Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | ALLY | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity public float | $ 18.1 | ||
Entity Common Stock, Shares Outstanding | 333,195,505 | ||
Documents Incorporated by Reference | Documents incorporated by reference: portions of the Registrant’s Proxy Statement for the annual meeting of stockholders to be held on May 3, 2022, are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13, and 14 of Part III. | ||
Entity Central Index Key | 0000040729 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Detroit, Michigan |
Auditor Firm ID | 34 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Financing revenue and other interest income | ||||
Interest and fees on finance receivables and loans | $ 6,468 | $ 6,581 | $ 7,337 | |
Interest on loans held-for-sale | 18 | 17 | 17 | |
Interest and dividends on investment securities and other earning assets | 600 | 736 | 955 | |
Interest on cash and cash equivalents | 15 | 28 | 78 | |
Operating leases | 1,550 | 1,435 | 1,470 | |
Total financing revenue and other interest income | 8,651 | 8,797 | 9,857 | |
Interest expense | ||||
Interest on deposits | 1,045 | 1,952 | 2,538 | |
Interest on short-term borrowings | 1 | 42 | 135 | |
Interest on long-term debt | 860 | 1,249 | 1,570 | |
Interest on other | 8 | 0 | 0 | |
Total interest expense | 1,914 | 3,243 | 4,243 | |
Net depreciation expense on operating lease assets | 570 | 851 | 981 | |
Net financing revenue and other interest income | 6,167 | 4,703 | 4,633 | |
Other revenue | ||||
Insurance premiums and service revenue earned | 1,117 | 1,103 | 1,087 | |
Gain on mortgage and automotive loans, net | 87 | 110 | 28 | |
Loss on extinguishment of debt | (136) | (102) | (2) | |
Other gain on investments, net | 285 | 307 | 243 | |
Other income, net of losses | 686 | 565 | 405 | |
Total other revenue | 2,039 | 1,983 | 1,761 | |
Total net revenue | 8,206 | 6,686 | 6,394 | |
Provision for credit losses | 241 | 1,439 | 998 | |
Noninterest expense | ||||
Compensation and benefits expense | 1,643 | 1,376 | 1,222 | |
Insurance losses and loss adjustment expenses | 261 | 363 | 321 | |
Goodwill impairment | 0 | 50 | 0 | |
Other operating expenses | 2,206 | 2,044 | 1,886 | |
Total noninterest expense | 4,110 | 3,833 | 3,429 | |
Income from continuing operations before income tax expense | 3,855 | 1,414 | 1,967 | |
Income tax expense from continuing operations | 790 | 328 | 246 | |
Net income from continuing operations | [1] | 3,065 | 1,086 | 1,721 |
Loss from discontinued operations, net of tax | (5) | (1) | (6) | |
Net income | 3,060 | 1,085 | 1,715 | |
Net income from continuing operations attributable to common stockholders | [1] | 3,008 | 1,086 | 1,721 |
Loss from discontinued operations, net of tax | [1] | (5) | (1) | (6) |
Net income attributable to common stockholders | [1] | $ 3,003 | $ 1,085 | $ 1,715 |
Basic weighted-average common shares outstanding | [1],[2] | 362,583,000 | 375,629,000 | 393,234,000 |
Diluted weighted-average common shares outstanding | [1],[2],[3] | 365,180,000 | 377,101,000 | 395,395,000 |
Basic earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | $ 8.30 | $ 2.89 | $ 4.38 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.02) |
Net income (in dollars per share) | [1] | 8.28 | 2.89 | 4.36 |
Diluted earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | 8.24 | 2.88 | 4.35 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.02) |
Net income (in dollars per share) | [1] | 8.22 | 2.88 | 4.34 |
Cash dividends declared per common share (in dollars per share) | [1] | $ 0.88 | $ 0.76 | $ 0.68 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 800,000 | 0 | |
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. | |||
[2] | Includes shares related to share-based compensation that vested but were not yet issued. | |||
[3] | During the year ended December 31, 2020, there were 0.8 million in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the years ended December 31, 2021, and 2019. |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,060 | $ 1,085 | $ 1,715 |
Other comprehensive income (loss), net of tax | (789) | 508 | 654 |
Translation adjustments and net investment hedges, net change | 0 | 0 | 1 |
Comprehensive income | 2,271 | 1,593 | 2,369 |
Unrealized gains on investment securities | |||
Net unrealized gains (losses) arising during the period | (656) | 564 | 741 |
Net realized gains reclassified to net income | 79 | 132 | 60 |
Other comprehensive income (loss), net of tax | (735) | 432 | 681 |
Translation adjustments and net investment hedges | |||
Other comprehensive income (loss), net of tax | 0 | 3 | 5 |
Net investment hedges | |||
Other comprehensive income (loss), net of tax | 0 | (3) | (4) |
Cash flow hedges | |||
Net unrealized gains (losses) arising during the period | 0 | 129 | (7) |
Net realized gains reclassified to net income | 47 | 49 | 10 |
Other comprehensive income (loss), net of tax | (47) | 80 | (17) |
Defined benefit pension plans | |||
Net unrealized gains (losses) arising during the period | (8) | (4) | (11) |
Net realized gains reclassified to net income | (1) | 0 | 0 |
Other comprehensive income (loss), net of tax | $ (7) | $ (4) | $ (11) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | |||
Noninterest-bearing | $ 502 | $ 724 | |
Interest-bearing | 4,560 | 14,897 | |
Total cash and cash equivalents | 5,062 | 15,621 | |
Equity securities | 1,102 | 1,071 | |
Available-for-sale securities (amortized cost of $33,650 and $28,936) | [1] | 33,587 | 29,830 |
Held-to-maturity securities (fair value of $1,204 and $1,331) | 1,170 | 1,253 | |
Loans held-for-sale, net | 549 | 406 | |
Finance receivables and loans, net | |||
Finance receivables and loans, net of unearned income | 122,268 | 118,534 | |
Allowance for loan losses | (3,267) | (3,283) | |
Total finance receivables and loans, net | 119,001 | 115,251 | |
Investment in operating leases, net | 10,862 | 9,639 | |
Premiums receivable and other insurance assets | 2,724 | 2,679 | |
Other assets | 8,057 | 6,415 | |
Total assets | 182,114 | 182,165 | |
Deposit liabilities | |||
Noninterest-bearing | 150 | 128 | |
Interest-bearing | 141,408 | 136,908 | |
Total deposit liabilities | 141,558 | 137,036 | |
Short-term borrowings | 0 | 2,136 | |
Long-term debt | 17,029 | 22,006 | |
Interest payable | 210 | 412 | |
Unearned insurance premiums and service revenue | 3,514 | 3,438 | |
Accrued expenses and other liabilities | 2,753 | 2,434 | |
Total liabilities | 165,064 | 167,462 | |
Commitments and contingencies (refer to Note 28 and Note 29) | |||
Equity [Abstract] | |||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 504,521,535 and 501,237,055; and outstanding 337,940,636 and 374,674,415) | 21,671 | 21,544 | |
Preferred stock | 2,324 | 0 | |
Accumulated deficit | (1,599) | (4,278) | |
Accumulated other comprehensive (loss) income | (158) | 631 | |
Treasury stock, at cost (166,580,899 and 126,562,640 shares) | (5,188) | (3,194) | |
Total equity | 17,050 | 14,703 | |
Total liabilities and equity | $ 182,114 | $ 182,165 | |
[1] | Refer to Note 8 for discussion of investment securities pledged as collateral. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued (in shares) | 504,521,535 | 501,237,055 |
Common stock, shares outstanding (in shares) | 337,940,636 | 374,674,415 |
Treasury stock, shares (in shares) | 166,580,899 | 126,562,640 |
Available-for-sale debt securities | Available-for-sale securities | ||
Available-for-sale securities, amortized cost | $ 33,650 | $ 28,936 |
Held-to-maturity securities | ||
Held-to-maturity securities, fair value | 1,204 | 1,331 |
Held-to-maturity securities | Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 1,204 | $ 1,331 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet (VIEs) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Total finance receivables and loans | $ 122,268 | $ 118,534 | |
Allowance for loan losses | (3,267) | (3,283) | |
Finance receivables and loans, net | 119,001 | 115,251 | |
Other assets | 8,057 | 6,415 | |
Total assets | 182,114 | 182,165 | |
Long-term debt | 17,029 | 22,006 | |
Accrued expenses and other liabilities | 2,753 | 2,434 | |
Total liabilities | 165,064 | 167,462 | |
Consumer | |||
Total finance receivables and loans | 98,226 | 89,202 | |
Consumer | Automotive loan | |||
Total finance receivables and loans | 78,252 | 73,668 | |
Allowance for loan losses | (2,769) | (2,902) | |
Consumer | Other | |||
Total finance receivables and loans | 1,962 | 407 | |
Allowance for loan losses | (221) | (73) | |
Commercial | |||
Total finance receivables and loans | 24,042 | 29,332 | |
Allowance for loan losses | (250) | (275) | |
Commercial | Automotive loan | |||
Total finance receivables and loans | 12,229 | 19,082 | |
Commercial | Other | |||
Total finance receivables and loans | 6,874 | 5,242 | |
On-balance sheet variable interest entities | |||
Allowance for loan losses | (278) | (285) | |
Finance receivables and loans, net | 6,946 | 13,213 | |
Other assets | 563 | 983 | |
Total assets | 7,509 | 14,196 | |
Long-term debt | 1,337 | 4,158 | |
Accrued expenses and other liabilities | 2 | 3 | |
Total liabilities | 1,339 | 4,161 | |
On-balance sheet variable interest entities | Consumer | Automotive loan | |||
Total finance receivables and loans | 6,871 | 7,630 | |
Total assets | 18,158 | 17,833 | |
Total liabilities | 1,162 | 3,103 | |
On-balance sheet variable interest entities | Consumer | Other | |||
Total finance receivables and loans | [1] | 353 | 0 |
Total assets | 318 | ||
Total liabilities | 300 | ||
On-balance sheet variable interest entities | Commercial | |||
Total finance receivables and loans | $ 0 | 5,868 | |
On-balance sheet variable interest entities | Commercial | Automotive loan | |||
Total assets | 6,276 | ||
Total liabilities | $ 1,152 | ||
[1] | Composed of credit card finance receivables and loans, net. |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Series B Preferred Stock | Series C Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common stock and paid-in capital | Common stock and paid-in capitalCumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stockSeries B Preferred Stock | Preferred stockSeries C Preferred Stock | Preferred stockCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated deficit | Accumulated deficitSeries B Preferred Stock | Accumulated deficitSeries C Preferred Stock | Accumulated deficitCumulative Effect, Period of Adoption, Adjustment | Accumulated deficitCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive (loss) income | Accumulated other comprehensive (loss) incomeCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive (loss) incomeCumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | $ 13,268 | $ (2) | $ 13,266 | $ 21,345 | $ 21,345 | $ (5,489) | $ (10) | $ (5,499) | $ (539) | $ 8 | $ (531) | $ (2,049) | $ (2,049) | ||||||||
Beginning balance at Dec. 31, 2018 | $ 13,268 | (2) | 13,266 | 21,345 | 21,345 | (5,489) | (10) | (5,499) | (539) | $ 8 | (531) | (2,049) | (2,049) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 | ||||||||||||||||||||
Net income | $ 1,715 | 1,715 | |||||||||||||||||||
Share-based compensation | 93 | 93 | |||||||||||||||||||
Other comprehensive income (loss) | 654 | 654 | |||||||||||||||||||
Common stock repurchases | (1,039) | (1,039) | |||||||||||||||||||
Common stock dividends | (273) | (273) | |||||||||||||||||||
Ending balance at Dec. 31, 2019 | 14,416 | (1,017) | 13,399 | 21,438 | 21,438 | $ 0 | $ 0 | (4,057) | (1,017) | (5,074) | 123 | 123 | (3,088) | (3,088) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | 14,416 | $ (1,017) | $ 13,399 | 21,438 | $ 21,438 | 0 | $ 0 | (4,057) | $ (1,017) | $ (5,074) | 123 | $ 123 | (3,088) | $ (3,088) | |||||||
Net income | 1,085 | 1,085 | |||||||||||||||||||
Share-based compensation | 106 | 106 | |||||||||||||||||||
Other comprehensive income (loss) | 508 | 508 | |||||||||||||||||||
Common stock repurchases | (106) | (106) | |||||||||||||||||||
Common stock dividends | (289) | (289) | |||||||||||||||||||
Ending balance at Dec. 31, 2020 | 14,703 | 21,544 | 0 | (4,278) | 631 | (3,194) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | 14,703 | 21,544 | 0 | (4,278) | 631 | (3,194) | |||||||||||||||
Net income | 3,060 | 3,060 | |||||||||||||||||||
Share-based compensation | 127 | 127 | |||||||||||||||||||
Other comprehensive income (loss) | (789) | (789) | |||||||||||||||||||
Common stock repurchases | (1,994) | (1,994) | |||||||||||||||||||
Common stock dividends | (324) | (324) | |||||||||||||||||||
Net proceeds from issuance of series preferred stock | $ 1,335 | $ 989 | $ 1,335 | $ 989 | |||||||||||||||||
Preferred stock dividends | $ (36) | $ (21) | $ (36) | $ (21) | |||||||||||||||||
Ending balance at Dec. 31, 2021 | 17,050 | 21,671 | 2,324 | (1,599) | (158) | (5,188) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | $ 17,050 | $ 21,671 | $ 2,324 | $ (1,599) | $ (158) | $ (5,188) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Statement of Stockholders' Equity [Abstract] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.88 | [1] | $ 0.76 | [1] | $ 0.68 | [1] |
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities | ||||
Net income | $ 3,060 | $ 1,085 | $ 1,715 | |
Reconciliation of net income to net cash provided by operating activities | ||||
Depreciation and amortization | 1,261 | 1,550 | 1,555 | |
Goodwill impairment | 0 | 50 | 0 | |
Provision for credit losses | 241 | 1,439 | 998 | |
Gain on mortgage and automotive loans, net | (87) | (110) | (28) | |
Other gain on investments, net | (285) | (307) | (243) | |
Loss on extinguishment of debt | 136 | 102 | 2 | |
Originations and purchases of loans held-for-sale | (4,255) | (3,199) | (1,276) | |
Proceeds from sales and repayments of loans held-for-sale | 4,107 | 3,161 | 1,288 | |
Net change in | ||||
Deferred income taxes | 120 | 242 | 179 | |
Interest payable | (204) | (229) | 118 | |
Other assets | (302) | 15 | (28) | |
Other liabilities | 356 | 33 | (177) | |
Other, net | (106) | (93) | (53) | |
Net cash provided by operating activities | 4,042 | 3,739 | 4,050 | |
Investing activities | ||||
Purchases of equity securities | (1,346) | (1,219) | (498) | |
Proceeds from sales of equity securities | 1,508 | 1,087 | 814 | |
Purchases of available-for-sale securities | (21,557) | (17,377) | (15,199) | |
Proceeds from sales of available-for-sale securities | 5,745 | 6,563 | 7,079 | |
Proceeds from repayments of available-for-sale securities | 10,724 | 11,903 | 5,154 | |
Purchases of held-to-maturity securities | (292) | (154) | (514) | |
Proceeds from repayments of held-to-maturity securities | 372 | 457 | 302 | |
Purchases of finance receivables and loans held-for-investment | (6,756) | (7,020) | (4,439) | |
Proceeds from sales of finance receivables and loans initially held-for-investment | 376 | 506 | 1,038 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | 2,896 | 15,353 | 4,252 | |
Purchases of operating lease assets | (5,120) | (4,320) | (4,023) | |
Disposals of operating lease assets | 3,438 | 2,681 | 2,625 | |
Acquisitions, net of cash acquired | (699) | 0 | (171) | |
Net change in nonmarketable equity investments | 56 | 417 | 190 | |
Other, net | (443) | (450) | (379) | |
Net cash (used in) provided by investing activities | (11,098) | 8,427 | (3,769) | |
Financing activities | ||||
Net change in short-term borrowings | (2,136) | (3,395) | (4,456) | |
Net increase in deposits | 4,511 | 16,262 | 14,547 | |
Proceeds from issuance of long-term debt | 2,997 | 3,660 | 6,915 | |
Repayments of long-term debt | (6,068) | (16,107) | (17,224) | |
Purchases of land and buildings in satisfaction of finance lease liabilities | (391) | 0 | 0 | |
Repurchases of common stock | (1,994) | (106) | (1,039) | |
Preferred stock issuance | 2,324 | 0 | 0 | |
Trust preferred securities redemption | (2,710) | 0 | 0 | |
Common stock dividends paid | (324) | (289) | (273) | |
Preferred stock dividends paid | (57) | 0 | 0 | |
Net cash (used in) provided by financing activities | (3,848) | 25 | (1,530) | |
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 0 | 3 | 3 | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (10,904) | 12,194 | (1,246) | |
Cash and cash equivalents and restricted cash at beginning of year | 16,574 | 4,380 | 5,626 | |
Cash and cash equivalents and restricted cash at end of year | 5,670 | 16,574 | 4,380 | |
Cash paid for | ||||
Interest | 2,033 | 3,366 | 4,034 | |
Income taxes | 1,292 | 53 | 64 | |
Noncash items | ||||
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 136 | 75 | 242 | |
Additions of property and equipment | 46 | 0 | ||
Finance receivables and loans held-for-investment transferred to loans held-for-sale | 414 | 495 | 960 | |
Held-to-maturity securities transferred to available-for-sale | 0 | 0 | 943 | |
In-kind distribution from equity-method investee | 1 | 226 | 0 | |
Equity consideration received in exchange for restructured loans | 0 | 5 | 0 | |
Decrease in held-to-maturity securities due to the consolidation of a VIE | 0 | 10 | 0 | |
Increase in held-for-investment loans and other, net, due to the consolidation of a VIE | 0 | 224 | 0 | |
Increase in collateralized borrowings, net, due to the consolidation of a VIE | 0 | 214 | 0 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents on the Consolidated Balance Sheet | 5,062 | 15,621 | ||
Restricted cash included in other assets on the Consolidated Balance Sheet | [1] | 608 | 953 | |
Total cash and cash equivalents and restricted cash in the Consolidated Statement of Cash Flows | $ 5,670 | $ 16,574 | $ 4,380 | |
[1] | Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Description of Business, Basis
Description of Business, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Significant Accounting Policies | Description of Business, Basis of Presentation, and Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a digital financial-services company committed to its promise to “Do It Right” for its consumer, commercial, and corporate customers. Ally is composed of an industry-leading independent automotive finance and insurance operation, an award-winning digital direct bank (Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products), a consumer credit card business, a corporate finance business for equity sponsors and middle-market companies, and securities brokerage and investment advisory services. A relentless ally for all things money, Ally helps people save well and earn well, so they can spend for what matters. We are a Delaware corporation and are registered as a BHC under the BHC Act, and an FHC under the GLB Act. Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of the parent and its consolidated subsidiaries, of which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all VIEs in which we are the primary beneficiary. Refer to Note 11 for further details on our VIEs. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for using the equity method of accounting within the financial statements and are therefore not consolidated. 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. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. In the past, we have operated our international subsidiaries in a similar manner as we operate in the United States of America (U.S. or United States), subject to local laws or other circumstances that may cause us to modify our procedures accordingly. The financial statements of subsidiaries that operate outside of the United States generally are measured using the local currency as the functional currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. The resulting translation adjustments are recorded in accumulated other comprehensive income until the foreign subsidiaries are sold or substantially liquidated at which point the accumulated translation adjustments are recognized directly in earnings as part of the gain or loss on sale or liquidation. Income and expense items are translated at average exchange rates prevailing during the reporting period. Other than our Canadian Insurance operations, the majority of our international operations have ceased and are included in discontinued operations. Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. 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 operating lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with original maturities of three months or less from the date of purchase. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. Certain securities with original maturities of three months or less from the date of purchase that are held as a portion of longer-term investment portfolios, primarily held by our Insurance operations, are classified as investment securities. Cash and cash equivalents with legal restrictions limiting our ability to withdraw and use the funds are considered restricted cash and restricted cash equivalents and are presented as other assets on our Consolidated Balance Sheet. 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 composed 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 for impairment. When the cost of an available-for-sale security exceeds its fair value, the security is impaired. If we determine that we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis, any allowance for credit losses, if previously recorded, is written off and the security’s amortized cost basis is written down to fair value at the reporting date, with any incremental impairment recorded through earnings. Alternatively, if we do not intend to sell, or it is not more likely than not that we will be required to sell the security before anticipated recovery of the amortized cost basis, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, and the performance of the underlying assets for interests in securitized assets to determine if a credit loss has occurred. The present value of expected future cash flows are compared to the security’s amortized cost basis to measure the credit loss component of the impairment after determining a credit loss has occurred. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses for that difference. The amount of credit loss is limited 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. 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 and discounts on debt securities are generally amortized over the stated maturity of the security as an adjustment to investment yield. Premiums on debt securities that have non-contingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date 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 Consolidated Statement of Income. These investments, which are primarily attributable to the investment portfolio of our Insurance operations, are included in equity securities on our Consolidated Balance Sheet. Refer to Note 24 for further information on equity securities that are held at fair value. Realized gains and losses on the sale of debt securities and equity securities with a readily determinable fair value are determined using the specific identification method and are reported in other gain on investments, net in our Consolidated Statement of Income. 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 Consolidated Balance Sheet. Our investments in FHLB and FRB stock are carried at cost, less impairment, if any. Our remaining investments in equity securities are recorded at cost, less impairment and adjusted for observable price changes under the measurement alternative provided under U.S. GAAP. These investments, along with our investments in FHLB and FRB stock, are included in nonmarketable equity investments in other assets on our 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, as well as investments in FHLB and FRB stock, for impairment and adjust the carrying value of the investment if it is deemed to be impaired. Adjustments related to observable price changes or impairment on securities using the measurement alternative and FHLB and FRB stock are recorded in earnings and reported in other income, net in our Consolidated Statement of 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 both the intent to sell the loans and must reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our 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 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 Consolidated Statement of 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 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 Consolidated Statement of Income. Loans classified as held-for-investment are presented as finance receivables and loans, net on our 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 losses 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, except for origination fees and costs on our credit card loans, which amortize straight line over a twelve-month period. In addition, annual fees on credit cards are amortized into other income, net of losses over a twelve-month period. We report accrued interest receivable on our finance receivables and loans in other assets on our Consolidated Balance Sheet, except for billed interest on our credit card loans which is included in finance receivables and loans, net. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 9. We have elected to exclude accrued interest receivable from the measurement of our allowance for loan losses for each class of financing receivables, except for billed interest on our credit card loans which is included within finance receivables and loans, net. We have also elected to write-off accrued interest receivable by reversing interest income when loans are placed on nonaccrual status for each class of finance receivable. This includes the reversal of the billed interest that occurs at the time of charge-off, which is initially included in the measurement of our allowance for loan losses. 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 direct-to-consumer originations, refinancing of high-quality jumbo mortgages and LMI mortgages, and bulk acquisitions. ◦ 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 the following classes of finance receivables. • Personal Lending — Consists of unsecured consumer lending from point-of-sale financing. • Credit Card — Consists of consumer credit card loans. • 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 a 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 9. For all of our portfolio segments, 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, for credit card loans, billed interest is included in the receivables balance and therefore is not reversed against interest income until the loan is charged-off. 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 employment). 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 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. However, in response to the COVID-19 pandemic, we offered broad-based deferral programs during the year ended December 31, 2020, to all of our customers who requested assistance with their loans. 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, the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. Additionally, based on guidance issued by federal and state regulatory agencies, payment extensions 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 9 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 fully charged off once a loan becomes 120 days past due. In instances where upon becoming 120 days past due repossession is assured and in process, consumer automotive loans are written down to estimated collateral value, less costs to sell. 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. In our consumer other segment, loans within our personal lending class of receivables are charged off at 120 days past due and loans in our credit card class of receivables are charged off at 180 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 charged-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 credit 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 factors for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecast period, we revert each variable to a historical average. This reversion to the mean is performed on a straight-line basis over 24 months. The historical average is calculated using historical data beginning |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | AcquisitionsOn December 1, 2021, we acquired 100% of the equity of Fair Square Financial Holdings LLC and its subsidiaries, including Fair Square Financial LLC (collectively, Fair Square) for $741 million in cash. Fair Square is a digital-first, nonbank credit-card company that operates in the United States. Fair Square operates as a wholly owned subsidiary of Ally. We applied the acquisition method of accounting to this transaction, which generally requires the initial recognition of assets acquired, including identifiable intangible assets, and liabilities assumed at their respective fair value. Goodwill is recognized as the excess of the acquisition price after the recognition of the net assets, including the identifiable intangible assets. Beginning in December 2021, financial information related to Fair Square is included within Corporate and Other. The following table summarizes the allocation of cash consideration paid for Fair Square and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date. ($ in millions) Purchase price Cash consideration $ 741 Allocation of purchase price to net assets acquired Finance receivables and loans (a) 870 Intangible assets (b) 98 Cash and short-term investments 42 Other assets 46 Debt (765) Other liabilities (29) Goodwill $ 479 (a) Includes $22 million of purchased credit deteriorated (PCD) loans that have experienced a more-than-insignificant deterioration of credit quality since origination. We recognized an initial allowance for loan losses of $12 million on these PCD loans. (b) The weighted average amortization period on the acquired intangible assets is 7 years. Refer to Note 1 and Note 13 for further information on our intangible assets. The goodwill of $479 million arising from the acquisition consists largely of expected growth of the business as we leverage the Ally brand and our marketing capabilities to scale the acquired credit card provider and expand the suite of financial products we offer to our existing growing customer base. The goodwill recognized is generally expected to be amortized for income tax purposes over a 15-year period. Refer to Note 13 for the carrying amount of goodwill at the beginning and end of the reporting period. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
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 is a description of our primary revenue sources that are derived from contracts with customers. Revenue from contracts with customers is recognized when control of the promised goods or services is transferred to our customers, and in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. For information regarding our revenue recognition policies outside the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers , refer to Note 1. • Noninsurance contracts — We sell VSCs that offer owners mechanical repair protection and roadside assistance for new and used vehicles beyond the manufacturer’s new vehicle limited warranty. We sell GAP contracts that protect the customer against having to pay certain amounts to a lender above the fair market value of their vehicle if the vehicle is damaged and declared a total loss or stolen. We also sell VMCs that provide coverage for certain agreed-upon services, such as oil changes and tire rotations, over the coverage period. We receive payment in full at the inception of each of these contracts. Our performance obligation for these contracts is satisfied over the term of the contract and we recognize revenue over the contract term on a basis proportionate to the anticipated incurrence of costs, as we believe this is the most appropriate method to measure progress towards satisfaction of the performance obligation. This revenue is recorded within insurance premiums and service revenue earned in our Consolidated Statement of Income, while associated cancellation and transfer fees are recorded as other income. • Sale of off-lease vehicles — When a customer’s vehicle lease matures, the customer has the option of purchasing or returning the vehicle. If the vehicle is returned to us, we obtain possession with the intent to sell through SmartAuction—our online auction platform, our dealer channel, or through various other physical auctions. Our performance obligation is satisfied and the remarketing gain or loss is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. Our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense on operating lease assets in our Consolidated Statement of Income. • Remarketing fee income — In addition to using SmartAuction as a remarketing channel for our returned lease vehicles, we maintain the SmartAuction internet auction site and administer the auction process for third-party use. We earn a service fee from dealers for every third-party vehicle sold through SmartAuction. Our performance obligation is to provide the online marketplace for used vehicle transactions to be consummated. This obligation is satisfied and revenue is recognized when control of the vehicle has passed to the buyer, which coincides with the sale date. This revenue is recorded as remarketing fees within other income in our Consolidated Statement of Income. • Brokerage commissions and other revenues through Ally Invest — We charge fees to customers related to their use of certain services on our Ally Invest digital wealth management and online brokerage platform. These fees include commissions on low-priced securities, option contracts, certain other security types, account service fees, account management fees on professional portfolio management services, and other ancillary fees. Commissions on customer-directed trades and account service fees are based on published fee schedules and are generated from a customer option to purchase the services offered under the contract. These options do not represent a material right and are only considered a contract when the customer executes their option to purchase these services. Based on this, the term of the contract does not extend beyond the services provided, and accordingly revenue is recognized upon the completion of our performance obligation, which we view as the successful execution of the trade or service. Revenue on professional portfolio management services is calculated monthly based upon a fixed percentage of the client’s assets under management. Due to the fact that this revenue stream is composed of variable consideration that is based on factors outside of our control, we have deemed this revenue as constrained and we are unable to estimate the initial transaction price at the inception of the contract. We have elected to use the practical expedient under GAAP to recognize revenue monthly based on the amount we are able to invoice the customer. Additionally, we earn revenue when we route customers’ orders to market makers, who then execute customers’ trades. The market makers compensate us for the right to fill the customers’ orders. We also earn revenue from a fee-sharing agreement with our clearing broker related to the interest income the clearing broker earns on customer cash balances, securities lending, and margin loans made to our customers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of our performance obligation to allow the clearing broker to collect interest income from cash deposits and customer loans from our customers, we are unable to determine the amount of revenue to be recognized until the total customer cash balance or the total interest income recognized on margin loans has been determined, which occurs monthly. These revenue streams are recorded as other income in our Consolidated Statement of Income. • Brokered/agent commissions through Insurance operations — We have agreements with third parties to offer various vehicle protection products to consumers. We also have agreements with third-party insurers to offer various insurance coverages to dealers. Our performance obligation for these arrangements is satisfied when a customer or dealer has purchased a vehicle protection product or an insurance policy through the third-party provider. In determining the initial transaction price for these agreements, we noted that revenue on brokered/agent commissions is based on the volume of vehicle protection product contracts sold or a percentage of insurance premium written, which is not known to us at the inception of the agreements with these third-party providers. We concluded the initial transaction price is exclusively variable consideration and, based on the nature of the performance obligation, we are unable to determine the amount of revenue we will record until the customer purchases a vehicle protection product or a dealer purchases an insurance policy from the third-party provider. Once we are notified of vehicle protection product sales or insurance policies issued by the third-party providers, we record the commission earned as insurance premiums and service revenues earned in our Consolidated Statement of Income. • Banking fees and interchange income — We charge depositors various account service fees including those for outgoing wires, excessive transactions, stop payments, and returned deposits. These fees are generated from a customer option to purchase services offered under the contract. These options do not represent a material right and are only considered a contract in accordance with the revenue recognition principles when the customer exercises their option to purchase these account services. Based on this, the term for our contracts with customers is considered day-to-day, and the contract does not extend beyond the services already provided. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. Revenue derived from deposit account fees is recorded at the point in time we perform the requested service, and is recorded as other income in our Consolidated Statement of Income. As a debit and credit card issuer, we also generate interchange fee income from merchants during debit and credit card transactions and incur certain corresponding charges from merchant card networks. For debit card transactions, our performance obligation is satisfied when we have initiated the payment of funds from a customer’s account to a merchant through our contractual agreements with the merchant card networks. For credit card transactions, our performance obligation is satisfied at the time each transaction is captured for settlement with the interchange networks. Interchange fees are reported net of processing fees and customer rewards as other income in our Consolidated Statement of Income. • Other revenue — Other revenue primarily includes service revenue related to various account management functions and fee income derived from third-party lenders arranged through Clearlane—our online automotive lender exchange. These revenue streams are recorded as other income in our Consolidated Statement of Income. The following table presents a disaggregated view of our revenue from contracts with customers included in other revenue that falls within the scope of the revenue recognition principles of ASC Topic 606, Revenue from Contracts with Customers . Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 627 $ — $ — $ — $ 627 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 58 58 Banking fees and interchange income (d) — — — — 18 18 Brokered/agent commissions — 16 — — — 16 Other 22 — — — 4 26 Total revenue from contracts with customers 129 643 — — 80 852 All other revenue 122 702 94 128 141 1,187 Total other revenue (e) $ 251 $ 1,345 $ 94 $ 128 $ 221 $ 2,039 2020 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 584 $ — $ — $ — $ 584 Remarketing fee income 73 — — — — 73 Brokerage commissions and other revenue — — — — 52 52 Banking fees and interchange income — — — — 12 12 Brokered/agent commissions — 16 — — — 16 Other 15 1 — — — 16 Total revenue from contracts with customers 88 601 — — 64 753 All other revenue 116 733 102 45 234 1,230 Total other revenue (e) $ 204 $ 1,334 $ 102 $ 45 $ 298 $ 1,983 2019 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 542 $ — $ — $ — $ 542 Remarketing fee income 74 — — — — 74 Brokerage commissions and other revenue — — — — 61 61 Banking fees and interchange income — — — — 16 16 Brokered/agent commissions — 14 — — — 14 Other 19 1 — — — 20 Total revenue from contracts with customers 93 557 — — 77 727 All other revenue 156 717 22 45 94 1,034 Total other revenue (e) $ 249 $ 1,274 $ 22 $ 45 $ 171 $ 1,761 (a) We had opening balances of $3.0 billion, $2.9 billion, and $2.6 billion in unearned revenue associated with outstanding contracts at January 1, 2021, 2020, and 2019, respectively, and $909 million, $866 million, and $816 million of these balances were recognized as insurance premiums and service revenue earned in our Consolidated Statement of Income during the years ended December 31, 2021, 2020, and 2019, respectively. (b) At December 31, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $847 million in 2022, $765 million in 2023, $609 million in 2024, $412 million in 2025, and $419 million thereafter. We had unearned revenue of $3.0 billion and $2.9 billion associated with outstanding contracts at December 31, 2020, and 2019, respectively. (c) We had deferred insurance assets of $1.9 billion, $1.8 billion, and $1.7 billion at December 31, 2021, 2020, and 2019, respectively. We recognized $537 million, $498 million, and $463 million of expense during the years ended December 31, 2021, 2020, and 2019, respectively. (d) Interchange income is reported net of customer rewards. Customer rewards expense was $1 million for the year ended December 31, 2021. (e) Represents a component of total net revenue. Refer to Note 26 for further information on our reportable operating segments. |
Insurance Premiums and Service
Insurance Premiums and Service Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Premiums and Service Revenue [Abstract] | |
Insurance Premiums and Service Revenue Disclosure | Insurance Premiums and Service Revenue The following table is a summary of insurance premiums and service revenue written and earned. 2021 2020 2019 Year ended December 31, ($ in millions) Written Earned Written Earned Written Earned Insurance premiums Direct $ 397 $ 389 $ 438 $ 429 $ 491 $ 464 Assumed 15 8 3 3 — 2 Gross insurance premiums 412 397 441 432 491 466 Ceded (200) (205) (211) (208) (232) (209) Net insurance premiums 212 192 230 224 259 257 Service revenue 985 925 999 879 1,051 830 Insurance premiums and service revenue written and earned $ 1,197 $ 1,117 $ 1,229 $ 1,103 $ 1,310 $ 1,087 |
Other Income, Net of Losses
Other Income, Net of Losses | 12 Months Ended |
Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net of Losses | Other Income, Net of Losses Details of other income, net of losses, were as follows. Year ended December 31 , ($ in millions) 2021 2020 2019 Gain on nonmarketable equity investments, net $ 142 $ 99 $ 9 Income from equity-method investments 132 161 62 Late charges and other administrative fees 123 93 114 Remarketing fees 107 73 74 Other, net 182 139 146 Total other income, net of losses $ 686 $ 565 $ 405 |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
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 incurred claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) December 31, 2021 ($ in millions) (unaudited supplementary information) Total of incurred-but-not-reported liabilities plus expected development on reported claims (a) Cumulative number of reported claims (a) Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 435 $ 430 $ 423 $ 423 $ 423 $ 422 $ 422 $ 421 $ 421 $ 421 $ — 772,560 2013 376 365 370 370 369 368 368 368 368 — 672,279 2014 390 389 388 388 388 388 388 388 — 525,298 2015 274 271 272 272 272 272 272 — 342,280 2016 326 327 328 328 328 328 — 476,056 2017 310 314 315 315 315 — 481,742 2018 271 272 272 273 — 506,423 2019 303 306 305 — 541,936 2020 343 339 1 493,097 2021 243 24 471,444 Total $ 3,252 (a) Claims are reported on a claimant basis. Claimant is defined as one vehicle for GAP products, one repair for VSCs and VMCs, one dealership for dealer inventory products, and per individual/coverage for run-off personal automotive products. The following table shows cumulative paid claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) (unaudited supplementary information) Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 391 $ 412 $ 416 $ 418 $ 419 $ 421 $ 421 $ 421 $ 421 $ 421 2013 347 364 366 368 368 368 368 368 368 2014 369 388 388 388 388 388 388 388 2015 252 272 272 272 272 272 272 2016 302 327 328 328 328 328 2017 289 315 315 315 315 2018 245 273 273 273 2019 278 306 305 2020 313 339 2021 213 Total $ 3,222 All outstanding liabilities for loss and allocated loss adjustment expenses before 2012, net of reinsurance 9 Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance $ 39 The following table shows the average annual percentage payout of incurred claims by age, net of reinsurance. The information presented is unaudited supplementary information. Year 1 2 3 4 5 6 7 8 9 Percentage payout of incurred claims 92.5 % 6.9 % 0.3 % 0.2 % — % 0.1 % — % — % — % The following table shows a reconciliation of the disclosures of incurred and paid claims development to the reserves for insurance losses and loss adjustment expenses. December 31, ($ in millions) 2021 2020 2019 Reserves for insurance losses and loss adjustment expenses, net of reinsurance $ 39 $ 37 $ 32 Total reinsurance recoverable on unpaid claims 81 90 88 Unallocated loss adjustment expenses 2 2 2 Total gross reserves for insurance losses and loss adjustment expenses $ 122 $ 129 $ 122 The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2021 2020 2019 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 129 $ 122 $ 134 Less: Reinsurance recoverable 90 88 96 Net reserves for insurance losses and loss adjustment expenses at January 1, 39 34 38 Net insurance losses and loss adjustment expenses incurred related to: Current year 259 360 321 Prior years (a) 2 3 — Total net insurance losses and loss adjustment expenses incurred 261 363 321 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (229) (328) (295) Prior years (30) (30) (30) Total net insurance losses and loss adjustment expenses paid or payable (259) (358) (325) Net reserves for insurance losses and loss adjustment expenses at December 31, 41 39 34 Plus: Reinsurance recoverable 81 90 88 Total gross reserves for insurance losses and loss adjustment expenses at December 31, $ 122 $ 129 $ 122 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Operating Expenses [Abstract] | |
Other Operating Expenses | Other Operating Expenses Details of other operating expenses were as follows. Year ended December 31, ($ in millions) 2021 2020 2019 Insurance commissions $ 562 $ 517 $ 475 Technology and communications 345 314 311 Advertising and marketing 241 171 180 Lease and loan administration 222 203 172 Property and equipment depreciation 153 136 96 Professional services 146 118 126 Regulatory and licensing fees 75 96 115 Vehicle remarketing and repossession 74 73 105 Charitable contributions (a) 63 43 8 Occupancy 62 57 57 Non-income taxes 34 28 34 Amortization of intangible assets (b) 20 18 13 Other 209 270 194 Total other operating expenses $ 2,206 $ 2,044 $ 1,886 (a) Includes contributions made to the Ally Charitable Foundation, a nonconsolidated entity. (b) Refer to Note 1 and Note 13 for further information on our intangible assets. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 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. 2021 2020 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value December 31, ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,173 $ 2 $ (20) $ 2,155 $ 783 $ 20 $ — $ 803 U.S. States and political subdivisions 841 27 (4) 864 1,046 50 (1) 1,095 Foreign government 157 2 (2) 157 167 9 — 176 Agency mortgage-backed residential 19,044 219 (224) 19,039 18,053 538 (3) 18,588 Mortgage-backed residential 4,448 11 (34) 4,425 2,595 49 (4) 2,640 Agency mortgage-backed commercial 4,573 66 (113) 4,526 4,063 139 (13) 4,189 Asset-backed 536 1 (3) 534 420 5 — 425 Corporate debt 1,878 30 (21) 1,887 1,809 105 — 1,914 Total available-for-sale securities (a) (b) (c) (d) (e) $ 33,650 $ 358 $ (421) $ 33,587 $ 28,936 $ 915 $ (21) $ 29,830 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,170 $ 48 $ (14) $ 1,204 $ 1,253 $ 79 $ (1) $ 1,331 Total held-to-maturity securities (e) (f) $ 1,170 $ 48 $ (14) $ 1,204 $ 1,253 $ 79 $ (1) $ 1,331 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both December 31, 2021, and December 31, 2020. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 21 for additional information. (c) Available-for-sale securities with a fair value of $203 million and $145 million at December 31, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities. (d) Totals do not include accrued interest receivable, which was $84 million and $90 million at December 31, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. (e) There was no allowance for credit losses recorded at December 31, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (f) Totals do not include accrued interest receivable, which was $3 million at both December 31, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield December 31, 2021 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,155 1.1 % $ 288 1.0 % $ 525 0.9 % $ 1,342 1.2 % $ — — % U.S. States and political subdivisions 864 3.0 26 1.6 77 2.8 128 3.3 633 3.0 Foreign government 157 1.9 2 2.1 97 2.0 58 1.8 — — Agency mortgage-backed residential 19,039 2.5 — — — — 26 2.0 19,013 2.5 Mortgage-backed residential 4,425 2.6 — — — — 23 2.9 4,402 2.6 Agency mortgage-backed commercial 4,526 1.9 — — 26 2.4 1,578 2.4 2,922 1.7 Asset-backed 534 1.9 — — 350 2.0 175 1.5 9 3.4 Corporate debt 1,887 2.3 54 2.9 830 2.3 994 2.3 9 2.5 Total available-for-sale securities $ 33,587 2.3 $ 370 1.3 $ 1,905 1.9 $ 4,324 2.0 $ 26,988 2.4 Amortized cost of available-for-sale securities $ 33,650 $ 368 $ 1,893 $ 4,291 $ 27,098 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,170 2.8 % $ — — % $ — — % $ — — % $ 1,170 2.8 % Total held-to-maturity securities $ 1,170 2.8 $ — — $ — — $ — — $ 1,170 2.8 December 31, 2020 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 803 1.2 % $ 13 0.1 % $ 708 1.1 % $ 82 1.7 % $ — — % U.S. States and political subdivisions 1,095 3.0 49 1.4 103 2.3 228 2.7 715 3.3 Foreign government 176 2.1 9 1.7 86 2.3 81 1.9 — — Agency mortgage-backed residential 18,588 3.1 — — — — 37 2.0 18,551 3.1 Mortgage-backed residential 2,640 3.1 — — — — 36 2.9 2,604 3.1 Agency mortgage-backed commercial 4,189 1.9 — — — — 1,628 2.3 2,561 1.7 Asset-backed 425 2.9 — — 349 3.0 49 1.8 27 3.1 Corporate debt 1,914 2.7 155 2.7 625 2.9 1,077 2.6 57 2.1 Total available-for-sale securities $ 29,830 2.8 $ 226 2.3 $ 1,871 2.2 $ 3,218 2.4 $ 24,515 3.0 Amortized cost of available-for-sale securities $ 28,936 $ 224 $ 1,808 $ 3,022 $ 23,882 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,253 3.0 % $ — — % $ — — % $ — — % $ 1,253 3.0 % Total held-to-maturity securities $ 1,253 3.0 $ — — $ — — $ — — $ 1,253 3.0 (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 $40 million and $25 million at December 31, 2021, and December 31, 2020, respectively, and were composed primarily of money-market funds and short-term securities, including U.S. Treasury bills. The following table presents interest and dividends on investment securities. Year ended December 31, ($ in millions) 2021 2020 2019 Taxable interest $ 533 $ 654 $ 858 Taxable dividends 27 21 14 Interest and dividends exempt from U.S. federal income tax 19 17 15 Interest and dividends on investment securities $ 579 $ 692 $ 887 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. Year ended December 31, ( $ in millions) 2021 2020 2019 Available-for-sale securities Gross realized gains $ 102 $ 173 $ 82 Gross realized losses (a) — (2) (4) Net realized gains on available-for-sale securities 102 171 78 Net realized gain on equity securities 190 107 73 Net unrealized (loss) gain on equity securities (7) 29 92 Other gain on investments, net $ 285 $ 307 $ 243 (a) Certain available-for-sale securities were sold at a loss during the years ended December 31, 2020, and 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 December 31, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of December 31, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the years ended December 31, 2021, or 2020. 2021 2020 December 31, ($ in millions) AA Total (a) AA Total (a) Debt securities Agency mortgage-backed residential $ 1,170 $ 1,170 $ 1,253 $ 1,253 Total held-to-maturity securities $ 1,170 $ 1,170 $ 1,253 $ 1,253 (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 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 December 31, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale 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. We have not recorded any interest income reversals on our available-for-sale securities during the years ended December 31, 2021, or 2020. 2021 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer December 31, ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 1,682 $ (20) $ — $ — $ 3 $ — $ — $ — U.S. States and political subdivisions 160 (3) 31 (1) 83 (1) — — Foreign government 76 (2) 7 — 7 — — — Agency mortgage-backed residential 12,244 (223) 38 (1) 1,225 (3) — — Mortgage-backed residential 3,243 (34) 22 — 316 (4) — — Agency mortgage-backed commercial 2,553 (70) 749 (43) 926 (13) — — Asset-backed 360 (3) — — 11 — — — Corporate debt 970 (18) 49 (3) 59 — 5 — Total available-for-sale securities $ 21,288 $ (373) $ 896 $ (48) $ 2,630 $ (21) $ 5 $ — During the years ended December 31, 2021, and 2020, management determined that there were no expected credit losses 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. As a result of this evaluation, management determined that no credit reserves were required at December 31, 2021, or December 31, 2020. |
Finance Receivables and Loans,
