Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 Avenue | |
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 $0.01 per share | |
Trading Symbol | ALLY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 323,046,067 | |
Entity Central Index Key | 0000040729 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Financing revenue and other interest income | |||
Interest and fees on finance receivables and loans | $ 1,714 | $ 1,582 | |
Interest on loans held-for-sale | 4 | 5 | |
Interest and dividends on investment securities and other earning assets | 188 | 131 | |
Interest on cash and cash equivalents | 2 | 4 | |
Operating leases | 403 | 370 | |
Total financing revenue and other interest income | 2,311 | 2,092 | |
Interest expense | |||
Interest on deposits | 211 | 306 | |
Interest on short-term borrowings | 5 | 1 | |
Interest on long-term debt | 185 | 250 | |
Total interest expense | 401 | 557 | |
Net depreciation expense on operating lease assets | 217 | 163 | |
Net financing revenue and other interest income | 1,693 | 1,372 | |
Other revenue | |||
Insurance premiums and service revenue earned | 280 | 280 | |
Gain on mortgage and automotive loans, net | 14 | 36 | |
Loss on extinguishment of debt | 0 | (1) | |
Other gain on investments, net | 5 | 123 | |
Other income, net of losses | 143 | 127 | |
Total other revenue | 442 | 565 | |
Total net revenue | 2,135 | 1,937 | |
Provision for credit losses | 167 | (13) | |
Noninterest expense | |||
Compensation and benefits expense | 493 | 395 | |
Insurance losses and loss adjustment expenses | 58 | 63 | |
Other operating expenses | 571 | 485 | |
Total noninterest expense | 1,122 | 943 | |
Income from continuing operations before income tax expense | 846 | 1,007 | |
Income tax expense from continuing operations | 191 | 211 | |
Net income from continuing operations | [1] | 655 | 796 |
Net income | 655 | 796 | |
Other comprehensive loss, net of tax | (1,633) | (604) | |
Comprehensive (loss) income | (978) | 192 | |
Net income from continuing operations attributable to common stockholders | [1] | 627 | 796 |
Net income attributable to common stockholders | [1] | $ 627 | $ 796 |
Basic weighted-average common shares outstanding | [1],[2] | 335,678 | 375,229 |
Diluted weighted-average common shares outstanding | [1],[2] | 337,812 | 377,529 |
Basic earnings per common share | |||
Net income from continuing operations (in dollars per share) | [1] | $ 1.87 | $ 2.12 |
Net income (in dollars per share) | [1] | 1.87 | 2.12 |
Diluted earnings per common share | |||
Net income from continuing operations (in dollars per share) | [1] | 1.86 | 2.11 |
Net income (in dollars per share) | [1] | 1.86 | 2.11 |
Cash dividends declared per common share (in dollars per share) | [1] | $ 0.30 | $ 0.19 |
[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. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | |||
Noninterest-bearing | $ 470 | $ 502 | |
Interest-bearing | 3,462 | 4,560 | |
Total cash and cash equivalents (a) | [1] | 3,932 | 5,062 |
Equity securities | 869 | 1,102 | |
Available-for-sale securities (amortized cost of $35,592 and $33,650) | [1] | 33,385 | 33,587 |
Held-to-maturity securities (fair value of $1,106 and $1,204) | 1,159 | 1,170 | |
Loans held-for-sale, net | 471 | 549 | |
Finance receivables and loans, net | |||
Finance receivables and loans, net of unearned income | 125,365 | 122,268 | |
Allowance for loan losses | (3,301) | (3,267) | |
Total finance receivables and loans, net | 122,064 | 119,001 | |
Investment in operating leases, net | 10,730 | 10,862 | |
Premiums receivable and other insurance assets | 2,730 | 2,724 | |
Other assets | 8,957 | 8,057 | |
Total assets | 184,297 | 182,114 | |
Deposit liabilities | |||
Noninterest-bearing | 175 | 150 | |
Interest-bearing | 142,300 | 141,408 | |
Total deposit liabilities | 142,475 | 141,558 | |
Short-term borrowings | 3,950 | 0 | |
Long-term debt | 15,885 | 17,029 | |
Interest payable | 302 | 210 | |
Unearned insurance premiums and service revenue | 3,500 | 3,514 | |
Accrued expenses and other liabilities | 2,772 | 2,753 | |
Total liabilities | 168,884 | 165,064 | |
Contingencies (refer to Note 24) | |||
Equity [Abstract] | |||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 506,435,119 and 504,521,535; and outstanding 327,306,298 and 337,940,636) | 21,728 | 21,671 | |
