Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-3754 | |
Entity Registrant Name | ALLY FINANCIAL INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-0572512 | |
Entity Address, Address Description | Ally Detroit Center | |
Entity Address, Address Line One | 500 Woodward Ave. | |
Entity Address, Address Line Two | Floor 10 | |
Entity Address, City or Town | Detroit | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48226 | |
City Area Code | 866 | |
Local Phone Number | 710-4623 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 373,155,582 | |
Entity Central Index Key | 0000040729 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common stock | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ALLY | |
Trust Preferred Securities Subject to Mandatory Redemption | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I | |
Trading Symbol | ALLY PRA |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income Consolidated Statement of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Revenue and Other Income [Abstract] | ||
Interest and fees on finance receivables and loans | $ 1,742 | $ 1,807 |
Interest on loans held-for-sale | 2 | 2 |
Interest and dividends on investment securities and other earning assets | 226 | 240 |
Interest on cash and cash equivalents | 14 | 23 |
Operating leases | 367 | 361 |
Total financing revenue and other interest income | 2,351 | 2,433 |
Interest Expense [Abstract] | ||
Interest on deposits | 592 | 592 |
Interest on short-term borrowings | 17 | 44 |
Interest on long-term debt | 348 | 419 |
Total interest expense | 957 | 1,055 |
Net depreciation expense on operating lease assets | 248 | 246 |
Net financing revenue and other interest income | 1,146 | 1,132 |
Other revenue [Abstract] | ||
Insurance premiums and service revenue earned | 277 | 261 |
Gain on mortgage and automotive loans, net | (12) | 10 |
Other gain on investments, net | (79) | 108 |
Other income, net of losses | 80 | 87 |
Total other revenue | 266 | 466 |
Total net revenue | 1,412 | 1,598 |
Provision for credit losses | 903 | 282 |
Noninterest Expense [Abstract] | ||
Compensation and benefits expense | 360 | 318 |
Insurance losses and loss adjustment expenses | 74 | 59 |
Other operating expenses | 486 | 453 |
Total noninterest expense | 920 | 830 |
(Loss) income from continuing operations before income tax (benefit) expense | (411) | 486 |
Statement [Abstract] | ||
Income tax expense from continuing operations | (92) | 111 |
Net income from continuing operations | (319) | 375 |
Loss from discontinued operations, net of tax | 0 | (1) |
Net income | (319) | 374 |
Other comprehensive income (loss), net of tax | 583 | 306 |
Comprehensive Income | $ 264 | $ 680 |
Earnings Per Share, Basic [Abstract] | ||
Net (loss) income from continuing operations, basic earnings per common share | $ (0.85) | $ 0.93 |
Net (loss) income, basic earnings per common share | (0.85) | 0.93 |
Earnings Per Share, Diluted [Abstract] | ||
Net (loss) income from continuing operations, diluted earnings per common share | (0.85) | 0.92 |
Net (loss) income, diluted earnings per common share | (0.85) | 0.92 |
Cash dividends declared per common share | $ 0.19 | $ 0.17 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet & Mini Balance Sheet - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Cash and cash equivalents, noninterest-bearing | $ 453 | $ 619 |
Cash and cash equivalents, interest-bearing | 5,708 | 2,936 |
Total cash and cash equivalents | 6,161 | 3,555 |
Equity securities | 941 | 616 |
Available-for-sale securities | 29,181 | 30,284 |
Held-to-maturity securities | 1,497 | 1,568 |
Loans held-for-sale, net | 235 | 158 |
Finance receivables and loans, net [Abstract] | ||
Finance receivables and loans, net | 128,139 | 128,231 |
Allowance for loan losses | 3,245 | 1,263 |
Total finance receivables and loans, net | 124,894 | 126,968 |
Investment in operating leases, net | 9,064 | 8,864 |
Premiums receivable and other insurance assets | 2,576 | 2,558 |
Other assets | 7,978 | 6,073 |
Total assets | 182,527 | 180,644 |
Liabilities and Equity [Abstract] | ||
Deposit liabilities, noninterest-bearing | 139 | 119 |
Deposit liabilities, interest-bearing | 122,185 | 120,633 |
Total deposit liabilities | 122,324 | 120,752 |
Short-term borrowings | 9,493 | 5,531 |
Long-term debt | 31,066 | 34,027 |
Interest payable | 710 | 641 |
Unearned insurance premiums and service revenue | 3,305 | 3,305 |
Accrued expenses and other liabilities | 2,110 | 1,972 |
Total liabilities | 169,008 | 166,228 |
Equity [Abstract] | ||
Common Stocks, Including Additional Paid in Capital | 21,470 | 21,438 |
Accumulated deficit | (5,465) | (4,057) |
Accumulated other comprehensive income (loss) | 706 | 123 |
Treasury stock, at cost | (3,192) | (3,088) |
Total equity | 13,519 | 14,416 |
Total liabilities and equity | 182,527 | 180,644 |
On-balance sheet variable interest entities | ||
Finance receivables and loans, net [Abstract] | ||
Finance receivables and loans, net | 18,801 | 18,710 |
Allowance for loan losses | 436 | 153 |
Total finance receivables and loans, net | 18,365 | 18,557 |
Other assets | 871 | 787 |
Total assets | 19,236 | 19,344 |
Liabilities and Equity [Abstract] | ||
Long-term debt | 8,148 | 9,087 |
Accrued expenses and other liabilities | 12 | 11 |
Total liabilities | $ 8,160 | $ 9,098 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet & Mini Balance Sheet (Paranthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued | 499,618,273 | 496,957,805 |
Common stock, shares outstanding | 373,154,910 | 374,331,998 |
Treasury stock, shares | 126,463,363 | 122,625,807 |
Held-to-maturity securities, fair value | $ 1,580 | $ 1,600 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Common stock and paid-in capital | Accumulated Deficit | Accumulated other comprehensive (loss) income | Treasury stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity | $ 13,268 | $ 21,345 | $ (5,489) | $ (539) | $ (2,049) |
Common stock dividends, amount per share | $ 0.17 | ||||
Net income | $ 374 | 374 | |||
Share-based compensation | 34 | 34 | |||
Other comprehensive income (loss) | (306) | (306) | |||
Common stock repurchases | (211) | (211) | |||
Common stock dividends | (70) | (70) | |||
Equity | 13,699 | 21,379 | (5,195) | (225) | (2,260) |
Equity | $ 14,416 | 21,438 | (4,057) | 123 | (3,088) |
Common stock dividends, amount per share | $ 0.19 | ||||
Net income | $ (319) | (319) | |||
Share-based compensation | 32 | 32 | |||
Other comprehensive income (loss) | (583) | (583) | |||
Common stock repurchases | (104) | (104) | |||
Common stock dividends | (72) | (72) | |||
Equity | $ 13,519 | $ 21,470 | $ (5,465) | $ 706 | $ (3,192) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ (319) | $ 374 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation and amortization | 386 | 369 |
Provision for credit losses | 903 | 282 |
Loss (gain) on mortgage and automotive loans, net | 12 | (10) |
Other loss (gain) on investments, net | 79 | (108) |
Originations and purchases of loans held-for-sale | (366) | (134) |
Proceeds from sales and repayments of loans held-for-sale | 300 | 111 |
Increase (decrease) in deferred income taxes | (87) | 100 |
Increase (decrease) in interest payable | 69 | 173 |
Increase (decrease) in other assets | 44 | (40) |
Increase (decrease) in other liabilities | (290) | 37 |
Increase (decrease) in other assets and liabilities, net | 83 | (73) |
Net cash provided by operating activities | 814 | 1,081 |
Net Cash (Used in) Provided by Investing Activities [Abstract] | ||
Purchases of equity securities | (625) | (48) |
Proceeds from sales of equity securities | 117 | 383 |
Purchases of available-for-sale securities | 4,565 | 3,401 |
Proceeds from Sale of Debt Securities, Available-for-sale | 3,817 | 656 |
Proceeds from repayments of available-for-sale securities | 1,623 | 694 |
Purchases of held-to-maturity securities | 0 | (131) |
Proceeds from repayments of held-to-maturity securities | 70 | 44 |
Purchases of finance receivables and loans held-for-investment | (925) | (1,452) |
Proceeds from sales of finance receivables and loans initially held-for-investment | 1 | 157 |
Originations and repayments of finance receivables and loans held-for-investment and other, net | 900 | 1,149 |
Purchases of operating lease assets | (1,138) | (792) |
Disposals of operating lease assets | 568 | 624 |
Net change in nonmarketable equity investments | (92) | 171 |
Payments for (proceeds from) other, net | (76) | (95) |
Net cash used in investing activities | (325) | (2,041) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net change in short-term borrowings | (3,963) | 3,872 |
Net increase in deposits | 1,565 | 7,114 |
Proceeds from issuance of long-term debt | 788 | 1,766 |
Repayments of long-term debt | (3,939) | (4,490) |
Repurchase of common stock | (104) | (211) |
Dividends paid | (72) | (70) |
Net cash provided by financing activities | 2,201 | 237 |
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | (4) | 1 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | 2,686 | (722) |
Cash and cash equivalents and restricted cash [Roll Forward] | ||
Cash and cash equivalents and restricted cash | 4,380 | 5,626 |
Cash and cash equivalents and restricted cash | 7,066 | 4,904 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest | 869 | 862 |
Cash paid for income taxes | 2 | 12 |
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 11 | 63 |
Finance receivables and loans transferred to loans held-for-sale, noncash | 0 | 20 |
Restricted Cash [Abstract] | ||
Cash and cash equivalents as disclosed on the Condensed Consolidated Balance Sheet | 6,161 | 3,957 |
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | $ 905 | $ 947 |
Description of Business, Basis
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, or we, us, or our) is a leading digital financial-services company . As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing It Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage lending, personal lending, and a variety of deposit and other banking products, including savings, money-market, and checking accounts, CDs, and IRAs. Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate-finance business offers capital for equity sponsors and middle-market companies . We are a Delaware corporation and are registered as a BHC under the Bank Holding Company Act of 1956, as amended , and an FHC under the Gramm-Leach-Bliley Act of 1999, as amended . Our accounting and reporting policies conform to U.S. 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, and the determination of the provision for income taxes. The Condensed Consolidated Financial Statements at March 31, 2020 , and for the three months ended March 31, 2020 , and 2019 , 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, 2019 , as filed on February 25, 2020, with the SEC. Significant Accounting Policies On January 1, 2020, we adopted ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments, using the modified retrospective approach, as further described in the section below titled Recently Adopted Accounting Standards. Adoption of the standard resulted in changes to our Investments , Finance Receivables and Loans , and Allowance for Loan Losses policies, as presented below. Refer to Note 1 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K regarding additional significant accounting policies, including accounting policies in effect prior to the adoption of the CECL standard. Investments Our investment portfolio includes various debt and equity securities. Our debt securities include government securities, corporate bonds, ABS, and 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 securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income, while our held-to-maturity securities are carried at amortized cost. We establish an allowance for credit losses for lifetime expected credit losses on our held-to-maturity securities. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity securities is excluded from the estimate of credit losses. Our held-to-maturity securities portfolio is mostly comprised of residential mortgage-backed debt securities that are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major ratings agencies, and have a long history of zero credit losses. We regularly assess our available-for-sale securities to determine if a credit loss has occurred. If the cost of an available-for-sale security exceeds its fair value, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and our intent and ability to hold the available-for-sale security through recovery of its amortized cost basis. If we determine that we intend to sell, or it is more likely than not we will be required to sell the security before recovery of the amortized cost basis, the security’s amortized cost basis is written down to fair value through the provision for credit losses. Once it has been determined that a credit loss has occurred, the present value of expected future cash flows are compared to the security’s amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses up to the difference between the security’s amortized cost basis and its fair value. Any remaining impairment is considered a noncredit loss and is recorded in other comprehensive 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 available-for-sale security or it is more likely than not that we will have to sell the security prior to the security’s anticipated recovery. Changes in the allowance for credit losses are recorded as provision for, or reversal of, provision for credit losses. Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. Premiums on debt securities that have noncontingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date as an adjustment to investment yield. All other premiums and discounts on debt securities are amortized over the stated maturity of the security as an adjustment to investment yield. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days past due. The receivable for interest income that is accrued but not collected is reversed against interest income when the debt security is placed on nonaccrual status. Our investments in equity securities include 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. Equity securities that have a readily determinable fair value are recorded at fair value with changes in fair value recorded in earnings and reported in other gain 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. We also hold certain equity investments that do not have a readily determinable fair value and are not eligible to be recognized using other measurement principles that are held at fair value. Refer to Note 20 for further information on these equity securities that have a readily determinable market value. Our equity securities recognized using other measurement principles include investments in FHLB and FRB stock held to meet regulatory requirements, equity investments related to LIHTCs and the CRA, which do not have a readily determinable fair value, and other equity investments that do not have a readily determinable fair value. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments. Our obligations related to unfunded commitments for our LIHTC investments are included in other liabilities. The majority of our other CRA investments are accounted for using the equity method of accounting. Our investments in LIHTCs and other CRA investments are included in investments in qualified affordable housing projects and equity-method investments, respectively, in other assets on our Condensed Consolidated Balance Sheet. Our investments in FHLB and FRB stock are carried at cost, less impairment. Our remaining investment 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. 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. As conditions warrant, we review these investments for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Realized gains and losses on the sale of securities are determined using the specific identification method and are reported in other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. Finance Receivables and Loans We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management’s assessment of our intent and ability to hold the loans for the foreseeable future or until maturity. Management’s view of the foreseeable future is based on the longest reasonably reliable net income, liquidity, and capital forecast period. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our Condensed Consolidated Balance Sheet and are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. Loan origination fees and costs are included in the initial carrying value of loans originated as held-for-sale for which we have not elected the fair value option. Loan origination fees and costs are recognized in earnings when earned or incurred, respectively, for loans classified as held-for-sale for which we have elected the fair value option. We have elected the fair value option for conforming mortgage direct-to-consumer originations for which we have a commitment to sell. The interest rate lock commitment that we enter into for a mortgage loan originated as held-for-sale and certain forward commitments are considered derivatives, which are carried at fair value on our Condensed Consolidated Balance Sheet. We have elected the fair value option to measure our nonderivative forward commitments. Changes in the fair value of our interest rate lock commitments, derivative forward commitments, and nonderivative forward commitments related to mortgage loans originated as held-for-sale, as well as changes in the carrying value of loans classified as held-for-sale, are reported through gain on mortgage and automotive loans, net in our Condensed Consolidated Statement of Comprehensive Income. Interest income on our loans classified as held-for-sale is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on our loans classified as held-for-sale in other assets on our Condensed Consolidated Balance Sheet. We have also elected the fair value option for certain loans acquired within our consumer other portfolio segment. Changes in fair value related to these loans are reported through other income, net of losses in our Condensed Consolidated Statement of Comprehensive Income. Loans classified as held-for-investment are presented as finance receivables and loans, net on our Condensed Consolidated Balance Sheet. Finance receivables and loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the amortized cost basis less the allowance for loan loss as the net carrying value in finance receivables and loans. Unearned rate support received from an automotive manufacturer on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Interest income on our finance receivables and loans is recognized based on the contractual rate of interest plus the amortization of deferred amounts using the effective interest method. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 8 . Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, consumer other, and commercial. • Consumer automotive — Consists of retail automotive financing for new and used vehicles. • Consumer mortgage — Consists of the following classes of finance receivables. • Mortgage Finance — Consists of consumer first-lien mortgages from our ongoing mortgage operations including bulk acquisitions, direct-to-consumer originations, and refinancing of high-quality jumbo mortgages and LMI mortgages. • Mortgage — Legacy — Consists of consumer mortgage assets originated prior to January 1, 2009, including first-lien mortgages, subordinate-lien mortgages, and home equity mortgages. • Consumer other — Consists of unsecured consumer lending from point-of-sale financing. • Commercial — Consists of the following classes of finance receivables. • Commercial and Industrial • Automotive — Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines, and dealer fleet financing. • Other — Consists primarily of senior secured leveraged cash flow and asset-based loans related to our Corporate-Finance business. • Commercial Real Estate — Consists of term loans primarily secured by dealership land and buildings, and other commercial lending secured by real estate. Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, our policy is to generally place all loans that have been modified in TDR on nonaccrual status until the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Nonperforming loans on nonaccrual status are reported in Note 8 . The receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Troubled Debt Restructurings When the terms of finance receivables or loans are modified, consideration must be given as to whether or not the modification results in a TDR. A modification is considered to be a TDR when both the borrower is experiencing financial difficulty and we grant a concession to the borrower. These considerations require significant judgment and vary by portfolio segment. In all cases, the cumulative impacts of all modifications are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are utilized for assessing the financial difficulty of the borrower. These include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of job). A concession has been granted when as a result of the modification we do not expect to collect all amounts due under the original loan terms, including interest accrued at the original contract rate. Types of modifications that may be considered concessions include, but are not limited to, extensions of terms at a rate that does not constitute a market rate, a reduction, deferral or forgiveness of principal or interest owed and loans that have been discharged in a Chapter 7 Bankruptcy and have not been reaffirmed by the borrower. In addition to the modifications noted above, in our consumer automotive portfolio segment of loans we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification is considered a TDR as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue and collect interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. A restructuring that results in only a delay in payment that is deemed to be insignificant is not a concession and the modification is not considered to be a TDR. In order to assess whether a restructuring that results in a delay in payment is insignificant, we consider the amount of the restructured payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions on our automotive loan portfolio cumulatively extend beyond 90 days and are more than 10% of the original contractual term or where the cumulative payment extension is beyond 180 days, we deem the delay in payment to be more than insignificant, and as such, classify these types of modifications as TDRs. Otherwise, we believe that the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. Additionally, based on recently issued regulatory guidance provided by federal and state regulatory agencies, loan modifications made in response to the COVID-19 pandemic are not considered TDRs if accounts were considered current at the date the modification program was implemented. Refer to Note 8 for additional information. For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the factors noted above, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream). Consideration of a concession is also similar for commercial loans. In addition to the factors noted above, consideration is also given to whether additional guarantees or collateral have been provided. For all loans, TDR classification typically results from our loss mitigation activities. For loans held-for-investment that are not carried at fair value and are TDRs, impairment is typically measured based on the difference between the amortized cost basis of the loan and the present value of the expected future cash flows of the loan. The present value is calculated using the loan’s original interest rate, as opposed to the interest rate specified within the restructuring. The loan may also be measured for impairment based on the fair value of the underlying collateral less costs to sell for loans that are collateral dependent. We recognize impairment by either establishing a valuation allowance or recording a charge-off. The financial impacts of modifications that meet the definition of a TDR are reported in the period in which they are identified as TDRs. Additionally, if a loan that is classified as a TDR redefaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy except for commercial loans where redefault is defined as 90 days past due. Nonaccrual loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the amortized cost basis directly written-off. Generally, we recognize recoveries when they are received and record them as an increase to the allowance for loan losses. As a general rule, consumer automotive loans are written down to estimated collateral value, less costs to sell, once a loan becomes 120 days past due. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. Loans in our consumer other segment are charged off at 120 days past due. Within 60 days of receipt of notification of filing from the bankruptcy court, or within the time frames noted above, consumer automotive and first-lien consumer mortgage loans in bankruptcy are written down to their expected future cash flows, which is generally fair value of the collateral, less costs to sell, and second-lien consumer mortgage loans and consumer other loans are fully charged-off, unless it can be clearly demonstrated that repayment is likely to occur. Regardless of other timelines noted within this policy, loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to only be through sale or operation of the collateral. Collateral dependent loans are charged-off to the estimated fair value of the underlying collateral, less costs to sell when foreclosure or repossession proceedings begin. Commercial loans are individually evaluated and are written down to the estimated fair value of the collateral less costs to sell when collectability of the recorded balance is in doubt. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate. Noncollateral dependent loans are fully written-off. Allowance for Loan Losses The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our lending portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions to the allowance are charged to current period earnings through the provision for loan losses; amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that a TDR will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance for loan losses is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted rates for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecast period, we revert to a historical average rate. This reversion to the mean is performed on a straight-line basis over 24 months. The historical average is calculated using historical data beginning in January 2008 through the current period. Loans that do not share similar risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. The allowance calculation is also supplemented with qualitative reserves that takes into consideration current portfolio and asset-level considerations, such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events, among other factors, that have occurred but are not yet reflected in the quantitative model component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes and follow regulatory guidance. Management also considers the need for a reserve on unfunded nonderivative loan commitments across our portfolio segments, including lines of credit and standby letters of credit. We estimate expected credit losses over the contractual period in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses include consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated life. The reserve for unfunded loan commitments is recorded within other liabilities on our Condensed Consolidated Balance Sheet. Refer to Note 28 within our 2019 Annual Report on Form 10-K for information on our unfunded loan commitments. Consumer Automotive The allowance for loan losses within the consumer automotive portfolio segment is calculated using proprietary statistical models and other risk indicators applied to pools of loans with similar risk characteristics, including credit bureau score and LTV ratios. The model generates projections of default rates, prepayment rates, loss severity rates, and recovery rates using macroeconomic and historical loan data. These projections are used to develop transition scenarios to predict the portfolio’s migration from the current past-due status to various future states over the life of the loan. While the macroeconomic data that is used to calculate expected credit losses includes interest rate indices and national and state-level home price indices, national and state-level unemployment rates are the most impactful macroeconomic factors in calculating expected lifetime credit losses. The loss severity within the consumer automotive portfolio segment is impacted by the market values of vehicles that are repossessed. Vehicle market values are affected by numerous factors including vehicle supply, the condition of the vehicle upon repossession, the overall price and volatility of gasoline or diesel fuel, consumer preference related to specific vehicle segments, and other factors. The model output is then aggregated to calculate expected lifetime credit losses. Consumer Mortgage The allowance for loan losses within the consumer mortgage portfolio segment is calculated by using statistical models based on pools of loans with similar risk characteristics, including credit sc |
Acquisitions Acquistions (Notes
Acquisitions Acquistions (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On October 1, 2019 , we acquired 100% of the equity of Credit Services Corporation, LLC, including its wholly owned subsidiary, Health Credit Services LLC (collectively Health Credit Services), a digital point-of-sale payment provider that offers financing to consumers for various healthcare procedures or services, for $177 million in cash. Health Credit Services operates as a wholly owned subsidiary of Ally. Beginning in October 2019, financial information related to Health Credit Services, which we renamed Ally Lending, is included within Corporate and Other. For further information on our acquisition of Health Credit Services, refer to Note 2 in our 2019 Annual Report on Form 10-K. Additionally, on February 18, 2020, we announced the execution of a definitive agreement to acquire Cardholder Management Services, Inc. and its subsidiaries, including CardWorks, Inc. and Merrick Bank Corporation (collectively, CardWorks). CardWorks is a nonprime credit-card and consumer-finance provider in the United States with servicing and merchant-service capabilities across the credit spectrum. The acquisition is expected to close in the third quarter of 2020 and is subject to the receipt of customary regulatory approvals and the satisfaction of other closing conditions. We filed a copy of the definitive agreement with the SEC on February 20, 2020. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our primary revenue sources, which include financing revenue and other interest income, are addressed by other GAAP and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. 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 this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. 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 amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred. 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 revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers . For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2020 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 143 $ — $ — $ — $ 143 Remarketing fee income 17 — — — — 17 Brokerage commissions and other revenue — — — — 13 13 Deposit account and other banking fees — — — — 4 4 Brokered/agent commissions — 4 — — — 4 Other 5 — — — — 5 Total revenue from contracts with customers 22 147 — — 17 186 All other revenue (d) 25 (10 ) 10 13 42 80 Total other revenue (e) $ 47 $ 137 $ 10 $ 13 $ 59 $ 266 2019 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 131 $ — $ — $ — $ 131 Remarketing fee income 18 — — — — 18 Brokerage commissions and other revenue — — — — 17 17 Deposit account and other banking fees — — — — 5 5 Brokered/agent commissions — 3 — — — 3 Other 5 — — — — 5 Total revenue from contracts with customers 23 134 — — 22 179 All other revenue 45 226 2 11 3 287 Total other revenue (e) $ 68 $ 360 $ 2 $ 11 $ 25 $ 466 (a) We had opening balances of $2.9 billion and $2.6 billion in unearned revenue associated with outstanding contracts at December 31, 2019, and December 31, 2018 , respectively, and $214 million and $199 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2020 , and March 31, 2019 . (b) At March 31, 2020 , we had unearned revenue of $2.9 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $591 million in 2020 , $714 million in 2021 , $609 million in 2022 , $476 million in 2023 , and $498 million thereafter. At March 31, 2019 , we had unearned revenue of $2.7 billion associated with outstanding contracts. (c) We had deferred insurance assets of $1.7 billion at both December 31, 2019, and March 31, 2020 , respectively, and recognized $125 million of expense during the three months ended March 31, 2020 . We had deferred insurance assets of $1.5 billion and $1.6 billion at December 31, 2018, and March 31, 2019 , respectively, and recognized $111 million of expense during the three months ended March 31, 2019 . (d) Insurance operations includes $132 million of insurance premiums and service revenue earned and $142 million of net losses on investment securities. (e) Represents a component of total net revenue. Refer to Note 22 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 $2 million for the three months ended March 31, 2020 , and $15 million for the three months ended March 31, 2019 , on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income . |
Other Income, Net of Losses
Other Income, Net of Losses | 3 Months Ended |
Mar. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income and Other Expense Disclosure | Other Income, Net of Losses Details of other income, net of losses, were as follows. Three months ended March 31, ($ in millions) 2020 2019 Late charges and other administrative fees $ 21 $ 29 Remarketing fees 17 18 Servicing fees 3 6 (Loss) income from equity-method investments (1 ) 4 Other, net 40 30 Total other income, net of losses $ 80 $ 87 |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [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) 2020 2019 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 122 $ 134 Less: Reinsurance recoverable 88 96 Net reserves for insurance losses and loss adjustment expenses at January 1, 34 38 Net insurance losses and loss adjustment expenses incurred related to: Current year 72 59 Prior years (a) 2 — Total net insurance losses and loss adjustment expenses incurred 74 59 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (46 ) (33 ) Prior years (24 ) (23 ) Total net insurance losses and loss adjustment expenses paid or payable (70 ) (56 ) Net reserves for insurance losses and loss adjustment expenses at March 31, 38 41 Plus: Reinsurance recoverable 104 94 Total gross reserves for insurance losses and loss adjustment expenses at March 31, $ 142 $ 135 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses
Other Operating Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Operating Expenses [Abstract] | |
Other Operating Income and Expense | Other Operating Expenses Details of other operating expenses were as follows. Three months ended March 31, ($ in millions) 2020 2019 Insurance commissions $ 126 $ 114 Technology and communications 79 77 Advertising and marketing 44 48 Lease and loan administration 38 39 Property and equipment depreciation 34 22 Professional services 31 29 Regulatory and licensing fees 29 28 Vehicle remarketing and repossession 23 27 Occupancy 16 13 Non-income taxes 7 9 Amortization of intangible assets 5 3 Other 54 44 Total other operating expenses $ 486 $ 453 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
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 or 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 securities were as follows. March 31, 2020 December 31, 2019 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 $ 785 $ 21 $ — $ 806 $ 2,059 $ 6 $ (17 ) $ 2,048 U.S. States and political subdivisions 691 20 (2 ) 709 623 19 (1 ) 641 Foreign government 175 5 — 180 184 3 (1 ) 186 Agency mortgage-backed residential 20,702 831 — 21,533 21,183 257 (36 ) 21,404 Mortgage-backed residential 2,968 34 (54 ) 2,948 2,841 20 (11 ) 2,850 Agency mortgage-backed commercial 1,333 114 — 1,447 1,344 44 (6 ) 1,382 Mortgage-backed commercial 41 — (4 ) 37 41 1 — 42 Asset-backed 333 — (4 ) 329 365 3 — 368 Corporate debt 1,203 16 (27 ) 1,192 1,327 37 (1 ) 1,363 Total available-for-sale securities (a) (b) (c) (d) (e) $ 28,231 $ 1,041 $ (91 ) $ 29,181 $ 29,967 $ 390 $ (73 ) $ 30,284 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,480 $ 83 $ — $ 1,563 $ 1,547 $ 38 $ (6 ) $ 1,579 Asset-backed retained notes 17 — — 17 21 — — 21 Total held-to-maturity securities (e) (f) (g) $ 1,497 $ 83 $ — $ 1,580 $ 1,568 $ 38 $ (6 ) $ 1,600 (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 March 31, 2020 , and December 31, 2019 . (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information. (c) Available-for-sale securities with a fair value of $3.0 billion and $1.9 billion at March 31, 2020 , and December 31, 2019 , respectively, were pledged to secure advances from the FHLB, repurchase agreements, other short-term borrowings, or for other purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge $668 million and $118 million of the underlying investment securities at March 31, 2020 , and December 31, 2019 , respectively. (d) Totals do not include accrued interest receivable, which was $90 million and $98 million at March 31, 2020 , and December 31, 2019 , respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet . (e) There was no allowance for credit losses recorded at March 31, 2020 , as management determined that credit losses did not exist for our portfolio of available-for-sale and held-to-maturity securities. (f) Held-to-maturity securities with a fair value of $1.2 billion and $915 million at March 31, 2020 , and December 31, 2019 , respectively, were pledged to secure advances from the FHLB. (g) Totals do not include accrued interest receivable, which was $3 million at both March 31, 2020 , and December 31, 2019 . Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet . The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2020 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 806 1.2 % $ 14 0.3 % $ 708 1.2 % $ 84 1.7 % $ — — % U.S. States and political subdivisions 709 3.1 25 1.9 75 2.3 160 2.9 449 3.4 Foreign government 180 1.9 35 0.5 63 2.3 82 2.3 — — Agency mortgage-backed residential 21,533 3.2 — — 1 2.9 47 2.0 21,485 3.2 Mortgage-backed residential 2,948 3.3 — — — — — — 2,948 3.3 Agency mortgage-backed commercial 1,447 2.8 — — 3 3.2 1,175 2.9 269 2.5 Mortgage-backed commercial 37 3.5 — — — — — — 37 3.5 Asset-backed 329 3.5 — — 275 3.6 14 2.9 40 3.0 Corporate debt 1,192 3.1 135 2.8 520 3.0 525 3.3 12 3.0 Total available-for-sale securities $ 29,181 3.1 $ 209 2.2 $ 1,645 2.2 $ 2,087 2.9 $ 25,240 3.2 Amortized cost of available-for-sale securities $ 28,231 $ 209 $ 1,636 $ 1,972 $ 24,414 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,480 3.2 % $ — — % $ — — % $ — — % $ 1,480 3.2 % Asset-backed retained notes 17 2.3 — — 17 2.3 — — — — Total held-to-maturity securities $ 1,497 3.2 $ — — $ 17 2.3 $ — — $ 1,480 3.2 December 31, 2019 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,048 1.5 % $ 65 2.1 % $ 1,590 1.4 % $ 393 1.7 % $ — — % U.S. States and political subdivisions 641 3.1 22 2.7 75 2.3 159 2.8 385 3.4 Foreign government 186 1.9 35 0.4 65 2.3 86 2.3 — — Agency mortgage-backed residential 21,404 3.2 — — — — 47 2.0 21,357 3.2 Mortgage-backed residential 2,850 3.2 — — — — — — 2,850 3.2 Agency mortgage-backed commercial 1,382 2.9 — — 3 3.2 1,109 3.0 270 2.4 Mortgage-backed commercial 42 3.5 — — — — — — 42 3.5 Asset-backed 368 3.5 — — 317 3.6 5 2.7 46 3.0 Corporate debt 1,363 3.2 125 2.9 580 3.0 649 3.4 9 3.3 Total available-for-sale securities $ 30,284 3.1 $ 247 2.3 $ 2,630 2.1 $ 2,448 2.8 $ 24,959 3.2 Amortized cost of available-for-sale securities $ 29,967 $ 246 $ 2,624 $ 2,378 $ 24,719 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,547 3.2 % $ — — % $ — — % $ — — % $ 1,547 3.2 % Asset-backed retained notes 21 2.2 — — 21 2.2 — — — — Total held-to-maturity securities $ 1,568 3.2 $ — — $ 21 2.2 $ — — $ 1,547 3.2 (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 $12 million and $73 million at March 31, 2020 , and December 31, 2019 , respectively, and were composed primarily of money-market accounts and short-term securities, including U.S. Treasury bills. The following table presents interest and dividends on investment securities. Three months ended March 31, ($ in millions) 2020 2019 Taxable interest $ 205 $ 214 Taxable dividends 5 3 Interest and dividends exempt from U.S. federal income tax 3 5 Interest and dividends on investment securities $ 213 $ 222 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. Three months ended March 31, ($ in millions) 2020 2019 Available-for-sale securities Gross realized gains $ 105 $ 10 Gross realized losses (a) — (1 ) Net realized gains on available-for-sale securities 105 9 Net realized gain on equity securities 1 29 Net unrealized (loss) gain on equity securities (185 ) 70 Other (loss) gain on investments, net $ (79 ) $ 108 (a) Certain available-for-sale securities were sold at a loss during the three months ended March 31, 2019 , as a result of identifiable market or credit events, or a loss was realized based on corporate actions outside of our control (such as a call by the issuer). Any such sales were made in accordance with our risk-management policies and practices. The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2020 . The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch, and represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2020 . We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2020 . March 31, 2020 ($ in millions) AAA AA Total (a) Debt securities Agency mortgage-backed residential $ — $ 1,480 $ 1,480 Asset-backed retained notes 17 — 17 Total held-to-maturity securities $ 17 $ 1,480 $ 1,497 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. The following table summarizes held-to-maturity securities in an unrealized loss position at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard, and as defined by the previous accounting guidance in effect at that time. December 31, 2019 Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 283 $ (6 ) $ — $ — Asset-backed retained notes — — 3 — Total held-to-maturity debt securities $ 283 $ (6 ) $ 3 $ — The table below summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 . As of March 31, 2020 , 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, management determined that no credit reserves were required at March 31, 2020 . We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2020 . March 31, 2020 December 31, 2019 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 $ 3 $ — $ — $ — $ 1,267 $ (11 ) $ 279 $ (6 ) U.S. States and political subdivisions 96 (1 ) 5 (1 ) 72 (1 ) 5 — Foreign government — — — — 40 (1 ) 3 — Agency mortgage-backed residential 22 — 11 — 4,606 (23 ) 908 (13 ) Mortgage-backed residential 1,459 (51 ) 22 (3 ) 613 (4 ) 203 (7 ) Agency mortgage-backed commercial 3 — — — 335 (6 ) — — Mortgage-backed commercial 37 (4 ) — — — — — — Asset-backed 256 (4 ) 2 — 8 — 11 — Corporate debt 570 (25 ) 13 (2 ) 71 — 41 (1 ) Total available-for-sale securities $ 2,446 $ (85 ) $ 53 $ (6 ) $ 7,012 $ (46 ) $ 1,450 $ (27 ) We adopted ASU 2016-13 on January 1, 2020, on a modified retrospective basis, as further described in Note 1 . Under the new guidance, once it is determined that a credit loss has occurred, an allowance for credit losses is established on our available-for-sale and held-to-maturity securities. Prior to adoption of this standard, when a decline in fair value of a debt security was determined to be other than temporary, an impairment charge for the credit component was recorded, and a new cost basis in the investment was established. During the first quarter of 2020, management determined that credit losses did not exist for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. |