Finance Receivables and Loans, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Finance Receivables and Loans, Net | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at amortized cost basis was as follows. December 31, ($ in millions) 2021 2020 Consumer automotive (a) $ 78,252 $ 73,668 Consumer mortgage Mortgage Finance (b) 17,644 14,632 Mortgage — Legacy (c) 368 495 Total consumer mortgage 18,012 15,127 Consumer other Personal Lending (d) 1,009 407 Credit Card (e) 953 — Total consumer other 1,962 407 Total consumer 98,226 89,202 Commercial Commercial and industrial Automotive 12,229 19,082 Other 6,874 5,242 Commercial real estate 4,939 5,008 Total commercial 24,042 29,332 Total finance receivables and loans (f) (g) $ 122,268 $ 118,534 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 21 for additional information. (b) Includes loans originated as interest-only mortgage loans of $5 million and $8 million at December 31, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $21 million and $30 million at December 31, 2021, and December 31, 2020, respectively, of which all have exited the interest-only period. (d) Includes $7 million and $8 million of finance receivables at December 31, 2021, and December 31, 2020, respectively, for which we have elected the fair value option. (e) Refer to Note 2 for information regarding our acquisition of Fair Square. (f) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion and $2.0 billion at December 31, 2021, and December 31, 2020, respectively. (g) With the exception of credit card loans, totals do not include accrued interest receivable, which was $514 million and $587 million at December 31, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the years ended December 31, 2021, and December 31, 2020. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2021 $ 2,902 $ 33 $ 73 $ 275 $ 3,283 Charge-offs (b) (923) (6) (30) (22) (981) Recoveries 686 13 2 11 712 Net charge-offs (237) 7 (28) (11) (269) Provision for credit losses (c) 104 (14) 163 (12) 241 Other (d) — 1 13 (2) 12 Allowance at December 31, 2021 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 (a) Excludes $7 million and $8 million of finance receivables at December 31, 2021, and December 31, 2020, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) Consumer other includes $97 million of provision for credit losses recorded to establish an initial reserve on loans acquired in the Fair Square acquisition. (d) Consumer other includes $12 million of allowance for credit losses recognized on PCD loans acquired in the Fair Square acquisition. Refer to Note 2 for additional details. ($ 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) (1,244) (13) (15) (54) (1,326) Recoveries 542 16 1 3 562 Net charge-offs (702) 3 (14) (51) (764) Provision for credit losses 1,194 (10) 62 193 1,439 Other 1 — — (2) (1) Allowance at December 31, 2020 $ 2,902 $ 33 $ 73 $ 275 $ 3,283 (a) Excludes $8 million and $11 million of finance receivables at December 31, 2020, and December 31, 2019, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Year ended December 31, ($ in millions) 2021 2020 Consumer mortgage $ 414 $ 464 Total sales and transfers $ 414 $ 464 The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Year ended December 31, ($ in millions) 2021 2020 Consumer automotive $ 2,506 $ 2,355 Consumer mortgage 3,853 4,230 Consumer other (a) 882 — Commercial 6 5 Total purchases of finance receivables and loans (a) $ 7,247 $ 6,590 (a) During the year ended December 31, 2021, we obtained $882 million of finance receivables and loans from our acquisition of Fair Square. For additional information on our acquisition, refer to Note 2. Nonaccrual Loans The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of December 31, 2021, and December 31, 2020. December 31, 2021 ($ in millions) Nonaccrual status at Jan. 1, 2021 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,256 $ 1,078 $ 423 Consumer mortgage Mortgage Finance 67 59 39 Mortgage — Legacy 35 26 23 Total consumer mortgage 102 85 62 Consumer other Personal Lending 3 5 — Credit Card — 11 — Total consumer other 3 16 — Total consumer 1,361 1,179 485 Commercial Commercial and industrial Automotive 40 33 32 Other 116 221 48 Commercial real estate 5 3 3 Total commercial 161 257 83 Total finance receivables and loans $ 1,522 $ 1,436 $ 568 (a) Represents a component of nonaccrual status at end of period. December 31, 2020 ($ in millions) Nonaccrual status at Jan. 1, 2020 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 762 $ 1,256 $ 604 Consumer mortgage Mortgage Finance 17 67 18 Mortgage — Legacy 40 35 28 Total consumer mortgage 57 102 46 Consumer other 2 3 — Total consumer 821 1,361 650 Commercial Commercial and industrial Automotive 73 40 10 Other 138 116 41 Commercial real estate 4 5 5 Total commercial 215 161 56 Total finance receivables and loans $ 1,036 $ 1,522 $ 706 (a) Represents a component of nonaccrual status at end of period. We recorded interest income from cash payments associated with finance receivables and loans in nonaccrual status of $13 million for the year ended December 31, 2021, compared to $8 million for the year ended December 31, 2020. Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. During the year ended December 31, 2020, we offered broad-based deferral programs in response to the COVID-19 pandemic. In accordance with regulatory guidance, if borrowers were less than 30 days past due on their loans and enter into loan modifications offered as a result of COVID-19, their loans generally continued to be considered performing loans and continued to accrue interest during the period of the loan modification. For borrowers who were 30 days or more past due when entering into loan modifications offered as a result of COVID-19, we evaluated the loan modifications under our existing troubled debt restructuring framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan was accounted for as a TDR and generally did not accrue interest. The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at December 31, 2021, December 31, 2020, and origination year. Origination year Revolving loans converted to term December 31, 2021 ($ in millions) 2021 2020 2019 2018 2017 2016 and prior Revolving loans Total Consumer automotive Current $ 35,222 $ 17,218 $ 11,512 $ 6,692 $ 3,403 $ 1,911 $ — $ — $ 75,958 30–59 days past due 424 353 334 226 139 101 — — 1,577 60–89 days past due 115 114 108 70 41 28 — — 476 90 or more days past due 41 51 56 40 27 26 — — 241 Total consumer automotive 35,802 17,736 12,010 7,028 3,610 2,066 — — 78,252 Consumer mortgage Mortgage Finance Current 10,169 2,212 977 744 1,041 2,363 — — 17,506 30–59 days past due 50 3 3 7 2 12 — — 77 60–89 days past due 8 — 1 — — 5 — — 14 90 or more days past due — — 5 16 7 19 — — 47 Total Mortgage Finance 10,227 2,215 986 767 1,050 2,399 — — 17,644 Mortgage — Legacy Current — — — — — 79 238 23 340 30–59 days past due — — — — — 2 1 — 3 60–89 days past due — — — — — 1 — 1 2 90 or more days past due — — — — — 15 5 3 23 Total Mortgage — Legacy — — — — — 97 244 27 368 Total consumer mortgage 10,227 2,215 986 767 1,050 2,496 244 27 18,012 Consumer other Personal Lending Current 821 133 18 5 1 — — — 978 30–59 days past due 9 2 — — — — — — 11 60–89 days past due 6 1 1 — — — — — 8 90 or more days past due 4 1 — — — — — — 5 Total Personal Lending (a) 840 137 19 5 1 — — — 1,002 Credit Card Current — — — — — — 932 — 932 30–59 days past due — — — — — — 6 — 6 60–89 days past due — — — — — — 5 — 5 90 or more days past due — — — — — — 10 — 10 Total Credit Card — — — — — — 953 — 953 Total consumer other 840 137 19 5 1 — 953 — 1,955 Total consumer $ 46,869 $ 20,088 $ 13,015 $ 7,800 $ 4,661 $ 4,562 $ 1,197 $ 27 $ 98,219 (a) Excludes $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option. Origination year Revolving loans converted to term December 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Consumer automotive Current $ 27,255 $ 19,204 $ 12,129 $ 7,060 $ 3,678 $ 1,766 $ — $ — $ 71,092 30–59 days past due 281 466 376 264 174 97 — — 1,658 60–89 days past due 66 165 129 88 55 32 — — 535 90 or more days past due 32 108 96 71 46 30 — — 383 Total consumer automotive 27,634 19,943 12,730 7,483 3,953 1,925 — — 73,668 Consumer mortgage Mortgage Finance Current 3,432 2,410 1,744 2,254 1,177 3,492 — — 14,509 30–59 days past due 10 9 10 11 7 16 — — 63 60–89 days past due 1 1 3 2 1 3 — — 11 90 or more days past due 1 5 8 10 4 21 — — 49 Total Mortgage Finance 3,444 2,425 1,765 2,277 1,189 3,532 — — 14,632 Mortgage — Legacy Current — — — — — 121 303 36 460 30–59 days past due — — — — — 4 2 — 6 60–89 days past due — — — — — 2 — — 2 90 or more days past due — — — — — 20 5 2 27 Total Mortgage — Legacy — — — — — 147 310 38 495 Total consumer mortgage 3,444 2,425 1,765 2,277 1,189 3,679 310 38 15,127 Consumer other Current 306 53 13 4 1 — — — 377 30–59 days past due 9 3 1 — — — — — 13 60–89 days past due 4 1 — 1 — — — — 6 90 or more days past due 2 1 — — — — — — 3 Total consumer other (a) 321 58 14 5 1 — — — 399 Total consumer $ 31,399 $ 22,426 $ 14,509 $ 9,765 $ 5,143 $ 5,604 $ 310 $ 38 $ 89,194 (a) Excludes $8 million of finance receivables at December 31, 2020, 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 below Pass. • 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, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year. Origination year Revolving loans converted to term December 31, 2021 ($ in millions) 2021 2020 2019 2018 2017 2016 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 347 $ 190 $ 112 $ 49 $ 23 $ 56 $ 10,741 $ — $ 11,518 Special mention 7 1 7 15 31 18 589 — 668 Substandard — 1 — 1 — — 41 — 43 Total automotive 354 192 119 65 54 74 11,371 — 12,229 Other Pass 739 448 374 86 99 68 4,032 83 5,929 Special mention 15 169 96 21 10 122 93 17 543 Substandard — 22 95 — 140 83 13 23 376 Doubtful — — — — — 26 — — 26 Total other 754 639 565 107 249 299 4,138 123 6,874 Commercial real estate Pass 1,298 1,060 873 604 342 653 3 8 4,841 Special mention 13 5 29 7 18 19 — — 91 Substandard — — — — — 7 — — 7 Total commercial real estate 1,311 1,065 902 611 360 679 3 8 4,939 Total commercial $ 2,419 $ 1,896 $ 1,586 $ 783 $ 663 $ 1,052 $ 15,512 $ 131 $ 24,042 Origination year Revolving loans converted to term December 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 869 $ 220 $ 58 $ 91 $ 76 $ 34 $ 15,433 $ — $ 16,781 Special mention 48 23 59 52 9 18 2,013 — 2,222 Substandard 3 2 — — 1 — 72 — 78 Doubtful — — — — — — 1 — 1 Total automotive 920 245 117 143 86 52 17,519 — 19,082 Other Pass 536 622 244 210 81 69 2,142 76 3,980 Special mention 76 169 123 190 102 115 123 43 941 Substandard 33 26 — 108 — 77 21 20 285 Doubtful — — — 6 — 27 2 1 36 Total other 645 817 367 514 183 288 2,288 140 5,242 Commercial real estate Pass 1,108 928 799 580 651 512 — 2 4,580 Special mention 38 132 116 32 49 43 — — 410 Substandard — — — 3 6 7 — — 16 Doubtful — — — — 2 — — — 2 Total commercial real estate 1,146 1,060 915 615 708 562 — 2 5,008 Total commercial $ 2,711 $ 2,122 $ 1,399 $ 1,272 $ 977 $ 902 $ 19,807 $ 142 $ 29,332 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 December 31, 2021 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 12,229 $ 12,229 Other — — 1 1 6,873 6,874 Commercial real estate — — — — 4,939 4,939 Total commercial $ — $ — $ 1 $ 1 $ 24,041 $ 24,042 December 31, 2020 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 19,082 $ 19,082 Other — — — — 5,242 5,242 Commercial real estate — — 2 2 5,006 5,008 Total commercial $ — $ — $ 2 $ 2 $ 29,330 $ 29,332 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 $2.4 billion, $2.2 billion, and $867 million at December 31, 2021, 2020, and 2019, respectively. Our consumer automotive portfolio accounts for the majority of the year-over-year increase in TDR balances. TDRs in our consumer automotive portfolio increased as a result of the COVID-19 loan modification program offered to customers. Additionally, following the expiration of that program, we have continued to support impacted borrowers pursuant to our established risk management policies and practices. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $18 million, $14 million, and $17 million December 31, 2021, 2020, and 2019, respectively. Refer to Note 1 for additional information. The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2021 Consumer automotive 77,991 $ 1,395 $ 1,371 Consumer mortgage Mortgage Finance 38 22 22 Mortgage — Legacy 16 2 2 Total consumer mortgage 54 24 24 Consumer other Personal Lending — — — Credit Card 113 — — Total consumer other 113 — — Total consumer 78,158 1,419 1,395 Commercial Commercial and industrial Automotive 1 2 2 Other 1 33 33 Commercial real estate 2 4 4 Total commercial 4 39 39 Total finance receivables and loans 78,162 $ 1,458 $ 1,434 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2020 Consumer automotive 114,595 $ 1,908 $ 1,835 Consumer mortgage Mortgage Finance 41 20 20 Mortgage — Legacy 74 9 9 Total consumer mortgage 115 29 29 Total consumer 114,710 1,937 1,864 Commercial Commercial and industrial Automotive 5 45 40 Other 3 81 61 Total commercial 8 126 101 Total consumer and commercial finance receivables and loans 114,718 $ 2,063 $ 1,965 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2019 Consumer automotive 27,623 $ 476 $ 413 Consumer mortgage Mortgage Finance 8 1 1 Mortgage — Legacy 61 8 8 Total consumer mortgage 69 9 9 Total consumer 27,692 485 422 Commercial Commercial and industrial Automotive 7 46 46 Other 3 82 46 Total commercial 10 128 92 Total consumer and commercial finance receivables and loans 27,702 $ 613 $ 514 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. Year ended December 31, ($ in millions) Number of loans Amortized cost Charge-off amount 2021 Consumer automotive 9,295 $ 119 $ 61 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 4 — — Total consumer mortgage 5 — — Total consumer finance receivables and loans 9,300 $ 119 $ 61 2020 Consumer automotive 10,070 $ 104 $ 71 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 1 — — Total consumer finance receivables and loans 10,072 $ 104 $ 71 2019 Consumer automotive 7,215 $ 81 $ 52 Total consumer finance receivables and loans 7,215 $ 81 $ 52 Concentration Risk Consumer We monitor our consumer loan portfolio for concentration risk across the states in which we lend. The highest concentrations of consumer loans are in California and Texas, which represented an aggregate of 26.4% and 24.7% of our total consumer automotive and consumer mortgage outstanding finance receivables and loans at December 31, 2021, and December 31, 2020, respectively. The following table shows the percentage of consumer automotive and consumer mortgage finance receivables and loans by state concentration based on amortized cost. 2021 (a) 2020 December 31, Consumer automotive Consumer mortgage Consumer automotive Consumer mortgage California 8.7 % 39.6 % 8.6 % 34.3 % Texas 13.0 7.3 12.5 8.0 Florida 9.3 6.3 8.8 5.5 Pennsylvania 4.4 2.3 4.5 2.0 Georgia 4.0 3.0 3.9 3.1 North Carolina 4.1 1.6 4.1 2.3 Illinois 3.7 3.1 4.0 3.0 New York 3.3 2.1 3.2 3.4 New Jersey 3.0 2.5 2.9 2.2 Ohio 3.4 0.5 3.5 0.5 Other United States 43.1 31.7 44.0 35.7 Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 % (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2021. Commercial Real Estate The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost. December 31, 2021 2020 Florida 16.4 % 13.3 % Texas 13.9 13.0 California 8.3 7.9 Michigan 5.8 7.7 North Carolina 5.8 5.5 New York 3.8 5.6 Ohio 3.4 1.3 Georgia 3.3 3.6 Utah 3.0 3.0 Illinois 2.9 2.8 Other United States 33.4 36.3 Total commercial real estate finance receivables and loans 100.0 % 100.0 % Commercial Criticized Exposure Finance receivables and loans classified as special mention, substandard, or doubtful are reported as criticized. These classifications are based on regulatory definitions and generally represent finance receivables and loans within our portfolio that have a higher default risk or have already defaulted. These finance receivables and loans require additional monitoring and review including specific actions to mitigate our potential loss. The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost. December 31, 2021 2020 Industry Automotive 50.8 % 67.7 % Chemicals 14.4 4.4 Services 11.0 5.8 Other 23.8 22.1 Total commercial criticized finance receivables and loans 100.0 % 100.0 % |
Leasing
Leasing | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 7 months to 10 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 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 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. During the years ended December 31, 2021, and December 31, 2020, we paid $51 million and $49 million in cash for amounts included in the measurement of lease liabilities at December 31, 2021, and December 31, 2020, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2021, and December 31, 2020, we obtained $361 million and $93 million, respectively, of ROU assets in exchange for new lease liabilities. For the year ended December 31, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of December 31, 2021, the weighted-average remaining lease term of our operating lease portfolio was 6 years, and the weighted-average discount rate was 1.96%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2021, and that have noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 41 2023 32 2024 26 2025 21 2026 20 2027 and thereafter 46 Total undiscounted cash flows 186 Difference between undiscounted cash flows and discounted cash flows (11) Total lease liability $ 175 In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. During the year ended December 31, 2021, we recognized $1 million of income associated with this lease agreement. The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2021 2020 2019 Operating lease expense $ 46 $ 46 $ 45 Variable lease expense 7 8 8 Total lease expense, net (a) $ 53 $ 54 $ 53 (a) Included in other operating expenses in our Consolidated Statement of 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 Consolidated Statement of Income as incurred. 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 Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $165 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2021 2020 Vehicles $ 12,384 $ 11,182 Accumulated depreciation (1,522) (1,543) Investment in operating leases, net $ 10,862 $ 9,639 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 1,546 2023 1,140 2024 511 2025 116 2026 8 Total lease payments from operating leases $ 3,321 We recognized operating lease revenue of $1.6 billion, $1.4 billion, and $1.5 billion for the years ended December 31, 2021, 2020, and 2019, respectively. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2021 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 914 $ 978 $ 1,050 Remarketing gains, net (344) (127) (69) Net depreciation expense on operating lease assets $ 570 $ 851 $ 981 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $16 million during the year ended December 31, 2021, $23 million during the year ended December 31, 2020, and $19 million during the year ended December 31, 2019. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $470 million and $450 million as of December 31, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $457 million and $437 million at December 31, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both December 31, 2021, and December 31, 2020. Interest income on finance lease receivables was $27 million for the year ended December 31, 2021, and $24 million for the year ended December 31, 2020, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 159 2023 133 2024 111 2025 58 2026 32 2027 and thereafter 13 Total undiscounted cash flows 506 Difference between undiscounted cash flows and discounted cash flows (50) Present value of lease payments recorded as lease receivable $ 456 |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 7 months to 10 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 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 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. During the years ended December 31, 2021, and December 31, 2020, we paid $51 million and $49 million in cash for amounts included in the measurement of lease liabilities at December 31, 2021, and December 31, 2020, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2021, and December 31, 2020, we obtained $361 million and $93 million, respectively, of ROU assets in exchange for new lease liabilities. For the year ended December 31, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of December 31, 2021, the weighted-average remaining lease term of our operating lease portfolio was 6 years, and the weighted-average discount rate was 1.96%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2021, and that have noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 41 2023 32 2024 26 2025 21 2026 20 2027 and thereafter 46 Total undiscounted cash flows 186 Difference between undiscounted cash flows and discounted cash flows (11) Total lease liability $ 175 In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. During the year ended December 31, 2021, we recognized $1 million of income associated with this lease agreement. The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2021 2020 2019 Operating lease expense $ 46 $ 46 $ 45 Variable lease expense 7 8 8 Total lease expense, net (a) $ 53 $ 54 $ 53 (a) Included in other operating expenses in our Consolidated Statement of 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 Consolidated Statement of Income as incurred. 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 Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $165 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2021 2020 Vehicles $ 12,384 $ 11,182 Accumulated depreciation (1,522) (1,543) Investment in operating leases, net $ 10,862 $ 9,639 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 1,546 2023 1,140 2024 511 2025 116 2026 8 Total lease payments from operating leases $ 3,321 We recognized operating lease revenue of $1.6 billion, $1.4 billion, and $1.5 billion for the years ended December 31, 2021, 2020, and 2019, respectively. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2021 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 914 $ 978 $ 1,050 Remarketing gains, net (344) (127) (69) Net depreciation expense on operating lease assets $ 570 $ 851 $ 981 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $16 million during the year ended December 31, 2021, $23 million during the year ended December 31, 2020, and $19 million during the year ended December 31, 2019. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $470 million and $450 million as of December 31, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $457 million and $437 million at December 31, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both December 31, 2021, and December 31, 2020. Interest income on finance lease receivables was $27 million for the year ended December 31, 2021, and $24 million for the year ended December 31, 2020, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 159 2023 133 2024 111 2025 58 2026 32 2027 and thereafter 13 Total undiscounted cash flows 506 Difference between undiscounted cash flows and discounted cash flows (50) Present value of lease payments recorded as lease receivable $ 456 |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 7 months to 10 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 1 to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 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. During the years ended December 31, 2021, and December 31, 2020, we paid $51 million and $49 million in cash for amounts included in the measurement of lease liabilities at December 31, 2021, and December 31, 2020, respectively. These amounts are included in net cash provided by operating activities in the Consolidated Statement of Cash Flows. During the years ended December 31, 2021, and December 31, 2020, we obtained $361 million and $93 million, respectively, of ROU assets in exchange for new lease liabilities. For the year ended December 31, 2021, this balance included a new corporate facility in Charlotte, North Carolina, which we executed a purchase agreement on in July 2021, and reclassified the ROU asset to property and equipment and satisfied the finance lease liability. As of December 31, 2021, the weighted-average remaining lease term of our operating lease portfolio was 6 years, and the weighted-average discount rate was 1.96%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of December 31, 2021, and that have noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 41 2023 32 2024 26 2025 21 2026 20 2027 and thereafter 46 Total undiscounted cash flows 186 Difference between undiscounted cash flows and discounted cash flows (11) Total lease liability $ 175 In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which included an underlying purchase option. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to lease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. During the year ended December 31, 2021, we recognized $1 million of income associated with this lease agreement. The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2021 2020 2019 Operating lease expense $ 46 $ 46 $ 45 Variable lease expense 7 8 8 Total lease expense, net (a) $ 53 $ 54 $ 53 (a) Included in other operating expenses in our Consolidated Statement of 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 Consolidated Statement of Income as incurred. 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 Consolidated Statement of Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of December 31, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $165 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2021 2020 Vehicles $ 12,384 $ 11,182 Accumulated depreciation (1,522) (1,543) Investment in operating leases, net $ 10,862 $ 9,639 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 1,546 2023 1,140 2024 511 2025 116 2026 8 Total lease payments from operating leases $ 3,321 We recognized operating lease revenue of $1.6 billion, $1.4 billion, and $1.5 billion for the years ended December 31, 2021, 2020, and 2019, respectively. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2021 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 914 $ 978 $ 1,050 Remarketing gains, net (344) (127) (69) Net depreciation expense on operating lease assets $ 570 $ 851 $ 981 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $16 million during the year ended December 31, 2021, $23 million during the year ended December 31, 2020, and $19 million during the year ended December 31, 2019. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Consolidated Balance Sheet was $470 million and $450 million as of December 31, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $457 million and $437 million at December 31, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both December 31, 2021, and December 31, 2020. Interest income on finance lease receivables was $27 million for the year ended December 31, 2021, and $24 million for the year ended December 31, 2020, and is included in interest and fees on finance receivables and loans in our Consolidated Statement of Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 159 2023 133 2024 111 2025 58 2026 32 2027 and thereafter 13 Total undiscounted cash flows 506 Difference between undiscounted cash flows and discounted cash flows (50) Present value of lease payments recorded as lease receivable $ 456 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Securitizations And Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Securitizations and Variable Interest Entities Overview We securitize, transfer, and service consumer and commercial automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. SPEs are often VIEs and may or may not be included on our Consolidated Balance Sheet. Securitizations In executing a securitization, we typically sell pools of financial assets to a wholly owned, bankruptcy-remote SPE, which then transfers the financial assets to a separate, transaction-specific SPE for cash, and typically, other retained interests. The SPE is funded through the issuance of beneficial interests, which could take the form of notes or residual interests and can be sold to investors or retained by us. We typically hold retained beneficial interests in our securitizations including, but not limited to, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. If sold, the beneficial interests only entitle the investors to specified cash flows generated from the underlying securitized assets. If retained, the interests provide credit enhancement to the SPE as they may absorb credit losses or other cash shortfalls and may represent a form of significant continuing economic interests. In addition to providing a source of liquidity and cost-efficient funding, securitizing these financial assets also reduces our credit exposure to the borrowers beyond any economic interest we may retain. The SPEs are limited to specific activities by their respective legal documents, but are generally allowed to acquire the financial assets, to issue beneficial interests to investors to fund the acquisition of the financial assets, and to enter into interest rate hedges to mitigate certain risks related to the financial assets or beneficial interests of the entity. A servicer, who is generally us, is appointed pursuant to the underlying legal documents to service the assets the SPE holds and the beneficial interests it issues. Servicing functions include, but are not limited to, general collections activity on current and noncurrent accounts, loss mitigation efforts including repossession and sale of collateral, as well as preparing and furnishing statements summarizing the asset and beneficial interest performance. These servicing responsibilities constitute continued involvement in the transferred financial assets. Cash flows from the securitized financial assets represent the sole source for payment of distributions on the beneficial interests issued by the SPE and for payments to the parties that perform services for the SPE, such as the servicer or the trustee. We generally hold certain conditional repurchase options specific to securitizations that allow us to repurchase assets from the securitization entity. The majority of the securitizations provide us, as servicer, with a call option that allows us to repurchase the remaining transferred financial assets or redeem outstanding beneficial interests at our discretion once the asset pool reaches a predefined level, which represents the point where servicing becomes administratively burdensome (a clean-up call option). The repurchase price is typically the securitization balance of the assets plus accrued interest when applicable. We generally have discretion regarding when or if we will exercise these options, but we would do so only when it is in our best interest. Other than our customary representation, warranty, and covenant provisions, these securitizations are nonrecourse to us, thereby transferring the risk of future credit losses to the extent the beneficial interests in the SPEs are held by third parties. Representation, warranty, and certain covenant provisions generally require us to repurchase assets or indemnify the investor or other party for incurred losses to the extent it is determined that the assets were ineligible or were otherwise defective at the time of sale, or otherwise not in compliance with the ongoing covenant obligations. We did not provide any noncontractual financial support to any of these entities during 2021 or 2019. However in 2020, we voluntarily provided cumulative support of less than $1 million to our commercial securitization entity. This entity was temporarily impacted by our COVID-19 deferral program provided to commercial automotive customers. Variable Interest Entities The VIEs included on the 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. We determine whether we have a potentially significant beneficial interest in the VIE based on the consideration of both qualitative and quantitative factors regarding the nature, size, and form of our involvement in the VIE. The third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the VIEs and do not have such recourse to us, except for the customary representation, warranty, and covenant provisions. In addition, the cash flows from the assets are restricted only to pay such liabilities. Thus, our economic exposure to loss from outstanding third-party financing related to consolidated VIEs is limited to the carrying value of the consolidated VIE assets. Generally, all assets of consolidated VIEs are restricted for the beneficial interest holders. For additional information regarding our significant accounting policies for consolidated VIEs, refer to the Variable Interest Entities and Securitizations section of Note 1. 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 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 either the years ended December 31, 2021, 2020, or 2019. For additional information regarding our significant accounting policies for nonconsolidated VIEs, refer to the Variable Interest Entities and Securitizations section of Note 1. 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. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements in our Corporate Finance operations. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Consolidated Balance Sheet. December 31, ($ 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 2021 On-balance sheet variable interest entities Consumer automotive $ 18,158 (b) $ 1,162 (c) $ — $ — Consumer other (d) 318 300 — — Off-balance sheet variable interest entities Commercial other 1,814 (e) 726 (f) — 2,416 (g) Total $ 20,290 $ 2,188 $ — $ 2,416 2020 On-balance sheet variable interest entities Consumer automotive $ 17,833 (b) $ 3,103 (c) $ — $ — Commercial automotive 6,276 1,152 — — Off-balance sheet variable interest entities Commercial other 1,295 (e) 529 (f) — 1,754 (g) Total $ 25,404 $ 4,784 $ — $ 1,754 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $11.0 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at December 31, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $124 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at December 31, 2021, and December 31, 2020, respectively. (d) Represents balances from our credit card business. (e) Amounts are classified as other assets except for $8 million classified as equity securities at December 31, 2021. (f) Amounts are classified as accrued expenses and other liabilities. (g) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. Cash Flows with Off-Balance Sheet Securitization Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the years ended December 31, 2021, 2020, and 2019. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Year ended December 31, ($ in millions) 2021 2020 2019 Consumer automotive Cash flows received on retained interests in securitization entities $ — $ 12 $ 23 Servicing fees — 3 10 Cash disbursements for repurchases during the period — (2) (2) Consumer other (a) Cash proceeds from transfers completed during the period 4 — — Total $ 4 $ 13 $ 31 (a) Represents activity from our credit card business. Delinquencies and Net Credit Losses During the year ended December 31, 2021, we did not recognize any net credit losses from off-balance sheet securitizations where we have continuing involvement, compared to $2 million of net credit losses recognized from off-balance sheet securitizations where we have continuing involvement during the year ended December 31, 2020. The following tables present quantitative information about delinquencies and net credit losses for off-balance sheet whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due December 31, ($ in millions) 2021 2020 2021 2020 Whole-loan sales (a) Consumer other $ 4 $ — $ — $ — Total $ 4 $ — $ — $ — (a) Whole-loan sales are not part of a securitization transaction, but represent credit card pools of loans sold to third-party investors. Affordable Housing Investments We have investments in various limited partnerships that sponsor affordable housing projects, which meet the definition of a VIE. The purpose of these investments is to achieve a satisfactory return on capital through the receipt of LIHTC and to assist us in achieving goals associated with the CRA. Our affordable housing investments are accounted for using the proportional amortization method of accounting, which recognizes the amortized cost of the investment as a component of income tax expense. The following table summarizes information about our affordable housing investments. Year ended December 31, ($ in millions) 2021 2020 2019 Affordable housing tax credits and other tax benefits (a) $ 144 $ 109 $ 86 Tax credit amortization expense recognized as a component of income tax expense 118 90 72 (a) There were no impairment losses recognized during the years ended December 31, 2021, 2020, and 2019, resulting from the forfeiture or ineligibility of tax credits or other circumstances. Our investment in qualified affordable housing projects was $1.4 billion and $1.1 billion at December 31, 2021, and December 31, 2020, respectively, and is included within other assets on our Consolidated Balance Sheet. Additionally, unfunded commitments to provide additional capital to investees in qualified affordable housing projects were $724 million and $525 million at December 31, 2021, and December 31, 2020, respectively, and are included within accrued expenses and other liabilities on our Consolidated Balance Sheet. Substantially all of the unfunded commitments at December 31, 2021, are expected to be paid out within the next five years. |
Premiums Receivable and Other I
Premiums Receivable and Other Insurance Assets | 12 Months Ended |
Dec. 31, 2021 | |
Premiums Receivable Disclosure [Abstract] | |
Premiums Receivable Disclosure | Premiums Receivable and Other Insurance Assets Premiums receivable and other insurance assets consisted of the following. December 31, ($ in millions) 2021 2020 Prepaid reinsurance premiums $ 549 $ 554 Reinsurance recoverable on unpaid losses 81 90 Reinsurance recoverable on paid losses 23 23 Premiums receivable 97 100 Deferred policy acquisition costs 1,974 1,912 Total premiums receivable and other insurance assets $ 2,724 $ 2,679 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of other assets were as follows. December 31, ($ in millions) 2021 2020 Property and equipment at cost (a) $ 2,139 $ 1,541 Accumulated depreciation (955) (815) Net property and equipment 1,184 726 Investment in qualified affordable housing projects 1,378 1,095 Nonmarketable equity investments 998 915 Goodwill 822 343 Accrued interest, fees, and rent receivables 600 704 Restricted cash held for securitization trusts (b) 516 875 Equity-method investments (c) 472 320 Net deferred tax assets 254 94 Operating lease right-of-use assets 148 162 Net intangible assets 129 50 Other accounts receivable 127 166 Restricted cash and cash equivalents (d) 92 78 Other assets 1,337 887 Total other assets $ 8,057 $ 6,415 (a) Balance includes a new corporate facility purchased during the year ended December 31, 2021. Refer to Note 10 for additional information. (b) 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. (c) Primarily relates to investments made in connection with our CRA program. (d) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. The total carrying value of the nonmarketable equity investments held at December 31, 2021, and 2020, including cumulative unrealized gains and losses was as follows. December 31, ($ in millions) 2021 2020 FHLB stock $ 289 $ 276 FRB stock 449 449 Equity securities without a readily determinable fair value Cost basis 89 87 Adjustments Upward adjustments 183 115 Downward adjustments (including impairment) (12) (12) Carrying amount, equity securities without a readily determinable fair value 260 190 Nonmarketable equity investments $ 998 $ 915 During the years ended December 31, 2021, and 2020, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2021, and 2020, were as follows. Year ended December 31, ($ in millions) 2021 2020 Upward adjustments $ 88 $ 105 Downward adjustments (including impairment) (a) (1) (6) (a) No impairment on FHLB and FRB stock was recognized during both the years ended December 31, 2021, and 2020. Total gain on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses was $142 million and $99 million at December 31, 2021, and December 31, 2020, respectively. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2019 $ 20 $ 27 $ 346 $ 393 Impairment losses — — (50) (50) Goodwill at December 31, 2020 $ 20 $ 27 $ 296 $ 343 Goodwill acquired — — 479 479 Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 (a) Includes $479 million of goodwill associated with Fair Square at December 31, 2021, $153 million of goodwill associated with Ally Lending at both December 31, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both December 31, 2021, and December 31, 2020. During the year ended December 31, 2020, we recognized a $50 million impairment of goodwill at Ally Invest. The recognition of this impairment was the result of certain business developments that impacted the expected growth and timing of revenue at Ally Invest, which constituted a triggering event for goodwill testing purposes. We used a combination of valuation methodologies, including discounted cash flow and comparable transaction analyses, to determine the fair market value of Ally Invest as of the April 30, 2020, valuation date and determined that the carrying value exceeded fair market value, resulting in the impairment charge in the second quarter of 2020. The net carrying value of intangible assets by class was as follows. 2021 (a) 2020 December 31, ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 83 $ (9) $ 74 $ 12 $ (6) $ 6 Customer lists 58 (42) 16 58 (31) 27 Purchased credit card relationships 25 — 25 — — — Trademarks 2 — 2 — — — Other 39 (27) 12 39 (22) 17 Total intangible assets $ 207 $ (78) $ 129 $ 109 $ (59) $ 50 (a) We expect to recognize amortization expense of $31 million in 2022, $25 million in 2023, $18 million in 2024, $14 million in 2025, and $14 million in 2026. |
Deposit Liabilities
Deposit Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposit Liabilities | Deposit Liabilities Deposit liabilities consisted of the following. December 31, ($ in millions) 2021 2020 Noninterest-bearing deposits $ 150 $ 128 Interest-bearing deposits Savings, money market, and checking accounts 102,455 83,698 Certificates of deposit 38,953 53,210 Total deposit liabilities $ 141,558 $ 137,036 At December 31, 2021, and December 31, 2020, certificates of deposit included $7.2 billion and $8.6 billion, respectively, of those in denominations in excess of $250 thousand federal insurance limits. The following table presents the scheduled maturity of total certificates of deposit at December 31, 2021. ($ in millions) Due in 2022 $ 31,955 Due in 2023 4,387 Due in 2024 1,642 Due in 2025 596 Due in 2026 373 Total certificates of deposit (a) $ 38,953 (a) Includes $5.1 billion of certificates of deposit that are estimated to be uninsured. In some instances, certificates of deposits in excess of federal insurance limits may be insured based upon the number of account owners, beneficiaries, and accounts held. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio. 2021 2020 December 31, ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes (b) $ — $ — $ — $ 2,136 $ — $ 2,136 Total short-term borrowings $ — $ — $ — $ 2,136 $ — $ 2,136 Weighted average interest rate (c) — % 0.3 % (a) Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt. (b) On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes. (c) Based on the debt outstanding and the interest rate at December 31 of each year. Long-Term Debt The following tables present the composition of our long-term debt portfolio. December 31, ($ in millions) Amount Interest rate Weighted average stated interest rate (a) Due date range 2021 Unsecured debt Fixed rate (b) $ 9,297 Hedge basis adjustments (c) 113 Total unsecured debt 9,410 0.60–8.00% 4.87 % 2022–2031 Secured debt Fixed rate 7,502 Variable rate (d) 120 Hedge basis adjustment (c) (3) Total secured debt (e) (f) 7,619 0.72–6.86% 2.14 % 2022–2025 Total long-term debt $ 17,029 2020 Unsecured debt Fixed rate (b) $ 9,251 Trust preferred securities (g) 2,578 Hedge basis adjustments (c) 185 Total unsecured debt 12,014 0.70–8.00% 5.23 % 2021–2040 Secured debt Fixed rate 9,909 Variable rate (d) 99 Hedge basis adjustment (c) (16) Total secured debt (e) (f) (h) 9,992 1.45–3.70% 2.51 % 2021–2024 Total long-term debt $ 22,006 (a) Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges. (b) Includes subordinated debt of $1.0 billion at both December 31, 2021, and 2020. (c) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information. (d) Represents long-term debt that does not have a stated interest rate. (e) Includes $1.3 billion and $4.2 billion of VIE secured debt at December 31, 2021, and 2020, respectively. (f) Includes advances from the FHLB of Pittsburgh of $6.3 billion and $5.8 billion at December 31, 2021, and 2020, respectively. (g) Refer to the section below titled Trust Preferred Securities for further information. (h) During the year ended December 31, 2020, we recognized a loss of $99 million on the extinguishment of debt as we elected to prepay and early terminate certain FHLB advances to more cost-effectively manage liquidity at Ally Bank. 2021 2020 December 31, ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,028 $ 4,841 $ 5,869 $ 647 $ 4,438 $ 5,085 Due after one year 8,382 2,778 11,160 11,367 5,554 16,921 Total long-term debt $ 9,410 $ 7,619 $ 17,029 $ 12,014 $ 9,992 $ 22,006 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information. To achieve the desired balance between fixed- and variable-rate debt, we may utilize interest rate swap agreements. The use of these derivative financial instruments had the effect of converting $2.5 billion of our fixed-rate debt into variable-rate obligations at December 31, 2020. We did not have any derivative financial instruments that synthetically converted fixed-rate debt into variable-rate obligations or variable-rate debt into fixed-rate obligations at December 31, 2021. The following table presents the scheduled remaining maturity of long-term debt at December 31, 2021, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2022 2023 2024 2025 2026 2027 and thereafter Total Unsecured Long-term debt $ 1,081 $ 2,082 $ 1,481 $ 2,355 $ 27 $ 3,307 $ 10,333 Original issue discount (53) (58) (65) (71) (79) (597) (923) Total unsecured 1,028 2,024 1,416 2,284 (52) 2,710 9,410 Secured Long-term debt 4,841 1,482 1,263 23 — 10 7,619 Total long-term debt $ 5,869 $ 3,506 $ 2,679 $ 2,307 $ (52) $ 2,720 $ 17,029 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. 2021 2020 December 31, ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Consumer mortgage finance receivables $ 17,941 $ 17,941 $ 14,979 $ 14,979 Consumer automotive finance receivables 9,122 9,122 9,953 9,510 Credit card receivables 347 347 — — Commercial finance receivables 10 10 10,866 10,866 Total assets restricted as collateral (b) (c) $ 27,420 $ 27,420 $ 35,798 $ 35,355 Secured debt $ 7,619 $ 7,619 $ 9,992 $ 9,634 (a) Ally Bank is a component of the total column. (b) 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 $18.0 billion and $20.0 billion at December 31, 2021, and December 31, 2020, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans. 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 December 31, 2021, and December 31, 2020. 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 other subsidiaries. (c) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information. Trust Preferred Securities We had approximately $2.6 billion in aggregate liquidation preference of Series 2 TRUPS outstanding at December 31, 2020. Each Series 2 TRUPS security had a liquidation amount of $25. Distributions were cumulative and payable until redemption at the applicable coupon rate. Distributions were payable at an annual rate equal to three-month LIBOR plus 5.785% payable quarterly in arrears. Ally had the right to defer payments of interest for a period not exceeding 20 consecutive quarters. The Series 2 TRUPS had no stated maturity date, but were required to be redeemed upon the redemption or maturity of the related debentures (Debentures), which were to mature on February 15, 2040. Ally at any time could redeem, in part or in whole, 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 were generally nonvoting, other than with respect to certain limited matters. During any period in which any Series 2 TRUPS remained outstanding but in which distributions on the Series 2 TRUPS had not been fully paid, none of Ally or its subsidiaries were 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 were not subject to phase-out from additional Tier 1 capital into Tier 2 capital. On April 22, 2021, we issued $1.35 billion of preferred stock, Series B, and used the proceeds to redeem $1.4 billion, or 56,000,000 shares of the Series 2 TRUPS outstanding, effective May 24, 2021. On June 2, 2021, we issued $1.0 billion of preferred stock, Series C, and used the proceeds to redeem an additional $1.04 billion, or 41,600,000 shares of the Series 2 TRUPS outstanding, effective July 2, 2021. On September 15, 2021, we announced our intent to redeem the remaining $191 million or 7,650,000 shares of the Series 2 TRUPS outstanding. The redemption was effectuated on October 15, 2021. At December 31, 2021, we had no Series 2 TRUPS outstanding. Funding Facilities We utilize both committed secured credit facilities and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Consolidated Balance Sheet. The total capacity in our credit facilities is provided by banks through private transactions. The facilities can be revolving in nature, generally having an original tenor ranging from 364 days to two years, and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the commitment period. Committed Secured Credit Facilities Outstanding Unused capacity (a) Total capacity December 31, ($ in millions) 2021 2020 2021 2020 2021 2020 Parent funding Secured $ — $ — $ — $ 560 $ — $ 560 Total committed secured credit facilities $ — $ — $ — $ 560 $ — $ 560 (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 | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows. December 31, ($ in millions) 2021 2020 Unfunded commitments for investment in qualified affordable housing projects $ 724 $ 525 Accounts payable 584 602 Employee compensation and benefits 512 316 Deferred revenue 176 104 Operating lease liabilities 175 187 Reserves for insurance losses and loss adjustment expenses 122 129 Fair value of derivative contracts in payable position (a) 62 33 Net deferred tax liabilities 10 92 Cash collateral received from counterparties 5 6 Other liabilities 383 440 Total accrued expenses and other liabilities $ 2,753 $ 2,434 (a) For additional information on derivative instruments and hedging activities, refer to Note 21. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Disclosure | Equity Common Stock The following table presents changes in the number of shares issued and outstanding. (shares in thousands) (a) 2021 2020 2019 Common stock Total issued at January 1, 501,237 496,958 492,797 New issuances Employee benefits and compensation plans 3,284 4,279 4,160 Total issued at December 31, 504,522 501,237 496,958 Treasury balance at January 1, (126,563) (122,626) (87,898) Repurchase of common stock (b) (40,018) (3,937) (34,728) Total treasury stock at December 31, (166,581) (126,563) (122,626) Total outstanding at December 31, 337,941 374,674 374,332 (a) Figures in the table may not recalculate exactly due to rounding. Number of shares issued, in treasury, and outstanding are calculated based on unrounded numbers. (b) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. Refer to the section titled Capital Planning and Stress Tests in Note 20 for additional information regarding our common-stock-repurchase program. Preferred Stock Series B Preferred Stock In April 2021, we issued 1,350,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series B Preferred Stock are discretionary and are not cumulative. Holders of the Series B Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2026, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2026, during each five-year reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 3.868% on the liquidation preference amount of $1,000 per share. So long as any share of Series B Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series B Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock. The holders of the Series B Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series B Preferred Stock included in Ally’s Certificate of Incorporation. The Series B Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series B Preferred Stock and holders of the Series B Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series B Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2026, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series B Preferred Stock will be entitled to receive the liquidation amount per share of Series B Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series B Preferred Stock, subject to the rights of Ally’s creditors. Series C Preferred Stock In June 2021, we issued 1,000,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series C Preferred Stock are discretionary and are not cumulative. Holders of the Series C Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2028, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2028, during each seven-year reset period, at a rate per annum equal to the seven-year treasury rate as of the most recent reset dividend determination date plus 3.481% on the liquidation preference amount of $1,000 per share. So long as any share of Series C Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series C Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock. The holders of the Series C Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series C Preferred Stock included in Ally’s Certificate of Incorporation. The Series C Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series C Preferred Stock and holders of the Series C Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series C Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2028, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series C Preferred Stock will be entitled to receive the liquidation amount per share of Series C Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series C Preferred Stock, subject to the rights of Ally’s creditors. The following table summarizes information about our preferred stock. December 31, 2021 Series B preferred stock (a) Issuance date April 22, 2021 Carrying value ($ in millions) $ 1,335 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,350,000 Number of shares issued and outstanding 1,350,000 Dividend/coupon Prior to May 15, 2026 4.700% On and after May 15, 2026 Five Year Treasury + 3.868% Series C preferred stock (a) Issuance date June 2, 2021 Carrying value ($ in millions) $ 989 Par value (per share) $ 0.01 Liquidation preference (per share) $ 1,000 Number of shares authorized 1,000,000 Number of shares issued and outstanding 1,000,000 Dividend/coupon Prior to May 15, 2028 4.700% On and after May 15, 2028 Seven Year Treasury + 3.481% (a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive (Loss) Income The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income. ($ in millions) Unrealized (losses) gains on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive (loss) income 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 8 — — — 8 Balance at January 1, 2019 (473) 18 19 (95) (531) Net change 681 1 (17) (11) 654 Balance at December 31, 2019 208 19 2 (106) 123 Net change 432 — 80 (4) 508 Balance at December 31, 2020 640 19 82 (110) 631 Net change (c) (735) — (47) (7) (789) Balance at December 31, 2021 $ (95) $ 19 $ 35 $ (117) $ (158) (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 21. (c) Includes activity related to our defined benefit plans based on valuations reflecting our current intention to terminate our qualified defined benefit plan in the future. Upon termination and settlement, the unrealized loss and associated tax effects related to our qualified defined benefit pension plan recorded in accumulated other comprehensive income would be recognized in our Consolidated Statement of Income. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income. Year ended December 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (859) $ 203 $ (656) Less: Net realized gains reclassified to income from continuing operations 102 (a) (23) (b) 79 Net change (961) 226 (735) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 61 (d) (14) (b) 47 Defined benefit pension plans Net unrealized losses arising during the period (e) (11) 3 (8) Less: Net realized losses reclassified to income from continuing operations (1) — (b) (1) Net change (10) 3 (7) Other comprehensive loss $ (1,032) $ 243 $ (789) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. (e) Includes activity related to our defined benefit plans based on valuations reflecting our current intention to terminate our qualified defined benefit plan in the future. Upon termination and settlement, the unrealized loss and associated tax effects related to our qualified defined benefit pension plan recorded in accumulated other comprehensive income would be recognized in our Consolidated Statement of Income. Year ended December 31, 2020 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 737 $ (173) $ 564 Less: Net realized gains reclassified to income from continuing operations 171 (a) (39) (b) 132 Net change 566 (134) 432 Translation adjustments Net unrealized gains arising during the period 4 (1) 3 Net investment hedges (c) Net unrealized losses arising during the period (4) 1 (3) Cash flow hedges (c) Net unrealized gains arising during the period 169 (40) 129 Less: Net realized gains reclassified to income from continuing operations 64 (d) (15) (b) 49 Net change 105 (25) 80 Defined benefit pension plans Net unrealized losses arising during the period (5) 1 (4) Other comprehensive income $ 666 $ (158) $ 508 (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. Year ended December 31, 2019 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 968 $ (227) $ 741 Less: Net realized gains reclassified to income from continuing operations 78 (a) (18) (b) 60 Net change 890 (209) 681 Translation adjustments Net unrealized gains arising during the period 7 (2) 5 Net investment hedges (c) Net unrealized loss arising during the period (6) 2 (4) Cash flow hedges (c) Net unrealized losses arising during the period (11) 4 (7) Less: Net realized gains reclassified to income from continuing operations 12 (d) (2) 10 Net change (23) 6 (17) Defined benefit pension plans Net unrealized losses arising during the period (14) 3 (11) Other comprehensive income $ 854 $ (200) $ 654 (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest on deposits and interest on long-term debt in our Consolidated Statement of Income. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share. Year ended December 31, ($ in millions, except per share data; shares in thousands) (a) 2021 2020 2019 Net income from continuing operations $ 3,065 $ 1,086 $ 1,721 Preferred stock dividends — Series B (36) — — Preferred stock dividends — Series C (21) — — Net income from continuing operations attributable to common stockholders $ 3,008 $ 1,086 $ 1,721 Loss from discontinued operations, net of tax (5) (1) (6) Net income attributable to common stockholders $ 3,003 $ 1,085 $ 1,715 Basic weighted-average common shares outstanding (b) 362,583 375,629 393,234 Diluted weighted-average common shares outstanding (b) (c) 365,180 377,101 395,395 Basic earnings per common share Net income from continuing operations $ 8.30 $ 2.89 $ 4.38 Loss from discontinued operations, net of tax (0.01) — (0.02) Net income $ 8.28 $ 2.89 $ 4.36 Diluted earnings per common share Net income from continuing operations $ 8.24 $ 2.88 $ 4.35 Loss from discontinued operations, net of tax (0.01) — (0.02) Net income $ 8.22 $ 2.88 $ 4.34 (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) During the year ended December 31, 2020, there were 0.8 million in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the years ended December 31, 2021, and 2019. |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory Matters Ally is currently subject to enhanced prudential standards that were established by the FRB under the Dodd-Frank Act. Targeted amendments to the Dodd-Frank Act and other financial-services laws were enacted through the EGRRCP Act, including amendments that affect whether and, if so, how the FRB applies enhanced prudential standards to BHCs like us with $100 billion or more but less than $250 billion in total consolidated assets. Through final rules implementing these amendments—which are commonly known as the tailoring framework—the FRB and other U.S. banking agencies 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. The most stringent standards and requirements apply to U.S. global systemically important BHCs, which are assigned to Category I. The assignment of other banking organizations to the remaining three categories is based on measures of size and four other risk-based indicators: cross-jurisdictional activity, wSTWF, nonbank assets, and off-balance-sheet exposure. Under the tailoring framework, Ally is a Category IV firm and, as such, is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) allowed to exclude accumulated other comprehensive income from regulatory capital, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) required to conduct liquidity stress tests on a quarterly basis, (6) allowed to engage in more tailored liquidity risk management, including monthly rather than weekly calculations of collateral positions, the elimination of limits for activities that are not relevant to the firm, and fewer required elements of monitoring of intraday liquidity exposures, (7) exempted from company-run capital stress testing requirements, (8) exempted from the requirements of the LCR and the net stable funding ratio provided that our average wSTWF continues to remain under $50 billion, and (9) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. We continue to be subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities, or risks to the U.S. economy. Further, we remain subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. 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 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 PCA, 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. 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, which for Ally was 3.5% and for Ally Bank was 2.5% as of December 31, 2021, as further described in the next paragraph. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic 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%. 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 introduced a stress capital buffer requirement based on firm-specific stress test performance and planned dividends, which for Ally replaced the fixed 2.5% component of the capital conservation buffer requirement. The final rule also made 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. Under the final rule, Ally’s stress capital buffer requirement is 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 RWAs. For a Category IV firm like Ally, the capital conservation buffer requirement comprises the stress capital buffer requirement. The capital conservation buffer requirement applicable to Ally’s depository-institution subsidiary, Ally Bank, continues to be a fixed 2.5%. Ally received its first preliminary stress capital buffer requirement from the FRB in June 2020, which was determined under this new methodology to be 3.5%, was finalized in August 2020, and became effective in October 2020. In June 2020, the FRB also announced its determination that changes in financial markets or the macroeconomic outlook could have a material effect on the risk profiles and financial conditions of firms subject to the capital-plan rule and that, as a result, the firms (including Ally) would be required to resubmit capital plans to the FRB within 45 days after receiving updated stress scenarios from the FRB. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing. Refer to the later section titled Capital Planning and Stress Tests for more information. Under applicable capital rules, 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 in March 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. This interim final rule was adopted as final with no changes effective January 1, 2021. 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 risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. While BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. In addition, under FDICIA, only well-capitalized and, with a waiver from the FDIC, adequately capitalized institutions may accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. At December 31, 2021, Ally Bank was well capitalized under the PCA framework. The following table summarizes our capital ratios under U.S. Basel III. December 31, 2021 December 31, 2020 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. $ 15,143 10.34 % $ 14,878 10.64 % 4.50 % (b) Ally Bank 17,253 12.39 17,567 13.38 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,403 11.89 % $ 17,289 12.37 % 6.00 % 6.00 % Ally Bank 17,253 12.39 17,567 13.38 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,724 13.47 % $ 19,778 14.15 % 8.00 % 10.00 % Ally Bank 18,995 13.64 19,210 14.63 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,403 9.67 % $ 17,289 9.41 % 4.00 % (b) Ally Bank 17,253 10.12 17,567 10.12 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 was required to maintain a minimum capital conservation buffer of 3.5% at both December 31, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both December 31, 2021, and December 31, 2020. (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 for the first quarter of 2020 and that provided 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. The interim final rule was clarified and adjusted in a final rule that became effective in September 2020. We elected this alternative option instead of the one described in the December 2018 rule. As a result, under the final rule, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are 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. The estimated impact of CECL on regulatory capital that we deferred and began phasing in on January 1, 2022, is generally calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of December 31, 2021, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $1.2 billion. In December 2017, the Basel Committee approved revisions to the global Basel III capital framework (commonly known as the Basel III endgame or 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. At both December 31, 2021, and December 31, 2020, Ally and Ally Bank were “well-capitalized.” Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. Capital Planning and Stress Tests Under the tailoring framework described earlier in the section titled Basel Capital Framework , we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. 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 detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary. We submitted our 2020 capital plan in April 2020, which included planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon. In June 2020, the FRB provided us with the results of the supervisory stress test, additional industry-wide sensitivity analyses conducted in light of the COVID-19 pandemic, and our preliminary stress capital buffer requirement. As described earlier in the section titled Basel Capital Framework , we updated our capital plan in light of revised stress scenarios from the FRB and submitted our updated plan to the FRB in November 2020. In December 2020, the FRB publicly disclosed summary results of its second round of supervisory stress testing and extended its deadline for notifying firms about whether their stress capital buffer requirements will be recalculated to March 31, 2021. On March 25, 2021, the FRB further extended this deadline to June 30, 2021. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing. In June 2020, the FRB announced several actions to ensure that large firms, such as Ally, would remain resilient despite the economic uncertainty from the COVID-19 pandemic, including for the third quarter of 2020 (1) the suspension of repurchases by any firm of its common stock, except repurchases relating to issuances of common stock related to employee stock ownership plans, and (2) the disallowance of any increase by a firm in the amount of its common-stock dividends and the imposition of a common-stock dividend limit equal to the average of the firm’s net income for the four preceding calendar quarters. These restrictions were extended by the FRB for the fourth quarter of 2020. In December 2020, the FRB extended and modified these restrictions for the first quarter of 2021 to limit aggregate common-stock dividends and share repurchases to an amount equal to the average of the firm’s net income for the four preceding calendar quarters subject to specified exceptions. On March 25, 2021, the FRB extended these modified restrictions for the second quarter of 2021 and announced that, for a firm such as Ally that is not subject to the 2021 supervisory stress test and on a two-year cycle, the additional restrictions will end after June 30, 2021, and the firm’s stress capital buffer requirement based on the June 2020 supervisory stress test results will remain in place. On January 11, 2021, our Board authorized a stock-repurchase program, permitting us to repurchase up to $1.6 billion of our common stock from time to time from the first quarter of 2021 through the fourth quarter of 2021 subject to restrictions imposed by the FRB. On July 12, 2021, our Board authorized an increase in the maximum amount of this stock-repurchase program, from $1.6 billion to $2.0 billion. On January 10, 2022, our Board authorized a stock-repurchase program, permitting us to repurchase up to $2.0 billion of our common stock from time to time from the first quarter of 2022 through the fourth quarter of 2022, and an increase in our cash dividend on common stock from $0.25 per share for the fourth quarter of 2021 to $0.30 per share for the first quarter of 2022. In January 2021, the FRB issued a final rule effective April 5, 2021, to align its capital planning and stress capital buffer requirements with the tailoring framework. Under the final rule, unless otherwise directed by the FRB in specified circumstances, Ally and other Category IV firms are generally no longer required to calculate forward-looking projections of revenues, losses, reserves, and pro forma capital levels under scenarios provided by the FRB. Each firm continues to be required, however, to provide a forward-looking analysis of income and capital levels under expected and stressful conditions that are designed by the firm. In addition, for Category IV firms, the final rule updated the frequency of calculating the portion of the stress capital buffer derived from the supervisory stress test to every other year. These firms have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which they would not generally be subject to the supervisory stress test. During a year in which a Category IV firm does not undergo a supervisory stress test, the firm would receive an updated stress capital buffer requirement that reflects its updated planned common-stock dividends. The final rule also includes reporting and other changes consistent with the tailoring framework. Ally did not opt into the 2021 supervisory stress test but will be subject to the 2022 supervisory stress test, with submissions due by April 5, 2022. We submitted our 2021 capital plan on April 5, 2021, which includes planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon and other capital actions. During the second quarter of 2021, we issued $1.35 billion of Series B Preferred Stock and $1.0 billion of Series C Preferred Stock, both of which qualify as additional Tier 1 capital under U.S. Basel III. The proceeds from these issuances were used to redeem a portion of the Series 2 TRUPS then outstanding. Refer to Note 15 and Note 17 for additional details about these instruments and capital actions. In June 2021, we submitted an updated capital plan to the FRB reflecting these capital actions and the increases in our stock-repurchase program and common-stock dividend described above. This updated capital plan was used by the FRB to recalculate Ally’s final stress capital buffer requirement, which was announced in August 2021 and remained unchanged at 3.5%. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB), impacts related to the COVID-19 pandemic, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time. The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2020 First quarter $ 104 3,838 374,332 373,155 $ 0.19 Second quarter — 53 373,155 373,837 0.19 Third quarter 1 9 373,837 373,857 0.19 Fourth quarter 1 37 373,857 374,674 0.19 2021 First quarter $ 219 5,276 374,674 371,805 $ 0.19 Second quarter 502 9,641 371,805 362,639 0.19 Third quarter 679 13,055 362,639 349,599 0.25 Fourth quarter 594 12,046 349,599 337,941 0.25 (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 through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action. (c) On January 10, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on February 15, 2022, to stockholders of record at the close of business on February 1, 2022. Refer to Note 30 for further information regarding this common-stock dividend. Depository Institutions Ally Bank is a member of the Federal Reserve System and is subject to regulation, supervision, and examination by the FRB and the UDFI. Ally Bank’s deposits are insured by the FDIC, and Ally Bank is required to file periodic reports with the FDIC concerning its financial condition. Total assets of Ally Bank were $172.8 billion and $172.0 billion at December 31, 2021, and 2020, respectively. Federal and Utah law place a number of conditions, restrictions, and limitations on dividends and other capital distributions that may be paid by Ally Bank to Ally. Dividends or other distributions made by Ally Bank to Ally were $3.5 billion and $1.2 billion in 2021 and 2020, respectively. Ally Bank is required to satisfy regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory actions by federal, state, and foreign agencies that could have a material effect on our results of operations and financial condition. Ally Bank was in compliance with these requirements at December 31, 2021. In January 2021 the FDIC announced that, given the passage of time since the last submission of resolution plans and the uncertain economic outlook, the FDIC will resume requiring resolution plan submissions for insured depository institutions with $100 billion or more in assets, including Ally Bank. In June 2021 the FDIC outlined a modified approach to implementing its rule requiring these insured depository institutions to submit resolution plans. The modified approach extends the submission frequency to a three-year cycle, streamlines content requirements, and places enhanced emphasis on engagement with firms. Under the modified approach, resolution plans will be submitted in two groups, with the first group consisting of insured depository institutions, like Ally Bank, whose top-tier parent company is not a U.S. global systemically important bank or a Category II firm and the second group consisting of all other insured depository institutions with $100 billion or more in total assets. In August 2021, the FDIC notified Ally Bank that its next resolution plan submission is due on or before December 1, 2022. Insurance Companies Certain of our Insurance operations are subject to minimum aggregate capital requirements, net asset and dividend restrictions under applicable state and foreign insurance laws, and the rules and regulations promulgated by various U.S. and foreign regulatory agencies. Under various state and foreign insurance regulations, dividend distributions may be made only from statutory unassigned surplus, with approvals required from the regulatory authorities for dividends in excess of certain statutory limitations. At December 31, 2021, the maximum dividend that could be paid by the U.S. insurance subsidiaries over the next 12 months without prior statutory approval was $111 million. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging ActivitiesWe enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, 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-rate 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-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve our desired mix of fixed-rate 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, and options 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. 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. Credit Risk We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative. 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 years ended December 31, 2021, 2020, or 2019. We placed cash and noncash collateral totaling $2 million and $203 million, respectively, supporting our derivative positions at December 31, 2021, compared to $4 million and $145 million of cash and noncash collateral at December 31, 2020, in accounts maintained by counterparties. These amounts include collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Consolidated Balance Sheet in other assets. We received cash collateral from counterparties totaling $4 million in accounts maintained by counterparties at December 31, 2021. This amount includes collateral received from clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Consolidated Balance Sheet in accrued expenses and other liabilities. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. 2021 2020 Derivative contracts in a Notional amount Derivative contracts in a Notional amount December 31, ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 17,039 $ — $ — $ 12,385 Foreign exchange contracts Forwards — 2 171 1 — 164 Total derivatives designated as accounting hedges — 2 17,210 1 — 12,549 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards 1 — 223 1 — 391 Written options 5 2 580 15 — 587 Total interest rate risk 6 2 803 16 — 978 Foreign exchange contracts Futures and forwards — 1 154 — 1 159 Total foreign exchange risk — 1 154 — 1 159 Credit contracts (a) Other credit derivatives — 56 n/a — 28 n/a Total credit risk — 56 n/a — 28 n/a Equity contracts Written options — 1 2 — 4 2 Purchased options 1 — — — — — Total equity risk 1 1 2 — 4 2 Total derivatives not designated as accounting hedges 7 60 959 16 33 1,139 Total derivatives $ 7 $ 62 $ 18,169 $ 17 $ 33 $ 13,688 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $119 million and $56 million as of December 31, 2021, and December 31, 2020, respectively. The following table presents amounts recorded on our Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. December 31, ($ 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) 2021 2020 2021 2020 2021 2020 Assets Available-for-sale securities (b) (c) $ 5,119 $ 1,259 $ (14) $ 39 $ (30) $ 28 Finance receivables and loans, net (d) 44,098 28,393 (37) 225 46 72 Liabilities Long-term debt $ 7,213 $ 8,656 $ 110 $ 169 $ 110 $ 203 (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 $3.9 billion and $592 million at December 31, 2021, and December 31, 2020, 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 8 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 $1.2 billion as of December 31, 2021. The basis adjustment associated with the open last of layer relationship was a $14 million asset as of December 31, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $8.6 billion and $1.2 billion as of December 31, 2021, and December 31, 2020, respectively. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last of layer relationship was a $20 million liability as of December 31, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship. There were no last of layer relationships as of December 31, 2020. (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 $15.6 billion and $9.4 billion at December 31, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $82 million liability as of December 31, 2021, and a $153 million asset as of December 31, 2020, 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 $20.9 billion at December 31, 2021, and $18.5 billion at December 31, 2020. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $46 million asset and a $72 million asset as of December 31, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship. Statement of Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Consolidated Statement of Income. Year ended December 31, ($ in millions) 2021 2020 2019 (Loss) gain recognized in earnings Interest rate contracts (Loss) gain on mortgage and automotive loans, net $ (12) $ (10) $ 1 Other income, net of losses 8 (19) (11) Total interest rate contracts (4) (29) (10) Foreign exchange contracts Other operating expenses (1) (7) (4) Total foreign exchange contracts (1) (7) (4) Credit contracts Interest and fees on finance receivables and loans — (4) — Other income, net of losses (24) (1) — Total credit contracts (24) (5) — Total loss recognized in earnings $ (29) $ (41) $ (14) The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of 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 Year ended December 31, ($ in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 68 $ (135) $ 41 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — — — — (68) 135 (41) Hedged available-for-sale securities — — — (40) 38 28 — — — — — — Derivatives designated as hedging instruments on available-for-sale securities — — — 40 (38) (28) — — — — — — Hedged fixed-rate consumer automotive loans (215) 139 138 — — — — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 215 (139) (138) — — — — — — — — — Total gain on fair value hedging relationships — — — — — — — — — — — — Gain (loss) on cash flow hedging relationships Interest rate contracts Hedged variable rate borrowings Reclassified from accumulated other comprehensive income into income — — — — — — — — — — — 15 Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — — — (1) (8) (4) — — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive income into income 58 73 — — — — — — — — — — Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur 4 — — — — — — — — — — — Total gain (loss) on cash flow hedging relationships $ 62 $ 73 $ — $ — $ — $ — $ (1) $ (8) $ (4) $ — $ — $ 15 Total amounts presented in the Consolidated Statement of Income $ 6,468 $ 6,581 $ 7,337 $ 600 $ 736 $ 955 $ 1,045 $ 1,952 $ 2,538 $ 860 $ 1,249 $ 1,570 During the next 12 months, we estimate $21 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Consolidated Statement of Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Year ended December 31, ($ in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 4 $ 12 $ 25 Interest for qualifying accounting hedges of unsecured debt — — — — — — — — — 5 — — Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — — — — (13) (22) (23) Amortization of deferred basis adjustments of available-for-sale securities — — — (4) (7) (3) — — — — — — Interest for qualifying accounting hedges of available-for-sale securities — — — (6) (6) 2 — — — — — — Amortization of deferred loan basis adjustments (46) (49) (28) — — — — — — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment (122) (121) 22 — — — — — — — — — Total (loss) gain on fair value hedging relationships (168) (170) (6) (10) (13) (1) — — — (4) (10) 2 (Loss) gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of deposit liabilities — — — — — — — — (1) — — — Interest for qualifying accounting hedges of variable-rate commercial loans — 1 1 — — — — — — — — — Total gain (loss) on cash flow hedging relationships $ — $ 1 $ 1 $ — $ — $ — $ — $ — $ (1) $ — $ — $ — The following table summarizes the effect of cash flow hedges on accumulated other comprehensive (loss) income. Year ended December 31, ($ in millions) 2021 2020 2019 Interest rate contracts (Loss) gain recognized in other comprehensive (loss) income $ (61) $ 105 $ (23) The following table summarizes the effect of net investment hedges on accumulated other comprehensive (loss) income and the Consolidated Statement of Income. Year ended December 31, ($ in millions) 2021 2020 2019 Foreign exchange contracts (a) (b) Loss recognized in other comprehensive (loss) income $ — $ (4) $ (6) (a) There were no amounts excluded from effectiveness testing for the years ended December 31, 2021, 2020, or 2019. (b) Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Consolidated Statement of Income. There were no amounts reclassified for the years ended December 31, 2021, 2020, or 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The significant components of income tax expense from continuing operations were as follows. Year ended December 31, ($ in millions) 2021 2020 2019 Current income tax expense (benefit) U.S. federal $ 502 $ — $ (2) Foreign 4 6 4 State and local 168 80 65 Total current expense 674 86 67 Deferred income tax expense (benefit) U.S. federal 151 280 178 Foreign — 1 2 State and local (35) (39) (1) Total deferred expense 116 242 179 Total income tax expense from continuing operations $ 790 $ 328 $ 246 A reconciliation of income tax expense from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table. Year ended December 31, ($ in millions) 2021 2020 2019 Statutory U.S. federal tax expense $ 810 $ 297 $ 413 Change in tax resulting from State and local income taxes, net of federal income tax benefit 106 36 50 Valuation allowance change, excluding expirations (78) (3) (219) Tax credits, excluding expirations (58) (29) (27) Nondeductible expenses 30 37 29 Other, net (20) (10) — Total income tax expense from continuing operations $ 790 $ 328 $ 246 For the year ended December 31, 2021, consolidated income tax expense from continuing operations was largely driven by pretax earnings for the year, partially offset by a tax benefit from the release of valuation allowance on foreign tax credit carryforwards during the second quarter of 2021. For the year ended December 31, 2020, consolidated income tax expense from continuing operations was largely driven by pretax earnings for the year. For the year ended December 31, 2019, consolidated income tax expense from continuing operations was driven by pretax earnings for the year, partially offset by the release of valuation allowance on foreign tax credit carryforwards during the second quarter of 2019. 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. The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, ($ in millions) 2021 2020 Deferred tax assets Tax credit carryforwards $ 1,014 $ 1,786 Adjustments to loan value 920 923 U.S. federal tax loss carryforwards (b) 256 — State and local taxes 233 191 Other 604 366 Gross deferred tax assets 3,027 3,266 Valuation allowance (839) (835) Deferred tax assets, net of valuation allowance 2,188 2,431 Deferred tax liabilities Lease transactions 1,385 1,809 Deferred acquisition costs 403 391 Other 156 229 Gross deferred tax liabilities 1,944 2,429 Net deferred tax assets (a) $ 244 $ 2 (a) Amounts include $254 million and $94 million of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position at December 31, 2021, and 2020, respectively, and $10 million and $92 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position. (b) Primarily the result of a 100% bonus depreciation election for 2021 operating lease originations. The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2021. ($ in millions) Deferred tax asset (liability) Valuation allowance Net deferred tax asset (liability) Years of expiration Tax credit carryforwards Foreign tax credits $ 1,014 $ (709) $ 305 2022–2031 Tax loss carryforwards Net operating losses — federal 256 (a) — 256 2027–Indefinite Net operating losses — state 166 (b) (130) 36 2022–Indefinite Total U.S. federal and state tax loss carryforwards 422 (130) 292 Other net deferred tax liabilities (353) — (353) n/a Net deferred tax assets (liabilities) $ 1,083 $ (839) $ 244 (a) Federal net operating loss carryforwards are included in the U.S. federal tax loss carryforwards total disclosed in our deferred inventory table above. (b) State net operating loss carryforwards are included in the state and local taxes and other liabilities totals disclosed in our deferred inventory table above. As of December 31, 2021, we have recognized negligible deferred tax liabilities for incremental U.S. federal taxes that stem from temporary differences related to investment in foreign subsidiaries or corporate joint ventures as there is no assertion of indefinite reinvestment outside of the United States. The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. ($ in millions) 2021 2020 2019 Balance at January 1, $ 53 $ 48 $ 44 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 7 5 11 Reductions for tax positions of prior years (7) — (5) Settlements — — (2) Expiration of statute of limitations — — — Balance at December 31, $ 53 $ 53 $ 48 Included in the unrecognized tax benefits balances are some items, the recognition of which would not affect the effective tax rate, such as the tax effect of certain temporary differences and the portion of gross state unrecognized tax benefits that would be offset by the tax benefit of the associated U.S. federal deduction. The balance of unrecognized tax benefits that, if recognized, would affect our effective tax rate is $42 million for both the years ended December 31, 2021, and 2020 and $38 million for the year ended December 31, 2019. We recognize accrued interest and penalties related to uncertain income tax positions in interest expense and other operating expenses, respectively. For each of the years ended December 31, 2021, 2020, and 2019, the cumulative accrued balance for interest and penalties was $1 million or less and interest and penalties of less than $1 million were accrued each year. It is reasonably possible that the unrecognized tax benefits will decrease by up to $52 million over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdictions. We file tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. Our most significant operations are in the United States and Canada. The oldest tax years that remain subject to examination for those jurisdictions are 2018 and 2011, respectively. |
Share-based Compensation Plans
Share-based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Compensation and Employee Benefit Plans Disclosure | Share-based Compensation Plans Awards of equity-based compensation to our named executive officers and other employees are governed by the Company’s Incentive Compensation Plan (ICP), which was approved by the Company’s stockholders and amended and restated effective as of May 4, 2021. These awards primarily take the form of (1) stock-settled and cash-settled PSUs that vest in whole on the third anniversary of the grant date, subject to the achievement of applicable performance goals and continued employment through that time, and (2) stock-settled RSUs that vest one-third on each of the first, second, and third anniversaries of the grant date, in each case, subject to continued employment through that time. Other awards—such as those granted under our #OwnIt Annual Grant Program—may take the form of RSUs that vest in whole on the third anniversary of the grant date, subject to continued employment through that time. For PSUs and RSUs, any dividends declared over the vesting period are accumulated and paid at or after the time of settlement. All awards under the ICP are structured to align with the Company’s performance, prudent but not excessive risk-taking, long-term value creation for our stockholders, and other elements of our compensation philosophy. Awards also typically include provisions that address vesting and settlement in the case of a qualifying termination or retirement. The ICP is administered by the Compensation, Nominating, and Governance Committee of our Board. At December 31, 2021, we had approximately 42.9 million shares available for future grants of equity-based awards under the ICP. Equity-based awards that settle in Ally common stock are classified as equity awards under GAAP, and the cost of the awards is ratably charged to compensation and benefits expense in our Consolidated Statement of Income over their applicable service period based on the grant date fair value of Ally common stock. Equity-based awards that settle in cash are subject to liability accounting, with the expense adjusted to fair value based on changes in the share price of Ally common stock up to the settlement date. We had non-vested stock-settled and cash-settled PSUs and RSUs outstanding of approximately 4.6 million and 1.0 million, respectively, at December 31, 2021. We recognized expense related to PSUs and RSUs of $140 million, $80 million, and $67 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following table presents the changes in outstanding non-vested PSUs and RSUs activity for share-settled awards during 2021. (in thousands, except per share data) Number of units Weighted-average grant date fair value per share RSUs and PSUs Outstanding non-vested at January 1, 2021 5,109 $ 29.73 Modified awards to settle in cash (a) (493) 28.90 Granted 3,275 40.87 Vested (2,999) 31.52 Forfeited (324) 34.74 Outstanding non-vested at December 31, 2021 4,568 36.27 (a) During 2021, certain non-vested PSUs were modified and reclassified to liability-based awards as we intend to settle them in cash upon vesting. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 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. 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. 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. 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, 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 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 Consolidated Balance Sheet. Interest rate lock commitments are valued using internal pricing models with unobservable inputs, so they are classified as Level 3. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. 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 expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and 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 December 31, 2021 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 1,093 $ — $ 9 $ 1,102 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,155 — — 2,155 U.S. States and political subdivisions — 855 9 864 Foreign government 19 138 — 157 Agency mortgage-backed residential — 19,039 — 19,039 Mortgage-backed residential — 4,425 — 4,425 Agency mortgage-backed commercial — 4,526 — 4,526 Asset-backed — 534 — 534 Corporate debt — 1,887 — 1,887 Total available-for-sale securities 2,174 31,404 9 33,587 Mortgage loans held-for-sale (b) — 80 — 80 Finance receivables and loans, net Consumer other (b) — — 7 7 Derivative contracts in a receivable position Interest rate — 1 5 6 Equity contracts 1 — — 1 Total derivative contracts in a receivable position 1 1 5 7 Total assets $ 3,268 $ 31,485 $ 30 $ 34,783 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ — $ 2 $ 2 Foreign currency — 3 — 3 Credit contracts — — 56 56 Equity contracts 1 — — 1 Total derivative contracts in a payable position 1 3 58 62 Total liabilities $ 1 $ 3 $ 58 $ 62 (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, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 1,064 $ — $ 7 $ 1,071 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 803 — — 803 U.S. States and political subdivisions — 1,088 7 1,095 Foreign government 17 159 — 176 Agency mortgage-backed residential — 18,588 — 18,588 Mortgage-backed residential — 2,640 — 2,640 Agency mortgage-backed commercial — 4,189 — 4,189 Asset-backed — 425 — 425 Corporate debt — 1,914 — 1,914 Total available-for-sale securities 820 29,003 7 29,830 Mortgage loans held-for-sale (b) — — 91 91 Finance receivables and loans, net Consumer other (b) — — 8 8 Derivative contracts in a receivable position Interest rate — — 16 16 Foreign currency — 1 — 1 Total derivative contracts in a receivable position — 1 16 17 Total assets $ 1,884 $ 29,004 $ 129 $ 31,017 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 1 $ — $ 1 Credit contracts — — 28 28 Equity contracts 4 — — 4 Total derivative contracts in a payable position 4 1 28 33 Total liabilities $ 4 $ 1 $ 28 $ 33 (a) Our direct investment in any one industry did not exceed 11%. (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. 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. Equity securities (a) Available-for-sale securities Mortgage loans held-for-sale (b) (c) Finance receivables and loans, net (b) (d) Interests retained in financial asset sales ($ in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Assets Fair value at January 1, $ 7 $ 8 $ 7 $ 2 $ 91 $ 30 $ 8 $ 11 $ — $ 2 Net realized/unrealized gains (losses) Included in earnings 4 (1) — — 64 67 2 4 — — Included in OCI — — — — — — — — — — Purchases — — 2 5 2,640 2,734 14 18 — — Sales (3) — — — (2,693) (2,740) — — — — Issuances — — — — — — — — — — Settlements — — — — — — (17) (25) — (2) Transfers into Level 3 1 — — — — — — — — — Transfers out of Level 3 (e) — — — — (102) — — — — — Fair value at December 31, $ 9 $ 7 $ 9 $ 7 $ — $ 91 $ 7 $ 8 $ — $ — Net unrealized gains (losses) still held at December 31, Included in earnings $ 4 $ (1) $ — $ — $ — $ 1 $ — $ — $ — $ — Included in OCI — — — — — — — — — — (a) Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Consolidated Statement of Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Consolidated Statement of Income. (d) Net realized/unrealized gains are reported as other income, net of losses, in the Consolidated Statement of Income. (e) During the year ended December 31, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the third quarter of 2021. Derivative liabilities, net of derivative assets ($ in millions) 2021 (a) 2020 (b) Liabilities Fair value at January 1, $ 12 $ (2) Net realized/unrealized losses (gains) Included in earnings 35 (10) Included in OCI — — Purchases — — Sales — — Issuances 5 24 Settlements (1) — Transfers into Level 3 — — Transfers out of Level 3 (c) 2 — Fair value at December 31, $ 53 $ 12 Net unrealized losses (gains) still held at December 31, Included in earnings $ 26 $ (10) Included in OCI — — (a) Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Consolidated Statement of Income. (b) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Consolidated Statement of Income. (c) During the year ended December 31, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the third quarter of 2021. 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 December 31, 2021, and December 31, 2020, respectively. The amounts are generally 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 December 31, 2021 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 468 $ 468 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 4 4 — n/m (a) Other — — 112 112 (65) n/m (a) Total commercial finance receivables and loans, net — — 116 116 (65) n/m (a) Other assets Nonmarketable equity investments — — 7 7 (5) n/m (a) Repossessed and foreclosed assets (c) — — 4 4 — n/m (a) Total assets $ — $ — $ 595 $ 595 $ (70) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, 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 reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for 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, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 315 $ 315 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 27 27 (5) n/m (a) Other — — 54 54 (20) n/m (a) Total commercial finance receivables and loans, net — — 81 81 (25) n/m (a) Other assets Nonmarketable equity investments (c) — 7 118 125 88 n/m (a) Repossessed and foreclosed assets (d) — — 9 9 (1) n/m (a) Total assets $ — $ 7 $ 523 $ 530 $ 62 n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, 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 reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. (d) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Additionally, on April 30, 2020, we recognized a $50 million impairment of goodwill at Ally Invest. At the time of impairment, the fair value of goodwill at Ally Invest was classified as Level 3 under the fair value hierarchy. Refer to Note 13 for further discussion. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale and certain acquired unsecured consumer finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain acquired unsecured consumer finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at December 31, 2021, and December 31, 2020. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets Held-to-maturity securities $ 1,170 $ — $ 1,204 $ — $ 1,204 Loans held-for-sale, net 469 — — 469 469 Finance receivables and loans, net 118,994 — — 126,044 126,044 FHLB/FRB stock (a) 738 — 738 — 738 Financial liabilities Deposit liabilities $ 40,953 $ — $ — $ 41,164 $ 41,164 Long-term debt 17,029 — 12,637 6,892 19,529 December 31, 2020 Financial assets Held-to-maturity securities $ 1,253 $ — $ 1,331 $ — $ 1,331 Loans held-for-sale, net 315 — — 315 315 Finance receivables and loans, net 115,243 — — 122,156 122,156 FHLB/FRB stock (a) 725 — 725 — 725 Financial liabilities Deposit liabilities $ 55,210 $ — $ — $ 55,932 $ 55,932 Short-term borrowings 2,136 — — 2,136 2,136 Long-term debt 22,006 — 19,161 6,310 25,471 (a) Included in other assets on our Consolidated Balance Sheet. In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | Offsetting Assets and LiabilitiesOur 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 December 31, 2021, these instruments are reported as gross assets and gross liabilities on the Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 21. 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 Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2021 Assets Derivative assets in net asset positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 6 — 6 — — 6 Total assets $ 7 $ — $ 7 $ (1) $ — $ 6 Liabilities Derivative liabilities in net liability positions $ 3 $ — $ 3 $ — $ (2) $ 1 Derivative liabilities in net asset positions 1 — 1 (1) — — Derivative liabilities with no offsetting arrangements 58 — 58 — — 58 Total liabilities $ 62 $ — $ 62 $ (1) $ (2) $ 59 2020 Assets Derivative assets in net liability positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 16 — 16 — — 16 Total assets $ 17 $ — $ 17 $ (1) $ — $ 16 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ (1) $ (1) $ 3 Derivative liabilities with no offsetting arrangements 28 — 28 — — 28 Total liabilities $ 33 $ — $ 33 $ (1) $ (1) $ 31 (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. We do not record such collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 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 — Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment provider. Through the bulk loan channel, we purchase loans from several qualified sellers on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel. 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, refinancing and recapitalizations, mergers and acquisitions, growth, co-lending arrangements, turnarounds, and debtor-in-possession financings. We also provide, through our Lender Finance business, 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, Ally Lending, our point-of-sale financing business, and Ally Credit Card are also 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. Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2021 Net financing revenue and other interest income $ 5,209 $ 59 $ 124 $ 308 $ 467 $ 6,167 Other revenue 251 1,345 94 128 221 2,039 Total net revenue 5,460 1,404 218 436 688 8,206 Provision for credit losses 53 — (1) 38 151 241 Total noninterest expense 2,023 1,061 187 116 723 4,110 Income (loss) from continuing operations before income tax expense $ 3,384 $ 343 $ 32 $ 282 $ (186) $ 3,855 Total assets $ 103,653 $ 9,381 $ 17,847 $ 7,950 $ 43,283 $ 182,114 2020 Net financing revenue and other interest income (loss) $ 4,284 $ 42 $ 118 $ 299 $ (40) $ 4,703 Other revenue 204 1,334 102 45 298 1,983 Total net revenue 4,488 1,376 220 344 258 6,686 Provision for credit losses 1,236 — 7 149 47 1,439 Total noninterest expense 1,967 1,092 160 107 507 3,833 Income (loss) from continuing operations before income tax expense $ 1,285 $ 284 $ 53 $ 88 $ (296) $ 1,414 Total assets $ 104,794 $ 9,137 $ 14,889 $ 6,108 $ 47,237 $ 182,165 2019 Net financing revenue and other interest income $ 4,141 $ 54 $ 171 $ 239 $ 28 $ 4,633 Other revenue 249 1,274 22 45 171 1,761 Total net revenue 4,390 1,328 193 284 199 6,394 Provision for credit losses 962 — 5 36 (5) 998 Total noninterest expense 1,810 1,013 148 95 363 3,429 Income (loss) from continuing operations before income tax expense $ 1,618 $ 315 $ 40 $ 153 $ (159) $ 1,967 Total assets $ 113,863 $ 8,547 $ 16,279 $ 5,787 $ 36,168 $ 180,644 (a) Net financing revenue and other interest income after the provision for credit losses totaled $5.9 billion, $3.3 billion and $3.6 billion for the years ended December 31, 2021, 2020, and 2019, respectively. |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | Parent Company Condensed Financial Information The following tables present standalone condensed financial statements for Ally Financial Inc. (referred to within this section as the Parent). These condensed statements are provided in accordance with SEC rules, which require disclosure when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets, and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. For purposes of these condensed financial statements, the Parent’s wholly-owned subsidiaries are presented in accordance with the equity method of accounting. Condensed Statement of Comprehensive Income Year ended December 31, ($ in millions) 2021 2020 2019 Net financing loss and other interest income $ (1,070) $ (1,049) $ (1,116) Dividends from bank subsidiaries 3,450 1,150 1,950 Dividends from nonbank subsidiaries 27 66 436 Total other revenue 243 367 343 Total net revenue 2,650 534 1,613 Provision for credit losses (106) (68) 35 Total noninterest expense 650 693 626 Income (loss) from continuing operations before income tax benefit and undistributed income of subsidiaries 2,106 (91) 952 Income tax benefit from continuing operations (a) (412) (300) (566) Net income from continuing operations 2,518 209 1,518 Loss from discontinued operations, net of tax (5) (1) (6) Undistributed income of subsidiaries 547 877 203 Net income 3,060 1,085 1,715 Other comprehensive (loss) income, net of tax (789) 508 654 Comprehensive income $ 2,271 $ 1,593 $ 2,369 (a) There is a significant variation in the customary relationship between pretax income (loss) and income tax benefit due to our accounting policy elections and other adjustments. Condensed Balance Sheet December 31, ($ in millions) 2021 2020 Assets Cash and cash equivalents (a) $ 3,647 $ 4,482 Equity securities 6 — Finance receivables and loans, net of unearned income (b) 663 913 Allowance for loan losses 26 (10) Total finance receivables and loans, net 689 903 Investments in subsidiaries Bank subsidiaries 16,728 17,146 Nonbank subsidiaries 5,890 6,090 Intercompany receivables from subsidiaries 216 176 Investment in operating leases, net 21 5 Other assets 1,157 2,034 Total assets $ 28,354 $ 30,836 Liabilities and equity Short-term borrowings $ — $ 2,136 Long-term debt (c) 9,410 12,014 Interest payable 87 111 Intercompany debt to subsidiaries 1,040 1,375 Intercompany payables to subsidiaries 98 91 Accrued expenses and other liabilities 669 406 Total liabilities 11,304 16,133 Total equity 17,050 14,703 Total liabilities and equity $ 28,354 $ 30,836 (a) Includes $3.6 billion and $4.4 billion deposited by the Parent at Ally Bank as of December 31, 2021, and 2020, respectively. These funds are available to the Parent for liquidity purposes. (b) The Parent advanced $207 million and $197 million to Ally Bank as of December 31, 2021, and 2020, respectively. These funds, included in finance receivables and loans, net, are available to the Parent for liquidity purposes. (c) Includes $2.0 billion of the outstanding principal balance of senior notes fully and unconditionally guaranteed by subsidiaries of the Parent as of both December 31, 2021, and 2020. Condensed Statement of Cash Flows Year ended December 31, ($ in millions) 2021 2020 2019 Operating activities Net cash provided by operating activities $ 3,753 $ 848 $ 1,818 Investing activities Proceeds from sales of finance receivables and loans initially held-for-investment 378 1,187 548 Originations and repayments of finance receivables and loans held-for-investment and other, net 189 601 (253) Net change in loans — intercompany (10) (36) 718 Purchases of equity securities (8) — — Disposals of operating lease assets — 1 3 Capital contributions to subsidiaries — (8) (2) Returns of contributed capital 24 23 259 Net change in nonmarketable equity investments 29 (7) (13) Other, net 44 (15) (4) Net cash provided by investing activities 646 1,746 1,256 Financing activities Net change in short-term borrowings (2,136) (445) 104 Proceeds from issuance of long-term debt 765 2,885 801 Repayments of long-term debt (777) (2,444) (2,173) Net change in debt — intercompany (336) 169 271 Repurchase of common stock (1,994) (106) (1,039) Preferred stock issuance 2,324 — — Trust preferred securities redemption (2,710) — — Common stock dividends paid (324) (290) (273) Preferred stock dividends paid (57) — — Net cash used in financing activities (5,245) (231) (2,309) Net (decrease) increase in cash and cash equivalents and restricted cash (846) 2,363 765 Cash and cash equivalents and restricted cash at beginning of year 4,526 2,163 1,398 Cash and cash equivalents and restricted cash at end of year $ 3,680 $ 4,526 $ 2,163 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Balance Sheet to the Condensed Statement of Cash Flows. Year ended December 31, ($ in millions) 2021 2020 Cash and cash equivalents on the Condensed Balance Sheet $ 3,647 $ 4,482 Restricted cash included in other assets on the Condensed Balance Sheet (a) 33 44 Total cash and cash equivalents and restricted cash in the Condensed Statement of Cash Flows $ 3,680 $ 4,526 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments
Guarantees and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Guarantees Disclosure | Guarantees and Commitments Guarantees Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown. 2021 2020 December 31, ($ in millions) Maximum liability Carrying value of liability Maximum liability Carrying value of liability Standby letters of credit and other guarantees $ 234 $ 3 $ 262 $ 4 Our Corporate Finance operations has exposure to standby letters of credit that represent irrevocable guarantees of payment of specified financial obligations. Third-party beneficiaries primarily accept standby letters of credit as insurance in the event of nonperformance by our borrowers. Our borrowers may request letters of credit under their revolving loan facility up to a certain sub-limit amount. We may also require collateral to be posted by our borrowers. We received no cash collateral related to these letters of credit at December 31, 2021. Expiration dates on letters of credit range from certain ongoing commitments that will expire during the upcoming year to terms of several years for certain letters of credit. If the beneficiary draws under a letter of credit, we will be liable to the beneficiary for payment of the amount drawn under such letter of credit, with our recourse being a charge to the borrower’s loan facility or transfer of ownership to us of the related collateral. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the stated amounts of the letters of credit are not necessarily indicative of future cash requirements. In connection with our Ally Invest wealth management business, we introduce customer securities accounts to a clearing broker, which clears and maintains custody of all customer assets and account activity. We are responsible for obtaining from each customer funds or securities as are required to be deposited or maintained in their accounts. As a result, we are liable for any loss, liability, damage, cost, or expense incurred or sustained by the clearing broker as a result of the failure of any customer to timely make payments or deposits of securities to satisfy their contractual obligations. In addition, customer securities activities are transacted on either a cash or margin basis. In margin transactions, we may extend credit to the customer, through our clearing broker, subject to various regulatory rules and margin lending practices, collateralized by cash and securities in the customer’s account. In connection with these activities, we also execute customer transactions involving the sale of securities not yet purchased. These transactions may expose us to credit risk in the event the customer’s assets are not sufficient to fully cover losses, which the customer may incur. In the event the customer fails to satisfy its obligations, we will purchase or sell financial instruments in the customer’s account in order to fulfill the customer’s obligations. The maximum potential exposure under these arrangements is difficult to estimate; however, the potential for us to incur material losses pursuant to these arrangements is remote. Commitments Financing Commitments The contractual commitments were as follows. December 31, ($ in millions) 2021 2020 Unused revolving credit line commitments and other (a) $ 6,337 $ 6,142 Commitments to provide capital to investees (b) 1,069 778 Mortgage loan origination commitments (c) 708 760 Home equity lines of credit (d) 168 187 Construction-lending commitments (e) 53 101 (a) The unused portion of revolving lines of credit reset at prevailing market rates and, approximate fair value. (b) We are committed to contribute capital to certain investees. (c) Commitments with mortgage loan applicants in which the loan terms, including interest rate and price, are guaranteed for a designated period of time subject to the completion of underwriting procedures. (d) We are committed to fund the remaining unused balances on home equity lines of credit. (e) We are committed to fund the remaining unused balance while loans are in the construction period. Revolving credit line commitments contain an element of credit risk. We manage the credit risk for unused revolving credit line commitments by applying the same credit policies in making commitments as we do for extending loans. The information presented above excludes the unused portion of commitments that are unconditionally cancelable by us. We had $26.7 billion and $20.3 billion of unfunded commitments related to unconditionally cancelable arrangements at December 31, 2021, and 2020, respectively, which primarily consisted of wholesale floorplan financing. Lease Commitments For details about our future minimum payments under operating leases with noncancelable lease terms, refer to Note 10. Contractual Commitments We have entered into multiple agreements for sponsorship, information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions. The following table presents our total future payment obligations expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 102 2023 102 2024 18 2025 11 2026 8 2027 and thereafter 17 Total future payment obligations $ 258 |
Contingencies and Other Risks
Contingencies and Other Risks | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingency [Abstract] | |
Contingencies and Other Risks | Contingencies and Other Risks Concentration with GM and Stellantis While we continue to diversify our automotive finance and insurance businesses and to expand into other financial services, GM and Stellantis dealers and their retail customers continue to constitute a significant portion of our customer base. GM and its captive finance company compete vigorously with us and could take further actions that negatively impact the amount of business that we do with GM dealers and their customers. Additionally, through a recent acquisition, Stellantis has indicated its intention to develop a captive finance company in the United States that could impact the business that we do with Stellantis dealers and their customers. A significant adverse change in GM’s or Stellantis’ business—including, for example, in the production or sale of GM or Stellantis vehicles, the quality or resale value of GM or Stellantis vehicles, GM’s or Stellantis’ relationships with its key suppliers, or the rate or volume of recalls of GM or Stellantis vehicles—could negatively impact our GM and Stellantis dealer and retail customer bases and the value of collateral securing our extensions of credit to them. Any future reductions in GM and Stellantis business that we are not able to offset could adversely affect our business and financial results. Legal Matters and Other Contingencies As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. 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 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 certain of our legal matters follow. 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 State and other applicable jurisdiction. The request for relief included 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 and then with the Missouri Supreme Court for a writ prohibiting the circuit court from taking further action other than vacating the order denying decertification, but each of those petitions was denied. In June 2020, the buyers on behalf of the certified nationwide and Missouri classes filed a motion for partial summary judgment on liability and damages, including statutory damages, the waiver of amounts due, and prejudgment interest. These damages, if awarded by the court, could be significant. In August 2020, Ally filed a petition for a writ of certiorari with the United States Supreme Court— Ally Financial Inc. v. Alberta Haskins et al. , No. 20-177—requesting review of the Missouri Supreme Court’s order denying Ally’s petition for a writ of prohibition. In December 2020, Ally—while maintaining its denial of any liability or wrongdoing and its other positions in the case—entered into a binding memorandum of understanding with the buyers, on behalf of the nationwide and Missouri classes, to fully settle the case. In January 2021, the United States Supreme Court granted a joint motion to defer consideration of Ally’s petition for a writ of certiorari. In March 2021, the parties executed and filed with the circuit court a class-action settlement agreement and release that includes provisions for a cash payment of $87.5 million by Ally, a waiver of $700 million in charged-off deficiency balances by Ally, a request by Ally that identified consumer reporting agencies delete specified trade lines, and a release by the nationwide and Missouri classes of related claims against Ally. The class-action settlement agreement and release was preliminarily approved by the circuit court in March 2021, and specified notices have been delivered to class members. In September 2021, the circuit court entered an amended final order approving the class-action settlement agreement and release. In November 2021, by stipulation of the parties, the United States Supreme Court dismissed Ally’s petition for a writ of certiorari. During the year ended December 31, 2020, Ally had established an accrual of $87.5 million related to this matter. In November 2021, Ally disbursed the $87.5 million cash payment to the settlement administrator appointed by the circuit court for distribution under the class-action settlement agreement and release. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Common Dividend and Share Repurchase Authorization On January 10, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend was paid on February 15, 2022, to stockholders of record at the close of business on February 1, 2022. At the same time, our Board authorized a stock-repurchase program, permitting us to repurchase up to $2.0 billion of our common stock from time to time from the first quarter of 2022 through the fourth quarter of 2022. |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The Consolidated Financial Statements include the accounts of the parent and its consolidated subsidiaries, of which it is deemed to possess control, after eliminating intercompany balances and transactions, and include all VIEs in which we are the primary beneficiary. Refer to Note 11 for further details on our VIEs. Other entities in which we have invested and have the ability to exercise significant influence over operating and financial policies of the investee, but upon which we do not possess control, are accounted for using the equity method of accounting within the financial statements and are therefore not consolidated. |
Basis of Presentation | 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. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Consolidated Financial Statements. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. 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 operating lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash on deposit at other financial institutions, cash items in process of collection, and certain highly liquid investments with original maturities of three months or less from the date of purchase. The book value of cash equivalents approximates fair value because of the short maturities of these instruments and the insignificant risk they present to changes in value with respect to changes in interest rates. Certain securities with original maturities of three months or less from the date of purchase that are held as a portion of longer-term investment portfolios, primarily held by our Insurance operations, are classified as investment securities. Cash and cash equivalents with legal restrictions limiting our ability to withdraw and use the funds are considered restricted cash and restricted cash equivalents and are presented as other assets on our Consolidated Balance Sheet. |
Investments | 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 composed 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 for impairment. When the cost of an available-for-sale security exceeds its fair value, the security is impaired. If we determine that we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of the amortized cost basis, any allowance for credit losses, if previously recorded, is written off and the security’s amortized cost basis is written down to fair value at the reporting date, with any incremental impairment recorded through earnings. Alternatively, if we do not intend to sell, or it is not more likely than not that we will be required to sell the security before anticipated recovery of the amortized cost basis, we evaluate, among other factors, the magnitude of the decline in fair value, the financial health of and business outlook for the issuer, and the performance of the underlying assets for interests in securitized assets to determine if a credit loss has occurred. The present value of expected future cash flows are compared to the security’s amortized cost basis to measure the credit loss component of the impairment after determining a credit loss has occurred. If the present value of expected cash flows is less than the amortized cost basis, we record an allowance for credit losses for that difference. The amount of credit loss is limited 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. 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 and discounts on debt securities are generally amortized over the stated maturity of the security as an adjustment to investment yield. Premiums on debt securities that have non-contingent call features that are callable at fixed prices on preset dates are amortized to the earliest call date 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 Consolidated Statement of Income. These investments, which are primarily attributable to the investment portfolio of our Insurance operations, are included in equity securities on our Consolidated Balance Sheet. Refer to Note 24 for further information on equity securities that are held at fair value. Realized gains and losses on the sale of debt securities and equity securities with a readily determinable fair value are determined using the specific identification method and are reported in other gain on investments, net in our Consolidated Statement of Income. |
Finance Receivables and Loans | 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 both the intent to sell the loans and must reasonably identify the specific loans to be sold. Loans classified as held-for-sale are presented as loans held-for-sale, net on our 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 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 Consolidated Statement of 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 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 Consolidated Statement of Income. Loans classified as held-for-investment are presented as finance receivables and loans, net on our 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 losses 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, except for origination fees and costs on our credit card loans, which amortize straight line over a twelve-month period. In addition, annual fees on credit cards are amortized into other income, net of losses over a twelve-month period. We report accrued interest receivable on our finance receivables and loans in other assets on our Consolidated Balance Sheet, except for billed interest on our credit card loans which is included in finance receivables and loans, net. Loan commitment fees are generally deferred and amortized over the commitment period. For information on finance receivables and loans, refer to Note 9. We have elected to exclude accrued interest receivable from the measurement of our allowance for loan losses for each class of financing receivables, except for billed interest on our credit card loans which is included within finance receivables and loans, net. We have also elected to write-off accrued interest receivable by reversing interest income when loans are placed on nonaccrual status for each class of finance receivable. This includes the reversal of the billed interest that occurs at the time of charge-off, which is initially included in the measurement of our allowance for loan losses. 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 direct-to-consumer originations, refinancing of high-quality jumbo mortgages and LMI mortgages, and bulk acquisitions. ◦ 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 the following classes of finance receivables. • Personal Lending — Consists of unsecured consumer lending from point-of-sale financing. • Credit Card — Consists of consumer credit card loans. • 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 a 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 9. For all of our portfolio segments, 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, for credit card loans, billed interest is included in the receivables balance and therefore is not reversed against interest income until the loan is charged-off. 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 employment). 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 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. However, in response to the COVID-19 pandemic, we offered broad-based deferral programs during the year ended December 31, 2020, to all of our customers who requested assistance with their loans. 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, the modifications do not represent a concessionary modification and accordingly, they are not classified as TDRs. Additionally, based on guidance issued by federal and state regulatory agencies, payment extensions 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 9 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 fully charged off once a loan becomes 120 days past due. In instances where upon becoming 120 days past due repossession is assured and in process, consumer automotive loans are written down to estimated collateral value, less costs to sell. 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. In our consumer other segment, loans within our personal lending class of receivables are charged off at 120 days past due and loans in our credit card class of receivables are charged off at 180 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 |
Allowance for Loan Losses | 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 credit 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 factors for the next 12-months. These forecasted variables are derived from both internal and external sources. Beyond this forecast period, we revert each variable to a historical average. 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. In addition, loans evaluated individually are not also included in the collective evaluation. The allowance calculation is supplemented with qualitative reserves that take into consideration current portfolio and asset-level factors, such as the impacts of changes in underwriting standards, collections and account management effectiveness, geographic concentrations, and economic events 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 on the commitments include consideration of the likelihood that funding will occur under the commitment and an estimate of expected credit losses on amounts expected to be funded over the estimated life. The reserve for unfunded loan commitments is recorded within other liabilities on our Consolidated Balance Sheet. Refer to Note 28 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 or 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 light vehicle sales and state-level real personal income, 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 fuel, consumer preference related to specific vehicle segments, and other factors. The model output is 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 aggregated to calculate expected lifetime credit losses. Consumer Other The allowance for loan losses within the personal lending receivables class 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. The allowance for loan losses within our credit card receivables class is calculated by using a statistical model that considers loan-specific and economy-wide factors to project default events, positive closure, EAD, and LGD events across all active loans in the portfolio. Macroeconomic data that is used to calculate expected credit losses include state and national-level unemployment rate, revolving consumer credit, and retail sales. Estimated expected lifetime credit losses are the summation of the simulated losses and recoveries for all credit card loans in the portfolio. Commercial Loans The allowance for loan losses within the commercial loan portfolio segment is calculated using an expected loss framework that uses 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 ongoing reviews of the financial performance of borrowers within our portfolio, including cash flow, debt-service coverage ratio, and an assessment of borrowers’ industry and future prospects. The determination of PD also incorporates historical loss experience 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 macroeconomic information and 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 experience. Refer to Note 9 for information on the allowance for loan losses. |
Variable Interest Entities and Securitizations | Variable Interest Entities and Securitizations 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 equity investment at risk lack the ability to direct 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. For all VIEs in which we are involved, we assess whether we are the primary beneficiary of the VIE on an ongoing basis. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, we would conclude that we are the primary beneficiary of the VIE, and would consolidate the VIE (also referred to as on-balance sheet). In situations where we are not deemed to be the primary beneficiary of the VIE, we do not consolidate the VIE and only recognize our interests in the VIE (also referred to as off-balance sheet). We are involved in securitizations that typically involve the use of VIEs. For information regarding our securitization activities, refer to Note 11. In the case of a consolidated on-balance-sheet VIE used for a securitization, the underlying assets remain on our Consolidated Balance Sheet with the corresponding obligations to third-party beneficial interest holders reflected as debt. We recognize income on the assets, interest expense on the debt issued by the VIE, and losses on the assets as incurred. Consolidation of the VIE precludes us from recording an accounting sale on the transaction. In securitizations where we are not determined to be the primary beneficiary of the VIE, we must determine whether we achieve a sale for accounting purposes. To achieve a sale for accounting purposes, the financial assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. We would deem the transaction to be an off-balance-sheet securitization if the preceding three criteria for sale accounting are met. If we were to fail any of these three criteria for sale accounting, the transfer would be accounted for as a secured borrowing consistent with the preceding paragraph regarding on-balance sheet VIEs. The gain or loss recognized on off-balance-sheet securitizations take into consideration any assets received or liabilities assumed, including any retained interests, and servicing assets or liabilities (if applicable), which are initially recorded at fair value at the date of sale. Upon the sale of the financial assets, we recognize a gain or loss on sale for the difference between the assets and liabilities recognized, and the assets derecognized. The financial assets obtained from off-balance-sheet securitizations are primarily reported as cash or if applicable, retained interests. Retained interests are classified as securities or as other assets depending on their form and structure. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. For a discussion on fair value estimates, refer to Note 24. Gains or losses on off-balance-sheet securitizations are reported in gain on mortgage and automotive loans, net, in our Consolidated Statement of Income. We retain the right to service our consumer and commercial automotive loan and credit card securitizations. We may receive servicing fees for off-balance-sheet securitizations based on the securitized asset balances and certain ancillary fees, all of which are reported in servicing fees in the Consolidated Statement of Income. Typically, the fee we are paid for servicing represents adequate compensation, and consequently, does not result in the recognition of a servicing asset or liability. |
Repossessed and Foreclosed Assets | Repossessed and Foreclosed Assets Assets securing our finance receivables and loans are classified as repossessed and foreclosed and included in other assets when physical possession of the collateral is taken, which includes the transfer of title through foreclosure or other similar proceedings. Repossessed and foreclosed assets are initially recognized at the lower of the outstanding balance of the loan at the time of repossession or foreclosure or the fair value of the asset less estimated costs to sell. Losses on the initial revaluation of repossessed and foreclosed assets (and generally, declines in value shortly after repossession or foreclosure) are recognized as a charge-off of the allowance for loan losses. Subsequent declines in value are charged to other operating expenses. |
Lease Accounting | Lease Accounting At contract inception, we determine whether the contract is or contains a lease based on the terms and conditions of the contract. Refer to Investment in Operating Leases below for leases in which we are the lessor. Lease contracts for which we are the lessee are recognized on our Consolidated Balance Sheet as ROU assets and lease liabilities. Lease liabilities and their corresponding ROU assets are initially recorded based on the present value of the future lease payments over the expected lease term. We utilize our incremental borrowing rate, which is the rate we would incur to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment since the interest rate implicit in the lease contract is typically not readily determinable. The ROU asset also includes initial direct costs paid less lease incentives received from the lessor. Our lease contracts are generally classified as operating and, as a result, we recognize a single lease cost within other operating expenses on the income statement on a straight-line basis over the lease term. Our leases primarily consist of property-leases and fleet vehicle leases. Our property-lease agreements generally contain a lease component, which includes the right to use the real estate, and non-lease components, which generally include utilities and common area maintenance services. We elected the practical expedient to account for the lease and non-lease components in our property leases as a single lease component for recognition and measurement of our ROU assets and lease liabilities. Our property leases that include variable-rent payments made during the lease term that are not based on a rate or index, are excluded from the measurement of the ROU assets and lease liabilities, and are recognized as a component of variable lease expense as incurred. We have elected not to recognize ROU assets and lease liabilities on property-leases with terms of one year or less. Our fleet vehicle leases also include a lease component, which includes the right to use the vehicle, and non-lease components, which include maintenance, fuel, and administrative services. However, we have elected to account for the lease and non-lease components in our fleet vehicle leases separately. Accordingly, the non-lease components are excluded from the measurement of the ROU asset and lease liability and are recognized as other operating expenses as incurred. Investment in Operating Leases Investment in operating leases, net, represents the vehicles that are underlying our automotive operating lease contracts where we are the lessor and is reported at cost, less accumulated depreciation and net of impairment charges, if any, and origination fees or costs. Depreciation of vehicles is recorded on a straight-line basis to an estimated residual value over the lease term. Manufacturer support payments that we receive upfront are treated as a reduction to the cost-basis in the underlying operating lease asset, which has the effect of reducing depreciation expense over the life of the contract. We periodically evaluate our depreciation rate for leased vehicles based on expected residual values and adjust depreciation expense over the remaining life of the lease if deemed necessary. Income from operating lease assets including lease origination fees, net of lease origination costs, is recognized as operating lease revenue on a straight-line basis over the scheduled lease term. We have elected to exclude sales taxes collected from the lessee from our consideration in the lease contract and from variable lease payments that are not included in contract consideration. We have significant investments in the residual values of the assets in our operating lease portfolio. The residual values represent an estimate of the values of the assets at the end of the lease contracts. At contract inception, we determine pricing based on the projected residual value of the leased vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally generated data is compared against third-party, independent data for reasonableness. Realization of the residual values is dependent on our future ability to market the vehicles under the prevailing market conditions. Over the life of the lease, we evaluate the adequacy of our estimate of the residual value and make adjustments to the depreciation rates to the extent the expected value of the vehicle at lease termination changes. In addition to estimating the residual value at lease termination, we also evaluate the current value of the operating lease asset and test for impairment to the extent necessary when there is an indication of impairment based on market considerations and portfolio characteristics. Impairment is determined to exist if the fair value of the leased asset is less than carrying value and it is determined that the net carrying value is not recoverable. The net carrying value of a leased asset is not recoverable if it exceeds the sum of the undiscounted expected future cash flows expected to result from the operating lease payments and the estimated residual value upon eventual disposition. If our operating lease assets are considered to be impaired, the impairment is measured as the amount by which the carrying amount of the assets exceeds the fair value as estimated by discounted cash flows. No impairment was recognized in 2021, 2020, or 2019. We accrue rental income on our operating leases when collection is reasonably assured. We generally discontinue the accrual of revenue on operating leases at the time an account is determined to be uncollectible, which we determine to be the earliest of (i) the time of repossession, (ii) within 60 days of bankruptcy notification, unless it can be clearly demonstrated that repayment is likely to occur, or (iii) greater than 120 days past due. When a leased vehicle is returned to us, either at the end of the lease term or through repossession, the asset is reclassified from investment in operating leases, net, to other assets and recorded at the lower-of-cost or estimated fair value, less costs to sell, on our Consolidated Balance Sheet. Any losses recognized at this time are recorded as depreciation expense. Subsequent decline in value and any gain or loss recognized at the time of sale is recognized as a remarketing gain or loss and presented as a component of depreciation expense. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The net carrying values of long-lived assets (including property and equipment) are evaluated for impairment whenever events or changes in circumstances indicate that their net carrying values may not be recoverable from the estimated undiscounted future cash flows expected to result from their use and eventual disposition. Recoverability of assets to be held and used is measured by a comparison of their net carrying amount to future net undiscounted cash flows expected to be generated by the assets. If these assets are considered to be impaired, the impairment is measured as the amount by which the net carrying amount of the assets exceeds the fair value estimated using a discounted cash flow method. No material impairment was recognized in 2021, 2020, or 2019. An impairment test on an asset group to be sold or otherwise disposed of is performed upon occurrence of a triggering event or when certain criteria are met (for example, the asset is planned to be disposed of within 12 months, appropriate levels of authority have approved the sale, there is an active program to locate a buyer, etc.), which cause the disposal group to be classified as held-for-sale. Long-lived assets held-for-sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. If the net carrying value of the assets held-for-sale exceeds the fair value less cost to sell, we recognize an impairment loss based on the excess of the net carrying amount over the fair value of the assets less cost to sell. |
Property and Equipment | Property and Equipment Property and equipment stated at cost, net of accumulated depreciation and amortization, are reported in other assets on our Consolidated Balance Sheet. Included in property and equipment are certain buildings, furniture and fixtures, leasehold improvements, IT hardware and software, capitalized software costs, and assets under construction. We begin depreciating these assets when they are ready for their intended use. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, which generally ranges from three three |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and intangible assets, net of accumulated amortization, are reported in other assets in our 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 as of July 31 of each year, or more frequently if events and changes in circumstances indicate that it is more likely than not that impairment exists. 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. |
Unearned Insurance Premiums and Service Revenue | Unearned Insurance Premiums and Service Revenue Insurance premiums, net of premiums ceded to reinsurers, and service revenue are earned over the terms of the policies. The portion of premiums and service revenue written applicable to the unexpired terms of the policies is recorded as unearned insurance premiums or unearned service revenue. For vehicle service, GAP, and maintenance contracts, premiums and service revenues are earned on a basis proportionate to the anticipated cost emergence. For additional information related to these contracts, refer to Note 3. For other short duration contracts, premiums and service revenue are earned on a pro rata basis. For further information, refer to Note 4. |
Deferred Insurance Policy Acquisition Costs | Deferred Insurance Policy Acquisition Costs Incremental direct costs incurred to originate a policy are deferred and recorded in premiums receivable and other insurance assets on our Consolidated Balance Sheet. These costs primarily include commissions paid to dealers to originate these policies and vary with the production of business. Deferred policy acquisition costs are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned. We group costs incurred for acquiring like contracts and consider anticipated investment income in determining the recoverability of these costs. |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for insurance losses and loss adjustment expenses are reported in accrued expenses and other liabilities on our Consolidated Balance Sheet. They are established for the unpaid cost of insured events that have occurred as of a point in time. More specifically, the reserves for insurance losses and loss adjustment expenses represent the accumulation of estimates for both reported losses and those incurred, but not reported, including loss adjustment expenses relating to direct insurance and assumed reinsurance agreements. We use a combination of methods commonly used in the insurance industry, including the chain ladder development factor, expected loss, Bornhuetter Ferguson (BF), and frequency and severity methods to determine the ultimate losses for an individual business line as well as accident year basis depending on the maturity of the accident period and business-line specifics. These methodologies are based on different assumptions and use various inputs to develop alternative estimates of losses. The chain ladder development factor is used for more mature years while the expected loss, BF, and frequency and severity methods are used for less mature years. Both paid and incurred loss and loss adjustment expenses are reviewed where available and a weighted average of estimates or a single method may be considered in selecting the final estimate for an individual accident period. We did not change our methodology for developing reserves for insurance losses for the year ended December 31, 2021. Estimates for salvage and subrogation recoverable are recognized at the time losses are incurred and netted against the provision for insurance losses and loss adjustment expenses. Reserves are established for each business at the lowest meaningful level of homogeneous data. Since the reserves are based on estimates, the ultimate liability may vary from these estimates. The estimates are regularly reviewed and adjustments, which can potentially be significant, are included in earnings in the period in which they are deemed necessary. |
Legal and Regulatory Reserves | Legal and Regulatory Reserves Liabilities for legal and regulatory matters are accrued and established when those matters present loss contingencies that are both probable and estimable, with a corresponding amount recorded to other operating expense in the Consolidated Statement of Income. In cases where we have an accrual for losses, we include an estimate for probable and estimable legal expenses related to the case. If, at the time of evaluation, the loss contingency related to a legal or regulatory matter is not both probable and estimable, we do not establish a liability for the contingency. We continue to monitor legal and regulatory matters for further developments that could affect the requirement to establish a liability or that may impact the amount of a previously established liability. There may be exposure to loss in excess of any amounts recognized. For certain other matters where the risk of loss is determined to be reasonably possible, estimable, and material to the financial statements, disclosure regarding details of the matter and an estimated range of loss is required. The estimated range of possible loss does not represent our maximum loss exposure. We also disclose matters that are deemed probable or reasonably possible, material to the financial statements, but for which an estimated range of loss is not possible to determine. While we believe our reserves are adequate, the outcome of legal and regulatory proceedings is extremely difficult to predict, and we may settle claims or be subject to judgments for amounts that differ from our estimates. For information regarding the nature of all material contingencies, refer to Note 29. |
Earnings per Common Share | Earnings per Common Share We compute basic earnings per common share by dividing net income from continuing operations attributable to common stockholders after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period. We compute diluted earnings per common share by dividing net income from continuing operations after deducting dividends on preferred stock by the weighted-average number of common shares outstanding during the period plus the dilution resulting from incremental shares that would have been outstanding if dilutive potential common shares had been issued (assuming it does not have the effect of antidilution), if applicable. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We use derivative instruments primarily for risk management purposes. We do not use derivative instruments for speculative purposes. Certain of our derivative instruments are designated as accounting hedges in qualifying relationships, whereas other derivative instruments have not been designated as accounting hedges. In accordance with applicable accounting standards, all derivative instruments, whether designated as accounting hedges or not, are recorded on the balance sheet as assets or liabilities and measured at fair value. We have elected to report the fair value of derivative assets and liabilities on a gross basis—including the fair value for the right to reclaim cash collateral or the obligation to return cash collateral—arising from instruments executed with the same counterparty under a master netting arrangement where we do not have the intent to offset. For additional information on derivative instruments and hedging activities, refer to Note 21. At the inception of a qualifying hedge accounting relationship, we designate each qualifying hedge relationship as a hedge of the fair value of a specifically identified asset or liability (fair value hedge); as a hedge of the variability of cash flows to be received or paid, or forecasted to be received or paid, related to a recognized asset or liability (cash flow hedge); or as a hedge of the foreign-currency exposure of a net investment in a foreign operation (net investment hedge). We formally document all relationships between hedging instruments and hedged items, as well as the risk management objectives for undertaking such hedge transactions. Both at hedge inception and on an ongoing basis, we formally assess whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. Changes in the fair value of derivative instruments qualifying as fair value hedges, along with the gain or loss on the hedged asset or liability attributable to the hedged risk, are recorded in current period earnings. For qualifying cash flow hedges, changes in the fair value of the derivative financial instruments are recorded in accumulated other comprehensive income, and recognized in the income statement when the hedged cash flows affect earnings. For a qualifying net investment hedge, the gain or loss is reported in accumulated other comprehensive income as part of the cumulative translation adjustment. Hedge accounting treatment is no longer applied if a derivative financial instrument is terminated, the hedge designation is removed, or the derivative instrument is assessed to no longer be highly effective. For terminated fair value hedges, any changes to the hedged asset or liability remain as part of the basis of the hedged asset or liability and are recognized into income over the remaining life of the asset or liability. For terminated cash flow hedges, unless it is probable that the forecasted cash flows will not occur within a specified period, any changes in fair value of the derivative financial instrument previously recognized remain in accumulated other comprehensive income, and are reclassified into earnings in the same period that the hedged cash flows affect earnings. Any previously recognized gain or loss for a net investment hedge continues to remain in accumulated other comprehensive income until earnings are impacted by sale or liquidation of the associated foreign operation. In all instances, after hedge accounting is no longer applied, any subsequent changes in fair value of the derivative instrument will be recorded into earnings. Changes in the fair value of derivative financial instruments held for risk management purposes that are not designated as accounting hedges under GAAP are reported in current period earnings. |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes predominantly in the United States. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise we consider all available positive and negative evidence including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we begin with historical results adjusted for changes in accounting policies and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. We use the portfolio method with respect to reclassification of stranded income tax effects in accumulated other comprehensive income. We recognize the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Also, we recognize accrued interest and penalties related to liabilities for uncertain income tax positions in interest expense and other operating expenses, respectively. For additional information regarding our provision for income taxes, refer to Note 22. |
Share-based Compensation | Share-based Compensation Our compensation and benefits expenses include the cost of share-based awards issued to employees. For equity classified share-based awards, compensation cost is ratably charged to expense based on the grant date fair value of the awards over the applicable service periods. For liability classified share-based awards, the associated liability is measured quarterly at fair value based on our share price and services rendered at the time of measurement until the awards are paid, with changes in fair value charged to compensation expense in the period in which the change occurs. We have made an accounting policy election to account for forfeitures of share-based awards as they occur. Refer to Note 23 for a discussion of our share-based compensation plans. |
Foreign Exchange | Foreign Exchange Foreign-denominated assets and liabilities resulting from foreign-currency transactions are valued using period-end foreign-exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income. Translation gains or losses are reclassified to earnings upon the substantial sale or liquidation of our investments in foreign operations. We may elect to enter into foreign-currency derivatives to mitigate our exposure to changes in foreign-exchange rates. Refer to the Derivative Instruments and Hedging Activities section above for a discussion of our hedging activities of the foreign-currency exposure of a net investment in a foreign operation. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Financial Instruments—Credit Losses (ASU 2016-13) 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 introduced a new accounting model to measure credit losses for financial assets measured at amortized cost. The FASB has also issued additional ASUs that clarified the scope and provided additional guidance for ASU 2016-13. Credit losses for financial assets measured at amortized cost are 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 are presented at the net amount expected to be collected. Credit losses are no longer recorded under the incurred loss model for financial assets measured at amortized cost. The amendments also modified the accounting for available-for-sale securities whereby credit losses are now 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 are 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 modified the measurement of the allowance for credit losses, it did 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-in 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, and was subsequently clarified and adjusted in a final rule that became effective September 30, 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 are 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 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 20 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 loan 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. Reference Rate Reform (ASU 2021-01) In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) : Scope , which clarified the scope of ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting , indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment. We adopted the amendments in this ASU immediately upon issuance in January 2021 on a prospective basis and will apply this guidance, along with the guidance from ASU 2020-04, as contracts are modified through December 2022. The adoption did not have an immediate direct impact on our financial statements. We do not expect there to be a material impact to our financial statements. |
Fair Value Measurements | 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. 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. 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of cash consideration paid for Fair Square and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date. ($ in millions) Purchase price Cash consideration $ 741 Allocation of purchase price to net assets acquired Finance receivables and loans (a) 870 Intangible assets (b) 98 Cash and short-term investments 42 Other assets 46 Debt (765) Other liabilities (29) Goodwill $ 479 (a) Includes $22 million of purchased credit deteriorated (PCD) loans that have experienced a more-than-insignificant deterioration of credit quality since origination. We recognized an initial allowance for loan losses of $12 million on these PCD loans. (b) The weighted average amortization period on the acquired intangible assets is 7 years. Refer to Note 1 and Note 13 for further information on our intangible assets. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 627 $ — $ — $ — $ 627 Remarketing fee income 107 — — — — 107 Brokerage commissions and other revenue — — — — 58 58 Banking fees and interchange income (d) — — — — 18 18 Brokered/agent commissions — 16 — — — 16 Other 22 — — — 4 26 Total revenue from contracts with customers 129 643 — — 80 852 All other revenue 122 702 94 128 141 1,187 Total other revenue (e) $ 251 $ 1,345 $ 94 $ 128 $ 221 $ 2,039 2020 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 584 $ — $ — $ — $ 584 Remarketing fee income 73 — — — — 73 Brokerage commissions and other revenue — — — — 52 52 Banking fees and interchange income — — — — 12 12 Brokered/agent commissions — 16 — — — 16 Other 15 1 — — — 16 Total revenue from contracts with customers 88 601 — — 64 753 All other revenue 116 733 102 45 234 1,230 Total other revenue (e) $ 204 $ 1,334 $ 102 $ 45 $ 298 $ 1,983 2019 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 542 $ — $ — $ — $ 542 Remarketing fee income 74 — — — — 74 Brokerage commissions and other revenue — — — — 61 61 Banking fees and interchange income — — — — 16 16 Brokered/agent commissions — 14 — — — 14 Other 19 1 — — — 20 Total revenue from contracts with customers 93 557 — — 77 727 All other revenue 156 717 22 45 94 1,034 Total other revenue (e) $ 249 $ 1,274 $ 22 $ 45 $ 171 $ 1,761 (a) We had opening balances of $3.0 billion, $2.9 billion, and $2.6 billion in unearned revenue associated with outstanding contracts at January 1, 2021, 2020, and 2019, respectively, and $909 million, $866 million, and $816 million of these balances were recognized as insurance premiums and service revenue earned in our Consolidated Statement of Income during the years ended December 31, 2021, 2020, and 2019, respectively. (b) At December 31, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $847 million in 2022, $765 million in 2023, $609 million in 2024, $412 million in 2025, and $419 million thereafter. We had unearned revenue of $3.0 billion and $2.9 billion associated with outstanding contracts at December 31, 2020, and 2019, respectively. (c) We had deferred insurance assets of $1.9 billion, $1.8 billion, and $1.7 billion at December 31, 2021, 2020, and 2019, respectively. We recognized $537 million, $498 million, and $463 million of expense during the years ended December 31, 2021, 2020, and 2019, respectively. (d) Interchange income is reported net of customer rewards. Customer rewards expense was $1 million for the year ended December 31, 2021. (e) Represents a component of total net revenue. Refer to Note 26 for further information on our reportable operating segments. |
Insurance Premiums and Servic_2
Insurance Premiums and Service Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Premiums and Service Revenue [Abstract] | |
Insurance Premiums and Service Revenue | The following table is a summary of insurance premiums and service revenue written and earned. 2021 2020 2019 Year ended December 31, ($ in millions) Written Earned Written Earned Written Earned Insurance premiums Direct $ 397 $ 389 $ 438 $ 429 $ 491 $ 464 Assumed 15 8 3 3 — 2 Gross insurance premiums 412 397 441 432 491 466 Ceded (200) (205) (211) (208) (232) (209) Net insurance premiums 212 192 230 224 259 257 Service revenue 985 925 999 879 1,051 830 Insurance premiums and service revenue written and earned $ 1,197 $ 1,117 $ 1,229 $ 1,103 $ 1,310 $ 1,087 |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Income, by Component | Details of other income, net of losses, were as follows. Year ended December 31 , ($ in millions) 2021 2020 2019 Gain on nonmarketable equity investments, net $ 142 $ 99 $ 9 Income from equity-method investments 132 161 62 Late charges and other administrative fees 123 93 114 Remarketing fees 107 73 74 Other, net 182 139 146 Total other income, net of losses $ 686 $ 565 $ 405 |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows incurred claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) December 31, 2021 ($ in millions) (unaudited supplementary information) Total of incurred-but-not-reported liabilities plus expected development on reported claims (a) Cumulative number of reported claims (a) Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 435 $ 430 $ 423 $ 423 $ 423 $ 422 $ 422 $ 421 $ 421 $ 421 $ — 772,560 2013 376 365 370 370 369 368 368 368 368 — 672,279 2014 390 389 388 388 388 388 388 388 — 525,298 2015 274 271 272 272 272 272 272 — 342,280 2016 326 327 328 328 328 328 — 476,056 2017 310 314 315 315 315 — 481,742 2018 271 272 272 273 — 506,423 2019 303 306 305 — 541,936 2020 343 339 1 493,097 2021 243 24 471,444 Total $ 3,252 (a) Claims are reported on a claimant basis. Claimant is defined as one vehicle for GAP products, one repair for VSCs and VMCs, one dealership for dealer inventory products, and per individual/coverage for run-off personal automotive products. The following table shows cumulative paid claims and allocated loss adjustment expenses, net of reinsurance. For the years ended December 31, ($ in millions) (unaudited supplementary information) Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 391 $ 412 $ 416 $ 418 $ 419 $ 421 $ 421 $ 421 $ 421 $ 421 2013 347 364 366 368 368 368 368 368 368 2014 369 388 388 388 388 388 388 388 2015 252 272 272 272 272 272 272 2016 302 327 328 328 328 328 2017 289 315 315 315 315 2018 245 273 273 273 2019 278 306 305 2020 313 339 2021 213 Total $ 3,222 All outstanding liabilities for loss and allocated loss adjustment expenses before 2012, net of reinsurance 9 Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance $ 39 The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2021 2020 2019 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 129 $ 122 $ 134 Less: Reinsurance recoverable 90 88 96 Net reserves for insurance losses and loss adjustment expenses at January 1, 39 34 38 Net insurance losses and loss adjustment expenses incurred related to: Current year 259 360 321 Prior years (a) 2 3 — Total net insurance losses and loss adjustment expenses incurred 261 363 321 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (229) (328) (295) Prior years (30) (30) (30) Total net insurance losses and loss adjustment expenses paid or payable (259) (358) (325) Net reserves for insurance losses and loss adjustment expenses at December 31, 41 39 34 Plus: Reinsurance recoverable 81 90 88 Total gross reserves for insurance losses and loss adjustment expenses at December 31, $ 122 $ 129 $ 122 (a) There have been no material adverse changes to the reserve for prior years. |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following table shows the average annual percentage payout of incurred claims by age, net of reinsurance. The information presented is unaudited supplementary information. Year 1 2 3 4 5 6 7 8 9 Percentage payout of incurred claims 92.5 % 6.9 % 0.3 % 0.2 % — % 0.1 % — % — % — % |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table shows a reconciliation of the disclosures of incurred and paid claims development to the reserves for insurance losses and loss adjustment expenses. December 31, ($ in millions) 2021 2020 2019 Reserves for insurance losses and loss adjustment expenses, net of reinsurance $ 39 $ 37 $ 32 Total reinsurance recoverable on unpaid claims 81 90 88 Unallocated loss adjustment expenses 2 2 2 Total gross reserves for insurance losses and loss adjustment expenses $ 122 $ 129 $ 122 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Year ended December 31, ($ in millions) 2021 2020 2019 Insurance commissions $ 562 $ 517 $ 475 Technology and communications 345 314 311 Advertising and marketing 241 171 180 Lease and loan administration 222 203 172 Property and equipment depreciation 153 136 96 Professional services 146 118 126 Regulatory and licensing fees 75 96 115 Vehicle remarketing and repossession 74 73 105 Charitable contributions (a) 63 43 8 Occupancy 62 57 57 Non-income taxes 34 28 34 Amortization of intangible assets (b) 20 18 13 Other 209 270 194 Total other operating expenses $ 2,206 $ 2,044 $ 1,886 (a) Includes contributions made to the Ally Charitable Foundation, a nonconsolidated entity. (b) Refer to Note 1 and Note 13 for further information on our intangible assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Portfolio | The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows. 2021 2020 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value December 31, ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,173 $ 2 $ (20) $ 2,155 $ 783 $ 20 $ — $ 803 U.S. States and political subdivisions 841 27 (4) 864 1,046 50 (1) 1,095 Foreign government 157 2 (2) 157 167 9 — 176 Agency mortgage-backed residential 19,044 219 (224) 19,039 18,053 538 (3) 18,588 Mortgage-backed residential 4,448 11 (34) 4,425 2,595 49 (4) 2,640 Agency mortgage-backed commercial 4,573 66 (113) 4,526 4,063 139 (13) 4,189 Asset-backed 536 1 (3) 534 420 5 — 425 Corporate debt 1,878 30 (21) 1,887 1,809 105 — 1,914 Total available-for-sale securities (a) (b) (c) (d) (e) $ 33,650 $ 358 $ (421) $ 33,587 $ 28,936 $ 915 $ (21) $ 29,830 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,170 $ 48 $ (14) $ 1,204 $ 1,253 $ 79 $ (1) $ 1,331 Total held-to-maturity securities (e) (f) $ 1,170 $ 48 $ (14) $ 1,204 $ 1,253 $ 79 $ (1) $ 1,331 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both December 31, 2021, and December 31, 2020. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 21 for additional information. (c) Available-for-sale securities with a fair value of $203 million and $145 million at December 31, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities. (d) Totals do not include accrued interest receivable, which was $84 million and $90 million at December 31, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. (e) There was no allowance for credit losses recorded at December 31, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (f) Totals do not include accrued interest receivable, which was $3 million at both December 31, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. |
Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield December 31, 2021 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,155 1.1 % $ 288 1.0 % $ 525 0.9 % $ 1,342 1.2 % $ — — % U.S. States and political subdivisions 864 3.0 26 1.6 77 2.8 128 3.3 633 3.0 Foreign government 157 1.9 2 2.1 97 2.0 58 1.8 — — Agency mortgage-backed residential 19,039 2.5 — — — — 26 2.0 19,013 2.5 Mortgage-backed residential 4,425 2.6 — — — — 23 2.9 4,402 2.6 Agency mortgage-backed commercial 4,526 1.9 — — 26 2.4 1,578 2.4 2,922 1.7 Asset-backed 534 1.9 — — 350 2.0 175 1.5 9 3.4 Corporate debt 1,887 2.3 54 2.9 830 2.3 994 2.3 9 2.5 Total available-for-sale securities $ 33,587 2.3 $ 370 1.3 $ 1,905 1.9 $ 4,324 2.0 $ 26,988 2.4 Amortized cost of available-for-sale securities $ 33,650 $ 368 $ 1,893 $ 4,291 $ 27,098 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,170 2.8 % $ — — % $ — — % $ — — % $ 1,170 2.8 % Total held-to-maturity securities $ 1,170 2.8 $ — — $ — — $ — — $ 1,170 2.8 December 31, 2020 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 803 1.2 % $ 13 0.1 % $ 708 1.1 % $ 82 1.7 % $ — — % U.S. States and political subdivisions 1,095 3.0 49 1.4 103 2.3 228 2.7 715 3.3 Foreign government 176 2.1 9 1.7 86 2.3 81 1.9 — — Agency mortgage-backed residential 18,588 3.1 — — — — 37 2.0 18,551 3.1 Mortgage-backed residential 2,640 3.1 — — — — 36 2.9 2,604 3.1 Agency mortgage-backed commercial 4,189 1.9 — — — — 1,628 2.3 2,561 1.7 Asset-backed 425 2.9 — — 349 3.0 49 1.8 27 3.1 Corporate debt 1,914 2.7 155 2.7 625 2.9 1,077 2.6 57 2.1 Total available-for-sale securities $ 29,830 2.8 $ 226 2.3 $ 1,871 2.2 $ 3,218 2.4 $ 24,515 3.0 Amortized cost of available-for-sale securities $ 28,936 $ 224 $ 1,808 $ 3,022 $ 23,882 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,253 3.0 % $ — — % $ — — % $ — — % $ 1,253 3.0 % Total held-to-maturity securities $ 1,253 3.0 $ — — $ — — $ — — $ 1,253 3.0 (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. Year ended December 31, ($ in millions) 2021 2020 2019 Taxable interest $ 533 $ 654 $ 858 Taxable dividends 27 21 14 Interest and dividends exempt from U.S. federal income tax 19 17 15 Interest and dividends on investment securities $ 579 $ 692 $ 887 |
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. Year ended December 31, ( $ in millions) 2021 2020 2019 Available-for-sale securities Gross realized gains $ 102 $ 173 $ 82 Gross realized losses (a) — (2) (4) Net realized gains on available-for-sale securities 102 171 78 Net realized gain on equity securities 190 107 73 Net unrealized (loss) gain on equity securities (7) 29 92 Other gain on investments, net $ 285 $ 307 $ 243 (a) Certain available-for-sale securities were sold at a loss during the years ended December 31, 2020, and 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 December 31, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of December 31, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the years ended December 31, 2021, or 2020. 2021 2020 December 31, ($ in millions) AA Total (a) AA Total (a) Debt securities Agency mortgage-backed residential $ 1,170 $ 1,170 $ 1,253 $ 1,253 Total held-to-maturity securities $ 1,170 $ 1,170 $ 1,253 $ 1,253 (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 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 December 31, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale 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. We have not recorded any interest income reversals on our available-for-sale securities during the years ended December 31, 2021, or 2020. 2021 2020 Less than 12 months 12 months or longer Less than 12 months 12 months or longer December 31, ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 1,682 $ (20) $ — $ — $ 3 $ — $ — $ — U.S. States and political subdivisions 160 (3) 31 (1) 83 (1) — — Foreign government 76 (2) 7 — 7 — — — Agency mortgage-backed residential 12,244 (223) 38 (1) 1,225 (3) — — Mortgage-backed residential 3,243 (34) 22 — 316 (4) — — Agency mortgage-backed commercial 2,553 (70) 749 (43) 926 (13) — — Asset-backed 360 (3) — — 11 — — — Corporate debt 970 (18) 49 (3) 59 — 5 — Total available-for-sale securities $ 21,288 $ (373) $ 896 $ (48) $ 2,630 $ (21) $ 5 $ — |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. December 31, ($ in millions) 2021 2020 Consumer automotive (a) $ 78,252 $ 73,668 Consumer mortgage Mortgage Finance (b) 17,644 14,632 Mortgage — Legacy (c) 368 495 Total consumer mortgage 18,012 15,127 Consumer other Personal Lending (d) 1,009 407 Credit Card (e) 953 — Total consumer other 1,962 407 Total consumer 98,226 89,202 Commercial Commercial and industrial Automotive 12,229 19,082 Other 6,874 5,242 Commercial real estate 4,939 5,008 Total commercial 24,042 29,332 Total finance receivables and loans (f) (g) $ 122,268 $ 118,534 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 21 for additional information. (b) Includes loans originated as interest-only mortgage loans of $5 million and $8 million at December 31, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $21 million and $30 million at December 31, 2021, and December 31, 2020, respectively, of which all have exited the interest-only period. (d) Includes $7 million and $8 million of finance receivables at December 31, 2021, and December 31, 2020, respectively, for which we have elected the fair value option. (e) Refer to Note 2 for information regarding our acquisition of Fair Square. (f) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion and $2.0 billion at December 31, 2021, and December 31, 2020, respectively. (g) With the exception of credit card loans, totals do not include accrued interest receivable, which was $514 million and $587 million at December 31, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. |
Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the years ended December 31, 2021, and December 31, 2020. ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2021 $ 2,902 $ 33 $ 73 $ 275 $ 3,283 Charge-offs (b) (923) (6) (30) (22) (981) Recoveries 686 13 2 11 712 Net charge-offs (237) 7 (28) (11) (269) Provision for credit losses (c) 104 (14) 163 (12) 241 Other (d) — 1 13 (2) 12 Allowance at December 31, 2021 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 (a) Excludes $7 million and $8 million of finance receivables at December 31, 2021, and December 31, 2020, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. (c) Consumer other includes $97 million of provision for credit losses recorded to establish an initial reserve on loans acquired in the Fair Square acquisition. (d) Consumer other includes $12 million of allowance for credit losses recognized on PCD loans acquired in the Fair Square acquisition. Refer to Note 2 for additional details. ($ 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) (1,244) (13) (15) (54) (1,326) Recoveries 542 16 1 3 562 Net charge-offs (702) 3 (14) (51) (764) Provision for credit losses 1,194 (10) 62 193 1,439 Other 1 — — (2) (1) Allowance at December 31, 2020 $ 2,902 $ 33 $ 73 $ 275 $ 3,283 (a) Excludes $8 million and $11 million of finance receivables at December 31, 2020, and December 31, 2019, respectively, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 for information regarding our charge-off policies. |
Schedule of Sales of Financing Receivables and Loans | The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Year ended December 31, ($ in millions) 2021 2020 Consumer mortgage $ 414 $ 464 Total sales and transfers $ 414 $ 464 |
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. Year ended December 31, ($ in millions) 2021 2020 Consumer automotive $ 2,506 $ 2,355 Consumer mortgage 3,853 4,230 Consumer other (a) 882 — Commercial 6 5 Total purchases of finance receivables and loans (a) $ 7,247 $ 6,590 (a) During the year ended December 31, 2021, we obtained $882 million of finance receivables and loans from our acquisition of Fair Square. For additional information on our acquisition, refer to Note 2. |
Schedule of Financing Receivables, Nonaccrual Status | The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of December 31, 2021, and December 31, 2020. December 31, 2021 ($ in millions) Nonaccrual status at Jan. 1, 2021 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,256 $ 1,078 $ 423 Consumer mortgage Mortgage Finance 67 59 39 Mortgage — Legacy 35 26 23 Total consumer mortgage 102 85 62 Consumer other Personal Lending 3 5 — Credit Card — 11 — Total consumer other 3 16 — Total consumer 1,361 1,179 485 Commercial Commercial and industrial Automotive 40 33 32 Other 116 221 48 Commercial real estate 5 3 3 Total commercial 161 257 83 Total finance receivables and loans $ 1,522 $ 1,436 $ 568 (a) Represents a component of nonaccrual status at end of period. December 31, 2020 ($ in millions) Nonaccrual status at Jan. 1, 2020 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 762 $ 1,256 $ 604 Consumer mortgage Mortgage Finance 17 67 18 Mortgage — Legacy 40 35 28 Total consumer mortgage 57 102 46 Consumer other 2 3 — Total consumer 821 1,361 650 Commercial Commercial and industrial Automotive 73 40 10 Other 138 116 41 Commercial real estate 4 5 5 Total commercial 215 161 56 Total finance receivables and loans $ 1,036 $ 1,522 $ 706 (a) Represents a component of nonaccrual status at end of period. |
Troubled Debt Restructurings on Financing Receivables | The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2021 Consumer automotive 77,991 $ 1,395 $ 1,371 Consumer mortgage Mortgage Finance 38 22 22 Mortgage — Legacy 16 2 2 Total consumer mortgage 54 24 24 Consumer other Personal Lending — — — Credit Card 113 — — Total consumer other 113 — — Total consumer 78,158 1,419 1,395 Commercial Commercial and industrial Automotive 1 2 2 Other 1 33 33 Commercial real estate 2 4 4 Total commercial 4 39 39 Total finance receivables and loans 78,162 $ 1,458 $ 1,434 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2020 Consumer automotive 114,595 $ 1,908 $ 1,835 Consumer mortgage Mortgage Finance 41 20 20 Mortgage — Legacy 74 9 9 Total consumer mortgage 115 29 29 Total consumer 114,710 1,937 1,864 Commercial Commercial and industrial Automotive 5 45 40 Other 3 81 61 Total commercial 8 126 101 Total consumer and commercial finance receivables and loans 114,718 $ 2,063 $ 1,965 Year ended December 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis 2019 Consumer automotive 27,623 $ 476 $ 413 Consumer mortgage Mortgage Finance 8 1 1 Mortgage — Legacy 61 8 8 Total consumer mortgage 69 9 9 Total consumer 27,692 485 422 Commercial Commercial and industrial Automotive 7 46 46 Other 3 82 46 Total commercial 10 128 92 Total consumer and commercial finance receivables and loans 27,702 $ 613 $ 514 |
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. Year ended December 31, ($ in millions) Number of loans Amortized cost Charge-off amount 2021 Consumer automotive 9,295 $ 119 $ 61 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 4 — — Total consumer mortgage 5 — — Total consumer finance receivables and loans 9,300 $ 119 $ 61 2020 Consumer automotive 10,070 $ 104 $ 71 Consumer mortgage Mortgage Finance 1 — — Mortgage — Legacy 1 — — Total consumer finance receivables and loans 10,072 $ 104 $ 71 2019 Consumer automotive 7,215 $ 81 $ 52 Total consumer finance receivables and loans 7,215 $ 81 $ 52 |
Consumer Concentration Risk | The following table shows the percentage of consumer automotive and consumer mortgage finance receivables and loans by state concentration based on amortized cost. 2021 (a) 2020 December 31, Consumer automotive Consumer mortgage Consumer automotive Consumer mortgage California 8.7 % 39.6 % 8.6 % 34.3 % Texas 13.0 7.3 12.5 8.0 Florida 9.3 6.3 8.8 5.5 Pennsylvania 4.4 2.3 4.5 2.0 Georgia 4.0 3.0 3.9 3.1 North Carolina 4.1 1.6 4.1 2.3 Illinois 3.7 3.1 4.0 3.0 New York 3.3 2.1 3.2 3.4 New Jersey 3.0 2.5 2.9 2.2 Ohio 3.4 0.5 3.5 0.5 Other United States 43.1 31.7 44.0 35.7 Total consumer loans 100.0 % 100.0 % 100.0 % 100.0 % (a) Presentation is in descending order as a percentage of total consumer finance receivables and loans at December 31, 2021. |
Commercial Concentration Risk | The commercial real estate portfolio consists of finance receivables and loans issued primarily to automotive dealers. The following table presents the percentage of total commercial real estate finance receivables and loans by state concentration based on amortized cost. December 31, 2021 2020 Florida 16.4 % 13.3 % Texas 13.9 13.0 California 8.3 7.9 Michigan 5.8 7.7 North Carolina 5.8 5.5 New York 3.8 5.6 Ohio 3.4 1.3 Georgia 3.3 3.6 Utah 3.0 3.0 Illinois 2.9 2.8 Other United States 33.4 36.3 Total commercial real estate finance receivables and loans 100.0 % 100.0 % |
Commercial Criticized Risk Exposure | The following table presents the percentage of total commercial criticized finance receivables and loans by industry concentration based on amortized cost. December 31, 2021 2020 Industry Automotive 50.8 % 67.7 % Chemicals 14.4 4.4 Services 11.0 5.8 Other 23.8 22.1 Total commercial criticized finance receivables and loans 100.0 % 100.0 % |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status at December 31, 2021, December 31, 2020, and origination year. Origination year Revolving loans converted to term December 31, 2021 ($ in millions) 2021 2020 2019 2018 2017 2016 and prior Revolving loans Total Consumer automotive Current $ 35,222 $ 17,218 $ 11,512 $ 6,692 $ 3,403 $ 1,911 $ — $ — $ 75,958 30–59 days past due 424 353 334 226 139 101 — — 1,577 60–89 days past due 115 114 108 70 41 28 — — 476 90 or more days past due 41 51 56 40 27 26 — — 241 Total consumer automotive 35,802 17,736 12,010 7,028 3,610 2,066 — — 78,252 Consumer mortgage Mortgage Finance Current 10,169 2,212 977 744 1,041 2,363 — — 17,506 30–59 days past due 50 3 3 7 2 12 — — 77 60–89 days past due 8 — 1 — — 5 — — 14 90 or more days past due — — 5 16 7 19 — — 47 Total Mortgage Finance 10,227 2,215 986 767 1,050 2,399 — — 17,644 Mortgage — Legacy Current — — — — — 79 238 23 340 30–59 days past due — — — — — 2 1 — 3 60–89 days past due — — — — — 1 — 1 2 90 or more days past due — — — — — 15 5 3 23 Total Mortgage — Legacy — — — — — 97 244 27 368 Total consumer mortgage 10,227 2,215 986 767 1,050 2,496 244 27 18,012 Consumer other Personal Lending Current 821 133 18 5 1 — — — 978 30–59 days past due 9 2 — — — — — — 11 60–89 days past due 6 1 1 — — — — — 8 90 or more days past due 4 1 — — — — — — 5 Total Personal Lending (a) 840 137 19 5 1 — — — 1,002 Credit Card Current — — — — — — 932 — 932 30–59 days past due — — — — — — 6 — 6 60–89 days past due — — — — — — 5 — 5 90 or more days past due — — — — — — 10 — 10 Total Credit Card — — — — — — 953 — 953 Total consumer other 840 137 19 5 1 — 953 — 1,955 Total consumer $ 46,869 $ 20,088 $ 13,015 $ 7,800 $ 4,661 $ 4,562 $ 1,197 $ 27 $ 98,219 (a) Excludes $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option. Origination year Revolving loans converted to term December 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Consumer automotive Current $ 27,255 $ 19,204 $ 12,129 $ 7,060 $ 3,678 $ 1,766 $ — $ — $ 71,092 30–59 days past due 281 466 376 264 174 97 — — 1,658 60–89 days past due 66 165 129 88 55 32 — — 535 90 or more days past due 32 108 96 71 46 30 — — 383 Total consumer automotive 27,634 19,943 12,730 7,483 3,953 1,925 — — 73,668 Consumer mortgage Mortgage Finance Current 3,432 2,410 1,744 2,254 1,177 3,492 — — 14,509 30–59 days past due 10 9 10 11 7 16 — — 63 60–89 days past due 1 1 3 2 1 3 — — 11 90 or more days past due 1 5 8 10 4 21 — — 49 Total Mortgage Finance 3,444 2,425 1,765 2,277 1,189 3,532 — — 14,632 Mortgage — Legacy Current — — — — — 121 303 36 460 30–59 days past due — — — — — 4 2 — 6 60–89 days past due — — — — — 2 — — 2 90 or more days past due — — — — — 20 5 2 27 Total Mortgage — Legacy — — — — — 147 310 38 495 Total consumer mortgage 3,444 2,425 1,765 2,277 1,189 3,679 310 38 15,127 Consumer other Current 306 53 13 4 1 — — — 377 30–59 days past due 9 3 1 — — — — — 13 60–89 days past due 4 1 — 1 — — — — 6 90 or more days past due 2 1 — — — — — — 3 Total consumer other (a) 321 58 14 5 1 — — — 399 Total consumer $ 31,399 $ 22,426 $ 14,509 $ 9,765 $ 5,143 $ 5,604 $ 310 $ 38 $ 89,194 (a) Excludes $8 million of finance receivables at December 31, 2020, for which we have elected the fair value option. |
Commercial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year. Origination year Revolving loans converted to term December 31, 2021 ($ in millions) 2021 2020 2019 2018 2017 2016 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 347 $ 190 $ 112 $ 49 $ 23 $ 56 $ 10,741 $ — $ 11,518 Special mention 7 1 7 15 31 18 589 — 668 Substandard — 1 — 1 — — 41 — 43 Total automotive 354 192 119 65 54 74 11,371 — 12,229 Other Pass 739 448 374 86 99 68 4,032 83 5,929 Special mention 15 169 96 21 10 122 93 17 543 Substandard — 22 95 — 140 83 13 23 376 Doubtful — — — — — 26 — — 26 Total other 754 639 565 107 249 299 4,138 123 6,874 Commercial real estate Pass 1,298 1,060 873 604 342 653 3 8 4,841 Special mention 13 5 29 7 18 19 — — 91 Substandard — — — — — 7 — — 7 Total commercial real estate 1,311 1,065 902 611 360 679 3 8 4,939 Total commercial $ 2,419 $ 1,896 $ 1,586 $ 783 $ 663 $ 1,052 $ 15,512 $ 131 $ 24,042 Origination year Revolving loans converted to term December 31, 2020 ($ in millions) 2020 2019 2018 2017 2016 2015 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 869 $ 220 $ 58 $ 91 $ 76 $ 34 $ 15,433 $ — $ 16,781 Special mention 48 23 59 52 9 18 2,013 — 2,222 Substandard 3 2 — — 1 — 72 — 78 Doubtful — — — — — — 1 — 1 Total automotive 920 245 117 143 86 52 17,519 — 19,082 Other Pass 536 622 244 210 81 69 2,142 76 3,980 Special mention 76 169 123 190 102 115 123 43 941 Substandard 33 26 — 108 — 77 21 20 285 Doubtful — — — 6 — 27 2 1 36 Total other 645 817 367 514 183 288 2,288 140 5,242 Commercial real estate Pass 1,108 928 799 580 651 512 — 2 4,580 Special mention 38 132 116 32 49 43 — — 410 Substandard — — — 3 6 7 — — 16 Doubtful — — — — 2 — — — 2 Total commercial real estate 1,146 1,060 915 615 708 562 — 2 5,008 Total commercial $ 2,711 $ 2,122 $ 1,399 $ 1,272 $ 977 $ 902 $ 19,807 $ 142 $ 29,332 |
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 December 31, 2021 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 12,229 $ 12,229 Other — — 1 1 6,873 6,874 Commercial real estate — — — — 4,939 4,939 Total commercial $ — $ — $ 1 $ 1 $ 24,041 $ 24,042 December 31, 2020 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 19,082 $ 19,082 Other — — — — 5,242 5,242 Commercial real estate — — 2 2 5,006 5,008 Total commercial $ — $ — $ 2 $ 2 $ 29,330 $ 29,332 |
Leasing (Tables)
Leasing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
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 December 31, 2021, and that have noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 41 2023 32 2024 26 2025 21 2026 20 2027 and thereafter 46 Total undiscounted cash flows 186 Difference between undiscounted cash flows and discounted cash flows (11) Total lease liability $ 175 |
Lease, Cost | The following table details the components of total net operating lease expense. Year ended December 31, ($ in millions) 2021 2020 2019 Operating lease expense $ 46 $ 46 $ 45 Variable lease expense 7 8 8 Total lease expense, net (a) $ 53 $ 54 $ 53 (a) Included in other operating expenses in our Consolidated Statement of Income. |
Schedule of Investment in Operating Lease | The following table details our investment in operating leases. Year ended December 31, ($ in millions) 2021 2020 Vehicles $ 12,384 $ 11,182 Accumulated depreciation (1,522) (1,543) Investment in operating leases, net $ 10,862 $ 9,639 |
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 December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 1,546 2023 1,140 2024 511 2025 116 2026 8 Total lease payments from operating leases $ 3,321 |
Depreciation Expense on Operating Lease Assets | The following table summarizes the components of depreciation expense on operating lease assets. Year ended December 31, ($ in millions) 2021 2020 2019 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 914 $ 978 $ 1,050 Remarketing gains, net (344) (127) (69) Net depreciation expense on operating lease assets $ 570 $ 851 $ 981 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $16 million during the year ended December 31, 2021, $23 million during the year ended December 31, 2020, and $19 million during the year ended December 31, 2019. |
Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 159 2023 133 2024 111 2025 58 2026 32 2027 and thereafter 13 Total undiscounted cash flows 506 Difference between undiscounted cash flows and discounted cash flows (50) Present value of lease payments recorded as lease receivable $ 456 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements in our Corporate Finance operations. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Consolidated Balance Sheet. December 31, ($ 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 2021 On-balance sheet variable interest entities Consumer automotive $ 18,158 (b) $ 1,162 (c) $ — $ — Consumer other (d) 318 300 — — Off-balance sheet variable interest entities Commercial other 1,814 (e) 726 (f) — 2,416 (g) Total $ 20,290 $ 2,188 $ — $ 2,416 2020 On-balance sheet variable interest entities Consumer automotive $ 17,833 (b) $ 3,103 (c) $ — $ — Commercial automotive 6,276 1,152 — — Off-balance sheet variable interest entities Commercial other 1,295 (e) 529 (f) — 1,754 (g) Total $ 25,404 $ 4,784 $ — $ 1,754 (a) Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b) Includes $11.0 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at December 31, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $124 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at December 31, 2021, and December 31, 2020, respectively. (d) Represents balances from our credit card business. (e) Amounts are classified as other assets except for $8 million classified as equity securities at December 31, 2021. (f) Amounts are classified as accrued expenses and other liabilities. (g) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. |
Schedule of Cash Flow Received and Paid to Nonconsolidated Securitization Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the years ended December 31, 2021, 2020, and 2019. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Year ended December 31, ($ in millions) 2021 2020 2019 Consumer automotive Cash flows received on retained interests in securitization entities $ — $ 12 $ 23 Servicing fees — 3 10 Cash disbursements for repurchases during the period — (2) (2) Consumer other (a) Cash proceeds from transfers completed during the period 4 — — Total $ 4 $ 13 $ 31 (a) Represents activity from our credit card business. |
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 whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due December 31, ($ in millions) 2021 2020 2021 2020 Whole-loan sales (a) Consumer other $ 4 $ — $ — $ — Total $ 4 $ — $ — $ — (a) Whole-loan sales are not part of a securitization transaction, but represent credit card pools of loans sold to third-party investors. |
Activity in Affordable Housing Program Obligation | The following table summarizes information about our affordable housing investments. Year ended December 31, ($ in millions) 2021 2020 2019 Affordable housing tax credits and other tax benefits (a) $ 144 $ 109 $ 86 Tax credit amortization expense recognized as a component of income tax expense 118 90 72 (a) There were no impairment losses recognized during the years ended December 31, 2021, 2020, and 2019, resulting from the forfeiture or ineligibility of tax credits or other circumstances. |
Premiums Receivable and Other_2
Premiums Receivable and Other Insurance Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Premiums Receivable Disclosure [Abstract] | |
Premiums Receivable and Other Insurance Assets | Premiums receivable and other insurance assets consisted of the following. December 31, ($ in millions) 2021 2020 Prepaid reinsurance premiums $ 549 $ 554 Reinsurance recoverable on unpaid losses 81 90 Reinsurance recoverable on paid losses 23 23 Premiums receivable 97 100 Deferred policy acquisition costs 1,974 1,912 Total premiums receivable and other insurance assets $ 2,724 $ 2,679 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. December 31, ($ in millions) 2021 2020 Property and equipment at cost (a) $ 2,139 $ 1,541 Accumulated depreciation (955) (815) Net property and equipment 1,184 726 Investment in qualified affordable housing projects 1,378 1,095 Nonmarketable equity investments 998 915 Goodwill 822 343 Accrued interest, fees, and rent receivables 600 704 Restricted cash held for securitization trusts (b) 516 875 Equity-method investments (c) 472 320 Net deferred tax assets 254 94 Operating lease right-of-use assets 148 162 Net intangible assets 129 50 Other accounts receivable 127 166 Restricted cash and cash equivalents (d) 92 78 Other assets 1,337 887 Total other assets $ 8,057 $ 6,415 (a) Balance includes a new corporate facility purchased during the year ended December 31, 2021. Refer to Note 10 for additional information. (b) 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. (c) Primarily relates to investments made in connection with our CRA program. (d) Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. |
Summary of Equity Securities without Readily Determinable Fair Value | The total carrying value of the nonmarketable equity investments held at December 31, 2021, and 2020, including cumulative unrealized gains and losses was as follows. December 31, ($ in millions) 2021 2020 FHLB stock $ 289 $ 276 FRB stock 449 449 Equity securities without a readily determinable fair value Cost basis 89 87 Adjustments Upward adjustments 183 115 Downward adjustments (including impairment) (12) (12) Carrying amount, equity securities without a readily determinable fair value 260 190 Nonmarketable equity investments $ 998 $ 915 During the years ended December 31, 2021, and 2020, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2021, and 2020, were as follows. Year ended December 31, ($ in millions) 2021 2020 Upward adjustments $ 88 $ 105 Downward adjustments (including impairment) (a) (1) (6) (a) No impairment on FHLB and FRB stock was recognized during both the years ended December 31, 2021, and 2020. |
Schedule of Goodwill | 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 Impairment losses — — (50) (50) Goodwill at December 31, 2020 $ 20 $ 27 $ 296 $ 343 Goodwill acquired — — 479 479 Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 (a) Includes $479 million of goodwill associated with Fair Square at December 31, 2021, $153 million of goodwill associated with Ally Lending at both December 31, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both December 31, 2021, and December 31, 2020. |
Schedule of Finite-Lived Intangible Assets | The net carrying value of intangible assets by class was as follows. 2021 (a) 2020 December 31, ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 83 $ (9) $ 74 $ 12 $ (6) $ 6 Customer lists 58 (42) 16 58 (31) 27 Purchased credit card relationships 25 — 25 — — — Trademarks 2 — 2 — — — Other 39 (27) 12 39 (22) 17 Total intangible assets $ 207 $ (78) $ 129 $ 109 $ (59) $ 50 (a) We expect to recognize amortization expense of $31 million in 2022, $25 million in 2023, $18 million in 2024, $14 million in 2025, and $14 million in 2026. |
Schedule of Indefinite-Lived Intangible Assets | The net carrying value of intangible assets by class was as follows. 2021 (a) 2020 December 31, ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 83 $ (9) $ 74 $ 12 $ (6) $ 6 Customer lists 58 (42) 16 58 (31) 27 Purchased credit card relationships 25 — 25 — — — Trademarks 2 — 2 — — — Other 39 (27) 12 39 (22) 17 Total intangible assets $ 207 $ (78) $ 129 $ 109 $ (59) $ 50 (a) We expect to recognize amortization expense of $31 million in 2022, $25 million in 2023, $18 million in 2024, $14 million in 2025, and $14 million in 2026. |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | Deposit liabilities consisted of the following. December 31, ($ in millions) 2021 2020 Noninterest-bearing deposits $ 150 $ 128 Interest-bearing deposits Savings, money market, and checking accounts 102,455 83,698 Certificates of deposit 38,953 53,210 Total deposit liabilities $ 141,558 $ 137,036 |
Time Deposit Maturities | The following table presents the scheduled maturity of total certificates of deposit at December 31, 2021. ($ in millions) Due in 2022 $ 31,955 Due in 2023 4,387 Due in 2024 1,642 Due in 2025 596 Due in 2026 373 Total certificates of deposit (a) $ 38,953 (a) Includes $5.1 billion of certificates of deposit that are estimated to be uninsured. In some instances, certificates of deposits in excess of federal insurance limits may be insured based upon the number of account owners, beneficiaries, and accounts held. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. 2021 2020 December 31, ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Demand notes (b) $ — $ — $ — $ 2,136 $ — $ 2,136 Total short-term borrowings $ — $ — $ — $ 2,136 $ — $ 2,136 Weighted average interest rate (c) — % 0.3 % (a) Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt. (b) On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes. (c) Based on the debt outstanding and the interest rate at December 31 of each year. |
Long-term Debt | The following tables present the composition of our long-term debt portfolio. December 31, ($ in millions) Amount Interest rate Weighted average stated interest rate (a) Due date range 2021 Unsecured debt Fixed rate (b) $ 9,297 Hedge basis adjustments (c) 113 Total unsecured debt 9,410 0.60–8.00% 4.87 % 2022–2031 Secured debt Fixed rate 7,502 Variable rate (d) 120 Hedge basis adjustment (c) (3) Total secured debt (e) (f) 7,619 0.72–6.86% 2.14 % 2022–2025 Total long-term debt $ 17,029 2020 Unsecured debt Fixed rate (b) $ 9,251 Trust preferred securities (g) 2,578 Hedge basis adjustments (c) 185 Total unsecured debt 12,014 0.70–8.00% 5.23 % 2021–2040 Secured debt Fixed rate 9,909 Variable rate (d) 99 Hedge basis adjustment (c) (16) Total secured debt (e) (f) (h) 9,992 1.45–3.70% 2.51 % 2021–2024 Total long-term debt $ 22,006 (a) Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges. (b) Includes subordinated debt of $1.0 billion at both December 31, 2021, and 2020. (c) Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information. (d) Represents long-term debt that does not have a stated interest rate. (e) Includes $1.3 billion and $4.2 billion of VIE secured debt at December 31, 2021, and 2020, respectively. (f) Includes advances from the FHLB of Pittsburgh of $6.3 billion and $5.8 billion at December 31, 2021, and 2020, respectively. (g) Refer to the section below titled Trust Preferred Securities for further information. (h) During the year ended December 31, 2020, we recognized a loss of $99 million on the extinguishment of debt as we elected to prepay and early terminate certain FHLB advances to more cost-effectively manage liquidity at Ally Bank. 2021 2020 December 31, ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,028 $ 4,841 $ 5,869 $ 647 $ 4,438 $ 5,085 Due after one year 8,382 2,778 11,160 11,367 5,554 16,921 Total long-term debt $ 9,410 $ 7,619 $ 17,029 $ 12,014 $ 9,992 $ 22,006 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at December 31, 2021, 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) 2022 2023 2024 2025 2026 2027 and thereafter Total Unsecured Long-term debt $ 1,081 $ 2,082 $ 1,481 $ 2,355 $ 27 $ 3,307 $ 10,333 Original issue discount (53) (58) (65) (71) (79) (597) (923) Total unsecured 1,028 2,024 1,416 2,284 (52) 2,710 9,410 Secured Long-term debt 4,841 1,482 1,263 23 — 10 7,619 Total long-term debt $ 5,869 $ 3,506 $ 2,679 $ 2,307 $ (52) $ 2,720 $ 17,029 |
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. 2021 2020 December 31, ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Consumer mortgage finance receivables $ 17,941 $ 17,941 $ 14,979 $ 14,979 Consumer automotive finance receivables 9,122 9,122 9,953 9,510 Credit card receivables 347 347 — — Commercial finance receivables 10 10 10,866 10,866 Total assets restricted as collateral (b) (c) $ 27,420 $ 27,420 $ 35,798 $ 35,355 Secured debt $ 7,619 $ 7,619 $ 9,992 $ 9,634 (a) Ally Bank is a component of the total column. (b) 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 $18.0 billion and $20.0 billion at December 31, 2021, and December 31, 2020, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both December 31, 2021, and December 31, 2020. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries. (c) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information. |
Schedule of Committed Funding Facilities | Outstanding Unused capacity (a) Total capacity December 31, ($ in millions) 2021 2020 2021 2020 2021 2020 Parent funding Secured $ — $ — $ — $ 560 $ — $ 560 Total committed secured credit facilities $ — $ — $ — $ 560 $ — $ 560 (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) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities were as follows. December 31, ($ in millions) 2021 2020 Unfunded commitments for investment in qualified affordable housing projects $ 724 $ 525 Accounts payable 584 602 Employee compensation and benefits 512 316 Deferred revenue 176 104 Operating lease liabilities 175 187 Reserves for insurance losses and loss adjustment expenses 122 129 Fair value of derivative contracts in payable position (a) 62 33 Net deferred tax liabilities 10 92 Cash collateral received from counterparties 5 6 Other liabilities 383 440 Total accrued expenses and other liabilities $ 2,753 $ 2,434 (a) For additional information on derivative instruments and hedging activities, refer to Note 21. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table presents changes in the number of shares issued and outstanding. (shares in thousands) (a) 2021 2020 2019 Common stock Total issued at January 1, 501,237 496,958 492,797 New issuances Employee benefits and compensation plans 3,284 4,279 4,160 Total issued at December 31, 504,522 501,237 496,958 Treasury balance at January 1, (126,563) (122,626) (87,898) Repurchase of common stock (b) (40,018) (3,937) (34,728) Total treasury stock at December 31, (166,581) (126,563) (122,626) Total outstanding at December 31, 337,941 374,674 374,332 (a) Figures in the table may not recalculate exactly due to rounding. Number of shares issued, in treasury, and outstanding are calculated based on unrounded numbers. (b) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. Refer to the section titled Capital Planning and Stress Tests |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income. ($ in millions) Unrealized (losses) gains on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive (loss) income 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 8 — — — 8 Balance at January 1, 2019 (473) 18 19 (95) (531) Net change 681 1 (17) (11) 654 Balance at December 31, 2019 208 19 2 (106) 123 Net change 432 — 80 (4) 508 Balance at December 31, 2020 640 19 82 (110) 631 Net change (c) (735) — (47) (7) (789) Balance at December 31, 2021 $ (95) $ 19 $ 35 $ (117) $ (158) (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 21. (c) Includes activity related to our defined benefit plans based on valuations reflecting our current intention to terminate our qualified defined benefit plan in the future. Upon termination and settlement, the unrealized loss and associated tax effects related to our qualified defined benefit pension plan recorded in accumulated other comprehensive income would be recognized in our Consolidated Statement of Income. |
Reclassification Out of Accumulated Other Comprehensive Income | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income. Year ended December 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (859) $ 203 $ (656) Less: Net realized gains reclassified to income from continuing operations 102 (a) (23) (b) 79 Net change (961) 226 (735) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 61 (d) (14) (b) 47 Defined benefit pension plans Net unrealized losses arising during the period (e) (11) 3 (8) Less: Net realized losses reclassified to income from continuing operations (1) — (b) (1) Net change (10) 3 (7) Other comprehensive loss $ (1,032) $ 243 $ (789) (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. (e) Includes activity related to our defined benefit plans based on valuations reflecting our current intention to terminate our qualified defined benefit plan in the future. Upon termination and settlement, the unrealized loss and associated tax effects related to our qualified defined benefit pension plan recorded in accumulated other comprehensive income would be recognized in our Consolidated Statement of Income. Year ended December 31, 2020 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 737 $ (173) $ 564 Less: Net realized gains reclassified to income from continuing operations 171 (a) (39) (b) 132 Net change 566 (134) 432 Translation adjustments Net unrealized gains arising during the period 4 (1) 3 Net investment hedges (c) Net unrealized losses arising during the period (4) 1 (3) Cash flow hedges (c) Net unrealized gains arising during the period 169 (40) 129 Less: Net realized gains reclassified to income from continuing operations 64 (d) (15) (b) 49 Net change 105 (25) 80 Defined benefit pension plans Net unrealized losses arising during the period (5) 1 (4) Other comprehensive income $ 666 $ (158) $ 508 (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Consolidated Statement of Income. Year ended December 31, 2019 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized gains arising during the period $ 968 $ (227) $ 741 Less: Net realized gains reclassified to income from continuing operations 78 (a) (18) (b) 60 Net change 890 (209) 681 Translation adjustments Net unrealized gains arising during the period 7 (2) 5 Net investment hedges (c) Net unrealized loss arising during the period (6) 2 (4) Cash flow hedges (c) Net unrealized losses arising during the period (11) 4 (7) Less: Net realized gains reclassified to income from continuing operations 12 (d) (2) 10 Net change (23) 6 (17) Defined benefit pension plans Net unrealized losses arising during the period (14) 3 (11) Other comprehensive income $ 854 $ (200) $ 654 (a) Includes gains reclassified to other gain on investments, net in our Consolidated Statement of Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Consolidated Statement of Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 21. (d) Includes gains reclassified to interest on deposits and interest on long-term debt in our Consolidated Statement of Income. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. Year ended December 31, ($ in millions, except per share data; shares in thousands) (a) 2021 2020 2019 Net income from continuing operations $ 3,065 $ 1,086 $ 1,721 Preferred stock dividends — Series B (36) — — Preferred stock dividends — Series C (21) — — Net income from continuing operations attributable to common stockholders $ 3,008 $ 1,086 $ 1,721 Loss from discontinued operations, net of tax (5) (1) (6) Net income attributable to common stockholders $ 3,003 $ 1,085 $ 1,715 Basic weighted-average common shares outstanding (b) 362,583 375,629 393,234 Diluted weighted-average common shares outstanding (b) (c) 365,180 377,101 395,395 Basic earnings per common share Net income from continuing operations $ 8.30 $ 2.89 $ 4.38 Loss from discontinued operations, net of tax (0.01) — (0.02) Net income $ 8.28 $ 2.89 $ 4.36 Diluted earnings per common share Net income from continuing operations $ 8.24 $ 2.88 $ 4.35 Loss from discontinued operations, net of tax (0.01) — (0.02) Net income $ 8.22 $ 2.88 $ 4.34 (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) During the year ended December 31, 2020, there were 0.8 million in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the years ended December 31, 2021, and 2019. |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 U.S. Basel III. December 31, 2021 December 31, 2020 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. $ 15,143 10.34 % $ 14,878 10.64 % 4.50 % (b) Ally Bank 17,253 12.39 17,567 13.38 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,403 11.89 % $ 17,289 12.37 % 6.00 % 6.00 % Ally Bank 17,253 12.39 17,567 13.38 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,724 13.47 % $ 19,778 14.15 % 8.00 % 10.00 % Ally Bank 18,995 13.64 19,210 14.63 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,403 9.67 % $ 17,289 9.41 % 4.00 % (b) Ally Bank 17,253 10.12 17,567 10.12 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 was required to maintain a minimum capital conservation buffer of 3.5% at both December 31, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both December 31, 2021, and December 31, 2020. (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 Distribution Activity | The following table presents information related to our common stock and distributions to our common stockholders. 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 2020 First quarter $ 104 3,838 374,332 373,155 $ 0.19 Second quarter — 53 373,155 373,837 0.19 Third quarter 1 9 373,837 373,857 0.19 Fourth quarter 1 37 373,857 374,674 0.19 2021 First quarter $ 219 5,276 374,674 371,805 $ 0.19 Second quarter 502 9,641 371,805 362,639 0.19 Third quarter 679 13,055 362,639 349,599 0.25 Fourth quarter 594 12,046 349,599 337,941 0.25 (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 through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action. (c) On January 10, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on February 15, 2022, to stockholders of record at the close of business on February 1, 2022. Refer to Note 30 for further information regarding this common-stock dividend. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. 2021 2020 Derivative contracts in a Notional amount Derivative contracts in a Notional amount December 31, ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 17,039 $ — $ — $ 12,385 Foreign exchange contracts Forwards — 2 171 1 — 164 Total derivatives designated as accounting hedges — 2 17,210 1 — 12,549 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards 1 — 223 1 — 391 Written options 5 2 580 15 — 587 Total interest rate risk 6 2 803 16 — 978 Foreign exchange contracts Futures and forwards — 1 154 — 1 159 Total foreign exchange risk — 1 154 — 1 159 Credit contracts (a) Other credit derivatives — 56 n/a — 28 n/a Total credit risk — 56 n/a — 28 n/a Equity contracts Written options — 1 2 — 4 2 Purchased options 1 — — — — — Total equity risk 1 1 2 — 4 2 Total derivatives not designated as accounting hedges 7 60 959 16 33 1,139 Total derivatives $ 7 $ 62 $ 18,169 $ 17 $ 33 $ 13,688 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $119 million and $56 million as of December 31, 2021, and December 31, 2020, respectively. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. December 31, ($ 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) 2021 2020 2021 2020 2021 2020 Assets Available-for-sale securities (b) (c) $ 5,119 $ 1,259 $ (14) $ 39 $ (30) $ 28 Finance receivables and loans, net (d) 44,098 28,393 (37) 225 46 72 Liabilities Long-term debt $ 7,213 $ 8,656 $ 110 $ 169 $ 110 $ 203 (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 $3.9 billion and $592 million at December 31, 2021, and December 31, 2020, 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 8 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 $1.2 billion as of December 31, 2021. The basis adjustment associated with the open last of layer relationship was a $14 million asset as of December 31, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $8.6 billion and $1.2 billion as of December 31, 2021, and December 31, 2020, respectively. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last of layer relationship was a $20 million liability as of December 31, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship. There were no last of layer relationships as of December 31, 2020. (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 $15.6 billion and $9.4 billion at December 31, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $82 million liability as of December 31, 2021, and a $153 million asset as of December 31, 2020, 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 $20.9 billion at December 31, 2021, and $18.5 billion at December 31, 2020. This amount is cumulative and is not adjusted as amortization of the associated basis runs off. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $46 million asset and a $72 million asset as of December 31, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship. |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Consolidated Statement of Income. Year ended December 31, ($ in millions) 2021 2020 2019 (Loss) gain recognized in earnings Interest rate contracts (Loss) gain on mortgage and automotive loans, net $ (12) $ (10) $ 1 Other income, net of losses 8 (19) (11) Total interest rate contracts (4) (29) (10) Foreign exchange contracts Other operating expenses (1) (7) (4) Total foreign exchange contracts (1) (7) (4) Credit contracts Interest and fees on finance receivables and loans — (4) — Other income, net of losses (24) (1) — Total credit contracts (24) (5) — Total loss recognized in earnings $ (29) $ (41) $ (14) |
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 qualifying fair value and cash flow hedges reported in our Consolidated Statement of 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 Year ended December 31, ($ in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 68 $ (135) $ 41 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — — — — (68) 135 (41) Hedged available-for-sale securities — — — (40) 38 28 — — — — — — Derivatives designated as hedging instruments on available-for-sale securities — — — 40 (38) (28) — — — — — — Hedged fixed-rate consumer automotive loans (215) 139 138 — — — — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 215 (139) (138) — — — — — — — — — Total gain on fair value hedging relationships — — — — — — — — — — — — Gain (loss) on cash flow hedging relationships Interest rate contracts Hedged variable rate borrowings Reclassified from accumulated other comprehensive income into income — — — — — — — — — — — 15 Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — — — (1) (8) (4) — — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive income into income 58 73 — — — — — — — — — — Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur 4 — — — — — — — — — — — Total gain (loss) on cash flow hedging relationships $ 62 $ 73 $ — $ — $ — $ — $ (1) $ (8) $ (4) $ — $ — $ 15 Total amounts presented in the Consolidated Statement of Income $ 6,468 $ 6,581 $ 7,337 $ 600 $ 736 $ 955 $ 1,045 $ 1,952 $ 2,538 $ 860 $ 1,249 $ 1,570 |
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 qualifying fair value and cash flow hedges reported in our Consolidated Statement of 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 Year ended December 31, ($ in millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 4 $ 12 $ 25 Interest for qualifying accounting hedges of unsecured debt — — — — — — — — — 5 — — Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — — — — (13) (22) (23) Amortization of deferred basis adjustments of available-for-sale securities — — — (4) (7) (3) — — — — — — Interest for qualifying accounting hedges of available-for-sale securities — — — (6) (6) 2 — — — — — — Amortization of deferred loan basis adjustments (46) (49) (28) — — — — — — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment (122) (121) 22 — — — — — — — — — Total (loss) gain on fair value hedging relationships (168) (170) (6) (10) (13) (1) — — — (4) (10) 2 (Loss) gain on cash flow hedging relationships Interest rate contracts Interest for qualifying accounting hedges of deposit liabilities — — — — — — — — (1) — — — Interest for qualifying accounting hedges of variable-rate commercial loans — 1 1 — — — — — — — — — Total gain (loss) on cash flow hedging relationships $ — $ 1 $ 1 $ — $ — $ — $ — $ — $ (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 (loss) income. Year ended December 31, ($ in millions) 2021 2020 2019 Interest rate contracts (Loss) gain recognized in other comprehensive (loss) income $ (61) $ 105 $ (23) |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive (loss) income and the Consolidated Statement of Income. Year ended December 31, ($ in millions) 2021 2020 2019 Foreign exchange contracts (a) (b) Loss recognized in other comprehensive (loss) income $ — $ (4) $ (6) (a) There were no amounts excluded from effectiveness testing for the years ended December 31, 2021, 2020, or 2019. (b) Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Consolidated Statement of Income. There were no amounts reclassified for the years ended December 31, 2021, 2020, or 2019. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The significant components of income tax expense from continuing operations were as follows. Year ended December 31, ($ in millions) 2021 2020 2019 Current income tax expense (benefit) U.S. federal $ 502 $ — $ (2) Foreign 4 6 4 State and local 168 80 65 Total current expense 674 86 67 Deferred income tax expense (benefit) U.S. federal 151 280 178 Foreign — 1 2 State and local (35) (39) (1) Total deferred expense 116 242 179 Total income tax expense from continuing operations $ 790 $ 328 $ 246 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table. Year ended December 31, ($ in millions) 2021 2020 2019 Statutory U.S. federal tax expense $ 810 $ 297 $ 413 Change in tax resulting from State and local income taxes, net of federal income tax benefit 106 36 50 Valuation allowance change, excluding expirations (78) (3) (219) Tax credits, excluding expirations (58) (29) (27) Nondeductible expenses 30 37 29 Other, net (20) (10) — Total income tax expense from continuing operations $ 790 $ 328 $ 246 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, ($ in millions) 2021 2020 Deferred tax assets Tax credit carryforwards $ 1,014 $ 1,786 Adjustments to loan value 920 923 U.S. federal tax loss carryforwards (b) 256 — State and local taxes 233 191 Other 604 366 Gross deferred tax assets 3,027 3,266 Valuation allowance (839) (835) Deferred tax assets, net of valuation allowance 2,188 2,431 Deferred tax liabilities Lease transactions 1,385 1,809 Deferred acquisition costs 403 391 Other 156 229 Gross deferred tax liabilities 1,944 2,429 Net deferred tax assets (a) $ 244 $ 2 (a) Amounts include $254 million and $94 million of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position at December 31, 2021, and 2020, respectively, and $10 million and $92 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position. (b) Primarily the result of a 100% bonus depreciation election for 2021 operating lease originations. |