Preferred stock | 2,324 | 2,324 | |
Accumulated deficit | (1,076) | (1,599) | |
Accumulated other comprehensive loss | (1,791) | (158) | |
Treasury stock, at cost (179,128,821 and 166,580,899 shares) | (5,772) | (5,188) | |
Total equity | 15,413 | 17,050 | |
Total liabilities and equity | $ 184,297 | $ 182,114 | |
[1] | Refer to Note 7 for discussion of cash and cash equivalents and investment securities pledged as collateral. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 506,435,119 | 504,521,535 |
Common stock, shares outstanding (in shares) | 327,306,298 | 337,940,636 |
Treasury stock, shares (in shares) | 179,128,821 | 166,580,899 |
Available-for-sale debt securities | Available-for-sale securities | ||
Available-for-sale securities, amortized cost | $ 35,592 | $ 33,650 |
Held-to-maturity securities | ||
Held-to-maturity securities, fair value | 1,106 | 1,204 |
Held-to-maturity securities | Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 1,106 | $ 1,204 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet (VIEs) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Total finance receivables and loans | $ 125,365 | $ 122,268 | |
Allowance for loan losses | (3,301) | (3,267) | |
Finance receivables and loans, net | 122,064 | 119,001 | |
Other assets | 8,957 | 8,057 | |
Total assets | 184,297 | 182,114 | |
Long-term debt | 15,885 | 17,029 | |
Accrued expenses and other liabilities | 2,772 | 2,753 | |
Total liabilities | 168,884 | 165,064 | |
Consumer | |||
Total finance receivables and loans | 99,869 | 98,226 | |
Consumer | Automotive loan | |||
Total finance receivables and loans | 78,911 | 78,252 | |
Allowance for loan losses | (2,763) | (2,769) | |
Consumer | Other | |||
Total finance receivables and loans | 2,245 | 1,962 | |
Allowance for loan losses | (258) | (221) | |
On-balance sheet variable interest entities | |||
Allowance for loan losses | (263) | (278) | |
Finance receivables and loans, net | 7,555 | 6,946 | |
Other assets | 633 | 563 | |
Total assets | 8,188 | 7,509 | |
Long-term debt | 797 | 1,337 | |
Accrued expenses and other liabilities | 2 | 2 | |
Total liabilities | 799 | 1,339 | |
On-balance sheet variable interest entities | Consumer | Automotive loan | |||
Total finance receivables and loans | 7,818 | 6,871 | |
Total assets | 19,016 | 18,158 | |
Total liabilities | 917 | 1,162 | |
On-balance sheet variable interest entities | Consumer | Other | |||
Total finance receivables and loans | [1] | $ 0 | 353 |
Total assets | 318 | ||
Total liabilities | $ 300 | ||
[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 | Common stock and paid-in capital | Preferred stock | Accumulated deficit | Accumulated deficitSeries B Preferred Stock | Accumulated deficitSeries C Preferred Stock | Accumulated other comprehensive income (loss) | Treasury stock |
Beginning balance at Dec. 31, 2020 | $ 14,703 | $ 21,544 | $ 0 | $ (4,278) | $ 631 | $ (3,194) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 796 | 796 | ||||||||
Share-based compensation | 22 | 22 | ||||||||
Other comprehensive income (loss) | (604) | (604) | ||||||||
Common stock repurchases | (219) | (219) | ||||||||
Common stock dividends | (73) | (73) | ||||||||
Ending balance at Mar. 31, 2021 | 14,625 | 21,566 | 0 | (3,555) | 27 | (3,413) | ||||
Beginning balance at Dec. 31, 2021 | 17,050 | 21,671 | 2,324 | (1,599) | (158) | (5,188) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 655 | 655 | ||||||||
Share-based compensation | 57 | 57 | ||||||||
Other comprehensive income (loss) | (1,633) | (1,633) | ||||||||
Common stock repurchases | (584) | (584) | ||||||||
Common stock dividends | (104) | (104) | ||||||||
Preferred stock dividends | $ (16) | $ (12) | $ (16) | $ (12) | ||||||
Ending balance at Mar. 31, 2022 | $ 15,413 | $ 21,728 | $ 2,324 | $ (1,076) | $ (1,791) | $ (5,772) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |||
Statement of Stockholders' Equity [Abstract] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | [1] | $ 0.25 | $ 0.19 | [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 | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Operating activities | ||||
Net income | $ 655 | $ 796 | ||
Reconciliation of net income to net cash provided by operating activities | ||||