Finance Receivables and Loans,
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
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 amortized cost basis was as follows. ($ in millions) March 31, 2020 December 31, 2019 Consumer automotive (a) $ 72,832 $ 72,390 Consumer mortgage Mortgage Finance (b) 15,949 16,181 Mortgage — Legacy (c) 1,061 1,141 Total consumer mortgage 17,010 17,322 Consumer other (d) 224 212 Total consumer 90,066 89,924 Commercial Commercial and industrial Automotive 27,394 28,332 Other 5,878 5,014 Commercial real estate 4,801 4,961 Total commercial 38,073 38,307 Total finance receivables and loans (e) (f) $ 128,139 $ 128,231 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information. (b) Includes loans originated as interest-only mortgage loans of $10 million and $11 million at March 31, 2020 , and December 31, 2019 , respectively, 48% of which are expected to start principal amortization in 2020. The remainder of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $190 million and $212 million at March 31, 2020 , and December 31, 2019 , respectively, of which 99% have exited the interest-only period. (d) Includes $10 million and $11 million of finance receivables at March 31, 2020 , and December 31, 2019 , respectively, for which we have elected the fair value option. (e) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.1 billion at March 31, 2020 . (f) Totals do not include accrued interest receivable, which was $575 million and $488 million at March 31, 2020 , and December 31, 2019 , respectively. Accrued interest receivable is included in other assets on the Consolidated Balance Sheet. The following table presents an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2020, and includes the cumulative effect of adopting ASU 2016-13. Three months ended March 31, 2020 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at December 31, 2019 $ 1,075 $ 46 $ 9 $ 133 $ 1,263 Cumulative effect of the adoption of Accounting Standards Update 2016-13 1,334 (6 ) 16 2 1,346 Allowance at January 1, 2020 2,409 40 25 135 2,609 Charge-offs (b) (373 ) (3 ) (5 ) (3 ) (384 ) Recoveries 111 5 1 1 118 Net charge-offs (262 ) 2 (4 ) (2 ) (266 ) Provision for credit losses 685 (3 ) 25 196 903 Other 1 — (1 ) (1 ) (1 ) Allowance at March 31, 2020 $ 2,833 $ 39 $ 45 $ 328 $ 3,245 (a) Excludes $10 million and $11 million of finance receivables at March 31, 2020 , and December 31, 2019, respectively, for which we have elected the fair value option. (b) Represents the amount of the amortized cost basis directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the amortized cost basis 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 2019 Annual Report on Form 10-K for more information regarding our charge-off policies. During the second half of March 2020, the broader economy experienced a significant deterioration in the macroeconomic environment driven by the COVID-19 pandemic, which impacted our allowance for loan losses. Our qualitatively determined allowance associated with deterioration in the macroeconomic outlook from COVID-19 resulted in $602 million of additional provision expense for credit losses. The following table presents an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2019, prior to the adoption of ASU 2016-13, as defined by the previous accounting guidance in effect at that time. Three months ended March 31, 2019 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2019 $ 1,048 $ 53 $ 141 $ 1,242 Charge-offs (a) (352 ) (3 ) (5 ) (360 ) Recoveries 118 5 — 123 Net charge-offs (234 ) 2 (5 ) (237 ) Provision for credit losses 257 (3 ) 28 282 Other (b) (1 ) — 2 1 Allowance at March 31, 2019 $ 1,070 $ 52 $ 166 $ 1,288 Allowance for loan losses at March 31, 2019 Individually evaluated for impairment $ 46 $ 22 $ 58 $ 126 Collectively evaluated for impairment 1,024 30 108 1,162 Finance receivables and loans at gross carrying value Ending balance $ 71,553 $ 17,658 $ 40,844 $ 130,055 Individually evaluated for impairment 501 227 269 997 Collectively evaluated for impairment 71,052 17,431 40,575 129,058 (a) Represents the amount of the amortized cost basis directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the amortized cost basis 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 2019 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 March 31, ($ in millions) 2020 2019 Consumer automotive $ — $ 20 Total sales and transfers (a) $ — $ 20 (a) During the three months ended March 31, 2019 , we also sold $128 million of loans held-for-sale that were initially classified as finance receivables and loans held-for-investment and were transferred to held-for-sale during 2018, and transferred $63 million of finance receivables from held-for-sale to held-for-investment, both relating to equipment finance receivables from our commercial automotive business. The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended March 31, ($ in millions) 2020 2019 Consumer automotive $ 360 $ 99 Consumer mortgage 484 1,235 Total purchases of finance receivables and loans $ 844 $ 1,334 Nonaccrual and Impaired Loans Following the adoption of CECL as of January 1, 2020, the definitions of impairment and related impaired loan disclosures were removed. Under CECL, we present the amortized cost of our finance receivables and loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our finance receivables and loans on nonaccrual status as of the beginning or end of the three months ended March 31, 2020 . All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2020 , and December 31, 2019 . Three months ended March 31, 2020 Nonaccrual status at beginning of period End of period ($ in millions) Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 762 $ 1,077 $ 599 Consumer mortgage Mortgage Finance 17 22 6 Mortgage — Legacy 40 40 28 Total consumer mortgage 57 62 34 Consumer other 2 1 — Total consumer 821 1,140 633 Commercial Commercial and industrial Automotive 73 86 1 Other 138 162 65 Commercial real estate 4 8 4 Total commercial 215 256 70 Total consumer and commercial finance receivables and loans $ 1,036 $ 1,396 $ 703 (a) Represents a component of nonaccrual status at end of period. During the three months ended March 31, 2020 , we recorded interest income from cash payments of $2 million associated with finance receivables and loans in nonaccrual status. The following table presents information about our impaired finance receivables and loans at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. December 31, 2019 ($ in millions) Unpaid principal balance (a) Gross carrying value Impaired with no allowance Impaired with an allowance Allowance for impaired loans Consumer automotive $ 553 $ 538 $ 113 $ 425 $ 38 Consumer mortgage Mortgage Finance 14 14 6 8 — Mortgage — Legacy 199 194 64 130 18 Total consumer mortgage 213 208 70 138 18 Total consumer 766 746 183 563 56 Commercial Commercial and industrial Automotive 73 73 1 72 12 Other 170 138 73 65 21 Commercial real estate 4 4 4 — — Total commercial 247 215 78 137 33 Total consumer and commercial finance receivables and loans $ 1,013 $ 961 $ 261 $ 700 $ 89 (a) Adjusted for charge-offs. The following table presents average balance and interest income for our impaired finance receivables and loans for the three months ended March 31, 2019 , prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. Three months ended March 31, 2019 ($ in millions) Average balance Interest income Consumer automotive $ 499 $ 8 Consumer mortgage Mortgage Finance 15 — Mortgage — Legacy 214 3 Total consumer mortgage 229 3 Total consumer 728 11 Commercial Commercial and industrial Automotive 170 1 Other 130 — Commercial real estate 5 — Total commercial 305 1 Total consumer and commercial finance receivables and loans $ 1,033 $ 12 Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is based upon borrower payment activity, relative to the contractual terms of the loan. During the three months ended March 31, 2020, in response to the COVID-19 pandemic, we began to offer several programs to help support our customers and manage credit risk. In our automotive finance business, existing customers may elect to defer their loan payments for up to 120 days without late fees being incurred but with finance charges continuing to accrue. As of March 31, 2020, approximately 716,000 or approximately 18% of our existing consumer automotive customers had enrolled in this loan modification program, and approximately 71% of these enrolled customers had requested a 120-day deferral. Approximately 92% of these enrolled customers were considered current on their loans at the time of enrollment. For new consumer automotive loans, customers are provided with the option to defer their first payment for 90 days without late fees being incurred but with finance charges accruing. In our mortgage-lending business, existing customers experiencing financial hardship due to an interruption of income related to the COVID-19 pandemic may elect to defer their loan payments for up to 120 days without late fees being incurred but with interest continuing to accrue. As of March 31, 2020, approximately 1,200 or approximately 3% of our existing mortgage-lending customers had enrolled in this program. Approximately 92% of these enrolled customers were considered current on their loans at the time of enrollment. In our personal-lending business, existing customers experiencing financial hardship due to the COVID-19 pandemic may elect to defer their loan payments for up to 120 days without late fees being incurred or finance charges continuing to accrue. As of March 31, 2020, approximately 900 or approximately 1% of our existing personal-lending customers had enrolled in this loan modification program. In addition to this program, we have temporarily suspended late fees for all customers with current accounts. In accordance with regulatory guidance, if borrowers are less than 30 days past due on their loans and enter into loan modifications offered as a result of COVID-19, their loans generally continue to be considered performing loans and continue to accrue interest during the period of the loan modification. For borrowers who are 30 days or more past due when entering into loan modifications offered as a result of COVID-19, we evaluate the loan modifications under our existing troubled debt restructuring framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. For all borrowers who enroll in these loan modification programs offered as a result of COVID-19, the delinquency status of the borrowers is frozen, resulting in a static delinquency metric during the deferral period. Upon exiting the deferral program, the measurement of loan delinquency will resume where it had left off upon entry into the program. The following table presents the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at March 31, 2020 , and origination year. Origination year Revolving loans converted to term March 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Consumer automotive Current $ 8,101 $ 25,291 $ 16,702 $ 10,336 $ 5,784 $ 3,499 $ — $ — $ 69,713 30–59 days past due 20 539 563 443 319 234 — — 2,118 60–89 days past due 1 136 160 125 88 63 — — 573 90 or more days past due — 84 120 95 73 56 — — 428 Total consumer automotive 8,122 26,050 17,545 10,999 6,264 3,852 — — 72,832 Consumer mortgage Mortgage Finance Current 536 3,245 2,757 3,498 1,329 4,496 — — 15,861 30–59 days past due 2 8 8 13 5 31 — — 67 60–89 days past due — — 2 1 1 6 — — 10 90 or more days past due — — 2 3 1 5 — — 11 Total Mortgage Finance 538 3,253 2,769 3,515 1,336 4,538 — — 15,949 Mortgage — Legacy Current — — — — — 518 360 130 1,008 30–59 days past due — — — — — 16 4 1 21 60–89 days past due — — — — — 4 1 1 6 90 or more days past due — — — — — 18 7 1 26 Total Mortgage — Legacy — — — — — 556 372 133 1,061 Total consumer mortgage 538 3,253 2,769 3,515 1,336 5,094 372 133 17,010 Consumer other Current 58 108 32 8 2 — — — 208 30–59 days past due — 1 1 1 — — — — 3 60–89 days past due — 1 1 — — — — — 2 90 or more days past due — 1 — — — — — — 1 Total consumer other (a) 58 111 34 9 2 — — — 214 Total consumer $ 8,718 $ 29,414 $ 20,348 $ 14,523 $ 7,602 $ 8,946 $ 372 $ 133 $ 90,056 (a) Excludes $10 million of finance receivables at March 31, 2020 , for which we have elected the fair value option. The following table presents an analysis of our past-due finance receivables and loans recorded at amortized cost basis at December 31, 2019. ($ 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 December 31, 2019 Consumer automotive $ 2,185 $ 590 $ 367 $ 3,142 $ 69,248 $ 72,390 Consumer mortgage Mortgage Finance 56 11 9 76 16,105 16,181 Mortgage — Legacy 25 8 28 61 1,080 1,141 Total consumer mortgage 81 19 37 137 17,185 17,322 Consumer other (a) 3 2 2 7 194 201 Total consumer $ 2,269 $ 611 $ 406 $ 3,286 $ 86,627 $ 89,913 (a) Excludes $11 million of finance receivables at December 31, 2019 , for which we have elected the fair value option. We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk rankings. Special mention Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. Substandard Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, or more frequently when a borrower’s credit profile changes, which includes consideration of any potential of credit deterioration. The following table presents the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating at March 31, 2020 , and origination year. Origination year Revolving loans converted to term March 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 105 $ 302 $ 128 $ 121 $ 81 $ 83 $ 22,885 $ — $ 23,705 Special mention 1 16 45 58 32 16 3,399 — 3,567 Substandard — — — — — — 85 — 85 Doubtful — — 1 2 — — 34 — 37 Total automotive 106 318 174 181 113 99 26,403 — 27,394 Other Pass 178 808 440 310 118 150 2,605 118 4,727 Special mention — 47 202 246 96 97 230 35 953 Substandard — — — 21 — 134 10 9 174 Doubtful — — — — — 22 2 — 24 Total other 178 855 642 577 214 403 2,847 162 5,878 Commercial real estate Pass 204 1,046 951 647 769 864 — 1 4,482 Special mention 15 59 58 55 79 43 — — 309 Substandard — — — 3 — 3 — — 6 Doubtful — — — — 2 2 — — 4 Total commercial real estate 219 1,105 1,009 705 850 912 — 1 4,801 Total commercial $ 503 $ 2,278 $ 1,825 $ 1,463 $ 1,177 $ 1,414 $ 29,250 $ 163 $ 38,073 The following table presents historical credit quality indicators for our commercial finance receivables and loans at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. December 31, 2019 ($ in millions) Pass Criticized (a) Total Commercial and industrial Automotive $ 25,235 $ 3,097 $ 28,332 Other 4,225 789 5,014 Commercial real estate 4,620 341 4,961 Total commercial $ 34,080 $ 4,227 $ 38,307 (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. As a result of the COVID-19 pandemic, we announced a series of actions to support our automotive-dealer customers and help manage credit risk within our lending portfolios. For dealers with current accounts, we have offered for up to four months a waiver of curtailments on wholesale floorplan loans, an increase in floorplan advance rates, a deferral of interest and insurance charges on wholesale borrowings, and a deferral of term loan payments . As of March 31, 2020, approximately 2,270 or approximately 72% of eligible dealers had requested at least one form of this assistance. These accounts will remain current and continue to accrue interest in accordance with recently issued guidance from regulators. The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ 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 March 31, 2020 Commercial Commercial and industrial Automotive $ — $ — $ 38 $ 38 $ 27,356 $ 27,394 Other — — — — 5,878 5,878 Commercial real estate — — 4 4 4,797 4,801 Total commercial $ — $ — $ 42 $ 42 $ 38,031 $ 38,073 December 31, 2019 Commercial Commercial and industrial Automotive $ 34 $ — $ 28 $ 62 $ 28,270 $ 28,332 Other — — 17 17 4,997 5,014 Commercial real estate — — 4 4 4,957 4,961 Total commercial $ 34 $ — $ 49 $ 83 $ 38,224 $ 38,307 Troubled Debt Restructurings TDRs are loan modifications where concessions were granted to borrowers experiencing financial difficulties. For consumer automotive loans, we may offer several types of assistance to aid our customers, including payment extensions and rewrites of 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 amortized cost were $1.1 billion and $867 million at March 31, 2020 , and December 31, 2019, respectively. In March 2020, a joint statement was issued by federal and state regulatory agencies, after consultation with the FASB, to clarify that short-term loan modifications are not TDRs if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to any relief. Under this guidance, six months is provided as an example of short-term, and current is defined as less than 30 days past due at the time the modification program is implemented. The guidance also provides that these modified loans generally will not be classified as nonaccrual during the term of the modification. For borrowers who are 30 days or more past due when enrolling in a loan modification program related to the COVID-19 pandemic, we evaluate the loan modifications under our existing TDR framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $10 million and $17 million at March 31, 2020 , and December 31, 2019, respectively. Refer to Note 1 for additional information. The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. 2020 2019 Three months ended March 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Consumer automotive (a) 22,800 $ 340 $ 318 7,427 $ 129 $ 111 Consumer mortgage Mortgage Finance (b) 10 4 4 1 — — Mortgage — Legacy (c) 32 4 4 20 3 3 Total consumer mortgage 42 8 8 21 3 3 Total consumer 22,842 348 326 7,448 132 114 Commercial Commercial and industrial Automotive 1 7 7 6 41 41 Total commercial 1 7 7 6 41 41 Total consumer and commercial finance receivables and loans 22,843 $ 355 $ 333 7,454 $ 173 $ 155 (a) Includes 16,767 loans modified as a result of COVID-19 with both a pre-modification and post-modification amount of $238 million at March 31, 2020. (b) Includes 8 loans modified as a result of COVID-19 with both a pre-modification and post-modification amount of $3 million at March 31, 2020. (c) Includes 15 loans modified as a result of COVID-19 with both a pre-modification and post-modification amount of $2 million at March 31, 2020. The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2020 2019 Three months ended March 31, ($ in millions) Number of loans Amortized cost Charge-off amount Number of loans Amortized cost Charge-off amount Consumer automotive 1,164 $ 13 $ 9 2,209 $ 26 $ 16 Total consumer finance receivables and loans 1,164 $ 13 $ 9 2,209 $ 26 $ 16 |
Leasing
Leasing | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 2 months to 9 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 3 months to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from 2 to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. The following table details our total investment in operating leases. ($ in millions) March 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 142 $ 168 Finance lease right-of-use assets 48 — Total lease right-of-use assets (a) $ 190 $ 168 Liabilities Operating lease liabilities $ 170 $ 196 Finance lease liabilities 49 — Total lease liabilities (b) $ 219 $ 196 (a) Included in other assets on our Condensed Consolidated Balance Sheet . (b) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet . During the three months ended March 31, 2020 , and March 31, 2019 , we paid $13 million and $12 million , respectively, in cash for amounts included in the measurement of lease liabilities at March 31, 2020 , and March 31, 2019 . This amount is included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows . During the three months ended March 31, 2020 , and March 31, 2019 , we obtained $35 million and $27 million , respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2020 , the weighted-average remaining lease term of our operating lease portfolio was 6 years, and the weighted-average discount rate was 2.75% , compared to 7 years and 2.85% , respectively, at December 31, 2019 . The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2020 , and that have noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 38 2021 42 2022 28 2023 18 2024 13 2025 and thereafter 45 Total undiscounted cash flows 184 Difference between undiscounted cash flows and discounted cash flows (14 ) Total lease liability $ 170 In March 2020, we exercised an option to purchase an operations center in Jacksonville, Florida, which consists of two leased facilities. Upon exercise of the purchase option, the leases were reassessed and are presented as financing leases at March 31, 2020. The lease liabilities include payments inherent in the purchase obligation totaling $49 million . The expense associated with these leases for the period in which they met the criteria for classification as finance leases was not material. The purchase is tentatively scheduled to close in the second quarter 2020. In addition to the above, we entered into a forward-starting lease agreement in September 2017, for a new corporate facility in Charlotte, North Carolina, where we plan to consolidate several existing facilities into that location. The lessor and their agents are currently constructing the facilities at this location, with the lease scheduled to commence in April 2021 after construction is completed. The lease agreement will have a total of $290 million in undiscounted future lease payments over the 15 -year term of the lease. We also have an option to purchase this facility after construction is completed, subject to certain terms and conditions. The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2020 2019 Operating lease expense $ 13 $ 11 Variable lease expense 2 2 Total lease expense, net (a) $ 15 $ 13 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income . Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. Additionally, lease modifications made related to the COVID-19 pandemic are not considered a new lease contract, and the remaining lease payments will be recorded on a straight-line basis over the modified lease term. In connection with our actions to support our customers and help mitigate lease residual risk, we are allowing for the deferral of lease payments without fees for up to 120 days for any consumer requesting assistance related to the COVID-19 pandemic. As of March 31, 2020, approximately 33,000 or 10% of our lease customers enrolled in this lease modification program, and approximately 66% of enrolled borrowers requested a 120 deferral. We also began offering customers nearing their scheduled lease-end date the ability to extend their lease for up to an additional 180 days. Through this lease extension, the lessee is not charged for the first month of the extension, and the following months of the extended lease are offered under the terms of the existing lease contract. While there was not a significant amount of leases extended as of March 31, 2020, we continue to work with our lease customers that may be interested in extending their lease when approaching lease maturity. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income . Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2020 , and December 31, 2019 , consumer operating leases with a carrying value, net of accumulated depreciation, of $386 million and $352 million , respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) March 31, 2020 December 31, 2019 Vehicles $ 10,589 $ 10,426 Accumulated depreciation (1,525 ) (1,562 ) Investment in operating leases, net $ 9,064 $ 8,864 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 1,029 2021 1,009 2022 528 2023 153 2024 12 2025 and thereafter — Total lease payments from operating leases $ 2,731 We recognized operating lease revenue of $367 million for the three months ended March 31, 2020 , and $361 million for the three months ended March 31, 2019 . Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three Months Ended March 31, ($ in millions) 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 250 $ 261 Remarketing gains, net (2 ) (15 ) Net depreciation expense on operating lease assets $ 248 $ 246 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million during the three months ended March 31, 2020 , and $4 million during the three months ended March 31, 2019 . Finance Leases Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $469 million and $472 million as of March 31, 2020 , and December 31, 2019 , respectively. This includes lease payment receivables of $456 million and $459 million at March 31, 2020 , and December 31, 2019 , respectively, and unguaranteed residual assets of $13 million at both March 31, 2020 , and December 31, 2019 . Interest income on finance lease receivables was $6 million for both the three months ended March 31, 2020 , and the three months ended March 31, 2019 , and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income . The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 118 2021 150 2022 102 2023 69 2024 40 2025 and thereafter 25 Total undiscounted cash flows 504 Difference between undiscounted cash flows and discounted cash flows (48 ) Present value of lease payments recorded as lease receivable $ 456 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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) using 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 are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet . VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant. The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, 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 securitizations, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed 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. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. There were no sales of financial assets into nonconsolidated VIEs for both the three months ended March 31, 2020 , and March 31, 2019 . 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 are involved 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 1 and Note 11 to the Consolidated Financial Statements in our 2019 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 March 31, 2020 On-balance sheet variable interest entities Consumer automotive $ 21,106 (b) $ 5,161 (c) Commercial automotive 7,497 3,050 Off-balance-sheet variable interest entities Consumer automotive 18 (d) — $ 340 $ 358 (e) Commercial other 1,159 (f) 414 (g) — 1,435 (h) Total $ 29,780 $ 8,625 $ 340 $ 1,793 December 31, 2019 On-balance sheet variable interest entities Consumer automotive $ 20,376 (b) $ 6,070 (c) Commercial automotive 8,009 3,049 Off-balance-sheet variable interest entities Consumer automotive (i) 23 (d) — $ 417 $ 440 (e) Commercial other 1,079 (f) 378 (g) — 1,397 (h) Total $ 29,487 $ 9,497 $ 417 $ 1,837 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $9.4 billion and $9.0 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2020 , and December 31, 2019 , respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $51 million and $21 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2020 , and December 31, 2019 , respectively. (d) Represents retained notes and certificated residual interests, of which $17 million and $21 million were classified as held-to-maturity securities at March 31, 2020 , and December 31, 2019 , respectively, and $1 million and $2 million were classified as other assets at March 31, 2020 , and December 31, 2019 . These assets represent our five percent interest in the credit risk of the assets underlying asset-backed securitizations. (e) 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, warranty, and covenant provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss. (f) Amounts are classified as other assets. (g) Amounts are classified as accrued expenses and other liabilities. (h) 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 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. (i) During the year ended December 31, 2019 , we indicated our intent to exercise a clean-up call option related to a nonconsolidated securitization-related VIE. The option enables 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 VIE, which included $48 million of consumer automotive loans and $45 million of related debt, and the VIE was consolidated on our Condensed Consolidated Balance Sheet. The related amounts were removed from assets sold to nonconsolidated VIEs and maximum exposure to loss in nonconsolidated VIEs. Cash Flows with Off-Balance-Sheet Securitization Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the three months ended March 31, 2020 , and 2019 . Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Three months ended March 31, ($ in millions) Consumer automotive 2020 Cash flows received on retained interests in securitization entities $ 4 Servicing fees 1 2019 Cash flows received on retained interests in securitization entities $ 7 Servicing fees 3 Cash disbursements for repurchases during the period (1 ) 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) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Off-balance-sheet securitization entities Consumer automotive $ 340 $ 417 $ 6 $ 6 Whole-loan sales (a) Consumer automotive 139 207 2 2 Total $ 479 $ 624 $ 8 $ 8 (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 March 31, ($ in millions) 2020 2019 Off-balance-sheet securitization entities Consumer automotive $ 1 $ 2 Total $ 1 $ 2 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets Disclosure | Other Assets The components of other assets were as follows. ($ in millions) March 31, 2020 December 31, 2019 Property and equipment at cost $ 1,355 $ 1,332 Accumulated depreciation (714 ) (686 ) Net property and equipment 641 646 Nonmarketable equity investments (a) 1,324 1,232 Other accounts receivable (b) 1,303 117 Investment in qualified affordable housing projects (c) 924 830 Restricted cash held for securitization trusts (d) 843 738 Accrued interest, fees, and rent receivables 669 589 Goodwill 393 393 Equity-method investments (e) 350 358 Net deferred tax assets 227 58 Net intangible assets (f) 64 69 Restricted cash and cash equivalents (g) 62 87 Fair value of derivative contracts in receivable position (h) 10 64 Other assets 1,168 892 Total other assets $ 7,978 $ 6,073 (a) Includes investments in FHLB stock of $793 million and $701 million at March 31, 2020 , and December 31, 2019 , respectively; FRB stock of $449 million at both March 31, 2020 , and December 31, 2019 ; and equity securities without a readily determinable fair value of $82 million at both March 31, 2020 , and December 31, 2019 , measured at cost with adjustments for impairment and observable changes in price. During the three months ended March 31, 2020, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value. Through March 31, 2020 , we recorded $10 million of cumulative upward adjustments and $7 million of cumulative impairments and downward adjustments related to equity securities without a readily determinable fair value held at March 31, 2020 . (b) Primarily represents the proceeds from the sale of investment securities that have not settled as of the balance sheet date. (c) Investment in qualified affordable housing projects are accounted for using the proportional amortization method of accounting and include $408 million and $372 million of unfunded commitments to provide additional capital contributions to investees at March 31, 2020, and December 31, 2019. Substantially all of the unfunded commitments at March 31, 2020 are expected to be paid out over the next five years. (d) Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (e) Primarily relates to investments made in connection with our CRA program. (f) Includes gross intangible assets of $111 million at both March 31, 2020 , and December 31, 2019 , and accumulated amortization of $47 million and $42 million at March 31, 2020 , and December 31, 2019 , respectively. (g) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (h) For additional information on derivative instruments and hedging activities, refer to Note 18 . There were no changes to the carrying amount of goodwill for the period. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2019 $ 20 $ 27 $ 346 $ 393 Goodwill at March 31, 2020 $ 20 $ 27 $ 346 $ 393 (a) Includes $153 million of goodwill arising from the acquisition of Health Credit Services and $193 million of goodwill associated with Ally Invest at both March 31, 2020 , and December 31, 2019 . For additional information on the acquisition of Health Credit Services, refer to Note 2 . |
Deposit Liabilities
Deposit Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures | Deposit Liabilities Deposit liabilities consisted of the following. ($ in millions) March 31, 2020 December 31, 2019 Noninterest-bearing deposits $ 139 $ 119 Interest-bearing deposits Savings and money-market checking accounts 62,851 62,486 Certificates of deposit 59,333 58,146 Other deposits 1 1 Total deposit liabilities $ 122,324 $ 120,752 At March 31, 2020 , and December 31, 2019 , certificates of deposit included $26.7 billion and $25.6 billion , respectively, of those in denominations of $100 thousand or more. At March 31, 2020 , and December 31, 2019 , certificates of deposit included $8.5 billion and $8.2 billion , respectively, of those in denominations in excess of $250 thousand federal insurance limits. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio. March 31, 2020 December 31, 2019 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes $ 2,377 $ — $ 2,377 $ 2,581 $ — $ 2,581 Federal Home Loan Bank — 6,634 6,634 — 2,950 2,950 Securities sold under agreements to repurchase — 482 482 — — — Total short-term borrowings $ 2,377 $ 7,116 $ 9,493 $ 2,581 $ 2,950 $ 5,531 (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 securities 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 March 31, 2020, the securities sold under agreements to repurchase consisted of $104 million of U.S. Treasury securities and $378 million of agency mortgage-backed residential debt securities set to mature as follows: $385 million within 30 days and $97 million within 31 to 60 days. Refer to Note 7 and Note 21 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 March 31, 2020 , we placed cash collateral of $3 million , and we received cash collateral totaling $3 million . At December 31, 2019, we did not place or receive any collateral. Long-Term Debt The following table presents the composition of our long-term debt portfolio. March 31, 2020 December 31, 2019 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 477 $ 7,211 $ 7,688 $ 2,214 $ 7,005 $ 9,219 Due after one year 9,167 14,211 23,378 8,990 15,818 24,808 Total long-term debt (b) (c) $ 9,644 $ 21,422 $ 31,066 $ 11,204 $ 22,823 $ 34,027 (a) Includes basis adjustments related to the application of hedge accounting. (b) Includes $2.6 billion of trust preferred securities at both March 31, 2020 , and December 31, 2019 . (c) Includes advances net of hedge basis adjustment from the FHLB of Pittsburgh of $12.1 billion and $13.3 billion at March 31, 2020 , and December 31, 2019 , respectively. The following table presents the scheduled remaining maturity of long-term debt at March 31, 2020 , assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2020 2021 2022 2023 2024 2025 and thereafter Total Unsecured Long-term debt $ 507 $ 703 $ 1,125 $ 27 $ 1,475 $ 6,896 $ 10,733 Original issue discount (34 ) (49 ) (53 ) (60 ) (67 ) (826 ) (1,089 ) Total unsecured 473 654 1,072 (33 ) 1,408 6,070 9,644 Secured Long-term debt 5,847 8,625 5,843 795 207 105 21,422 Total long-term debt $ 6,320 $ 9,279 $ 6,915 $ 762 $ 1,615 $ 6,175 $ 31,066 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. March 31, 2020 December 31, 2019 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Investment securities (b) $ 4,043 $ 4,043 $ 2,698 $ 2,698 Mortgage assets held-for-investment and lending receivables 16,829 16,829 17,135 17,135 Consumer automotive finance receivables 14,911 12,520 13,481 11,534 Commercial automotive finance receivables 12,298 12,298 12,890 12,890 Total assets restricted as collateral (c) (d) $ 48,081 $ 45,690 $ 46,204 $ 44,257 Secured debt $ 28,538 (e) $ 26,410 $ 25,773 (e) $ 24,069 (a) Ally Bank is a component of the total column. (b) A portion of the restricted investment securities at March 31, 2020 , was 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 $25.2 billion and $24.8 billion at March 31, 2020 , and December 31, 2019 , 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 and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both March 31, 2020 , and December 31, 2019 . 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 11 for additional information. (e) Includes $7.1 billion and $3.0 billion of short-term borrowings at March 31, 2020 , and December 31, 2019 , respectively. Trust Preferred Securities At both March 31, 2020 , and December 31, 2019 , we had issued and outstanding approximately $2.6 billion in aggregate liquidation preference of 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 offered 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. The Series 2 TRUPS were issued prior to October 4, 2010, under the Emergency Economic Stabilization Act of 2008 and are not subject to phase-out from additional Tier 1 capital into Tier 2 capital. The amount of Series 2 TRUPS included in Ally’s Tier 1 capital was $2.5 billion at March 31, 2020 . The amount represents the carrying amount of the Series 2 TRUPS less our common stock investment in the trust. Funding Facilities We utilize both committed secured credit facilities and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Condensed Consolidated Balance Sheet . The total capacity in our credit facilities is provided by banks through private transactions. The facilities can be revolving in nature, generally having an original tenor ranging from 364 days to two years, and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the commitment period. At March 31, 2020 , all of our $1.6 billion of capacity was revolving and of this balance, $550 million was from facilities with a remaining tenor greater than 364 days. Committed Secured Credit Facilities Outstanding Unused capacity (a) Total capacity ($ in millions) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Parent funding Secured $ 1,180 $ 450 $ 370 $ 2,050 $ 1,550 $ 2,500 Total committed secured credit facilities $ 1,180 $ 450 $ 370 $ 2,050 $ 1,550 $ 2,500 (a) Funding from committed secured credit 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 | 3 Months Ended |
Mar. 31, 2020 | |