Summary of Valuation Allowance | The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2021. ($ in millions) Deferred tax asset (liability) Valuation allowance Net deferred tax asset (liability) Years of expiration Tax credit carryforwards Foreign tax credits $ 1,014 $ (709) $ 305 2022–2031 Tax loss carryforwards Net operating losses — federal 256 (a) — 256 2027–Indefinite Net operating losses — state 166 (b) (130) 36 2022–Indefinite Total U.S. federal and state tax loss carryforwards 422 (130) 292 Other net deferred tax liabilities (353) — (353) n/a Net deferred tax assets (liabilities) $ 1,083 $ (839) $ 244 (a) Federal net operating loss carryforwards are included in the U.S. federal tax loss carryforwards total disclosed in our deferred inventory table above. (b) State net operating loss carryforwards are included in the state and local taxes and other liabilities totals disclosed in our deferred inventory table above. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. ($ in millions) 2021 2020 2019 Balance at January 1, $ 53 $ 48 $ 44 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 7 5 11 Reductions for tax positions of prior years (7) — (5) Settlements — — (2) Expiration of statute of limitations — — — Balance at December 31, $ 53 $ 53 $ 48 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Non-Vested PSUs and RSUs Activity | The following table presents the changes in outstanding non-vested PSUs and RSUs activity for share-settled awards during 2021. (in thousands, except per share data) Number of units Weighted-average grant date fair value per share RSUs and PSUs Outstanding non-vested at January 1, 2021 5,109 $ 29.73 Modified awards to settle in cash (a) (493) 28.90 Granted 3,275 40.87 Vested (2,999) 31.52 Forfeited (324) 34.74 Outstanding non-vested at December 31, 2021 4,568 36.27 (a) During 2021, certain non-vested PSUs were modified and reclassified to liability-based awards as we intend to settle them in cash upon vesting. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 1,093 $ — $ 9 $ 1,102 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,155 — — 2,155 U.S. States and political subdivisions — 855 9 864 Foreign government 19 138 — 157 Agency mortgage-backed residential — 19,039 — 19,039 Mortgage-backed residential — 4,425 — 4,425 Agency mortgage-backed commercial — 4,526 — 4,526 Asset-backed — 534 — 534 Corporate debt — 1,887 — 1,887 Total available-for-sale securities 2,174 31,404 9 33,587 Mortgage loans held-for-sale (b) — 80 — 80 Finance receivables and loans, net Consumer other (b) — — 7 7 Derivative contracts in a receivable position Interest rate — 1 5 6 Equity contracts 1 — — 1 Total derivative contracts in a receivable position 1 1 5 7 Total assets $ 3,268 $ 31,485 $ 30 $ 34,783 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ — $ 2 $ 2 Foreign currency — 3 — 3 Credit contracts — — 56 56 Equity contracts 1 — — 1 Total derivative contracts in a payable position 1 3 58 62 Total liabilities $ 1 $ 3 $ 58 $ 62 (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, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 1,064 $ — $ 7 $ 1,071 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 803 — — 803 U.S. States and political subdivisions — 1,088 7 1,095 Foreign government 17 159 — 176 Agency mortgage-backed residential — 18,588 — 18,588 Mortgage-backed residential — 2,640 — 2,640 Agency mortgage-backed commercial — 4,189 — 4,189 Asset-backed — 425 — 425 Corporate debt — 1,914 — 1,914 Total available-for-sale securities 820 29,003 7 29,830 Mortgage loans held-for-sale (b) — — 91 91 Finance receivables and loans, net Consumer other (b) — — 8 8 Derivative contracts in a receivable position Interest rate — — 16 16 Foreign currency — 1 — 1 Total derivative contracts in a receivable position — 1 16 17 Total assets $ 1,884 $ 29,004 $ 129 $ 31,017 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 1 $ — $ 1 Credit contracts — — 28 28 Equity contracts 4 — — 4 Total derivative contracts in a payable position 4 1 28 33 Total liabilities $ 4 $ 1 $ 28 $ 33 (a) Our direct investment in any one industry did not exceed 11%. (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. 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. Equity securities (a) Available-for-sale securities Mortgage loans held-for-sale (b) (c) Finance receivables and loans, net (b) (d) Interests retained in financial asset sales ($ in millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Assets Fair value at January 1, $ 7 $ 8 $ 7 $ 2 $ 91 $ 30 $ 8 $ 11 $ — $ 2 Net realized/unrealized gains (losses) Included in earnings 4 (1) — — 64 67 2 4 — — Included in OCI — — — — — — — — — — Purchases — — 2 5 2,640 2,734 14 18 — — Sales (3) — — — (2,693) (2,740) — — — — Issuances — — — — — — — — — — Settlements — — — — — — (17) (25) — (2) Transfers into Level 3 1 — — — — — — — — — Transfers out of Level 3 (e) — — — — (102) — — — — — Fair value at December 31, $ 9 $ 7 $ 9 $ 7 $ — $ 91 $ 7 $ 8 $ — $ — Net unrealized gains (losses) still held at December 31, Included in earnings $ 4 $ (1) $ — $ — $ — $ 1 $ — $ — $ — $ — Included in OCI — — — — — — — — — — (a) Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Consolidated Statement of Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Consolidated Statement of Income. (d) Net realized/unrealized gains are reported as other income, net of losses, in the Consolidated Statement of Income. (e) During the year ended December 31, 2021, mortgage loans held for sale were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the third quarter of 2021. Derivative liabilities, net of derivative assets ($ in millions) 2021 (a) 2020 (b) Liabilities Fair value at January 1, $ 12 $ (2) Net realized/unrealized losses (gains) Included in earnings 35 (10) Included in OCI — — Purchases — — Sales — — Issuances 5 24 Settlements (1) — Transfers into Level 3 — — Transfers out of Level 3 (c) 2 — Fair value at December 31, $ 53 $ 12 Net unrealized losses (gains) still held at December 31, Included in earnings $ 26 $ (10) Included in OCI — — (a) Net realized/unrealized losses are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Consolidated Statement of Income. (b) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Consolidated Statement of Income. (c) During the year ended December 31, 2021, certain derivative assets were transferred out of Level 3 and into Level 2 of the fair value hierarchy. This transfer reflects that the underlying assets are valued based on observable prices in an active market for similar assets, and is deemed to have occurred at the end of the third quarter of 2021. |
Fair Value Measurements - Nonrecurring Basis | The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at December 31, 2021, and December 31, 2020, respectively. The amounts are generally 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 December 31, 2021 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 468 $ 468 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 4 4 — n/m (a) Other — — 112 112 (65) n/m (a) Total commercial finance receivables and loans, net — — 116 116 (65) n/m (a) Other assets Nonmarketable equity investments — — 7 7 (5) n/m (a) Repossessed and foreclosed assets (c) — — 4 4 — n/m (a) Total assets $ — $ — $ 595 $ 595 $ (70) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, 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 reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for 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, 2020 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 315 $ 315 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 27 27 (5) n/m (a) Other — — 54 54 (20) n/m (a) Total commercial finance receivables and loans, net — — 81 81 (25) n/m (a) Other assets Nonmarketable equity investments (c) — 7 118 125 88 n/m (a) Repossessed and foreclosed assets (d) — — 9 9 (1) n/m (a) Total assets $ — $ 7 $ 523 $ 530 $ 62 n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, 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 reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. (d) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Fair Value, by Balance Sheet Grouping | 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 December 31, 2021, and December 31, 2020. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets Held-to-maturity securities $ 1,170 $ — $ 1,204 $ — $ 1,204 Loans held-for-sale, net 469 — — 469 469 Finance receivables and loans, net 118,994 — — 126,044 126,044 FHLB/FRB stock (a) 738 — 738 — 738 Financial liabilities Deposit liabilities $ 40,953 $ — $ — $ 41,164 $ 41,164 Long-term debt 17,029 — 12,637 6,892 19,529 December 31, 2020 Financial assets Held-to-maturity securities $ 1,253 $ — $ 1,331 $ — $ 1,331 Loans held-for-sale, net 315 — — 315 315 Finance receivables and loans, net 115,243 — — 122,156 122,156 FHLB/FRB stock (a) 725 — 725 — 725 Financial liabilities Deposit liabilities $ 55,210 $ — $ — $ 55,932 $ 55,932 Short-term borrowings 2,136 — — 2,136 2,136 Long-term debt 22,006 — 19,161 6,310 25,471 (a) Included in other assets on our Consolidated Balance Sheet. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2021 Assets Derivative assets in net asset positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 6 — 6 — — 6 Total assets $ 7 $ — $ 7 $ (1) $ — $ 6 Liabilities Derivative liabilities in net liability positions $ 3 $ — $ 3 $ — $ (2) $ 1 Derivative liabilities in net asset positions 1 — 1 (1) — — Derivative liabilities with no offsetting arrangements 58 — 58 — — 58 Total liabilities $ 62 $ — $ 62 $ (1) $ (2) $ 59 2020 Assets Derivative assets in net liability positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 16 — 16 — — 16 Total assets $ 17 $ — $ 17 $ (1) $ — $ 16 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ (1) $ (1) $ 3 Derivative liabilities with no offsetting arrangements 28 — 28 — — 28 Total liabilities $ 33 $ — $ 33 $ (1) $ (1) $ 31 (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. We do not record such collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. |
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 Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Consolidated Balance Sheet Gross amounts not offset on the Consolidated Balance Sheet December 31, ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount 2021 Assets Derivative assets in net asset positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 6 — 6 — — 6 Total assets $ 7 $ — $ 7 $ (1) $ — $ 6 Liabilities Derivative liabilities in net liability positions $ 3 $ — $ 3 $ — $ (2) $ 1 Derivative liabilities in net asset positions 1 — 1 (1) — — Derivative liabilities with no offsetting arrangements 58 — 58 — — 58 Total liabilities $ 62 $ — $ 62 $ (1) $ (2) $ 59 2020 Assets Derivative assets in net liability positions $ 1 $ — $ 1 $ (1) $ — $ — Derivative assets with no offsetting arrangements 16 — 16 — — 16 Total assets $ 17 $ — $ 17 $ (1) $ — $ 16 Liabilities Derivative liabilities in net liability positions $ 5 $ — $ 5 $ (1) $ (1) $ 3 Derivative liabilities with no offsetting arrangements 28 — 28 — — 28 Total liabilities $ 33 $ — $ 33 $ (1) $ (1) $ 31 (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. We do not record such collateral received on our Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Year ended December 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2021 Net financing revenue and other interest income $ 5,209 $ 59 $ 124 $ 308 $ 467 $ 6,167 Other revenue 251 1,345 94 128 221 2,039 Total net revenue 5,460 1,404 218 436 688 8,206 Provision for credit losses 53 — (1) 38 151 241 Total noninterest expense 2,023 1,061 187 116 723 4,110 Income (loss) from continuing operations before income tax expense $ 3,384 $ 343 $ 32 $ 282 $ (186) $ 3,855 Total assets $ 103,653 $ 9,381 $ 17,847 $ 7,950 $ 43,283 $ 182,114 2020 Net financing revenue and other interest income (loss) $ 4,284 $ 42 $ 118 $ 299 $ (40) $ 4,703 Other revenue 204 1,334 102 45 298 1,983 Total net revenue 4,488 1,376 220 344 258 6,686 Provision for credit losses 1,236 — 7 149 47 1,439 Total noninterest expense 1,967 1,092 160 107 507 3,833 Income (loss) from continuing operations before income tax expense $ 1,285 $ 284 $ 53 $ 88 $ (296) $ 1,414 Total assets $ 104,794 $ 9,137 $ 14,889 $ 6,108 $ 47,237 $ 182,165 2019 Net financing revenue and other interest income $ 4,141 $ 54 $ 171 $ 239 $ 28 $ 4,633 Other revenue 249 1,274 22 45 171 1,761 Total net revenue 4,390 1,328 193 284 199 6,394 Provision for credit losses 962 — 5 36 (5) 998 Total noninterest expense 1,810 1,013 148 95 363 3,429 Income (loss) from continuing operations before income tax expense $ 1,618 $ 315 $ 40 $ 153 $ (159) $ 1,967 Total assets $ 113,863 $ 8,547 $ 16,279 $ 5,787 $ 36,168 $ 180,644 (a) Net financing revenue and other interest income after the provision for credit losses totaled $5.9 billion, $3.3 billion and $3.6 billion for the years ended December 31, 2021, 2020, and 2019, respectively. |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) - Parent company | 12 Months Ended |
Dec. 31, 2021 | |
Entity Listings [Line Items] | |
Condensed Statement of Comprehensive Income | Condensed Statement of Comprehensive Income Year ended December 31, ($ in millions) 2021 2020 2019 Net financing loss and other interest income $ (1,070) $ (1,049) $ (1,116) Dividends from bank subsidiaries 3,450 1,150 1,950 Dividends from nonbank subsidiaries 27 66 436 Total other revenue 243 367 343 Total net revenue 2,650 534 1,613 Provision for credit losses (106) (68) 35 Total noninterest expense 650 693 626 Income (loss) from continuing operations before income tax benefit and undistributed income of subsidiaries 2,106 (91) 952 Income tax benefit from continuing operations (a) (412) (300) (566) Net income from continuing operations 2,518 209 1,518 Loss from discontinued operations, net of tax (5) (1) (6) Undistributed income of subsidiaries 547 877 203 Net income 3,060 1,085 1,715 Other comprehensive (loss) income, net of tax (789) 508 654 Comprehensive income $ 2,271 $ 1,593 $ 2,369 (a) There is a significant variation in the customary relationship between pretax income (loss) and income tax benefit due to our accounting policy elections and other adjustments. |
Condensed Balance Sheet | Condensed Balance Sheet December 31, ($ in millions) 2021 2020 Assets Cash and cash equivalents (a) $ 3,647 $ 4,482 Equity securities 6 — Finance receivables and loans, net of unearned income (b) 663 913 Allowance for loan losses 26 (10) Total finance receivables and loans, net 689 903 Investments in subsidiaries Bank subsidiaries 16,728 17,146 Nonbank subsidiaries 5,890 6,090 Intercompany receivables from subsidiaries 216 176 Investment in operating leases, net 21 5 Other assets 1,157 2,034 Total assets $ 28,354 $ 30,836 Liabilities and equity Short-term borrowings $ — $ 2,136 Long-term debt (c) 9,410 12,014 Interest payable 87 111 Intercompany debt to subsidiaries 1,040 1,375 Intercompany payables to subsidiaries 98 91 Accrued expenses and other liabilities 669 406 Total liabilities 11,304 16,133 Total equity 17,050 14,703 Total liabilities and equity $ 28,354 $ 30,836 (a) Includes $3.6 billion and $4.4 billion deposited by the Parent at Ally Bank as of December 31, 2021, and 2020, respectively. These funds are available to the Parent for liquidity purposes. (b) The Parent advanced $207 million and $197 million to Ally Bank as of December 31, 2021, and 2020, respectively. These funds, included in finance receivables and loans, net, are available to the Parent for liquidity purposes. (c) Includes $2.0 billion of the outstanding principal balance of senior notes fully and unconditionally guaranteed by subsidiaries of the Parent as of both December 31, 2021, and 2020. |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows Year ended December 31, ($ in millions) 2021 2020 2019 Operating activities Net cash provided by operating activities $ 3,753 $ 848 $ 1,818 Investing activities Proceeds from sales of finance receivables and loans initially held-for-investment 378 1,187 548 Originations and repayments of finance receivables and loans held-for-investment and other, net 189 601 (253) Net change in loans — intercompany (10) (36) 718 Purchases of equity securities (8) — — Disposals of operating lease assets — 1 3 Capital contributions to subsidiaries — (8) (2) Returns of contributed capital 24 23 259 Net change in nonmarketable equity investments 29 (7) (13) Other, net 44 (15) (4) Net cash provided by investing activities 646 1,746 1,256 Financing activities Net change in short-term borrowings (2,136) (445) 104 Proceeds from issuance of long-term debt 765 2,885 801 Repayments of long-term debt (777) (2,444) (2,173) Net change in debt — intercompany (336) 169 271 Repurchase of common stock (1,994) (106) (1,039) Preferred stock issuance 2,324 — — Trust preferred securities redemption (2,710) — — Common stock dividends paid (324) (290) (273) Preferred stock dividends paid (57) — — Net cash used in financing activities (5,245) (231) (2,309) Net (decrease) increase in cash and cash equivalents and restricted cash (846) 2,363 765 Cash and cash equivalents and restricted cash at beginning of year 4,526 2,163 1,398 Cash and cash equivalents and restricted cash at end of year $ 3,680 $ 4,526 $ 2,163 The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Balance Sheet to the Condensed Statement of Cash Flows. Year ended December 31, ($ in millions) 2021 2020 Cash and cash equivalents on the Condensed Balance Sheet $ 3,647 $ 4,482 Restricted cash included in other assets on the Condensed Balance Sheet (a) 33 44 Total cash and cash equivalents and restricted cash in the Condensed Statement of Cash Flows $ 3,680 $ 4,526 (a) Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments (Tab
Guarantees and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Guarantor Obligations | Guarantees are defined as contracts or indemnification agreements that contingently require us to make payments to third parties based on changes in the underlying agreements with the guaranteed parties. The following summarizes our outstanding guarantees, including those of our discontinued operations, made to third parties on our Consolidated Balance Sheet, for the periods shown. 2021 2020 December 31, ($ in millions) Maximum liability Carrying value of liability Maximum liability Carrying value of liability Standby letters of credit and other guarantees $ 234 $ 3 $ 262 $ 4 |
Financing Commitments | The contractual commitments were as follows. December 31, ($ in millions) 2021 2020 Unused revolving credit line commitments and other (a) $ 6,337 $ 6,142 Commitments to provide capital to investees (b) 1,069 778 Mortgage loan origination commitments (c) 708 760 Home equity lines of credit (d) 168 187 Construction-lending commitments (e) 53 101 (a) The unused portion of revolving lines of credit reset at prevailing market rates and, approximate fair value. (b) We are committed to contribute capital to certain investees. (c) Commitments with mortgage loan applicants in which the loan terms, including interest rate and price, are guaranteed for a designated period of time subject to the completion of underwriting procedures. (d) We are committed to fund the remaining unused balances on home equity lines of credit. (e) We are committed to fund the remaining unused balance while loans are in the construction period. |
Contractual Commitments | We have entered into multiple agreements for sponsorship, information technology, voice and communication technology, and related maintenance. Many of the agreements are subject to variable price provisions, fixed or minimum price provisions, and termination or renewal provisions. The following table presents our total future payment obligations expiring after December 31, 2021. Year ended December 31, ($ in millions) 2022 $ 102 2023 102 2024 18 2025 11 2026 8 2027 and thereafter 17 Total future payment obligations $ 258 |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Troubled debt restructuring threshold | 10.00% | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reduction to retained earnings | $ 1,599 | $ 4,278 | |||
Increase to allowance for credit losses | $ 3,267 | $ 3,283 | $ 1,263 | ||
Minimum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful life | 3 years | ||||
Minimum | Capitalized software | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful life | 3 years | ||||
Maximum | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful life | 30 years | ||||
Maximum | Capitalized software | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful life | 5 years | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase to allowance for credit losses | $ 1,346 | ||||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reduction to retained earnings | $ 1,000 | ||||
Increase to allowance for credit losses | $ 1,300 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 822 | $ 343 | $ 393 | |
Fair Square Financial Holdings LLC | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 100.00% | |||
Cash consideration | $ 741 | |||
Goodwill | $ 479 | $ 479 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 822 | $ 343 | $ 393 | |
Fair Square Financial Holdings LLC | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 741 | |||
Finance receivables and loans | 870 | |||
Intangible assets | 98 | |||
Cash and short-term investments | 42 | |||
Other assets | 46 | |||
Debt | (765) | |||
Other liabilities | (29) | |||
Goodwill | 479 | $ 479 | ||
Financing receivable, purchased with credit deterioration, amount | 22 | |||
Financing receivable, purchased with credit deterioration, allowance for credit loss | $ 12 | |||
Weighted average amortization period | 7 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 852 | $ 753 | $ 727 | |
All other revenue | 1,187 | 1,230 | 1,034 | |
Total other revenue | 2,039 | 1,983 | 1,761 | |
Remarketing gains (losses), net | 344 | 127 | 69 | |
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 80 | 64 | 77 | |
All other revenue | 141 | 234 | 94 | |
Total other revenue | 221 | 298 | 171 | |
Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 129 | 88 | 93 | |
All other revenue | 122 | 116 | 156 | |
Total other revenue | 251 | 204 | 249 | |
Remarketing gains (losses), net | 344 | 127 | 69 | |
Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 643 | 601 | 557 | |
All other revenue | 702 | 733 | 717 | |
Total other revenue | 1,345 | 1,334 | 1,274 | |
Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
All other revenue | 94 | 102 | 22 | |
Total other revenue | 94 | 102 | 22 | |
Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
All other revenue | 128 | 45 | 45 | |
Total other revenue | 128 | 45 | 45 | |
Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 627 | 584 | 542 | |
Noninsurance contracts | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Noninsurance contracts | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Noninsurance contracts | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 627 | 584 | 542 | |
Unearned revenue, remaining performance obligation, amount | 3,100 | 3,000 | 2,900 | $ 2,600 |
Unearned revenue, revenue recognized | 909 | 866 | 816 | |
Capitalized contract cost, net | 1,900 | 1,800 | 1,700 | |
Capitalized contract cost, amortization | 537 | 498 | 463 | |
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 847 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 765 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 609 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 412 | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | |||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 419 | |||
Remaining performance obligation, expected timing of satisfaction, period | ||||
Noninsurance contracts | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | 0 | 0 | |
Noninsurance contracts | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 107 | 73 | 74 | |
Remarketing fee income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 107 | 73 | 74 | |
Remarketing fee income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Remarketing fee income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 58 | 52 | 61 | |
Brokerage commissions and other revenue | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 58 | 52 | 61 | |
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 12 | 16 | |
Customer rewards expense | 1 | |||
Banking fees and interchange income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 12 | 16 | |
Banking fees and interchange income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Banking fees and interchange income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 16 | 16 | 14 | |
Brokered/agent commissions | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 16 | 16 | 14 | |
Brokered/agent commissions | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Brokered/agent commissions | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26 | 16 | 20 | |
Other | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 0 | 0 | |
Other | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22 | 15 | 19 | |
Other | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 1 | 1 | |
Other | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Other | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 |
Insurance Premiums and Servic_3
Insurance Premiums and Service Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Written | |||
Direct Premiums, Written | $ 397 | $ 438 | $ 491 |
Assumed Premiums, Written | 15 | 3 | 0 |
Premiums Written, Gross | 412 | 441 | 491 |
Earned | |||
Direct Premiums, Earned | 389 | 429 | 464 |
Assumed Premiums, Earned | 8 | 3 | 2 |
Premiums Earned, Gross | 397 | 432 | 466 |
Written | |||
Ceded Premiums, Written | (200) | (211) | (232) |
Premiums Written, Net | 212 | 230 | 259 |
Earned | |||
Ceded Premiums, Earned | (205) | (208) | (209) |
Premiums Earned, Net | 192 | 224 | 257 |
Service Revenue, Written | 985 | 999 | 1,051 |
Service Revenue, Earned | 925 | 879 | 830 |
Insurance Premiums and Service Revenue, Written | 1,197 | 1,229 | 1,310 |
Insurance Premiums and Service Revenue, Earned | $ 1,117 | $ 1,103 | $ 1,087 |
Other Income, Net of Losses (Sc
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Gain on nonmarketable equity investments, net | $ 142 | $ 99 | $ 9 |
Income from equity-method investments | 132 | 161 | 62 |
Late charges and other administrative fees | 123 | 93 | 114 |
Remarketing fees | 107 | 73 | 74 |
Other, net | 182 | 139 | 146 |
Total other income, net of losses | $ 686 | $ 565 | $ 405 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Insurance Contracts, Claims Development) (Details) $ in Millions | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | $ 3,252 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | 3,222 | |||||||||
All outstanding liabilities for loss and allocated loss adjustment expenses before 2012, net of reinsurance | 9 | |||||||||
Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance | 39 | $ 37 | $ 32 | |||||||
Short-duration Insurance Contracts, Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 421 | 421 | 421 | $ 422 | $ 422 | $ 423 | $ 423 | $ 423 | $ 430 | $ 435 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 772,560 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 421 | 421 | 421 | 421 | 421 | 419 | 418 | 416 | 412 | $ 391 |
Short-duration Insurance Contracts, Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 368 | 368 | 368 | 368 | 369 | 370 | 370 | 365 | 376 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 672,279 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 368 | 368 | 368 | 368 | 368 | 368 | 366 | 364 | $ 347 | |
Short-duration Insurance Contracts, Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 388 | 388 | 388 | 388 | 388 | 388 | 389 | 390 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 525,298 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 388 | 388 | 388 | 388 | 388 | 388 | 388 | $ 369 | ||
Short-duration Insurance Contracts, Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 272 | 272 | 272 | 272 | 272 | 271 | 274 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 342,280 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 272 | 272 | 272 | 272 | 272 | 272 | $ 252 | |||
Short-duration Insurance Contracts, Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 328 | 328 | 328 | 328 | 327 | 326 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 476,056 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 328 | 328 | 328 | 328 | 327 | $ 302 | ||||
Short-duration Insurance Contracts, Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 315 | 315 | 315 | 314 | 310 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 481,742 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 315 | 315 | 315 | 315 | $ 289 | |||||
Short-duration Insurance Contracts, Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 273 | 272 | 272 | 271 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 506,423 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 273 | 273 | 273 | $ 245 | ||||||
Short-Duration Insurance Contract, Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 305 | 306 | 303 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 541,936 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 305 | 306 | $ 278 | |||||||
Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 339 | 343 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 1 | |||||||||
Cumulative number of reported claims | claim | 493,097 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 339 | $ 313 | ||||||||
Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated loss adjustment expenses, net of reinsurance | 243 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 24 | |||||||||
Cumulative number of reported claims | claim | 471,444 | |||||||||
Cumulative paid claims and allocated loss adjustment expenses, net of reinsurance | $ 213 |
Reserves for Insurance Losses_4
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Contracts, Schedule of Historical Claims Duration) (Details) | Dec. 31, 2021 |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Percentage payout of incurred claims, Year One | 92.50% |
Percentage payout of incurred claims, Year Two | 6.90% |
Percentage payout of incurred claims, Year Three | 0.30% |
Percentage payout of incurred claims, Year Four | 0.20% |
Percentage payout of incurred claims, Year Five | 0.00% |
Percentage payout of incurred claims, Year Six | 0.10% |
Percentage payout of incurred claims, Year Seven | 0.00% |
Percentage payout of incurred claims, Year Eight | 0.00% |
Percentage payout of incurred claims, Year Nine | 0.00% |
Reserves for Insurance Losses_5
Reserves for Insurance Losses and Loss Adjustment Expenses (Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | ||||
Reserves for insurance losses and allocated loss adjustment expenses, net of reinsurance | $ 39 | $ 37 | $ 32 | |
Total reinsurance recoverable on unpaid claims | 81 | 90 | 88 | $ 96 |
Unallocated loss adjustment expenses | 2 | 2 | 2 | |
Total gross reserves for insurance losses and loss adjustment expenses | $ 122 | $ 129 | $ 122 | $ 134 |
Reserves for Insurance Losses_6
Reserves for Insurance Losses and Loss Adjustment Expenses (Rollforward of Reserves for Insurance Losses and Loss Adjustment Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross reserves for insurance losses and loss adjustment expenses, beginning balance | $ 129 | $ 122 | $ 134 |
Reinsurance recoverable | 90 | 88 | 96 |
Net reserves for insurance losses and loss adjustment expenses, beginning balance | 39 | 34 | 38 |
Net insurance losses and loss adjustment expenses, current year | 259 | 360 | 321 |
Net insurance losses and loss adjustment expenses, prior years | 2 | 3 | 0 |
Total net insurance losses and loss adjustment expenses incurred | 261 | 363 | 321 |
Net insurance losses and loss adjustment expenses paid or payable, current year | (229) | (328) | (295) |
Net insurance losses and loss adjustment expenses paid or payable, prior years | (30) | (30) | (30) |
Total net insurance losses and loss adjustment expenses paid or payable | (259) | (358) | (325) |
Net reserves for insurance losses and loss adjustment expenses, ending balance | 41 | 39 | 34 |
Reinsurance recoverable | 81 | 90 | 88 |
Gross reserves for insurance losses and loss adjustment expenses, ending balance | $ 122 | $ 129 | $ 122 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Expenses [Abstract] | |||
Insurance commissions | $ 562 | $ 517 | $ 475 |
Technology and communications | 345 | 314 | 311 |
Advertising and marketing | 241 | 171 | 180 |
Lease and loan administration | 222 | 203 | 172 |
Property and equipment depreciation | 153 | 136 | 96 |
Professional services | 146 | 118 | 126 |
Regulatory and licensing fees | 75 | 96 | 115 |
Vehicle remarketing and repossession | 74 | 73 | 105 |
Charitable contributions | 63 | 43 | 8 |
Occupancy | 62 | 57 | 57 |
Non-income taxes | 34 | 28 | 34 |
Amortization of intangible assets | 20 | 18 | 13 |
Other | 209 | 270 | 194 |
Total other operating expenses | $ 2,206 | $ 2,044 | $ 1,886 |
Investment Securities (Investme
Investment Securities (Investment Portfolio) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale securities | |||
Fair value | [1] | $ 33,587 | $ 29,830 |
Held-to-maturity securities | |||
Amortized cost | 1,170 | 1,253 | |
Available-for-sale securities | |||
Held-to-maturity securities | |||
Securities pledged for Federal Home Loan Bank, at fair value | 203 | 145 | |
Operating Segments | Insurance operations | Available-for-sale securities | |||
Held-to-maturity securities | |||
Deposit securities | 13 | 13 | |
Available-for-sale debt securities | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 33,650 | 28,936 | |
Gross unrealized gains | 358 | 915 | |
Gross unrealized losses | (421) | (21) | |
Fair value | 33,587 | 29,830 | |
Held-to-maturity securities | |||
Debt securities, available-for-sale, accrued interest receivable | 84 | 90 | |
U.S. Treasury and federal agencies | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 2,173 | 783 | |
Gross unrealized gains | 2 | 20 | |
Gross unrealized losses | (20) | 0 | |
Fair value | 2,155 | 803 | |
U.S. States and political subdivisions | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 841 | 1,046 | |
Gross unrealized gains | 27 | 50 | |
Gross unrealized losses | (4) | (1) | |
Fair value | 864 | 1,095 | |
Foreign government | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 157 | 167 | |
Gross unrealized gains | 2 | 9 | |
Gross unrealized losses | (2) | 0 | |
Fair value | 157 | 176 | |
Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,170 | 1,253 | |
Agency mortgage-backed securities | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 19,044 | 18,053 | |
Gross unrealized gains | 219 | 538 | |
Gross unrealized losses | (224) | (3) | |
Fair value | 19,039 | 18,588 | |
Agency mortgage-backed securities | Held-to-maturity securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,170 | 1,253 | |
Gross unrealized gains | 48 | 79 | |
Gross unrealized losses | (14) | (1) | |
Fair value | 1,204 | 1,331 | |
Mortgage-backed residential | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 4,448 | 2,595 | |
Gross unrealized gains | 11 | 49 | |
Gross unrealized losses | (34) | (4) | |
Fair value | 4,425 | 2,640 | |
Agency mortgage-backed commercial | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 4,573 | 4,063 | |
Gross unrealized gains | 66 | 139 | |
Gross unrealized losses | (113) | (13) | |
Fair value | 4,526 | 4,189 | |
Asset-backed | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 536 | 420 | |
Gross unrealized gains | 1 | 5 | |
Gross unrealized losses | (3) | 0 | |
Fair value | 534 | 425 | |
Corporate debt | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 1,878 | 1,809 | |
Gross unrealized gains | 30 | 105 | |
Gross unrealized losses | (21) | 0 | |
Fair value | 1,887 | 1,914 | |
Held-to-maturity securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,170 | 1,253 | |
Gross unrealized gains | 48 | 79 | |
Gross unrealized losses | (14) | (1) | |
Fair value | 1,204 | 1,331 | |
Debt securities, held-to-maturity, accrued interest receivable | 3 | 3 | |
Held-to-maturity securities | Held-to-maturity securities | |||
Held-to-maturity securities | |||
Fair value | $ 1,204 | $ 1,331 | |
[1] | Refer to Note 8 for discussion of investment securities pledged as collateral. |
Investment Securities (Invest_2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale securities | |||
Total available-for-sale debt securities | [1] | $ 33,587 | $ 29,830 |
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | 1,170 | 1,253 | |
Cash equivalents | 40 | 25 | |
Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | 1,170 | 1,253 | |
Held-to-maturity securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,170 | $ 1,253 | |
Debt securities, held-to-maturity, yield | 2.80% | 3.00% | |
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 ten years, amortized cost | $ 1,170 | $ 1,253 | |
Debt securities, held-to-maturity, due after ten years, yield | 2.80% | 3.00% | |
Available-for-sale securities | Available-for-sale debt securities | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 33,587 | $ 29,830 | |
Debt securities, available-for-sale, yield | 2.30% | 2.80% | |
Debt securities, available-for-sale, due in one year or less | $ 370 | $ 226 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.30% | 2.30% | |
Debt securities, available-for-sale, due after one year through five years | $ 1,905 | $ 1,871 | |
Debt securities, available-for-sale, due after one year through five years, yield | 1.90% | 2.20% | |
Debt securities, available-for-sale, due after five years through ten years | $ 4,324 | $ 3,218 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.00% | 2.40% | |
Debt securities, available-for-sale, due after ten years | $ 26,988 | $ 24,515 | |
Debt securities, available-for-sale, due after ten years, yield | 2.40% | 3.00% | |
Debt securities, available-for-sale, amortized cost | $ 33,650 | $ 28,936 | |
Debt securities, available-for-sale, maturity, within one year, amortized cost | 368 | 224 | |
Debt securities, available-for-sale, maturity, after one through five years, amortized cost | 1,893 | 1,808 | |
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost | 4,291 | 3,022 | |
Debt securities, available-for-sale, maturity, after ten years, amortized cost | 27,098 | 23,882 | |
Available-for-sale securities | U.S. Treasury and federal agencies | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 2,155 | $ 803 | |
Debt securities, available-for-sale, yield | 1.10% | 1.20% | |
Debt securities, available-for-sale, due in one year or less | $ 288 | $ 13 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.00% | 0.10% | |
Debt securities, available-for-sale, due after one year through five years | $ 525 | $ 708 | |
Debt securities, available-for-sale, due after one year through five years, yield | 0.90% | 1.10% | |
Debt securities, available-for-sale, due after five years through ten years | $ 1,342 | $ 82 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.20% | 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 | $ 2,173 | $ 783 | |
Available-for-sale securities | U.S. States and political subdivisions | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 864 | $ 1,095 | |
Debt securities, available-for-sale, yield | 3.00% | 3.00% | |
Debt securities, available-for-sale, due in one year or less | $ 26 | $ 49 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.60% | 1.40% | |
Debt securities, available-for-sale, due after one year through five years | $ 77 | $ 103 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.80% | 2.30% | |
Debt securities, available-for-sale, due after five years through ten years | $ 128 | $ 228 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.30% | 2.70% | |
Debt securities, available-for-sale, due after ten years | $ 633 | $ 715 | |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 3.30% | |
Debt securities, available-for-sale, amortized cost | $ 841 | $ 1,046 | |
Available-for-sale securities | Foreign government | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 157 | $ 176 | |
Debt securities, available-for-sale, yield | 1.90% | 2.10% | |
Debt securities, available-for-sale, due in one year or less | $ 2 | $ 9 | |
Debt securities, available-for-sale, due in one year or less, yield | 2.10% | 1.70% | |
Debt securities, available-for-sale, due after one year through five years | $ 97 | $ 86 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.00% | 2.30% | |
Debt securities, available-for-sale, due after five years through ten years | $ 58 | $ 81 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.80% | 1.90% | |
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 | $ 157 | $ 167 | |
Available-for-sale securities | Agency mortgage-backed securities | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 19,039 | $ 18,588 | |
Debt securities, available-for-sale, yield | 2.50% | 3.10% | |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 26 | $ 37 | |
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 | $ 19,013 | $ 18,551 | |
Debt securities, available-for-sale, due after ten years, yield | 2.50% | 3.10% | |
Debt securities, available-for-sale, amortized cost | $ 19,044 | $ 18,053 | |
Available-for-sale securities | Mortgage-backed residential | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 4,425 | $ 2,640 | |
Debt securities, available-for-sale, yield | 2.60% | 3.10% | |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 23 | $ 36 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 2.90% | |
Debt securities, available-for-sale, due after ten years | $ 4,402 | $ 2,604 | |
Debt securities, available-for-sale, due after ten years, yield | 2.60% | 3.10% | |
Debt securities, available-for-sale, amortized cost | $ 4,448 | $ 2,595 | |
Available-for-sale securities | Agency mortgage-backed commercial | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 4,526 | $ 4,189 | |
Debt securities, available-for-sale, yield | 1.90% | 1.90% | |
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 | $ 26 | $ 0 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.40% | 0.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 1,578 | $ 1,628 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.40% | 2.30% | |
Debt securities, available-for-sale, due after ten years | $ 2,922 | $ 2,561 | |
Debt securities, available-for-sale, due after ten years, yield | 1.70% | 1.70% | |
Debt securities, available-for-sale, amortized cost | $ 4,573 | $ 4,063 | |
Available-for-sale securities | Asset-backed | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 534 | $ 425 | |
Debt securities, available-for-sale, yield | 1.90% | 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 | $ 350 | $ 349 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.00% | 3.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 175 | $ 49 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.50% | 1.80% | |
Debt securities, available-for-sale, due after ten years | $ 9 | $ 27 | |
Debt securities, available-for-sale, due after ten years, yield | 3.40% | 3.10% | |
Debt securities, available-for-sale, amortized cost | $ 536 | $ 420 | |
Available-for-sale securities | Corporate debt | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 1,887 | $ 1,914 | |
Debt securities, available-for-sale, yield | 2.30% | 2.70% | |
Debt securities, available-for-sale, due in one year or less | $ 54 | $ 155 | |
Debt securities, available-for-sale, due in one year or less, yield | 2.90% | 2.70% | |
Debt securities, available-for-sale, due after one year through five years | $ 830 | $ 625 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.30% | 2.90% | |
Debt securities, available-for-sale, due after five years through ten years | $ 994 | $ 1,077 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.30% | 2.60% | |
Debt securities, available-for-sale, due after ten years | $ 9 | $ 57 | |
Debt securities, available-for-sale, due after ten years, yield | 2.50% | 2.10% | |
Debt securities, available-for-sale, amortized cost | $ 1,878 | $ 1,809 | |
Held-to-maturity securities | Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,170 | $ 1,253 | |
Debt securities, held-to-maturity, yield | 2.80% | 3.00% | |
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 ten years, amortized cost | $ 1,170 | $ 1,253 | |
Debt securities, held-to-maturity, due after ten years, yield | 2.80% | 3.00% | |
[1] | Refer to Note 8 for discussion of investment securities pledged as collateral. |
Investment Securities (Invest_3
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividends on investment securities | $ 600 | $ 736 | $ 955 |
Excludes other earning assets | |||
Taxable interest | 533 | 654 | 858 |
Taxable dividends | 27 | 21 | 14 |
Interest and dividends exempt from U.S. federal income tax | 19 | 17 | 15 |
Interest and dividends on investment securities | $ 579 | $ 692 | $ 887 |
Investment Securities (Schedule
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale securities, gross realized gains | $ 102 | $ 173 | $ 82 |
Available-for-sale securities, gross realized losses | 0 | (2) | (4) |
Net realized gains on available-for-sale securities | 102 | 171 | 78 |
Net realized gain on equity securities | 190 | 107 | 73 |
Net unrealized (loss) gain on equity securities | (7) | 29 | 92 |
Other gain on investments, net | $ 285 | $ 307 | $ 243 |
Investment securities (Invest_4
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,170 | $ 1,253 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,170 | 1,253 |
AA Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,170 | 1,253 |
AA Rating | Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,170 | $ 1,253 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | $ 21,288 | $ 2,630 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (373) | (21) |
Debt securities, available-for-sale, fair value, 12 months or longer | 896 | 5 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (48) | 0 |
U.S. Treasury and federal agencies | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 1,682 | 3 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (20) | 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 |
U.S. States and political subdivisions | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 160 | 83 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (3) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 31 | 0 |
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 | 76 | 7 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (2) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 7 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Agency mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 12,244 | 1,225 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (223) | (3) |
Debt securities, available-for-sale, fair value, 12 months or longer | 38 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 3,243 | 316 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (34) | (4) |
Debt securities, available-for-sale, fair value, 12 months or longer | 22 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Agency mortgage-backed commercial | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 2,553 | 926 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (70) | (13) |
Debt securities, available-for-sale, fair value, 12 months or longer | 749 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (43) | 0 |
Asset-backed | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 360 | 11 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (3) | 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 |
Corporate debt | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 970 | 59 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (18) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 49 | 5 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | $ (3) | $ 0 |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | $ 122,268 | $ 118,534 | |
Unamortized premiums and discounts and deferred fees and costs | 2,300 | 2,000 | |
Accrued interest receivable | 514 | 587 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 98,226 | 89,202 | |
Consumer | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 78,252 | 73,668 | |
Consumer | Mortgage/Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 18,012 | 15,127 | |
Consumer | Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 17,644 | 14,632 | |
Interest-only mortgage loans | 5 | 8 | |
Consumer | Mortgage - Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 368 | 495 | |
Interest-only mortgage loans | 21 | 30 | |
Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 1,962 | 407 | |
Finance receivables, fair value | 7 | 8 | $ 11 |
Consumer | Personal Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 1,009 | 407 | |
Consumer | Credit Card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 953 | 0 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 24,042 | 29,332 | |
Commercial | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 12,229 | 19,082 | |
Commercial | Mortgage/Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | 4,939 | 5,008 | |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total finance receivables and loans | $ 6,874 | $ 5,242 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | $ 3,283 | $ 1,263 | ||
Charge-offs | (981) | (1,326) | ||
Recoveries | 712 | 562 | ||
Net charge-offs | (269) | (764) | ||
Provision for credit losses | 241 | 1,439 | $ 998 | |
Other | 12 | (1) | ||
Allowance, ending balance | 3,267 | 3,283 | 1,263 | |
Fair Square Financial Holdings LLC | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Financing receivable, purchased with credit deterioration, allowance for credit loss | $ 12 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 1,346 | |||
Allowance, ending balance | 1,346 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,609 | |||
Allowance, ending balance | 2,609 | |||
Consumer | Automotive | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,902 | 1,075 | ||
Charge-offs | (923) | (1,244) | ||
Recoveries | 686 | 542 | ||
Net charge-offs | (237) | (702) | ||
Provision for credit losses | 104 | 1,194 | ||
Other | 0 | 1 | ||
Allowance, ending balance | 2,769 | 2,902 | 1,075 | |
Consumer | Automotive | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 1,334 | |||
Allowance, ending balance | 1,334 | |||
Consumer | Automotive | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,409 | |||
Allowance, ending balance | 2,409 | |||
Consumer | Mortgage/Real Estate | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 33 | 46 | ||
Charge-offs | (6) | (13) | ||
Recoveries | 13 | 16 | ||
Net charge-offs | 7 | 3 | ||
Provision for credit losses | (14) | (10) | ||
Other | 1 | 0 | ||
Allowance, ending balance | 27 | 33 | 46 | |
Consumer | Mortgage/Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | (6) | |||
Allowance, ending balance | (6) | |||
Consumer | Mortgage/Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 40 | |||
Allowance, ending balance | 40 | |||
Consumer | Other | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 73 | 9 | ||
Charge-offs | (30) | (15) | ||
Recoveries | 2 | 1 | ||
Net charge-offs | (28) | (14) | ||
Provision for credit losses | 163 | 62 | ||
Other | 13 | 0 | ||
Allowance, ending balance | 221 | 73 | 9 | |
Finance receivables, fair value | 7 | 8 | 11 | |
Consumer | Other | Fair Square Financial Holdings LLC | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | $ 97 | |||
Consumer | Other | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 16 | |||
Allowance, ending balance | 16 | |||
Consumer | Other | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 25 | |||
Allowance, ending balance | 25 | |||
Commercial | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 275 | 133 | ||
Charge-offs | (22) | (54) | ||
Recoveries | 11 | 3 | ||
Net charge-offs | (11) | (51) | ||
Provision for credit losses | (12) | 193 | ||
Other | (2) | (2) | ||
Allowance, ending balance | $ 250 | 275 | 133 | |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2 | |||
Allowance, ending balance | 2 | |||
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | $ 135 | |||
Allowance, ending balance | $ 135 |
Finance Receivables and Loans_5
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 414 | $ 464 |
Consumer | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 414 | $ 464 |
Finance Receivables and Loans_6
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 7,247 | $ 6,590 |
Fair Square Financial Holdings LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables and loans | 882 | |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | 2,506 | 2,355 |
Consumer | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | 3,853 | 4,230 |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | 882 | 0 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 6 | $ 5 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | $ 1,436 | $ 1,522 | $ 1,036 |
Financing receivable, nonaccrual, with no allowance | 568 | 706 | |
Financing receivable, nonaccrual, interest income | 13 | 8 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 1,179 | 1,361 | 821 |
Financing receivable, nonaccrual, with no allowance | 485 | 650 | |
Consumer | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 1,078 | 1,256 | 762 |
Financing receivable, nonaccrual, with no allowance | 423 | 604 | |
Consumer | Mortgage/Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 85 | 102 | 57 |
Financing receivable, nonaccrual, with no allowance | 62 | 46 | |
Consumer | Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 59 | 67 | 17 |
Financing receivable, nonaccrual, with no allowance | 39 | 18 | |
Consumer | Mortgage - Legacy | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 26 | 35 | 40 |
Financing receivable, nonaccrual, with no allowance | 23 | 28 | |
Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 16 | 3 | 2 |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | |
Consumer | Personal Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 5 | 3 | |
Financing receivable, nonaccrual, with no allowance | 0 | ||
Consumer | Credit card receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 11 | 0 | |
Financing receivable, nonaccrual, with no allowance | 0 | ||
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 257 | 161 | 215 |
Financing receivable, nonaccrual, with no allowance | 83 | 56 | |
Commercial | Automotive | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 33 | 40 | 73 |
Financing receivable, nonaccrual, with no allowance | 32 | 10 | |
Commercial | Mortgage/Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 3 | 5 | 4 |
Financing receivable, nonaccrual, with no allowance | 3 | 5 | |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 221 | 116 | $ 138 |
Financing receivable, nonaccrual, with no allowance | $ 48 | $ 41 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | $ 122,268 | $ 118,534 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | 98,226 | 89,202 | |
Consumer | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 46,869 | 31,399 | |
Year two, originated, fiscal year before current fiscal year | 20,088 | 22,426 | |
Year three, originated, two years before current fiscal year | 13,015 | 14,509 | |
Year four, originated, three years before current fiscal year | 7,800 | 9,765 | |
Year five, originated, four years before current fiscal year | 4,661 | 5,143 | |
Originated, more than five years before current fiscal year | 4,562 | 5,604 | |
Revolving loans | 1,197 | 310 | |
Revolving loans converted to term | 27 | 38 | |
Total finance receivables and loans | 98,219 | 89,194 | |
Consumer | Automotive | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 35,802 | 27,634 | |
Year two, originated, fiscal year before current fiscal year | 17,736 | 19,943 | |
Year three, originated, two years before current fiscal year | 12,010 | 12,730 | |
Year four, originated, three years before current fiscal year | 7,028 | 7,483 | |
Year five, originated, four years before current fiscal year | 3,610 | 3,953 | |
Originated, more than five years before current fiscal year | 2,066 | 1,925 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 78,252 | 73,668 | |
Consumer | Mortgage/Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 10,227 | 3,444 | |
Year two, originated, fiscal year before current fiscal year | 2,215 | 2,425 | |
Year three, originated, two years before current fiscal year | 986 | 1,765 | |
