278 Other operating expenses 709 — 1,431 (891 ) 1,249 Total noninterest expense 866 — 2,366 (891 ) 2,341 Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries 1,880 2,900 2,645 (6,328 ) 1,097 Income tax (benefit) expense from continuing operations (362 ) — 712 — 350 Net income from continuing operations 2,242 2,900 1,933 (6,328 ) 747 Income (loss) from discontinued operations, net of tax 6 — (5 ) — 1 Undistributed (loss) income of subsidiaries Bank subsidiary (1,760 ) (1,760 ) — 3,520 — Nonbank subsidiaries 260 — — (260 ) — Net income 748 1,140 1,928 (3,068 ) 748 Other comprehensive income, net of tax 144 91 140 (231 ) 144 Comprehensive income $ 892 $ 1,231 $ 2,068 $ (3,299 ) $ 892 |
Condensed Balance Sheet | Condensed Consolidating Balance Sheet September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Assets Cash and cash equivalents Noninterest-bearing $ 50 $ — $ 752 $ — $ 802 Interest-bearing 5 — 2,965 — 2,970 Interest-bearing — intercompany 913 — 569 (1,482 ) — Total cash and cash equivalents 968 — 4,286 (1,482 ) 3,772 Equity securities — — 514 — 514 Available-for-sale securities — — 24,122 — 24,122 Held-to-maturity securities — — 2,269 (23 ) 2,246 Loans held-for-sale, net — — 425 — 425 Finance receivables and loans, net Finance receivables and loans, net 4,379 — 122,226 — 126,605 Intercompany loans to Nonbank subsidiaries 821 — 405 (1,226 ) — Allowance for loan losses (98 ) — (1,150 ) — (1,248 ) Total finance receivables and loans, net 5,102 — 121,481 (1,226 ) 125,357 Investment in operating leases, net 7 — 8,571 — 8,578 Intercompany receivables from Bank subsidiary 113 — — (113 ) — Nonbank subsidiaries 44 — 121 (165 ) — Investment in subsidiaries Bank subsidiary 16,057 16,057 — (32,114 ) — Nonbank subsidiaries 6,999 — — (6,999 ) — Premiums receivable and other insurance assets — — 2,291 — 2,291 Other assets 2,220 — 4,999 (1,423 ) 5,796 Total assets $ 31,510 $ 16,057 $ 169,079 $ (43,545 ) $ 173,101 Liabilities Deposit liabilities Noninterest-bearing $ — $ — $ 180 $ — $ 180 Interest-bearing 3 — 101,196 — 101,199 Interest-bearing — intercompany — — 913 (913 ) — Total deposit liabilities 3 — 102,289 (913 ) 101,379 Short-term borrowings 2,575 — 4,763 — 7,338 Long-term debt 14,111 — 31,431 — 45,542 Intercompany debt to Bank subsidiary 23 — — (23 ) — Nonbank subsidiaries 974 — 821 (1,795 ) — Intercompany payables to Bank subsidiary 45 — — (45 ) — Nonbank subsidiaries 117 — 81 (198 ) — Interest payable 242 — 470 — 712 Unearned insurance premiums and service revenue — — 3,020 — 3,020 Accrued expenses and other liabilities 335 — 3,148 (1,458 ) 2,025 Total liabilities 18,425 — 146,023 (4,432 ) 160,016 Total equity 13,085 16,057 23,056 (39,113 ) 13,085 Total liabilities and equity $ 31,510 $ 16,057 $ 169,079 $ (43,545 ) $ 173,101 December 31, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Assets Cash and cash equivalents Noninterest-bearing $ 74 $ — $ 770 $ — $ 844 Interest-bearing 5 — 3,403 — 3,408 Interest-bearing — intercompany 1,138 — 695 (1,833 ) — Total cash and cash equivalents 1,217 — 4,868 (1,833 ) 4,252 Equity securities — — 518 — 518 Available-for-sale securities — — 22,303 — 22,303 Held-to-maturity securities — — 1,973 (74 ) 1,899 Loans held-for-sale, net — — 108 — 108 Finance receivables and loans, net Finance receivables and loans, net 7,434 — 115,459 — 122,893 Intercompany loans to Nonbank subsidiaries 879 — 408 (1,287 ) — Allowance for loan losses (185 ) — (1,091 ) — (1,276 ) Total finance receivables and loans, net 8,128 — 114,776 (1,287 ) 121,617 Investment in operating leases, net 19 — 8,722 — 8,741 Intercompany receivables from Bank subsidiary 80 — — (80 ) — Nonbank subsidiaries 71 — 77 (148 ) — Investment in subsidiaries Bank subsidiary 16,962 16,962 — (33,924 ) — Nonbank subsidiaries 8,111 — — (8,111 ) — Premiums receivable and other insurance assets — — 2,082 (35 ) 2,047 Other assets 2,207 — 5,105 (1,649 ) 5,663 Total assets $ 36,795 $ 16,962 $ 160,532 $ (47,141 ) $ 167,148 Liabilities Deposit liabilities Noninterest-bearing $ — $ — $ 108 $ — $ 108 Interest-bearing 12 — 93,136 — 93,148 Interest-bearing — intercompany — — 1,139 (1,139 ) — Total deposit liabilities 12 — 94,383 (1,139 ) 93,256 Short-term borrowings 3,171 — 8,242 — 11,413 Long-term debt 17,966 — 26,260 — 44,226 Intercompany debt to Bank subsidiary 74 — — (74 ) — Nonbank subsidiaries 1,103 — 879 (1,982 ) — Intercompany payables to Bank subsidiary 4 — — (4 ) — Nonbank subsidiaries 132 — 127 (259 ) — Interest payable 200 — 175 — 375 Unearned insurance premiums and service revenue — — 2,604 — 2,604 Accrued expenses and other liabilities 639 — 2,790 (1,649 ) 1,780 Total liabilities 23,301 — 135,460 (5,107 ) 153,654 Total equity 13,494 16,962 25,072 (42,034 ) 13,494 Total liabilities and equity $ 36,795 $ 16,962 $ 160,532 $ (47,141 ) $ 167,148 |
Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Operating activities Net cash provided by operating activities $ 1,417 $ 2,050 $ 4,366 $ (4,489 ) $ 3,344 Investing activities Purchases of equity securities — — (652 ) — (652 ) Proceeds from sales of equity securities — — 715 — 715 Purchases of available-for-sale securities — — (5,669 ) — (5,669 ) Proceeds from sales of available-for-sale securities — — 637 — 637 Proceeds from repayments of available-for-sale securities — — 2,509 — 2,509 Purchases of held-to-maturity securities — — (436 ) — (436 ) Proceeds from repayments of held-to-maturity securities — — 107 — 107 Net change in investment securities — intercompany — — 51 (51 ) — Purchases of finance receivables and loans held-for-investment (131 ) — (5,577 ) 930 (4,778 ) Proceeds from sales of finance receivables and loans initially held-for-investment 983 — — (930 ) 53 Originations and repayments of finance receivables and loans held-for-investment and other, net 2,092 — (2,650 ) — (558 ) Net change in loans — intercompany 45 — (6 ) (39 ) — Purchases of operating lease assets — — (2,991 ) — (2,991 ) Disposals of operating lease assets 9 — 2,452 — 2,461 Capital contributions to subsidiaries (58 ) (6 ) — 64 — Returns of contributed capital 222 — — (222 ) — Net change in nonmarketable equity investments (14 ) — 11 — (3 ) Other, net 1 — (241 ) (1 ) (241 ) Net cash provided by (used in) investing activities 3,149 (6 ) (11,740 ) (249 ) (8,846 ) Financing activities Net change in short-term borrowings — third party (596 ) — (3,478 ) — (4,074 ) Net (decrease) increase in deposits (9 ) — 7,846 226 8,063 Proceeds from issuance of long-term debt — third party 51 — 14,705 — 14,756 Repayments of long-term debt — third party (3,393 ) — (9,601 ) — (12,994 ) Net change in debt — intercompany (143 ) — (73 ) 216 — Repurchase of common stock (630 ) — — — (630 ) Dividends paid — third party (179 ) — — — (179 ) Dividends paid and returns of contributed capital — intercompany — (2,050 ) (2,661 ) 4,711 — Capital contributions from parent — 6 58 (64 ) — Net cash (used in) provided by financing activities (4,899 ) (2,044 ) 6,796 5,089 4,942 Effect of exchange-rate changes on cash and cash equivalents — — (2 ) — (2 ) Net decrease in cash and cash equivalents and restricted cash (333 ) — (580 ) 351 (562 ) Cash and cash equivalents and restricted cash at beginning of year 1,395 — 5,707 (1,833 ) 5,269 Cash and cash equivalents and restricted cash at September 30, $ 1,062 $ — $ 5,127 $ (1,482 ) $ 4,707 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows. September 30, 2018 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet $ 968 $ — $ 4,286 $ (1,482 ) $ 3,772 Restricted cash included in other assets on the Condensed Consolidated Balance Sheet (a) 94 — 841 — 935 Total cash and cash equivalents and restricted cash as disclosed in the Condensed Consolidated Statement of Cash Flows $ 1,062 $ — $ 5,127 $ (1,482 ) $ 4,707 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances. Nine months ended September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Operating activities Net cash provided by operating activities $ 3,701 $ 2,900 $ 3,019 $ (6,247 ) $ 3,373 Investing activities Purchases of equity securities — — (612 ) — (612 ) Proceeds from sales of equity securities — — 728 — 728 Purchases of available-for-sale securities — — (8,410 ) — (8,410 ) Proceeds from sales of available-for-sale securities — — 2,198 — 2,198 Proceeds from repayments of available-for-sale securities — — 2,002 — 2,002 Purchases of held-to-maturity securities — — (709 ) — (709 ) Proceeds from repayments of held-to-maturity securities — — 32 — 32 Net change in investment securities — intercompany 7 — 281 (288 ) — Purchases of finance receivables and loans held-for-investment (35 ) — (3,090 ) — (3,125 ) Proceeds from sales of finance receivables and loans initially held-for-investment 96 — 1,227 — 1,323 Originations and repayments of finance receivables and loans held-for-investment and other, net 259 — 2,718 (1,956 ) 1,021 Net change in loans — intercompany 2,159 — 232 (2,391 ) — Purchases of operating lease assets — — (2,844 ) — (2,844 ) Disposals of operating lease assets 7 — 4,402 — 4,409 Capital contributions to subsidiaries (1,200 ) — — 1,200 — Returns of contributed capital 1,031 — — (1,031 ) — Net change in nonmarketable equity investments — — (20 ) — (20 ) Other, net (20 ) — (39 ) (96 ) (155 ) Net cash provided by (used in) investing activities 2,304 — (1,904 ) (4,562 ) (4,162 ) Financing activities Net change in short-term borrowings — third party (245 ) — (2,255 ) — (2,500 ) Net (decrease) increase in deposits (153 ) — 12,698 (1,495 ) 11,050 Proceeds from issuance of long-term debt — third party 355 — 10,986 1,961 13,302 Repayments of long-term debt — third party (4,125 ) — (18,251 ) — (22,376 ) Net change in debt — intercompany (366 ) — (2,166 ) 2,532 — Repurchase of common stock (563 ) — — — (563 ) Dividends paid — third party (130 ) — — — (130 ) Dividends paid and returns of contributed capital — intercompany — (2,900 ) (4,459 ) 7,359 — Capital contributions from parent — — 1,200 (1,200 ) — Net cash used in financing activities (5,227 ) (2,900 ) (2,247 ) 9,157 (1,217 ) Effect of exchange-rate changes on cash and cash equivalents — — 3 — 3 Net increase (decrease) in cash and cash equivalents and restricted cash 778 — (1,129 ) (1,652 ) (2,003 ) Cash and cash equivalents and restricted cash at beginning of year 989 — 7,293 (401 ) 7,881 Cash and cash equivalents and restricted cash at September 30, $ 1,767 $ — $ 6,164 $ (2,053 ) $ 5,878 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows. September 30, 2017 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet $ 1,574 $ — $ 4,903 $ (2,053 ) $ 4,424 Restricted cash included in other assets on the Condensed Consolidated Balance Sheet (a) 193 — 1,261 — 1,454 Total cash and cash equivalents and restricted cash as disclosed in the Condensed Consolidated Statement of Cash Flows $ 1,767 $ — $ 6,164 $ (2,053 ) $ 5,878 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 10 for additional details describing the nature of restricted cash balances. |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 |
Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of changes in accounting principles, net of tax | $ 126 | $ 126 |
Accounting Standards Update 2016-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of changes in accounting principles, net of tax | 20 | (7) |
Accounting Standards Update 2018-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of changes in accounting principles, net of tax | $ (42) | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Premiums receivable and other insurance assets | $ 2,291 | $ 2,047 | |||
Other assets | 5,796 | 5,663 | |||
Assets | 173,101 | 167,148 | $ 164,013 | ||
Unearned insurance premiums and service revenue | 3,020 | 2,604 | |||
Liabilities | 160,016 | 153,654 | |||
Accumulated deficit | (5,716) | (6,406) | |||
Equity | 13,085 | $ 13,375 | 13,494 | $ 13,573 | $ 13,317 |
Liabilities and equity | $ 173,101 | $ 167,148 | |||
Accounting Standards Update 2014-09 | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Premiums receivable and other insurance assets | 122 | ||||
Other assets | 41 | ||||
Assets | 163 | ||||
Unearned insurance premiums and service revenue | 289 | ||||
Liabilities | 289 | ||||
Accumulated deficit | (126) | ||||
Equity | (126) | ||||
Liabilities and equity | 163 | ||||
Day one balance | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Premiums receivable and other insurance assets | 2,169 | ||||
Other assets | 5,704 | ||||
Assets | 167,311 | ||||
Unearned insurance premiums and service revenue | 2,893 | ||||
Liabilities | 153,943 | ||||
Accumulated deficit | (6,532) | ||||
Equity | 13,368 | ||||
Liabilities and equity | $ 167,311 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Impact of ASU 2014-09 on Balance Sheet and Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Insurance premiums and service revenue earned | $ 258 | $ 252 | $ 753 | $ 720 | |||
Other revenue | 398 | 381 | 1,116 | 1,165 | |||
Net revenue | 1,505 | 1,462 | 4,366 | 4,292 | |||
Compensation and benefits expense | 274 | 264 | 872 | 814 | |||
Other operating expenses | 456 | 424 | 1,347 | 1,249 | |||
Noninterest expense | 807 | 753 | 2,460 | 2,341 | |||
Income from continuing operations before income tax expense | 465 | 395 | 1,254 | 1,097 | |||
Income tax expense from continuing operations | 91 | 115 | 280 | 350 | |||
Net income from continuing operations | 374 | 280 | 974 | 747 | |||
Net income | 374 | 282 | 973 | 748 | |||
Comprehensive income | 241 | 330 | 442 | 892 | |||
Premiums receivable and other insurance assets | 2,291 | 2,291 | $ 2,047 | ||||
Other assets | 5,796 | 5,796 | 5,663 | ||||
Assets | 173,101 | 164,013 | 173,101 | 164,013 | 167,148 | ||
Unearned insurance premiums and service revenue | 3,020 | 3,020 | 2,604 | ||||
Liabilities | 160,016 | 160,016 | 153,654 | ||||
Accumulated deficit | (5,716) | (5,716) | (6,406) | ||||
Equity | 13,085 | 13,573 | 13,085 | 13,573 | $ 13,375 | 13,494 | $ 13,317 |
Liabilities and equity | 173,101 | 173,101 | 167,148 | ||||
Effect of adopting the amendments to Topic 606 | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Insurance premiums and service revenue earned | (8) | (23) | |||||
Other revenue | (8) | (23) | |||||
Net revenue | (8) | (23) | |||||
Compensation and benefits expense | 0 | (2) | |||||
Other operating expenses | (4) | (9) | |||||
Noninterest expense | (4) | (11) | |||||
Income from continuing operations before income tax expense | (4) | (12) | |||||
Income tax expense from continuing operations | (1) | (3) | |||||
Net income from continuing operations | (3) | (9) | |||||
Net income | (3) | (9) | |||||
Comprehensive income | (3) | (9) | |||||
Premiums receivable and other insurance assets | 133 | 133 | |||||
Other assets | 44 | 44 | |||||
Assets | 177 | 177 | |||||
Unearned insurance premiums and service revenue | 312 | 312 | |||||
Liabilities | 312 | 312 | |||||
Accumulated deficit | (135) | (135) | |||||
Equity | (135) | (135) | |||||
Liabilities and equity | 177 | 177 | |||||
Retained earnings | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Net income | 374 | 282 | 973 | 748 | |||
Equity | $ (5,716) | $ (6,533) | $ (5,716) | $ (6,533) | $ (6,510) | $ (6,406) | $ (7,151) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Insurance commissions | $ 113 | $ 106 | $ 332 | $ 309 |
Revenue from contracts with customers | 173 | 517 | ||
All other revenue outside of scope of Topic 606 | 225 | 599 | ||
Other revenue | 398 | 381 | 1,116 | 1,165 |
Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with customer, unearned revenue | 289 | 289 | ||
Unearned revenue, revenue recognized | 24 | 68 | ||
Unearned revenue, remaining performance obligation, amount | 2,600 | 2,600 | ||
Deferred commissions | 1,500 | 1,500 | ||
Insurance commissions | 108 | 317 | ||
Revenue from contracts with customers | 129 | 377 | ||
Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19 | 63 | ||
Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15 | 46 | ||
Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 11 | ||
Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Gross interchange fee income | 3 | 9 | ||
Interchange expense | 2 | 7 | ||
Revenue from contracts with customers | 3 | 9 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 11 | ||
Automotive Finance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 73 | ||
All other revenue outside of scope of Topic 606 | 57 | 136 | ||
Other revenue | 80 | 82 | 209 | 290 |
Automotive Finance operations | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19 | 63 | ||
Automotive Finance operations | Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 10 | ||
Automotive Finance operations | Sale of off-lease vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 27 | 61 | ||
Insurance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 132 | 389 | ||
All other revenue outside of scope of Topic 606 | 150 | 405 | ||
Other revenue | 282 | 272 | 794 | 781 |
Insurance operations | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 129 | 377 | ||
Insurance operations | Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 11 | ||
Insurance operations | Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 1 | ||
Mortgage Finance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
All other revenue outside of scope of Topic 606 | 2 | 5 | ||
Other revenue | 2 | 2 | 5 | 3 |
Mortgage Finance operations | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
All other revenue outside of scope of Topic 606 | 14 | 36 | ||
Other revenue | 14 | 5 | 36 | 33 |
Corporate Finance operations | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 55 | ||
All other revenue outside of scope of Topic 606 | 2 | 17 | ||
Other revenue | 20 | $ 20 | 72 | $ 58 |
Corporate and Other | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate and Other | Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate and Other | Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15 | 46 | ||
Corporate and Other | Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate and Other | Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3 | 9 | ||
Corporate and Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remainder of 2018 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 190 | 190 | ||
2019 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 696 | 696 | ||
2020 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 610 | 610 | ||
2021 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 479 | 479 | ||
2022 and thereafter | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 633 | $ 633 |
Other Income, Net of Losses (Sc
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Late charges and other administrative fees | $ 29 | $ 25 | $ 83 | $ 77 |
Remarketing fees | 19 | 26 | 63 | 82 |
Servicing fees | 5 | 11 | 21 | 41 |
Income from equity method investments | 5 | 7 | 18 | 12 |
Other income, net | 43 | 22 | 122 | 95 |
Total other income, net of losses | $ 101 | $ 91 | $ 307 | $ 307 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross reserves for insurance losses and loss adjustment expenses | $ 140 | $ 149 | ||
Reinsurance recoverable | 108 | 108 | ||
Net reserves for insurance losses and loss adjustment expenses | 32 | 41 | ||
Net insurance losses and loss adjustment expenses, current year | 235 | 276 | ||
Net insurance losses and loss adjustment expenses, prior years | 6 | 2 | ||
Net insurance losses and loss adjustment expenses incurred | $ 77 | $ 65 | 241 | 278 |
Net insurance losses and loss adjustment expenses paid or payable, current year | 205 | 248 | ||
Net insurance losses and loss adjustment expenses paid or payable, prior years | 27 | 31 | ||
Total net insurance losses and loss adjustment expenses paid or payable | 232 | 279 | ||
Foreign exchange and other | 0 | 1 | ||
Net reserves for insurance losses and loss adjustment expenses | 41 | 41 | 41 | 41 |
Reinsurance recoverable | 98 | 132 | 98 | 132 |
Gross reserves for insurance losses and loss adjustment expenses | $ 139 | $ 173 | $ 139 | $ 173 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Expenses [Abstract] | ||||
Insurance commissions | $ 113 | $ 106 | $ 332 | $ 309 |
Technology and communications | 75 | 72 | 220 | 212 |
Lease and loan administration | 42 | 41 | 124 | 116 |
Advertising and marketing | 38 | 33 | 106 | 96 |
Professional services | 33 | 28 | 100 | 81 |