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) March 31, 2020 December 31, 2019 Accounts payable $ 761 $ 535 Unfunded commitments for investment in qualified affordable housing projects 408 372 Employee compensation and benefits 192 296 Reserves for insurance losses and loss adjustment expenses 142 122 Deferred revenue 54 36 Cash collateral received from counterparties 19 48 Net deferred tax liabilities 12 67 Fair value of derivative contracts in payable position (a) 7 5 Other liabilities 515 491 Total accrued expenses and other liabilities $ 2,110 $ 1,972 (a) For additional information on derivative instruments and hedging activities, refer to Note 18 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Income (Loss) The following table presents changes, net of tax, in each component of accumulated other comprehensive income (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 income (loss) Balance at December 31, 2018 $ (481 ) $ 18 $ 19 $ (95 ) $ (539 ) Cumulative effect of changes in accounting principles, net of tax Adoption of Accounting Standards Update 2017-08 (c) 8 — — — 8 Balance at January 1, 2019 (473 ) 18 19 (95 ) (531 ) Net change 315 — (8 ) (1 ) 306 Balance at March 31, 2019 $ (158 ) $ 18 $ 11 $ (96 ) $ (225 ) Balance at December 31, 2019 $ 208 $ 19 $ 2 $ (106 ) $ 123 Net change 453 (1 ) 128 3 583 Balance at March 31, 2020 $ 661 $ 18 $ 130 $ (103 ) $ 706 (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 18 . (c) Refer to the section titled Recently Adopted Accounting Standards in Note 1 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K for additional information. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive income (loss). Three months ended March 31, 2020 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 702 $ (168 ) $ 534 Less: Net realized gains reclassified to income from continuing operations 105 (a) (24 ) (b) 81 Net change 597 (144 ) 453 Translation adjustments Net unrealized losses arising during the period (13 ) 3 (10 ) Net investment hedges (c) Net unrealized gains arising during the period 12 (3 ) 9 Cash flow hedges (c) Net unrealized gains arising during the period 169 (41 ) 128 Defined benefit pension plans Net unrealized gains arising during the period 4 (1 ) 3 Other comprehensive income $ 769 $ (186 ) $ 583 (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 18 . Three months ended March 31, 2019 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 421 $ (99 ) $ 322 Less: Net realized gains reclassified to income from continuing operations 9 (a) (2 ) (b) 7 Net change 412 (97 ) 315 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 (5 ) 1 (4 ) Less: Net realized gains reclassified to income from continuing operations 5 (1 ) 4 Net change (10 ) 2 (8 ) Defined benefit pension plans Net unrealized losses arising during the period (1 ) — (1 ) Other comprehensive income $ 401 $ (95 ) $ 306 (a) Includes gains reclassified to other gain (loss) 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 18 . |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, ($ in millions, except per share data; shares in thousands) (a) 2020 2019 Net (loss) income from continuing operations $ (319 ) $ 375 Loss from discontinued operations, net of tax — (1 ) Net (loss) income attributable to common stockholders $ (319 ) $ 374 Basic weighted-average common shares outstanding (b) 375,723 404,129 Diluted weighted-average common shares outstanding (b) (c) 375,723 405,959 Basic earnings per common share Net (loss) income from continuing operations $ (0.85 ) $ 0.93 Net (loss) income (0.85 ) 0.93 Diluted earnings per common share Net (loss) income from continuing operations (0.85 ) 0.92 Net (loss) income $ (0.85 ) $ 0.92 (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 . (c) Due to the antidilutive effect of the net loss from continuing operations for the three months ended March 31, 2020, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share . During the three months ended March 31, 2020, there were 1.8 million in share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months ended March 31, 2019. |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements under Banking Regulations | Regulatory Capital and Other Regulatory Matters Basel Capital Framework 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. 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. The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the 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. 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, Ally 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. In October 2019, the FRB and other U.S. banking agencies issued final rules implementing targeted amendments to the Dodd-Frank Act and other financial-services laws that had been enacted in May 2018 through the EGRRCP Act. The final rules were effective on December 31, 2019 , and established four risk-based categories of prudential standards and capital and liquidity requirements for banking organizations with $100 billion or more in total consolidated assets. Under the final rules, Ally was designated as a Category IV firm and, as such, is subject to supervisory stress testing on a two-year cycle, allowed to continue excluding accumulated other comprehensive income from regulatory capital, exempted from company-run capital stress testing, and allowed to remain exempted from the supplementary leverage ratio and the countercyclical capital buffer. Refer to Note 20 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K for additional details on our prudential standards tailoring framework and other capital and liquidity requirements we are subject to. Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5% , a minimum Tier 1 risk-based capital ratio of 6% , and a minimum total risk-based capital ratio of 8% . In addition to these minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement of 2.5% . Failure to maintain more than the full amount of the capital conservation buffer requirement would result in restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4% . Ally and Ally Bank are subject to the U.S. Basel III standardized approach for counterparty credit risk, but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. The following table summarizes our capital ratios under the U.S. Basel III capital framework. March 31, 2020 December 31, 2019 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 13,544 9.27 % $ 13,837 9.54 % 4.50 % (b) Ally Bank 16,433 12.00 16,627 12.30 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,952 10.92 % $ 16,271 11.22 % 6.00 % 6.00 % Ally Bank 16,433 12.00 16,627 12.30 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 18,645 12.76 % $ 18,506 12.76 % 8.00 % 10.00 % Ally Bank 18,145 13.25 17,854 13.21 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 15,952 8.92 % $ 16,271 9.08 % 4.00 % (b) Ally Bank 16,433 9.87 16,627 10.01 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the 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 2.5% at both March 31, 2020 , and December 31, 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. In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020, and that provides BHCs and banks with an alternative option to temporarily delay an estimate of the impact of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. We have elected this alternative option instead of the one described in the December 2018 rule. As a result, under the interim final rule, we will delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under the interim final rule, the estimated impact of CECL on regulatory capital that we will defer and later phase in is calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. During the first quarter of 2020, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $1.2 billion . At March 31, 2020 , and December 31, 2019 , Ally and Ally Bank were “well-capitalized” and met all applicable capital requirements to which each was subject. Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. Other Regulatory Developments In March 2020, the FRB issued a final rule to more closely align forward-looking stress testing results with the FRB’s non-stress regulatory capital requirements for BHCs with $100 billion or more in total consolidated assets and other specified companies. The final rule introduces a stress capital buffer requirement based on firm-specific stress test performance and planned dividends, which will replace the fixed 2.5% component of the capital conservation buffer requirement. The final rule also makes several changes to the CCAR process, such as eliminating the CCAR quantitative objection, narrowing the set of planned capital actions assumed to occur in the stress scenario, assuming that a firm maintains a constant level of assets over the planning horizon, eliminating the 30% dividend payout ratio as a criterion for heightened scrutiny of a firm’s capital plan, and allowing a firm to make capital distributions in excess of those included in its capital plan if the firm is otherwise in compliance with the automatic distribution limits of the capital framework. The final rule becomes effective on May 18, 2020, and therefore will apply to the CCAR process during the 2020 cycle. For a Category IV firm like Ally, the stress capital buffer requirement will comprise its capital conservation buffer requirement. Ally’s stress capital buffer requirement will be the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of risk-weighted assets. Ally’s first stress capital buffer requirement will be effective on October 1, 2020, and we currently do not expect it to exceed the 2.5% floor. Ally Bank’s capital conservation buffer requirement will continue to be a fixed 2.5% . Under the capital conservation buffer requirement, the maximum amount of capital distributions and discretionary bonus payments that can be made by a banking organization, such as Ally or Ally Bank, is a function of its eligible retained income. During the COVID-19 pandemic, the FRB and other U.S. banking agencies expressed a concern that the definition of eligible retained income would not limit distributions in the gradual manner intended but instead could do so in a sudden and severe manner even if a banking organization were to experience only a modest reduction in its capital ratios. As a result, to better allow a banking organization to use its capital buffer as intended and continue lending in adverse conditions, the U.S. banking agencies issued an interim final rule that became effective on March 20, 2020, and revised the definition of eligible retained income to the greater of (1) a banking organization’s net income for the four preceding calendar quarters, net of any distributions and associated tax effects not already reflected in net income, and (2) the average of a banking organization’s net income over the preceding four quarters. In July 2019, the FRB and other U.S. banking agencies issued a final rule to simplify the capital treatment for MSAs, certain DTAs, and investments in the capital instruments of unconsolidated financial institutions (collectively, threshold items). Prior to the final rule taking effect, banking organizations deducted from capital amounts of threshold items that individually exceed 10% of Common Equity Tier 1 capital. The aggregate amount of threshold items not deducted under the 10% threshold deduction but that nonetheless exceeded 15% of Common Equity Tier 1 capital minus certain deductions from and adjustments to Common Equity Tier 1 capital were also deducted. Any amount of these MSAs and certain DTAs not deducted from Common Equity Tier 1 capital were risk weighted at 100% . The final rule removed the individual and aggregate deduction thresholds for threshold items and adopted a single 25% Common Equity Tier 1 capital deduction threshold for each item individually, and required that any of the threshold items not deducted be risk weighted at 250% . The final rule also simplified the calculation methodology for minority interests. These provisions took effect for us on April 1, 2020, and did not have a material impact on our capital position. In December 2017, the Basel Committee on Banking Supervision 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. In March 2020, to better allow banking organizations to focus their resources on navigating the COVID-19 pandemic, the implementation date of these revisions was delayed by the Basel Committee from January 1, 2022, to January 1, 2023. At this time, how the revisions will be harmonized and finalized in the United States is not clear or predictable, and we continue to evaluate the impacts that these revisions may have on us. Refer to in Note 20 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K for further discussion about recent regulatory developments. Capital Planning and Stress Tests As a Category IV firm, we are subject to supervisory stress testing on a two-year cycle and are exempted from company-run capital stress testing. We are also required to submit an annual capital plan to the FRB. Our annual 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 our capital. The plan must also include a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, and will serve as a source of strength to Ally Bank. The FRB’s final rule introducing the stress capital buffer requirement, which is described above in the section titled Other Regulatory Developments , makes several changes to the CCAR process that will apply beginning with the 2020 cycle. The final rule also contains a transition provision that, subject to the FRB’s assessment of our planned acquisition of CardWorks and other specified conditions, may allow us to make capital distributions during the third quarter of 2020 without prior approval if the distributions do not exceed the average of capital distributions over the four quarters of our 2019 capital plan. The following table presents information related to our common stock and distributions to our common stockholders over the last five quarters. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2019 First quarter $ 211 8,113 404,900 399,761 $ 0.17 Second quarter 229 7,775 399,761 392,775 0.17 Third quarter 300 9,287 392,775 383,523 0.17 Fourth quarter 299 9,554 383,523 374,332 0.17 2020 First quarter $ 104 3,838 374,332 373,155 $ 0.19 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program for the remaining period of the first quarter and for the second quarter of 2020. Refer to the discussion below for further details about this action. (c) On April 16, 2020 , our Board declared a quarterly cash dividend of $0.19 per share on all common stock, payable on May 15, 2020 . Refer to Note 24 for further information regarding this common stock dividend. We received a non-objection to our 2018 capital plan in June 2018. We were not required to submit an annual capital plan to the FRB, participate in the supervisory stress test or CCAR, or conduct company-run capital stress tests during the 2019 cycle. Instead, our capital actions during this cycle are largely based on the results from our 2018 supervisory stress test. On April 1, 2019, our Board authorized an increase in our stock-repurchase program, permitting us to repurchase up to $1.25 billion of our common stock from time to time from the third quarter of 2019 through the second quarter of 2020. On March 17, 2020, in order to support the FRB's effort to mitigate the impact of the COVID-19 pandemic on the U.S. economy and the financial system, we announced the voluntary suspension of our stock-repurchase program for the remaining period of the first quarter and for the second quarter of 2020. We retain the discretion, however, to resume purchases of common stock under our stock-repurchase program. On April 16, 2020 , our Board declared a quarterly cash dividend of $0.19 per share of our common stock. Refer to Note 24 for further information on the most recent dividend. Ally submitted its 2020 capital plan on April 3, 2020, which includes expected capital distributions to common stockholders through share repurchases and cash dividends. 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 and internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, regulatory considerations, impacts related to the COVID-19 pandemic, any accounting standards that affect capital or liquidity (including CECL), financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be suspended at any time. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments and Hedging Activities We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, futures, and interest rate 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 (which do not qualify for hedge accounting treatment). Derivatives qualifying for hedge accounting treatment 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, pay-fixed swaps designated as 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 consumer 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, receive-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest receipts on certain securities within our available-for-sale portfolio, as well as interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans. We execute economic hedges, which may 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 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 investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income (loss). 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 or expense offsetting the gains and losses on the associated foreign-currency transactions. Investment Risk We enter into equity options to mitigate the risk associated with 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. We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements. We execute certain OTC derivatives such as interest rate caps and floors using bilateral agreements with financial counterparties. Bilateral 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. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral. We also 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 March 31, 2020 , or 2019 . We placed cash and noncash collateral totaling $12 million and $171 million , respectively, supporting our derivative positions at March 31, 2020 , compared to $118 million of noncash collateral at December 31, 2019 , in accounts maintained by counterparties. These amounts include collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. Refer to Note 13 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 $2 million in accounts maintained by counterparties at March 31, 2020 , compared to $40 million and $29 million of cash and noncash collateral at December 31, 2019 . These amounts include collateral received from clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. Refer to Note 13 for details on repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet . The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated collateral exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet . Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. March 31, 2020 December 31, 2019 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 11,215 $ — $ — $ 17,101 Purchased options — — — 62 — 14,100 Foreign exchange contracts Forwards — 3 131 — 3 157 Total derivatives designated as accounting hedges — 3 11,346 62 3 31,358 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 470 — — — Futures and forwards — — 63 — — 81 Written options 8 2 1,503 2 — 522 Purchased options 2 — 1,152 — — 416 Total interest rate risk 10 2 3,188 2 — 1,019 Foreign exchange contracts Futures and forwards — 2 104 — 2 112 Total foreign exchange risk — 2 104 — 2 112 Total derivatives not designated as accounting hedges 10 4 3,292 2 2 1,131 Total derivatives $ 10 $ 7 $ 14,638 $ 64 $ 5 $ 32,489 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) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Assets Available-for-sale securities (b) (c) $ 1,263 $ 1,217 $ 48 $ 18 $ 13 $ 18 Finance receivables and loans, net (d) 39,948 33,312 370 135 92 44 Liabilities Long-term debt $ 10,005 $ 11,995 $ 193 $ 24 $ 193 $ 127 (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 and includes $588 million and $230 million at March 31, 2020 , and December 31, 2019 , respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) The amount that is identified as the last of layer in the open hedge relationship was $490 million as of March 31, 2020 . The basis adjustment associated with the open last of layer relationship was a $20 million asset as of March 31, 2020, which would be allocated across the entire remaining pool upon termination, or maturity, of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $200 million as of both March 31, 2020 , and December 31, 2019 . The basis adjustment associated with the discontinued last of layer relationship was a $2 million asset as of both March 31, 2020 , and December 31, 2019 , which was allocated across the entire remaining pool upon termination of the hedge relationship. There were no open last-of-layer relationships at December 31, 2019 . (d) The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $10.2 billion at both March 31, 2020 , and December 31, 2019 . The basis adjustment associated with the open last-of-layer relationship was a $278 million asset as of March 31, 2020 , and a $91 million asset as of December 31, 2019 , which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $17.5 billion at March 31, 2020 , and $12.8 billion at December 31, 2019 , respectively. The basis adjustment associated with the discontinued last-of-layer relationship was a $92 million asset and $43 million asset as of March 31, 2020 , and December 31, 2019 , respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship. Statement of Comprehensive Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Three months ended March 31, ($ in millions) 2020 2019 Gain (loss) recognized in earnings Interest rate contracts (Loss) gain on mortgage and automotive loans, net $ (15 ) $ 1 Other income, net of losses — (5 ) Total interest rate contracts (15 ) (4 ) Foreign exchange contracts Other income, net of losses 8 (1 ) Total foreign exchange contracts 8 (1 ) Total loss recognized in earnings $ (7 ) $ (5 ) The following table summarizes the location and amounts of gains and losses 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 March 31, ($ in millions) 2020 2019 2020 2019 2020 2019 2020 2019 (Loss) gain on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ (170 ) $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — 170 — Hedged available-for-sale securities — — 41 10 — — — — Derivatives designated as hedging instruments on available-for-sale securities — — (41 ) (10 ) — — — — Hedged fixed-rate consumer automotive loans 248 43 — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (248 ) (43 ) — — — — — — Total (loss) gain on fair value hedging relationships — — — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable rate commercial loans Reclassified from accumulated other comprehensive income into income 3 — — — — — — — Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — (3 ) 1 — — Hedged variable-rate borrowings Reclassified from accumulated other comprehensive income into income — — — — — — — 4 Total gain (loss) on cash flow hedging relationships $ 3 $ — $ — $ — $ (3 ) $ 1 $ — $ 4 Total amounts presented in the Consolidated Statement of Income $ 1,742 $ 1,807 $ 226 $ 240 $ 592 $ 592 $ 348 $ 419 During the next 12 months, we estimate $85 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended March 31, ($ in millions) 2020 2019 2020 2019 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 6 $ 6 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — (6 ) (6 ) Amortization of deferred basis adjustments of available-for-sale securities — — (1 ) — — — Amortization of deferred loan basis adjustments (13 ) (4 ) — — — — Interest for qualifying accounting hedges of consumer automotive loans held-for-investment (9 ) 6 — — — — Total (loss) gain on fair value hedging relationships (22 ) 2 (1 ) — — — Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate commercial loans 1 — — — — — Total gain on cash flow hedging relationships $ 1 $ — $ — $ — $ — $ — The following table summarizes the effect of cash flow hedges on accumulated other comprehensive income (loss). Three months ended March 31, ($ in millions) 2020 2019 Interest rate contracts Gain (loss) recognized in other comprehensive income (loss) $ 169 $ (10 ) The following table summarizes the effect of net investment hedges on accumulated other comprehensive income (loss) and the Condensed Consolidated Statement of Comprehensive Income . Three months ended March 31, ($ in millions) 2020 2019 Foreign exchange contracts (a) (b) Gain (loss) recognized in other comprehensive income (loss) $ 12 $ (2 ) (a) There were no amounts excluded from effectiveness testing for the three months ended March 31, 2020 , or 2019 . (b) Gains and losses reclassified from accumulated other comprehensive income (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 ended March 31, 2020 , or 2019 . |
Income Taxes Income Taxes (Note
Income Taxes Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes We recognized total income tax benefit from continuing operations of $92 million for the three months ended March 31, 2020 , compared to $111 million of income tax expense for the same period in 2019 . The decrease in income tax expense for the three months ended March 31, 2020 , compared to the same period in 2019 , was primarily driven by the tax effects of a decrease in pretax earnings. 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 and state net operating 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 and it is reasonably possible that the valuation allowance may change in the next 12 months. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
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 and amounts that could be realized. 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 — We hold 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 — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. • Interests retained in financial asset sales — We retain 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 (for example, forward interest rates) and internally developed inputs (for example, 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 equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those 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 CVA, if warranted. The CVA calculation would utilize 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 March 31, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 937 $ — $ 4 $ 941 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 806 — — 806 U.S. States and political subdivisions — 706 3 709 Foreign government 12 168 — 180 Agency mortgage-backed residential — 21,533 — 21,533 Mortgage-backed residential — 2,948 — 2,948 Agency mortgage-backed commercial — 1,447 — 1,447 Mortgage-backed commercial — 37 — 37 Asset-backed — 329 — 329 Corporate debt — 1,192 — 1,192 Total available-for-sale securities 818 28,360 3 29,181 Mortgage loans held-for-sale (b) — — 68 68 Finance receivables and loans, net Consumer other (b) — — 10 10 Interests retained in financial asset sales — — 1 1 Derivative contracts in a receivable position Interest rate — 2 8 10 Total derivative contracts in a receivable position — 2 8 10 Total assets $ 1,755 $ 28,362 $ 94 $ 30,211 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 2 $ — $ 2 Foreign currency — 5 $ — 5 Total derivative contracts in a payable position — 7 — 7 Total liabilities $ — $ 7 $ — $ 7 (a) Our direct investment in any one industry did not exceed 8% . (b) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2019 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 608 $ — $ 8 $ 616 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,047 1 — 2,048 U.S. States and political subdivisions — 639 2 641 Foreign government 15 171 — 186 Agency mortgage-backed residential — 21,404 — 21,404 Mortgage-backed residential — 2,850 — 2,850 Agency mortgage-backed commercial — 1,382 — 1,382 Mortgage-backed commercial — 42 — 42 Asset-backed — 368 — 368 Corporate debt — 1,363 — 1,363 Total available-for-sale securities 2,062 28,220 2 30,284 Mortgage loans held-for-sale (b) — — 30 30 Finance receivables and loans, net Consumer other (b) — — 11 11 Interests retained in financial asset sales — — 2 2 Derivative contracts in a receivable position Interest rate — 62 2 64 Total derivative contracts in a receivable position — 62 2 64 Total assets $ 2,670 $ 28,282 $ 55 $ 31,007 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 5 $ — $ 5 Total derivative contracts in a payable position — 5 — 5 Total liabilities $ — $ 5 $ — $ 5 (a) Our investment in any one industry did not exceed 13% . (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 (losses) gains Fair value at Mar. 31, 2020 Net unrealized (losses) gains still held at March 31, 2020 ($ in millions) Fair value at Jan. 1, 2020 included in earnings included in OCI Purchases Sales Issuances Settlements included in earnings included in OCI Assets Investment securities Equity securities $ 8 $ (4 ) (a) $ — $ — $ — $ — $ — $ 4 $ (4 ) $ — Available-for-sale securities 2 — — 1 — — — 3 — — Mortgage loans held-for-sale (b) 30 5 (c) — 302 (269 ) — — 68 1 — Finance receivables and loans, net (b) 11 (1 ) (d) — 6 — — (6 ) 10 — — Other assets Interests retained in financial asset sales 2 — — — — — (1 ) 1 — — Derivative assets 2 6 (c) — — — — — 8 6 — Total assets $ 55 $ 6 $ — $ 309 $ (269 ) $ — $ (7 ) $ 94 $ 3 $ — (a) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (b) Carried at fair value due to fair value option elections. (c) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . (d) Reported as interest and fees on finance receivables and loans and other income, net of losses in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Net realized/unrealized gains Fair value at Mar. 31, 2019 Net unrealized gains still held at March 31, 2019 ($ in millions) Fair value at Jan. 1, 2019 included in earnings included in OCI Purchases Sales Issuances Settlements included in earnings included in OCI Assets Equity securities $ 7 $ 4 (a) $ — $ — $ — $ — $ — $ 11 $ 4 $ — Mortgage loans held-for-sale (b) 8 1 (c) — 90 (84 ) — — 15 — — Other assets Interests retained in financial asset sales 4 — — — — — — 4 — — Derivative assets — 2 (c) — — — — — 2 2 — Total assets $ 19 $ 7 $ — $ 90 $ (84 ) $ — $ — $ 32 $ 6 $ — (a) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (b) Carried at fair value due to fair value option elections. (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 assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2020 , and December 31, 2019 , respectively. The amounts are as of the end of each period presented, which approximate the fair value measurements that occurred during each period. Nonrecurring fair value measurements Lower-of-cost or fair value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings March 31, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 167 $ 167 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 75 75 (18 ) n/m (a) Other — — 55 55 (40 ) n/m (a) Total commercial finance receivables and loans, net — — 130 130 (58 ) n/m (a) Other assets Nonmarketable equity investments — — 7 7 (3 ) n/m (a) Repossessed and foreclosed assets (c) — — 13 13 (1 ) n/m (a) Total assets $ — $ — $ 317 $ 317 $ (62 ) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 allowance, loan loss allowance, or cumulative impairment. (b) Represents the portion of the portfolio specifically impaired during 2020 . 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 reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2019 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 128 $ 128 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 64 64 (12 ) n/m (a) Other — — 45 45 (21 ) n/m (a) Total commercial finance receivables and loans, net — — 109 109 (33 ) n/m (a) Other assets Nonmarketable equity investments — 5 7 12 — n/m (a) Equity-method investments — — 4 4 (6 ) n/m (a) Repossessed and foreclosed assets (c) — — 12 12 (1 ) n/m (a) Total assets $ — $ 5 $ 260 $ 265 $ (40 ) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 allowance, loan loss allowance, or cumulative impairment. (b) Represents the portion of the portfolio specifically impaired during 2019 . 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 and certain acquired unsecured consumer finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain acquired unsecured consumer finance receivables to mitigate the complexities of recording these loans at amortized cost. 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 March 31, 2020 , and December 31, 2019 . Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total March 31, 2020 Financial assets Held-to-maturity securities $ 1,497 $ — $ 1,580 $ — $ 1,580 Loans held-for-sale, net 167 — — 167 167 Finance receivables and loans, net 124,884 — — 129,594 129,594 FHLB/FRB stock (a) 1,242 — 1,242 — 1,242 Financial liabilities Deposit liabilities $ 61,333 $ — $ — $ 62,368 $ 62,368 Short-term borrowings 9,493 — — 9,494 9,494 Long-term debt 31,066 — 18,316 13,848 32,164 December 31, 2019 Financial assets Held-to-maturity securities $ 1,568 $ — $ 1,600 $ — $ 1,600 Loans held-for-sale, net 128 — — 128 128 Finance receivables and loans, net 126,957 — — 130,837 130,837 FHLB/FRB stock (a) 1,150 — 1,150 — 1,150 Financial liabilities Deposit liabilities $ 60,146 $ — $ — $ 60,678 $ 60,678 Short-term borrowings 5,531 — — 5,532 5,532 Long-term debt 34,027 — 22,789 14,138 36,927 (a) Included in other assets on our Condensed Consolidated Balance Sheet . |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting [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 March 31, 2020 , these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet . For additional information on derivative instruments and hedging activities, refer to Note 18 . 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 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2020 Assets Derivative assets in net asset positions $ 2 $ — $ 2 $ — $ — $ 2 Derivative assets with no offsetting arrangements 8 — 8 — — 8 Total assets $ 10 $ — $ 10 $ — $ — $ 10 Liabilities Derivative liabilities in net liability positions $ 7 $ — $ 7 $ — $ (6 ) $ 1 Securities sold under agreements to repurchase (d) 482 — 482 — (482 ) — Total liabilities $ 489 $ — $ 489 $ — $ (488 ) $ 1 December 31, 2019 Assets Derivative assets in net asset positions $ 62 $ — $ 62 $ — $ (36 ) $ 26 Derivative assets with no offsetting arrangements 2 — 2 — — 2 Total assets $ 64 $ — $ 64 $ — $ (36 ) $ 28 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ — $ (4 ) $ 1 Total liabilities $ 5 $ — $ 5 $ — $ (4 ) $ 1 (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. There was $29 million of noncash derivative collateral pledged to us that was excluded at December 31, 2019 . 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 $29 million at December 31, 2019 . We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2019 . (d) For additional information on securities sold under agreements to repurchase, refer to Note 13 . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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 business-line 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 operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, 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’ vehicle inventory. Mortgage Finance operations — Consists of the management of held-for-investment and held-for sale consumer mortgage loan portfolios. Our held-for-investment loan portfolio includes bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Our direct-to-consumer mortgage offering, referred to as Ally Home, consists of a variety of jumbo and conforming fixed- and adjustable-rate mortgage products with the assistance of a third-party fulfillment provider. 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 provider , 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, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. We also provide nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer 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 FTP and treasury 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. Financial results related to Ally Invest, our online brokerage operations, are currently included within Corporate and Other. Additionally, beginning in October 2019 with the acquisition of Health Credit Services, financial information related to Ally Lending, our point-of-sale financing business, is 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 March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2020 Net financing revenue and other interest income $ 1,040 $ 14 $ 38 $ 68 $ (14 ) $ 1,146 Other revenue 47 137 10 13 59 266 Total net revenue 1,087 151 48 81 45 1,412 Provision for credit losses 766 — 1 114 22 903 Total noninterest expense 494 256 35 35 100 920 (Loss) income from continuing operations before income tax expense $ (173 ) $ (105 ) $ 12 $ (68 ) $ (77 ) $ (411 ) Total assets $ 111,554 $ 8,420 $ 16,135 $ 6,572 $ 39,846 $ 182,527 2019 Net financing revenue and other interest income $ 980 $ 12 $ 50 $ 54 $ 36 $ 1,132 Other revenue 68 360 2 11 25 466 Total net revenue 1,048 372 52 65 61 1,598 Provision for credit losses 262 — 2 23 (5 ) 282 Total noninterest expense 457 227 37 29 80 830 Income (loss) from continuing operations before income tax expense $ 329 $ 145 $ 13 $ 13 $ (14 ) $ 486 Total assets $ 115,789 $ 8,179 $ 16,301 $ 5,006 $ 34,842 $ 180,117 (a) Net financing revenue and other interest income after the provision for credit losses totaled $243 million and $850 million for the three months ended March 31, 2020 , and March 31, 2019 , respectively. |
Contingencies and Other Risks
Contingencies and Other Risks | 3 Months Ended |
Mar. 31, 2020 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure | Contingencies and Other Risks 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. Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a legal matter or other 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 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 or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies . Refer to Note 1 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K for additional information related to our policy for establishing accruals. 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. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period. Descriptions of our potentially 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 paragraphs. Purported and Certified Class Actions In March 2016, Ally filed an action against two buyers of a motor vehicle— Ally Financial Inc. v. Alberta Haskins and David Duncan , Case No. 16JE-AC01713-01 in the Circuit Court of Jefferson County, Missouri—for the purpose of collecting the deficiency that remained due under the retail installment sales contract after the buyers had defaulted and the vehicle had been repossessed and disposed of. In March 2017, the buyers filed a second amended answer and counterclaim on behalf of nationwide and Missouri classes, arguing that Ally’s pre- and post-disposition notices had violated Article 9 of the Uniform Commercial Code as adopted in each jurisdiction. The request for relief includes an indeterminate amount of actual, statutory, and punitive damages as well as fees, costs, interest, and other remedies. In May 2018, the circuit court certified the nationwide and Missouri classes and denied Ally’s motion for partial summary judgment. In September 2018, the case was reassigned to a different circuit-court judge, and in February 2019, Ally filed a motion to decertify the nationwide and Missouri classes. In November 2019, the circuit court denied Ally’s motion to decertify. In December 2019, Ally filed a petition with the Missouri Court of Appeals for a writ prohibiting the circuit court from taking further action other than vacating the order denying decertification— State of Missouri, ex. rel. Ally Financial Inc. v. Hon. Katherine Hardy Senkel , Case No. ED 108501—which was denied that same month. Later in December 2019, Ally filed a petition with the Missouri Supreme Court for an equivalent writ of prohibition— State of Missouri, ex rel. Ally Financial Inc. v. Hon. Katherine Hardy Senkel , Case No. SC 98285—which was denied in March 2020. In January 2020, the case was reassigned to a different circuit-court judge. We intend to vigorously defend against this counterclaim. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Quarterly Dividend On April 16, 2020 , our Board declared a quarterly cash dividend of $0.19 per share on all common stock. The dividend is payable on May 15, 2020 , to stockholders of record at the close of business on May 1, 2020 . Ally Invest Certain business developments subsequent to March 31, 2020 , are expected to have an impact to the growth and timing of revenue at Ally Invest. We are currently evaluating changes in the projected revenues and earnings of the business, and any potential changes these developments may have to the carrying value of the goodwill at Ally Invest, which was $193 million as of March 31, 2020. Based on a preliminary analysis, using the business and macroeconomic data currently available as of the date of this filing, we anticipate recording an impairment of goodwill in the range of $30 million to $60 million during the second quarter of 2020. |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Basis of Accounting | 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, and the determination of the provision for income taxes. | |
Investments | Our investment portfolio includes various debt and equity securities. Our debt securities include government securities, corporate bonds, ABS, and 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 securities are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income, while our held-to-maturity securities are carried at amortized cost. We establish an allowance for credit losses for lifetime expected credit losses on our held-to-maturity securities. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity securities is excluded from the estimate of credit losses. Our held-to-maturity securities portfolio is mostly comprised of residential mortgage-backed debt securities that are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major ratings agencies, and have a long history of zero credit losses. We regularly assess our available-for-sale securities to determine if a credit loss has occurred. If the cost of an available-for-sale security exceeds its fair value, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and our intent and ability to hold the available-for-sale security through recovery of its amortized cost basis. If we determine that we intend to sell, or it is more likely than not we will be required to sell the security before recovery of the amortized cost basis, the security’s amortized cost basis is written down to fair value through the provision for credit losses. Once it has been determined that a credit loss has occurred, the present value of expected future cash flows are compared to the security’s amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses up to the difference between the security’s amortized cost basis and its fair value. Any remaining impairment is considered a noncredit loss and is recorded in other comprehensive 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 available-for-sale security or it is more likely than not that we will have to sell the security prior to the security’s anticipated recovery. Changes in the allowance for credit losses are recorded as provision for, or reversal of, provision for credit losses. Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. Premiums on debt securities that have noncontingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date as an adjustment to investment yield. All other premiums and discounts on debt securities are amortized over the stated maturity of the security as an adjustment to investment yield. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days past due. The receivable for interest income that is accrued but not collected is reversed against interest income when the debt security is placed on nonaccrual status. Our investments in equity securities include 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. Equity securities that have a readily determinable fair value are recorded at fair value with changes in fair value recorded in earnings and reported in other gain 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. We also hold certain equity investments that do not have a readily determinable fair value and are not eligible to be recognized using other measurement principles that are held at fair value. Refer to Note 20 for further information on these equity securities that have a readily determinable market value. Our equity securities recognized using other measurement principles include investments in FHLB and FRB stock held to meet regulatory requirements, equity investments related to LIHTCs and the CRA, which do not have a readily determinable fair value, and other equity investments that do not have a readily determinable fair value. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments. Our obligations related to unfunded commitments for our LIHTC investments are included in other liabilities. The majority of our other CRA investments are accounted for using the equity method of accounting. Our investments in LIHTCs and other CRA investments are included in investments in qualified affordable housing projects and equity-method investments, respectively, in other assets on our Condensed Consolidated Balance Sheet. Our investments in FHLB and FRB stock are carried at cost, less impairment. Our remaining investment 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. 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. As conditions warrant, we review these investments for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Realized gains and losses on the sale of securities are determined using the specific identification method and are reported in other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. | |