Year four, originated, three years before current fiscal year | 767 | 2,277 | |
Year five, originated, four years before current fiscal year | 1,050 | 1,189 | |
Originated, more than five years before current fiscal year | 2,496 | 3,679 | |
Revolving loans | 244 | 310 | |
Revolving loans converted to term | 27 | 38 | |
Total finance receivables and loans | 18,012 | 15,127 | |
Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 10,227 | 3,444 | |
Year two, originated, fiscal year before current fiscal year | 2,215 | 2,425 | |
Year three, originated, two years before current fiscal year | 986 | 1,765 | |
Year four, originated, three years before current fiscal year | 767 | 2,277 | |
Year five, originated, four years before current fiscal year | 1,050 | 1,189 | |
Originated, more than five years before current fiscal year | 2,399 | 3,532 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 17,644 | 14,632 | |
Consumer | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 97 | 147 | |
Revolving loans | 244 | 310 | |
Revolving loans converted to term | 27 | 38 | |
Total finance receivables and loans | 368 | 495 | |
Consumer | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | 1,962 | 407 | |
Finance receivables, fair value | 7 | 8 | $ 11 |
Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 840 | 321 | |
Year two, originated, fiscal year before current fiscal year | 137 | 58 | |
Year three, originated, two years before current fiscal year | 19 | 14 | |
Year four, originated, three years before current fiscal year | 5 | 5 | |
Year five, originated, four years before current fiscal year | 1 | 1 | |
Originated, more than five years before current fiscal year | 0 | 0 | |
Revolving loans | 953 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 1,955 | 399 | |
Consumer | Personal Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total finance receivables and loans | 1,009 | 407 | |
Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 840 | ||
Year two, originated, fiscal year before current fiscal year | 137 | ||
Year three, originated, two years before current fiscal year | 19 | ||
Year four, originated, three years before current fiscal year | 5 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 1,002 | ||
Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 953 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 953 | 0 | |
Current | Consumer | Automotive | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 35,222 | 27,255 | |
Year two, originated, fiscal year before current fiscal year | 17,218 | 19,204 | |
Year three, originated, two years before current fiscal year | 11,512 | 12,129 | |
Year four, originated, three years before current fiscal year | 6,692 | 7,060 | |
Year five, originated, four years before current fiscal year | 3,403 | 3,678 | |
Originated, more than five years before current fiscal year | 1,911 | 1,766 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 75,958 | 71,092 | |
Current | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 10,169 | 3,432 | |
Year two, originated, fiscal year before current fiscal year | 2,212 | 2,410 | |
Year three, originated, two years before current fiscal year | 977 | 1,744 | |
Year four, originated, three years before current fiscal year | 744 | 2,254 | |
Year five, originated, four years before current fiscal year | 1,041 | 1,177 | |
Originated, more than five years before current fiscal year | 2,363 | 3,492 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 17,506 | 14,509 | |
Current | Consumer | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 79 | 121 | |
Revolving loans | 238 | 303 | |
Revolving loans converted to term | 23 | 36 | |
Total finance receivables and loans | 340 | 460 | |
Current | Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 306 | ||
Year two, originated, fiscal year before current fiscal year | 53 | ||
Year three, originated, two years before current fiscal year | 13 | ||
Year four, originated, three years before current fiscal year | 4 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 377 | ||
Current | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 821 | ||
Year two, originated, fiscal year before current fiscal year | 133 | ||
Year three, originated, two years before current fiscal year | 18 | ||
Year four, originated, three years before current fiscal year | 5 | ||
Year five, originated, four years before current fiscal year | 1 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 978 | ||
Current | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 932 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 932 | ||
Financing receivables, 30 to 59 days past due | Consumer | Automotive | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 424 | 281 | |
Year two, originated, fiscal year before current fiscal year | 353 | 466 | |
Year three, originated, two years before current fiscal year | 334 | 376 | |
Year four, originated, three years before current fiscal year | 226 | 264 | |
Year five, originated, four years before current fiscal year | 139 | 174 | |
Originated, more than five years before current fiscal year | 101 | 97 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 1,577 | 1,658 | |
Financing receivables, 30 to 59 days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 50 | 10 | |
Year two, originated, fiscal year before current fiscal year | 3 | 9 | |
Year three, originated, two years before current fiscal year | 3 | 10 | |
Year four, originated, three years before current fiscal year | 7 | 11 | |
Year five, originated, four years before current fiscal year | 2 | 7 | |
Originated, more than five years before current fiscal year | 12 | 16 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 77 | 63 | |
Financing receivables, 30 to 59 days past due | Consumer | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 2 | 4 | |
Revolving loans | 1 | 2 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 3 | 6 | |
Financing receivables, 30 to 59 days past due | Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 9 | ||
Year two, originated, fiscal year before current fiscal year | 3 | ||
Year three, originated, two years before current fiscal year | 1 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 13 | ||
Financing receivables, 30 to 59 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 9 | ||
Year two, originated, fiscal year before current fiscal year | 2 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 11 | ||
Financing receivables, 30 to 59 days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 6 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 6 | ||
Financing receivables, 60 to 89 days past due | Consumer | Automotive | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 115 | 66 | |
Year two, originated, fiscal year before current fiscal year | 114 | 165 | |
Year three, originated, two years before current fiscal year | 108 | 129 | |
Year four, originated, three years before current fiscal year | 70 | 88 | |
Year five, originated, four years before current fiscal year | 41 | 55 | |
Originated, more than five years before current fiscal year | 28 | 32 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 476 | 535 | |
Financing receivables, 60 to 89 days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 8 | 1 | |
Year two, originated, fiscal year before current fiscal year | 0 | 1 | |
Year three, originated, two years before current fiscal year | 1 | 3 | |
Year four, originated, three years before current fiscal year | 0 | 2 | |
Year five, originated, four years before current fiscal year | 0 | 1 | |
Originated, more than five years before current fiscal year | 5 | 3 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 14 | 11 | |
Financing receivables, 60 to 89 days past due | Consumer | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 1 | 2 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 1 | 0 | |
Total finance receivables and loans | 2 | 2 | |
Financing receivables, 60 to 89 days past due | Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 4 | ||
Year two, originated, fiscal year before current fiscal year | 1 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 1 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 6 | ||
Financing receivables, 60 to 89 days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 6 | ||
Year two, originated, fiscal year before current fiscal year | 1 | ||
Year three, originated, two years before current fiscal year | 1 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 8 | ||
Financing receivables, 60 to 89 days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 5 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 5 | ||
Financing receivables, 90 or more days past due | Consumer | Automotive | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 41 | 32 | |
Year two, originated, fiscal year before current fiscal year | 51 | 108 | |
Year three, originated, two years before current fiscal year | 56 | 96 | |
Year four, originated, three years before current fiscal year | 40 | 71 | |
Year five, originated, four years before current fiscal year | 27 | 46 | |
Originated, more than five years before current fiscal year | 26 | 30 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 241 | 383 | |
Financing receivables, 90 or more days past due | Consumer | Mortgage Finance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 1 | |
Year two, originated, fiscal year before current fiscal year | 0 | 5 | |
Year three, originated, two years before current fiscal year | 5 | 8 | |
Year four, originated, three years before current fiscal year | 16 | 10 | |
Year five, originated, four years before current fiscal year | 7 | 4 | |
Originated, more than five years before current fiscal year | 19 | 21 | |
Revolving loans | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Total finance receivables and loans | 47 | 49 | |
Financing receivables, 90 or more days past due | Consumer | Mortgage - Legacy | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | 0 | |
Year three, originated, two years before current fiscal year | 0 | 0 | |
Year four, originated, three years before current fiscal year | 0 | 0 | |
Year five, originated, four years before current fiscal year | 0 | 0 | |
Originated, more than five years before current fiscal year | 15 | 20 | |
Revolving loans | 5 | 5 | |
Revolving loans converted to term | 3 | 2 | |
Total finance receivables and loans | 23 | 27 | |
Financing receivables, 90 or more days past due | Consumer | Other | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 2 | ||
Year two, originated, fiscal year before current fiscal year | 1 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | $ 3 | ||
Financing receivables, 90 or more days past due | Consumer | Personal Lending | Excludes fair value option elected other loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 4 | ||
Year two, originated, fiscal year before current fiscal year | 1 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | 5 | ||
Financing receivables, 90 or more days past due | Consumer | Credit card receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one, originated, current fiscal year | 0 | ||
Year two, originated, fiscal year before current fiscal year | 0 | ||
Year three, originated, two years before current fiscal year | 0 | ||
Year four, originated, three years before current fiscal year | 0 | ||
Year five, originated, four years before current fiscal year | 0 | ||
Originated, more than five years before current fiscal year | 0 | ||
Revolving loans | 10 | ||
Revolving loans converted to term | 0 | ||
Total finance receivables and loans | $ 10 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 122,268 | $ 118,534 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 2,419 | 2,711 |
Year two, originated, fiscal year before current fiscal year | 1,896 | 2,122 |
Year three, originated, two years before current fiscal year | 1,586 | 1,399 |
Year four, originated, three years before current fiscal year | 783 | 1,272 |
Year five, originated, four years before current fiscal year | 663 | 977 |
Originated, more than five years before current fiscal year | 1,052 | 902 |
Revolving loans | 15,512 | 19,807 |
Revolving loans converted to term | 131 | 142 |
Total finance receivables and loans | 24,042 | 29,332 |
Automotive loan | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 354 | 920 |
Year two, originated, fiscal year before current fiscal year | 192 | 245 |
Year three, originated, two years before current fiscal year | 119 | 117 |
Year four, originated, three years before current fiscal year | 65 | 143 |
Year five, originated, four years before current fiscal year | 54 | 86 |
Originated, more than five years before current fiscal year | 74 | 52 |
Revolving loans | 11,371 | 17,519 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 12,229 | 19,082 |
Automotive loan | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 347 | 869 |
Year two, originated, fiscal year before current fiscal year | 190 | 220 |
Year three, originated, two years before current fiscal year | 112 | 58 |
Year four, originated, three years before current fiscal year | 49 | 91 |
Year five, originated, four years before current fiscal year | 23 | 76 |
Originated, more than five years before current fiscal year | 56 | 34 |
Revolving loans | 10,741 | 15,433 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 11,518 | 16,781 |
Automotive loan | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 7 | 48 |
Year two, originated, fiscal year before current fiscal year | 1 | 23 |
Year three, originated, two years before current fiscal year | 7 | 59 |
Year four, originated, three years before current fiscal year | 15 | 52 |
Year five, originated, four years before current fiscal year | 31 | 9 |
Originated, more than five years before current fiscal year | 18 | 18 |
Revolving loans | 589 | 2,013 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 668 | 2,222 |
Automotive loan | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 3 |
Year two, originated, fiscal year before current fiscal year | 1 | 2 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 1 | 0 |
Year five, originated, four years before current fiscal year | 0 | 1 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 41 | 72 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 43 | 78 |
Automotive loan | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 0 | |
Revolving loans | 1 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 1 | |
Other | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 754 | 645 |
Year two, originated, fiscal year before current fiscal year | 639 | 817 |
Year three, originated, two years before current fiscal year | 565 | 367 |
Year four, originated, three years before current fiscal year | 107 | 514 |
Year five, originated, four years before current fiscal year | 249 | 183 |
Originated, more than five years before current fiscal year | 299 | 288 |
Revolving loans | 4,138 | 2,288 |
Revolving loans converted to term | 123 | 140 |
Total finance receivables and loans | 6,874 | 5,242 |
Other | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 739 | 536 |
Year two, originated, fiscal year before current fiscal year | 448 | 622 |
Year three, originated, two years before current fiscal year | 374 | 244 |
Year four, originated, three years before current fiscal year | 86 | 210 |
Year five, originated, four years before current fiscal year | 99 | 81 |
Originated, more than five years before current fiscal year | 68 | 69 |
Revolving loans | 4,032 | 2,142 |
Revolving loans converted to term | 83 | 76 |
Total finance receivables and loans | 5,929 | 3,980 |
Other | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 15 | 76 |
Year two, originated, fiscal year before current fiscal year | 169 | 169 |
Year three, originated, two years before current fiscal year | 96 | 123 |
Year four, originated, three years before current fiscal year | 21 | 190 |
Year five, originated, four years before current fiscal year | 10 | 102 |
Originated, more than five years before current fiscal year | 122 | 115 |
Revolving loans | 93 | 123 |
Revolving loans converted to term | 17 | 43 |
Total finance receivables and loans | 543 | 941 |
Other | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 33 |
Year two, originated, fiscal year before current fiscal year | 22 | 26 |
Year three, originated, two years before current fiscal year | 95 | 0 |
Year four, originated, three years before current fiscal year | 0 | 108 |
Year five, originated, four years before current fiscal year | 140 | 0 |
Originated, more than five years before current fiscal year | 83 | 77 |
Revolving loans | 13 | 21 |
Revolving loans converted to term | 23 | 20 |
Total finance receivables and loans | 376 | 285 |
Other | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 6 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 26 | 27 |
Revolving loans | 0 | 2 |
Revolving loans converted to term | 0 | 1 |
Total finance receivables and loans | 26 | 36 |
Commercial real estate | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 1,311 | 1,146 |
Year two, originated, fiscal year before current fiscal year | 1,065 | 1,060 |
Year three, originated, two years before current fiscal year | 902 | 915 |
Year four, originated, three years before current fiscal year | 611 | 615 |
Year five, originated, four years before current fiscal year | 360 | 708 |
Originated, more than five years before current fiscal year | 679 | 562 |
Revolving loans | 3 | 0 |
Revolving loans converted to term | 8 | 2 |
Total finance receivables and loans | 4,939 | 5,008 |
Commercial real estate | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 1,298 | 1,108 |
Year two, originated, fiscal year before current fiscal year | 1,060 | 928 |
Year three, originated, two years before current fiscal year | 873 | 799 |
Year four, originated, three years before current fiscal year | 604 | 580 |
Year five, originated, four years before current fiscal year | 342 | 651 |
Originated, more than five years before current fiscal year | 653 | 512 |
Revolving loans | 3 | 0 |
Revolving loans converted to term | 8 | 2 |
Total finance receivables and loans | 4,841 | 4,580 |
Commercial real estate | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 13 | 38 |
Year two, originated, fiscal year before current fiscal year | 5 | 132 |
Year three, originated, two years before current fiscal year | 29 | 116 |
Year four, originated, three years before current fiscal year | 7 | 32 |
Year five, originated, four years before current fiscal year | 18 | 49 |
Originated, more than five years before current fiscal year | 19 | 43 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 91 | 410 |
Commercial real estate | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 3 |
Year five, originated, four years before current fiscal year | 0 | 6 |
Originated, more than five years before current fiscal year | 7 | 7 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | $ 7 | 16 |
Commercial real estate | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 2 | |
Originated, more than five years before current fiscal year | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | $ 2 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 122,268 | $ 118,534 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 24,042 | 29,332 |
Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 12,229 | 19,082 |
Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 6,874 | 5,242 |
Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 4,939 | 5,008 |
Total past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 1 | 2 |
Total past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Total past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 1 | 0 |
Total past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 2 |
Financing receivables, 30 to 59 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 90 or more days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 1 | 2 |
Financing receivables, 90 or more days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 90 or more days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 1 | 0 |
Financing receivables, 90 or more days past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 2 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 24,041 | 29,330 |
Current | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 12,229 | 19,082 |
Current | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 6,873 | 5,242 |
Current | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 4,939 | $ 5,006 |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, gross carrying value | $ 2,400 | $ 2,200 | $ 867 |
Loans and leases receivable, impaired, commitment to lend | $ 18 | $ 14 | $ 17 |
Financing receivable, modifications, number of loans | loan | 78,162 | 114,718 | 27,702 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1,458 | $ 2,063 | $ 613 |
Financing receivable, modifications, post-modification amortized cost basis | $ 1,434 | $ 1,965 | $ 514 |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 78,158 | 114,710 | 27,692 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1,419 | $ 1,937 | $ 485 |
Financing receivable, modifications, post-modification amortized cost basis | $ 1,395 | $ 1,864 | $ 422 |
Consumer | Automotive loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 77,991 | 114,595 | 27,623 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1,395 | $ 1,908 | $ 476 |
Financing receivable, modifications, post-modification amortized cost basis | $ 1,371 | $ 1,835 | $ 413 |
Consumer | Mortgage/Real Estate | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 54 | 115 | 69 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 24 | $ 29 | $ 9 |
Financing receivable, modifications, post-modification amortized cost basis | $ 24 | $ 29 | $ 9 |
Consumer | Mortgage Finance | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 38 | 41 | 8 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 22 | $ 20 | $ 1 |
Financing receivable, modifications, post-modification amortized cost basis | $ 22 | $ 20 | $ 1 |
Consumer | Mortgage - Legacy | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 16 | 74 | 61 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 2 | $ 9 | $ 8 |
Financing receivable, modifications, post-modification amortized cost basis | $ 2 | $ 9 | $ 8 |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 113 | ||
Financing receivable, modifications, pre-modification amortized cost basis | $ 0 | ||
Financing receivable, modifications, post-modification amortized cost basis | $ 0 | ||
Consumer | Personal Lending | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 0 | ||
Financing receivable, modifications, pre-modification amortized cost basis | $ 0 | ||
Financing receivable, modifications, post-modification amortized cost basis | $ 0 | ||
Consumer | Credit card receivables | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 113 | ||
Financing receivable, modifications, pre-modification amortized cost basis | $ 0 | ||
Financing receivable, modifications, post-modification amortized cost basis | $ 0 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 4 | 8 | 10 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 39 | $ 126 | $ 128 |
Financing receivable, modifications, post-modification amortized cost basis | $ 39 | $ 101 | $ 92 |
Commercial | Automotive loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 1 | 5 | 7 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 2 | $ 45 | $ 46 |
Financing receivable, modifications, post-modification amortized cost basis | $ 2 | $ 40 | $ 46 |
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 1 | 3 | 3 |
Financing receivable, modifications, pre-modification amortized cost basis | $ 33 | $ 81 | $ 82 |
Financing receivable, modifications, post-modification amortized cost basis | $ 33 | $ 61 | $ 46 |
Commercial | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 2 | ||
Financing receivable, modifications, pre-modification amortized cost basis | $ 4 | ||
Financing receivable, modifications, post-modification amortized cost basis | $ 4 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details) - Consumer $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | loan | 9,300 | 10,072 | 7,215 |
Amortized cost | $ 119 | $ 104 | $ 81 |
Charge-off amount | $ 61 | $ 71 | $ 52 |
Automotive loan | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | loan | 9,295 | 10,070 | 7,215 |
Amortized cost | $ 119 | $ 104 | $ 81 |
Charge-off amount | $ 61 | $ 71 | $ 52 |
Mortgage/Real Estate | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | loan | 5 | ||
Amortized cost | $ 0 | ||
Charge-off amount | $ 0 | ||
Mortgage Finance | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | loan | 1 | 1 | |
Amortized cost | $ 0 | $ 0 | |
Charge-off amount | $ 0 | $ 0 | |
Mortgage - Legacy | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | loan | 4 | 1 | |
Amortized cost | $ 0 | $ 0 | |
Charge-off amount | $ 0 | $ 0 |
Finance Receivables and Loan_13
Finance Receivables and Loans, Net (Consumer Concentration Risk) (Details) - Consumer | Dec. 31, 2021 | Dec. 31, 2020 |
Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 100.00% | 100.00% |
Automotive loan | CALIFORNIA AND TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 26.40% | 24.70% |
Automotive loan | CALIFORNIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 8.70% | 8.60% |
Automotive loan | TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 13.00% | 12.50% |
Automotive loan | FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 9.30% | 8.80% |
Automotive loan | PENNSYLVANIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 4.40% | 4.50% |
Automotive loan | GEORGIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 4.00% | 3.90% |
Automotive loan | NORTH CAROLINA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 4.10% | 4.10% |
Automotive loan | ILLINOIS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.70% | 4.00% |
Automotive loan | NEW YORK | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.30% | 3.20% |
Automotive loan | NEW JERSEY | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.00% | 2.90% |
Automotive loan | OHIO | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.40% | 3.50% |
Automotive loan | OTHER UNITED STATES | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 43.10% | 44.00% |
Mortgage Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 100.00% | 100.00% |
Mortgage Finance | CALIFORNIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 39.60% | 34.30% |
Mortgage Finance | TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 7.30% | 8.00% |
Mortgage Finance | FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 6.30% | 5.50% |
Mortgage Finance | PENNSYLVANIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 2.30% | 2.00% |
Mortgage Finance | GEORGIA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.00% | 3.10% |
Mortgage Finance | NORTH CAROLINA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 1.60% | 2.30% |
Mortgage Finance | ILLINOIS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.10% | 3.00% |
Mortgage Finance | NEW YORK | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 2.10% | 3.40% |
Mortgage Finance | NEW JERSEY | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 2.50% | 2.20% |
Mortgage Finance | OHIO | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 0.50% | 0.50% |
Mortgage Finance | OTHER UNITED STATES | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 31.70% | 35.70% |
Finance Receivables and Loan_14
Finance Receivables and Loans, Net (Commercial Concentration Risk) (Details) - Commercial | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 100.00% | 100.00% |
Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 100.00% | 100.00% |
FLORIDA | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 16.40% | 13.30% |
TEXAS | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 13.90% | 13.00% |
CALIFORNIA | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 8.30% | 7.90% |
MICHIGAN | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 5.80% | 7.70% |
NORTH CAROLINA | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 5.80% | 5.50% |
NEW YORK | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.80% | 5.60% |
OHIO | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.40% | 1.30% |
GEORGIA | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.30% | 3.60% |
UTAH | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 3.00% | 3.00% |
ILLINOIS | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 2.90% | 2.80% |
OTHER UNITED STATES | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 33.40% | 36.30% |
Finance Receivables and Loan_15
Finance Receivables and Loans, Net (Commercial Criticized Risk Exposure) (Details) - Commercial | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 100.00% | 100.00% |
Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 50.80% | 67.70% |
Chemicals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 14.40% | 4.40% |
Services | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 11.00% | 5.80% |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost, finance receivables and loans, percentage | 23.80% | 22.10% |
Leasing (Ally as the Lessee) (D
Leasing (Ally as the Lessee) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Noncancelable lease term | 367 days | |
Lease extension, maximum | 48 months | |
Cash paid for amounts included in the measurement of lease liabilities | $ 51 | $ 49 |
Right-of-use asset obtained in exchange for operating lease liability | $ 361 | $ 93 |
Operating lease, weighted-average remaining lease term | 6 years | 7 years |
Operating lease, weighted average discount rate | 1.96% | 2.21% |
Undiscounted future lease payments | $ 13 | |
Term of contract | 10 years | |
Lease income | $ 1 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease term | 7 months | |
Option to terminate | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease remaining lease term | 10 years | |
Option to terminate | 6 years | |
Land and Building | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Option to extend | 1 year | |
Land and Building | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Option to extend | 15 years |
Leasing (Lessee, Operating Leas
Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 41 | |
2023 | 32 | |
2024 | 26 | |
2025 | 21 | |
2026 | 20 | |
2027 and thereafter | 46 | |
Total undiscounted cash flows | 186 | |
Difference between undiscounted cash flows and discounted cash flows | (11) | |
Total lease liability | $ 175 | $ 187 |
Leasing (Lease, Cost) (Details)
Leasing (Lease, Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease expense | $ 46 | $ 46 | $ 45 |
Variable lease expense | 7 | 8 | 8 |
Total lease expense, net | $ 53 | $ 54 | $ 53 |
Leasing (Ally as the Lessor) (D
Leasing (Ally as the Lessor) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lessor, Lease, Description [Line Items] | ||
Residual value guarantee, percentage | 15.00% | 15.00% |
Vehicles | $ 12,384 | $ 11,182 |
Accumulated depreciation | (1,522) | (1,543) |
Investment in operating leases, net | $ 10,862 | 9,639 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, term of contract | 24 months | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, term of contract | 60 months | |
Vehicles | ||
Lessor, Lease, Description [Line Items] | ||
Residual value of leased asset | $ 165 | $ 352 |
Leasing (Lessor, Operating Leas
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 1,546 |
2023 | 1,140 |
2024 | 511 |
2025 | 116 |
2026 | 8 |
Total lease payments from operating leases | $ 3,321 |
Leasing (Depreciation Expense o
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease revenue | $ 1,550 | $ 1,435 | $ 1,470 |
Depreciation expense on operating lease assets | 914 | 978 | 1,050 |
Remarketing gains, net | (344) | (127) | (69) |
Net depreciation expense on operating lease assets | 570 | 851 | 981 |
Variable lease payments, excessive wear and tear | $ 16 | $ 23 | $ 19 |
Leasing (Sales-type and Direct
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Direct financing lease, net investment in lease | $ 470 | $ 450 |
Direct financing lease, present value of lease payments recorded as lease receivable | 457 | 437 |
Direct financing lease, unguaranteed residual asset | 13 | 13 |
Direct financing lease, interest income | 27 | $ 24 |
2022 | 159 | |
2023 | 133 | |
2024 | 111 | |
2025 | 58 | |
2026 | 32 | |
2027 and thereafter | 13 | |
Total undiscounted cash flows | 506 | |
Difference between undiscounted cash flows and discounted cash flows | (50) | |
Present value of lease payments recorded as lease receivable | $ 456 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Support provided to commercial securitization entity (less than) | $ 1,000,000 | ||
Sales of financial assets | $ 0 | 0 | $ 0 |
Investment in qualified affordable housing projects | 1,378,000,000 | 1,095,000,000 | |
Unfunded commitments for investment in qualified affordable housing projects | 724,000,000 | 525,000,000 | |
Off-balance sheet variable interest entities | Consumer Automotive Industry Sector | |||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Net credit losses recognized | $ 0 | $ 2,000,000 |
Securitizations and Variable _4
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | $ 182,114 | $ 182,165 | $ 180,644 |
Carrying value of total liabilities | 165,064 | 167,462 | |
Other assets | 8,057 | 6,415 | |
On-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 7,509 | 14,196 | |
Carrying value of total liabilities | 1,339 | 4,161 | |
Other assets | 563 | 983 | |
On-balance sheet variable interest entities | Consumer | Automotive loan | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 18,158 | 17,833 | |
Carrying value of total liabilities | 1,162 | 3,103 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 0 | 0 | |
Assets held-in-trust | 11,000 | 9,900 | |
Non-recourse debt | 124 | 94 | |
On-balance sheet variable interest entities | Consumer | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 318 | ||
Carrying value of total liabilities | 300 | ||
Assets sold to nonconsolidated VIEs | 0 | ||
Maximum exposure to loss in nonconsolidated VIEs | 0 | ||
On-balance sheet variable interest entities | Commercial | Automotive loan | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 6,276 | ||
Carrying value of total liabilities | 1,152 | ||
Assets sold to nonconsolidated VIEs | 0 | ||
Maximum exposure to loss in nonconsolidated VIEs | 0 | ||
Off-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 20,290 | 25,404 | |
Carrying value of total liabilities | 2,188 | 4,784 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 2,416 | 1,754 | |
Off-balance sheet variable interest entities | Commercial | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 1,814 | 1,295 | |
Carrying value of total liabilities | 726 | 529 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 2,416 | $ 1,754 | |
Other assets | $ 8 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Off-balance sheet variable interest entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consumer Automotive Industry Sector | |||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | |||
Cash flows received on retained interests in securitization entities | $ 0 | $ 12 | $ 23 |
Servicing fees | 0 | 3 | 10 |
Cash disbursements for repurchases during the period | 0 | (2) | (2) |
Total | 4 | 13 | 31 |
Consumer Other Portfolio Sector | |||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | |||
Cash proceeds from transfers completed during the period | $ 4 | $ 0 | $ 0 |
Securitizations and Variable _6
Securitizations and Variable Interest Entities (Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together) (Details) - Consumer Other Portfolio Sector - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | $ 4 | $ 0 |
Amount 60 days or more past due | 0 | 0 |
Whole-loan sales | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | 4 | 0 |
Amount 60 days or more past due | $ 0 | $ 0 |
Securitizations and Variable _7
Securitizations and Variable Interest Entities (Activity in Affordable Housing Program Obligation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securitizations And Variable Interest Entities [Abstract] | |||
Affordable housing tax credits and other tax benefits | $ 144,000,000 | $ 109,000,000 | $ 86,000,000 |
Tax credit amortization expense recognized as a component of income tax expense | 118,000,000 | 90,000,000 | 72,000,000 |
Affordable housing impairment | $ 0 | $ 0 | $ 0 |
Premiums Receivable and Other_3
Premiums Receivable and Other Insurance Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Premiums Receivable Disclosure [Abstract] | ||
Prepaid reinsurance premiums | $ 549 | $ 554 |
Reinsurance recoverable on unpaid losses | 81 | 90 |
Reinsurance recoverable on paid losses | 23 | 23 |
Premiums receivable | 97 | 100 |
Deferred policy acquisition costs | 1,974 | 1,912 |
Total premiums receivable and other insurance assets | $ 2,724 | $ 2,679 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | |||
Property and equipment at cost | $ 2,139 | $ 1,541 | |
Accumulated depreciation | (955) | (815) | |
Net property and equipment | 1,184 | 726 | |
Investment in qualified affordable housing projects | 1,378 | 1,095 | |
Nonmarketable equity investments | 998 | 915 | |
Goodwill | 822 | 343 | $ 393 |
Accrued interest, fees, and rent receivables | 600 | 704 | |
Restricted cash held for securitization trusts | 516 | 875 | |
Equity-method investments | 472 | 320 | |
Net deferred tax assets | 254 | 94 | |
Operating lease right-of-use assets | 148 | 162 | |
Net intangible assets | 129 | 50 | |
Other accounts receivable | 127 | 166 | |
Restricted cash and cash equivalents | 92 | 78 | |
Other assets | 1,337 | 887 | |
Total other assets | $ 8,057 | $ 6,415 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Other Assets (Summary of Equity
Other Assets (Summary of Equity Securities without Readily Determinable Fair Value) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets [Abstract] | |||
FHLB stock | $ 289,000,000 | $ 276,000,000 | |
FRB stock | 449,000,000 | 449,000,000 | |
Equity securities without a readily determinable fair value | |||
Cost basis | 89,000,000 | 87,000,000 | |
Upward adjustments | 183,000,000 | 115,000,000 | |
Downward adjustments (including impairment) | (12,000,000) | (12,000,000) | |
Carrying amount, equity securities without a readily determinable fair value | 260,000,000 | 190,000,000 | |
Nonmarketable equity investments | 998,000,000 | 915,000,000 | |
Upward adjustments | 88,000,000 | 105,000,000 | |
Downward adjustments (including impairment) | (1,000,000) | (6,000,000) | |
Impairment of FHLB and FRB stock | 0 | 0 | |
Gain on nonmarketable equity investments, net | $ 142,000,000 | $ 99,000,000 | $ 9,000,000 |
Other Assets (Schedule of Goodw
Other Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | $ 343 | $ 393 | ||
Impairment losses | 0 | (50) | $ 0 | |
Goodwill acquired | 479 | |||
Goodwill ending balance | 822 | 343 | 393 | |
Operating Segments | Automotive Finance operations | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 20 | 20 | ||
Impairment losses | 0 | |||
Goodwill acquired | 0 | |||
Goodwill ending balance | 20 | 20 | 20 | |
Operating Segments | Insurance operations | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 27 | 27 | ||
Impairment losses | 0 | |||
Goodwill acquired | 0 | |||
Goodwill ending balance | 27 | 27 | 27 | |
Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 296 | 346 | ||
Impairment losses | $ (50) | (50) | ||
Goodwill acquired | 479 | |||
Goodwill ending balance | 775 | 296 | $ 346 | |
Fair Square Financial Holdings LLC | ||||
Goodwill [Roll Forward] | ||||
Goodwill ending balance | 479 | |||
Ally Lending | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 153 | |||
Goodwill ending balance | 153 | 153 | ||
Ally Invest | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill beginning balance | 143 | |||
Impairment losses | (50) | |||
Goodwill ending balance | $ 143 | $ 143 |
Other Assets (Intangible Assets
Other Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (78) | $ (59) |
Total intangible assets, gross | 207 | 109 |
Net intangible assets | 129 | 50 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | 31 | |
2023 | 25 | |
2024 | 18 | |
2025 | 14 | |
2026 | 14 | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 83 | 12 |
Accumulated amortization | (9) | (6) |
Net carrying value | 74 | 6 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 58 | 58 |
Accumulated amortization | (42) | (31) |
Net carrying value | 16 | 27 |
Purchased credit card relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 25 | 0 |
Accumulated amortization | 0 | 0 |
Net carrying value | 25 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 2 | 0 |
Accumulated amortization | 0 | 0 |
Net carrying value | 2 | 0 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 39 | 39 |
Accumulated amortization | (27) | (22) |
Net carrying value | $ 12 | $ 17 |
Deposit Liabilities (Schedule o
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 150 | $ 128 |
Interest-bearing deposits | ||
Savings, money market, and checking accounts | 102,455 | 83,698 |
Certificates of deposit | 38,953 | 53,210 |
Total deposit liabilities | 141,558 | 137,036 |
Certificates of deposit, in excess of $250,000 federal insurance limits | $ 7,200 | $ 8,600 |
Deposit Liabilities (Time Depos
Deposit Liabilities (Time Deposit Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Due in 2022 | $ 31,955 | |
Due in 2023 | 4,387 | |
Due in 2024 | 1,642 | |
Due in 2025 | 596 | |
Due in 2026 | 373 | |
Total certificates of deposit | 38,953 | $ 53,210 |
Certificates of deposit, uninsured | $ 5,100 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Demand notes | $ 0 | $ 2,136 |
Total short-term borrowings | $ 0 | $ 2,136 |
Weighted average interest rate | 0.00% | 0.30% |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | $ 0 | $ 2,136 |
Total short-term borrowings | 0 | 2,136 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 0 | 0 |
Total short-term borrowings | $ 0 | $ 0 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 22,006 | $ 17,029 |
Subordinated debt | 1,000 | 1,000 |
Secured debt | 9,992 | 7,619 |
Loss on extinguishment of FHLB debt | 99 | |
Long-term debt, due within one year | 5,085 | 5,869 |
Long-term debt, due after one year | 16,921 | 11,160 |
Debt converted from fixed-rate into variable-rate | 2,500 | |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Fixed rate | 9,251 | 9,297 |
Trust preferred securities | 2,578 | |
Hedge basis adjustments | 185 | 113 |
Total long-term debt | $ 12,014 | $ 9,410 |
Weighted average stated interest rate | 5.23% | 4.87% |
Long-term debt, due within one year | $ 647 | $ 1,028 |
Long-term debt, due after one year | $ 11,367 | $ 8,382 |
Unsecured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.00% | 0.60% |
Unsecured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.70% | 8.00% |
Secured debt | ||
Debt Instrument [Line Items] | ||
Fixed rate | $ 9,909 | $ 7,502 |
Hedge basis adjustments | (16) | (3) |
Total long-term debt | 9,992 | 7,619 |
Variable rate | $ 99 | $ 120 |
Weighted average stated interest rate | 2.51% | 2.14% |
Variable interest entity debt | $ 4,200 | $ 1,300 |
Long-term debt, due within one year | 4,438 | 4,841 |
Long-term debt, due after one year | $ 5,554 | $ 2,778 |
Secured debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.45% | 0.72% |
Secured debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.70% | 6.86% |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 5,800 | $ 6,300 |
Debt (Scheduled Remaining Matur
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 5,869 | |
Long-term debt, maturities, repayments of principal in year two | 3,506 | |
Long-term debt, maturities, repayments of principal in year three | 2,679 | |
Long-term debt, maturities, repayments of principal in year four | 2,307 | |
Long-term debt, maturities, repayments of principal in year five | (52) | |
Long-term debt, maturities, repayments of principal after year five | 2,720 | |
Total long-term debt | 17,029 | $ 22,006 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,028 | |
Long-term debt, maturities, repayments of principal in year two | 2,024 | |
Long-term debt, maturities, repayments of principal in year three | 1,416 | |
Long-term debt, maturities, repayments of principal in year four | 2,284 | |
Long-term debt, maturities, repayments of principal in year five | (52) | |
Long-term debt, maturities, repayments of principal after year five | 2,710 | |
Total long-term debt | 9,410 | 12,014 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,619 | $ 9,992 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,081 | |
Long-term debt, maturities, repayments of principal in year two | 2,082 | |
Long-term debt, maturities, repayments of principal in year three | 1,481 | |
Long-term debt, maturities, repayments of principal in year four | 2,355 | |
Long-term debt, maturities, repayments of principal in year five | 27 | |
Long-term debt, maturities, repayments of principal after year five | 3,307 | |
Total long-term debt | 10,333 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 4,841 | |
Long-term debt, maturities, repayments of principal in year two | 1,482 | |
Long-term debt, maturities, repayments of principal in year three | 1,263 | |
Long-term debt, maturities, repayments of principal in year four | 23 | |
Long-term debt, maturities, repayments of principal in year five | 0 | |
Long-term debt, maturities, repayments of principal after year five | 10 | |
Total long-term debt | 7,619 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | (923) | |
Original issue discount | Unsecured debt | 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (53) | |
Original issue discount | Unsecured debt | 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (58) | |
Original issue discount | Unsecured debt | 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (65) | |
Original issue discount | Unsecured debt | 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (71) | |
Original issue discount | Unsecured debt | 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (79) | |
Original issue discount | Unsecured debt | 2027 and thereafter | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (597) |
Debt (Pledged Assets Related to
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | $ 17,941 | $ 14,979 |
Pledged assets, restricted as collateral | 27,420 | 35,798 |
Secured debt | 7,619 | 9,992 |
Consumer | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 9,122 | 9,953 |
Consumer | Credit card receivables | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 347 | 0 |
Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 10 | 10,866 |
Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | 17,941 | 14,979 |
Pledged assets, restricted as collateral | 27,420 | 35,355 |
Secured debt | 7,619 | 9,634 |
Ally Bank | Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 18,000 | 20,000 |
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 | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 9,122 | 9,510 |
Ally Bank | Consumer | Credit card receivables | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 347 | 0 |
Ally Bank | Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | $ 10 | $ 10,866 |
Debt (Narrative - Trust Preferr
Debt (Narrative - Trust Preferred Securities) (Details) $ / shares in Units, $ in Millions | Oct. 15, 2021USD ($)shares | Jul. 02, 2021USD ($)shares | Jun. 02, 2021USD ($) | May 24, 2021USD ($)shares | Apr. 22, 2021USD ($) | Dec. 31, 2021USD ($)quarter$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021$ / shares | Apr. 30, 2021$ / shares |
Debt Instrument [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | |||||||||
Distribution payable in addition to annual rate equal to three-month London interbank offer rate, percentage | 5.785% | |||||||||
Period of consecutive quarters for which Ally has right to defer interest payments, maximum | quarter | 20 | |||||||||
Redemption price, percentage of principal debt, plus accrued and unpaid interest | 100.00% | |||||||||
Preferred stock issuance | $ 2,324 | $ 0 | $ 0 | |||||||
Trust preferred securities redemption | $ 2,710 | 0 | $ 0 | |||||||
Series B Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||
Preferred stock issuance | $ 1,350 | |||||||||
Trust Preferred Securities Subject to Mandatory Redemption | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Trust preferred securities redemption | $ 191 | $ 1,040 | $ 1,400 | |||||||
Debt redeemed during period, number of shares | shares | 7,650,000 | 41,600,000 | 56,000,000 | |||||||
Series C Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | ||||||||
Preferred stock issuance | $ 1,000 | |||||||||
Variable Income Interest Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Trust preferred securities | $ 2,600 |
Debt (Committed Funding Facilit
Debt (Committed Funding Facilities) (Details) - Secured debt - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument term | 364 days | |
Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument term | 2 years | |
Committed funding facilities | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 0 | $ 0 |
Line of credit facility, remaining borrowing capacity | 0 | 560 |
Line of credit facility, maximum borrowing capacity | 0 | 560 |
Committed funding facilities | Ally Financial Inc | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 0 | 0 |
Line of credit facility, remaining borrowing capacity | 0 | 560 |
Line of credit facility, maximum borrowing capacity | $ 0 | $ 560 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Unfunded commitments for investment in qualified affordable housing projects | $ 724 | $ 525 | ||
Accounts payable | 584 | 602 | ||
Employee compensation and benefits | 512 | 316 | ||
Deferred revenue | 176 | 104 | ||
Operating lease liabilities | 175 | 187 | ||
Reserves for insurance losses and loss adjustment expenses | 122 | 129 | $ 122 | $ 134 |
Fair value of derivative contracts in payable position | 62 | 33 | ||
Net deferred tax liabilities | 10 | 92 | ||
Cash collateral received from counterparties | 5 | 6 | ||
Other liabilities | 383 | 440 | ||
Total accrued expenses and other liabilities | $ 2,753 | $ 2,434 | ||
Operating lease, liability, statement of financial position [Extensible List] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities |
Equity (Details)
Equity (Details) - shares | 12 Months Ended | ||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Increase (Decrease) In Common Stock [Roll Forward] | |||||||||
Total common stock shares issued beginning balance | 501,237,055 | 496,958,000 | 492,797,000 | ||||||
Employee benefits and compensation plans (in shares) | 3,284,000 | 4,279,000 | 4,160,000 | ||||||
Total common stock shares issued ending balance | 504,521,535 | 501,237,055 | 496,958,000 | ||||||
Treasury stock beginning balance | (126,562,640) | (122,626,000) | (87,898,000) | ||||||
Repurchase of common stock (in shares) | (40,018,000) | (3,937,000) | (34,728,000) | ||||||
Treasury stock ending balance | (166,580,899) | (126,562,640) | (122,626,000) | ||||||
Common stock, shares outstanding (in shares) | 337,940,636 | 374,674,415 | 374,332,000 | 349,599,000 | 362,639,000 | 371,805,000 | 373,857,000 | 373,837,000 | 373,155,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - $ / shares | May 15, 2028 | Jun. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||||
Liquidation preference (in dollars per share) | $ 25 | |||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Number of shares issued | 1,350,000 | 1,350,000 | ||
Dividend/coupon rate | 4.70% | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.868% | 3.868% | ||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Number of shares issued | 1,000,000 | 1,000,000 | ||
Dividend/coupon rate | 4.70% | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.481% | |||
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate | Subsequent event | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.481% |
Equity (Schedule of Preferred S
Equity (Schedule of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Carrying value | $ 2,324 | $ 0 | ||
Liquidation preference (in dollars per share) | $ 25 | |||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 1,335 | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Number of shares authorized | 1,350,000 | |||
Number of shares issued | 1,350,000 | 1,350,000 | ||
Number of shares outstanding | 1,350,000 | |||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, Prior To May 15, 2026 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.868% | 3.868% | ||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 989 | |||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Number of shares authorized | 1,000,000 | |||
Number of shares issued | 1,000,000 | 1,000,000 | ||
Number of shares outstanding | 1,000,000 | |||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, Prior To May 15, 2028 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, On And After May 15, 2028 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.481% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 14,703 | $ 14,416 | $ 13,268 |
Net change | (789) | 508 | 654 |
Ending balance | 17,050 | 14,703 | 14,416 |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,017) | (2) | |
Ending balance | (1,017) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 13,399 | 13,266 | |
Ending balance | 13,399 | ||
Accumulated other comprehensive (loss) income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 631 | 123 | (539) |
Ending balance | (158) | 631 | 123 |
Accumulated other comprehensive (loss) income | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 8 | ||
Accumulated other comprehensive (loss) income | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 123 | (531) | |
Ending balance | 123 | ||
Accumulated other comprehensive (loss) income | Accounting Standards Update 2017-08 | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 8 | ||
Unrealized gains on investment securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 640 | 208 | (481) |
Net change | (735) | 432 | 681 |
Ending balance | (95) | 640 | 208 |
Unrealized gains on investment securities | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (473) | ||
Unrealized gains on investment securities | Accounting Standards Update 2017-08 | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 8 | ||
Translation adjustments and net investment hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 19 | 19 | 18 |
Net change | 0 | 0 | 1 |
Ending balance | 19 | 19 | 19 |
Translation adjustments and net investment hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 18 | ||
Translation adjustments and net investment hedges | Accounting Standards Update 2017-08 | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | ||
Cash flow hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 82 | 2 | 19 |
Net change | (47) | 80 | (17) |
Ending balance | 35 | 82 | 2 |
Cash flow hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 19 | ||
Cash flow hedges | Accounting Standards Update 2017-08 | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | ||
Defined benefit pension plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (110) | (106) | (95) |