Regulatory and licensing fees | 33 | 27 | 98 | 82 |
Vehicle remarketing and repossession | 27 | 29 | 85 | 82 |
Premises and equipment depreciation | 22 | 22 | 64 | 67 |
Occupancy | 11 | 11 | 33 | 34 |
Non-income taxes | 10 | 6 | 24 | 22 |
Amortization of intangible assets | 2 | 2 | 8 | 8 |
Other operating expenses | 50 | 47 | 153 | 140 |
Total other operating expenses | $ 456 | $ 424 | $ 1,347 | $ 1,249 |
Investment Securities (Investme
Investment Securities (Investment Table) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | $ 2,246 | $ 1,899 |
Debt securities, held-to-maturity, fair value | 2,139 | 1,865 |
Securities, amount eligible to be repledged or sold by counterparty | 1,400 | 1,000 |
Federal Home Loan Bank certificates and obligations | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Securities pledged for Federal Home Loan Bank, at fair value | 5,500 | 7,800 |
Federal Home Loan Bank certificates and obligations | Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Securities pledged for Federal Home Loan Bank, at fair value | 992 | 664 |
US Treasury | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 2,007 | 1,831 |
Debt securities, available-for-sale, unrealized gains | 0 | 0 |
Debt securities, available-for-sale, unrealized losses | (103) | (54) |
Debt securities, available-for-sale, fair value | 1,904 | 1,777 |
US States and political subdivisions | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 887 | 850 |
Debt securities, available-for-sale, unrealized gains | 4 | 11 |
Debt securities, available-for-sale, unrealized losses | (26) | (7) |
Debt securities, available-for-sale, fair value | 865 | 854 |
Foreign government | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 158 | 153 |
Debt securities, available-for-sale, unrealized gains | 0 | 2 |
Debt securities, available-for-sale, unrealized losses | (3) | (1) |
Debt securities, available-for-sale, fair value | 155 | 154 |
Agency mortgage-backed residential | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 16,641 | 14,412 |
Debt securities, available-for-sale, unrealized gains | 2 | 35 |
Debt securities, available-for-sale, unrealized losses | (629) | (156) |
Debt securities, available-for-sale, fair value | 16,014 | 14,291 |
Agency mortgage-backed residential | Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 2,197 | 1,863 |
Debt securities, held-to-maturity, unrecognized gain | 0 | 3 |
Debt securities, held-to-maturity, unrecognized loss | 107 | 37 |
Debt securities, held-to-maturity, fair value | 2,090 | 1,829 |
Mortgage-backed residential | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 2,670 | 2,517 |
Debt securities, available-for-sale, unrealized gains | 1 | 11 |
Debt securities, available-for-sale, unrealized losses | (110) | (34) |
Debt securities, available-for-sale, fair value | 2,561 | 2,494 |
Mortgage-backed commercial | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 632 | 541 |
Debt securities, available-for-sale, unrealized gains | 1 | 1 |
Debt securities, available-for-sale, unrealized losses | (2) | (1) |
Debt securities, available-for-sale, fair value | 631 | 541 |
Asset-backed | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 735 | 933 |
Debt securities, available-for-sale, unrealized gains | 1 | 4 |
Debt securities, available-for-sale, unrealized losses | (3) | (1) |
Debt securities, available-for-sale, fair value | 733 | 936 |
Asset-backed | Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 49 | 36 |
Debt securities, held-to-maturity, unrecognized gain | 0 | 0 |
Debt securities, held-to-maturity, unrecognized loss | 0 | 0 |
Debt securities, held-to-maturity, fair value | 49 | 36 |
Corporate debt | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 1,302 | 1,262 |
Debt securities, available-for-sale, unrealized gains | 0 | 5 |
Debt securities, available-for-sale, unrealized losses | (43) | (11) |
Debt securities, available-for-sale, fair value | 1,259 | 1,256 |
Available-for-sale debt securities | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 25,032 | 22,499 |
Debt securities, available-for-sale, unrealized gains | 9 | 69 |
Debt securities, available-for-sale, unrealized losses | (919) | (265) |
Debt securities, available-for-sale, fair value | 24,122 | 22,303 |
Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 2,246 | 1,899 |
Debt securities, held-to-maturity, unrecognized gain | 0 | 3 |
Debt securities, held-to-maturity, unrecognized loss | 107 | 37 |
Debt securities, held-to-maturity, fair value | 2,139 | 1,865 |
Insurance operations | ||
Schedule of Investments [Line Items] | ||
Deposit securities | $ 12 | $ 12 |
Investment Securities (Invest_2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Cash equivalents | $ 54 | $ 10 |
Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost, before other-than-temporary impairment | $ 2,246 | $ 1,899 |
Debt securities, held-to-maturity, yield | 3.10% | 3.10% |
Debt securities, held-to-maturity, maturity, within one year, amortized Cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, held-to-maturity, maturity, after one through five years, amortized cost | $ 48 | $ 35 |
Debt securities, held-to-maturity, due after one year through five years, yield | 2.00% | 1.70% |
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost | $ 1 | $ 1 |
Debt securities, held-to-maturity, due after five years through ten years, yield | 3.30% | 3.00% |
Debt securities, held-to-maturity, maturity, after 10 Years, amortized cost | $ 2,197 | $ 1,863 |
Debt securities, held-to-maturity, due after ten years, yield | 3.20% | 3.10% |
Available-for-sale securities | US Treasury | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 1,904 | $ 1,777 |
Debt securities, available-for-sale, yield | 1.90% | 1.70% |
Debt securities, available-for-sale, due in one year or less | $ 7 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 1.70% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 932 | $ 487 |
Debt securities, available-for-sale, due after one year through five years, yield | 1.90% | 1.70% |
Debt securities, available-for-sale, due after five years through ten years | $ 965 | $ 1,290 |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.90% | 1.80% |
Debt securities, available-for-sale, due after ten years | $ 0 | $ 0 |
Debt securities, available-for-sale, due after ten years, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, amortized cost | $ 2,007 | $ 1,831 |
Available-for-sale securities | US States and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 865 | $ 854 |
Debt securities, available-for-sale, yield | 3.10% | 2.90% |
Debt securities, available-for-sale, due in one year or less | $ 44 | $ 76 |
Debt securities, available-for-sale, due in one year or less, yield | 2.50% | 1.80% |
Debt securities, available-for-sale, due after one year through five years | $ 57 | $ 36 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.40% | 2.30% |
Debt securities, available-for-sale, due after five years through ten years | $ 257 | $ 203 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.60% | 2.50% |
Debt securities, available-for-sale, due after ten years | $ 507 | $ 539 |
Debt securities, available-for-sale, due after ten years, yield | 3.50% | 3.30% |
Debt securities, available-for-sale, amortized cost | $ 887 | $ 850 |
Available-for-sale securities | Foreign government | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 155 | $ 154 |
Debt securities, available-for-sale, yield | 2.50% | 2.50% |
Debt securities, available-for-sale, due in one year or less | $ 18 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 3.40% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 61 | $ 80 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.30% | 2.50% |
Debt securities, available-for-sale, due after five years through ten years | $ 73 | $ 74 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.40% | 2.40% |
Debt securities, available-for-sale, due after ten years | $ 3 | $ 0 |
Debt securities, available-for-sale, due after ten years, yield | 2.90% | 0.00% |
Debt securities, available-for-sale, amortized cost | $ 158 | $ 153 |
Available-for-sale securities | Agency mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 16,014 | $ 14,291 |
Debt securities, available-for-sale, yield | 3.20% | 3.10% |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after five years through ten years | $ 56 | $ 3 |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.90% | 2.90% |
Debt securities, available-for-sale, due after ten years | $ 15,958 | $ 14,288 |
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.10% |
Debt securities, available-for-sale, amortized cost | $ 16,641 | $ 14,412 |
Available-for-sale securities | Mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 2,561 | $ 2,494 |
Debt securities, available-for-sale, yield | 3.20% | 3.10% |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after five years through ten years | $ 0 | $ 0 |
Debt securities, available-for-sale, due after five years through ten years, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after ten years | $ 2,561 | $ 2,494 |
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.10% |
Debt securities, available-for-sale, amortized cost | $ 2,670 | $ 2,517 |
Available-for-sale securities | Mortgage-backed commercial | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 631 | $ 541 |
Debt securities, available-for-sale, yield | 3.60% | 3.20% |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 3 | $ 30 |
Debt securities, available-for-sale, due after one year through five years, yield | 3.00% | 3.10% |
Debt securities, available-for-sale, due after five years through ten years | $ 46 | $ 31 |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.60% | 3.10% |
Debt securities, available-for-sale, due after ten years | $ 582 | $ 480 |
Debt securities, available-for-sale, due after ten years, yield | 3.60% | 3.20% |
Debt securities, available-for-sale, amortized cost | $ 632 | $ 541 |
Available-for-sale securities | Asset-backed | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 733 | $ 936 |
Debt securities, available-for-sale, yield | 3.30% | 3.10% |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, available-for-sale, due after one year through five years | $ 533 | $ 698 |
Debt securities, available-for-sale, due after one year through five years, yield | 3.30% | 3.10% |
Debt securities, available-for-sale, due after five years through ten years | $ 99 | $ 106 |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.70% | 3.10% |
Debt securities, available-for-sale, due after ten years | $ 101 | $ 132 |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 2.80% |
Debt securities, available-for-sale, amortized cost | $ 735 | $ 933 |
Available-for-sale securities | Corporate debt | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 1,259 | $ 1,256 |
Debt securities, available-for-sale, yield | 3.10% | 2.90% |
Debt securities, available-for-sale, due in one year or less | $ 134 | $ 140 |
Debt securities, available-for-sale, due in one year or less, yield | 2.90% | 2.60% |
Debt securities, available-for-sale, due after one year through five years | $ 515 | $ 513 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.80% | 2.60% |
Debt securities, available-for-sale, due after five years through ten years | $ 582 | $ 564 |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.30% | 3.20% |
Debt securities, available-for-sale, due after ten years | $ 28 | $ 39 |
Debt securities, available-for-sale, due after ten years, yield | 5.10% | 4.70% |
Debt securities, available-for-sale, amortized cost | $ 1,302 | $ 1,262 |
Available-for-sale securities | Available-for-sale debt securities | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 24,122 | $ 22,303 |
Debt securities, available-for-sale, yield | 3.10% | 3.00% |
Debt securities, available-for-sale, due in one year or less | $ 203 | $ 216 |
Debt securities, available-for-sale, due in one year or less, yield | 2.80% | 2.30% |
Debt securities, available-for-sale, due after one year through five years | $ 2,101 | $ 1,844 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.50% | 2.50% |
Debt securities, available-for-sale, due after five years through ten years | $ 2,078 | $ 2,271 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.50% | 2.30% |
Debt securities, available-for-sale, due after ten years | $ 19,740 | $ 17,972 |
Debt securities, available-for-sale, due after ten years, yield | 3.30% | 3.10% |
Debt securities, available-for-sale, amortized cost | $ 25,032 | $ 22,499 |
Debt securities, available-for-sale, maturity, within one year, amortized cost | 203 | 217 |
Debt securities, available-for-sale, maturity, after one through five years, amortized cost | 2,154 | 1,852 |
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost | 2,181 | 2,314 |
Debt securities, available-for-sale, maturity, after 10 Years, amortized cost | 20,494 | 18,116 |
Held-to-maturity securities | Agency mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost, before other-than-temporary impairment | $ 2,197 | $ 1,863 |
Debt securities, held-to-maturity, yield | 3.20% | 3.10% |
Debt securities, held-to-maturity, maturity, within one year, amortized Cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, held-to-maturity, maturity, after one through five years, amortized cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due after one year through five years, yield | 0.00% | 0.00% |
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due after five years through ten years, yield | 0.00% | 0.00% |
Debt securities, held-to-maturity, maturity, after 10 Years, amortized cost | $ 2,197 | $ 1,863 |
Debt securities, held-to-maturity, due after ten years, yield | 3.20% | 3.10% |
Held-to-maturity securities | Asset-backed | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost, before other-than-temporary impairment | $ 49 | $ 36 |
Debt securities, held-to-maturity, yield | 2.00% | 1.70% |
Debt securities, held-to-maturity, maturity, within one year, amortized Cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due in one year or less, yield | 0.00% | 0.00% |
Debt securities, held-to-maturity, maturity, after one through five years, amortized cost | $ 48 | $ 35 |
Debt securities, held-to-maturity, due after one year through five years, yield | 2.00% | 1.70% |
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost | $ 1 | $ 1 |
Debt securities, held-to-maturity, due after five years through ten years, yield | 3.30% | 3.00% |
Debt securities, held-to-maturity, maturity, after 10 Years, amortized cost | $ 0 | $ 0 |
Debt securities, held-to-maturity, due after ten years, yield | 0.00% | 0.00% |
Investment Securities (Invest_3
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Taxable interest | $ 172 | $ 141 | $ 490 | $ 390 |
Taxable dividends | 4 | 3 | 10 | 8 |
Interest and dividends exempt from U.S. federal income tax | 6 | 6 | 18 | 17 |
Interest and dividends on investment securities | 198 | 157 | 562 | 437 |
Excludes other earning assets | ||||
Interest and dividends on investment securities | $ 182 | $ 150 | $ 518 | $ 415 |
Investment Securities (Schedule
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Securities, Available-for-sale [Abstract] | ||||
Other-than-temporary impairments of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 |
Available-for-sale securities, gross realized gains | 1 | 24 | 8 | 75 |
Available-for-sale securities, gross realized losses | 0 | (1) | 0 | (2) |
Net realized gains on available-for-sale securities | 1 | 23 | 8 | 73 |
Net realized gain on equity securities | 15 | 55 | ||
Net unrealized gain (loss) on equity securities | 6 | (26) | ||
Other gain on investments, net | $ 22 | $ 23 | $ 37 | $ 73 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | $ 13,513 | $ 6,541 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (352) | (38) |
Debt securities, available-for-sale, fair value, 12 months or longer | 8,986 | 8,242 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (567) | (227) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 962 | 808 |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | 25 | 5 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,133 | 687 |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 82 | 32 |
US Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 268 | 471 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (5) | (8) |
Debt securities, available-for-sale, fair value, 12 months or longer | 1,635 | 1,305 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (98) | (46) |
US States and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 504 | 242 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (12) | (2) |
Debt securities, available-for-sale, fair value, 12 months or longer | 211 | 183 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (14) | (5) |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 73 | 80 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (2) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 30 | 4 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Agency mortgage-backed residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 9,600 | 4,066 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (258) | (19) |
Debt securities, available-for-sale, fair value, 12 months or longer | 5,991 | 5,671 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (371) | (137) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 940 | 773 |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | 25 | 5 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,116 | 687 |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 82 | 32 |
Mortgage-backed residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 1,701 | 857 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (49) | (2) |
Debt securities, available-for-sale, fair value, 12 months or longer | 711 | 773 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (61) | (32) |
Mortgage-backed commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 60 | 76 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (1) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 20 | 21 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 410 | 220 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (2) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 76 | 91 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 22 | 35 |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 17 | 0 |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 0 | 0 |
Corporate debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 897 | 529 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (23) | (4) |
Debt securities, available-for-sale, fair value, 12 months or longer | 312 | 194 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | $ (20) | $ (7) |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 126,605 | $ 122,893 | $ 118,871 |
Loans and finance receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized premiums and discounts and deferred fees and costs | 606 | 551 | |
Consumer portfolio segment | Consumer loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 86,501 | 81,821 | |
Consumer portfolio segment | Automobile loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 69,995 | 68,071 | 67,077 |
Consumer portfolio segment | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 16,506 | 13,750 | 12,015 |
Consumer portfolio segment | Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 14,840 | 11,657 | |
Interest-only mortgage loans | $ 16 | 20 | |
Consumer portfolio segment | Mortgage Finance | 2019, or sooner | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest-only mortgage loan portfolio principal amortization | 38.00% | ||
Consumer portfolio segment | Mortgage Finance | 2020, or sooner | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest-only mortgage loan portfolio principal amortization | 45.00% | ||
Consumer portfolio segment | Mortgage - Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 1,666 | 2,093 | |
Interest-only mortgage loans | $ 381 | 496 | |
Interest-only mortgage loans having exited the interest-only period | 99.00% | ||
Commercial portfolio segment | Commercial loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 40,104 | 41,072 | $ 39,779 |