Depreciation and amortization | 339 | 373 | ||
Provision for credit losses | 167 | (13) | ||
Gain on mortgage and automotive loans, net | (14) | (36) | ||
Other gain on investments, net | (5) | (123) | ||
Loss on extinguishment of debt | 0 | 1 | ||
Originations and purchases of loans held-for-sale | (1,355) | (1,175) | ||
Proceeds from sales and repayments of loans held-for-sale | 1,465 | 1,137 | ||
Net change in | ||||
Deferred income taxes | 183 | (19) | ||
Interest payable | 92 | 41 | ||
Other assets | 214 | 78 | ||
Other liabilities | (122) | 105 | ||
Other, net | 22 | 5 | ||
Net cash provided by operating activities | 1,641 | 1,170 | ||
Investing activities | ||||
Purchases of equity securities | (349) | (472) | ||
Proceeds from sales of equity securities | 548 | 589 | ||
Purchases of available-for-sale securities | (3,962) | (10,116) | ||
Proceeds from sales of available-for-sale securities | 474 | 2,327 | ||
Proceeds from repayments of available-for-sale securities | 1,508 | 3,612 | ||
Purchases of held-to-maturity securities | 0 | (63) | ||
Proceeds from repayments of held-to-maturity securities | 59 | 118 | ||
Purchases of finance receivables and loans held-for-investment | (1,364) | (930) | ||
Proceeds from sales of finance receivables and loans initially held-for-investment | 1 | 164 | ||
Originations and repayments of finance receivables and loans held-for-investment and other, net | (2,240) | 5,783 | ||
Purchases of operating lease assets | (946) | (1,269) | ||
Disposals of operating lease assets | 865 | 780 | ||
Net change in nonmarketable equity investments | (116) | 29 | ||
Other, net | (163) | (100) | ||
Net cash (used in) provided by investing activities | (5,685) | 452 | ||
Financing activities | ||||
Net change in short-term borrowings | 3,950 | (2,136) | ||
Net increase in deposits | 916 | 2,545 | ||
Proceeds from issuance of long-term debt | 1,059 | 56 | ||
Repayments of long-term debt | (2,222) | (1,340) | ||
Repurchases of common stock | (584) | (219) | ||
Common stock dividends paid | (104) | (73) | ||
Preferred stock dividends paid | (28) | 0 | ||
Net cash provided by (used in) financing activities | 2,987 | (1,167) | ||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 2 | 2 | ||
Net (decrease) increase in cash and cash equivalents and restricted cash | (1,055) | 457 | ||
Cash and cash equivalents and restricted cash at beginning of year | 5,670 | 16,574 | ||
Cash and cash equivalents and restricted cash at March 31, | 4,615 | 17,031 | ||
Cash paid for | ||||
Interest | 292 | 492 | ||
Income taxes | 21 | 4 | ||
Noncash items | ||||
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 25 | 4 | ||
Additions of property and equipment | 0 | 46 | ||
Finance receivables and loans held-for-investment transferred to loans held-for-sale | 0 | 329 | ||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents on the Condensed Consolidated Balance Sheet | 3,932 | [1] | 15,778 | |
Restricted cash included in other assets on the Consolidated Balance Sheet | [2] | 683 | 1,253 | |
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows | $ 4,615 | $ 17,031 | ||
[1] | Refer to Note 7 for discussion of cash and cash equivalents and investment securities pledged as collateral. | |||
[2] | Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 11 for additional details describing the nature of restricted cash balances. |
Description of Business, Basis
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context 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. We are a Delaware corporation and are registered as a BHC under the BHC Act, and an FHC under the GLB Act. 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 Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. The Condensed Consolidated Financial Statements at March 31, 2022, and for the three months ended March 31, 2022, and 2021, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed on February 25, 2022, with the SEC. Significant Accounting Policies Income Taxes In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K regarding additional significant accounting policies. Recently Issued Accounting Standards Fair Value Hedging—Portfolio Layer Method (ASU 2022-01) In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . The purpose of this guidance is to expand the current