Net change | (7) | (4) | (11) |
Ending balance | $ (117) | $ (110) | (106) |
Defined benefit pension plans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (95) | ||
Defined benefit pension plans | Accounting Standards Update 2017-08 | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | $ (1,032) | $ 666 | $ 854 |
Other comprehensive income (loss), tax effect | 243 | (158) | (200) |
Other comprehensive income (loss), net of tax | (789) | 508 | 654 |
Investment securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | (859) | 737 | 968 |
Net unrealized gains (losses) arising during the period, tax | 203 | (173) | (227) |
Net unrealized gains (losses) arising during the period, net of tax | (656) | 564 | 741 |
Net realized gains reclassified to income from continuing operations, before tax | 102 | 171 | 78 |
Net realized gains reclassified to income from continuing operations, tax | (23) | (39) | (18) |
Net realized gains reclassified to income from continuing operations, net of tax | 79 | 132 | 60 |
Other comprehensive income (loss), before tax | (961) | 566 | 890 |
Other comprehensive income (loss), tax effect | 226 | (134) | (209) |
Other comprehensive income (loss), net of tax | (735) | 432 | 681 |
Cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | 169 | (11) | |
Net unrealized gains (losses) arising during the period, tax | (40) | 4 | |
Net unrealized gains (losses) arising during the period, net of tax | 0 | 129 | (7) |
Net realized gains reclassified to income from continuing operations, before tax | 61 | 64 | 12 |
Net realized gains reclassified to income from continuing operations, tax | (14) | (15) | (2) |
Net realized gains reclassified to income from continuing operations, net of tax | 47 | 49 | 10 |
Other comprehensive income (loss), before tax | 105 | (23) | |
Other comprehensive income (loss), tax effect | (25) | 6 | |
Other comprehensive income (loss), net of tax | (47) | 80 | (17) |
Defined benefit pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gains (losses) arising during the period, before tax | (11) | ||
Net unrealized gains (losses) arising during the period, tax | 3 | ||
Net unrealized gains (losses) arising during the period, net of tax | (8) | (4) | (11) |
Net realized gains reclassified to income from continuing operations, before tax | (1) | ||
Net realized gains reclassified to income from continuing operations, tax | 0 | ||
Net realized gains reclassified to income from continuing operations, net of tax | (1) | 0 | 0 |
Other comprehensive income (loss), before tax | (10) | (5) | (14) |
Other comprehensive income (loss), tax effect | 3 | 1 | 3 |
Other comprehensive income (loss), net of tax | (7) | (4) | (11) |
Net investment hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | (4) | (6) | |
Other comprehensive income (loss), tax effect | 1 | 2 | |
Other comprehensive income (loss), net of tax | 0 | (3) | (4) |
Translation adjustments and net investment hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax | 4 | 7 | |
Other comprehensive income (loss), tax effect | (1) | (2) | |
Other comprehensive income (loss), net of tax | $ 0 | $ 3 | $ 5 |
Earnings per Common Share (Sche
Earnings per Common Share (Schedule of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Class of Stock [Line Items] | ||||
Net income from continuing operations attributable to common stockholders | [1] | $ 3,065 | $ 1,086 | $ 1,721 |
Net income from continuing operations attributable to common stockholders | [1] | 3,008 | 1,086 | 1,721 |
Loss from discontinued operations, net of tax | [1] | (5) | (1) | (6) |
Net income attributable to common stockholders | [1] | $ 3,003 | $ 1,085 | $ 1,715 |
Basic weighted-average common shares outstanding | [1],[2] | 362,583,000 | 375,629,000 | 393,234,000 |
Diluted weighted-average common shares outstanding | [1],[2],[3] | 365,180,000 | 377,101,000 | 395,395,000 |
Basic earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | $ 8.30 | $ 2.89 | $ 4.38 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.02) |
Net income (in dollars per share) | [1] | 8.28 | 2.89 | 4.36 |
Diluted earnings per common share | ||||
Net income from continuing operations (in dollars per share) | [1] | 8.24 | 2.88 | 4.35 |
Loss from discontinued operations, net of tax (in dollars per share) | [1] | (0.01) | 0 | (0.02) |
Net income (in dollars per share) | [1] | $ 8.22 | $ 2.88 | $ 4.34 |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 800,000 | 0 | |
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends | [1] | $ (36) | $ 0 | $ 0 |
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends | [1] | $ (21) | $ 0 | $ 0 |
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. | |||
[2] | Includes shares related to share-based compensation that vested but were not yet issued. | |||
[3] | During the year ended December 31, 2020, there were 0.8 million in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the years ended December 31, 2021, and 2019. |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
BHC enhanced prudential standards, minimum | $ 100,000 | |
BHC enhanced prudential standards, maximum | 250,000 | |
Average wSTWF exemption threshold | $ 50,000 | |
Minimum capital conservation buffer | 0.025 | |
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% | |
Deferred reduction to Common Equity Tier 1 Capital from CECL | $ 1,200 | |
Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.1034 | 0.1064 |
Minimum capital conservation buffer | 0.035 | 0.035 |
Common equity tier one capital | $ 15,143 | $ 14,878 |
Tier one capital to risk-weighted assets, amount | $ 17,403 | $ 17,289 |
Tier one capital to risk-weighted assets, ratio | 0.1189 | 0.1237 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0600 | |
Capital to risk-weighted assets, amount | $ 19,724 | $ 19,778 |
Capital to risk-weighted assets, ratio | 0.1347 | 0.1415 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 17,403 | $ 17,289 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.0967 | 0.0941 |
Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.1239 | 0.1338 |
Minimum capital conservation buffer | 0.025 | 0.025 |
Common equity tier one capital | $ 17,253 | $ 17,567 |
Common equity tier one capital, well capitalized minimum | 0.0650 | |
Tier one capital to risk-weighted assets, amount | $ 17,253 | $ 17,567 |
Tier one capital to risk-weighted assets, ratio | 0.1239 | 0.1338 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0800 | |
Capital to risk-weighted assets, amount | $ 18,995 | $ 19,210 |
Capital to risk-weighted assets, ratio | 0.1364 | 0.1463 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 17,253 | $ 17,567 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.1012 | 0.1012 |
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 0.0500 | |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.045 | |
Tier one capital to risk-weighted assets, required minimum | 0.06 | |
Capital to risk-weighted assets, required minimum | 0.08 | |
Tier one leverage ratio, minimum | 0.04 | |
Minimum | Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.0450 | |
Tier one capital to risk-weighted assets, required minimum | 0.0600 | |
Capital to risk-weighted assets, required minimum | 0.0800 | |
Tier one leverage ratio, minimum | 0.0400 | |
Minimum | Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.0450 | |
Tier one capital to risk-weighted assets, required minimum | 0.0600 | |
Capital to risk-weighted assets, required minimum | 0.0800 | |
Tier one leverage ratio, minimum | 0.0400 |
Regulatory Capital and Other _4
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) - USD ($) | Jan. 10, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Jul. 12, 2021 | Mar. 31, 2021 | Jan. 11, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.88 | [1] | $ 0.76 | [1] | $ 0.68 | [1] | ||||||||||
Treasury stock, common, amount | $ 594,000,000 | $ 502,000,000 | $ 594,000,000 | $ 1,000,000 | $ 679,000,000 | $ 219,000,000 | $ 1,000,000 | $ 0 | $ 104,000,000 | ||||||||
Treasury stock, common, shares (in shares) | 12,046,000 | 9,641,000 | 12,046,000 | 37,000 | 13,055,000 | 5,276,000 | 9,000 | 53,000 | 3,838,000 | ||||||||
Common stock, shares outstanding (in shares) | 337,940,636 | 362,639,000 | 337,940,636 | 374,674,415 | 374,332,000 | 349,599,000 | 371,805,000 | 373,857,000 | 373,837,000 | 373,155,000 | |||||||
Dividends declared (in dollars per share) | $ 0.25 | $ 0.19 | $ 0.25 | $ 0.19 | $ 0.25 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||
Common stock | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | $ 1,600,000,000 | |||||||||||||||
Common stock | Forecast | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | ||||||||||||||||
Common stock | Subsequent event | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | ||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | ||||||||||||||||
Dividends payable, date declared | Jan. 10, 2022 | ||||||||||||||||
Dividends payable, date to be paid | Feb. 15, 2022 | ||||||||||||||||
Dividends payable, date of record | Feb. 1, 2022 | ||||||||||||||||
Series B Preferred Stock | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Gross proceeds from issuance of series preferred stock | $ 1,350,000,000 | ||||||||||||||||
Series C Preferred Stock | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Gross proceeds from issuance of series preferred stock | $ 1,000,000,000 | ||||||||||||||||
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Regulatory Capital and Other _5
Regulatory Capital and Other Regulatory Matters (Depository Institutions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total assets | $ 182,114 | $ 182,165 | $ 180,644 |
Dividends from bank subsidiary | 3,500 | 1,200 | |
BHC enhanced prudential standards, minimum | 100,000 | ||
Statutory accounting practices, statutory amount available for dividend payments | 111 | ||
Ally Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total assets | $ 172,800 | $ 172,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 2 | $ 4 |
Noncash collateral placed with counterparties | 203 | $ 145 |
Cash collateral received from counterparties | $ 4 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | $ 7 | $ 17 |
Fair value of derivative contracts in payable position | 62 | 33 |
Derivative, notional amount | 18,169 | 13,688 |
Credit derivative, maximum exposure, undiscounted | 119 | 56 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 1 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 17,210 | 12,549 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 7 | 16 |
Fair value of derivative contracts in payable position | 60 | 33 |
Derivative, notional amount | 959 | 1,139 |
Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 6 | 16 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 803 | 978 |
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 | 17,039 | 12,385 |
Interest rate futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 1 | 1 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 223 | 391 |
Interest rate written options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 5 | 15 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 580 | 587 |
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 | 1 | 1 |
Derivative, notional amount | 154 | 159 |
Foreign exchange forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 1 |
Fair value of derivative contracts in payable position | 2 | 0 |
Derivative, notional amount | 171 | 164 |
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 | 1 | 1 |
Derivative, notional amount | 154 | 159 |
Other credit derivatives | 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 | 56 | 28 |
Equity contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 1 | 0 |
Fair value of derivative contracts in payable position | 1 | 4 |
Derivative, notional amount | 2 | 2 |
Equity contract written options | 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 | 1 | 4 |
Derivative, notional amount | 2 | 2 |
Purchased Options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 1 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | $ 0 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | $ 5,119 | $ 1,259 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (14) | 39 |
Closed portfolio and beneficial interest, last-of-layer, amortized cost | 3,900 | 592 |
Hedged asset, last-of-layer, amount | 1,200 | |
Hedge basis adjustment, last-of-layer increase (decrease) | 14 | |
Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | 44,098 | 28,393 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (37) | 225 |
Hedged asset, last-of-layer, amount | 15,600 | 9,400 |
Hedge basis adjustment, last-of-layer increase (decrease) | (82) | 153 |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge | 7,213 | 8,656 |
Hedged liability, fair value hedge, cumulative increase (decrease) | 110 | 169 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (30) | 28 |
Hedged asset, last-of-layer, amount | 8,600 | 1,200 |
Hedge basis adjustment, last-of-layer increase (decrease) | (20) | 20 |
Discontinued hedge | Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | 46 | 72 |
Hedged asset, last-of-layer, amount | 20,900 | 18,500 |
Hedge basis adjustment, last-of-layer increase (decrease) | 46 | 72 |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ 110 | $ 203 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | $ (29) | $ (41) | $ (14) |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (4) | (29) | (10) |
Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (1) | (7) | (4) |
Other credit derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (24) | (5) | 0 |
(Loss) gain on mortgage and automotive loans, net | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (12) | (10) | 1 |
Other income, net of losses | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | 8 | (19) | (11) |
Other income, net of losses | Other credit derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (24) | (1) | 0 |
Other operating expenses | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | (1) | (7) | (4) |
Interest and fees on finance receivables and loans | Other credit derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative instruments recognized in earnings | $ 0 | $ (4) | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest and fees on finance receivables and loans | $ 6,468 | $ 6,581 | $ 7,337 |
Interest and dividends on investment securities and other earning assets | 600 | 736 | 955 |
Interest on deposits | 1,045 | 1,952 | 2,538 |
Interest on long-term debt | 860 | 1,249 | 1,570 |
Earnings on cash flow hedges to be recognized within twelve months | 21 | ||
Designated as hedging instrument | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 62 | 73 | 0 |
Designated as hedging instrument | Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 0 |
Designated as hedging instrument | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | (1) | (8) | (4) |
Designated as hedging instrument | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 15 |
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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 68 | (135) | 41 |
Change in unrealized gain (loss) on fair value hedging instruments | (68) | 135 | (41) |
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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | (40) | 38 | 28 |
Change in unrealized gain (loss) on fair value hedging instruments | 40 | (38) | (28) |
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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | (215) | 139 | 138 |
Change in unrealized gain (loss) on fair value hedging instruments | 215 | (139) | (138) |
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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 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 | 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 | 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 | 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 | 0 | 15 |
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 | 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 | 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 | (1) | (8) | (4) |
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 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 58 | 73 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | 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 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 4 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | 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 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate cash flow hedge gain (loss) reclassified to earnings | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain on fair value hedging relationships | $ (168) | $ (170) | $ (6) |
Total gain (loss) on cash flow hedging relationships | 0 | 1 | 1 |
Interest and dividends on investment securities and other earning assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain on fair value hedging relationships | (10) | (13) | (1) |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 0 |
Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain on fair value hedging relationships | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | (1) |
Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain on fair value hedging relationships | (4) | (10) | 2 |
Total gain (loss) on cash flow hedging relationships | 0 | 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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Unsecured debt | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Unsecured debt | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 4 | 12 | 25 |
Gain (loss) on interest for qualifying hedge | 5 | 0 | 0 |
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 | 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 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 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 | (13) | (22) | (23) |
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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 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 | (4) | (7) | (3) |
Gain (loss) on interest for qualifying hedge | (6) | (6) | 2 |
Available-for-sale securities | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 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 | (46) | (49) | (28) |
Gain (loss) on interest for qualifying hedge | (122) | (121) | 22 |
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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 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 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Deposit liabilities | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Deposit liabilities | 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 | 0 |
Deposit liabilities | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | 0 | 0 | (1) |
Deposit liabilities | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Variable-rate commercial loans | Interest and fees on finance receivables and loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | 0 | 1 | 1 |
Variable-rate commercial loans | 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 | 0 |
Variable-rate commercial loans | Interest on deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 |
Variable-rate commercial loans | Interest on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest rate contracts | Cash flow hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) gain recognized in other comprehensive income, cash flow hedge, interest rate contracts | $ (61,000,000) | $ 105,000,000 | $ (23,000,000) |
Foreign exchange contracts | Net investment hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) gain recognized in other comprehensive income, net investment hedge, foreign exchange contracts | 0 | (4,000,000) | (6,000,000) |
Amounts excluded from effectiveness testing | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax expense (benefit) | |||
U.S. federal | $ 502 | $ 0 | $ (2) |
Foreign | 4 | 6 | 4 |
State and local | 168 | 80 | 65 |
Total current expense | 674 | 86 | 67 |
Deferred income tax expense (benefit) | |||
U.S. federal | 151 | 280 | 178 |
Foreign | 0 | 1 | 2 |
State and local | (35) | (39) | (1) |
Total deferred expense | 116 | 242 | 179 |
Total income tax expense from continuing operations | $ 790 | $ 328 | $ 246 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax expense | $ 810 | $ 297 | $ 413 |
State and local income taxes, net of federal income tax benefit | 106 | 36 | 50 |
Valuation allowance change, excluding expirations | (78) | (3) | (219) |
Tax credits, excluding expirations | (58) | (29) | (27) |
Nondeductible expenses | 30 | 37 | 29 |
Other, net | (20) | (10) | 0 |
Total income tax expense from continuing operations | $ 790 | $ 328 | $ 246 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Gross [Abstract] | ||
Tax credit carryforwards | $ 1,014 | $ 1,786 |
Adjustments to loan value | 920 | 923 |
U.S. federal tax loss carryforwards | 256 | 0 |
State and local taxes | 233 | 191 |
Other | 604 | 366 |
Gross deferred tax assets | 3,027 | 3,266 |
Valuation allowance | (839) | (835) |
Deferred tax assets, net of valuation allowance | 2,188 | 2,431 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Lease transactions | 1,385 | 1,809 |
Deferred acquisition costs | 403 | 391 |
Other | 156 | 229 |
Gross deferred tax liabilities | 1,944 | 2,429 |
Net deferred tax assets | 244 | 2 |
Net deferred tax assets | 254 | 94 |
Net deferred tax liabilities | $ 10 | $ 92 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | $ 1,014 | $ 1,786 |
Total U.S. federal and state tax loss carryforwards, Deferred tax asset (liability) | 422 | |
Total U.S. federal and state tax loss carryforwards, Valuation allowance | (130) | |
Total U.S. federal and state tax loss carryforwards, Net deferred tax asset (liability) | 292 | |
Other net deferred tax liabilities | (353) | |
Other net deferred tax liabilities, Valuation allowance | 0 | |
Net deferred tax assets (liabilities), Deferred tax asset (liability) | 1,083 | |
Net deferred tax assets (liabilities), Valuation allowance | (839) | (835) |
Net deferred tax assets (liabilities), net of deferred tax (liabilities) assets | 244 | $ 2 |
Foreign tax credits | ||
Valuation Allowance [Line Items] | ||
Tax credit carryforwards, Deferred tax asset (liability) | 1,014 | |
Tax credit carryforwards, Valuation allowance | (709) | |
Tax credit carryforwards, Net deferred tax asset (liability) | 305 | |
Federal | ||
Valuation Allowance [Line Items] | ||
Tax loss carryforwards, Deferred tax asset (liability) | 256 | |
Tax loss carryforwards, Valuation allowance | 0 | |
Tax loss carryforwards, Net deferred tax asset (liability) | 256 | |
State | ||
Valuation Allowance [Line Items] | ||
Tax loss carryforwards, Deferred tax asset (liability) | 166 | |
Tax loss carryforwards, Valuation allowance | (130) | |
Tax loss carryforwards, Net deferred tax asset (liability) | $ 36 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 53 | $ 48 | $ 44 |
Additions based on tax positions related to the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 7 | 5 | 11 |
Reductions for tax positions of prior years | (7) | 0 | (5) |
Settlements | 0 | 0 | (2) |
Expiration of statute of limitations | 0 | 0 | 0 |
Balance at December 31 | 53 | 53 | 48 |
Unrecognized tax benefits that would impact effective tax rate | 42 | 42 | 38 |
Unrecognized tax benefits, income tax penalties and interest accrued | 1 | 1 | 1 |
Unrecognized tax benefits, income tax penalties and interest expense | 1 | $ 1 | $ 1 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 52 |
Share-based Compensation Plan_2
Share-based Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 42,900 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 33.33% | ||
Shares outstanding | 4,600 | ||
Number of units | |||
Outstanding non-vested at December 31 (in shares) | 4,600 | ||
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 1,000 | ||
Number of units | |||
Outstanding non-vested at December 31 (in shares) | 1,000 | ||
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 4,568 | 5,109 | |
Share-based payment arrangement, expense | $ 140 | $ 80 | $ 67 |
Number of units | |||
Outstanding non-vested at January 1 (in shares) | 5,109 | ||
Modified awards to settle in cash (in shares) | (493) | ||
Granted (in shares) | 3,275 | ||
Vested (in shares) | (2,999) | ||
Forfeited (in shares) | (324) | ||
Outstanding non-vested at December 31 (in shares) | 4,568 | 5,109 | |
Weighted-average grant date fair value per share | |||
Outstanding non-vested at January 1 (in dollars per share) | $ 29.73 | ||
Modified awards to settle in cash (in dollars per share) | 28.90 | ||
Granted (in dollars per share) | 40.87 | ||
Vested (in dollars per share) | 31.52 | ||
Forfeited (in dollars per share) | 34.74 | ||
Outstanding non-vested at December 31 (in dollars per share) | $ 36.27 | $ 29.73 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 1,102 | $ 1,071 | |
Debt securities, available-for-sale, fair value | [1] | 33,587 | 29,830 |
Derivative contracts in a receivable position | 6 | 16 | |
Derivative contracts in a payable position | $ 59 | $ 31 | |
Investment in any one industry did not exceed percentage | 8.00% | 11.00% | |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | $ 33,587 | $ 29,830 | |
Derivative contracts in a receivable position | 7 | 17 | |
Total assets | 34,783 | 31,017 | |
Derivative contracts in a payable position | 62 | 33 | |
Total liabilities | 62 | 33 | |
Fair value, measurements, recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 2 | ||
Fair value, measurements, recurring | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 3 | 1 | |
Fair value, measurements, recurring | Credit contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 56 | 28 | |
Fair value, measurements, recurring | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 1 | 4 | |
Fair value, measurements, recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 1,102 | 1,071 | |
Fair value, measurements, recurring | U.S. Treasury and federal agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 2,155 | 803 | |
Fair value, measurements, recurring | U.S. States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 864 | 1,095 | |
Fair value, measurements, recurring | Foreign government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 157 | 176 | |
Fair value, measurements, recurring | Agency mortgage-backed securities | Residential Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 19,039 | 18,588 | |
Fair value, measurements, recurring | Agency mortgage-backed securities | Commercial Loan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 4,526 | 4,189 | |
Fair value, measurements, recurring | Mortgage-backed residential | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 4,425 | 2,640 | |
Fair value, measurements, recurring | Asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 534 | 425 | |
Fair value, measurements, recurring | Corporate debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 1,887 | 1,914 | |
Fair value, measurements, recurring | Mortgage loans held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held-for-sale, fair value | 80 | 91 | |
Fair value, measurements, recurring | Consumer other | Consumer | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finance receivables and loans, net | 7 | 8 | |
Fair value, measurements, recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 6 | 16 | |
Fair value, measurements, recurring | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 1 | ||
Fair value, measurements, recurring | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 1 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 2,174 | 820 | |
Derivative contracts in a receivable position | 1 | 0 | |
Total assets | 3,268 | 1,884 | |
Derivative contracts in a payable position | 1 | 4 | |
Total liabilities | 1 | 4 | |
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 contracts in a payable position | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Credit contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 1 | 4 | |
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 | 1,093 | 1,064 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. Treasury and federal agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 2,155 | 803 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 19 | 17 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed securities | Residential Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed securities | Commercial Loan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage 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 | Consumer other | Consumer | |||
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 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 1 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 31,404 | 29,003 | |
Derivative contracts in a receivable position | 1 | 1 | |
Total assets | 31,485 | 29,004 | |
Derivative contracts in a payable position | 3 | 1 | |
Total liabilities | 3 | 1 | |
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 contracts in a payable position | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 3 | 1 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Credit contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 0 | 0 | |
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 | U.S. Treasury and federal agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | U.S. States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 855 | 1,088 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 138 | 159 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed securities | Residential Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 19,039 | 18,588 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed securities | Commercial Loan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 4,526 | 4,189 | |
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] | |||
Debt securities, available-for-sale, fair value | 4,425 | 2,640 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Asset-backed | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 534 | 425 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Corporate debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 1,887 | 1,914 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage loans held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans held-for-sale, fair value | 80 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Consumer other | Consumer | |||
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 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 1 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | 1 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 9 | 7 | |
Derivative contracts in a receivable position | 5 | 16 | |
Total assets | 30 | 129 | |
Derivative contracts in a payable position | 58 | 28 | |
Total liabilities | 58 | 28 | |
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 contracts in a payable position | 2 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Credit contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 56 | 28 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a payable position | 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 | 9 | 7 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. Treasury and federal agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 9 | 7 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed securities | Residential Mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed securities | Commercial Loan | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 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] | |||
Debt securities, available-for-sale, fair value | 0 | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage 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 | 91 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Consumer other | Consumer | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finance receivables and loans, net | 7 | 8 | |
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 contracts in a receivable position | 5 | 16 | |
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | $ 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative contracts in a receivable position | $ 0 | ||
[1] | Refer to Note 8 for discussion of investment securities pledged as collateral. |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative liabilities, net of derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | $ 0 | $ 0 |
Fair value, measurement, recurring, transfers out of level 3 | (2) | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, beginning balance | 12 | (2) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings | 35 | (10) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, purchases | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, sales | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, issuances | 5 | 24 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, settlements | (1) | 0 |
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 2 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, ending balance | 53 | 12 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in earnings | 26 | (10) |
Fair value, liabilities 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 value, beginning balance | 7 | 8 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 4 | (1) |
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 | (3) | 0 |
Fair value, measurement, recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into level 3 | 1 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 9 | 7 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 4 | (1) |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | 1 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, liabilities 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 value, beginning balance | 7 | 2 |
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 | 2 | 5 |
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, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 9 | 7 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Mortgage 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 | 91 | 30 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 64 | 67 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 2,640 | 2,734 |
Fair value, measurement, recurring, asset, sales | (2,693) | (2,740) |
Fair value, measurement, recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | (102) | 0 |
Fair value, measurement, recurring, asset value, ending balance | 0 | 91 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 1 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 102 | 0 |
Fair value, liabilities 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 value, beginning balance | 8 | 11 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 2 | 4 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 14 | 18 |
Fair value, measurement, recurring, asset, sales | 0 | 0 |
Fair value, measurement, recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | (17) | (25) |
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 7 | 8 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 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 value, beginning balance | 0 | 2 |
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 | 0 | (2) |
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 0 | 0 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement, recurring, asset, transfers into level 3 | 0 | 0 |
Fair value, measurement, recurring, transfers out of level 3 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | $ 0 | $ 0 |
Fair Value (Fair Value Measur_3
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-sale, net | $ 549 | $ 406 | ||
Finance receivables and loans, net | 119,001 | 115,251 | ||
Goodwill impairment | 0 | 50 | $ 0 | |
Corporate and Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill impairment | $ 50 | 50 | ||
Assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 595 | 530 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (70) | 62 | ||
Mortgage 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 | 468 | 315 | ||
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 | 7 | 125 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (5) | 88 | ||
Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 4 | 9 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | (1) | ||
Fair value, inputs, level 1 | Assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 0 | 0 | ||
Fair value, inputs, level 1 | Mortgage 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 | 0 | 0 | ||
Fair value, inputs, level 1 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 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] | ||||
Total assets | 0 | 7 | ||
Fair value, inputs, level 2 | Mortgage 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 | 0 | 7 | ||
Fair value, inputs, level 2 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0 | 0 | ||
Fair value, inputs, level 3 | Assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 595 | 523 | ||
Fair value, inputs, level 3 | Mortgage 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 | 468 | 315 | ||
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 | 7 | 118 | ||
Fair value, inputs, level 3 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 4 | 9 | ||
Commercial | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 116 | 81 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (65) | (25) | ||
Commercial | 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 | 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 | 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 | 116 | 81 | ||
Automotive loan | Commercial | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 4 | 27 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | (5) | ||
Automotive loan | Commercial | 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 | 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 | 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 | 4 | 27 | ||
Other | Commercial | Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 112 | 54 | ||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (65) | (20) | ||
Other | Commercial | 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 | Commercial | 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 | Commercial | 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 | $ 112 | $ 54 |
Fair Value (Fair Value, by Bala
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 1,170 | $ 1,253 |
Loans held-for-sale, net | 549 | 406 |
Finance receivables and loans, net | 119,001 | 115,251 |
Deposit liabilities | 141,558 | 137,036 |
Long-term debt | 17,029 | 22,006 |
Short-term borrowings | 0 | 2,136 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,170 | 1,253 |
Loans held-for-sale, net | 469 | 315 |
Finance receivables and loans, net | 118,994 | 115,243 |
FHLB/FRB stock | 738 | 725 |
Deposit liabilities | 40,953 | 55,210 |
Long-term debt | 17,029 | 22,006 |
Short-term borrowings | 2,136 | |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,204 | 1,331 |
Loans held-for-sale, net | 469 | 315 |
Finance receivables and loans, net | 126,044 | 122,156 |
FHLB/FRB stock | 738 | 725 |
Deposit liabilities | 41,164 | 55,932 |
Long-term debt | 19,529 | 25,471 |
Short-term borrowings | 2,136 | |
Estimated fair value | 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 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
Short-term borrowings | 0 | |
Estimated fair value | Fair value, inputs, level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,204 | 1,331 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 738 | 725 |
Deposit liabilities | 0 | 0 |
Long-term debt | 12,637 | 19,161 |
Short-term borrowings | 0 | |
Estimated fair value | 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 | 469 | 315 |
Finance receivables and loans, net | 126,044 | 122,156 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 41,164 | 55,932 |
Long-term debt | $ 6,892 | 6,310 |
Short-term borrowings | $ 2,136 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet | $ 0 | $ 0 |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | (1) |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | 0 |
Derivative assets with no offsetting arrangements | 6 | 16 |
Total assets, Gross amounts of recognized assets/liabilities | 7 | 17 |
Total assets, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 7 | 17 |
Total assets, Net amount | 6 | 16 |
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | (1) |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | (2) | (1) |
Derivative liabilities with no offsetting arrangements | 58 | 28 |
Total liabilities, Gross amounts of recognized assets/liabilities | 62 | 33 |
Total liabilities, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 62 | 33 |
Total liabilities, Net amount | 59 | 31 |
Derivative Assets Net Asset Position | ||
Offsetting Assets [Line Items] | ||
Derivative asset, Gross amounts of recognized assets/liabilities | 1 | |
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | |
Net amounts of assets presented on the Consolidated Balance Sheet | 1 | |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | |
Derivative assets, Net amount | 0 | |
Derivative Liabilities Net Liability Position | ||
Offsetting Assets [Line Items] | ||
Derivative liabilities, Gross amounts of recognized assets/liabilities | 3 | 5 |
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net amounts of liabilities presented on the Consolidated Balance Sheet | 3 | 5 |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | 0 | (1) |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | (2) | (1) |
Derivative liabilities, Net amount | 1 | 3 |
Derivative Liabilities Net Asset Position | ||
Offsetting Assets [Line Items] | ||
Derivative liabilities, Gross amounts of recognized assets/liabilities | 1 | |
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | |
Net amounts of liabilities presented on the Consolidated Balance Sheet | 1 | |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | |
Derivative liabilities, Net amount | $ 0 | |
Derivative Asset Net Liability Position | ||
Offsetting Assets [Line Items] | ||
Derivative asset, Gross amounts of recognized assets/liabilities | 1 | |
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | |
Net amounts of assets presented on the Consolidated Balance Sheet | 1 | |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | |
Derivative assets, Net amount | $ 0 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 4 | ||
Net financing revenue and other interest income | $ 6,167 | $ 4,703 | $ 4,633 |
Other revenue | 2,039 | 1,983 | 1,761 |
Total net revenue | 8,206 | 6,686 | 6,394 |
Provision for credit losses | 241 | 1,439 | 998 |
Total noninterest expense | 4,110 | 3,833 | 3,429 |
Income from continuing operations before income tax expense | 3,855 | 1,414 | 1,967 |
Total assets | 182,114 | 182,165 | 180,644 |
Net financing revenue and other interest income after the provision for credit losses | 5,900 | 3,300 | 3,600 |
Operating Segments | Automotive Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 5,209 | 4,284 | 4,141 |
Other revenue | 251 | 204 | 249 |
Total net revenue | 5,460 | 4,488 | 4,390 |
Provision for credit losses | 53 | 1,236 | 962 |
Total noninterest expense | 2,023 | 1,967 | 1,810 |
Income from continuing operations before income tax expense | 3,384 | 1,285 | 1,618 |
Total assets | 103,653 | 104,794 | 113,863 |
Operating Segments | Insurance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 59 | 42 | 54 |
Other revenue | 1,345 | 1,334 | 1,274 |
Total net revenue | 1,404 | 1,376 | 1,328 |
Provision for credit losses | 0 | 0 | 0 |
Total noninterest expense | 1,061 | 1,092 | 1,013 |
Income from continuing operations before income tax expense | 343 | 284 | 315 |
Total assets | 9,381 | 9,137 | 8,547 |
Operating Segments | Mortgage Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 124 | 118 | 171 |
Other revenue | 94 | 102 | 22 |
Total net revenue | 218 | 220 | 193 |
Provision for credit losses | (1) | 7 | 5 |
Total noninterest expense | 187 | 160 | 148 |
Income from continuing operations before income tax expense | 32 | 53 | 40 |
Total assets | 17,847 | 14,889 | 16,279 |
Operating Segments | Corporate Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 308 | 299 | 239 |
Other revenue | 128 | 45 | 45 |
Total net revenue | 436 | 344 | 284 |
Provision for credit losses | 38 | 149 | 36 |
Total noninterest expense | 116 | 107 | 95 |
Income from continuing operations before income tax expense | 282 | 88 | 153 |
Total assets | 7,950 | 6,108 | 5,787 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 467 | (40) | 28 |
Other revenue | 221 | 298 | 171 |
Total net revenue | 688 | 258 | 199 |
Provision for credit losses | 151 | 47 | (5) |
Total noninterest expense | 723 | 507 | 363 |
Income from continuing operations before income tax expense | (186) | (296) | (159) |
Total assets | $ 43,283 | $ 47,237 | $ 36,168 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information (Narrative) (Details) | Dec. 31, 2021 |
Parent company | |
Entity Listings [Line Items] | |
Threshold for parent company financial information disclosure | 25.00% |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information (Condensed Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net financing revenue and other interest income | $ 6,167 | $ 4,703 | $ 4,633 | |
Total other revenue | 2,039 | 1,983 | 1,761 | |
Total net revenue | 8,206 | 6,686 | 6,394 | |
Provision for credit losses | 241 | 1,439 | 998 | |
Total noninterest expense | 4,110 | 3,833 | 3,429 | |
Income (loss) from continuing operations before income tax benefit and undistributed income of subsidiaries | 3,855 | 1,414 | 1,967 | |
Income tax expense from continuing operations | 790 | 328 | 246 | |
Net income from continuing operations | [1] | 3,065 | 1,086 | 1,721 |
Loss from discontinued operations, net of tax | [1] | (5) | (1) | (6) |
Net income | 3,060 | 1,085 | 1,715 | |
Other comprehensive (loss) income, net of tax | (789) | 508 | 654 | |
Comprehensive income | 2,271 | 1,593 | 2,369 | |
Parent company | ||||
Net financing revenue and other interest income | (1,070) | (1,049) | (1,116) | |
Dividends from bank subsidiaries | 3,450 | 1,150 | 1,950 | |
Dividends from nonbank subsidiaries | 27 | 66 | 436 | |
Total other revenue | 243 | 367 | 343 | |
Total net revenue | 2,650 | 534 | 1,613 | |
Provision for credit losses | (106) | (68) | 35 | |
Total noninterest expense | 650 | 693 | 626 | |
Income (loss) from continuing operations before income tax benefit and undistributed income of subsidiaries | 2,106 | (91) | 952 | |
Income tax expense from continuing operations | (412) | (300) | (566) | |
Net income from continuing operations | 2,518 | 209 | 1,518 | |
Loss from discontinued operations, net of tax | (5) | (1) | (6) | |
Undistributed income of subsidiaries | 547 | 877 | 203 | |
Net income | 3,060 | 1,085 | 1,715 | |
Other comprehensive (loss) income, net of tax | (789) | 508 | 654 | |
Comprehensive income | $ 2,271 | $ 1,593 | $ 2,369 | |
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information (Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 5,062 | $ 15,621 | ||
Equity securities | 1,102 | 1,071 | ||
Total finance receivables and loans | 122,268 | 118,534 | ||
Allowance for loan losses | (3,267) | (3,283) | $ (1,263) | |
Finance receivables and loans, net | 119,001 | 115,251 | ||
Investment in operating leases, net | 10,862 | 9,639 | ||
Other assets | 8,057 | 6,415 | ||
Total assets | 182,114 | 182,165 | 180,644 | |
Short-term borrowings | 0 | 2,136 | ||
Long-term debt | 17,029 | 22,006 | ||
Interest payable | 210 | 412 | ||
Accrued expenses and other liabilities | 2,753 | 2,434 | ||
Total liabilities | 165,064 | 167,462 | ||
Total equity | 17,050 | 14,703 | $ 14,416 | $ 13,268 |
Total liabilities and equity | 182,114 | 182,165 | ||
Parent company | ||||
Cash and cash equivalents | 3,647 | 4,482 | ||
Equity securities | 6 | 0 | ||
Total finance receivables and loans | 663 | 913 | ||
Allowance for loan losses | 26 | (10) | ||
Finance receivables and loans, net | 689 | 903 | ||
Investments in bank subsidiaries | 16,728 | 17,146 | ||
Investments in nonbank subsidiaries | 5,890 | 6,090 | ||
Intercompany receivables from subsidiaries | 216 | 176 | ||
Investment in operating leases, net | 21 | 5 | ||
Other assets | 1,157 | 2,034 | ||
Total assets | 28,354 | 30,836 | ||
Short-term borrowings | 0 | 2,136 | ||
Long-term debt | 9,410 | 12,014 | ||
Interest payable | 87 | 111 | ||
Intercompany debt to subsidiaries | 1,040 | 1,375 | ||
Intercompany payables to subsidiaries | 98 | 91 | ||
Accrued expenses and other liabilities | 669 | 406 | ||
Total liabilities | 11,304 | 16,133 | ||
Total equity | 17,050 | 14,703 | ||
Total liabilities and equity | 28,354 | 30,836 | ||
Deposits by parent at subsidiaries | 3,600 | 4,400 | ||
Liquidity available to parent from funds advanced to subsidiary | 207 | 197 | ||
Guarantor subsidiaries | ||||
Long-term debt | $ 2,000 | $ 2,000 |
Parent Company Condensed Fina_6
Parent Company Condensed Financial Information (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating activities | ||||
Net Cash Provided by Operating Activities | $ 4,042 | $ 3,739 | $ 4,050 | |
Investing activities | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 376 | 506 | 1,038 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | 2,896 | 15,353 | 4,252 | |
Purchases of equity securities | (1,346) | (1,219) | (498) | |
Disposals of operating lease assets | 3,438 | 2,681 | 2,625 | |
Net change in nonmarketable equity investments | 56 | 417 | 190 | |
Other, net | (443) | (450) | (379) | |
Net cash (used in) provided by investing activities | (11,098) | 8,427 | (3,769) | |
Financing activities | ||||
Net change in short-term borrowings | (2,136) | (3,395) | (4,456) | |
Proceeds from issuance of long-term debt | 2,997 | 3,660 | 6,915 | |
Repayments of long-term debt | (6,068) | (16,107) | (17,224) | |
Repurchases of common stock | (1,994) | (106) | (1,039) | |
Preferred stock issuance | 2,324 | 0 | 0 | |
Trust preferred securities redemption | (2,710) | 0 | 0 | |
Common stock dividends paid | (324) | (289) | (273) | |
Preferred stock dividends paid | (57) | 0 | 0 | |
Net cash (used in) provided by financing activities | (3,848) | 25 | (1,530) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (10,904) | 12,194 | (1,246) | |
Cash and cash equivalents and restricted cash [Roll Forward] | ||||
Cash and cash equivalents and restricted cash at beginning of year | 16,574 | 4,380 | 5,626 | |
Cash and cash equivalents and restricted cash at end of year | 5,670 | 16,574 | 4,380 | |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | 5,062 | 15,621 | ||
Restricted cash | [1] | 608 | 953 | |
Parent company | ||||
Operating activities | ||||
Net Cash Provided by Operating Activities | 3,753 | 848 | 1,818 | |
Investing activities | ||||
Proceeds from sales of finance receivables and loans initially held-for-investment | 378 | 1,187 | 548 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | 189 | 601 | (253) | |
Net change in loans — intercompany | (10) | (36) | 718 | |
Purchases of equity securities | (8) | 0 | 0 | |
Disposals of operating lease assets | 0 | 1 | 3 | |
Capital contributions to subsidiaries | 0 | (8) | (2) | |
Returns of contributed capital | 24 | 23 | 259 | |
Net change in nonmarketable equity investments | 29 | (7) | (13) | |
Other, net | 44 | (15) | (4) | |
Net cash (used in) provided by investing activities | 646 | 1,746 | 1,256 | |
Financing activities | ||||
Net change in short-term borrowings | (2,136) | (445) | 104 | |
Proceeds from issuance of long-term debt | 765 | 2,885 | 801 | |
Repayments of long-term debt | (777) | (2,444) | (2,173) | |
Net change in debt — intercompany | (336) | 169 | 271 | |
Repurchases of common stock | (1,994) | (106) | (1,039) | |
Preferred stock issuance | 2,324 | 0 | 0 | |
Trust preferred securities redemption | (2,710) | 0 | 0 | |
Common stock dividends paid | (324) | (290) | (273) | |
Preferred stock dividends paid | (57) | 0 | 0 | |
Net cash (used in) provided by financing activities | (5,245) | (231) | (2,309) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (846) | 2,363 | 765 | |
Cash and cash equivalents and restricted cash [Roll Forward] | ||||
Cash and cash equivalents and restricted cash at beginning of year | 4,526 | 2,163 | 1,398 | |
Cash and cash equivalents and restricted cash at end of year | 3,680 | 4,526 | $ 2,163 | |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | 3,647 | 4,482 | ||
Restricted cash | $ 33 | $ 44 | ||
[1] | Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances. |
Guarantees and Commitments (Sch
Guarantees and Commitments (Schedule of Guarantor Obligations) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 3,000,000 | $ 4,000,000 |
Cash collateral received for standby letters of credit | 0 | |
Maximum | ||
Guarantor Obligations [Line Items] | ||
Standby letters of credit and other guarantees | $ 234,000,000 | $ 262,000,000 |
Guarantees and Commitments (Fin
Guarantees and Commitments (Financing Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Guarantees and Product Warranties [Abstract] | ||
Unused revolving credit line commitments and other | $ 6,337 | $ 6,142 |
Commitments to provide capital to investees | 1,069 | 778 |
Mortgage loan origination commitments | 708 | 760 |
Home equity lines of credit | 168 | 187 |
Construction-lending commitments | 53 | 101 |
Unconditionally cancelable unfunded commitments | $ 26,700 | $ 20,300 |
Guarantees and Commitments (Con
Guarantees and Commitments (Contractual Commitments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Guarantees and Product Warranties [Abstract] | |
2022 | $ 102 |
2023 | 102 |
2024 | 18 |
2025 | 11 |
2026 | 8 |
2027 and thereafter | 17 |
Total future payment obligations | $ 258 |
Contingencies and Other Risks (
Contingencies and Other Risks (Details) $ in Millions | 1 Months Ended | |||
Nov. 30, 2021USD ($) | Mar. 31, 2016buyer | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loss Contingency [Abstract] | ||||
Number of defendants | buyer | 2 | |||
Loss contingency, estimate of possible loss | $ 87.5 | $ 87.5 | ||
Charged-off deficiency balance | $ 700 | |||
Payments for legal settlements | $ 87.5 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 10, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Jul. 12, 2021 | Jan. 11, 2021 |
Subsequent Event [Line Items] | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.88 | $ 0.76 | $ 0.68 | ||||||
Common stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | $ 1,600,000,000 | ||||||||
Subsequent event | Common stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends payable, date declared | Jan. 10, 2022 | |||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | |||||||||
Dividends payable, date to be paid | Feb. 15, 2022 | |||||||||
Dividends payable, date of record | Feb. 1, 2022 | |||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | |||||||||
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Uncategorized Items - ally-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2017-08 [Member] |