Commercial portfolio segment | Commercial and industrial automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 31,424 | 33,025 | |
Commercial portfolio segment | Commercial and industrial other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 4,132 | 3,887 | |
Commercial portfolio segment | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 4,548 | $ 4,160 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | $ 1,257 | $ 1,225 | $ 1,276 | $ 1,144 | |
Allowance for loan and lease losses, charge-offs | (353) | (344) | (1,036) | (990) | |
Allowance for loan and lease losses, recoveries | 118 | 91 | 362 | 285 | |
Allowance for loan and lease losses, net charge-offs | (235) | (253) | (674) | (705) | |
Provision for loan losses | 233 | 314 | 652 | 854 | |
Allowance for loan and lease losses, other | 7 | 0 | 6 | 7 | |
Allowance for loan losses | 1,248 | 1,286 | 1,248 | 1,286 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Allowance for loan losses, individually evaluated for impairment | 102 | 86 | 102 | 86 | |
Allowance for loan losses, collectively evaluated for impairment | 1,146 | 1,200 | 1,146 | 1,200 | |
Finance receivables and loans, net | 126,605 | 118,871 | 126,605 | 118,871 | $ 122,893 |
Finance receivables and loans, individually evaluated for impairment | 898 | 786 | 898 | 786 | |
Finance receivables and loans, collectively evaluated for impairment | 125,707 | 118,085 | 125,707 | 118,085 | |
Consumer portfolio segment | Automobile loan | |||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 1,053 | 1,002 | 1,066 | 932 | |
Allowance for loan and lease losses, charge-offs | (343) | (327) | (1,004) | (958) | |
Allowance for loan and lease losses, recoveries | 110 | 85 | 336 | 266 | |
Allowance for loan and lease losses, net charge-offs | (233) | (242) | (668) | (692) | |
Provision for loan losses | 229 | 314 | 650 | 841 | |
Allowance for loan and lease losses, other | 6 | 0 | 5 | 7 | |
Allowance for loan losses | 1,043 | 1,074 | 1,043 | 1,074 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Allowance for loan losses, individually evaluated for impairment | 43 | 35 | 43 | 35 | |
Allowance for loan losses, collectively evaluated for impairment | 1,000 | 1,039 | 1,000 | 1,039 | |
Finance receivables and loans, net | 69,995 | 67,077 | 69,995 | 67,077 | 68,071 |
Finance receivables and loans, individually evaluated for impairment | 483 | 403 | 483 | 403 | |
Finance receivables and loans, collectively evaluated for impairment | 69,512 | 66,674 | 69,512 | 66,674 | |
Consumer portfolio segment | Residential mortgage | |||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 66 | 83 | 79 | 91 | |
Allowance for loan and lease losses, charge-offs | (7) | (7) | (27) | (22) | |
Allowance for loan and lease losses, recoveries | 8 | 6 | 20 | 19 | |
Allowance for loan and lease losses, net charge-offs | 1 | (1) | (7) | (3) | |
Provision for loan losses | (4) | 0 | (7) | (6) | |
Allowance for loan and lease losses, other | (1) | 1 | 1 | 1 | |
Allowance for loan losses | 64 | 81 | 64 | 81 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Allowance for loan losses, individually evaluated for impairment | 24 | 30 | 24 | 30 | |
Allowance for loan losses, collectively evaluated for impairment | 40 | 51 | 40 | 51 | |
Finance receivables and loans, net | 16,506 | 12,015 | 16,506 | 12,015 | 13,750 |
Finance receivables and loans, individually evaluated for impairment | 231 | 237 | 231 | 237 | |
Finance receivables and loans, collectively evaluated for impairment | 16,275 | 11,778 | 16,275 | 11,778 | |
Commercial portfolio segment | Commercial loan | |||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 138 | 140 | 131 | 121 | |
Allowance for loan and lease losses, charge-offs | (3) | (10) | (5) | (10) | |
Allowance for loan and lease losses, recoveries | 0 | 0 | 6 | 0 | |
Allowance for loan and lease losses, net charge-offs | (3) | (10) | 1 | (10) | |
Provision for loan losses | 8 | 0 | 9 | 19 | |
Allowance for loan and lease losses, other | 2 | (1) | 0 | (1) | |
Allowance for loan losses | 141 | 131 | 141 | 131 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Allowance for loan losses, individually evaluated for impairment | 35 | 21 | 35 | 21 | |
Allowance for loan losses, collectively evaluated for impairment | 106 | 110 | 106 | 110 | |
Finance receivables and loans, net | 40,104 | 39,779 | 40,104 | 39,779 | $ 41,072 |
Finance receivables and loans, individually evaluated for impairment | 184 | 146 | 184 | 146 | |
Finance receivables and loans, collectively evaluated for impairment | $ 39,920 | $ 39,633 | $ 39,920 | $ 39,633 |
Finance Receivables and Loans_5
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables and loans, significant sales and transfers | $ 816 | $ 31 | $ 821 | $ 1,335 |
Consumer portfolio segment | Automobile loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables and loans, significant sales and transfers | 578 | 28 | 578 | 1,326 |
Consumer portfolio segment | Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables and loans, significant sales and transfers | 0 | 3 | 5 | 9 |
Commercial portfolio segment | Commercial loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables and loans, significant sales and transfers | $ 238 | $ 0 | $ 238 | $ 0 |
Finance Receivables and Loans_6
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | $ 2,008 | $ 1,266 | $ 4,556 | $ 3,081 |
Consumer portfolio segment | Automobile loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | 251 | 83 | 652 | 762 |
Consumer portfolio segment | Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | 1,743 | 1,183 | 3,890 | 2,319 |
Commercial portfolio segment | Commercial loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | $ 14 | $ 0 | $ 14 | $ 0 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 2,742 | $ 2,967 | |
Financing receivable, recorded investment, current | 123,863 | 119,926 | |
Total finance receivables and loans | 126,605 | 122,893 | $ 118,871 |
Consumer portfolio segment | Consumer loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 2,708 | 2,959 | |
Financing receivable, recorded investment, current | 83,793 | 78,862 | |
Total finance receivables and loans | 86,501 | 81,821 | |
Consumer portfolio segment | Automobile loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 2,535 | 2,740 | |
Financing receivable, recorded investment, current | 67,460 | 65,331 | |
Total finance receivables and loans | 69,995 | 68,071 | 67,077 |
Consumer portfolio segment | Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 173 | 219 | |
Financing receivable, recorded investment, current | 16,333 | 13,531 | |
Total finance receivables and loans | 16,506 | 13,750 | 12,015 |
Consumer portfolio segment | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 72 | 89 | |
Financing receivable, recorded investment, current | 14,768 | 11,568 | |
Total finance receivables and loans | 14,840 | 11,657 | |
Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 101 | 130 | |
Financing receivable, recorded investment, current | 1,565 | 1,963 | |
Total finance receivables and loans | 1,666 | 2,093 | |
Commercial portfolio segment | Commercial loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 34 | 8 | |
Financing receivable, recorded investment, current | 40,070 | 41,064 | |
Total finance receivables and loans | 40,104 | 41,072 | $ 39,779 |
Commercial portfolio segment | Commercial and industrial automotive | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 15 | 8 | |
Financing receivable, recorded investment, current | 31,409 | 33,017 | |
Total finance receivables and loans | 31,424 | 33,025 | |
Commercial portfolio segment | Commercial and industrial other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 19 | 0 | |
Financing receivable, recorded investment, current | 4,113 | 3,887 | |
Total finance receivables and loans | 4,132 | 3,887 | |
Commercial portfolio segment | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivable, recorded investment, current | 4,548 | 4,160 | |
Total finance receivables and loans | 4,548 | 4,160 | |
Financing receivables, 30 to 59 days past due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1,927 | 2,102 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Consumer loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1,923 | 2,097 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Automobile loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1,831 | 1,994 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 92 | 103 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 56 | 60 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 36 | 43 | |
Financing receivables, 30 to 59 days past due | Commercial portfolio segment | Commercial loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 4 | 5 | |
Financing receivables, 30 to 59 days past due | Commercial portfolio segment | Commercial and industrial automotive | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 5 | |
Financing receivables, 30 to 59 days past due | Commercial portfolio segment | Commercial and industrial other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 4 | 0 | |
Financing receivables, 30 to 59 days past due | Commercial portfolio segment | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 462 | 514 | |
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Consumer loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 462 | 514 | |
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Automobile loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 442 | 478 | |
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 20 | 36 | |
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 6 | 11 | |
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 14 | 25 | |
Financing receivables, 60 to 89 days past due | Commercial portfolio segment | Commercial loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Commercial portfolio segment | Commercial and industrial automotive | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Commercial portfolio segment | Commercial and industrial other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Commercial portfolio segment | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, equal to greater than 90 days past due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 353 | 351 | |
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Consumer loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 323 | 348 | |
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Automobile loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 262 | 268 | |
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 61 | 80 | |
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 10 | 18 | |
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 51 | 62 | |
Financing receivables, equal to greater than 90 days past due | Commercial portfolio segment | Commercial loan | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 30 | 3 | |
Financing receivables, equal to greater than 90 days past due | Commercial portfolio segment | Commercial and industrial automotive | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 15 | 3 | |
Financing receivables, equal to greater than 90 days past due | Commercial portfolio segment | Commercial and industrial other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 15 | 0 | |
Financing receivables, equal to greater than 90 days past due | Commercial portfolio segment | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 0 | $ 0 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Non Accrual Status) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 903 | $ 792 |
Consumer portfolio segment | Consumer loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 719 | 720 |
Consumer portfolio segment | Automobile loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 620 | 603 |
Consumer portfolio segment | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 99 | 117 |
Consumer portfolio segment | Mortgage Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 18 | 25 |
Consumer portfolio segment | Mortgage - Legacy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 81 | 92 |
Commercial portfolio segment | Commercial loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 184 | 72 |
Commercial portfolio segment | Commercial and industrial automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 78 | 27 |
Commercial portfolio segment | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 99 | 44 |
Commercial portfolio segment | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 7 | $ 1 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | $ 126,605 | $ 122,893 | $ 118,871 |
Consumer portfolio segment | Consumer loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 86,501 | 81,821 | |
Consumer portfolio segment | Consumer loan | Performing financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 85,782 | 81,101 | |
Consumer portfolio segment | Consumer loan | Nonperforming financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 719 | 720 | |
Consumer portfolio segment | Automobile loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 69,995 | 68,071 | 67,077 |
Consumer portfolio segment | Automobile loan | Performing financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 69,375 | 67,468 | |
Consumer portfolio segment | Automobile loan | Nonperforming financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 620 | 603 | |
Consumer portfolio segment | Residential mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 16,506 | 13,750 | $ 12,015 |
Consumer portfolio segment | Residential mortgage | Performing financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 16,407 | 13,633 | |
Consumer portfolio segment | Residential mortgage | Nonperforming financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 99 | 117 | |
Consumer portfolio segment | Mortgage Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 14,840 | 11,657 | |
Consumer portfolio segment | Mortgage Finance | Performing financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 14,822 | 11,632 | |
Consumer portfolio segment | Mortgage Finance | Nonperforming financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 18 | 25 | |
Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 1,666 | 2,093 | |
Consumer portfolio segment | Mortgage - Legacy | Performing financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 1,585 | 2,001 | |
Consumer portfolio segment | Mortgage - Legacy | Nonperforming financial instruments | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | $ 81 | $ 92 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net (Schedule of Pass And Criticized Credit Quality Indicators of Finance Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | $ 126,605 | $ 122,893 | $ 118,871 |
Commercial portfolio segment | Commercial loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 40,104 | 41,072 | $ 39,779 |
Commercial portfolio segment | Commercial loan | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 36,450 | 37,991 | |
Commercial portfolio segment | Commercial loan | Criticized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 3,654 | 3,081 | |
Commercial portfolio segment | Commercial and industrial automotive | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 31,424 | 33,025 | |
Commercial portfolio segment | Commercial and industrial automotive | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 28,789 | 30,982 | |
Commercial portfolio segment | Commercial and industrial automotive | Criticized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 2,635 | 2,043 | |
Commercial portfolio segment | Commercial and industrial other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 4,132 | 3,887 | |
Commercial portfolio segment | Commercial and industrial other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 3,328 | 2,986 | |
Commercial portfolio segment | Commercial and industrial other | Criticized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 804 | 901 | |
Commercial portfolio segment | Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 4,548 | 4,160 | |
Commercial portfolio segment | Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | 4,333 | 4,023 | |
Commercial portfolio segment | Commercial real estate | Criticized | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Finance receivables and loans, net | $ 215 | $ 137 |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net (Impaired Financing Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | $ 925 | $ 756 |
Financing receivable, impaired, gross carrying value | 898 | 733 |
Financing receivable, impaired, with no allowance | 229 | 172 |
Financing receivable, impaired, with related allowance | 669 | 561 |
Financing receivable, impaired, allowance for impaired loans | 102 | 77 |
Consumer portfolio segment | Consumer loan | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 728 | 674 |
Financing receivable, impaired, gross carrying value | 714 | 661 |
Financing receivable, impaired, with no allowance | 176 | 153 |
Financing receivable, impaired, with related allowance | 538 | 508 |
Financing receivable, impaired, allowance for impaired loans | 67 | 63 |
Consumer portfolio segment | Automobile loan | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 492 | 438 |
Financing receivable, impaired, gross carrying value | 483 | 430 |
Financing receivable, impaired, with no allowance | 108 | 91 |
Financing receivable, impaired, with related allowance | 375 | 339 |
Financing receivable, impaired, allowance for impaired loans | 43 | 36 |
Consumer portfolio segment | Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 236 | 236 |
Financing receivable, impaired, gross carrying value | 231 | 231 |
Financing receivable, impaired, with no allowance | 68 | 62 |
Financing receivable, impaired, with related allowance | 163 | 169 |
Financing receivable, impaired, allowance for impaired loans | 24 | 27 |
Consumer portfolio segment | Mortgage Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 14 | 8 |
Financing receivable, impaired, gross carrying value | 14 | 8 |
Financing receivable, impaired, with no allowance | 5 | 4 |
Financing receivable, impaired, with related allowance | 9 | 4 |
Financing receivable, impaired, allowance for impaired loans | 1 | 0 |
Consumer portfolio segment | Mortgage - Legacy | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 222 | 228 |
Financing receivable, impaired, gross carrying value | 217 | 223 |
Financing receivable, impaired, with no allowance | 63 | 58 |
Financing receivable, impaired, with related allowance | 154 | 165 |
Financing receivable, impaired, allowance for impaired loans | 23 | 27 |
Commercial portfolio segment | Commercial loan | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 197 | 82 |
Financing receivable, impaired, gross carrying value | 184 | 72 |
Financing receivable, impaired, with no allowance | 53 | 19 |
Financing receivable, impaired, with related allowance | 131 | 53 |
Financing receivable, impaired, allowance for impaired loans | 35 | 14 |
Commercial portfolio segment | Commercial and industrial automotive | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 78 | 27 |
Financing receivable, impaired, gross carrying value | 78 | 27 |
Financing receivable, impaired, with no allowance | 8 | 9 |
Financing receivable, impaired, with related allowance | 70 | 18 |
Financing receivable, impaired, allowance for impaired loans | 10 | 3 |
Commercial portfolio segment | Commercial and industrial other | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 112 | 54 |
Financing receivable, impaired, gross carrying value | 99 | 44 |
Financing receivable, impaired, with no allowance | 40 | 10 |
Financing receivable, impaired, with related allowance | 59 | 34 |
Financing receivable, impaired, allowance for impaired loans | 25 | 11 |
Commercial portfolio segment | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, impaired, unpaid principal balance | 7 | 1 |
Financing receivable, impaired, gross carrying value | 7 | 1 |
Financing receivable, impaired, with no allowance | 5 | 0 |
Financing receivable, impaired, with related allowance | 2 | 1 |
Financing receivable, impaired, allowance for impaired loans | $ 0 | $ 0 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net (Schedule of Average Balance and Interest Income of Impaired Finance Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | $ 905 | $ 775 | $ 852 | $ 746 |