Finance Receivables and Loans | We initially classify finance receivables and loans as either loans held-for-sale or loans held-for-investment based on management’s assessment of our intent and ability to hold the loans for the foreseeable future or until maturity. Management’s view of the foreseeable future is based on the longest reasonably reliable net income, liquidity, and capital forecast period. Management’s intent and ability with respect to certain loans may change from time to time depending on a number of factors, for example economic, liquidity, and capital conditions. In order to reclassify loans to held-for-sale, management must have the intent to sell the loans and reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our Condensed Consolidated Balance Sheet and are carried at the lower of their net carrying value or fair value, unless the fair value option was elected, in which case those loans are carried at fair value. Loan origination fees and costs are included in the initial carrying value of loans originated as held-for-sale for which we have not elected the fair value option. Loan origination fees and costs are recognized in earnings when earned or incurred, respectively, for loans classified as held-for-sale for which we have elected the fair value option. We have elected the fair value option for conforming mortgage direct-to-consumer originations for which we have a commitment to sell. The interest rate lock commitment that we enter into for a mortgage loan originated as held-for-sale and certain forward commitments are considered derivatives, which are carried at fair value on our Condensed Consolidated Balance Sheet. We have elected the fair value option to measure our nonderivative forward commitments. Changes in the fair value of our interest rate lock commitments, derivative forward commitments, and nonderivative forward commitments related to mortgage loans originated as held-for-sale, as well as changes in the carrying value of loans classified as held-for-sale, are reported through gain on mortgage and automotive loans, net in our Condensed Consolidated Statement of Comprehensive Income. Interest income on our loans classified as held-for-sale is recognized based upon the contractual rate of interest on the loan and the unpaid principal balance. We report accrued interest receivable on our loans classified as held-for-sale in other assets on our Condensed Consolidated Balance Sheet. We have also elected the fair value option for certain loans acquired within our consumer other portfolio segment. Changes in fair value related to these loans are reported through other income, net of losses in our Condensed Consolidated Statement of Comprehensive Income. Loans classified as held-for-investment are presented as finance receivables and loans, net on our Condensed Consolidated Balance Sheet. Finance receivables and loans are reported at their amortized cost basis, which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the amortized cost basis less the allowance for loan loss as the net carrying value in finance receivables and loans. Unearned rate support received from an automotive manufacturer on certain automotive loans, deferred origination fees and costs, and premiums and discounts on purchased loans, are amortized over the contractual life of the related finance receivable or loan using the effective interest method. We make various incentive payments for consumer automotive loan originations to automotive dealers and account for these payments as direct loan origination costs. Additionally, we make incentive payments to certain commercial automobile wholesale borrowers and account for these payments as a reduction to interest income in the period they are earned. Interest income on our finance receivables and loans is recognized based on the contractual rate of interest plus the amortization of deferred amounts using the effective interest method. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 8 . Our portfolio segments are based on the level at which we develop and document our methodology for determining the allowance for loan losses. Additionally, the classes of finance receivables are based on several factors including the method for monitoring and assessing credit risk, the method of measuring carrying value, and the risk characteristics of the finance receivable. Based on an evaluation of our process for developing the allowance for loan losses including the nature and extent of exposure to credit risk arising from finance receivables, we have determined our portfolio segments to be consumer automotive, consumer mortgage, consumer other, and commercial. • Consumer automotive — Consists of retail automotive financing for new and used vehicles. • Consumer mortgage — Consists of the following classes of finance receivables. • Mortgage Finance — Consists of consumer first-lien mortgages from our ongoing mortgage operations including bulk acquisitions, direct-to-consumer originations, and refinancing of high-quality jumbo mortgages and LMI mortgages. • Mortgage — Legacy — Consists of consumer mortgage assets originated prior to January 1, 2009, including first-lien mortgages, subordinate-lien mortgages, and home equity mortgages. • Consumer other — Consists of unsecured consumer lending from point-of-sale financing. • Commercial — Consists of the following classes of finance receivables. • Commercial and Industrial • Automotive — Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines, and dealer fleet financing. • Other — Consists primarily of senior secured leveraged cash flow and asset-based loans related to our Corporate-Finance business. • Commercial Real Estate — Consists of term loans primarily secured by dealership land and buildings, and other commercial lending secured by real estate. Nonaccrual Loans Generally, we recognize loans of all classes as past due when they are 30 days delinquent on making a contractually required payment, and loans are placed on nonaccrual status when principal or interest has been delinquent for at least 90 days, or when full collection is not expected. Interest income recognition is suspended when finance receivables and loans are placed on nonaccrual status. Additionally, amortization of premiums and discounts and deferred fees and costs ceases when finance receivables and loans are placed on nonaccrual. Exceptions include commercial real estate loans that are placed on nonaccrual status when delinquent for 60 days or when full collection is not probable, if sooner. Additionally, our policy is to generally place all loans that have been modified in TDR on nonaccrual status until the loan has been brought fully current, the collection of contractual principal and interest is reasonably assured, and six consecutive months of repayment performance is achieved. In certain cases, if a borrower has been current up to the time of the modification and repayment of the debt subsequent to the modification is reasonably assured, we may choose to continue to accrue interest on the loan. Nonperforming loans on nonaccrual status are reported in Note 8 . The receivable for interest income that is accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Generally, finance receivables and loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Troubled Debt Restructurings When the terms of finance receivables or loans are modified, consideration must be given as to whether or not the modification results in a TDR. A modification is considered to be a TDR when both the borrower is experiencing financial difficulty and we grant a concession to the borrower. These considerations require significant judgment and vary by portfolio segment. In all cases, the cumulative impacts of all modifications are considered at the time of the most recent modification. For consumer loans of all classes, various qualitative factors are utilized for assessing the financial difficulty of the borrower. These include, but are not limited to, the borrower’s default status on any of its debts, bankruptcy, and recent changes in financial circumstances (for instance, loss of job). A concession has been granted when as a result of the modification we do not expect to collect all amounts due under the original loan terms, including interest accrued at the original contract rate. Types of modifications that may be considered concessions include, but are not limited to, extensions of terms at a rate that does not constitute a market rate, a reduction, deferral or forgiveness of principal or interest owed and loans that have been discharged in a Chapter 7 Bankruptcy and have not been reaffirmed by the borrower. In addition to the modifications noted above, in our consumer automotive portfolio segment of loans we also provide extensions or deferrals of payments to borrowers whom we deem to be experiencing only temporary financial difficulty. In these cases, there are limits within our operational policies to minimize the number of times a loan can be extended, as well as limits to the length of each extension, including a cumulative cap over the life of the loan. If these limits are breached, the modification is considered a TDR as noted in the following paragraph. Before offering an extension or deferral, we evaluate the capacity of the customer to make the scheduled payments after the deferral period. During the deferral period, we continue to accrue and collect interest on the loan as part of the deferral agreement. We grant these extensions or deferrals when we expect to collect all amounts due including interest accrued at the original contract rate. A restructuring that results in only a delay in payment that is deemed to be insignificant is not a concession and the modification is not considered to be a TDR. In order to assess whether a restructuring that results in a delay in payment is insignificant, we consider the amount of the restructured payments subject to delay in conjunction with the unpaid principal balance or the collateral value of the loan, whether or not the delay is significant with respect to the frequency of payments under the original contract, or the loan’s original expected duration. In the cases where payment extensions on our automotive loan portfolio cumulatively extend beyond 90 days and are more than 10% of the original contractual term or where the cumulative payment extension is beyond 180 days, we deem the delay in payment to be more than insignificant, and as such, classify these types of modifications as TDRs. Otherwise, we believe that the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. Additionally, based on recently issued regulatory guidance provided by federal and state regulatory agencies, loan modifications made in response to the COVID-19 pandemic are not considered TDRs if accounts were considered current at the date the modification program was implemented. Refer to Note 8 for additional information. For commercial loans of all classes, similar qualitative factors are considered when assessing the financial difficulty of the borrower. In addition to the factors noted above, consideration is also given to the borrower’s forecasted ability to service the debt in accordance with the contractual terms, possible regulatory actions, and other potential business disruptions (for example, the loss of a significant customer or other revenue stream). Consideration of a concession is also similar for commercial loans. In addition to the factors noted above, consideration is also given to whether additional guarantees or collateral have been provided. For all loans, TDR classification typically results from our loss mitigation activities. For loans held-for-investment that are not carried at fair value and are TDRs, impairment is typically measured based on the difference between the amortized cost basis of the loan and the present value of the expected future cash flows of the loan. The present value is calculated using the loan’s original interest rate, as opposed to the interest rate specified within the restructuring. The loan may also be measured for impairment based on the fair value of the underlying collateral less costs to sell for loans that are collateral dependent. We recognize impairment by either establishing a valuation allowance or recording a charge-off. The financial impacts of modifications that meet the definition of a TDR are reported in the period in which they are identified as TDRs. Additionally, if a loan that is classified as a TDR redefaults within 12 months of the modification, we are required to disclose the instances of redefault. For the purpose of this disclosure, we have determined that a loan is considered to have redefaulted when the loan meets the requirements for evaluation under our charge-off policy except for commercial loans where redefault is defined as 90 days past due. Nonaccrual loans may return to accrual status as discussed in the preceding nonaccrual loan section at which time, the normal accrual of interest income resumes. Net Charge-offs We disclose the measurement of net charge-offs as the amount of gross charge-offs recognized less recoveries received. Gross charge-offs reflect the amount of the amortized cost basis directly written-off. Generally, we recognize recoveries when they are received and record them as an increase to the allowance for loan losses. As a general rule, consumer automotive loans are written down to estimated collateral value, less costs to sell, once a loan becomes 120 days past due. In our consumer mortgage portfolio segment, first-lien mortgages and a subset of our home equity portfolio that are secured by real estate in a first-lien position are written down to the estimated fair value of the collateral, less costs to sell, once a mortgage loan becomes 180 days past due. Consumer mortgage loans that represent second-lien positions are charged off at 180 days past due. Loans in our consumer other segment are charged off at 120 days past due. Within 60 days of receipt of notification of filing from the bankruptcy court, or within the time frames noted above, consumer automotive and first-lien consumer mortgage loans in bankruptcy are written down to their expected future cash flows, which is generally fair value of the collateral, less costs to sell, and second-lien consumer mortgage loans and consumer other loans are fully charged-off, unless it can be clearly demonstrated that repayment is likely to occur. Regardless of other timelines noted within this policy, loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to only be through sale or operation of the collateral. Collateral dependent loans are charged-off to the estimated fair value of the underlying collateral, less costs to sell when foreclosure or repossession proceedings begin. Commercial loans are individually evaluated and are written down to the estimated fair value of the collateral less costs to sell when collectability of the recorded balance is in doubt. Generally, all commercial loans are charged-off when it becomes unlikely that the borrower is willing or able to repay the remaining balance of the loan and any underlying collateral is not sufficient to recover the outstanding principal. Collateral dependent loans are charged-off to the fair market value of collateral less costs to sell when appropriate. Noncollateral dependent loans are fully written-off. | |
Allowance for Loan Losses | The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our lending portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions to the allowance are charged to current period earnings through the provision for loan losses; amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that a TDR will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance for loan losses is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted rates for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecast period, we revert to a historical average rate. This reversion to the mean is performed on a straight-line basis over 24 months. The historical average is calculated using historical data beginning in January 2008 through the current period. Loans that do not share similar risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. The allowance calculation is also supplemented with qualitative reserves that takes into consideration current portfolio and asset-level considerations, such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events, among other factors, that have occurred but are not yet reflected in the quantitative model component. Qualitative adjustments are documented, reviewed, and approved through our established risk governance processes and follow regulatory guidance. Management also considers the need for a reserve on unfunded nonderivative loan commitments across our portfolio segments, including lines of credit and standby letters of credit. We estimate expected credit losses over the contractual period in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses include consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated life. The reserve for unfunded loan commitments is recorded within other liabilities on our Condensed Consolidated Balance Sheet. Refer to Note 28 within our 2019 Annual Report on Form 10-K for information on our unfunded loan commitments. Consumer Automotive The allowance for loan losses within the consumer automotive portfolio segment is calculated using proprietary statistical models and other risk indicators applied to pools of loans with similar risk characteristics, including credit bureau score and LTV ratios. The model generates projections of default rates, prepayment rates, loss severity rates, and recovery rates using macroeconomic and historical loan data. These projections are used to develop transition scenarios to predict the portfolio’s migration from the current past-due status to various future states over the life of the loan. While the macroeconomic data that is used to calculate expected credit losses includes interest rate indices and national and state-level home price indices, national and state-level unemployment rates are the most impactful macroeconomic factors in calculating expected lifetime credit losses. The loss severity within the consumer automotive portfolio segment is impacted by the market values of vehicles that are repossessed. Vehicle market values are affected by numerous factors including vehicle supply, the condition of the vehicle upon repossession, the overall price and volatility of gasoline or diesel fuel, consumer preference related to specific vehicle segments, and other factors. The model output is then aggregated to calculate expected lifetime credit losses. Consumer Mortgage The allowance for loan losses within the consumer mortgage portfolio segment is calculated by using statistical models based on pools of loans with similar risk characteristics, including credit score, LTV, loan age, documentation type, product type, and loan purpose. Expected losses are statistically derived based on a suite of behavioral based transition models. This transition framework predicts various stages of delinquency, default, and voluntary prepayment over the course of the life of the loan. The transition probability is a function of certain loan and borrower characteristics, including factors such as loan balance and term, the borrower’s credit score, and loan-to-value ratios, and economic variables, as well as consideration of historical factors such as loss frequency and severity. When a default event is predicted, a severity model is applied to estimate future loan losses. Loss severity within the consumer mortgage portfolio segment is impacted by the market values of foreclosed properties, which is affected by numerous factors, including geographic considerations and the condition of the foreclosed property. Macroeconomic data that is used to calculate expected credit losses includes certain interest rates and home price indices. The model output is then aggregated to calculate expected lifetime credit losses. Consumer Other The allowance for loan losses within the consumer other portfolio segment is calculated by using a vintage analysis that analyzes historical performance for groups of loans with similar risk characteristics, including vintage level historical balance paydown rates and delinquency and roll rate behaviors by risk tier and product type, to arrive at an estimate of expected lifetime credit losses. The risk tier segmentation is based upon borrower risk characteristics, including credit score and past performance history, as well as certain loan specific characteristics, such as loan type and origination year. Commercial Loans The allowance for loan losses within the commercial loan portfolio segment is calculated using risk rating models that use historical loss experience, concentrations, macroeconomic factors, and performance trends. The determination of the allowance is influenced by numerous assumptions and factors that may materially affect estimates of loss, including changes to the PD, LGD, and EAD. PD factors are determined based on our historical performance data, which considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, and an assessment of the borrower’s industry and future prospects. The determination of PD also incorporates historical loss performance and, when necessary, macroeconomic information obtained from external sources. LGD factors consider the type of collateral, relative loan-to-value ratios, and historical loss information. In addition, LGD factors may be influenced by situations in which automotive manufacturers repurchase vehicles used as collateral to secure the loans in default situations . EAD factors are derived from outstanding balance levels, including estimated prepayment assumptions based on historical performance. Refer to Note 8 for information on the allowance for loan losses. | |
Goodwill and Other Intangibles | On January 1, 2020, we adopted ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment , on a prospective basis, resulting in an update to our accounting policy. Goodwill and intangible assets, net of accumulated amortization, are reported in other assets in our Condensed Consolidated Balance Sheet . Our intangible assets primarily consist of acquired customer relationships and developed technology, and are amortized using a straight-line methodology over their estimated useful lives. We review intangible assets for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If it is determined the carrying amount of the asset is not recoverable, an impairment charge is recorded. Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired, including identifiable intangibles. We allocate goodwill to applicable reporting units based on the relative fair value of the other net assets allocated to those reporting units at the time of the acquisition. In the event we restructure our business, we may reallocate goodwill. We test goodwill for impairment annually, or more frequently if events and changes in circumstances indicate that it is more likely than not that impairment exists. Our annual goodwill impairment test is performed as of August 31 of each year. In certain situations, we may perform a qualitative assessment to test goodwill for impairment. We may also decide to bypass the qualitative assessment and perform a quantitative assessment. If we perform the qualitative assessment to test goodwill for impairment and conclude that it is more likely than not that the reporting unit’s fair value is greater than its carrying value, then the quantitative assessment is not required. However, if we perform the qualitative assessment and determine that it is more likely than not that a reporting unit’s fair value is less than its carrying value, then we must perform the quantitative assessment. The quantitative assessment requires us to compare the fair value of each of the reporting units to their respective carrying value. The fair value of the reporting units in our quantitative assessment is determined based on various analyses including discounted cash flow projections using assumptions a market participant would use. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, a goodwill impairment loss is recorded for the excess of the carrying value of the reporting unit over its fair value. | |
Income Taxes | In calculating the provision for interim income taxes, in accordance with ASC Topic 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 2019 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. | |
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, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments . The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. The FASB has also issued additional ASUs to clarify the scope and provide additional guidance for ASU 2016-13. 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 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 securities should be measured in a manner similar to current GAAP. On January 1, 2020, we adopted ASU 2016-13 and all subsequent ASUs that modified ASU 2016-13 (collectively, the amendments to the credit loss standard), which have been codified under ASC 326, Financial Instruments - Credit Losses . We adopted this guidance using the modified retrospective approach, as required, and have not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. While the standard modifies the measurement of the allowance for credit losses, it does not alter the credit risk of our finance receivables and loan portfolio. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $1.0 billion , net of income taxes, resulting from a pretax increase to our allowance for credit losses of approximately $1.3 billion , primarily driven by our consumer automotive loan portfolio. The increase is primarily related to the difference between loss emergence periods previously utilized, as compared to estimating lifetime credit losses as required by the CECL standard. We did not experience a material impact to the allowance for loan losses from any of our other lending portfolios. Additionally, the adoption of CECL did not result in a material impact to our held-to-maturity securities portfolio, which is primarily composed of agency-backed mortgage securities, or our available-for-sale securities portfolio. We have elected to phase the estimated impact of CECL into regulatory capital in accordance with the interim final rule of the FRB and other U.S. banking agencies that became effective on March 31, 2020. As a result, we will delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under the interim final rule, the estimated impact of CECL on regulatory capital that we will defer and later phase in is calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. Refer to Note 17 for further details about the impact of CECL on regulatory capital. Our quantitative allowance for loan loss estimates under CECL is impacted by certain forecasted economic factors. In order to estimate the quantitative portion of our allowance for loan losses under CECL, our modeling processes rely on a single forecast scenario for each macroeconomic factor incorporated. To derive macroeconomic assumptions in this single scenario, we have elected to forecast these macroeconomic factors over a 12-month period, which we have determined to be reasonable and supportable. After the 12-month reasonable and supportable forecast period, we have elected to revert on a straight-line basis over a 24-month period to a historical mean for each macroeconomic factor. The mean is calculated from historical data spanning from January 2008 through the most current period, and as a result, includes data points from the last recessionary period. In addition to our quantitative allowance for loan losses, we also incorporate qualitative adjustments that may relate to idiosyncratic risks, changes in current economic conditions that may not be reflected in quantitatively derived results, or other relevant factors to further inform our estimate of the allowance for credit losses. Additionally, due to the expansion of the time horizon over which we are required to estimate future credit losses, we may experience increased volatility in our future provisions for credit losses. Factors that could contribute to such volatility include, but are not limited to, changes in the composition and credit quality of our financing receivables and loan portfolio and investment securities portfolios, economic conditions and forecasts, the allowance for credit loss models that are used, the data that is included in the models, the associated qualitative allowance framework, and our estimation techniques. | |
Accounting Standards Update 2020-04 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncements, Policy | In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform : Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. We are currently in the process of evaluating the amendments and determining the impact to our consolidated financial statements. |
Fair Value Fair Value (Policies
Fair Value Fair Value (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
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 revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers . For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2020 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 143 $ — $ — $ — $ 143 Remarketing fee income 17 — — — — 17 Brokerage commissions and other revenue — — — — 13 13 Deposit account and other banking fees — — — — 4 4 Brokered/agent commissions — 4 — — — 4 Other 5 — — — — 5 Total revenue from contracts with customers 22 147 — — 17 186 All other revenue (d) 25 (10 ) 10 13 42 80 Total other revenue (e) $ 47 $ 137 $ 10 $ 13 $ 59 $ 266 2019 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 131 $ — $ — $ — $ 131 Remarketing fee income 18 — — — — 18 Brokerage commissions and other revenue — — — — 17 17 Deposit account and other banking fees — — — — 5 5 Brokered/agent commissions — 3 — — — 3 Other 5 — — — — 5 Total revenue from contracts with customers 23 134 — — 22 179 All other revenue 45 226 2 11 3 287 Total other revenue (e) $ 68 $ 360 $ 2 $ 11 $ 25 $ 466 (a) We had opening balances of $2.9 billion and $2.6 billion in unearned revenue associated with outstanding contracts at December 31, 2019, and December 31, 2018 , respectively, and $214 million and $199 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2020 , and March 31, 2019 . (b) At March 31, 2020 , we had unearned revenue of $2.9 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $591 million in 2020 , $714 million in 2021 , $609 million in 2022 , $476 million in 2023 , and $498 million thereafter. At March 31, 2019 , we had unearned revenue of $2.7 billion associated with outstanding contracts. (c) We had deferred insurance assets of $1.7 billion at both December 31, 2019, and March 31, 2020 , respectively, and recognized $125 million of expense during the three months ended March 31, 2020 . We had deferred insurance assets of $1.5 billion and $1.6 billion at December 31, 2018, and March 31, 2019 , respectively, and recognized $111 million of expense during the three months ended March 31, 2019 . (d) Insurance operations includes $132 million of insurance premiums and service revenue earned and $142 million of net losses on investment securities. (e) Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments. |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income, by Component | Details of other income, net of losses, were as follows. Three months ended March 31, ($ in millions) 2020 2019 Late charges and other administrative fees $ 21 $ 29 Remarketing fees 17 18 Servicing fees 3 6 (Loss) income from equity-method investments (1 ) 4 Other, net 40 30 Total other income, net of losses $ 80 $ 87 |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [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) 2020 2019 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 122 $ 134 Less: Reinsurance recoverable 88 96 Net reserves for insurance losses and loss adjustment expenses at January 1, 34 38 Net insurance losses and loss adjustment expenses incurred related to: Current year 72 59 Prior years (a) 2 — Total net insurance losses and loss adjustment expenses incurred 74 59 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (46 ) (33 ) Prior years (24 ) (23 ) Total net insurance losses and loss adjustment expenses paid or payable (70 ) (56 ) Net reserves for insurance losses and loss adjustment expenses at March 31, 38 41 Plus: Reinsurance recoverable 104 94 Total gross reserves for insurance losses and loss adjustment expenses at March 31, $ 142 $ 135 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Three months ended March 31, ($ in millions) 2020 2019 Insurance commissions $ 126 $ 114 Technology and communications 79 77 Advertising and marketing 44 48 Lease and loan administration 38 39 Property and equipment depreciation 34 22 Professional services 31 29 Regulatory and licensing fees 29 28 Vehicle remarketing and repossession 23 27 Occupancy 16 13 Non-income taxes 7 9 Amortization of intangible assets 5 3 Other 54 44 Total other operating expenses $ 486 $ 453 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 or 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 securities were as follows. March 31, 2020 December 31, 2019 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 $ 785 $ 21 $ — $ 806 $ 2,059 $ 6 $ (17 ) $ 2,048 U.S. States and political subdivisions 691 20 (2 ) 709 623 19 (1 ) 641 Foreign government 175 5 — 180 184 3 (1 ) 186 Agency mortgage-backed residential 20,702 831 — 21,533 21,183 257 (36 ) 21,404 Mortgage-backed residential 2,968 34 (54 ) 2,948 2,841 20 (11 ) 2,850 Agency mortgage-backed commercial 1,333 114 — 1,447 1,344 44 (6 ) 1,382 Mortgage-backed commercial 41 — (4 ) 37 41 1 — 42 Asset-backed 333 — (4 ) 329 365 3 — 368 Corporate debt 1,203 16 (27 ) 1,192 1,327 37 (1 ) 1,363 Total available-for-sale securities (a) (b) (c) (d) (e) $ 28,231 $ 1,041 $ (91 ) $ 29,181 $ 29,967 $ 390 $ (73 ) $ 30,284 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,480 $ 83 $ — $ 1,563 $ 1,547 $ 38 $ (6 ) $ 1,579 Asset-backed retained notes 17 — — 17 21 — — 21 Total held-to-maturity securities (e) (f) (g) $ 1,497 $ 83 $ — $ 1,580 $ 1,568 $ 38 $ (6 ) $ 1,600 (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 March 31, 2020 , and December 31, 2019 . (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information. (c) Available-for-sale securities with a fair value of $3.0 billion and $1.9 billion at March 31, 2020 , and December 31, 2019 , respectively, were pledged to secure advances from the FHLB, repurchase agreements, other short-term borrowings, or for other purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge $668 million and $118 million of the underlying investment securities at March 31, 2020 , and December 31, 2019 , respectively. (d) Totals do not include accrued interest receivable, which was $90 million and $98 million at March 31, 2020 , and December 31, 2019 , respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet . (e) There was no allowance for credit losses recorded at March 31, 2020 , as management determined that credit losses did not exist for our portfolio of available-for-sale and held-to-maturity securities. (f) Held-to-maturity securities with a fair value of $1.2 billion and $915 million at March 31, 2020 , and December 31, 2019 , respectively, were pledged to secure advances from the FHLB. (g) Totals do not include accrued interest receivable, which was $3 million at both March 31, 2020 , and December 31, 2019 . Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet |
Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2020 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 806 1.2 % $ 14 0.3 % $ 708 1.2 % $ 84 1.7 % $ — — % U.S. States and political subdivisions 709 3.1 25 1.9 75 2.3 160 2.9 449 3.4 Foreign government 180 1.9 35 0.5 63 2.3 82 2.3 — — Agency mortgage-backed residential 21,533 3.2 — — 1 2.9 47 2.0 21,485 3.2 Mortgage-backed residential 2,948 3.3 — — — — — — 2,948 3.3 Agency mortgage-backed commercial 1,447 2.8 — — 3 3.2 1,175 2.9 269 2.5 Mortgage-backed commercial 37 3.5 — — — — — — 37 3.5 Asset-backed 329 3.5 — — 275 3.6 14 2.9 40 3.0 Corporate debt 1,192 3.1 135 2.8 520 3.0 525 3.3 12 3.0 Total available-for-sale securities $ 29,181 3.1 $ 209 2.2 $ 1,645 2.2 $ 2,087 2.9 $ 25,240 3.2 Amortized cost of available-for-sale securities $ 28,231 $ 209 $ 1,636 $ 1,972 $ 24,414 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,480 3.2 % $ — — % $ — — % $ — — % $ 1,480 3.2 % Asset-backed retained notes 17 2.3 — — 17 2.3 — — — — Total held-to-maturity securities $ 1,497 3.2 $ — — $ 17 2.3 $ — — $ 1,480 3.2 December 31, 2019 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,048 1.5 % $ 65 2.1 % $ 1,590 1.4 % $ 393 1.7 % $ — — % U.S. States and political subdivisions 641 3.1 22 2.7 75 2.3 159 2.8 385 3.4 Foreign government 186 1.9 35 0.4 65 2.3 86 2.3 — — Agency mortgage-backed residential 21,404 3.2 — — — — 47 2.0 21,357 3.2 Mortgage-backed residential 2,850 3.2 — — — — — — 2,850 3.2 Agency mortgage-backed commercial 1,382 2.9 — — 3 3.2 1,109 3.0 270 2.4 Mortgage-backed commercial 42 3.5 — — — — — — 42 3.5 Asset-backed 368 3.5 — — 317 3.6 5 2.7 46 3.0 Corporate debt 1,363 3.2 125 2.9 580 3.0 649 3.4 9 3.3 Total available-for-sale securities $ 30,284 3.1 $ 247 2.3 $ 2,630 2.1 $ 2,448 2.8 $ 24,959 3.2 Amortized cost of available-for-sale securities $ 29,967 $ 246 $ 2,624 $ 2,378 $ 24,719 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,547 3.2 % $ — — % $ — — % $ — — % $ 1,547 3.2 % Asset-backed retained notes 21 2.2 — — 21 2.2 — — — — Total held-to-maturity securities $ 1,568 3.2 $ — — $ 21 2.2 $ — — $ 1,547 3.2 (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 March 31, ($ in millions) 2020 2019 Taxable interest $ 205 $ 214 Taxable dividends 5 3 Interest and dividends exempt from U.S. federal income tax 3 5 Interest and dividends on investment securities $ 213 $ 222 |
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. Three months ended March 31, ($ in millions) 2020 2019 Available-for-sale securities Gross realized gains $ 105 $ 10 Gross realized losses (a) — (1 ) Net realized gains on available-for-sale securities 105 9 Net realized gain on equity securities 1 29 Net unrealized (loss) gain on equity securities (185 ) 70 Other (loss) gain on investments, net $ (79 ) $ 108 (a) Certain available-for-sale securities were sold at a loss during the three months ended March 31, 2019 , as a result of identifiable market or credit events, or a loss was realized based on corporate actions outside of our control (such as a call by the issuer). Any such sales were made in accordance with our risk-management policies and practices. |
Held to Maturity Debt Securities by Credit Quality | The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2020 . The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch, and represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2020 . We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2020 . March 31, 2020 ($ in millions) AAA AA Total (a) Debt securities Agency mortgage-backed residential $ — $ 1,480 $ 1,480 Asset-backed retained notes 17 — 17 Total held-to-maturity securities $ 17 $ 1,480 $ 1,497 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. |
Schedule of Unrealized Loss on Investments | The following table summarizes held-to-maturity securities in an unrealized loss position at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard, and as defined by the previous accounting guidance in effect at that time. December 31, 2019 Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 283 $ (6 ) $ — $ — Asset-backed retained notes — — 3 — Total held-to-maturity debt securities $ 283 $ (6 ) $ 3 $ — The table below summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 . As of March 31, 2020 , 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, management determined that no credit reserves were required at March 31, 2020 . We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2020 . March 31, 2020 December 31, 2019 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 $ 3 $ — $ — $ — $ 1,267 $ (11 ) $ 279 $ (6 ) U.S. States and political subdivisions 96 (1 ) 5 (1 ) 72 (1 ) 5 — Foreign government — — — — 40 (1 ) 3 — Agency mortgage-backed residential 22 — 11 — 4,606 (23 ) 908 (13 ) Mortgage-backed residential 1,459 (51 ) 22 (3 ) 613 (4 ) 203 (7 ) Agency mortgage-backed commercial 3 — — — 335 (6 ) — — Mortgage-backed commercial 37 (4 ) — — — — — — Asset-backed 256 (4 ) 2 — 8 — 11 — Corporate debt 570 (25 ) 13 (2 ) 71 — 41 (1 ) Total available-for-sale securities $ 2,446 $ (85 ) $ 53 $ (6 ) $ 7,012 $ (46 ) $ 1,450 $ (27 ) |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at amortized cost basis was as follows. ($ in millions) March 31, 2020 December 31, 2019 Consumer automotive (a) $ 72,832 $ 72,390 Consumer mortgage Mortgage Finance (b) 15,949 16,181 Mortgage — Legacy (c) 1,061 1,141 Total consumer mortgage 17,010 17,322 Consumer other (d) 224 212 Total consumer 90,066 89,924 Commercial Commercial and industrial Automotive 27,394 28,332 Other 5,878 5,014 Commercial real estate 4,801 4,961 Total commercial 38,073 38,307 Total finance receivables and loans (e) (f) $ 128,139 $ 128,231 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information. (b) Includes loans originated as interest-only mortgage loans of $10 million and $11 million at March 31, 2020 , and December 31, 2019 , respectively, 48% of which are expected to start principal amortization in 2020. The remainder of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $190 million and $212 million at March 31, 2020 , and December 31, 2019 , respectively, of which 99% have exited the interest-only period. (d) Includes $10 million and $11 million of finance receivables at March 31, 2020 , and December 31, 2019 , respectively, for which we have elected the fair value option. (e) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.1 billion at March 31, 2020 . (f) Totals do not include accrued interest receivable, which was $575 million and $488 million at March 31, 2020 , and December 31, 2019 , respectively. Accrued interest receivable is included in other assets on the Consolidated Balance Sheet. |