Financing receivable, impaired, interest income | 10 | 8 | 31 | 32 |
Consumer portfolio segment | Consumer loan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 714 | 628 | 706 | 612 |
Financing receivable, impaired, interest income | 10 | 7 | 29 | 22 |
Consumer portfolio segment | Automobile loan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 485 | 389 | 477 | 368 |
Financing receivable, impaired, interest income | 7 | 5 | 21 | 15 |
Consumer portfolio segment | Residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 229 | 239 | 229 | 244 |
Financing receivable, impaired, interest income | 3 | 2 | 8 | 7 |
Consumer portfolio segment | Mortgage Finance | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 12 | 8 | 10 | 8 |
Financing receivable, impaired, interest income | 1 | 0 | 1 | 0 |
Consumer portfolio segment | Mortgage - Legacy | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 217 | 231 | 219 | 236 |
Financing receivable, impaired, interest income | 2 | 2 | 7 | 7 |
Commercial portfolio segment | Commercial loan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 191 | 147 | 146 | 134 |
Financing receivable, impaired, interest income | 0 | 1 | 2 | 10 |
Commercial portfolio segment | Commercial and industrial automotive | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 83 | 77 | 65 | 55 |
Financing receivable, impaired, interest income | 0 | 1 | 2 | 2 |
Commercial portfolio segment | Commercial and industrial other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 101 | 63 | 76 | 73 |
Financing receivable, impaired, interest income | 0 | 0 | 0 | 8 |
Commercial portfolio segment | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing receivable, impaired, average balance | 7 | 7 | 5 | 6 |
Financing receivable, impaired, interest income | $ 0 | $ 0 | $ 0 | $ 0 |
Finance Receivables and Loan_13
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, gross carrying value | $ 790 | $ 790 | $ 712 | ||
Loans and leases receivable, impaired, commitment to lend | $ 4 | $ 4 | $ 6 | ||
Financing receivable, modifications, number of loans | 6,834 | 7,208 | 19,876 | 19,492 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 79 | $ 100 | $ 392 | $ 377 | |
Financing receivable, modifications, post-modification gross carrying value | $ 77 | $ 95 | $ 354 | $ 340 | |
Consumer portfolio segment | Consumer loan | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 6,834 | 7,204 | 19,871 | 19,486 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 79 | $ 84 | $ 333 | $ 317 | |
Financing receivable, modifications, post-modification gross carrying value | $ 77 | $ 79 | $ 299 | $ 280 | |
Consumer portfolio segment | Automobile loan | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 6,759 | 7,165 | 19,699 | 19,374 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 67 | $ 80 | $ 302 | $ 298 | |
Financing receivable, modifications, post-modification gross carrying value | $ 67 | $ 75 | $ 270 | $ 262 | |
Consumer portfolio segment | Residential mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 75 | 39 | 172 | 112 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 12 | $ 4 | $ 31 | $ 19 | |
Financing receivable, modifications, post-modification gross carrying value | $ 10 | $ 4 | $ 29 | $ 18 | |
Consumer portfolio segment | Mortgage Finance | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 10 | 2 | 18 | 3 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 4 | $ 0 | $ 7 | $ 0 | |
Financing receivable, modifications, post-modification gross carrying value | $ 4 | $ 0 | $ 7 | $ 0 | |
Consumer portfolio segment | Mortgage - Legacy | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 65 | 37 | 154 | 109 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 8 | $ 4 | $ 24 | $ 19 | |
Financing receivable, modifications, post-modification gross carrying value | $ 6 | $ 4 | $ 22 | $ 18 | |
Commercial portfolio segment | Commercial loan | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 0 | 4 | 5 | 6 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 0 | $ 16 | $ 59 | $ 60 | |
Financing receivable, modifications, post-modification gross carrying value | $ 0 | $ 16 | $ 55 | $ 60 | |
Commercial portfolio segment | Commercial and industrial other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 2 | 2 | |||
Financing receivable, modifications, pre-modification gross carrying value | $ 55 | $ 44 | |||
Financing receivable, modifications, post-modification gross carrying value | $ 51 | $ 44 | |||
Commercial portfolio segment | Commercial and industrial automotive | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 0 | 3 | 3 | 3 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 0 | $ 13 | $ 4 | $ 13 | |
Financing receivable, modifications, post-modification gross carrying value | $ 0 | $ 13 | $ 4 | $ 13 | |
Commercial portfolio segment | Commercial real estate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable, modifications, number of loans | 0 | 1 | 0 | 1 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 0 | $ 3 | $ 0 | $ 3 | |
Financing receivable, modifications, post-modification gross carrying value | $ 0 | $ 3 | $ 0 | $ 3 |
Finance Receivables and Loan_14
Finance Receivables and Loans, Net (Finance receivables and loans redefaulted during the period) (Details) - Consumer portfolio segment $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Consumer loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, modifications, subsequent default, number of loans | 2,466 | 2,223 | 7,218 | 6,356 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 27 | $ 25 | $ 84 | $ 75 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 19 | $ 18 | $ 54 | $ 51 |
Automobile loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, modifications, subsequent default, number of loans | 2,466 | 2,222 | 7,217 | 6,354 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 27 | $ 25 | $ 84 | $ 74 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 19 | $ 18 | $ 54 | $ 51 |
Mortgage Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, modifications, subsequent default, number of loans | 0 | 0 | 0 | 1 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 0 | $ 0 | $ 0 | $ 1 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 0 | $ 0 | $ 0 | $ 0 |
Mortgage - Legacy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, modifications, subsequent default, number of loans | 0 | 1 | 1 | 1 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 0 | $ 0 | $ 0 | $ 0 |
Investment in Operating Lease_3
Investment in Operating Leases, Net (Investments In Operating Leases) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Leases, Operating [Abstract] | ||
Vehicles subject to or available for operating lease | $ 10,174 | $ 10,556 |
Accumulated depreciation on vehicles subject to or available for operating lease | (1,596) | (1,815) |
Investment in operating leases, net | $ 8,578 | $ 8,741 |
Investment in Operating Lease_4
Investment in Operating Leases, Net (Schedule Of Depreciation Expense On Operating Lease Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Leases, Operating [Abstract] | ||||
Depreciation expense on operating lease assets (excluding remarketing gains) | $ 274 | $ 323 | $ 846 | $ 1,062 |
Remarketing gains, net | (27) | (51) | (61) | (80) |
Net depreciation expense on operating lease assets | $ 247 | $ 272 | $ 785 | $ 982 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | ||||
Securitization or asset-backed financing arrangement, financial asset for which transfer is accounted as sale, gain on sale | $ 0 | $ 1 | $ 2 | |
Variable interest entity, assets sold to nonconsolidated variable interest entities | (1,462) | $ (1,964) | ||
Variable interest entity, nonconsolidated, maximum exposure to loss | (2,502) | (2,791) | ||
Variable interest entity, carrying value of assets for which we have continuing involvement | 27,757 | 30,776 | ||
Variable interest entity, carrying value of liabilities for which we have continuing involvement | 11,853 | 10,483 | ||
Commercial portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, nonconsolidated, carrying amount, assets | 762 | 592 | ||
Variable Interest Entity, nonconsolidated, carrying amount, liabilities | 346 | 248 | ||
Variable interest entity, assets sold to nonconsolidated variable interest entities | 0 | 0 | ||
Variable interest entity, nonconsolidated, maximum exposure to loss | (988) | (790) | ||
Automobile loan | Consumer portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, consolidated, carrying amount, assets | 16,982 | 17,597 | ||
Variable interest entity, consolidated, carrying amount, liabilities | 7,113 | 7,677 | ||
Variable interest entity, nonconsolidated, carrying amount, assets | 52 | 37 | ||
Variable Interest Entity, nonconsolidated, carrying amount, liabilities | 0 | 0 | ||
Variable interest entity, assets sold to nonconsolidated variable interest entities | (1,462) | (1,964) | ||
Variable interest entity, nonconsolidated, maximum exposure to loss | (1,514) | (2,001) | ||
Cash flows between transferor and transferee, proceeds from transfers completed during the period | 24 | $ 1,187 | ||
Automobile loan | Consumer portfolio segment | Held-to-maturity securities | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, consolidated, carrying amount, assets | 49 | 36 | ||
Automobile loan | Consumer portfolio segment | Other assets | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, consolidated, carrying amount, assets | 3 | 1 | ||
Automobile loan | Commercial portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, consolidated, carrying amount, assets | 9,961 | 12,550 | ||
Variable interest entity, consolidated, carrying amount, liabilities | 4,394 | 2,558 | ||
Unencumbered | Automobile loan | Consumer portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, consolidated, carrying amount, assets | 8,500 | 8,500 | ||
Variable interest entity, consolidated, carrying amount, liabilities | 24 | $ 29 | ||
Amount Reconsolidated During the Period [Member] | Automobile loan | Consumer portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, assets sold to nonconsolidated variable interest entities | 223 | |||
Variable interest entity, nonconsolidated, maximum exposure to loss | 219 | |||
Amount Deconsolidated During the Period [Member] | Automobile loan | Consumer portfolio segment | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, assets sold to nonconsolidated variable interest entities | (545) | |||
Variable interest entity, nonconsolidated, maximum exposure to loss | $ (497) |
Securitizations and Variable _4
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Consumer portfolio segment - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Automobile loan | ||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash flows between transferor and transferee, proceeds from transfers completed during the period | $ 24 | $ 1,187 |
Cash flows between transferor and transferee, disbursement for repurchases during the period | (3) | (491) |
Cash flows between transferor and transferee, servicing fees | 14 | 25 |
Cash flows between transferor and transferee, cash flows received on retained interests in securitization entities | 13 | 16 |
Cash flows between transferor and transferee, representations and warranty recoveries | 0 | |
Cash flows between transferor and transferee, other cash flows | 4 | |
Residential mortgage | ||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash flows between transferor and transferee, proceeds from transfers completed during the period | 0 | 0 |
Cash flows between transferor and transferee, disbursement for repurchases during the period | 0 | 0 |
Cash flows between transferor and transferee, servicing fees | 0 | 0 |
Cash flows between transferor and transferee, cash flows received on retained interests in securitization entities | 0 | 0 |
Cash flows between transferor and transferee, representations and warranty recoveries | $ 2 | |
Cash flows between transferor and transferee, other cash flows | $ 0 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities (Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Quantitative Information about Securitized and Other Financial Assets Managed Together [Line Items] | |||||
Loans managed and securitized, principal amount outstanding | $ 2,249 | $ 2,249 | $ 3,363 | ||
Loans managed and securitized, delinquent amount at end of period | 15 | 15 | 20 | ||
Loans managed and securitized, net credit losses | 3 | $ 4 | 9 | $ 12 | |
Off-balance sheet loans | Consumer portfolio segment | Automobile loan | |||||
Quantitative Information about Securitized and Other Financial Assets Managed Together [Line Items] | |||||
Loans managed and securitized, principal amount outstanding | 1,462 | 1,462 | 1,964 | ||
Loans managed and securitized, delinquent amount at end of period | 12 | 12 | 16 | ||
Loans managed and securitized, net credit losses | 2 | 3 | 7 | 9 | |
Whole-loan sales | |||||
Quantitative Information about Securitized and Other Financial Assets Managed Together [Line Items] | |||||
Loans managed and securitized, principal amount outstanding | 787 | 787 | 1,399 | ||
Loans managed and securitized, delinquent amount at end of period | 3 | 3 | $ 4 | ||
Loans managed and securitized, net credit losses | $ 1 | $ 1 | $ 2 | $ 3 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Other Assets [Abstract] | ||
Property and equipment at cost | $ 1,203 | $ 1,064 |
Accumulated depreciation, property and equipment | (667) | (608) |
Property and equipment, net | 536 | 456 |
Nonmarketable equity securities | 1,235 | 1,233 |
Restricted cash collections for securitization trusts | 695 | 812 |
Accrued interest and rent receivables | 588 | 550 |
Net deferred tax assets | 432 | 461 |
Goodwill | 240 | 240 |
Restricted cash and cash equivalents | 132 | 94 |
Other accounts receivable | 119 | 116 |
Cash reserve deposits held for securitization trusts | 108 | 111 |
Derivative contracts in a receivable position, fair value | 70 | 39 |
Cash collateral placed with counterparties | 68 | 29 |
Other assets | 1,573 | 1,522 |
Total other assets | 5,796 | 5,663 |
Federal Home Loan Bank stock | 732 | 745 |
Federal Reserve Bank stock | 447 | 445 |
Equity securities without a readily determinable fair value | 56 | |
Impairment related to equity securities without a readily determinable fair value | 1 | |
Goodwill [Line Items] | ||
Goodwill | 240 | 240 |
Insurance operations | ||
Other Assets [Abstract] | ||
Goodwill | 27 | 27 |
Goodwill [Line Items] | ||
Goodwill | 27 | 27 |
Corporate and Other | ||
Other Assets [Abstract] | ||
Goodwill | 193 | 193 |
Goodwill [Line Items] | ||
Goodwill | 193 | 193 |
Automotive Finance operations | ||
Other Assets [Abstract] | ||
Goodwill | 20 | 20 |
Goodwill [Line Items] | ||
Goodwill | $ 20 | $ 20 |
Deposit Liabilities (Schedule o
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 180 | $ 108 |
Interest-bearing Deposit Liabilities, by Component [Abstract] | ||
Interest-bearing deposits, savings and money market checking accounts | 52,896 | 49,267 |
Interest-bearing deposits, certificates of deposits | 48,300 | 43,869 |
Interest-bearing deposits, dealer deposits | 3 | 12 |
Total deposit liabilities | 101,379 | 93,256 |
Certificates of deposit, $100,000 or more | 20,400 | 18,900 |
Certificates of deposit, at or above FDIC insurance limit | $ 5,500 | $ 5,300 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||
Demand notes | $ 2,575 | $ 3,171 |
Federal Home Loan Bank, advances | 3,525 | 7,350 |
Financial instruments sold under agreements to repurchase | 1,238 | 892 |
Total short-term borrowings | 7,338 | 11,413 |
Non-derivative cash collateral placed with counterparties associated with repurchase agreements | 15 | 10 |
Non-derivative cash collateral received from counterparties associated with repurchase agreements | 0 | 1 |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 2,575 | 3,171 |
Federal Home Loan Bank, advances | 0 | 0 |
Financial instruments sold under agreements to repurchase | 0 | 0 |
Total short-term borrowings | 2,575 | 3,171 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 0 | 0 |
Federal Home Loan Bank, advances | 3,525 | 7,350 |
Financial instruments sold under agreements to repurchase | 1,238 | 892 |
Total short-term borrowings | 4,763 | $ 8,242 |
Maturity within 30 days | Secured debt | ||
Short-term Debt [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 1,096 | |
Maturity within 61 to 90 days | Secured debt | ||
Short-term Debt [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 142 | |
US Treasury | Secured debt | ||
Short-term Debt [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 812 | |
Agency mortgage-backed residential | Secured debt | ||
Short-term Debt [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 426 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 9,662 | $ 10,981 |
Long-term debt, due after one year | 35,818 | 33,037 |
Total long-term debt | 45,542 | 44,226 |
Trust preferred securities | 2,600 | 2,600 |
Secured debt | 36,992 | 36,837 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 2,043 | 3,482 |
Long-term debt, due after one year | 11,135 | 11,909 |
Total long-term debt | 13,313 | 15,631 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 7,619 | 7,499 |
Long-term debt, due after one year | 24,683 | 21,128 |
Total long-term debt | 32,229 | 28,595 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | 14,000 | 10,300 |
Fair value hedging | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value adjustment | 62 | 208 |
Total long-term debt | 62 | 208 |
Fair value hedging | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value adjustment | 135 | 240 |
Fair value hedging | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value adjustment | $ (73) | $ (32) |
Debt (Scheduled Remaining Matur
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 2,775 | |
Long-term debt, maturities, repayments of principal in year two | 9,313 | |
Long-term debt, maturities, repayments of principal in year three | 9,996 | |
Long-term debt, maturities, repayments of principal in year four | 9,613 | |
Long-term debt, maturities, repayments of principal in year five | 5,678 | |
Long-term debt, maturities, repayments of principal after year five | 8,105 | |
Derivative, amount of hedged item | 62 | |
Total long-term debt | 45,542 | $ 44,226 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,219 | |
Long-term debt, maturities, repayments of principal in year two | 1,643 | |
Long-term debt, maturities, repayments of principal in year three | 2,212 | |
Long-term debt, maturities, repayments of principal in year four | 636 | |
Long-term debt, maturities, repayments of principal in year five | 1,019 | |
Long-term debt, maturities, repayments of principal after year five | 6,449 | |
Derivative, amount of hedged item | 135 | |
Total long-term debt | 13,313 | 15,631 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 32,229 | $ 28,595 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,245 | |
Long-term debt, maturities, repayments of principal in year two | 1,681 | |
Long-term debt, maturities, repayments of principal in year three | 2,251 | |
Long-term debt, maturities, repayments of principal in year four | 679 | |
Long-term debt, maturities, repayments of principal in year five | 1,066 | |
Long-term debt, maturities, repayments of principal after year five | 7,417 | |
Derivative, amount of hedged item | 135 | |
Total long-term debt | 14,474 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,556 | |
Long-term debt, maturities, repayments of principal in year two | 7,670 | |
Long-term debt, maturities, repayments of principal in year three | 7,784 | |
Long-term debt, maturities, repayments of principal in year four | 8,977 | |
Long-term debt, maturities, repayments of principal in year five | 4,659 | |
Long-term debt, maturities, repayments of principal after year five | 1,656 | |
Derivative, amount of hedged item | (73) | |
Total long-term debt | 32,229 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Derivative, amount of hedged item | 0 | |
Debt instrument, unamortized discount, current | (26) | |
Debt instrument, unamortized discount | (1,161) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period two | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (38) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period three | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (39) | |
Original issue discount | Unsecured debt | Debt Instrument, redemption, period four | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (43) | |
Original issue discount | Unsecured debt | Debt Instrument, redemption, period five | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (47) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period six | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (968) |
Debt (Pledged Assets Related to
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged financial instruments, investment securities | $ 6,335 | $ 8,371 |
Pledged assets, mortgage assets held-for-investment and lending receivables | 16,299 | 13,579 |
Pledged assets,operating leases | 213 | 457 |
Pledged assets, restricted as collateral | 55,031 | 58,761 |
Secured debt | 36,992 | 36,837 |
Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged financial instruments, investment securities | 5,487 | 7,443 |
Pledged assets, mortgage assets held-for-investment and lending receivables | 16,299 | 13,579 |
Pledged assets,operating leases | 0 | 0 |
Pledged assets, restricted as collateral | 46,456 | 43,694 |
Secured debt | 29,118 | 23,278 |
Pledged assets for Federal Home Loan Bank | Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 25,900 | 25,200 |
Pledged assets for Federal Reserve Bank | Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 2,400 | 2,300 |
Short-term borrowings | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Secured debt | 4,800 | 8,200 |
Consumer portfolio segment | Automobile loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 17,813 | 19,787 |
Consumer portfolio segment | Automobile loan | Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 10,333 | 6,200 |
Commercial portfolio segment | Automobile loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 14,371 | 16,567 |
Commercial portfolio segment | Automobile loan | Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | $ 14,337 | $ 16,472 |
Debt (Narrative - Trust Preferr
Debt (Narrative - Trust Preferred Securities) (Details) $ / shares in Units, $ in Billions | Sep. 30, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) |
Narrative - Trust Preferred Securities [Line Items] | ||
Trust preferred securities | $ 2.6 | $ 2.6 |
Debt instrument, interest rate, stated percentage | 8.125% | |
Preferred stock, liquidation amount per share | $ / shares | $ 25 | |
Distribution payable in addition to annual rate equal to three-month London interbank offer rate, percentage | 5.785% | |
Period of consecutive quarters for which Ally has right to defer interest payments, maximum | 20 | |
Redemption price, percentage of principal debt, plus accrued and unpaid interest | 100.00% | |
Fixed income interest rate | ||
Narrative - Trust Preferred Securities [Line Items] | ||
Trust preferred securities | $ 2.6 |
Debt (Committed Funding Facilit
Debt (Committed Funding Facilities) (Details) - Committed funding facilities - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Funding facilities, revolving | $ 9,200 | |
Long-term line of credit | 6,845 | $ 8,115 |
Line of credit facility, remaining borrowing capacity | 2,380 | 3,810 |
Line of credit facility, maximum borrowing capacity | 9,225 | 11,925 |
Ally Bank | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 3,500 | 1,785 |
Line of credit facility, remaining borrowing capacity | 0 | 890 |
Line of credit facility, maximum borrowing capacity | 3,500 | 2,675 |
Secured funding facilities, revolving, one year or greater | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 5,000 | |
Nonbank funding | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 3,345 | 6,330 |
Line of credit facility, remaining borrowing capacity | 2,380 | 2,920 |
Line of credit facility, maximum borrowing capacity | $ 5,725 | $ 9,250 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Accounts payable | $ 846 | $ 746 | ||
Employee compensation and benefits | 236 | 248 | ||
Reserves for insurance losses and loss adjustment expenses | 139 | 140 | $ 173 | $ 149 |
Fair value of derivative contracts in a payable position | 70 | 41 | ||
Cash collateral received from counterparties | 50 | 17 | ||
Deferred revenue | 27 | 32 | ||
Other liabilities | 657 | 556 | ||
Total accrued expenses and other liabilities | $ 2,025 | $ 1,780 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), investment securities, adjustment, after tax | $ (731) | $ (131) | $ (731) | $ (131) | $ (186) | $ (173) | $ (273) |
Other comprehensive income (loss), investment securities, adjustment, after tax | (133) | 46 | (545) | 142 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax | 19 | 16 | 19 | 16 | 20 | 16 | 14 |
Other comprehensive income (loss), foreign currency translation adjustment, net of tax | (1) | 2 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), cumulative changes in net gain (loss) from cash flow hedges, net of tax | 28 | 9 | 28 | 9 | 11 | 11 | 8 |
Other comprehensive income (loss), cash flow hedges, net change, after tax | 0 | 0 | 17 | 1 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), defined benefit pension plans, after tax | 97 | 91 | 97 | 91 | 95 | 89 | 90 |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax | 2 | 1 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Total accumulated other comprehensive loss, net of tax | 781 | 197 | 781 | 197 | 250 | $ 235 | $ 341 |
Other comprehensive income (loss), net of tax | $ (133) | $ 48 | $ (531) | $ 144 | |||
Accounting Standards Update 2016-01 | |||||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), investment securities, adjustment, after tax | 27 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax | 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), cumulative changes in net gain (loss) from cash flow hedges, net of tax | 0 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), defined benefit pension plans, after tax | 0 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Total accumulated other comprehensive loss, net of tax | (27) | ||||||
Accounting Standards Update 2018-02 | |||||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), investment securities, adjustment, after tax | (40) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax | 4 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), cumulative changes in net gain (loss) from cash flow hedges, net of tax | 0 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | |||||||
Accumulated other comprehensive income (loss), defined benefit pension plans, after tax | 6 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Total accumulated other comprehensive loss, net of tax | $ 42 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Before and After Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax [Abstract] | ||||
Investment securities, net unrealized gains (losses) arising during the period, before tax | $ (174) | $ 95 | $ (705) | $ 278 |
Investement securities, net realized gains reclassified to income from continuing operations, before tax | 1 | 25 | 8 | 75 |
Investment securities, net change, before tax | (175) | 70 | (713) | 203 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax [Abstract] | ||||
Investment securities, unrealized holding gains (losses) arising during the period, tax | 41 | (22) | 166 | (64) |
Investment securities, net realized gains reclassified to income from continuing operations, tax effect | (1) | 2 | (2) | (3) |
Investment securities, net change, tax effect | 42 | (24) | 168 | (61) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | ||||
Investment securities, net unrealized gains (losses) arising during the period, after tax | (133) | 73 | (539) | 214 |
Investment securities, net realized gains reclassified to income from continuing operations, after tax | 0 | 27 | 6 | 72 |
Investment securities, net change, after tax | (133) | 46 | (545) | 142 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||||
Translation adjustments, net unrealized gains (losses) arising during the period, before tax | 2 | 8 | (6) | 14 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||||
Translation adjustments, net unrealized gains (losses) arising during the period, tax effect | (1) | (3) | 1 | (5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Translation adjustments, net unrealized gains (losses) arising during the period, after tax | 1 | 5 | (5) | 9 |
Other Comprehensive Income (Loss), Net investment hedges, before Tax [Abstract] | ||||
Net investment hedges, unrealized gains (losses) arising during the period, before tax | (2) | (6) | 5 | (12) |
Other Comprehensive Income (Loss), Net investment hedges, Tax [Abstract] | ||||
Net investment hedges, net unrealized gains arising during the period, tax effect | 1 | 3 | (1) | 5 |
Other Comprehensive Income (Loss), Net investment hedges, Net of Tax [Abstract] | ||||
Net investment hedges, unrealized gains (losses) arising during the period, after tax | (1) | (3) | 4 | (7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||||
Cash flow hedges, net unrealized gains (losses) arising during the period before tax | (1) | 1 | 22 | 2 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||||
Cash flow hedges, net unrealized gains arising during the period, tax | 1 | (1) | (5) | (1) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Cash flow hedges, net unrealized gains arising during the period, after tax | 0 | 0 | 17 | 1 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax [Abstract] | ||||
Defined benefit pension plans, net unrealized gains (losses) arising during period, before tax | (2) | (1) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Tax [Abstract] | ||||
Defined benefit pension plans, net unrealized gains (losses) arising during period, tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | ||||
Defined benefit pension plans, net unrealized gains (losses) arising during period, after tax | (2) | (1) | ||
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Other comprehensive income (loss), before tax | (176) | 73 | (694) | 206 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other comprehensive income (loss), tax effect | 43 | (25) | 163 | (62) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Other comprehensive income (loss), net of tax | $ (133) | $ 48 | $ (531) | $ 144 |
Earnings per Common Share (Sche
Earnings per Common Share (Schedule of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $ 374 | $ 280 | $ 974 | $ 747 |
Income (loss) from discontinued operations, net of tax | 0 | 2 | (1) | 1 |
Net income attributable to common stockholders | $ 374 | $ 282 | $ 973 | $ 748 |
Basic weighted-average common shares outstanding | 422,187 | 449,169 | 429,625 | 457,612 |
Diluted weighted-average common shares outstanding | 424,784 | 451,078 | 432,038 | 458,848 |
Earnings Per Share, Basic [Abstract] | ||||
Net income from continuing operations, basic earnings per share | $ 0.89 | $ 0.62 | $ 2.27 | $ 1.63 |
Loss from discontinued operations, net of tax, basic earnings per share | 0 | 0 | 0 | 0 |
Net income, basic earnings per share | 0.89 | 0.63 | 2.26 | 1.63 |
Earnings Per Share, Diluted [Abstract] | ||||
Net income from continuing operations, diluted earnings per share | 0.88 | 0.62 | 2.25 | 1.63 |
Loss from discontinued operations, net of tax, diluted earnings per share | 0 | 0 | 0 | 0 |
Net income, diluted earnings per share | $ 0.88 | $ 0.63 | $ 2.25 | $ 1.63 |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 09, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||||
Common equity tier 1 capital to risk-weighted assets, required minimum | 4.50% | |||||||||
Tier one capital to risk-weighted assets, required minimum | 6.00% | |||||||||
Capital to risk-weighted assets, required minimum | 8.00% | |||||||||
Common equity tier one capital conservation buffer | 2.50% | |||||||||
Tier one leverage ratio, minimum | 4.00% | |||||||||
BHC enhanced prudential standards, minimum | $ 100,000 | |||||||||
BHC enhanced prudential standards, maximum | 250,000 | |||||||||
BHC stress test threshold | $ 50,000 | |||||||||
Minimum capital conservation buffer | 1.875% | 1.25% | ||||||||
Minimum capital conservation buffer, increased percentage | 2.50% | |||||||||
Increase (decrease) in share repurchase program | 32.00% | |||||||||
Stock repurchase program, authorized amount | $ 1,000 | |||||||||
Dividends declared, amount per common share | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | |
Parent company | ||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||||
Common equity tier 1 capital to risk-weighted assets, required minimum | 4.50% | |||||||||
Tier one capital to risk-weighted assets, required minimum | 6.00% | |||||||||
Capital to risk-weighted assets, required minimum | 8.00% | |||||||||
Tier one leverage ratio, minimum | 4.00% | |||||||||
Common equity tier one capital to risk-weighted assets, amount | $ 13,376 | $ 13,237 | ||||||||
Common equity tier one capital to risk-weighted assets, ratio | 9.41% | 9.53% | ||||||||
Tier one capital to risk-weighted assets, amount | $ 15,810 | $ 15,628 | ||||||||
Tier one capital to risk-weighted assets, ratio | 11.12% | 11.25% | ||||||||
Tier one capital to risk-weighted assets, well-capitalized minimum | 6.00% | |||||||||
Capital to risk-weighted assets, amount | $ 18,029 | $ 17,974 | ||||||||
Capital to risk-weighted assets, ratio | 12.68% | 12.94% | ||||||||
Capital to risk weighted assets, well-capitalzed minimum | 10.00% | |||||||||
Tier one leverage to adjusted quarterly average assets, amount | $ 15,810 | $ 15,628 | ||||||||
Tier one leverage to adjusted quarterly average assets, ratio | 9.23% | 9.53% | ||||||||
Subsidiaries | ||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||||
Common equity tier 1 capital to risk-weighted assets, required minimum | 4.50% | |||||||||
Tier one capital to risk-weighted assets, required minimum | 6.00% | |||||||||
Capital to risk-weighted assets, required minimum | 8.00% | |||||||||
Tier one leverage ratio, minimum | 4.00% | |||||||||
Common equity tier one capital to risk-weighted assets, amount | $ 16,590 | $ 17,059 | ||||||||
Common equity tier one capital to risk-weighted assets, ratio | 13.32% | 15.04% | ||||||||
Common equity tier one capital to risk-weighted assets, well-capitalized minimum | 6.50% | |||||||||
Tier one capital to risk-weighted assets, amount | $ 16,590 | $ 17,059 | ||||||||
Tier one capital to risk-weighted assets, ratio | 13.32% | 15.04% | ||||||||
Tier one capital to risk-weighted assets, well-capitalized minimum | 8.00% | |||||||||
Capital to risk-weighted assets, amount | $ 17,606 | $ 17,886 | ||||||||
Capital to risk-weighted assets, ratio | 14.13% | 15.77% | ||||||||
Capital to risk weighted assets, well-capitalzed minimum | 10.00% | |||||||||
Tier one leverage to adjusted quarterly average assets, amount | $ 16,590 | $ 17,059 | ||||||||
Tier one leverage to adjusted quarterly average assets, ratio | 11.27% | 12.87% | ||||||||
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 5.00% | |||||||||
Subsequent event | ||||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||||
Dividends declared, amount per common share | $ 0.15 |
Regulatory Capital and Other _4
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 09, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Accelerated Share Repurchases [Line Items] | |||||||||||
Treasury Stock, common, amount | $ 250 | $ 195 | $ 185 | $ 190 | $ 190 | $ 204 | $ 169 | $ 167 | $ 159 | ||
Treasury Stock, common, shares | 9,194,000 | 7,280,000 | 6,473,000 | 7,033,000 | 8,507,000 | 10,485,000 | 8,097,000 | 8,745,000 | 8,298,000 | ||
Common stock, shares, outstanding | 437,053,936 | ||||||||||
Dividends declared, amount per common share | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | ||
Beginning of period | |||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||
Common stock, shares, outstanding | 425,752,000 | 432,691,000 | 437,054,000 | 443,796,000 | 452,292,000 | 462,193,000 | 467,000,000 | 475,470,000 | 483,753,000 | ||
End of period | |||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||
Common stock, shares, outstanding | 416,590,508 | 425,752,000 | 432,691,000 | 437,054,000 | 443,796,000 | 452,292,000 | 462,193,000 | 467,000,000 | 475,470,000 | ||
Subsequent event | |||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||
Dividends declared, amount per common share | $ 0.15 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 51 | $ 20 |
Noncash collateral placed with counterparties | 120 | 97 |
Cash collateral received from counterparties | 45 | 17 |
Noncash collateral received from counterparties | $ 12 | $ 2 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | $ 70 | $ 39 |
Fair value of derivative contracts in a payable position | 70 | 41 |
Derivative, notional amount | 43,486 | 23,762 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 0 | 0 |
Fair value of derivative contracts in a payable position | 1 | 1 |
Derivative, notional amount | 29,200 | 7,051 |
Not designated as hedging instrument | Other trading | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 70 | 39 |
Fair value of derivative contracts in a payable position | 69 | 40 |
Derivative, notional amount | 14,286 | 16,711 |
Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 0 | 0 |
Fair value of derivative contracts in a payable position | 0 | 0 |
Derivative, notional amount | 29,050 | 6,915 |
Foreign exchange forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 0 | 0 |
Fair value of derivative contracts in a payable position | 1 | 1 |
Derivative, notional amount | 150 | 136 |
Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 69 | 39 |
Fair value of derivative contracts in a payable position | 69 | 39 |
Derivative, notional amount | 14,094 | 16,587 |
Interest rate contracts | Not designated as hedging instrument | Futures and forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 0 | 0 |
Fair value of derivative contracts in a payable position | 0 | 0 |
Derivative, notional amount | 9 | 23 |
Interest rate contracts | Not designated as hedging instrument | Written options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 1 | 1 |
Fair value of derivative contracts in a payable position | 69 | 39 |
Derivative, notional amount | 7,074 | 8,327 |
Interest rate contracts | Not designated as hedging instrument | Purchased options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 68 | 38 |
Fair value of derivative contracts in a payable position | 0 | 0 |
Derivative, notional amount | 7,011 | 8,237 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 1 | 0 |
Fair value of derivative contracts in a payable position | 0 | 1 |
Derivative, notional amount | 192 | 124 |
Foreign exchange contracts | Not designated as hedging instrument | Foreign exchange forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative contracts in a receivable position, fair value | 1 | 0 |
Fair value of derivative contracts in a payable position | 0 | 1 |
Derivative, notional amount | $ 192 | $ 124 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Long-term debt | $ 45,542 | $ 44,226 |
Hedged asset, last-of-layer, amount | 19,400 | |
Hedge basis adjustment, last-of-layer | 60 | |
Carrying amount | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Available-for-sale debt securities | 1,433 | 173 |
Finance receivables and loans, net | 41,080 | 2,305 |
Long-term debt | 14,200 | 14,640 |
Fair value hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Available-for-sale debt securities | 4 | 2 |
Finance receivables and loans, net | (52) | 18 |
Long-term debt | 62 | 208 |
Discontinued hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Available-for-sale debt securities | 4 | 2 |
Finance receivables and loans, net | 8 | 19 |
Long-term debt | $ 87 | $ 235 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments, net, pretax | $ (1) | $ (3) | $ 5 | $ (9) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest rate derivative instruments | 0 | 0 | 0 | (2) |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments | (1) | (3) | 5 | (7) |
Other income | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest rate derivative instruments | 0 | 0 | 0 | (3) |