Allowance for Credit Losses on Financing Receivables | The following table presents an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2020, and includes the cumulative effect of adopting ASU 2016-13. Three months ended March 31, 2020 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at December 31, 2019 $ 1,075 $ 46 $ 9 $ 133 $ 1,263 Cumulative effect of the adoption of Accounting Standards Update 2016-13 1,334 (6 ) 16 2 1,346 Allowance at January 1, 2020 2,409 40 25 135 2,609 Charge-offs (b) (373 ) (3 ) (5 ) (3 ) (384 ) Recoveries 111 5 1 1 118 Net charge-offs (262 ) 2 (4 ) (2 ) (266 ) Provision for credit losses 685 (3 ) 25 196 903 Other 1 — (1 ) (1 ) (1 ) Allowance at March 31, 2020 $ 2,833 $ 39 $ 45 $ 328 $ 3,245 (a) Excludes $10 million and $11 million of finance receivables at March 31, 2020 , and December 31, 2019, respectively, for which we have elected the fair value option. (b) Represents the amount of the amortized cost basis directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the amortized cost basis 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 2019 Annual Report on Form 10-K for more information regarding our charge-off policies. During the second half of March 2020, the broader economy experienced a significant deterioration in the macroeconomic environment driven by the COVID-19 pandemic, which impacted our allowance for loan losses. Our qualitatively determined allowance associated with deterioration in the macroeconomic outlook from COVID-19 resulted in $602 million of additional provision expense for credit losses. The following table presents an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2019, prior to the adoption of ASU 2016-13, as defined by the previous accounting guidance in effect at that time. Three months ended March 31, 2019 ($ in millions) Consumer automotive Consumer mortgage Commercial Total Allowance at January 1, 2019 $ 1,048 $ 53 $ 141 $ 1,242 Charge-offs (a) (352 ) (3 ) (5 ) (360 ) Recoveries 118 5 — 123 Net charge-offs (234 ) 2 (5 ) (237 ) Provision for credit losses 257 (3 ) 28 282 Other (b) (1 ) — 2 1 Allowance at March 31, 2019 $ 1,070 $ 52 $ 166 $ 1,288 Allowance for loan losses at March 31, 2019 Individually evaluated for impairment $ 46 $ 22 $ 58 $ 126 Collectively evaluated for impairment 1,024 30 108 1,162 Finance receivables and loans at gross carrying value Ending balance $ 71,553 $ 17,658 $ 40,844 $ 130,055 Individually evaluated for impairment 501 227 269 997 Collectively evaluated for impairment 71,052 17,431 40,575 129,058 (a) Represents the amount of the amortized cost basis directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the amortized cost basis 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 2019 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 March 31, ($ in millions) 2020 2019 Consumer automotive $ — $ 20 Total sales and transfers (a) $ — $ 20 (a) During the three months ended March 31, 2019 , we also sold $128 million of loans held-for-sale that were initially classified as finance receivables and loans held-for-investment and were transferred to held-for-sale during 2018, and transferred $63 million of finance receivables from held-for-sale to held-for-investment, both relating to equipment finance receivables from our commercial automotive business. |
Schedule of Purchases of Financing Receivables and Loans | The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended March 31, ($ in millions) 2020 2019 Consumer automotive $ 360 $ 99 Consumer mortgage 484 1,235 Total purchases of finance receivables and loans $ 844 $ 1,334 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the amortized cost of our finance receivables and loans on nonaccrual status as of the beginning or end of the three months ended March 31, 2020 . All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2020 , and December 31, 2019 . Three months ended March 31, 2020 Nonaccrual status at beginning of period End of period ($ in millions) Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 762 $ 1,077 $ 599 Consumer mortgage Mortgage Finance 17 22 6 Mortgage — Legacy 40 40 28 Total consumer mortgage 57 62 34 Consumer other 2 1 — Total consumer 821 1,140 633 Commercial Commercial and industrial Automotive 73 86 1 Other 138 162 65 Commercial real estate 4 8 4 Total commercial 215 256 70 Total consumer and commercial finance receivables and loans $ 1,036 $ 1,396 $ 703 (a) |
Impaired Financing Receivables | The following table presents information about our impaired finance receivables and loans at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. December 31, 2019 ($ in millions) Unpaid principal balance (a) Gross carrying value Impaired with no allowance Impaired with an allowance Allowance for impaired loans Consumer automotive $ 553 $ 538 $ 113 $ 425 $ 38 Consumer mortgage Mortgage Finance 14 14 6 8 — Mortgage — Legacy 199 194 64 130 18 Total consumer mortgage 213 208 70 138 18 Total consumer 766 746 183 563 56 Commercial Commercial and industrial Automotive 73 73 1 72 12 Other 170 138 73 65 21 Commercial real estate 4 4 4 — — Total commercial 247 215 78 137 33 Total consumer and commercial finance receivables and loans $ 1,013 $ 961 $ 261 $ 700 $ 89 (a) Adjusted for charge-offs. |
Schedule of Average Balance And Interest Income Of Impaired Finance Receivables | The following table presents average balance and interest income for our impaired finance receivables and loans for the three months ended March 31, 2019 , prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. Three months ended March 31, 2019 ($ in millions) Average balance Interest income Consumer automotive $ 499 $ 8 Consumer mortgage Mortgage Finance 15 — Mortgage — Legacy 214 3 Total consumer mortgage 229 3 Total consumer 728 11 Commercial Commercial and industrial Automotive 170 1 Other 130 — Commercial real estate 5 — Total commercial 305 1 Total consumer and commercial finance receivables and loans $ 1,033 $ 12 |
Schedule Of Pass And Criticized Credit Quality Indicators Of Finance Receivables | The following table presents historical credit quality indicators for our commercial finance receivables and loans at December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard and as defined by the previous accounting guidance in effect at that time. December 31, 2019 ($ in millions) Pass Criticized (a) Total Commercial and industrial Automotive $ 25,235 $ 3,097 $ 28,332 Other 4,225 789 5,014 Commercial real estate 4,620 341 4,961 Total commercial $ 34,080 $ 4,227 $ 38,307 (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. |
Troubled Debt Restructurings on Financing Receivables | The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. 2020 2019 Three months ended March 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Consumer automotive (a) 22,800 $ 340 $ 318 7,427 $ 129 $ 111 Consumer mortgage Mortgage Finance (b) 10 4 4 1 — — Mortgage — Legacy (c) 32 4 4 20 3 3 Total consumer mortgage 42 8 8 21 3 3 Total consumer 22,842 348 326 7,448 132 114 Commercial Commercial and industrial Automotive 1 7 7 6 41 41 Total commercial 1 7 7 6 41 41 Total consumer and commercial finance receivables and loans 22,843 $ 355 $ 333 7,454 $ 173 $ 155 |
Finance receivables and loans redefaulted during the period | The following table presents information about finance receivables and loans recorded at amortized cost that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2020 2019 Three months ended March 31, ($ in millions) Number of loans Amortized cost Charge-off amount Number of loans Amortized cost Charge-off amount Consumer automotive 1,164 $ 13 $ 9 2,209 $ 26 $ 16 Total consumer finance receivables and loans 1,164 $ 13 $ 9 2,209 $ 26 $ 16 |
Consumer portfolio segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable Credit Quality Indicators | In our automotive finance business, existing customers may elect to defer their loan payments for up to 120 days without late fees being incurred but with finance charges continuing to accrue. As of March 31, 2020, approximately 716,000 or approximately 18% of our existing consumer automotive customers had enrolled in this loan modification program, and approximately 71% of these enrolled customers had requested a 120-day deferral. Approximately 92% of these enrolled customers were considered current on their loans at the time of enrollment. For new consumer automotive loans, customers are provided with the option to defer their first payment for 90 days without late fees being incurred but with finance charges accruing. In our mortgage-lending business, existing customers experiencing financial hardship due to an interruption of income related to the COVID-19 pandemic may elect to defer their loan payments for up to 120 days without late fees being incurred but with interest continuing to accrue. As of March 31, 2020, approximately 1,200 or approximately 3% of our existing mortgage-lending customers had enrolled in this program. Approximately 92% of these enrolled customers were considered current on their loans at the time of enrollment. In our personal-lending business, existing customers experiencing financial hardship due to the COVID-19 pandemic may elect to defer their loan payments for up to 120 days without late fees being incurred or finance charges continuing to accrue. As of March 31, 2020, approximately 900 or approximately 1% of our existing personal-lending customers had enrolled in this loan modification program. In addition to this program, we have temporarily suspended late fees for all customers with current accounts. In accordance with regulatory guidance, if borrowers are less than 30 days past due on their loans and enter into loan modifications offered as a result of COVID-19, their loans generally continue to be considered performing loans and continue to accrue interest during the period of the loan modification. For borrowers who are 30 days or more past due when entering into loan modifications offered as a result of COVID-19, we evaluate the loan modifications under our existing troubled debt restructuring framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. For all borrowers who enroll in these loan modification programs offered as a result of COVID-19, the delinquency status of the borrowers is frozen, resulting in a static delinquency metric during the deferral period. Upon exiting the deferral program, the measurement of loan delinquency will resume where it had left off upon entry into the program. The following table presents the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at March 31, 2020 , and origination year. Origination year Revolving loans converted to term March 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Consumer automotive Current $ 8,101 $ 25,291 $ 16,702 $ 10,336 $ 5,784 $ 3,499 $ — $ — $ 69,713 30–59 days past due 20 539 563 443 319 234 — — 2,118 60–89 days past due 1 136 160 125 88 63 — — 573 90 or more days past due — 84 120 95 73 56 — — 428 Total consumer automotive 8,122 26,050 17,545 10,999 6,264 3,852 — — 72,832 Consumer mortgage Mortgage Finance Current 536 3,245 2,757 3,498 1,329 4,496 — — 15,861 30–59 days past due 2 8 8 13 5 31 — — 67 60–89 days past due — — 2 1 1 6 — — 10 90 or more days past due — — 2 3 1 5 — — 11 Total Mortgage Finance 538 3,253 2,769 3,515 1,336 4,538 — — 15,949 Mortgage — Legacy Current — — — — — 518 360 130 1,008 30–59 days past due — — — — — 16 4 1 21 60–89 days past due — — — — — 4 1 1 6 90 or more days past due — — — — — 18 7 1 26 Total Mortgage — Legacy — — — — — 556 372 133 1,061 Total consumer mortgage 538 3,253 2,769 3,515 1,336 5,094 372 133 17,010 Consumer other Current 58 108 32 8 2 — — — 208 30–59 days past due — 1 1 1 — — — — 3 60–89 days past due — 1 1 — — — — — 2 90 or more days past due — 1 — — — — — — 1 Total consumer other (a) 58 111 34 9 2 — — — 214 Total consumer $ 8,718 $ 29,414 $ 20,348 $ 14,523 $ 7,602 $ 8,946 $ 372 $ 133 $ 90,056 (a) Excludes $10 million of finance receivables at March 31, 2020 , for which we have elected the fair value option. |
Past Due Financing Receivables | The following table presents an analysis of our past-due finance receivables and loans recorded at amortized cost basis at December 31, 2019. ($ 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 December 31, 2019 Consumer automotive $ 2,185 $ 590 $ 367 $ 3,142 $ 69,248 $ 72,390 Consumer mortgage Mortgage Finance 56 11 9 76 16,105 16,181 Mortgage — Legacy 25 8 28 61 1,080 1,141 Total consumer mortgage 81 19 37 137 17,185 17,322 Consumer other (a) 3 2 2 7 194 201 Total consumer $ 2,269 $ 611 $ 406 $ 3,286 $ 86,627 $ 89,913 (a) Excludes $11 million of finance receivables at December 31, 2019 |
Commercial portfolio segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable Credit Quality Indicators | The following table presents the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating at March 31, 2020 , and origination year. Origination year Revolving loans converted to term March 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 105 $ 302 $ 128 $ 121 $ 81 $ 83 $ 22,885 $ — $ 23,705 Special mention 1 16 45 58 32 16 3,399 — 3,567 Substandard — — — — — — 85 — 85 Doubtful — — 1 2 — — 34 — 37 Total automotive 106 318 174 181 113 99 26,403 — 27,394 Other Pass 178 808 440 310 118 150 2,605 118 4,727 Special mention — 47 202 246 96 97 230 35 953 Substandard — — — 21 — 134 10 9 174 Doubtful — — — — — 22 2 — 24 Total other 178 855 642 577 214 403 2,847 162 5,878 Commercial real estate Pass 204 1,046 951 647 769 864 — 1 4,482 Special mention 15 59 58 55 79 43 — — 309 Substandard — — — 3 — 3 — — 6 Doubtful — — — — 2 2 — — 4 Total commercial real estate 219 1,105 1,009 705 850 912 — 1 4,801 Total commercial $ 503 $ 2,278 $ 1,825 $ 1,463 $ 1,177 $ 1,414 $ 29,250 $ 163 $ 38,073 |
Past Due Financing Receivables | The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ 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 March 31, 2020 Commercial Commercial and industrial Automotive $ — $ — $ 38 $ 38 $ 27,356 $ 27,394 Other — — — — 5,878 5,878 Commercial real estate — — 4 4 4,797 4,801 Total commercial $ — $ — $ 42 $ 42 $ 38,031 $ 38,073 December 31, 2019 Commercial Commercial and industrial Automotive $ 34 $ — $ 28 $ 62 $ 28,270 $ 28,332 Other — — 17 17 4,997 5,014 Commercial real estate — — 4 4 4,957 4,961 Total commercial $ 34 $ — $ 49 $ 83 $ 38,224 $ 38,307 |
Leasing (Tables)
Leasing (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Investment in Operating Leases | The following table details our total investment in operating leases. ($ in millions) March 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 142 $ 168 Finance lease right-of-use assets 48 — Total lease right-of-use assets (a) $ 190 $ 168 Liabilities Operating lease liabilities $ 170 $ 196 Finance lease liabilities 49 — Total lease liabilities (b) $ 219 $ 196 (a) Included in other assets on our Condensed Consolidated Balance Sheet . (b) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet . |
Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2020 , and that have noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 38 2021 42 2022 28 2023 18 2024 13 2025 and thereafter 45 Total undiscounted cash flows 184 Difference between undiscounted cash flows and discounted cash flows (14 ) Total lease liability $ 170 |
Lease, Cost | The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2020 2019 Operating lease expense $ 13 $ 11 Variable lease expense 2 2 Total lease expense, net (a) $ 15 $ 13 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income . |
Schedule of Property Subject to or Available for Operating Lease | The following table details our investment in operating leases. ($ in millions) March 31, 2020 December 31, 2019 Vehicles $ 10,589 $ 10,426 Accumulated depreciation (1,525 ) (1,562 ) Investment in operating leases, net $ 9,064 $ 8,864 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 1,029 2021 1,009 2022 528 2023 153 2024 12 2025 and thereafter — Total lease payments from operating leases $ 2,731 |
Depreciation Expense on Operating Lease Assets | We recognized operating lease revenue of $367 million for the three months ended March 31, 2020 , and $361 million for the three months ended March 31, 2019 . Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three Months Ended March 31, ($ in millions) 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 250 $ 261 Remarketing gains, net (2 ) (15 ) Net depreciation expense on operating lease assets $ 248 $ 246 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million during the three months ended March 31, 2020 , and $4 million during the three months ended March 31, 2019 . |
Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2020 . ($ in millions) 2020 $ 118 2021 150 2022 102 2023 69 2024 40 2025 and thereafter 25 Total undiscounted cash flows 504 Difference between undiscounted cash flows and discounted cash flows (48 ) Present value of lease payments recorded as lease receivable $ 456 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 On-balance sheet variable interest entities Consumer automotive $ 21,106 (b) $ 5,161 (c) Commercial automotive 7,497 3,050 Off-balance-sheet variable interest entities Consumer automotive 18 (d) — $ 340 $ 358 (e) Commercial other 1,159 (f) 414 (g) — 1,435 (h) Total $ 29,780 $ 8,625 $ 340 $ 1,793 December 31, 2019 On-balance sheet variable interest entities Consumer automotive $ 20,376 (b) $ 6,070 (c) Commercial automotive 8,009 3,049 Off-balance-sheet variable interest entities Consumer automotive (i) 23 (d) — $ 417 $ 440 (e) Commercial other 1,079 (f) 378 (g) — 1,397 (h) Total $ 29,487 $ 9,497 $ 417 $ 1,837 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $9.4 billion and $9.0 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2020 , and December 31, 2019 , respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $51 million and $21 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2020 , and December 31, 2019 , respectively. (d) Represents retained notes and certificated residual interests, of which $17 million and $21 million were classified as held-to-maturity securities at March 31, 2020 , and December 31, 2019 , respectively, and $1 million and $2 million were classified as other assets at March 31, 2020 , and December 31, 2019 . These assets represent our five percent interest in the credit risk of the assets underlying asset-backed securitizations. (e) 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, warranty, and covenant provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss. (f) Amounts are classified as other assets. (g) Amounts are classified as accrued expenses and other liabilities. (h) 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 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. (i) During the year ended December 31, 2019 , we indicated our intent to exercise a clean-up call option related to a nonconsolidated securitization-related VIE. The option enables 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 VIE, which included $48 million of consumer automotive loans and $45 million of related debt, and the VIE was consolidated on our Condensed Consolidated Balance Sheet. The related amounts were removed from assets sold to nonconsolidated VIEs and maximum exposure to loss in nonconsolidated VIEs. |
Schedule Of Cash Flow Received And Paid To Nonconsolidated Securitization Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the three months ended March 31, 2020 , and 2019 . Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Three months ended March 31, ($ in millions) Consumer automotive 2020 Cash flows received on retained interests in securitization entities $ 4 Servicing fees 1 2019 Cash flows received on retained interests in securitization entities $ 7 Servicing fees 3 Cash disbursements for repurchases during the period (1 ) |
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) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Off-balance-sheet securitization entities Consumer automotive $ 340 $ 417 $ 6 $ 6 Whole-loan sales (a) Consumer automotive 139 207 2 2 Total $ 479 $ 624 $ 8 $ 8 (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 March 31, ($ in millions) 2020 2019 Off-balance-sheet securitization entities Consumer automotive $ 1 $ 2 Total $ 1 $ 2 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. ($ in millions) March 31, 2020 December 31, 2019 Property and equipment at cost $ 1,355 $ 1,332 Accumulated depreciation (714 ) (686 ) Net property and equipment 641 646 Nonmarketable equity investments (a) 1,324 1,232 Other accounts receivable (b) 1,303 117 Investment in qualified affordable housing projects (c) 924 830 Restricted cash held for securitization trusts (d) 843 738 Accrued interest, fees, and rent receivables 669 589 Goodwill 393 393 Equity-method investments (e) 350 358 Net deferred tax assets 227 58 Net intangible assets (f) 64 69 Restricted cash and cash equivalents (g) 62 87 Fair value of derivative contracts in receivable position (h) 10 64 Other assets 1,168 892 Total other assets $ 7,978 $ 6,073 (a) Includes investments in FHLB stock of $793 million and $701 million at March 31, 2020 , and December 31, 2019 , respectively; FRB stock of $449 million at both March 31, 2020 , and December 31, 2019 ; and equity securities without a readily determinable fair value of $82 million at both March 31, 2020 , and December 31, 2019 , measured at cost with adjustments for impairment and observable changes in price. During the three months ended March 31, 2020, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value. Through March 31, 2020 , we recorded $10 million of cumulative upward adjustments and $7 million of cumulative impairments and downward adjustments related to equity securities without a readily determinable fair value held at March 31, 2020 . (b) Primarily represents the proceeds from the sale of investment securities that have not settled as of the balance sheet date. (c) Investment in qualified affordable housing projects are accounted for using the proportional amortization method of accounting and include $408 million and $372 million of unfunded commitments to provide additional capital contributions to investees at March 31, 2020, and December 31, 2019. Substantially all of the unfunded commitments at March 31, 2020 are expected to be paid out over the next five years. (d) Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (e) Primarily relates to investments made in connection with our CRA program. (f) Includes gross intangible assets of $111 million at both March 31, 2020 , and December 31, 2019 , and accumulated amortization of $47 million and $42 million at March 31, 2020 , and December 31, 2019 , respectively. (g) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (h) For additional information on derivative instruments and hedging activities, refer to Note 18 . There were no changes to the carrying amount of goodwill for the period. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2019 $ 20 $ 27 $ 346 $ 393 Goodwill at March 31, 2020 $ 20 $ 27 $ 346 $ 393 (a) Includes $153 million of goodwill arising from the acquisition of Health Credit Services and $193 million of goodwill associated with Ally Invest at both March 31, 2020 , and December 31, 2019 . For additional information on the acquisition of Health Credit Services, refer to Note 2 . |
Schedule of Goodwill | ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2019 $ 20 $ 27 $ 346 $ 393 Goodwill at March 31, 2020 $ 20 $ 27 $ 346 $ 393 |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposit Liabilities, Type | Deposit liabilities consisted of the following. ($ in millions) March 31, 2020 December 31, 2019 Noninterest-bearing deposits $ 139 $ 119 Interest-bearing deposits Savings and money-market checking accounts 62,851 62,486 Certificates of deposit 59,333 58,146 Other deposits 1 1 Total deposit liabilities $ 122,324 $ 120,752 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. March 31, 2020 December 31, 2019 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes $ 2,377 $ — $ 2,377 $ 2,581 $ — $ 2,581 Federal Home Loan Bank — 6,634 6,634 — 2,950 2,950 Securities sold under agreements to repurchase — 482 482 — — — Total short-term borrowings $ 2,377 $ 7,116 $ 9,493 $ 2,581 $ 2,950 $ 5,531 (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. March 31, 2020 December 31, 2019 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 477 $ 7,211 $ 7,688 $ 2,214 $ 7,005 $ 9,219 Due after one year 9,167 14,211 23,378 8,990 15,818 24,808 Total long-term debt (b) (c) $ 9,644 $ 21,422 $ 31,066 $ 11,204 $ 22,823 $ 34,027 (a) Includes basis adjustments related to the application of hedge accounting. (b) Includes $2.6 billion of trust preferred securities at both March 31, 2020 , and December 31, 2019 . (c) Includes advances net of hedge basis adjustment from the FHLB of Pittsburgh of $12.1 billion and $13.3 billion at March 31, 2020 , and December 31, 2019 , respectively. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at March 31, 2020 , assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2020 2021 2022 2023 2024 2025 and thereafter Total Unsecured Long-term debt $ 507 $ 703 $ 1,125 $ 27 $ 1,475 $ 6,896 $ 10,733 Original issue discount (34 ) (49 ) (53 ) (60 ) (67 ) (826 ) (1,089 ) Total unsecured 473 654 1,072 (33 ) 1,408 6,070 9,644 Secured Long-term debt 5,847 8,625 5,843 795 207 105 21,422 Total long-term debt $ 6,320 $ 9,279 $ 6,915 $ 762 $ 1,615 $ 6,175 $ 31,066 |
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. March 31, 2020 December 31, 2019 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Investment securities (b) $ 4,043 $ 4,043 $ 2,698 $ 2,698 Mortgage assets held-for-investment and lending receivables 16,829 16,829 17,135 17,135 Consumer automotive finance receivables 14,911 12,520 13,481 11,534 Commercial automotive finance receivables 12,298 12,298 12,890 12,890 Total assets restricted as collateral (c) (d) $ 48,081 $ 45,690 $ 46,204 $ 44,257 Secured debt $ 28,538 (e) $ 26,410 $ 25,773 (e) $ 24,069 (a) Ally Bank is a component of the total column. (b) A portion of the restricted investment securities at March 31, 2020 , was 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 $25.2 billion and $24.8 billion at March 31, 2020 , and December 31, 2019 , 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 and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both March 31, 2020 , and December 31, 2019 . 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 11 for additional information. (e) Includes $7.1 billion and $3.0 billion of short-term borrowings at March 31, 2020 , and December 31, 2019 , respectively. |
Schedule Of Committed Funding Facilities | Committed Secured Credit Facilities Outstanding Unused capacity (a) Total capacity ($ in millions) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Parent funding Secured $ 1,180 $ 450 $ 370 $ 2,050 $ 1,550 $ 2,500 Total committed secured credit facilities $ 1,180 $ 450 $ 370 $ 2,050 $ 1,550 $ 2,500 (a) Funding from committed secured credit 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) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | The components of accrued expenses and other liabilities were as follows. ($ in millions) March 31, 2020 December 31, 2019 Accounts payable $ 761 $ 535 Unfunded commitments for investment in qualified affordable housing projects 408 372 Employee compensation and benefits 192 296 Reserves for insurance losses and loss adjustment expenses 142 122 Deferred revenue 54 36 Cash collateral received from counterparties 19 48 Net deferred tax liabilities 12 67 Fair value of derivative contracts in payable position (a) 7 5 Other liabilities 515 491 Total accrued expenses and other liabilities $ 2,110 $ 1,972 (a) For additional information on derivative instruments and hedging activities, refer to Note 18 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 income (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 income (loss) Balance at December 31, 2018 $ (481 ) $ 18 $ 19 $ (95 ) $ (539 ) Cumulative effect of changes in accounting principles, net of tax Adoption of Accounting Standards Update 2017-08 (c) 8 — — — 8 Balance at January 1, 2019 (473 ) 18 19 (95 ) (531 ) Net change 315 — (8 ) (1 ) 306 Balance at March 31, 2019 $ (158 ) $ 18 $ 11 $ (96 ) $ (225 ) Balance at December 31, 2019 $ 208 $ 19 $ 2 $ (106 ) $ 123 Net change 453 (1 ) 128 3 583 Balance at March 31, 2020 $ 661 $ 18 $ 130 $ (103 ) $ 706 (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 18 . (c) Refer to the section titled Recently Adopted Accounting Standards in Note 1 to the Consolidated Financial Statements in our 2019 Annual Report on Form 10-K 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 income (loss). Three months ended March 31, 2020 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 702 $ (168 ) $ 534 Less: Net realized gains reclassified to income from continuing operations 105 (a) (24 ) (b) 81 Net change 597 (144 ) 453 Translation adjustments Net unrealized losses arising during the period (13 ) 3 (10 ) Net investment hedges (c) Net unrealized gains arising during the period 12 (3 ) 9 Cash flow hedges (c) Net unrealized gains arising during the period 169 (41 ) 128 Defined benefit pension plans Net unrealized gains arising during the period 4 (1 ) 3 Other comprehensive income $ 769 $ (186 ) $ 583 (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 18 . Three months ended March 31, 2019 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 421 $ (99 ) $ 322 Less: Net realized gains reclassified to income from continuing operations 9 (a) (2 ) (b) 7 Net change 412 (97 ) 315 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 (5 ) 1 (4 ) Less: Net realized gains reclassified to income from continuing operations 5 (1 ) 4 Net change (10 ) 2 (8 ) Defined benefit pension plans Net unrealized losses arising during the period (1 ) — (1 ) Other comprehensive income $ 401 $ (95 ) $ 306 (a) Includes gains reclassified to other gain (loss) 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 18 . |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, ($ in millions, except per share data; shares in thousands) (a) 2020 2019 Net (loss) income from continuing operations $ (319 ) $ 375 Loss from discontinued operations, net of tax — (1 ) Net (loss) income attributable to common stockholders $ (319 ) $ 374 Basic weighted-average common shares outstanding (b) 375,723 404,129 Diluted weighted-average common shares outstanding (b) (c) 375,723 405,959 Basic earnings per common share Net (loss) income from continuing operations $ (0.85 ) $ 0.93 Net (loss) income (0.85 ) 0.93 Diluted earnings per common share Net (loss) income from continuing operations (0.85 ) 0.92 Net (loss) income $ (0.85 ) $ 0.92 (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 . (c) Due to the antidilutive effect of the net loss from continuing operations for the three months ended March 31, 2020, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share . During the three months ended March 31, 2020, there were 1.8 million in share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months ended March 31, 2019. |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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. March 31, 2020 December 31, 2019 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. $ 13,544 9.27 % $ 13,837 9.54 % 4.50 % (b) Ally Bank 16,433 12.00 16,627 12.30 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,952 10.92 % $ 16,271 11.22 % 6.00 % 6.00 % Ally Bank 16,433 12.00 16,627 12.30 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 18,645 12.76 % $ 18,506 12.76 % 8.00 % 10.00 % Ally Bank 18,145 13.25 17,854 13.21 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 15,952 8.92 % $ 16,271 9.08 % 4.00 % (b) Ally Bank 16,433 9.87 16,627 10.01 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the 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 2.5% at both March 31, 2020 , and December 31, 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 and distributions to our common stockholders over the last five quarters. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2019 First quarter $ 211 8,113 404,900 399,761 $ 0.17 Second quarter 229 7,775 399,761 392,775 0.17 Third quarter 300 9,287 392,775 383,523 0.17 Fourth quarter 299 9,554 383,523 374,332 0.17 2020 First quarter $ 104 3,838 374,332 373,155 $ 0.19 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program for the remaining period of the first quarter and for the second quarter of 2020. Refer to the discussion below for further details about this action. (c) On April 16, 2020 , our Board declared a quarterly cash dividend of $0.19 per share on all common stock, payable on May 15, 2020 . Refer to Note 24 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet . The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated collateral exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet . Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. March 31, 2020 December 31, 2019 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 11,215 $ — $ — $ 17,101 Purchased options — — — 62 — 14,100 Foreign exchange contracts Forwards — 3 131 — 3 157 Total derivatives designated as accounting hedges — 3 11,346 62 3 31,358 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 470 — — — Futures and forwards — — 63 — — 81 Written options 8 2 1,503 2 — 522 Purchased options 2 — 1,152 — — 416 Total interest rate risk 10 2 3,188 2 — 1,019 Foreign exchange contracts Futures and forwards — 2 104 — 2 112 Total foreign exchange risk — 2 104 — 2 112 Total derivatives not designated as accounting hedges 10 4 3,292 2 2 1,131 Total derivatives $ 10 $ 7 $ 14,638 $ 64 $ 5 $ 32,489 |
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) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Assets Available-for-sale securities (b) (c) $ 1,263 $ 1,217 $ 48 $ 18 $ 13 $ 18 Finance receivables and loans, net (d) 39,948 33,312 370 135 92 44 Liabilities Long-term debt $ 10,005 $ 11,995 $ 193 $ 24 $ 193 $ 127 (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 and includes $588 million and $230 million at March 31, 2020 , and December 31, 2019 , respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) The amount that is identified as the last of layer in the open hedge relationship was $490 million as of March 31, 2020 . The basis adjustment associated with the open last of layer relationship was a $20 million asset as of March 31, 2020, which would be allocated across the entire remaining pool upon termination, or maturity, of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $200 million as of both March 31, 2020 , and December 31, 2019 . The basis adjustment associated with the discontinued last of layer relationship was a $2 million asset as of both March 31, 2020 , and December 31, 2019 , which was allocated across the entire remaining pool upon termination of the hedge relationship. There were no open last-of-layer relationships at December 31, 2019 . (d) The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $10.2 billion at both March 31, 2020 , and December 31, 2019 . The basis adjustment associated with the open last-of-layer relationship was a $278 million asset as of March 31, 2020 , and a $91 million asset as of December 31, 2019 , which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $17.5 billion at March 31, 2020 , and $12.8 billion at December 31, 2019 , respectively. The basis adjustment associated with the discontinued last-of-layer relationship was a $92 million asset and $43 million asset as of March 31, 2020 , and December 31, 2019 , respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship. |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income . Three months ended March 31, ($ in millions) 2020 2019 Gain (loss) recognized in earnings Interest rate contracts (Loss) gain on mortgage and automotive loans, net $ (15 ) $ 1 Other income, net of losses — (5 ) Total interest rate contracts (15 ) (4 ) Foreign exchange contracts Other income, net of losses 8 (1 ) Total foreign exchange contracts 8 (1 ) Total loss recognized in earnings $ (7 ) $ (5 ) |
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments | The following table summarizes the location and amounts of gains and losses 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 March 31, ($ in millions) 2020 2019 2020 2019 2020 2019 2020 2019 (Loss) gain on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ (170 ) $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — 170 — Hedged available-for-sale securities — — 41 10 — — — — Derivatives designated as hedging instruments on available-for-sale securities — — (41 ) (10 ) — — — — Hedged fixed-rate consumer automotive loans 248 43 — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (248 ) (43 ) — — — — — — Total (loss) gain on fair value hedging relationships — — — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable rate commercial loans Reclassified from accumulated other comprehensive income into income 3 — — — — — — — Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — (3 ) 1 — — Hedged variable-rate borrowings Reclassified from accumulated other comprehensive income into income — — — — — — — 4 Total gain (loss) on cash flow hedging relationships $ 3 $ — $ — $ — $ (3 ) $ 1 $ — $ 4 Total amounts presented in the Consolidated Statement of Income $ 1,742 $ 1,807 $ 226 $ 240 $ 592 $ 592 $ 348 $ 419 |
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 long-term debt Three months ended March 31, ($ in millions) 2020 2019 2020 2019 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 6 $ 6 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — (6 ) (6 ) Amortization of deferred basis adjustments of available-for-sale securities — — (1 ) — — — Amortization of deferred loan basis adjustments (13 ) (4 ) — — — — Interest for qualifying accounting hedges of consumer automotive loans held-for-investment (9 ) 6 — — — — Total (loss) gain on fair value hedging relationships (22 ) 2 (1 ) — — — Gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of variable-rate commercial loans 1 — — — — — Total gain on cash flow hedging relationships $ 1 $ — $ — $ — $ — $ — |
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 income (loss). Three months ended March 31, ($ in millions) 2020 2019 Interest rate contracts Gain (loss) recognized in other comprehensive income (loss) $ 169 $ (10 ) |
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 income (loss) and the Condensed Consolidated Statement of Comprehensive Income . Three months ended March 31, ($ in millions) 2020 2019 Foreign exchange contracts (a) (b) Gain (loss) recognized in other comprehensive income (loss) $ 12 $ (2 ) (a) There were no amounts excluded from effectiveness testing for the three months ended March 31, 2020 , or 2019 . (b) Gains and losses reclassified from accumulated other comprehensive income (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 ended March 31, 2020 , or 2019 . |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | 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 March 31, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 937 $ — $ 4 $ 941 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 806 — — 806 U.S. States and political subdivisions — 706 3 709 Foreign government 12 168 — 180 Agency mortgage-backed residential — 21,533 — 21,533 Mortgage-backed residential — 2,948 — 2,948 Agency mortgage-backed commercial — 1,447 — 1,447 Mortgage-backed commercial — 37 — 37 Asset-backed — 329 — 329 Corporate debt — 1,192 — 1,192 Total available-for-sale securities 818 28,360 3 29,181 Mortgage loans held-for-sale (b) — — 68 68 Finance receivables and loans, net Consumer other (b) — — 10 10 Interests retained in financial asset sales — — 1 1 Derivative contracts in a receivable position Interest rate — 2 8 10 Total derivative contracts in a receivable position — 2 8 10 Total assets $ 1,755 $ 28,362 $ 94 $ 30,211 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ 2 $ — $ 2 Foreign currency — 5 $ — 5 Total derivative contracts in a payable position — 7 — 7 Total liabilities $ — $ 7 $ — $ 7 (a) Our direct investment in any one industry did not exceed 8% . (b) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2019 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 608 $ — $ 8 $ 616 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,047 1 — 2,048 U.S. States and political subdivisions — 639 2 641 Foreign government 15 171 — 186 Agency mortgage-backed residential — 21,404 — 21,404 Mortgage-backed residential — 2,850 — 2,850 Agency mortgage-backed commercial — 1,382 — 1,382 Mortgage-backed commercial — 42 — 42 Asset-backed — 368 — 368 Corporate debt — 1,363 — 1,363 Total available-for-sale securities 2,062 28,220 2 30,284 Mortgage loans held-for-sale (b) — — 30 30 Finance receivables and loans, net Consumer other (b) — — 11 11 Interests retained in financial asset sales — — 2 2 Derivative contracts in a receivable position Interest rate — 62 2 64 Total derivative contracts in a receivable position — 62 2 64 Total assets $ 2,670 $ 28,282 $ 55 $ 31,007 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 5 $ — $ 5 Total derivative contracts in a payable position — 5 — 5 Total liabilities $ — $ 5 $ — $ 5 (a) Our investment in any one industry did not exceed 13% . (b) Carried at fair value due to fair value option elections. |
Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation | 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 (losses) gains Fair value at Mar. 31, 2020 Net unrealized (losses) gains still held at March 31, 2020 ($ in millions) Fair value at Jan. 1, 2020 included in earnings included in OCI Purchases Sales Issuances Settlements included in earnings included in OCI Assets Investment securities Equity securities $ 8 $ (4 ) (a) $ — $ — $ — $ — $ — $ 4 $ (4 ) $ — Available-for-sale securities 2 — — 1 — — — 3 — — Mortgage loans held-for-sale (b) 30 5 (c) — 302 (269 ) — — 68 1 — Finance receivables and loans, net (b) 11 (1 ) (d) — 6 — — (6 ) 10 — — Other assets Interests retained in financial asset sales 2 — — — — — (1 ) 1 — — Derivative assets 2 6 (c) — — — — — 8 6 — Total assets $ 55 $ 6 $ — $ 309 $ (269 ) $ — $ (7 ) $ 94 $ 3 $ — (a) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (b) Carried at fair value due to fair value option elections. (c) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . (d) Reported as interest and fees on finance receivables and loans and other income, net of losses in the Condensed Consolidated Statement of Comprehensive Income . Level 3 recurring fair value measurements Net realized/unrealized gains Fair value at Mar. 31, 2019 Net unrealized gains still held at March 31, 2019 ($ in millions) Fair value at Jan. 1, 2019 included in earnings included in OCI Purchases Sales Issuances Settlements included in earnings included in OCI Assets Equity securities $ 7 $ 4 (a) $ — $ — $ — $ — $ — $ 11 $ 4 $ — Mortgage loans held-for-sale (b) 8 1 (c) — 90 (84 ) — — 15 — — Other assets Interests retained in financial asset sales 4 — — — — — — 4 — — Derivative assets — 2 (c) — — — — — 2 2 — Total assets $ 19 $ 7 $ — $ 90 $ (84 ) $ — $ — $ 32 $ 6 $ — (a) Reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income . (b) Carried at fair value due to fair value option elections. (c) Reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income . |