Other income | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency derivative instruments | (1) | (3) | 5 | (7) |
Gains on mortgage and automotive loans | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest rate derivative instruments | $ 0 | $ 0 | $ 0 | $ 1 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 1,708 | $ 1,486 | $ 4,898 | $ 4,301 |
Interest and dividends on investment securities and other earning assets | 198 | 157 | 562 | 437 |
Interest on long-term debt | 451 | 416 | 1,296 | 1,257 |
Designated as hedging instrument | Interest and fees on finance receivables and loans | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 0 | (2) |
Designated as hedging instrument | Interest and dividends income | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest expense, long-term debt | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 1 | 1 |
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and dividends income | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest expense, long-term debt | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 20 | 0 | 64 | (23) |
Change in unrealized gain (loss) on fair value hedging instruments | (20) | 0 | (63) | 24 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest and dividends income | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest expense, long-term debt | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 10 | 5 | 53 | 5 |
Change in unrealized gain (loss) on fair value hedging instruments | (10) | (5) | (53) | (5) |
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Available-for-sale securities | Interest and dividends income | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (2) | (3) | (7) | (1) |
Change in unrealized gain (loss) on fair value hedging instruments | 2 | 3 | 7 | 1 |
Designated as hedging instrument | Available-for-sale securities | Interest expense, long-term debt | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (9) | 0 | (60) | (3) |
Change in unrealized gain (loss) on fair value hedging instruments | 9 | 0 | 60 | 1 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends income | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest expense, long-term debt | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 1,708 | $ 1,486 | $ 4,898 | $ 4,301 |
Interest and dividends on investment securities and other earning assets | 198 | 157 | 562 | 437 |
Interest on long-term debt | 451 | 416 | 1,296 | 1,257 |
Earnings on cash flow hedges to be recognized within twelve months | 21 | 21 | ||
Designated as hedging instrument | Interest and fees on finance receivables and loans | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 0 | (2) |
Designated as hedging instrument | Interest and fees on finance receivables and loans | Amortization and interest | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 4 | (6) | (6) | (18) |
Designated as hedging instrument | Interest and fees on finance receivables and loans | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedge ineffectiveness, net | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest and dividends income | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest and dividends income | Amortization and interest | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | (1) | 0 |
Designated as hedging instrument | Interest and dividends income | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedge ineffectiveness, net | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest expense, deposits | Amortization and interest | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest expense, deposits | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedge ineffectiveness, net | 2 | 0 | 2 | 0 |
Designated as hedging instrument | Interest expense, long-term debt | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 0 | 0 | 1 | 1 |
Designated as hedging instrument | Interest expense, long-term debt | Amortization and interest | Fair value hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedges | 12 | 26 | 43 | 77 |
Designated as hedging instrument | Interest expense, long-term debt | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on cash flow hedge ineffectiveness, net | 3 | 0 | 6 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and dividends income | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest expense, deposits | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest expense, long-term debt | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 13 | 19 | 42 | 59 |
Gain (loss) on interest for qualifying hedge | 3 | 7 | 7 | 19 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest and dividends income | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest expense, deposits | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Federal Home Loan Bank certificates and obligations | Interest expense, long-term debt | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | (6) | (1) | (12) | (2) |
Gain (loss) on interest for qualifying hedge | 2 | 1 | 6 | 1 |
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | ||
Designated as hedging instrument | Available-for-sale securities | Interest and dividends income | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | (1) | 0 | ||
Designated as hedging instrument | Available-for-sale securities | Interest expense, deposits | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | ||
Designated as hedging instrument | Available-for-sale securities | Interest expense, long-term debt | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | ||
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | (3) | (6) | (11) | (17) |
Gain (loss) on interest for qualifying hedge | 7 | 0 | 5 | (1) |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends income | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest expense, deposits | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest expense, long-term debt | Amortization and interest | Fair value hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest and fees on finance receivables and loans | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest and dividends income | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest expense, deposits | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest expense, long-term debt | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 3 | 0 | 6 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest and fees on finance receivables and loans | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest and dividends income | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest expense, deposits | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 2 | 0 | 2 | 0 |
Deposit Liabilities [Member] | Designated as hedging instrument | Interest expense, long-term debt | Amortization and interest | Cash flow hedging | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest rate contracts | Cash flow hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss (gain) recognized in other comprehensive loss, cash flow hedge, interest rate contracts | $ (1) | $ 2 | $ 22 | $ 2 |
Foreign exchange contracts | Net investment hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss (gain) recognized in other comprehensive loss, net investment hedge, foreign exchange contracts | $ (2) | $ (6) | $ 5 | $ (12) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense from continuing operations | $ 91 | $ 115 | $ 280 | $ 350 | |
Accounting Standards Update 2018-02 | |||||
Tax Act Impacts [Line Items] | |||||
Cumulative effect of changes in accounting principles, net of tax | $ 42 | $ 42 | $ 0 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Investment in Any One Industry Did Not Exceed Percentage | 13.00% | 14.00% |
Equity securities | $ 514 | $ 518 |
Available-for-sale securities | 24,122 | 22,303 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 24,122 | 22,303 |
Derivative assets | 70 | 39 |
Assets, fair value | 24,723 | 22,878 |
Derivative liabilities | (70) | (41) |
Liabilities, fair value | 70 | 41 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (69) | (39) |
Fair value, measurements, recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (1) | (2) |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 514 | 518 |
Fair value, measurements, recurring | US Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,904 | 1,777 |
Fair value, measurements, recurring | US States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 865 | 854 |
Fair value, measurements, recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 155 | 154 |
Fair value, measurements, recurring | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,014 | 14,291 |
Fair value, measurements, recurring | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,561 | 2,494 |
Fair value, measurements, recurring | Mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 631 | 541 |
Fair value, measurements, recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 733 | 936 |
Fair value, measurements, recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,259 | 1,256 |
Fair value, measurements, recurring | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held-for-sale, fair value | 13 | 13 |
Fair value, measurements, recurring | Retained interest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 4 | 5 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 69 | 39 |
Fair value, measurements, recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,910 | 1,785 |
Derivative assets | 0 | 0 |
Assets, fair value | 2,413 | 2,303 |
Derivative liabilities | 0 | 0 |
Liabilities, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 503 | 518 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | US Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,903 | 1,777 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | US States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7 | 8 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held-for-sale, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Retained interest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 22,212 | 20,518 |
Derivative assets | 69 | 38 |
Assets, fair value | 22,281 | 20,556 |
Derivative liabilities | (70) | (41) |
Liabilities, fair value | 70 | 41 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (69) | (39) |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (1) | (2) |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | US Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | US States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 865 | 854 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 148 | 146 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,014 | 14,291 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,561 | 2,494 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 631 | 541 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 733 | 936 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,259 | 1,256 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held-for-sale, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Retained interest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 68 | 38 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Derivative assets | 1 | 1 |
Assets, fair value | 29 | 19 |
Derivative liabilities | 0 | 0 |
Liabilities, fair value | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | US Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | US States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held-for-sale, fair value | 13 | 13 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Retained interest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 4 | 5 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | $ 1 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 0 |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | $ 30 | $ 9 | $ 38 | $ 29 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 2 | 1 | 0 | 3 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 86 | 49 | 218 | 72 |
Fair value, measurement, recurring, asset, sales | (88) | (44) | (222) | (56) |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | (1) | 0 | (5) | (33) |
Fair value, measurement, recurring, asset value, ending balance | 29 | 15 | 29 | 15 |
Fair value, assets, recurring, net unrealized gains (losses) | (1) | 0 | (6) | 1 |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 12 | 19 | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | (4) | ||
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | ||
Fair value, measurement, recurring, asset, purchases | 0 | 0 | ||
Fair value, measurement, recurring, asset, sales | 0 | 0 | ||
Fair value, measurement , recurring, asset, issuances | 0 | 0 | ||
Fair value, measurement, recurring, asset, settlements | (1) | (4) | ||
Fair value, measurement, recurring, asset value, ending balance | 11 | 11 | ||
Fair value, assets, recurring, net unrealized gains (losses) | (1) | (6) | ||
Loans held-for-sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 13 | 3 | 13 | 0 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 2 | 1 | 4 | 1 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 86 | 49 | 218 | 72 |
Fair value, measurement, recurring, asset, sales | (88) | (44) | (222) | (64) |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 13 | 9 | 13 | 9 |
Fair value, assets, recurring, net unrealized gains (losses) | 0 | 0 | 0 | 0 |
Retained interest | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 4 | 5 | 5 | 29 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 0 | 0 | 1 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, sales | 0 | 0 | 0 | 8 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | (1) | (33) |
Fair value, measurement, recurring, asset value, ending balance | 4 | 5 | 4 | 5 |
Fair value, assets, recurring, net unrealized gains (losses) | 0 | 0 | 0 | 0 |
Derivative | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 1 | 1 | 1 | 0 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 0 | 0 | 1 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, sales | 0 | 0 | 0 | 0 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 1 | 1 | 1 | 1 |
Fair value, assets, recurring, net unrealized gains (losses) | $ 0 | $ 0 | $ 0 | $ 1 |
Fair Value (Fair Value Measur_3
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | $ 425 | $ 108 |
Fair Value, measurements, nonrecurring | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 157 | 77 |
Lower of cost or fair value or valuation reserve allowance | 0 | 0 |
Fair Value, measurements, nonrecurring | Commercial finance receivables and loans, automotive | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 64 | 20 |
Lower of cost or fair value or valuation reserve allowance | (10) | (3) |
Fair Value, measurements, nonrecurring | Commercial finance receivables and loans, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 33 | 22 |
Lower of cost or fair value or valuation reserve allowance | (25) | (12) |
Fair Value, measurements, nonrecurring | Commercial loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 97 | 42 |
Lower of cost or fair value or valuation reserve allowance | (35) | (15) |
Fair Value, measurements, nonrecurring | Nonmarketable equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 1 | |
Lower of cost or fair value or valuation reserve allowance | 0 | |
Fair Value, measurements, nonrecurring | Repossessed and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 13 | 14 |
Lower of cost or fair value or valuation reserve allowance | (1) | (1) |
Fair Value, measurements, nonrecurring | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 3 | |
Lower of cost or fair value or valuation reserve allowance | 0 | |
Fair Value, measurements, nonrecurring | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 268 | 136 |
Lower of cost or fair value or valuation reserve allowance | (36) | (16) |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Commercial finance receivables and loans, automotive | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Commercial finance receivables and loans, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Commercial loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Nonmarketable equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Repossessed and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 1 | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Commercial finance receivables and loans, automotive | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Commercial finance receivables and loans, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Commercial loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Nonmarketable equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 1 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Repossessed and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 2 | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1 | 0 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 157 | 77 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Commercial finance receivables and loans, automotive | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 64 | 20 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Commercial finance receivables and loans, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 33 | 22 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Commercial loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial finance receivables and loans, net, fair value | 97 | 42 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Nonmarketable equity investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 0 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Repossessed and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 13 | 14 |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, repossessed and foreclosed, fair value | 3 | |
Fair Value, measurements, nonrecurring | Fair value, inputs, level 3 | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 267 | $ 136 |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 2,246 | $ 1,899 |
Loans held-for-sale, net | 425 | 108 |
Finance receivables and loans, net | 125,357 | 121,617 |
Nonmarketable equity securities | 1,235 | 1,233 |
Deposit liabilities | 101,379 | 93,256 |
Short-term borrowings | 7,338 | 11,413 |
Long-term debt | 45,542 | 44,226 |
Deposit liabilities with no defined contractual maturities, carrying value | 47,400 | |
Deposit liabilities with no defined contractual maturities, fair value | 45,200 | |
Reported value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 2,246 | 1,899 |
Loans held-for-sale, net | 412 | 95 |
Finance receivables and loans, net | 125,357 | 121,617 |
Nonmarketable equity securities | 1,179 | 1,233 |
Deposit liabilities | 50,300 | 45,869 |
Short-term borrowings | 7,338 | 11,413 |
Long-term debt | 45,542 | 44,226 |
Estimate of fair value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 2,139 | 1,865 |
Finance receivables and loans, net | 127,106 | 123,302 |
Short-term borrowings | 7,342 | 11,417 |
Long-term debt | 47,378 | 46,624 |
Estimate of fair value measurement | Fair value, inputs, level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Estimate of fair value measurement | Fair value, inputs, level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 2,139 | 1,865 |
Finance receivables and loans, net | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 26,425 | 27,807 |
Estimate of fair value measurement | Fair value, inputs, level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Finance receivables and loans, net | 127,106 | 123,302 |
Short-term borrowings | 7,342 | 11,417 |
Long-term debt | 20,953 | 18,817 |
Portion at fair value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale, net | 419 | 95 |
Nonmarketable equity securities | 1,179 | 1,239 |
Deposit liabilities | 50,128 | 45,827 |
Portion at fair value measurement | Fair value, inputs, level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Nonmarketable equity securities | 0 | 0 |
Deposit liabilities | 0 | 0 |
Portion at fair value measurement | Fair value, inputs, level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Nonmarketable equity securities | 1,179 | 1,190 |
Deposit liabilities | 0 | 0 |
Portion at fair value measurement | Fair value, inputs, level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale, net | 419 | 95 |
Nonmarketable equity securities | 0 | 49 |
Deposit liabilities | $ 50,128 | $ 45,827 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivative asset, gross amount of recognized assets | $ 70 | $ 39 |
Derivative liability, gross amounts of recognized liabilities | 70 | 41 |
Customer securities, entity has right to sell or repledge, fair value | 12 | 2 |
Derivative assets in net asset positions | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative asset, gross amount of recognized assets | 69 | 38 |
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative asset, fair value, net amounts offset against collateral | 69 | 38 |
Derivative asset, gross amounts not offset | 0 | 0 |
Derivative assets, collateral | 0 | 0 |
Derivative assets, net | 69 | 38 |
Derivative assets with no offsetting arrangements | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative asset, gross amount of recognized assets | 1 | 1 |
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative asset, fair value, net amounts offset against collateral | 1 | 1 |
Derivative asset, gross amounts not offset | 0 | 0 |
Derivative assets, collateral | 0 | 0 |
Derivative assets, net | 1 | 1 |
Derivative assets | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative asset, gross amount of recognized assets | 70 | 39 |
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative asset, fair value, net amounts offset against collateral | 70 | 39 |
Derivative asset, gross amounts not offset | 0 | 0 |
Derivative assets, collateral | 0 | 0 |
Derivative assets, net | 70 | 39 |
Derivative liabilities in net liability positions | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative liability, gross amounts of recognized liabilities | 70 | 41 |
Derivative liability, fair value, net amounts offset against collateral | 70 | 41 |
Derivative liability, gross amounts not offset | 0 | 0 |
Derivative liabilities, collateral | 0 | (1) |
Derivative liabilities, net | 70 | 40 |
Securities sold under agreements to repurchase | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative liability, gross amounts of recognized liabilities | 1,238 | 892 |
Derivative liability, fair value, net amounts offset against collateral | 1,238 | 892 |
Derivative liability, gross amounts not offset | 0 | 0 |
Derivative liabilities, collateral | (1,238) | (892) |
Derivative liabilities, net | 0 | 0 |
Derivative liabilities | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative assets and liabilities, gross amounts offset | 0 | 0 |
Derivative liability, gross amounts of recognized liabilities | 1,308 | 933 |
Derivative liability, fair value, net amounts offset against collateral | 1,308 | 933 |
Derivative liability, gross amounts not offset | 0 | 0 |
Derivative liabilities, collateral | (1,238) | (893) |
Derivative liabilities, net | $ 70 | $ 40 |
Segment Information (Financial
Segment Information (Financial Information Operating Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | $ 1,107 | $ 1,081 | $ 3,250 | $ 3,127 | |
Other revenue | 398 | 381 | 1,116 | 1,165 | |
Net revenue | 1,505 | 1,462 | 4,366 | 4,292 | |
Provision for loan losses | 233 | 314 | 652 | 854 | |
Noninterest expense | 807 | 753 | 2,460 | 2,341 | |
Income (loss) from continuing operations before tax | 465 | 395 | 1,254 | 1,097 | |
Assets | 173,101 | 164,013 | 173,101 | 164,013 | $ 167,148 |
Net financing revenue and other interest income after provision for loan losses | 874 | 767 | 2,600 | 2,300 | |
Automotive Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 956 | 950 | 2,790 | 2,774 | |
Other revenue | 80 | 82 | 209 | 290 | |
Net revenue | 1,036 | 1,032 | 2,999 | 3,064 | |
Provision for loan losses | 229 | 312 | 658 | 846 | |
Noninterest expense | 424 | 420 | 1,308 | 1,283 | |
Income (loss) from continuing operations before tax | 383 | 300 | 1,033 | 935 | |
Assets | 114,675 | 112,141 | 114,675 | 112,141 | |
Insurance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 14 | 15 | 39 | 44 | |
Other revenue | 282 | 272 | 794 | 781 | |
Net revenue | 296 | 287 | 833 | 825 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest expense | 241 | 218 | 740 | 737 | |
Income (loss) from continuing operations before tax | 55 | 69 | 93 | 88 | |
Assets | 7,776 | 7,432 | 7,776 | 7,432 | |
Mortgage Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 44 | 32 | 131 | 98 | |
Other revenue | 2 | 2 | 5 | 3 | |
Net revenue | 46 | 34 | 136 | 101 | |
Provision for loan losses | 2 | 4 | 4 | 6 | |
Noninterest expense | 36 | 28 | 102 | 77 | |
Income (loss) from continuing operations before tax | 8 | 2 | 30 | 18 | |
Assets | 14,896 | 9,804 | 14,896 | 9,804 | |
Corporate Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 50 | 39 | 153 | 121 | |
Other revenue | 14 | 5 | 36 | 33 | |
Net revenue | 64 | 44 | 189 | 154 | |
Provision for loan losses | 8 | 3 | 2 | 15 | |
Noninterest expense | 20 | 19 | 64 | 57 | |
Income (loss) from continuing operations before tax | 36 | 22 | 123 | 82 | |
Assets | 4,459 | 3,699 | 4,459 | 3,699 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 43 | 45 | 137 | 90 | |
Other revenue | 20 | 20 | 72 | 58 | |
Net revenue | 63 | 65 | 209 | 148 | |
Provision for loan losses | (6) | (5) | (12) | (13) | |
Noninterest expense | 86 | 68 | 246 | 187 | |
Income (loss) from continuing operations before tax | (17) | 2 | (25) | (26) | |
Assets | $ 31,295 | $ 30,937 | $ 31,295 | $ 30,937 |
Parent and Guarantor Condense_3
Parent and Guarantor Condensed Consolidating Financial Statements (Schedule of Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 1,708 | $ 1,486 | $ 4,898 | $ 4,301 |
Interest on loans held-for-sale | 4 | 0 | 10 | 0 |
Interest and dividends on investment securities and other earning assets | 198 | 157 | 562 | 437 |
Interest on cash and cash equivalents | 18 | 11 | 50 | 23 |
Operating leases | 368 | 434 | 1,124 | 1,465 |
Financing revenue and other interest income | 2,296 | 2,088 | 6,644 | 6,226 |
Interest on deposits | 462 | 285 | 1,212 | 766 |
Interest on short-term borrowings | 29 | 34 | 101 | 94 |
Interest on long-term debt | 451 | 416 | 1,296 | 1,257 |
Interest on intercompany debt | 0 | 0 | 0 | 0 |
Interest expense | 942 | 735 | 2,609 | 2,117 |
Net depreciation expense on operating lease assets | 247 | 272 | 785 | 982 |
Net financing (loss) revenue | 1,107 | 1,081 | 3,250 | 3,127 |
Cash dividends from bank subsidiaries | 0 | 0 | 0 | 0 |
Cash dividends from nonbank subsidiaries | 0 | 0 | 0 | 0 |
Insurance premiums and service revenue earned | 258 | 252 | 753 | 720 |
Gain on mortgage and automotive loans, net | 17 | 15 | 19 | 65 |
Other gain on investments, net | 22 | 23 | 37 | 73 |
Other income, net of losses | 101 | 91 | 307 | 307 |
Other revenue | 398 | 381 | 1,116 | 1,165 |
Net revenue | 1,505 | 1,462 | 4,366 | 4,292 |
Provision for loan losses | 233 | 314 | 652 | 854 |
Compensation and benefits expense | 274 | 264 | 872 | 814 |
Insurance losses and loss adjustment expenses | 77 | 65 | 241 | 278 |
Other operating expenses | 456 | 424 | 1,347 | 1,249 |
Noninterest expense | 807 | 753 | 2,460 | 2,341 |
Income (loss) from continuing operations before tax | 465 | 395 | 1,254 | 1,097 |
Income tax (benefit) expense from continuing operations | 91 | 115 | 280 | 350 |
Net (loss) income from continuing operations | 374 | 280 | 974 | 747 |
Income (loss) from discontinued operations, net of tax | 0 | 2 | (1) | 1 |
Undistributed income of bank subsidiary | 0 | 0 | 0 | 0 |
Undistributed income of nonbank subsidiaries | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 374 | 282 | 973 | 748 |
Other comprehensive income (loss), attributable to parent | (133) | 48 | (531) | 144 |
Comprehensive income | 241 | 330 | 442 | 892 |
Parent | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | (4) | 13 | 6 | (57) |
Interest on loans held-for-sale | 0 | 0 | ||
Interest and dividends on investment securities and other earning assets | 0 | 0 | 0 | 0 |
Interest on cash and cash equivalents | 2 | 2 | 6 | 6 |
Operating leases | 1 | 3 | 4 | 9 |
Financing revenue and other interest income | 3 | 21 | 30 | (31) |
Interest on deposits | 0 | 0 | 0 | 2 |
Interest on short-term borrowings | 12 | 16 | 32 | 52 |
Interest on long-term debt | 250 | 278 | 765 | 834 |
Interest on intercompany debt | 5 | 3 | 12 | 12 |
Interest expense | 267 | 297 | 809 | 900 |
Net depreciation expense on operating lease assets | 2 | 3 | 7 | 8 |
Net financing (loss) revenue | (266) | (279) | (786) | (939) |
Cash dividends from bank subsidiaries | 550 | 2,900 | 2,050 | 2,900 |
Cash dividends from nonbank subsidiaries | 88 | 101 | 389 | 528 |
Insurance premiums and service revenue earned | 0 | 0 | 0 | 0 |
Gain on mortgage and automotive loans, net | 16 | 9 | 44 | 39 |
Other gain on investments, net | 0 | 0 | 0 | 0 |
Other income, net of losses | 105 | 137 | 301 | 568 |
Other revenue | 121 | 146 | 345 | 607 |
Net revenue | 493 | 2,868 | 1,998 | 3,096 |
Provision for loan losses | 30 | 161 | 143 | 350 |
Compensation and benefits expense | 19 | 17 | 67 | 157 |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 |
Other operating expenses | 175 | 208 | 530 | 709 |
Noninterest expense | 194 | 225 | 597 | 866 |
Income (loss) from continuing operations before tax | 269 | 2,482 | 1,258 | 1,880 |
Income tax (benefit) expense from continuing operations | (88) | (135) | (210) | (362) |
Net (loss) income from continuing operations | 357 | 2,617 | 1,468 | 2,242 |
Income (loss) from discontinued operations, net of tax | 0 | 4 | (2) | 6 |
Undistributed income of bank subsidiary | (31) | (2,524) | (576) | (1,760) |
Undistributed income of nonbank subsidiaries | 48 | 185 | 83 | 260 |
Net Income (Loss) Attributable to Parent | 374 | 282 | 973 | 748 |
Other comprehensive income (loss), attributable to parent | (133) | 48 | (531) | 144 |
Comprehensive income | 241 | 330 | 442 | 892 |
Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 0 | 0 | 0 | 0 |
Interest on loans held-for-sale | 0 | 0 | ||
Interest and dividends on investment securities and other earning assets | 0 | 0 | 0 | 0 |
Interest on cash and cash equivalents | 0 | 0 | 0 | 0 |
Operating leases | 0 | 0 | 0 | 0 |
Financing revenue and other interest income | 0 | 0 | 0 | 0 |
Interest on deposits | 0 | 0 | 0 | 0 |
Interest on short-term borrowings | 0 | 0 | 0 | 0 |
Interest on long-term debt | 0 | 0 | 0 | 0 |
Interest on intercompany debt | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Net depreciation expense on operating lease assets | 0 | 0 | 0 | 0 |
Net financing (loss) revenue | 0 | 0 | 0 | 0 |
Cash dividends from bank subsidiaries | 550 | 2,900 | 2,050 | 2,900 |
Cash dividends from nonbank subsidiaries | 0 | 0 | 0 | 0 |
Insurance premiums and service revenue earned | 0 | 0 | 0 | 0 |
Gain on mortgage and automotive loans, net | 0 | 0 | 0 | 0 |
Other gain on investments, net | 0 | 0 | 0 | 0 |
Other income, net of losses | 0 | 0 | 0 | 0 |
Other revenue | 0 | 0 | 0 | 0 |
Net revenue | 550 | 2,900 | 2,050 | 2,900 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Compensation and benefits expense | 0 | 0 | 0 | 0 |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 |
Other operating expenses | 0 | 0 | 0 | 0 |
Noninterest expense | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before tax | 550 | 2,900 | 2,050 | 2,900 |
Income tax (benefit) expense from continuing operations | 0 | 0 | 0 | 0 |
Net (loss) income from continuing operations | 550 | 2,900 | 2,050 | 2,900 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Undistributed income of bank subsidiary | (31) | (2,524) | (576) | (1,760) |
Undistributed income of nonbank subsidiaries | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 519 | 376 | 1,474 | 1,140 |
Other comprehensive income (loss), attributable to parent | (104) | 36 | (436) | 91 |
Comprehensive income | 415 | 412 | 1,038 | 1,231 |
Nonguarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 1,712 | 1,473 | 4,892 | 4,358 |
Interest on loans held-for-sale | 4 | 10 | ||
Interest and dividends on investment securities and other earning assets | 198 | 157 | 563 | 439 |
Interest on cash and cash equivalents | 16 | 9 | 44 | 17 |
Operating leases | 367 | 431 | 1,120 | 1,456 |
Financing revenue and other interest income | 2,302 | 2,073 | 6,640 | 6,280 |
Interest on deposits | 462 | 286 | 1,212 | 765 |
Interest on short-term borrowings | 17 | 18 | 69 | 42 |
Interest on long-term debt | 201 | 138 | 531 | 423 |
Interest on intercompany debt | 4 | 2 | 14 | 10 |
Interest expense | 684 | 444 | 1,826 | 1,240 |
Net depreciation expense on operating lease assets | 245 | 269 | 778 | 974 |
Net financing (loss) revenue | 1,373 | 1,360 | 4,036 | 4,066 |
Cash dividends from bank subsidiaries | 0 | 0 | 0 | 0 |
Cash dividends from nonbank subsidiaries | 0 | 0 | 0 | 0 |
Insurance premiums and service revenue earned | 258 | 252 | 753 | 720 |
Gain on mortgage and automotive loans, net | 1 | 6 | 3 | 26 |
Other gain on investments, net | 22 | 23 | 37 | 73 |
Other income, net of losses | 187 | 196 | 593 | 630 |
Other revenue | 468 | 477 | 1,386 | 1,449 |
Net revenue | 1,841 | 1,837 | 5,422 | 5,515 |
Provision for loan losses | 203 | 153 | 537 | 504 |
Compensation and benefits expense | 255 | 247 | 805 | 657 |
Insurance losses and loss adjustment expenses | 77 | 65 | 241 | 278 |
Other operating expenses | 472 | 459 | 1,404 | 1,431 |
Noninterest expense | 804 | 771 | 2,450 | 2,366 |
Income (loss) from continuing operations before tax | 834 | 913 | 2,435 | 2,645 |
Income tax (benefit) expense from continuing operations | 179 | 250 | 490 | 712 |
Net (loss) income from continuing operations | 655 | 663 | 1,945 | 1,933 |
Income (loss) from discontinued operations, net of tax | 0 | (2) | 1 | (5) |
Undistributed income of bank subsidiary | 0 | 0 | 0 | 0 |
Undistributed income of nonbank subsidiaries | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 655 | 661 | 1,946 | 1,928 |
Other comprehensive income (loss), attributable to parent | (133) | 51 | (546) | 140 |
Comprehensive income | 522 | 712 | 1,400 | 2,068 |
Affiliated entity | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 0 | 0 | 0 | 0 |
Interest on cash and cash equivalents | 0 | 0 | 0 | 0 |
Gain on mortgage and automotive loans, net | 0 | 0 | ||
Affiliated entity | Parent | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 3 | 2 | 9 | 10 |
Interest on cash and cash equivalents | 1 | 1 | 5 | 1 |
Gain on mortgage and automotive loans, net | 45 | 2,159 | ||
Affiliated entity | Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 0 | 0 | 0 | 0 |
Interest on cash and cash equivalents | 0 | 0 | 0 | 0 |
Gain on mortgage and automotive loans, net | 0 | 0 | ||
Affiliated entity | Nonguarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 2 | 1 | 4 | 5 |
Interest on cash and cash equivalents | 3 | 2 | 7 | 5 |
Gain on mortgage and automotive loans, net | (6) | 232 | ||
Consolidating adjustments | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | 0 | 0 | 0 | 0 |
Interest on loans held-for-sale | 0 | 0 | ||
Interest and dividends on investment securities and other earning assets | 0 | 0 | (1) | (2) |
Interest on cash and cash equivalents | 0 | 0 | 0 | 0 |
Operating leases | 0 | 0 | 0 | 0 |
Financing revenue and other interest income | (9) | (6) | (26) | (23) |
Interest on deposits | 0 | (1) | 0 | (1) |
Interest on short-term borrowings | 0 | 0 | 0 | 0 |
Interest on long-term debt | 0 | 0 | 0 | 0 |
Interest on intercompany debt | (9) | (5) | (26) | (22) |
Interest expense | (9) | (6) | (26) | (23) |
Net depreciation expense on operating lease assets | 0 | 0 | 0 | 0 |
Net financing (loss) revenue | 0 | 0 | 0 | 0 |
Cash dividends from bank subsidiaries | (1,100) | (5,800) | (4,100) | (5,800) |
Cash dividends from nonbank subsidiaries | (88) | (101) | (389) | (528) |
Insurance premiums and service revenue earned | 0 | 0 | 0 | 0 |
Gain on mortgage and automotive loans, net | 0 | 0 | (28) | 0 |
Other gain on investments, net | 0 | 0 | 0 | 0 |
Other income, net of losses | (191) | (242) | (587) | (891) |
Other revenue | (191) | (242) | (615) | (891) |
Net revenue | (1,379) | (6,143) | (5,104) | (7,219) |
Provision for loan losses | 0 | 0 | (28) | 0 |
Compensation and benefits expense | 0 | 0 | 0 | 0 |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 |
Other operating expenses | (191) | (243) | (587) | (891) |
Noninterest expense | (191) | (243) | (587) | (891) |
Income (loss) from continuing operations before tax | (1,188) | (5,900) | (4,489) | (6,328) |
Income tax (benefit) expense from continuing operations | 0 | 0 | 0 | 0 |
Net (loss) income from continuing operations | (1,188) | (5,900) | (4,489) | (6,328) |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Undistributed income of bank subsidiary | 62 | 5,048 | 1,152 | 3,520 |
Undistributed income of nonbank subsidiaries | (48) | (185) | (83) | (260) |
Net Income (Loss) Attributable to Parent | (1,174) | (1,037) | (3,420) | (3,068) |
Other comprehensive income (loss), attributable to parent | 237 | (87) | 982 | (231) |
Comprehensive income | (937) | (1,124) | (2,438) | (3,299) |
Consolidating adjustments | Affiliated entity | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Interest and fees on finance receivables and loans | (5) | (3) | (13) | (15) |
Interest on cash and cash equivalents | $ (4) | $ (3) | (12) | (6) |
Gain on mortgage and automotive loans, net | $ (39) | $ (2,391) |
Parent and Guarantor Condense_4
Parent and Guarantor Condensed Consolidating Financial Statements (Schedule of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, noninterest-bearing | $ 802 | $ 844 | |||||
Cash and cash equivalents, interest-bearing | 2,970 | 3,408 | |||||
Cash and cash equivalents | 3,772 | 4,252 | $ 4,424 | ||||
Equity securities | 514 | 518 | |||||
Available-for-sale securities | 24,122 | 22,303 | |||||
Held-to-maturity securities | 2,246 | 1,899 | |||||
Loans held-for-sale, net | 425 | 108 | |||||
Finance receivables and loans, net | 126,605 | 122,893 | 118,871 | ||||
Intercompany loans to nonbank subsidiary | 0 | 0 | |||||
Allowance for loan losses | 1,248 | $ 1,257 | 1,276 | 1,286 | $ 1,225 | $ 1,144 | |
Total finance receivables and loans, net | 125,357 | 121,617 | |||||
Investment in operating leases, net | 8,578 | 8,741 | |||||
Intercompany receivables from bank subsidiary | 0 | 0 | |||||
Intercompany receivables from nonbank subsidiary | 0 | 0 | |||||
Investment in bank subsidiaries | 0 | 0 | |||||
Investment in nonbank subsidiaries | 0 | 0 | |||||
Premiums receivable and other insurance assets | 2,291 | 2,047 | |||||
Other assets | 5,796 | 5,663 | |||||
Assets | 173,101 | 167,148 | 164,013 | ||||
Deposit liabilities, noninterest-bearing | 180 | 108 | |||||
Deposit liabilities, interest-bearing | 101,199 | 93,148 | |||||
Deposit liabilities | 101,379 | 93,256 | |||||
Short-term borrowings | 7,338 | 11,413 | |||||
Long-term debt | 45,542 | 44,226 | |||||
Intercompany debt payable to bank subsidiaries | 0 | 0 | |||||
Intercompany debt payable to nonbank subsidiaries | 0 | 0 | |||||
Intercompany payables to bank subsidiary | 0 | 0 | |||||
Intercompany payables to nonbank subsidiaries | 0 | 0 | |||||
Interest payable | 712 | 375 | |||||
Unearned insurance premiums and service revenue | 3,020 | 2,604 | |||||
Accrued expenses and other liabilities | 2,025 | 1,780 | |||||
Total liabilities | 160,016 | 153,654 | |||||
Equity | 13,085 | $ 13,375 | 13,494 | 13,573 | $ 13,317 | ||
Total liabilities and equity | 173,101 | 167,148 | |||||
Parent | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, noninterest-bearing | 50 | 74 | |||||
Cash and cash equivalents, interest-bearing | 5 | 5 | |||||
Cash and cash equivalents | 968 | 1,217 | 1,574 | ||||
Equity securities | 0 | 0 | |||||
Available-for-sale securities | 0 | 0 | |||||
Held-to-maturity securities | 0 | 0 | |||||
Loans held-for-sale, net | 0 | 0 | |||||
Finance receivables and loans, net | 4,379 | 7,434 | |||||
Intercompany loans to nonbank subsidiary | 821 | 879 | |||||
Allowance for loan losses | 98 | 185 | |||||
Total finance receivables and loans, net | 5,102 | 8,128 | |||||
Investment in operating leases, net | 7 | 19 | |||||
Intercompany receivables from bank subsidiary | 113 | 80 | |||||
Intercompany receivables from nonbank subsidiary | 44 | 71 | |||||
Investment in bank subsidiaries | 16,057 | 16,962 | |||||
Investment in nonbank subsidiaries | 6,999 | 8,111 | |||||
Premiums receivable and other insurance assets | 0 | 0 | |||||