Fair Value Measurements - Nonrecurring Basis | The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2020 , and December 31, 2019 , respectively. The amounts are as of the end of each period presented, which approximate the fair value measurements that occurred during each period. Nonrecurring fair value measurements Lower-of-cost or fair value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings March 31, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 167 $ 167 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 75 75 (18 ) n/m (a) Other — — 55 55 (40 ) n/m (a) Total commercial finance receivables and loans, net — — 130 130 (58 ) n/m (a) Other assets Nonmarketable equity investments — — 7 7 (3 ) n/m (a) Repossessed and foreclosed assets (c) — — 13 13 (1 ) n/m (a) Total assets $ — $ — $ 317 $ 317 $ (62 ) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 allowance, loan loss allowance, or cumulative impairment. (b) Represents the portion of the portfolio specifically impaired during 2020 . 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 reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2019 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 128 $ 128 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 64 64 (12 ) n/m (a) Other — — 45 45 (21 ) n/m (a) Total commercial finance receivables and loans, net — — 109 109 (33 ) n/m (a) Other assets Nonmarketable equity investments — 5 7 12 — n/m (a) Equity-method investments — — 4 4 (6 ) n/m (a) Repossessed and foreclosed assets (c) — — 12 12 (1 ) n/m (a) Total assets $ — $ 5 $ 260 $ 265 $ (40 ) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 allowance, loan loss allowance, or cumulative impairment. (b) Represents the portion of the portfolio specifically impaired during 2019 . 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 | 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 March 31, 2020 , and December 31, 2019 . Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total March 31, 2020 Financial assets Held-to-maturity securities $ 1,497 $ — $ 1,580 $ — $ 1,580 Loans held-for-sale, net 167 — — 167 167 Finance receivables and loans, net 124,884 — — 129,594 129,594 FHLB/FRB stock (a) 1,242 — 1,242 — 1,242 Financial liabilities Deposit liabilities $ 61,333 $ — $ — $ 62,368 $ 62,368 Short-term borrowings 9,493 — — 9,494 9,494 Long-term debt 31,066 — 18,316 13,848 32,164 December 31, 2019 Financial assets Held-to-maturity securities $ 1,568 $ — $ 1,600 $ — $ 1,600 Loans held-for-sale, net 128 — — 128 128 Finance receivables and loans, net 126,957 — — 130,837 130,837 FHLB/FRB stock (a) 1,150 — 1,150 — 1,150 Financial liabilities Deposit liabilities $ 60,146 $ — $ — $ 60,678 $ 60,678 Short-term borrowings 5,531 — — 5,532 5,532 Long-term debt 34,027 — 22,789 14,138 36,927 (a) Included in other assets on our Condensed Consolidated Balance Sheet . |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting [Abstract] | |
Offsetting Assets | 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 ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2020 Assets Derivative assets in net asset positions $ 2 $ — $ 2 $ — $ — $ 2 Derivative assets with no offsetting arrangements 8 — 8 — — 8 Total assets $ 10 $ — $ 10 $ — $ — $ 10 Liabilities Derivative liabilities in net liability positions $ 7 $ — $ 7 $ — $ (6 ) $ 1 Securities sold under agreements to repurchase (d) 482 — 482 — (482 ) — Total liabilities $ 489 $ — $ 489 $ — $ (488 ) $ 1 December 31, 2019 Assets Derivative assets in net asset positions $ 62 $ — $ 62 $ — $ (36 ) $ 26 Derivative assets with no offsetting arrangements 2 — 2 — — 2 Total assets $ 64 $ — $ 64 $ — $ (36 ) $ 28 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ — $ (4 ) $ 1 Total liabilities $ 5 $ — $ 5 $ — $ (4 ) $ 1 (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. There was $29 million of noncash derivative collateral pledged to us that was excluded at December 31, 2019 . 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 $29 million at December 31, 2019 . We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2019 . (d) For additional information on securities sold under agreements to repurchase, refer to Note 13 . |
Offsetting Liabilities | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2020 Assets Derivative assets in net asset positions $ 2 $ — $ 2 $ — $ — $ 2 Derivative assets with no offsetting arrangements 8 — 8 — — 8 Total assets $ 10 $ — $ 10 $ — $ — $ 10 Liabilities Derivative liabilities in net liability positions $ 7 $ — $ 7 $ — $ (6 ) $ 1 Securities sold under agreements to repurchase (d) 482 — 482 — (482 ) — Total liabilities $ 489 $ — $ 489 $ — $ (488 ) $ 1 December 31, 2019 Assets Derivative assets in net asset positions $ 62 $ — $ 62 $ — $ (36 ) $ 26 Derivative assets with no offsetting arrangements 2 — 2 — — 2 Total assets $ 64 $ — $ 64 $ — $ (36 ) $ 28 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ — $ (4 ) $ 1 Total liabilities $ 5 $ — $ 5 $ — $ (4 ) $ 1 (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. There was $29 million of noncash derivative collateral pledged to us that was excluded at December 31, 2019 . 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 $29 million at December 31, 2019 . We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2019 . (d) For additional information on securities sold under agreements to repurchase, refer to Note 13 . |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2020 Net financing revenue and other interest income $ 1,040 $ 14 $ 38 $ 68 $ (14 ) $ 1,146 Other revenue 47 137 10 13 59 266 Total net revenue 1,087 151 48 81 45 1,412 Provision for credit losses 766 — 1 114 22 903 Total noninterest expense 494 256 35 35 100 920 (Loss) income from continuing operations before income tax expense $ (173 ) $ (105 ) $ 12 $ (68 ) $ (77 ) $ (411 ) Total assets $ 111,554 $ 8,420 $ 16,135 $ 6,572 $ 39,846 $ 182,527 2019 Net financing revenue and other interest income $ 980 $ 12 $ 50 $ 54 $ 36 $ 1,132 Other revenue 68 360 2 11 25 466 Total net revenue 1,048 372 52 65 61 1,598 Provision for credit losses 262 — 2 23 (5 ) 282 Total noninterest expense 457 227 37 29 80 830 Income (loss) from continuing operations before income tax expense $ 329 $ 145 $ 13 $ 13 $ (14 ) $ 486 Total assets $ 115,789 $ 8,179 $ 16,301 $ 5,006 $ 34,842 $ 180,117 (a) Net financing revenue and other interest income after the provision for credit losses totaled $243 million and $850 million for the three months ended March 31, 2020 , and March 31, 2019 , respectively. |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ (13,399) | $ (13,519) | $ (13,699) | $ (14,416) | $ (13,266) | $ (13,268) |
Allowance for Loan and Lease Losses, Adjustments, Other | $ (1) | 1 | ||||
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | |||||
CECL scaling factor | 25.00% | |||||
Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | 1,017 | |||||
Allowance for Loan and Lease Losses, Adjustments, Other | 1,300 | |||||
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | |||||
CECL scaling factor | 25.00% | |||||
Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | 5,074 | $ 5,465 | $ 5,195 | $ 4,057 | $ 5,499 | $ 5,489 |
Accumulated Deficit | Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ 1,017 |
Acquisitions Acquistions (Detai
Acquisitions Acquistions (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Business Combinations [Abstract] | |
Cash consideration | $ 177 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 186 | $ 179 | ||
Other revenue | 266 | 466 | ||
Remarketing (gains) and losses, net | 2 | 15 | ||
Insurance premiums and service revenue earned | 277 | 261 | ||
Other gain on investments, net | (79) | 108 | ||
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 22 | ||
Other revenue | 59 | 25 | ||
Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 143 | 131 | ||
Unearned revenue, remaining performance obligation, amount | 2,900 | 2,700 | $ 2,900 | $ 2,600 |
Unearned revenue, revenue recognized | 214 | 199 | ||
Capitalized contract cost, net | 1,700 | 1,600 | $ 1,700 | $ 1,500 |
Capitalized contract cost, amortization | 125 | 111 | ||
Noninsurance contracts | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 18 | ||
Remarketing fee income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 17 | ||
Brokerage commissions and other revenue | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 17 | ||
Deposit account and other banking fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 5 | ||
Deposit account and other banking fees | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 5 | ||
Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 3 | ||
Brokered/agent commissions | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 5 | ||
Other | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Out of scope of Topic 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 80 | 287 | ||
Out of scope of Topic 606 | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 42 | 3 | ||
Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22 | 23 | ||
Other revenue | 47 | 68 | ||
Automotive Finance operations | Noninsurance contracts | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Remarketing fee income | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 18 | ||
Automotive Finance operations | Brokerage commissions and other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Deposit account and other banking fees | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Brokered/agent commissions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Automotive Finance operations | Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 5 | ||
Automotive Finance operations | Out of scope of Topic 606 | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 25 | 45 | ||
Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 147 | 134 | ||
Other revenue | 137 | 360 | ||
Insurance premiums and service revenue earned | 132 | |||
Other gain on investments, net | 142 | |||
Insurance operations | Noninsurance contracts | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 143 | 131 | ||
Insurance operations | Remarketing fee income | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Brokerage commissions and other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Deposit account and other banking fees | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Brokered/agent commissions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 3 | ||
Insurance operations | Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Insurance operations | Out of scope of Topic 606 | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | (10) | 226 | ||
Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other revenue | 10 | 2 | ||
Mortgage Finance operations | Noninsurance contracts | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Remarketing fee income | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Brokerage commissions and other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Deposit account and other banking fees | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Brokered/agent commissions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Mortgage Finance operations | Out of scope of Topic 606 | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 10 | 2 | ||
Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other revenue | 13 | 11 | ||
Corporate Finance operations | Noninsurance contracts | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Remarketing fee income | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Brokerage commissions and other revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Deposit account and other banking fees | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Brokered/agent commissions | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Corporate Finance operations | Out of scope of Topic 606 | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 13 | $ 11 | ||
2020 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 591 | |||
2021 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 714 | |||
2022 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 609 | |||
2023 | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | 476 | |||
2024 and thereafter | Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 498 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | ||
Late charges and other administrative fees | $ 21 | $ 29 |
Remarketing fees | 17 | 18 |
Servicing fees | 3 | 6 |
Income from equity-method investments | (1) | 4 |
Other income, net | 40 | 30 |
Total other income, net of losses | $ 80 | $ 87 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses (Rollforward of Reserves for Insurance Losses and Loss Adjustment Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross reserves for insurance losses and loss adjustment expenses | $ 122 | $ 134 |
Reinsurance recoverable | 88 | 96 |
Net reserves for insurance losses and loss adjustment expenses | 34 | 38 |
Net insurance losses and loss adjustment expenses, current year | 72 | 59 |
Net insurance losses and loss adjustment expenses, prior years | 2 | 0 |
Net insurance losses and loss adjustment expenses incurred | 74 | 59 |
Net insurance losses and loss adjustment expenses paid or payable, current year | (46) | (33) |
Net insurance losses and loss adjustment expenses paid or payable, prior years | (24) | (23) |
Total net insurance losses and loss adjustment expenses paid or payable | (70) | (56) |
Net reserves for insurance losses and loss adjustment expenses | 38 | 41 |
Reinsurance recoverable | 104 | 94 |
Gross reserves for insurance losses and loss adjustment expenses | $ 142 | $ 135 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expenses [Abstract] | ||
Insurance commissions | $ 126 | $ 114 |
Technology and communications | 79 | 77 |
Advertising and marketing | 44 | 48 |
Lease and loan administration | 38 | 39 |
Premises and equipment depreciation | 34 | 22 |
Professional services | 31 | 29 |
Regulatory and licensing fees | 29 | 28 |
Vehicle remarketing and repossession | 23 | 27 |
Occupancy | 16 | 13 |
Non-income taxes | 7 | 9 |
Amortization of intangible assets | 5 | 3 |
Other operating expenses | 54 | 44 |
Total other operating expenses | $ 486 | $ 453 |
Investment Securities (Investme
Investment Securities (Investment Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, fair value | $ 29,181 | $ 30,284 |
Debt securities, held-to-maturity, amortized cost | 1,497 | 1,568 |
Held-to-maturity securities, fair value | $ 1,580 | 1,600 |
Document Period End Date | Mar. 31, 2020 | |
Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Securities pledged for Federal Home Loan Bank, at fair value | $ 3,000 | 1,900 |
Securities, amount eligible to be repledged or sold by counterparty | 668 | 118 |
Operating Segments | Insurance operations | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Deposit securities | 12 | 12 |
US Treasury | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 785 | 2,059 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 21 | 6 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | (17) |
Debt securities, available-for-sale, fair value | 806 | 2,048 |
US States and political subdivisions | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 691 | 623 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 20 | 19 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (2) | (1) |
Debt securities, available-for-sale, fair value | 709 | 641 |
Foreign government | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 175 | 184 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 5 | 3 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | (1) |
Debt securities, available-for-sale, fair value | 180 | 186 |
Agency mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 1,480 | |
Agency mortgage-backed residential | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 20,702 | 21,183 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 831 | 257 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | (36) |
Debt securities, available-for-sale, fair value | 21,533 | 21,404 |
Agency mortgage-backed residential | Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 1,480 | 1,547 |
Debt securities, held-to-maturity, unrecognized gain | 83 | 38 |
Debt securities, held-to-maturity, unrecognized loss | 0 | (6) |
Held-to-maturity securities, fair value | 1,563 | 1,579 |
Mortgage-backed residential | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 2,968 | 2,841 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 34 | 20 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (54) | (11) |
Debt securities, available-for-sale, fair value | 2,948 | 2,850 |
Agency mortgage-backed commercial | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 1,333 | 1,344 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 114 | 44 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | (6) |
Debt securities, available-for-sale, fair value | 1,447 | 1,382 |
Mortgage-backed commercial | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 41 | 41 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 1 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (4) | 0 |
Debt securities, available-for-sale, fair value | 37 | 42 |
Asset-backed | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 17 | |
Asset-backed | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 333 | 365 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 0 | 3 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (4) | 0 |
Debt securities, available-for-sale, fair value | 329 | 368 |
Asset-backed | Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 17 | 21 |
Debt securities, held-to-maturity, unrecognized gain | 0 | 0 |
Debt securities, held-to-maturity, unrecognized loss | 0 | 0 |
Held-to-maturity securities, fair value | 17 | 21 |
Corporate debt | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 1,203 | 1,327 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 16 | 37 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (27) | (1) |
Debt securities, available-for-sale, fair value | 1,192 | 1,363 |
Available-for-sale debt securities | Available-for-sale securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 28,231 | 29,967 |
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 1,041 | 390 |
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (91) | (73) |
Debt securities, available-for-sale, fair value | 29,181 | 30,284 |
Accrued interest receivable | 90 | 98 |
Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost | 1,497 | 1,568 |
Debt securities, held-to-maturity, unrecognized gain | 83 | 38 |
Debt securities, held-to-maturity, unrecognized loss | 0 | (6) |
Held-to-maturity securities, fair value | 1,580 | 1,600 |
Accrued interest receivable | 3 | 3 |
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 | $ 1,200 | $ 915 |
Investment Securities (Invest_2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 29,181 | $ 30,284 |
Cash equivalents | 12 | 73 |
Held-to-maturity securities | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost, before other-than-temporary impairment | $ 1,497 | $ 1,568 |
Debt securities, held-to-maturity, yield | 3.20% | 3.20% |
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, one through five years, amortized Cost | $ 17 | $ 21 |
Debt securities, held-to-maturity, due after one year through five years, yield | 2.30% | 2.20% |
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 | $ 1,480 | $ 1,547 |
Debt securities, held-to-maturity, due after ten years, yield | 3.20% | 3.20% |
Available-for-sale securities | US Treasury | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 806 | $ 2,048 |
Debt securities, available-for-sale, yield | 1.20% | 1.50% |
Debt securities, available-for-sale, due in one year or less | $ 14 | $ 65 |
Debt securities, available-for-sale, due in one year or less, yield | 0.30% | 2.10% |
Debt securities, available-for-sale, due after one year through five years | $ 708 | $ 1,590 |
Debt securities, available-for-sale, due after one year through five years, yield | 1.20% | 1.40% |
Debt securities, available-for-sale, due after five years through ten years | $ 84 | $ 393 |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.70% | 1.70% |
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 | $ 785 | $ 2,059 |
Available-for-sale securities | US States and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 709 | $ 641 |
Debt securities, available-for-sale, yield | 3.10% | 3.10% |
Debt securities, available-for-sale, due in one year or less | $ 25 | $ 22 |
Debt securities, available-for-sale, due in one year or less, yield | 1.90% | 2.70% |
Debt securities, available-for-sale, due after one year through five years | $ 75 | $ 75 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.30% | 2.30% |
Debt securities, available-for-sale, due after five years through ten years | $ 160 | $ 159 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 2.80% |
Debt securities, available-for-sale, due after ten years | $ 449 | $ 385 |
Debt securities, available-for-sale, due after ten years, yield | 3.40% | 3.40% |
Debt securities, available-for-sale, amortized cost | $ 691 | $ 623 |
Available-for-sale securities | Foreign government | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 180 | $ 186 |
Debt securities, available-for-sale, yield | 1.90% | 1.90% |
Debt securities, available-for-sale, due in one year or less | $ 35 | $ 35 |
Debt securities, available-for-sale, due in one year or less, yield | 0.50% | 0.40% |
Debt securities, available-for-sale, due after one year through five years | $ 63 | $ 65 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.30% | 2.30% |
Debt securities, available-for-sale, due after five years through ten years | $ 82 | $ 86 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.30% | 2.30% |
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 | $ 175 | $ 184 |
Available-for-sale securities | Agency mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 21,533 | $ 21,404 |
Debt securities, available-for-sale, yield | 3.20% | 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 | $ 1 | $ 0 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.90% | 0.00% |
Debt securities, available-for-sale, due after five years through ten years | $ 47 | $ 47 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.00% | 2.00% |
Debt securities, available-for-sale, due after ten years | $ 21,485 | $ 21,357 |
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.20% |
Debt securities, available-for-sale, amortized cost | $ 20,702 | $ 21,183 |
Available-for-sale securities | Mortgage-backed residential | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 2,948 | $ 2,850 |
Debt securities, available-for-sale, yield | 3.30% | 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 | $ 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 | $ 2,948 | $ 2,850 |
Debt securities, available-for-sale, due after ten years, yield | 3.30% | 3.20% |
Debt securities, available-for-sale, amortized cost | $ 2,968 | $ 2,841 |
Available-for-sale securities | Agency mortgage-backed commercial | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 1,447 | $ 1,382 |
Debt securities, available-for-sale, yield | 2.80% | 2.90% |
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 | $ 3 |
Debt securities, available-for-sale, due after one year through five years, yield | 3.20% | 3.20% |
Debt securities, available-for-sale, due after five years through ten years | $ 1,175 | $ 1,109 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 3.00% |
Debt securities, available-for-sale, due after ten years | $ 269 | $ 270 |
Debt securities, available-for-sale, due after ten years, yield | 2.50% | 2.40% |
Debt securities, available-for-sale, amortized cost | $ 1,333 | $ 1,344 |
Available-for-sale securities | Mortgage-backed commercial | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 37 | $ 42 |
Debt securities, available-for-sale, yield | 3.50% | 3.50% |
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 | $ 37 | $ 42 |
Debt securities, available-for-sale, due after ten years, yield | 3.50% | 3.50% |
Debt securities, available-for-sale, amortized cost | $ 41 | $ 41 |
Available-for-sale securities | Asset-backed | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 329 | $ 368 |
Debt securities, available-for-sale, yield | 3.50% | 3.50% |
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 | $ 275 | $ 317 |
Debt securities, available-for-sale, due after one year through five years, yield | 3.60% | 3.60% |
Debt securities, available-for-sale, due after five years through ten years | $ 14 | $ 5 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 2.70% |
Debt securities, available-for-sale, due after ten years | $ 40 | $ 46 |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 3.00% |
Debt securities, available-for-sale, amortized cost | $ 333 | $ 365 |
Available-for-sale securities | Corporate debt | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 1,192 | $ 1,363 |
Debt securities, available-for-sale, yield | 3.10% | 3.20% |
Debt securities, available-for-sale, due in one year or less | $ 135 | $ 125 |
Debt securities, available-for-sale, due in one year or less, yield | 2.80% | 2.90% |
Debt securities, available-for-sale, due after one year through five years | $ 520 | $ 580 |
Debt securities, available-for-sale, due after one year through five years, yield | 3.00% | 3.00% |
Debt securities, available-for-sale, due after five years through ten years | $ 525 | $ 649 |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.30% | 3.40% |
Debt securities, available-for-sale, due after ten years | $ 12 | $ 9 |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 3.30% |
Debt securities, available-for-sale, amortized cost | $ 1,203 | $ 1,327 |
Available-for-sale securities | Available-for-sale debt securities | ||
Schedule of Investments [Line Items] | ||
Total available-for-sale debt securities | $ 29,181 | $ 30,284 |
Debt securities, available-for-sale, yield | 3.10% | 3.10% |
Debt securities, available-for-sale, due in one year or less | $ 209 | $ 247 |
Debt securities, available-for-sale, due in one year or less, yield | 2.20% | 2.30% |
Debt securities, available-for-sale, due after one year through five years | $ 1,645 | $ 2,630 |
Debt securities, available-for-sale, due after one year through five years, yield | 2.20% | 2.10% |
Debt securities, available-for-sale, due after five years through ten years | $ 2,087 | $ 2,448 |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 2.80% |
Debt securities, available-for-sale, due after ten years | $ 25,240 | $ 24,959 |
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.20% |
Debt securities, available-for-sale, amortized cost | $ 28,231 | $ 29,967 |
Debt securities, available-for-sale, maturity, within one year, amortized cost | 209 | 246 |
Debt securities, available-for-sale, maturity, after one through five years, amortized cost | 1,636 | 2,624 |
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost | 1,972 | 2,378 |
Debt securities, available-for-sale, maturity, after ten years, amortized cost | 24,414 | 24,719 |
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 | $ 1,480 | $ 1,547 |
Debt securities, held-to-maturity, yield | 3.20% | 3.20% |
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, 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 | $ 1,480 | $ 1,547 |
Debt securities, held-to-maturity, due after ten years, yield | 3.20% | 3.20% |
Held-to-maturity securities | Asset-backed | ||
Schedule of Investments [Line Items] | ||
Debt securities, held-to-maturity, amortized cost, before other-than-temporary impairment | $ 17 | $ 21 |
Debt securities, held-to-maturity, yield | 2.30% | 2.20% |
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, one through five years, amortized Cost | $ 17 | $ 21 |
Debt securities, held-to-maturity, due after one year through five years, yield | 2.30% | 2.20% |
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 | $ 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Taxable interest | $ 205 | $ 214 |
Taxable dividends | 5 | 3 |
Interest and dividends exempt from U.S. federal income tax | 3 | 5 |
Interest and dividends on investment securities and other earning assets | 226 | 240 |
Excludes other earning assets | ||
Interest and dividends on investment securities and other earning assets | $ 213 | $ 222 |
Investment Securities (Schedule
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities, gross realized gains | $ 105 | $ 10 |
Available-for-sale securities, gross realized losses | 0 | (1) |
Net realized gains on available-for-sale securities | 105 | 9 |
Net realized gain on equity securities | 1 | 29 |
Net unrealized (loss) gain on equity securities | (185) | 70 |
Other (loss) gain on investments, net | $ (79) | $ 108 |
Investment Securities Investmen
Investment Securities Investment securities (Investments Classified by Credit Rating) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,497 | $ 1,568 |
Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,480 | |
Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 17 | |
AAA Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 17 | |
AAA Rating | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | |
AAA Rating | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 17 | |
AA Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,480 | |
AA Rating | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,480 | |
AA Rating | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 0 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities [Line Items] | ||
Debt Securities, held-to-maturity, less than 12 Months, fair value | $ 283 | |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | (6) | |
Debt Securities, held-to-maturity, 12 Months or Longer, fair value | 3 | |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 0 | |
Debt securities, available-for-sale, fair value, less than 12 months | $ 2,446 | 7,012 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (85) | (46) |
Debt securities, available-for-sale, fair value, 12 months or longer | 53 | 1,450 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (6) | (27) |
US Treasury | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 3 | 1,267 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | 0 | (11) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 279 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | (6) |
US States and political subdivisions | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 96 | 72 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (1) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 5 | 5 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Foreign government | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 0 | 40 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | 0 | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 3 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Agency mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt Securities, held-to-maturity, less than 12 Months, fair value | 283 | |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | (6) | |
Debt Securities, held-to-maturity, 12 Months or Longer, fair value | 0 | |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 0 | |
Debt securities, available-for-sale, fair value, less than 12 months | 22 | 4,606 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | 0 | (23) |
Debt securities, available-for-sale, fair value, 12 months or longer | 11 | 908 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | (13) |
Mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 1,459 | 613 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (51) | (4) |
Debt securities, available-for-sale, fair value, 12 months or longer | 22 | 203 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (3) | (7) |
Agency mortgage-backed commercial | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 3 | 335 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | 0 | (6) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Mortgage-backed commercial | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 37 | 0 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (4) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Asset-backed | ||
Debt Securities [Line Items] | ||
Debt Securities, held-to-maturity, less than 12 Months, fair value | 0 | |
Debt securities, held-to-maturity, unrealized loss, less than 12 Months | 0 | |
Debt Securities, held-to-maturity, 12 Months or Longer, fair value | 3 | |
Debt securities, held-to-maturity, unrealized loss, 12 months or longer | 0 | |
Debt securities, available-for-sale, fair value, less than 12 months | 256 | 8 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (4) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 2 | 11 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Corporate debt | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 570 | 71 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (25) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 13 | 41 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | $ (2) | $ (1) |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 128,139 | $ 128,231 | $ 130,055 |
Unamortized premiums and discounts and deferred fees and costs | 2,100 | ||
Finance receivables and loans, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | 575 | 488 | |
Consumer portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 90,066 | 89,924 | |
Interest only mortgage percentage beginning principal amortization next year | 48.00% | ||
Consumer portfolio segment | Fair value | Finance receivables and loans, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, fair value | $ 10 | 11 | |
Consumer portfolio segment | Automotive loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 72,832 | 72,390 | 71,553 |
Consumer portfolio segment | Real estate-backed loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 17,010 | 17,322 | 17,658 |
Consumer portfolio segment | Mortgage Finance operations | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 15,949 | 16,181 | |
Interest-only mortgage loans | 10 | 11 | |
Consumer portfolio segment | Mortgage - Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 1,061 | 1,141 | |
Interest-only mortgage loans | $ 190 | 212 | |
Interest-only mortgage loans having exited the interest-only period | 99.00% | ||
Consumer portfolio segment | Other loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 224 | 212 | |
Commercial portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 38,073 | 38,307 | $ 40,844 |
Commercial portfolio segment | Automotive loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 27,394 | 28,332 | |
Commercial portfolio segment | Real estate-backed loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | 4,801 | 4,961 | |
Commercial portfolio segment | Other loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables and loans, net | $ 5,878 | $ 5,014 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 126 | |||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,162 | |||
Loans and leases receivable, gross | $ 128,139 | 130,055 | $ 128,231 | |
Financing receivable, individually evaluated for impairment | 997 | |||
Financing receivable, collectively evaluated for impairment | 129,058 | |||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | $ (1,263) | (1,263) | (1,242) | |
Allowance for loan and lease losses, charge-offs | (384) | (360) | ||
Allowance for loan and lease losses, recoveries | 118 | 123 | ||
Allowance for loan and lease losses, net charge-offs | (266) | (237) | ||
Provision for loan losses | 903 | 282 | ||
Allowance for Loan and Lease Losses, Adjustments, Other | (1) | 1 | ||
Allowance for loan losses | (2,609) | (3,245) | (1,288) | |
Provision for credit losses | 903 | 282 | ||
Additional provision expense due to COVID 19 | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | 602 | |||
Consumer portfolio segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases receivable, gross | 90,066 | 89,924 | ||
Consumer portfolio segment | Fair value | Finance receivables and loans, net | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans receivable, fair value | 10 | 11 | ||
Consumer portfolio segment | Automotive loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 46 | |||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 1,024 | |||
Loans and leases receivable, gross | 72,832 | 71,553 | 72,390 | |
Financing receivable, individually evaluated for impairment | 501 | |||
Financing receivable, collectively evaluated for impairment | 71,052 | |||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (1,075) | (1,075) | (1,048) | |
Allowance for loan and lease losses, charge-offs | (373) | (352) | ||
Allowance for loan and lease losses, recoveries | 111 | 118 | ||
Allowance for loan and lease losses, net charge-offs | (262) | (234) | ||
Provision for loan losses | 685 | 257 | ||
Allowance for Loan and Lease Losses, Adjustments, Other | 1 | (1) | ||
Allowance for loan losses | (2,409) | (2,833) | (1,070) | |
Consumer portfolio segment | Real estate-backed loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 22 | |||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 30 | |||
Loans and leases receivable, gross | 17,010 | 17,658 | 17,322 | |
Financing receivable, individually evaluated for impairment | 227 | |||
Financing receivable, collectively evaluated for impairment | 17,431 | |||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (46) | (46) | (53) | |
Allowance for loan and lease losses, charge-offs | (3) | (3) | ||
Allowance for loan and lease losses, recoveries | 5 | 5 | ||
Allowance for loan and lease losses, net charge-offs | 2 | 2 | ||
Provision for loan losses | (3) | (3) | ||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | 0 | ||
Allowance for loan losses | (40) | (39) | (52) | |
Consumer portfolio segment | Other | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (9) | (9) | ||
Allowance for loan and lease losses, charge-offs | (5) | |||
Allowance for loan and lease losses, recoveries | 1 | |||
Allowance for loan and lease losses, net charge-offs | (4) | |||
Provision for loan losses | 25 | |||
Allowance for Loan and Lease Losses, Adjustments, Other | (1) | |||
Allowance for loan losses | (25) | (45) | ||
Commercial portfolio segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 58 | |||
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 108 | |||
Loans and leases receivable, gross | 38,073 | 40,844 | 38,307 | |
Financing receivable, individually evaluated for impairment | 269 | |||
Financing receivable, collectively evaluated for impairment | 40,575 | |||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (133) | (133) | (141) | |
Allowance for loan and lease losses, charge-offs | (3) | (5) | ||
Allowance for loan and lease losses, recoveries | 1 | 0 | ||
Allowance for loan and lease losses, net charge-offs | (2) | (5) | ||
Provision for loan losses | 196 | 28 | ||
Allowance for Loan and Lease Losses, Adjustments, Other | (1) | 2 | ||
Allowance for loan losses | (135) | (328) | $ (166) | |
Commercial portfolio segment | Automotive loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases receivable, gross | 27,394 | 28,332 | ||
Commercial portfolio segment | Real estate-backed loan | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and leases receivable, gross | $ 4,801 | $ 4,961 | ||
Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for Loan and Lease Losses, Adjustments, Other | 1,300 | |||
Accounting Standards Update 2016-13 | Retained Earnings | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (1,346) | |||
Accounting Standards Update 2016-13 | Retained Earnings | Consumer portfolio segment | Automotive loan | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (1,334) | |||
Accounting Standards Update 2016-13 | Retained Earnings | Consumer portfolio segment | Real estate-backed loan | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (6) | |||
Accounting Standards Update 2016-13 | Retained Earnings | Consumer portfolio segment | Other | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | (16) | |||
Accounting Standards Update 2016-13 | Retained Earnings | Commercial portfolio segment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses | $ (2) |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Sale | $ 0 | $ 20 |
Financing receivable, sales and transfers | 128 | |
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 63 | |
Consumer portfolio segment | Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Sale | $ 0 | $ 20 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 844 | $ 1,334 |
Consumer portfolio segment | Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | 360 | 99 |
Consumer portfolio segment | Real estate-backed loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 484 | $ 1,235 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Non Accrual Status) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 1,396 | $ 1,036 |
Financing Receivable, Nonaccrual, No Allowance | 703 | |
Financing Receivable, Nonaccrual, Interest Income | 2 | |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1,140 | 821 |
Financing Receivable, Nonaccrual, No Allowance | 633 | |
Consumer portfolio segment | Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1,077 | 762 |
Financing Receivable, Nonaccrual, No Allowance | 599 | |
Consumer portfolio segment | Real estate-backed loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 62 | 57 |
Financing Receivable, Nonaccrual, No Allowance | 34 | |
Consumer portfolio segment | Mortgage Finance operations | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 22 | 17 |
Financing Receivable, Nonaccrual, No Allowance | 6 | |
Consumer portfolio segment | Mortgage - Legacy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 40 | 40 |
Financing Receivable, Nonaccrual, No Allowance | 28 | |
Consumer portfolio segment | Other loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1 | 2 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Commercial portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 256 | 215 |
Financing Receivable, Nonaccrual, No Allowance | 70 | |
Commercial portfolio segment | Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 86 | 73 |
Financing Receivable, Nonaccrual, No Allowance | 1 | |
Commercial portfolio segment | Real estate-backed loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 8 | 4 |
Financing Receivable, Nonaccrual, No Allowance | 4 | |
Commercial portfolio segment | Other loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 162 | $ 138 |
Financing Receivable, Nonaccrual, No Allowance | $ 65 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Impaired Loans) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | $ 1,013 |
Impaired Financing Receivable, Recorded Investment | 961 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 261 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 700 |
Impaired Financing Receivable, Related Allowance | 89 |
Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 766 |
Impaired Financing Receivable, Recorded Investment | 746 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 183 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 563 |
Impaired Financing Receivable, Related Allowance | 56 |
Consumer portfolio segment | Automotive loan | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 553 |
Impaired Financing Receivable, Recorded Investment | 538 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 113 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 425 |
Impaired Financing Receivable, Related Allowance | 38 |
Consumer portfolio segment | Real estate-backed loan | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 213 |
Impaired Financing Receivable, Recorded Investment | 208 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 70 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 138 |
Impaired Financing Receivable, Related Allowance | 18 |
Consumer portfolio segment | Mortgage Finance operations | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 14 |
Impaired Financing Receivable, Recorded Investment | 14 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8 |
Impaired Financing Receivable, Related Allowance | 0 |
Consumer portfolio segment | Mortgage - Legacy | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 199 |
Impaired Financing Receivable, Recorded Investment | 194 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 64 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 130 |
Impaired Financing Receivable, Related Allowance | 18 |
Commercial portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 247 |
Impaired Financing Receivable, Recorded Investment | 215 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 78 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 137 |
Impaired Financing Receivable, Related Allowance | 33 |
Commercial portfolio segment | Automotive loan | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 73 |
Impaired Financing Receivable, Recorded Investment | 73 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 72 |
Impaired Financing Receivable, Related Allowance | 12 |
Commercial portfolio segment | Real estate-backed loan | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 4 |
Impaired Financing Receivable, Recorded Investment | 4 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 |
Impaired Financing Receivable, Related Allowance | 0 |
Commercial portfolio segment | Other loan | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Unpaid Principal Balance | 170 |
Impaired Financing Receivable, Recorded Investment | 138 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 73 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 65 |
Impaired Financing Receivable, Related Allowance | $ 21 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Schedule of Average Balance and Interest Income of Impaired Finance Receivables) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | $ 1,033 |
Impaired Financing Receivable, Interest Income, Accrual Method | 12 |
Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 728 |
Impaired Financing Receivable, Interest Income, Accrual Method | 11 |
Commercial portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 305 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 |
Automotive loan | Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 499 |
Impaired Financing Receivable, Interest Income, Accrual Method | 8 |
Automotive loan | Commercial portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 170 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 |
Other loan | Commercial portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 130 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 |
Real estate-backed loan | Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 229 |
Impaired Financing Receivable, Interest Income, Accrual Method | 3 |
Real estate-backed loan | Commercial portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 5 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 |
Mortgage Finance operations | Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 15 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 |
Mortgage - Legacy | Consumer portfolio segment | |
Financing Receivable, Impaired [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 214 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 3 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | $ 128,139 | $ 128,231 | $ 130,055 |
Consumer portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 8,718 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 29,414 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 20,348 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,523 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,602 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,946 | ||
Financing Receivable, Revolving | 372 | ||
Converted to term loans | 133 | ||
Finance receivables and loans, net | 90,066 | 89,924 | |
Consumer portfolio segment | Fair value | Finance receivables and loans, net | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable, fair value | 10 | 11 | |
Consumer portfolio segment | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 90,056 | 89,913 | |
Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 8,122 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,050 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,545 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,999 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,264 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,852 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 72,832 | 72,390 | 71,553 |
Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 538 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,253 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,769 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,515 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,336 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,094 | ||
Financing Receivable, Revolving | 372 | ||
Converted to term loans | 133 | ||
Finance receivables and loans, net | 17,010 | 17,322 | $ 17,658 |
Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 538 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,253 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,769 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,515 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,336 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,538 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 15,949 | 16,181 | |
Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 556 | ||
Financing Receivable, Revolving | 372 | ||
Converted to term loans | 133 | ||
Finance receivables and loans, net | 1,061 | 1,141 | |
Consumer portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 58 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 111 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 34 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 224 | 212 | |
Consumer portfolio segment | Other loan | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 214 | $ 201 | |
Current period | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 8,101 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,291 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,702 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,336 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,784 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,499 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 69,713 | ||
Current period | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 536 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,245 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,757 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,498 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,329 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,496 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 15,861 | ||
Current period | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 518 | ||
Financing Receivable, Revolving | 360 | ||
Converted to term loans | 130 | ||
Finance receivables and loans, net | 1,008 | ||
Current period | Consumer portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 58 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 108 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 32 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 208 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 20 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 539 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 563 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 443 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 319 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 234 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 2,118 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 2 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 13 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 31 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 67 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16 | ||
Financing Receivable, Revolving | 4 | ||
Converted to term loans | 1 | ||
Finance receivables and loans, net | 21 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 3 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 136 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 160 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 125 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 88 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 63 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 573 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 10 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4 | ||
Financing Receivable, Revolving | 1 | ||
Converted to term loans | 1 | ||
Finance receivables and loans, net | 6 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 2 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 84 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 120 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 95 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 428 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 11 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18 | ||
Financing Receivable, Revolving | 7 | ||
Converted to term loans | 1 | ||
Finance receivables and loans, net | 26 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | $ 1 | ||
Operating Segments | Automotive Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Percent of customers electing deferral considered current at time of enrollment | 92.00% | ||
Percent of customers electing 120 day deferral | 71.00% | ||
Operating Segments | Automotive Finance operations | Consumer portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Customers enrolled in loan program | 716,000 | ||
Percent of customers enrolling in program | 18.00% | ||
Operating Segments | Mortgage Finance operations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Customers enrolled in loan program | 1,200 | ||
Percent of customers enrolling in program | 3.00% | ||
Percent of customers electing deferral considered current at time of enrollment | 92.00% | ||
Corporate and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Customers enrolled in loan program | 900 | ||
Percent of customers enrolling in program | 1.00% |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Consumer) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | $ 128,139 | $ 128,231 | $ 130,055 |
Consumer portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | 90,066 | 89,924 | |
Consumer portfolio segment | Fair value | Finance receivables and loans, net | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, fair value | 10 | 11 | |
Consumer portfolio segment | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3,286 | ||
Financing receivable, recorded investment, current | 86,627 | ||
Total finance receivables and loans | 90,056 | 89,913 | |
Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3,142 | ||
Financing receivable, recorded investment, current | 69,248 | ||
Total finance receivables and loans | 72,832 | 72,390 | 71,553 |
Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 137 | ||
Financing receivable, recorded investment, current | 17,185 | ||
Total finance receivables and loans | 17,010 | 17,322 | $ 17,658 |
Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 76 | ||
Financing receivable, recorded investment, current | 16,105 | ||
Total finance receivables and loans | 15,949 | 16,181 | |
Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 61 | ||
Financing receivable, recorded investment, current | 1,080 | ||
Total finance receivables and loans | 1,061 | 1,141 | |
Consumer portfolio segment | Other loan | |||
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | 224 | 212 | |
Consumer portfolio segment | Other loan | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 7 | ||
Financing receivable, recorded investment, current | 194 | ||
Total finance receivables and loans | 214 | 201 | |
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 2,269 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 2,185 | ||
Total finance receivables and loans | 2,118 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 81 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 56 | ||
Total finance receivables and loans | 67 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 25 | ||
Total finance receivables and loans | 21 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | 3 | ||
Financing receivables, 30 to 59 days past due | Consumer portfolio segment | Other loan | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 611 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 590 | ||
Total finance receivables and loans | 573 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 19 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 11 | ||
Total finance receivables and loans | 10 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 8 | ||
Total finance receivables and loans | 6 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | 2 | ||
Financing receivables, 60 to 89 days past due | Consumer portfolio segment | Other loan | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 2 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 406 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 367 | ||
Total finance receivables and loans | 428 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 37 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 9 | ||
Total finance receivables and loans | 11 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 28 | ||
Total finance receivables and loans | 26 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Other loan | |||
Financing Receivable, Past Due [Line Items] | |||
Total finance receivables and loans | $ 1 | ||
Financing receivables, equal to greater than 90 days past due | Consumer portfolio segment | Other loan | Excludes fair value option elected other loans | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 2 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | $ 128,139 | $ 128,231 | $ 130,055 |
Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 503 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,278 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,825 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,463 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,177 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,414 | ||
Financing Receivable, Revolving | 29,250 | ||
Converted to term loans | 163 | ||
Finance receivables and loans, net | 38,073 | 38,307 | $ 40,844 |
Pass | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 34,080 | ||
Automotive loan | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 106 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 318 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 174 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 181 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 113 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 99 | ||
Financing Receivable, Revolving | 26,403 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 27,394 | 28,332 | |
Automotive loan | Pass | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 105 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 302 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 128 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 81 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 83 | ||
Financing Receivable, Revolving | 22,885 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 23,705 | 25,235 | |
Automotive loan | Special Mention | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 45 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 58 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 32 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16 | ||
Financing Receivable, Revolving | 3,399 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 3,567 | ||
Automotive loan | Substandard | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 85 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 85 | ||
Automotive loan | Doubtful | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 34 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 37 | ||
Other loan | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 178 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 855 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 642 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 577 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 214 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 403 | ||
Financing Receivable, Revolving | 2,847 | ||
Converted to term loans | 162 | ||
Finance receivables and loans, net | 5,878 | 5,014 | |
Other loan | Pass | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 178 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 808 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 440 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 310 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 118 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 150 | ||
Financing Receivable, Revolving | 2,605 | ||
Converted to term loans | 118 | ||
Finance receivables and loans, net | 4,727 | 4,225 | |
Other loan | Special Mention | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 47 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 202 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 246 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 96 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 97 | ||
Financing Receivable, Revolving | 230 | ||
Converted to term loans | 35 | ||
Finance receivables and loans, net | 953 | ||
Other loan | Substandard | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 134 | ||
Financing Receivable, Revolving | 10 | ||
Converted to term loans | 9 | ||
Finance receivables and loans, net | 174 | ||
Other loan | Doubtful | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22 | ||
Financing Receivable, Revolving | 2 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 24 | ||
Real estate-backed loan | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 219 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,105 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,009 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 705 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 850 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 912 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 1 | ||
Finance receivables and loans, net | 4,801 | 4,961 | |
Real estate-backed loan | Pass | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 204 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,046 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 951 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 647 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 769 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 864 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 1 | ||
Finance receivables and loans, net | 4,482 | $ 4,620 | |
Real estate-backed loan | Special Mention | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 15 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 59 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 58 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 79 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 43 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 309 | ||
Real estate-backed loan | Substandard | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | 6 | ||
Real estate-backed loan | Doubtful | Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | ||
Financing Receivable, Revolving | 0 | ||
Converted to term loans | 0 | ||
Finance receivables and loans, net | $ 4 |
Finance Receivables and Loan_13
Finance Receivables and Loans, Net (Schedule of Pass And Criticized Credit Quality Indicators of Finance Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | $ 128,139 | $ 128,231 | $ 130,055 |
Commercial portfolio segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 38,073 | 38,307 | $ 40,844 |
Commercial portfolio segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 34,080 | ||
Commercial portfolio segment | Criticized | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 4,227 | ||
Commercial portfolio segment | Automotive loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 27,394 | 28,332 | |
Commercial portfolio segment | Automotive loan | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 23,705 | 25,235 | |
Commercial portfolio segment | Automotive loan | Criticized | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 3,097 | ||
Commercial portfolio segment | Other loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 5,878 | 5,014 | |
Commercial portfolio segment | Other loan | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 4,727 | 4,225 | |
Commercial portfolio segment | Other loan | Criticized | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 789 | ||
Commercial portfolio segment | Real estate-backed loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | 4,801 | 4,961 | |
Commercial portfolio segment | Real estate-backed loan | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | $ 4,482 | 4,620 | |
Commercial portfolio segment | Real estate-backed loan | Criticized | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Finance receivables and loans, net | $ 341 |
Finance Receivables and Loan_14
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Financing Receivable, Past Due [Line Items] | |||
Finance receivables and loans, net | $ 128,139 | $ 128,231 | $ 130,055 |
Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 42 | 83 | |
Financing receivable, recorded investment, current | 38,031 | 38,224 | |
Finance receivables and loans, net | 38,073 | 38,307 | $ 40,844 |
Automotive loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 38 | 62 | |
Financing receivable, recorded investment, current | 27,356 | 28,270 | |
Finance receivables and loans, net | 27,394 | 28,332 | |
Other loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 17 | |
Financing receivable, recorded investment, current | 5,878 | 4,997 | |
Finance receivables and loans, net | 5,878 | 5,014 | |
Real estate-backed loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 4 | 4 | |
Financing receivable, recorded investment, current | 4,797 | 4,957 | |
Finance receivables and loans, net | 4,801 | 4,961 | |
Financing receivables, 30 to 59 days past due | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 34 | |
Financing receivables, 30 to 59 days past due | Automotive loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 34 | |
Financing receivables, 30 to 59 days past due | Other loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 30 to 59 days past due | Real estate-backed loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Automotive loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Other loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, 60 to 89 days past due | Real estate-backed loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financing receivables, equal to greater than 90 days past due | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 42 | 49 | |
Financing receivables, equal to greater than 90 days past due | Automotive loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 38 | 28 | |
Financing receivables, equal to greater than 90 days past due | Other loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 17 | |
Financing receivables, equal to greater than 90 days past due | Real estate-backed loan | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 4 | $ 4 | |
Operating Segments | Automotive Finance operations | Commercial portfolio segment | |||
Financing Receivable, Past Due [Line Items] | |||
Commercial automotive customers enrolling in program | 2,270 | ||
Percent of customers enrolling in program | 72.00% |
Finance Receivables and Loan_15
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, gross carrying value | $ 1,100 | $ 867 | |
Loans and leases receivable, impaired, commitment to lend | $ 10 | $ 17 | |
Financing receivable, modifications, number of loans | 22,843 | 7,454,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 355 | $ 173 | |
Financing receivable, modifications, post-modification gross carrying value | $ 333 | $ 155 | |
Consumer portfolio segment | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 22,842 | 7,448,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 348 | $ 132 | |
Financing receivable, modifications, post-modification gross carrying value | $ 326 | $ 114 | |
Consumer portfolio segment | Automotive loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 22,800 | 7,427,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 340 | $ 129 | |
Financing receivable, modifications, post-modification gross carrying value | $ 318 | $ 111 | |
Loans modified as a result of COVID-19 | 16,767 | ||
Pre and post modification amount of loans modified as a result of COVID-19 | $ 238 | ||
Consumer portfolio segment | Real estate-backed loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 42 | 21,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 8 | $ 3 | |
Financing receivable, modifications, post-modification gross carrying value | $ 8 | $ 3 | |
Consumer portfolio segment | Mortgage Finance operations | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 10 | 1,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 4 | $ 0 | |
Financing receivable, modifications, post-modification gross carrying value | $ 4 | $ 0 | |
Loans modified as a result of COVID-19 | 8 | ||
Pre and post modification amount of loans modified as a result of COVID-19 | $ 3 | ||
Consumer portfolio segment | Mortgage - Legacy | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 32 | 20,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 4 | $ 3 | |
Financing receivable, modifications, post-modification gross carrying value | $ 4 | $ 3 | |
Loans modified as a result of COVID-19 | 15 | ||
Pre and post modification amount of loans modified as a result of COVID-19 | $ 2 | ||
Commercial portfolio segment | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 1 | 6,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 7 | $ 41 | |
Financing receivable, modifications, post-modification gross carrying value | $ 7 | $ 41 | |
Commercial portfolio segment | Automotive loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | 1 | 6,000,000 | |
Financing receivable, modifications, pre-modification gross carrying value | $ 7 | $ 41 | |
Financing receivable, modifications, post-modification gross carrying value | $ 7 | $ 41 |
Finance Receivables and Loan_16
Finance Receivables and Loans, Net (Finance receivables and loans redefaulted during the period) (Details) - Consumer portfolio segment $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable | ||
Financing receivable, modifications, subsequent default, number of loans | 1,164 | 2,209 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 13 | $ 26 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 9 | $ 16 |
Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable | ||
Financing receivable, modifications, subsequent default, number of loans | 1,164 | 2,209 |
Financing receivable, modifications, subsequent default, gross carrying value | $ 13 | $ 26 |
Financing receivables, impaired, troubled debt restructuring, charge-off amount | $ 9 | $ 16 |
Leasing (Investments In Operati
Leasing (Investments In Operating Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease, weighted-average remaining lease term | 6 years | 7 years | |
Lessee, operating lease, noncancellable lease term | 367 days | ||
Lessee, operating lease, lease extension, maximum | 48 months | ||
Operating lease, right-of-use assets | $ 142 | $ 168 | |
Finance lease, right-of-use asset | 48 | 0 | |
Lease right-of-use asset | 190 | 168 | |
Operating lease, liabilities | 170 | 196 | |
Finance lease, liability | 49 | 0 | |
Lease liabilities | 219 | $ 196 | |
Cash paid for amounts included in the measurement of lease liabilities | 13 | $ 12 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 35 | $ 27 | |
Operating lease, weighted average discount rate | 2.75% | 2.85% | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 2 months | ||
Lessee, operating lease, option to terminate | P2Y | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 9 years | ||
Lessee, operating lease, option to terminate | P6Y | ||
Land and Building | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Option to Extend | P3Y | ||
Land and Building | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Option to Extend | P15Y |
Leasing Leasing (Lessee, Operat
Leasing Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 38 | |
2021 | 42 | |
2022 | 28 | |
2023 | 18 | |
2024 | 13 | |
2025 and thereafter | 45 | |
Total undiscounted cash flows | 184 | |
Difference between undiscounted cash flows and discounted cash flows | (14) | |
Operating lease, liabilities | 170 | $ 196 |
Lease liability payments inherent in the purchase price | 49 | |
Lessee, Operating Lease, Lease Not yet Commenced, Undiscounted Future Lease Payments | $ 290 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 15 years |
Leasing Leasing (Lease, Cost) (
Leasing Leasing (Lease, Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 13 | $ 11 |
Variable lease expense | 2 | 2 |
Total lease expense, net | $ 15 | $ 13 |
Leasing Leasing (Schedule of Pr
Leasing Leasing (Schedule of Property Subject to or Available for Operating Lease) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Lease customers enrolling in program | 33,000 | |
Percent of lease customers enrolling in program | 10.00% | |
Percent of lease customers electing 120 day deferral | 66.00% | |
Residual value guarantee | 15.00% | |
Vehicles available for operating lease, gross | $ 10,589 | $ 10,426 |
Lessor Operating Lease Accumulated Depreciation | 1,525 | 1,562 |
Investment in operating leases, net | $ 9,064 | 8,864 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, lessee option to purchase underlying asset | P24M | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, lessee option to purchase underlying asset | P60M | |
Vehicles | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Residual Value of Leased Asset | $ 386 | $ 352 |
Leasing Leasing (Lessor, Operat
Leasing Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2019 | $ 1,029 |
2020 | 1,009 |
2021 | 528 |
2022 | 153 |
2023 | 12 |
2025 and thereafter | 0 |
Total lease payments from operating leases | $ 2,731 |
Leasing Leasing (Depreciation E
Leasing Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases, Operating [Abstract] | ||
Operating Lease, Lease Income | $ 367 | $ 361 |
Depreciation expense on operating lease assets | 250 | 261 |
Remarketing (gains) and losses, net | (2) | (15) |
Net depreciation expense on operating lease assets | 248 | 246 |
Variable lease payments, excessive wear and tear | $ 6 | $ 4 |
Leasing Leasing (Sales-type and
Leasing Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Direct financing lease, net investment in lease | $ 469 | $ 472 |
Direct financing lease, present value of lease payments recorded as lease receivable | 456 | 459 |
Direct financing lease, unguaranteed residual asset | 13 | $ 13 |
Direct financing lease, interest income | 6 | |
2020 | 118 | |
2021 | 150 | |
2022 | 102 | |
2023 | 69 | |
2024 | 40 | |
2025 and thereafter | 25 | |
Total undiscounted cash flows | 504 | |
Direct financing leases, lease receivable, difference between undiscounted cash flows and discounted cash flows | $ (48) |
Securitizations and Variable _3
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | $ 0 | $ 0 | |
Assets | 182,527 | $ 180,117 | $ 180,644 |
Liabilities | 169,008 | 166,228 | |
Held-to-maturity securities | 1,497 | 1,568 | |
Other assets | 7,978 | 6,073 | |
On-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Assets | 19,236 | 19,344 | |
Liabilities | 8,160 | 9,098 | |
Other assets | 871 | 787 | |
On-balance sheet variable interest entities | Consumer Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Assets | 21,106 | 20,376 | |
Liabilities | 5,161 | 6,070 | |
Assets Held-in-trust | 9,400 | 9,000 | |
Non-Recourse Debt | 51 | 21 | |
On-balance sheet variable interest entities | Commercial Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Assets | 7,497 | 8,009 | |
Liabilities | 3,050 | 3,049 | |
Off-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Assets | 29,780 | 29,487 | |
Liabilities | 8,625 | 9,497 | |
Assets sold to nonconsolidated VIEs | 340 | 417 | |
Variable interest entity, maximum loss exposure | 1,793 | 1,837 | |
Off-balance sheet variable interest entities | Consumer Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Assets | 18 | 23 | |
Liabilities | 0 | 0 | |
Assets sold to nonconsolidated VIEs | 340 | 417 | |
Variable interest entity, maximum loss exposure | 358 | 440 | |
Held-to-maturity securities | 17 | 21 | |
Other assets | 1 | 2 | |
Off-balance sheet variable interest entities | Commercial Other Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,159 | 1,079 | |
Liabilities | 414 | 378 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Variable interest entity, maximum loss exposure | $ 1,435 | 1,397 | |
Amount reconsolidated during the period | |||
Variable Interest Entity [Line Items] | |||
Assets of nonconsolidated variable interest entity | 45 | ||
Amount reconsolidated during the period | Consumer Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Assets of nonconsolidated variable interest entity | $ 48 |
Securitizations and Variable _4
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Off-balance sheet variable interest entities - Consumer Automotive Industry Sector - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash flows received on retained interests in securitization entities | $ 4 | $ 7 |
Cash flows between transferor and transferee, servicing fees | $ 1 | 3 |
Cash flows between transferor and transferee, disbursement for repurchases during the period | $ (1) |
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) - Consumer Automotive Industry Sector - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Loans managed and securitized, principal amount outstanding | $ 479 | $ 624 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Delinquent Amount at End of Period | 8 | 8 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Net Credit Losses During Period | 1 | $ 2 | |
Whole Loan Sales | |||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Loans managed and securitized, principal amount outstanding | 139 | 207 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Delinquent Amount at End of Period | 2 | 2 | |
Off-balance sheet variable interest entities | |||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Loans managed and securitized, principal amount outstanding | 340 | 417 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Delinquent Amount at End of Period | 6 | $ 6 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Net Credit Losses During Period | $ 1 | $ 2 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Other Assets [Abstract] | ||
Property and equipment at cost | $ 1,355 | $ 1,332 |
Accumulated depreciation, property and equipment | (714) | (686) |
Property and equipment, net | 641 | 646 |
Nonmarketable equity securities | 1,324 | 1,232 |
Other accounts receivable | 1,303 | 117 |
Investments in qualified affordable housing projects | 924 | 830 |
Restricted cash collections for securitization trusts | 843 | 738 |
Accrued interest, late fees, and rent receivables | 669 | 589 |
Goodwill | 393 | 393 |
Equity method investments | 350 | 358 |
Deferred tax assets, net | 227 | 58 |
Net intangible assets | 64 | 69 |
Restricted cash and cash equivalents | 62 | 87 |
Fair value of derivative contracts in receivable position | 10 | 64 |
Other assets, other | 1,168 | 892 |
Total other assets | 7,978 | 6,073 |
Federal Home Loan Bank stock | 793 | 701 |
Federal Reserve Bank stock | 449 | 449 |
Equity securities without a readily determinable fair value | 82 | 82 |
Equity securities without readily determinable fair value, impairment loss, amount | 1 | |
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount | 10 | |
Impairment related to equity securities without a readily determinable fair value | 7 | |
Qualified Affordable Housing Project Investments, Commitment | 408 | 372 |
Intangible Assets, Gross (Excluding Goodwill) | 111 | 111 |
Intangible assets, accumulated depreciation | $ 47 | $ 42 |
Other Assets Other Assets (Sche
Other Assets Other Assets (Schedule of Goodwill) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Goodwill [Roll Forward] | |
Goodwill | $ 393 |
Goodwill | 393 |
Operating Segments | Automotive Finance operations | |
Goodwill [Roll Forward] | |
Goodwill | 20 |
Goodwill | 20 |
Operating Segments | Insurance operations | |
Goodwill [Roll Forward] | |
Goodwill | 27 |
Goodwill | 27 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Goodwill | 346 |
Goodwill | 346 |
Ally Lending | Corporate and Other | |
Goodwill [Roll Forward] | |
Goodwill | 153 |
Goodwill | 153 |
Ally Invest | Corporate and Other | |
Goodwill [Roll Forward] | |
Goodwill | 193 |
Goodwill | $ 193 |
Deposit Liabilities (Schedule o
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 139 | $ 119 |
Interest-bearing Deposit Liabilities, by Component [Abstract] | ||
Interest-bearing deposits, savings and money-market checking accounts | 62,851 | 62,486 |
Interest-bearing deposits, certificates of deposits | 59,333 | 58,146 |
Interest-bearing deposits, other | 1 | 1 |
Total deposit liabilities | 122,324 | 120,752 |
Certificates of deposit, $100,000 or more | 26,700 | 25,600 |
Certificates of deposit, in excess of $250,000 federal insurance limit | $ 8,500 | $ 8,200 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Demand notes | $ 2,377 | $ 2,581 |
Federal Home Loan Bank, advances | 6,634 | 2,950 |
Securities sold under agreements to repurchase | 482 | 0 |
Total short-term borrowings | 9,493 | 5,531 |
Non-derivative Cash Collateral Placed with Counterparties Associated with the Repurchase Agreements | 3 | 0 |
Non-derivative cash collateral received from counterparties associated with repurchase agreements | 3 | 0 |
Non-derivative noncash collateral received from counterparties associated with repurchase agreements | 0 | |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 2,377 | 2,581 |
Federal Home Loan Bank, advances | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Total short-term borrowings | 2,377 | 2,581 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 0 | 0 |
Federal Home Loan Bank, advances | 6,634 | 2,950 |
Securities sold under agreements to repurchase | 482 | 0 |
Total short-term borrowings | 7,116 | $ 2,950 |
Secured debt | US Treasury | ||
Short-term Debt [Line Items] | ||
Financial instruments sold under agreements to repurchase | 104 | |
Secured debt | Mortgage-backed residential | ||
Short-term Debt [Line Items] | ||
Financial instruments sold under agreements to repurchase | 378 | |
Secured debt | Mortgage-backed residential | Maturity Less than 30 Days | ||
Short-term Debt [Line Items] | ||
Financial instruments sold under agreements to repurchase | 385 | |
Secured debt | Mortgage-backed residential | Maturity within 31 to 60 Days | ||
Short-term Debt [Line Items] | ||
Financial instruments sold under agreements to repurchase | $ 97 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 7,688 | $ 9,219 |
Long-term debt, due after one year | 23,378 | 24,808 |
Total long-term debt | 31,066 | 34,027 |
Trust preferred securities | 2,600 | 2,600 |
Secured Debt | 28,538 | 25,773 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 477 | 2,214 |
Long-term debt, due after one year | 9,167 | 8,990 |
Total long-term debt | 9,644 | 11,204 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 7,211 | 7,005 |
Long-term debt, due after one year | 14,211 | 15,818 |
Total long-term debt | 21,422 | 22,823 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 12,100 | $ 13,300 |
Debt (Scheduled Remaining Matur
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 6,320 | |
Long-term debt, maturities, repayments of principal in year two | 9,279 | |
Long-term debt, maturities, repayments of principal in year three | 6,915 | |
Long-term debt, maturities, repayments of principal in year four | 762 | |
Long-term debt, maturities, repayments of principal in year five | 1,615 | |
Long-term debt, maturities, repayments of principal after year five | 6,175 | |
Total long-term debt | 31,066 | $ 34,027 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 473 | |
Long-term debt, maturities, repayments of principal in year two | 654 | |
Long-term debt, maturities, repayments of principal in year three | 1,072 | |
Long-term debt, maturities, repayments of principal in year four | (33) | |
Long-term debt, maturities, repayments of principal in year five | 1,408 | |
Long-term debt, maturities, repayments of principal after year five | 6,070 | |
Total long-term debt | 9,644 | 11,204 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 21,422 | $ 22,823 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 507 | |
Long-term debt, maturities, repayments of principal in year two | 703 | |
Long-term debt, maturities, repayments of principal in year three | 1,125 | |
Long-term debt, maturities, repayments of principal in year four | 27 | |
Long-term debt, maturities, repayments of principal in year five | 1,475 | |
Long-term debt, maturities, repayments of principal after year five | 6,896 | |
Total long-term debt | 10,733 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 5,847 | |
Long-term debt, maturities, repayments of principal in year two | 8,625 | |
Long-term debt, maturities, repayments of principal in year three | 5,843 | |
Long-term debt, maturities, repayments of principal in year four | 795 | |
Long-term debt, maturities, repayments of principal in year five | 207 | |
Long-term debt, maturities, repayments of principal after year five | 105 | |
Total long-term debt | 21,422 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (34) | |
Debt instrument, unamortized discount | (1,089) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period two | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (49) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period three | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (53) | |
Original issue discount | Unsecured debt | Debt Instrument, redemption, period four | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (60) | |
Original issue discount | Unsecured debt | Debt Instrument, redemption, period five | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (67) | |
Original issue discount | Unsecured debt | Debt instrument, redemption, period six | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (826) |