Other assets | 2,220 | 2,207 | |||||
Assets | 31,510 | 36,795 | |||||
Deposit liabilities, noninterest-bearing | 0 | 0 | |||||
Deposit liabilities, interest-bearing | 3 | 12 | |||||
Deposit liabilities | 3 | 12 | |||||
Short-term borrowings | 2,575 | 3,171 | |||||
Long-term debt | 14,111 | 17,966 | |||||
Intercompany debt payable to bank subsidiaries | 23 | 74 | |||||
Intercompany debt payable to nonbank subsidiaries | 974 | 1,103 | |||||
Intercompany payables to bank subsidiary | 45 | 4 | |||||
Intercompany payables to nonbank subsidiaries | 117 | 132 | |||||
Interest payable | 242 | 200 | |||||
Unearned insurance premiums and service revenue | 0 | 0 | |||||
Accrued expenses and other liabilities | 335 | 639 | |||||
Total liabilities | 18,425 | 23,301 | |||||
Equity | 13,085 | 13,494 | |||||
Total liabilities and equity | 31,510 | 36,795 | |||||
Guarantors | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, noninterest-bearing | 0 | 0 | |||||
Cash and cash equivalents, interest-bearing | 0 | 0 | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Equity securities | 0 | 0 | |||||
Available-for-sale securities | 0 | 0 | |||||
Held-to-maturity securities | 0 | 0 | |||||
Loans held-for-sale, net | 0 | 0 | |||||
Finance receivables and loans, net | 0 | 0 | |||||
Intercompany loans to nonbank subsidiary | 0 | 0 | |||||
Allowance for loan losses | 0 | 0 | |||||
Total finance receivables and loans, net | 0 | 0 | |||||
Investment in operating leases, net | 0 | 0 | |||||
Intercompany receivables from bank subsidiary | 0 | 0 | |||||
Intercompany receivables from nonbank subsidiary | 0 | 0 | |||||
Investment in bank subsidiaries | 16,057 | 16,962 | |||||
Investment in nonbank subsidiaries | 0 | 0 | |||||
Premiums receivable and other insurance assets | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Assets | 16,057 | 16,962 | |||||
Deposit liabilities, noninterest-bearing | 0 | 0 | |||||
Deposit liabilities, interest-bearing | 0 | 0 | |||||
Deposit liabilities | 0 | 0 | |||||
Short-term borrowings | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Intercompany debt payable to bank subsidiaries | 0 | 0 | |||||
Intercompany debt payable to nonbank subsidiaries | 0 | 0 | |||||
Intercompany payables to bank subsidiary | 0 | 0 | |||||
Intercompany payables to nonbank subsidiaries | 0 | 0 | |||||
Interest payable | 0 | 0 | |||||
Unearned insurance premiums and service revenue | 0 | 0 | |||||
Accrued expenses and other liabilities | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
Equity | 16,057 | 16,962 | |||||
Total liabilities and equity | 16,057 | 16,962 | |||||
Nonguarantors | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, noninterest-bearing | 752 | 770 | |||||
Cash and cash equivalents, interest-bearing | 2,965 | 3,403 | |||||
Cash and cash equivalents | 4,286 | 4,868 | 4,903 | ||||
Equity securities | 514 | 518 | |||||
Available-for-sale securities | 24,122 | 22,303 | |||||
Held-to-maturity securities | 2,269 | 1,973 | |||||
Loans held-for-sale, net | 425 | 108 | |||||
Finance receivables and loans, net | 122,226 | 115,459 | |||||
Intercompany loans to nonbank subsidiary | 405 | 408 | |||||
Allowance for loan losses | 1,150 | 1,091 | |||||
Total finance receivables and loans, net | 121,481 | 114,776 | |||||
Investment in operating leases, net | 8,571 | 8,722 | |||||
Intercompany receivables from bank subsidiary | 0 | 0 | |||||
Intercompany receivables from nonbank subsidiary | 121 | 77 | |||||
Investment in bank subsidiaries | 0 | 0 | |||||
Investment in nonbank subsidiaries | 0 | 0 | |||||
Premiums receivable and other insurance assets | 2,291 | 2,082 | |||||
Other assets | 4,999 | 5,105 | |||||
Assets | 169,079 | 160,532 | |||||
Deposit liabilities, noninterest-bearing | 180 | 108 | |||||
Deposit liabilities, interest-bearing | 101,196 | 93,136 | |||||
Deposit liabilities | 102,289 | 94,383 | |||||
Short-term borrowings | 4,763 | 8,242 | |||||
Long-term debt | 31,431 | 26,260 | |||||
Intercompany debt payable to bank subsidiaries | 0 | 0 | |||||
Intercompany debt payable to nonbank subsidiaries | 821 | 879 | |||||
Intercompany payables to bank subsidiary | 0 | 0 | |||||
Intercompany payables to nonbank subsidiaries | 81 | 127 | |||||
Interest payable | 470 | 175 | |||||
Unearned insurance premiums and service revenue | 3,020 | 2,604 | |||||
Accrued expenses and other liabilities | 3,148 | 2,790 | |||||
Total liabilities | 146,023 | 135,460 | |||||
Equity | 23,056 | 25,072 | |||||
Total liabilities and equity | 169,079 | 160,532 | |||||
Affiliated entity | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, interest-bearing | 0 | 0 | |||||
Deposit liabilities, interest-bearing | 0 | 0 | |||||
Affiliated entity | Parent | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, interest-bearing | 913 | 1,138 | |||||
Deposit liabilities, interest-bearing | 0 | 0 | |||||
Affiliated entity | Guarantors | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, interest-bearing | 0 | 0 | |||||
Deposit liabilities, interest-bearing | 0 | 0 | |||||
Affiliated entity | Nonguarantors | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, interest-bearing | 569 | 695 | |||||
Deposit liabilities, interest-bearing | 913 | 1,139 | |||||
Consolidating adjustments | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, noninterest-bearing | 0 | 0 | |||||
Cash and cash equivalents, interest-bearing | 0 | 0 | |||||
Cash and cash equivalents | (1,482) | (1,833) | $ (2,053) | ||||
Equity securities | 0 | 0 | |||||
Available-for-sale securities | 0 | 0 | |||||
Held-to-maturity securities | (23) | (74) | |||||
Loans held-for-sale, net | 0 | 0 | |||||
Finance receivables and loans, net | 0 | 0 | |||||
Intercompany loans to nonbank subsidiary | (1,226) | (1,287) | |||||
Allowance for loan losses | 0 | 0 | |||||
Total finance receivables and loans, net | (1,226) | (1,287) | |||||
Investment in operating leases, net | 0 | 0 | |||||
Intercompany receivables from bank subsidiary | (113) | (80) | |||||
Intercompany receivables from nonbank subsidiary | (165) | (148) | |||||
Investment in bank subsidiaries | (32,114) | (33,924) | |||||
Investment in nonbank subsidiaries | (6,999) | (8,111) | |||||
Premiums receivable and other insurance assets | 0 | (35) | |||||
Other assets | (1,423) | (1,649) | |||||
Assets | (43,545) | (47,141) | |||||
Deposit liabilities, noninterest-bearing | 0 | 0 | |||||
Deposit liabilities, interest-bearing | 0 | 0 | |||||
Deposit liabilities | (913) | (1,139) | |||||
Short-term borrowings | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Intercompany debt payable to bank subsidiaries | (23) | (74) | |||||
Intercompany debt payable to nonbank subsidiaries | (1,795) | (1,982) | |||||
Intercompany payables to bank subsidiary | (45) | (4) | |||||
Intercompany payables to nonbank subsidiaries | (198) | (259) | |||||
Interest payable | 0 | 0 | |||||
Unearned insurance premiums and service revenue | 0 | 0 | |||||
Accrued expenses and other liabilities | (1,458) | (1,649) | |||||
Total liabilities | (4,432) | (5,107) | |||||
Equity | (39,113) | (42,034) | |||||
Total liabilities and equity | (43,545) | (47,141) | |||||
Consolidating adjustments | Affiliated entity | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, interest-bearing | (1,482) | (1,833) | |||||
Deposit liabilities, interest-bearing | $ (913) | $ (1,139) |
Parent and Guarantor Condense_5
Parent and Guarantor Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net cash provided by (used in) operating activities | $ 3,344 | $ 3,373 | ||||
Purchases of equity securities | (652) | (612) | ||||
Proceeds from sales of equity securities | 715 | 728 | ||||
Purchases of available-for-sale securities | (5,669) | (8,410) | ||||
Proceeds from sale of available-for-sale securities | 637 | 2,198 | ||||
Proceeds from repayments of available-for-sale securities | 2,509 | 2,002 | ||||
Purchases of held-to-maturity securities | (436) | (709) | ||||
Proceeds from repayments of held-to-maturity securities | 107 | 32 | ||||
Purchases of finance receivables and loans held-for-investment | (4,778) | (3,125) | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 53 | 1,323 | ||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | (558) | 1,021 | ||||
Net change in intercompany loans | $ 17 | $ 15 | 19 | 65 | ||
Purchases Of Operating Lease Assets | (2,991) | (2,844) | ||||
Disposals of operating lease assets | 2,461 | 4,409 | ||||
Capital contributions to subsidiaries | 0 | 0 | ||||
Returns of contributed capital | 0 | 0 | ||||
Net change in nonmarketable equity investments | (3) | (20) | ||||
Payments for (proceeds from) other, net | (241) | (155) | ||||
Net cash provided by investing activities | (8,846) | (4,162) | ||||
Net change in short-term borrowings | (4,074) | (2,500) | ||||
Net (decrease) increase in deposits | 8,063 | 11,050 | ||||
Proceeds from issuance of long-term debt | 14,756 | 13,302 | ||||
Repayments of long-term debt | (12,994) | (22,376) | ||||
Repurchase of common stock | (630) | (563) | ||||
Dividends paid | (179) | (130) | ||||
Capital contributions from parent | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 4,942 | (1,217) | ||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | (2) | 3 | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (562) | (2,003) | ||||
Cash and cash equivalents and restricted cash | 4,707 | 5,878 | 4,707 | 5,878 | $ 5,269 | $ 7,881 |
Cash and cash equivalents | 3,772 | 4,424 | 3,772 | 4,424 | 4,252 | |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | 935 | 1,454 | 935 | 1,454 | ||
Parent | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net cash provided by (used in) operating activities | 1,417 | 3,701 | ||||
Purchases of equity securities | 0 | 0 | ||||
Proceeds from sales of equity securities | 0 | 0 | ||||
Purchases of available-for-sale securities | 0 | 0 | ||||
Proceeds from sale of available-for-sale securities | 0 | 0 | ||||
Proceeds from repayments of available-for-sale securities | 0 | 0 | ||||
Purchases of held-to-maturity securities | 0 | 0 | ||||
Proceeds from repayments of held-to-maturity securities | 0 | 0 | ||||
Purchases of finance receivables and loans held-for-investment | (131) | (35) | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 983 | 96 | ||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 2,092 | 259 | ||||
Net change in intercompany loans | 16 | 9 | 44 | 39 | ||
Purchases Of Operating Lease Assets | 0 | 0 | ||||
Disposals of operating lease assets | 9 | 7 | ||||
Capital contributions to subsidiaries | (58) | (1,200) | ||||
Returns of contributed capital | 222 | 1,031 | ||||
Net change in nonmarketable equity investments | (14) | 0 | ||||
Payments for (proceeds from) other, net | 1 | (20) | ||||
Net cash provided by investing activities | 3,149 | 2,304 | ||||
Net change in short-term borrowings | (596) | (245) | ||||
Net (decrease) increase in deposits | (9) | (153) | ||||
Proceeds from issuance of long-term debt | 51 | 355 | ||||
Repayments of long-term debt | (3,393) | (4,125) | ||||
Repurchase of common stock | (630) | (563) | ||||
Dividends paid | (179) | (130) | ||||
Capital contributions from parent | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (4,899) | (5,227) | ||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 0 | 0 | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (333) | 778 | ||||
Cash and cash equivalents and restricted cash | 1,062 | 1,767 | 1,062 | 1,767 | 1,395 | 989 |
Cash and cash equivalents | 968 | 1,574 | 968 | 1,574 | 1,217 | |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | 94 | 193 | 94 | 193 | ||
Guarantors | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net cash provided by (used in) operating activities | 2,050 | 2,900 | ||||
Purchases of equity securities | 0 | 0 | ||||
Proceeds from sales of equity securities | 0 | 0 | ||||
Purchases of available-for-sale securities | 0 | 0 | ||||
Proceeds from sale of available-for-sale securities | 0 | 0 | ||||
Proceeds from repayments of available-for-sale securities | 0 | 0 | ||||
Purchases of held-to-maturity securities | 0 | 0 | ||||
Proceeds from repayments of held-to-maturity securities | 0 | 0 | ||||
Purchases of finance receivables and loans held-for-investment | 0 | 0 | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 0 | 0 | ||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 0 | 0 | ||||
Net change in intercompany loans | 0 | 0 | 0 | 0 | ||
Purchases Of Operating Lease Assets | 0 | 0 | ||||
Disposals of operating lease assets | 0 | 0 | ||||
Capital contributions to subsidiaries | (6) | 0 | ||||
Returns of contributed capital | 0 | 0 | ||||
Net change in nonmarketable equity investments | 0 | 0 | ||||
Payments for (proceeds from) other, net | 0 | 0 | ||||
Net cash provided by investing activities | (6) | 0 | ||||
Net change in short-term borrowings | 0 | 0 | ||||
Net (decrease) increase in deposits | 0 | 0 | ||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||
Repayments of long-term debt | 0 | 0 | ||||
Repurchase of common stock | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Capital contributions from parent | 6 | 0 | ||||
Net cash provided by (used in) financing activities | (2,044) | (2,900) | ||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 0 | 0 | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 0 | 0 | ||||
Cash and cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | 0 | 0 | 0 | 0 | ||
Nonguarantors | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net cash provided by (used in) operating activities | 4,366 | 3,019 | ||||
Purchases of equity securities | (652) | (612) | ||||
Proceeds from sales of equity securities | 715 | 728 | ||||
Purchases of available-for-sale securities | (5,669) | (8,410) | ||||
Proceeds from sale of available-for-sale securities | 637 | 2,198 | ||||
Proceeds from repayments of available-for-sale securities | 2,509 | 2,002 | ||||
Purchases of held-to-maturity securities | (436) | (709) | ||||
Proceeds from repayments of held-to-maturity securities | 107 | 32 | ||||
Purchases of finance receivables and loans held-for-investment | (5,577) | (3,090) | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 0 | 1,227 | ||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | (2,650) | 2,718 | ||||
Net change in intercompany loans | 1 | 6 | 3 | 26 | ||
Purchases Of Operating Lease Assets | (2,991) | (2,844) | ||||
Disposals of operating lease assets | 2,452 | 4,402 | ||||
Capital contributions to subsidiaries | 0 | 0 | ||||
Returns of contributed capital | 0 | 0 | ||||
Net change in nonmarketable equity investments | 11 | (20) | ||||
Payments for (proceeds from) other, net | (241) | (39) | ||||
Net cash provided by investing activities | (11,740) | (1,904) | ||||
Net change in short-term borrowings | (3,478) | (2,255) | ||||
Net (decrease) increase in deposits | 7,846 | 12,698 | ||||
Proceeds from issuance of long-term debt | 14,705 | 10,986 | ||||
Repayments of long-term debt | (9,601) | (18,251) | ||||
Repurchase of common stock | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Capital contributions from parent | 58 | 1,200 | ||||
Net cash provided by (used in) financing activities | 6,796 | (2,247) | ||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | (2) | 3 | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (580) | (1,129) | ||||
Cash and cash equivalents and restricted cash | 5,127 | 6,164 | 5,127 | 6,164 | 5,707 | 7,293 |
Cash and cash equivalents | 4,286 | 4,903 | 4,286 | 4,903 | 4,868 | |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | 841 | 1,261 | 841 | 1,261 | ||
Consolidating adjustments | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net cash provided by (used in) operating activities | (4,489) | (6,247) | ||||
Purchases of equity securities | 0 | 0 | ||||
Proceeds from sales of equity securities | 0 | 0 | ||||
Purchases of available-for-sale securities | 0 | 0 | ||||
Proceeds from sale of available-for-sale securities | 0 | 0 | ||||
Proceeds from repayments of available-for-sale securities | 0 | 0 | ||||
Purchases of held-to-maturity securities | 0 | 0 | ||||
Proceeds from repayments of held-to-maturity securities | 0 | 0 | ||||
Purchases of finance receivables and loans held-for-investment | 930 | 0 | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | (930) | 0 | ||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 0 | (1,956) | ||||
Net change in intercompany loans | 0 | 0 | (28) | 0 | ||
Purchases Of Operating Lease Assets | 0 | 0 | ||||
Disposals of operating lease assets | 0 | 0 | ||||
Capital contributions to subsidiaries | 64 | 1,200 | ||||
Returns of contributed capital | (222) | (1,031) | ||||
Net change in nonmarketable equity investments | 0 | 0 | ||||
Payments for (proceeds from) other, net | (1) | (96) | ||||
Net cash provided by investing activities | (249) | (4,562) | ||||
Net change in short-term borrowings | 0 | 0 | ||||
Net (decrease) increase in deposits | 226 | (1,495) | ||||
Proceeds from issuance of long-term debt | 0 | 1,961 | ||||
Repayments of long-term debt | 0 | 0 | ||||
Repurchase of common stock | 0 | 0 | ||||
Dividends paid | 0 | 0 | ||||
Capital contributions from parent | (64) | (1,200) | ||||
Net cash provided by (used in) financing activities | 5,089 | 9,157 | ||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 0 | 0 | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 351 | (1,652) | ||||
Cash and cash equivalents and restricted cash | (1,482) | (2,053) | (1,482) | (2,053) | (1,833) | $ (401) |
Cash and cash equivalents | (1,482) | (2,053) | (1,482) | (2,053) | $ (1,833) | |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | $ 0 | $ 0 | 0 | 0 | ||
Affiliated entity | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net change in intercompany investment securities | 0 | 0 | ||||
Net change in intercompany loans | 0 | 0 | ||||
Net change in intercompany debt | 0 | 0 | ||||
Dividends paid and returns of contributed capital, intercompany | 0 | 0 | ||||
Affiliated entity | Parent | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net change in intercompany investment securities | 0 | 7 | ||||
Net change in intercompany loans | 45 | 2,159 | ||||
Net change in intercompany debt | (143) | (366) | ||||
Dividends paid and returns of contributed capital, intercompany | 0 | 0 | ||||
Affiliated entity | Guarantors | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net change in intercompany investment securities | 0 | 0 | ||||
Net change in intercompany loans | 0 | 0 | ||||
Net change in intercompany debt | 0 | 0 | ||||
Dividends paid and returns of contributed capital, intercompany | (2,050) | (2,900) | ||||
Affiliated entity | Nonguarantors | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net change in intercompany investment securities | 51 | 281 | ||||
Net change in intercompany loans | (6) | 232 | ||||
Net change in intercompany debt | (73) | (2,166) | ||||
Dividends paid and returns of contributed capital, intercompany | (2,661) | (4,459) | ||||
Affiliated entity | Consolidating adjustments | ||||||
Parent and Guarantor Consolidating Statement of Cash Flows [Line Items] | ||||||
Net change in intercompany investment securities | (51) | (288) | ||||
Net change in intercompany loans | (39) | (2,391) | ||||
Net change in intercompany debt | 216 | 2,532 | ||||
Dividends paid and returns of contributed capital, intercompany | $ 4,711 | $ 7,359 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Oct. 09, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||||||||
Dividends declared, amount per common share | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | |
Subsequent event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends declared, amount per common share | $ 0.15 |
Uncategorized Items - ally-2018
Label | Element | Value |
Common Stock Including Additional Paid in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 21,245,000,000 |
Treasury Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (1,110,000,000) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax | (250,000,000) |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 27,000,000 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (20,000,000) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (126,000,000) |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (42,000,000) |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 42,000,000 |