Debt (Pledged Assets Related to
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged financial instruments, investment securities | $ 4,043 | $ 2,698 |
Pledged assets, mortgage assets held-for-investment and lending receivables | 16,829 | 17,135 |
Pledged assets, restricted as collateral | 48,081 | 46,204 |
Secured Debt | 28,538 | 25,773 |
Short-term borrowings | 9,493 | 5,531 |
Secured debt | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Short-term borrowings | 7,116 | 2,950 |
Consumer portfolio segment | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 14,911 | 13,481 |
Commercial portfolio segment | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 12,298 | 12,890 |
Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged financial instruments, investment securities | 4,043 | 2,698 |
Pledged assets, mortgage assets held-for-investment and lending receivables | 16,829 | 17,135 |
Pledged assets, restricted as collateral | 45,690 | 44,257 |
Secured Debt | 26,410 | 24,069 |
Ally Bank | Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 25,200 | 24,800 |
Ally Bank | Pledged assets for Federal Reserve Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 2,400 | 2,400 |
Ally Bank | Consumer portfolio segment | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 12,520 | 11,534 |
Ally Bank | Commercial portfolio segment | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | $ 12,298 | $ 12,890 |
Debt (Narrative - Trust Preferr
Debt (Narrative - Trust Preferred Securities) (Details) - USD ($) $ / shares in Units, $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Narrative - Trust Preferred Securities [Line Items] | ||
Trust preferred securities | $ 2.6 | $ 2.6 |
Preferred stock, liquidation amount per share | $ 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 | |
Trust Preferred Securities Subject to Mandatory Redemption | ||
Narrative - Trust Preferred Securities [Line Items] | ||
Series 2 TRUPS included in Tier 1 capital | $ 2.5 |
Debt (Committed Funding Facilit
Debt (Committed Funding Facilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,600 | |
Revolving secured funding facilities 1 year or greater | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 550 | |
Committed funding facilities | Secured debt | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 1,550 | $ 2,500 |
Long-term line of credit | 1,180 | 450 |
Line of credit facility, remaining borrowing capacity | 370 | 2,050 |
Committed funding facilities | Ally Financial Inc | Secured debt | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 2,500 | |
Long-term line of credit | 1,180 | 450 |
Line of credit facility, remaining borrowing capacity | 370 | $ 2,050 |
Committed funding facilities | Ally Financial Inc | Revolving credit facility | Secured debt | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,550 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Accounts payable | $ 761 | $ 535 | ||
Unfunded commitments for investment in qualified affordable housing projects | 408 | 372 | ||
Employee compensation and benefits | 192 | 296 | ||
Reserves for insurance losses and loss adjustment expenses | 142 | 122 | $ 135 | $ 134 |
Deferred revenue | 54 | 36 | ||
Cash collateral received from counterparties | 19 | 48 | ||
Net deferred tax liabilities | 12 | 67 | ||
Fair value of derivative contracts in payable position | 7 | 5 | ||
Other liabilities | 515 | 491 | ||
Total accrued expenses and other liabilities | $ 2,110 | $ 1,972 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | |||||
Accumulated other comprehensive income (loss), investment securities, adjustment, after tax | $ 661 | $ (158) | $ 208 | $ (473) | $ (481) |
Other comprehensive income (loss), investment securities, net change, after tax | 453 | 315 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||
Accumulated other comprehensive income (loss), translation adjustment, net of tax | 18 | 18 | 19 | 18 | 18 |
Other comprehensive income (loss), foreign currency translation adjustment, net of tax | (1) | 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 | 130 | 11 | 2 | 19 | 19 |
Other comprehensive income (loss), cash flow hedges, net change, after tax | 128 | (8) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | |||||
Accumulated other comprehensive income (loss), defined benefit pension plans, after tax | (103) | (96) | (106) | (95) | (95) |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax | 3 | (1) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Total accumulated other comprehensive loss, net of tax | (706) | 225 | $ (123) | 531 | $ 539 |
Other comprehensive income (loss), net of tax | $ 583 | $ 306 | |||
Accounting Standards Update 2017-08 | |||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | |||||
Accumulated other comprehensive income (loss), investment securities, adjustment, after tax | 8 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||
Accumulated other comprehensive income (loss), 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 | $ (8) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income (Before and After Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax [Abstract] | ||
Other compehrensive income (loss), investment securities, net unrealized gains (losses) arising during the period, before tax | $ 702 | $ 421 |
Other compehrensive income (loss), investement securities, net realized gains reclassified to income from continuing operations, before tax | 105 | 9 |
Other comprehensive income, investment securities, net change, before tax | 597 | 412 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax [Abstract] | ||
Other comprehensive income (loss), investment securities, unrealized holding gains (losses) arising during the period, tax | (168) | (99) |
Other comprehensive income (loss), investment securities, net realized gains reclassified to income from continuing operations, tax effect | (24) | (2) |
Other comprehensive income (loss), investment securities, net change, tax effect | (144) | (97) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | ||
Other comprehensive income (loss), investment securities, net unrealized gains (losses) arising during the period, after tax | 534 | 322 |
Other comprehensive income (loss), investment securities, net realized gains reclassified to income from continuing operations, after tax | 81 | 7 |
Other comprehensive income (loss), investment securities, net change, after tax | 453 | 315 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ||
Other comprehensive income (loss), translation adjustments, net change, before tax | (13) | 2 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | ||
Other comprehensive income (loss), translation adjustments, net unrealized gains (losses) arising during the period, tax effect | 3 | (1) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||
Other comprehensive income (loss), translation adjustments, net unrealized gains (losses) arising during the period, after tax | (10) | 1 |
Other Comprehensive Income (Loss), Net investment hedges, before Tax [Abstract] | ||
Other comprehensive income (loss), net investment hedges, unrealized gains (losses) arising during the period, before tax | 12 | (2) |
Other Comprehensive Income (Loss), Net investment hedges, Tax [Abstract] | ||
Other comprehensive income (loss), net investment hedges, net unrealized gains arising during the period, tax effect | (3) | 1 |
Other Comprehensive Income (Loss), Net investment hedges, Net of Tax [Abstract] | ||
Net investment hedges, unrealized gains (losses) arising during the period, after tax | 9 | (1) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract] | ||
Other comprehensive income (loss), cash flow hedges, net unrealized gains (losses) arising during the period before tax | 169 | (5) |
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | 5 | |
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, before tax | (10) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||
Other comprehensive income (loss), cash flow hedges, net unrealized gains arising during the period, tax | (41) | 1 |
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, tax | (1) | |
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, tax | 2 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||
Other comprehensive income (loss), cash flow hedges, net unrealized gains (losses) arising during the period | 128 | (4) |
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax | 4 | |
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | (8) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax [Abstract] | ||
Other comprehensive income (loss), defined benefit pension plans, net unrealized gains (losses) arising during period, before tax | 4 | (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Tax [Abstract] | ||
Other comprehensive income (loss), defined benefit pension plans, net unrealized gains (losses) arising during period, tax | (1) | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Net of Tax [Abstract] | ||
Other comprehensive (income), defined benefit pension plans, net unrealized gains (losses) arising during period, after tax | 3 | (1) |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Other comprehensive income (loss), before tax | 769 | 401 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Other comprehensive income (loss), tax effect | (186) | (95) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other comprehensive income (loss), net of tax | $ 583 | $ 306 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income from continuing operations | $ (319) | $ 375 |
Loss from discontinued operations, net of tax | 0 | (1) |
Net income | $ (319) | $ 374 |
Basic weighted-average common shares outstanding | 375,723 | 404,129 |
Diluted weighted-average common shares outstanding | 375,723 | 405,959 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,800 | |
Earnings Per Share, Basic [Abstract] | ||
Net (loss) income from continuing operations, basic earnings per common share | $ (0.85) | $ 0.93 |
Net (loss) income, basic earnings per common share | (0.85) | 0.93 |
Earnings Per Share, Diluted [Abstract] | ||
Net (loss) income from continuing operations, diluted earnings per common share | (0.85) | 0.92 |
Net (loss) income, diluted earnings per common share | $ (0.85) | $ 0.92 |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
BHC Enhanced Prudential Standards, Minimum | $ 100,000 | |
Minimum capital conservation buffer | 2.50% | 2.50% |
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | |
CECL scaling factor | 25.00% | |
BHC stress capital buffer threshold | $ 100,000 | |
BHC capital requirement, dividend payout ratio | 30.00% | |
Risk weighting for certain items not deducted, transitional | 250.00% | |
Common Equity Tier One Capital – threshold for deduction of certain items, individually | 10.00% | |
Common Equity Tier One Capital - threshold for deduction of certain items, collectively | 15.00% | |
Risk weighting for certain items not deducted | 100.00% | |
Common Equity Tier One Capital - threshold for deduction of certain items, transitional | 25.00% | |
Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 9.27% | 9.54% |
Common equity tier one capital | $ 13,544 | $ 13,837 |
Tier one capital to risk-weighted assets, amount | $ 15,952 | $ 16,271 |
Tier one capital to risk-weighted assets, ratio | 10.92% | 11.22% |
Capital to risk-weighted assets, amount | $ 18,645 | $ 18,506 |
Capital to risk-weighted assets, ratio | 12.76% | 12.76% |
Tier one leverage to adjusted quarterly average assets, amount | $ 15,952 | $ 16,271 |
Tier one leverage to adjusted quarterly average assets, ratio | 8.92% | 9.08% |
Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 12.00% | 12.30% |
Common equity tier one capital | $ 16,433 | $ 16,627 |
Tier one capital to risk-weighted assets, amount | $ 16,433 | $ 16,627 |
Tier one capital to risk-weighted assets, ratio | 12.00% | 12.30% |
Capital to risk-weighted assets, amount | $ 18,145 | $ 17,854 |
Capital to risk-weighted assets, ratio | 13.25% | 13.21% |
Tier one leverage to adjusted quarterly average assets, amount | $ 16,433 | $ 16,627 |
Tier one leverage to adjusted quarterly average assets, ratio | 9.87% | 10.01% |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 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% | |
Minimum | Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 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% | |
Tier one capital to risk-weighted assets, well-capitalized minimum | 6.00% | |
Capital to risk weighted assets, well-capitalzed minimum | 10.00% | |
Minimum | Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 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 Ratio Required To Be Well Capitalized | 6.50% | |
Tier one capital to risk-weighted assets, well-capitalized minimum | 8.00% | |
Capital to risk weighted assets, well-capitalzed minimum | 10.00% | |
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 5.00% | |
Accounting Standards Update 2016-13 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | |
CECL scaling factor | 25.00% | |
Reduction to Common Equity Tier 1 Capital from CECL | $ 1,200 |
Regulatory Capital and Other _4
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 16, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accelerated Share Repurchases [Line Items] | |||||||
Treasury stock, common, amount | $ 104 | $ 211 | $ 299 | $ 300 | $ 229 | ||
Treasury stock, common, shares | 3,838,000 | 8,113,000 | 9,554,000 | 9,287,000 | 7,775,000 | ||
Common stock, shares outstanding | 373,154,910 | 399,761,000 | 374,331,998 | 383,523,000 | 392,775,000 | 404,900,000 | |
Dividends declared, amount per common share | $ 0.19 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||
Cash dividends declared per common share | $ 0.19 | $ 0.17 | |||||
Stock repurchase program, authorized amount | $ 1,250 | ||||||
Common stock | Subsequent event | |||||||
Accelerated Share Repurchases [Line Items] | |||||||
Dividends Payable, Date Declared | Apr. 16, 2020 | ||||||
Cash dividends declared per common share | $ 0.19 | ||||||
Dividends Payable, Date to be Paid | May 15, 2020 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash and securities collateral placed with counterparties | $ 12 | |
Noncash collateral placed with counterparties | 171 | $ 118 |
Cash collateral received from counterparties | $ 2 | 40 |
Noncash collateral received from counterparties | $ 29 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | $ 10 | $ 64 |
Fair value of derivative contracts in payable position | 7 | 5 |
Derivative, notional amount | 14,638 | 32,489 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 62 |
Fair value of derivative contracts in payable position | 3 | 3 |
Derivative, notional amount | 11,346 | 31,358 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 10 | 2 |
Fair value of derivative contracts in payable position | 4 | 2 |
Derivative, notional amount | 3,292 | 1,131 |
Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 10 | 2 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 3,188 | 1,019 |
Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 11,215 | 17,101 |
Interest rate purchased options | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 62 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 0 | 14,100 |
Interest rate purchased options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 2 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 1,152 | 416 |
Interest rate futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 63 | 81 |
Interest rate written options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 8 | 2 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 1,503 | 522 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 2 | 2 |
Derivative, notional amount | 104 | 112 |
Foreign exchange forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 3 | 3 |
Derivative, notional amount | 131 | 157 |
Foreign exchange futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 2 | 2 |
Derivative, notional amount | 104 | 112 |
Interest rate swaps | Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | $ 470 | $ 0 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost | $ 588 | $ 230 |
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | 1,263 | 1,217 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 48 | 18 |
Hedged asset, last-of-layer, amount | 490 | 0 |
Hedge basis adjustment, last-of-layer | 20 | |
Finance receivables and Loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | 39,948 | 33,312 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 370 | 135 |
Hedged asset, last-of-layer, amount | 10,200 | |
Hedge basis adjustment, last-of-layer | 278 | 91 |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 10,005 | 11,995 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 193 | 24 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 13 | 18 |
Hedged asset, last-of-layer, amount | 200 | 200 |
Hedge basis adjustment, last-of-layer | 2 | 2 |
Discontinued hedge | Finance receivables and Loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 92 | 44 |
Hedged asset, last-of-layer, amount | 17,500 | 12,800 |
Hedge basis adjustment, last-of-layer | 92 | 43 |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ 193 | $ 127 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (7) | $ (5) |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | (15) | (4) |
Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 8 | (1) |
Gains on mortgage and automotive loans | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | (15) | 1 |
Other income, net of losses | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 0 | (5) |
Other income, net of losses | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ 8 | $ (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 | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest and fees on finance receivables and loans | $ 1,742 | $ 1,807 | |
Interest and dividends on investment securities and other earning assets | 226 | 240 | |
Interest on deposits | 592 | 592 | |
Interest on long-term debt | 348 | 419 | |
Earnings on cash flow hedges to be recognized within twelve months | 85 | ||
Designated as hedging instrument | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | 3 | 0 | |
Designated as hedging instrument | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Designated as hedging instrument | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | (3) | 1 | |
Designated as hedging instrument | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges | 0 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 4 | |
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Unsecured debt | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Unsecured debt | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Unsecured debt | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | (170) | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 170 | 0 | |
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Available-for-sale securities | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 41 | 10 | |
Change in unrealized gain (loss) on fair value hedging instruments | (41) | (10) | |
Designated as hedging instrument | Available-for-sale securities | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Available-for-sale securities | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 248 | 43 | |
Change in unrealized gain (loss) on fair value hedging instruments | (248) | (43) | |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | |
Designated as hedging instrument | Variable-rate commercial borrowings | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 3 | $ 0 | |
Designated as hedging instrument | Variable-rate commercial borrowings | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate commercial borrowings | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate commercial borrowings | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Deposit liabilities | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Deposit liabilities | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Deposit liabilities | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | (3) | 1 | |
Designated as hedging instrument | Deposit liabilities | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate borrowings | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate borrowings | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate borrowings | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | |
Designated as hedging instrument | Variable-rate borrowings | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | $ 0 | $ 4 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Interest And Amortization Income (Expense) Hedging Relationship | $ (22) | $ 2 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 1 | 0 |
Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Interest And Amortization Income (Expense) Hedging Relationship | (1) | 0 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 |
Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Interest And Amortization Income (Expense) Hedging Relationship | 0 | 0 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 |
Unsecured debt | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Unsecured debt | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Unsecured debt | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 6 | 6 |
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | (6) | (6) |
Available-for-sale securities | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | (1) | 0 |
Available-for-sale securities | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | (13) | (4) |
Gain (loss) on interest for qualifying hedge | (9) | 6 |
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Fixed-rate automotive loans | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Variable-rate commercial borrowings | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on interest for qualifying hedge | 1 | 0 |
Variable-rate commercial borrowings | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Variable-rate commercial borrowings | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on interest for qualifying hedge | $ 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income (loss), net investment hedge, foreign exchange contracts | $ 12 | $ (2) |
Interest rate contracts | Cash flow hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income (loss), cash flow hedge, interest rate contracts | 169 | (10) |
Foreign exchange contracts | Net investment hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income (loss), net investment hedge, foreign exchange contracts | 12 | (2) |
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | 0 | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | $ 0 | $ 0 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense from continuing operations | $ (92) | $ 111 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 941 | $ 616 |
Derivative assets | 10 | 28 |
Derivative liabilities | $ (1) | $ (1) |
Investment in any one industry did not exceed percentage | 8.00% | 13.00% |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 29,181 | $ 30,284 |
Derivative assets | 10 | 64 |
Assets, fair value | 30,211 | 31,007 |
Derivative liabilities | (7) | (5) |
Liabilities, fair value | 7 | 5 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (2) | |
Fair value, measurements, recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | (5) | (5) |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 941 | 616 |
Fair value, measurements, recurring | US Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 806 | 2,048 |
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 | 709 | 641 |
Fair value, measurements, recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 180 | 186 |
Fair value, measurements, recurring | Agency mortgage-backed | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 21,533 | 21,404 |
Fair value, measurements, recurring | Agency mortgage-backed | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,447 | 1,382 |
Fair value, measurements, recurring | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,948 | 2,850 |
Fair value, measurements, recurring | Mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 37 | 42 |
Fair value, measurements, recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 329 | 368 |
Fair value, measurements, recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,192 | 1,363 |
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 | 68 | 30 |
Fair value, measurements, recurring | Finance receivables and loans, net | Consumer portfolio segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 10 | 11 |
Fair value, measurements, recurring | Interests retained in financial asset sales | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 1 | 2 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 10 | 64 |
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 | 818 | 2,062 |
Derivative assets | 0 | 0 |
Assets, fair value | 1,755 | 2,670 |
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 | |
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 | 937 | 608 |
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 | 806 | 2,047 |
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 | 12 | 15 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed | Residential Mortgage | ||
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 | Agency mortgage-backed | Commercial Loan | ||
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 | Finance receivables and loans, net | Consumer portfolio segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interests retained in financial asset sales | ||
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 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 28,360 | 28,220 |
Derivative assets | 2 | 62 |
Assets, fair value | 28,362 | 28,282 |
Derivative liabilities | (7) | (5) |
Liabilities, fair value | 7 | 5 |
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 | (2) | |
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 | (5) | (5) |
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 | 0 | 1 |
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 | 706 | 639 |
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 | 168 | 171 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed | Residential Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 21,533 | 21,404 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed | Commercial Loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,447 | 1,382 |
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 | 2,948 | 2,850 |
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 | 37 | 42 |
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 | 329 | 368 |
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 | 1,192 | 1,363 |
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 | Finance receivables and loans, net | Consumer portfolio segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interests retained in financial asset sales | ||
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 | 2 | 62 |
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 | 3 | 2 |
Derivative assets | 8 | 2 |
Assets, fair value | 94 | 55 |
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 | |
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 | 4 | 8 |
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 | 3 | 2 |
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 Mortgage | ||
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 | Commercial Loan | ||
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 | 68 | 30 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Finance receivables and loans, net | Consumer portfolio segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 10 | 11 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interests retained in financial asset sales | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Retained interest, fair value | 1 | 2 |
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 | $ 8 | $ 2 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 6 | 7 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 309 | 90 |
Fair value, measurement, recurring, asset, sales | (269) | (84) |
Fair value, measurement , recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | (7) | 0 |
Fair value, assets, recurring, net unrealized gains (losses) | 3 | 6 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | (4) | 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 | 0 | 0 |
Fair value, assets, recurring, net unrealized gains (losses) | (4) | 4 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Available-for-sale securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | |
Fair value, measurement, recurring, asset, purchases | 1 | |
Fair value, measurement, recurring, asset, sales | 0 | |
Fair value, measurement , recurring, asset, issuances | 0 | |
Fair value, measurement, recurring, asset, settlements | 0 | |
Fair value, assets, recurring, net unrealized gains (losses) | 0 | |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | |
Loans held-for-sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 5 | 1 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 302 | 90 |
Fair value, measurement, recurring, asset, sales | (269) | (84) |
Fair value, measurement , recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 |
Fair value, assets, recurring, net unrealized gains (losses) | 1 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Finance receivables and Loans, net | Consumer Loan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | (1) | |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | |
Fair value, measurement, recurring, asset, purchases | 6 | |
Fair value, measurement, recurring, asset, sales | 0 | |
Fair value, measurement , recurring, asset, issuances | 0 | |
Fair value, measurement, recurring, asset, settlements | (6) | |
Fair value, assets, recurring, net unrealized gains (losses) | 0 | |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | |
Interests retained in financial asset sales | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 0 |
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) | 0 |
Fair value, assets, recurring, net unrealized gains (losses) | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 6 | 2 |
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 | 0 | 0 |
Fair value, assets, recurring, net unrealized gains (losses) | 6 | 2 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair value, measurements, recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 55 | 19 |
Fair value, measurement, recurring, asset value, ending balance | 94 | 32 |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 8 | 7 |
Fair value, measurement, recurring, asset value, ending balance | 4 | 11 |
Fair value, measurements, recurring | Available-for-sale securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 2 | |
Fair value, measurement, recurring, asset value, ending balance | 3 | |
Fair value, measurements, recurring | 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 | 30 | 8 |
Fair value, measurement, recurring, asset value, ending balance | 68 | 15 |
Fair value, measurements, recurring | Finance receivables and Loans, net | Consumer Loan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 11 | |
Fair value, measurement, recurring, asset value, ending balance | 10 | |
Fair value, measurements, recurring | Interests retained in financial asset sales | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 2 | 4 |
Fair value, measurement, recurring, asset value, ending balance | 1 | 4 |
Fair value, measurements, recurring | Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset value, beginning balance | 2 | 0 |
Fair value, measurement, recurring, asset value, ending balance | $ 8 | $ 2 |
Fair Value (Fair Value Measur_3
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | $ 235 | $ 158 |
Finance receivables and loans, net | 124,894 | 126,968 |
Loans held-for-sale | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 167 | 128 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | 0 |
Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 7 | 12 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (3) | 0 |
Equity Method Investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 4 | |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (6) | |
Repossessed And Foreclosed Assets Member | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 13 | 12 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (1) | (1) |
Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 317 | 265 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (62) | (40) |
Fair value, inputs, level 1 | Loans held-for-sale | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Fair value, inputs, level 1 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair value, inputs, level 1 | Equity Method Investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Fair value, inputs, level 1 | Repossessed And Foreclosed Assets Member | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair value, inputs, level 1 | Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Fair value, inputs, level 2 | Loans held-for-sale | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Fair value, inputs, level 2 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 5 |
Fair value, inputs, level 2 | Equity Method Investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Fair value, inputs, level 2 | Repossessed And Foreclosed Assets Member | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair value, inputs, level 2 | Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 5 |
Fair value, inputs, level 3 | Loans held-for-sale | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 167 | 128 |
Fair value, inputs, level 3 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 7 | 7 |
Fair value, inputs, level 3 | Equity Method Investments | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 4 | |
Fair value, inputs, level 3 | Repossessed And Foreclosed Assets Member | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 13 | 12 |
Fair value, inputs, level 3 | Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 317 | 260 |
Commercial portfolio segment | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 130 | 109 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (58) | (33) |
Commercial portfolio segment | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial portfolio segment | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial portfolio segment | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 130 | 109 |
Automotive loan | Commercial portfolio segment | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 75 | 64 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (18) | (12) |
Automotive loan | Commercial portfolio segment | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive loan | Commercial portfolio segment | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive loan | Commercial portfolio segment | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 75 | 64 |
Other loan | Commercial portfolio segment | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 55 | 45 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (40) | (21) |
Other loan | Commercial portfolio segment | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other loan | Commercial portfolio segment | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other loan | Commercial portfolio segment | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | $ 55 | $ 45 |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 1,497 | $ 1,568 |
Loans held-for-sale, net | 235 | 158 |
Finance receivables and loans, net | 124,894 | 126,968 |
Deposit liabilities | 122,324 | 120,752 |
Short-term borrowings | 9,493 | 5,531 |
Long-term debt | 31,066 | 34,027 |
Reported value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,497 | 1,568 |
Loans held-for-sale, net | 167 | 128 |
Finance receivables and loans, net | 124,884 | 126,957 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 1,242 | 1,150 |
Deposit liabilities | 61,333 | 60,146 |
Short-term borrowings | 9,493 | 5,531 |
Long-term debt | 31,066 | 34,027 |
Estimate of fair value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,580 | 1,600 |
Loans held-for-sale, net | 167 | 128 |
Finance receivables and loans, net | 129,594 | 130,837 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 1,242 | 1,150 |
Deposit liabilities | 62,368 | 60,678 |
Short-term borrowings | 9,494 | 5,532 |
Long-term debt | 32,164 | 36,927 |
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 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 0 | 0 |
Deposit liabilities | 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 | 1,580 | 1,600 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 1,242 | 1,150 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 18,316 | 22,789 |
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 |
Loans held-for-sale, net | 167 | 128 |
Finance receivables and loans, net | 129,594 | 130,837 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 0 | 0 |
Deposit liabilities | 62,368 | 60,678 |
Short-term borrowings | 9,494 | 5,532 |
Long-term debt | $ 13,848 | $ 14,138 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 2 | $ 62 |
Net amounts of assets presented on the Condensed Consolidated Balance Sheet | 2 | 62 |
Derivative Asset, Financial Instruments Not Offset | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | (36) |
Derivative Assets in Net Asset Position | 2 | 26 |
Derivative Assets With No Offsetting Arrangements | 8 | 2 |
Derivative Assets, Gross Amounts Offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Obligation to Return Securities - No Offsetting Arrangements | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash - No Offsetting Arrangements | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 10 | 64 |
Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement Not Offset Against Collateral | 10 | 64 |
Derivative Asset | 10 | 28 |
Derivative Liability, Fair Value, Gross Liability | 7 | 5 |
Derivative Liabilities - Gross Amounts Offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheet | 7 | 5 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liabilities, Collateral Amounts Not Offset | (6) | (4) |
Derivative, Net Liability Position, Aggregate Fair Value | 1 | 1 |
Total liabilities, gross amounts recognized | 489 | 5 |
Total liabilities, net amounts presented on the balance sheet | 489 | 5 |
Derivative Liabilities, Financial Instruments Not Offset | 0 | 0 |
Derivative Liability | 1 | 1 |
Securities sold under agreements to repurchase, gross | 482 | 0 |
Securities Sold under Agreements to Repurchase | 482 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 0 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 482 | |
Securities Sold under Agreements to Repurchase, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash | $ (488) | (4) |
Derivative Asset, Fair Value of Collateral | 29 | |
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value | $ 29 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 4 | ||
Net financing revenue and other interest income | $ 1,146 | $ 1,132 | |
Other revenue | 266 | 466 | |
Total net revenue | 1,412 | 1,598 | |
Provision for credit losses | 903 | 282 | |
Noninterest expense | 920 | 830 | |
Income (loss) from continuing operations before income tax expense | (411) | 486 | |
Assets | 182,527 | 180,117 | $ 180,644 |
Net financing revenue and other interest income after provision for loan losses | 243 | 850 | |
Operating Segments | Automotive Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 1,040 | 980 | |
Other revenue | 47 | 68 | |
Total net revenue | 1,087 | 1,048 | |
Provision for credit losses | 766 | 262 | |
Noninterest expense | 494 | 457 | |
Income (loss) from continuing operations before income tax expense | (173) | 329 | |
Assets | 111,554 | 115,789 | |
Operating Segments | Insurance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 14 | 12 | |
Other revenue | 137 | 360 | |
Total net revenue | 151 | 372 | |
Provision for credit losses | 0 | 0 | |
Noninterest expense | 256 | 227 | |
Income (loss) from continuing operations before income tax expense | (105) | 145 | |
Assets | 8,420 | 8,179 | |
Operating Segments | Mortgage Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 38 | 50 | |
Other revenue | 10 | 2 | |
Total net revenue | 48 | 52 | |
Provision for credit losses | 1 | 2 | |
Noninterest expense | 35 | 37 | |
Income (loss) from continuing operations before income tax expense | 12 | 13 | |
Assets | 16,135 | 16,301 | |
Operating Segments | Corporate Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 68 | 54 | |
Other revenue | 13 | 11 | |
Total net revenue | 81 | 65 | |
Provision for credit losses | 114 | 23 | |
Noninterest expense | 35 | 29 | |
Income (loss) from continuing operations before income tax expense | (68) | 13 | |
Assets | 6,572 | 5,006 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | (14) | 36 | |
Other revenue | 59 | 25 | |
Total net revenue | 45 | 61 | |
Provision for credit losses | 22 | (5) | |
Noninterest expense | 100 | 80 | |
Income (loss) from continuing operations before income tax expense | (77) | (14) | |
Assets | $ 39,846 | $ 34,842 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 16, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share | $ 0.19 | $ 0.17 | ||
Goodwill | $ 393 | $ 393 | ||
Corporate and Other | ||||
Subsequent Event [Line Items] | ||||
Goodwill | 346 | 346 | ||
Ally Invest | Corporate and Other | ||||
Subsequent Event [Line Items] | ||||
Goodwill | $ 193 | $ 193 | ||
Subsequent event | Ally Invest | Minimum | Corporate and Other | ||||
Subsequent Event [Line Items] | ||||
Goodwill, Impairment Loss | $ 30 | |||
Subsequent event | Ally Invest | Maximum | Corporate and Other | ||||
Subsequent Event [Line Items] | ||||
Goodwill, Impairment Loss | $ 60 | |||
Subsequent event | Common stock | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Apr. 16, 2020 | |||
Cash dividends declared per common share | $ 0.19 | |||
Dividends Payable, Date to be Paid | May 15, 2020 | |||
Dividends Payable, Date of Record | May 1, 2020 |
Uncategorized Items - ally20203
Label | Element | Value |
Common Stock Including Additional Paid in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 21,438,000,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 21,345,000,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 123,000,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (531,000,000) |
Treasury Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (2,049,000,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (3,088,000,000) |
Accounting Standards Update 2016-13 [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 0 |
Accounting Standards Update 2017-08 [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (2,000,000) |
Accounting Standards Update 2017-08 [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 8,000,000 |
Accounting Standards Update 2017-08 [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (10,000,000) |