last-of-layer method to allow multiple hedged layers of a single closed portfolio. This change will allow hedge accounting to be achieved using different types of derivatives and layering techniques, including the use of amortizing swaps with clarification that such a trade would be viewed as being a single layer. Under this expanded scope, both prepayable and nonprepayable financial assets may be included in a single closed portfolio hedge. In addition, the guidance provides clarifications to breach requirements and disclosures. As a result of this change, the last-of-layer method has been renamed the portfolio layer method. The amendments are effective on January 1, 2023, with early adoption permitted. The amendments must be applied using a prospective approach and will not have a material impact upon adoption. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The purpose of this guidance is twofold. First, the guidance eliminates TDR recognition and measurement guidance that has been deemed no longer necessary under CECL. The guidance also adds a requirement to incorporate current year gross charge-offs by origination year into the vintage tables. With respect to the TDR impacts, under CECL, 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. Therefore, credit losses on financial assets that have been modified as TDRs would have largely been incorporated in the allowance upon initial recognition. Under ASU 2022-02, we will be required to evaluate whether loan modifications previously characterized as TDRs represent a new loan or a continuation of an existing loan in accordance with ASC Topic 310, Receivables . The guidance also adds new disclosures that will require an entity to provide information related to loan modifications that are made to borrowers that are deemed to be in financial difficulty. The amendments are effective on January 1, 2023, with early adoption permitted. The amendments must be applied using a prospective approach; however, for the transition away from TDRs, the amendments may be adopted using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. Management is currently evaluating the impact of these amendments. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On 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 $741 million in cash. Fair Square, which we rebranded Ally Credit Card, is a digital-first, nonbank credit-card company that operates in the United States. Fair Square operates as a wholly owned subsidiary of Ally. We applied the acquisition method of accounting to this transaction, which generally requires the initial recognition of assets acquired, including identifiable intangible assets, and liabilities assumed at their respective fair value. Goodwill is recognized as the excess of the acquisition price after the recognition of the net assets, including the identifiable intangible assets. Beginning in December 2021, financial information related to Fair Square is included within Corporate and Other. The following table summarizes the allocation of cash consideration paid for Fair Square and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date. ($ 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 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 11 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 11 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 | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our primary revenue sources, which include financing revenue and other interest income, are addressed by other GAAP and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other GAAP and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred. The following table presents a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2022 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 162 $ — $ — $ — $ 162 Remarketing fee income 27 — — — — 27 Brokerage commissions and other revenue — — — — 11 11 Banking fees and interchange income (d) (e) — — — — 11 11 Brokered/agent commissions — 4 — — — 4 Other 5 — — — 1 6 Total revenue from contracts with customers 32 166 — — 23 221 All other revenue 36 104 14 24 43 221 Total other revenue (f) $ 68 $ 270 $ 14 $ 24 $ 66 $ 442 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 155 $ — $ — $ — $ 155 Remarketing fee income 27 — — — — 27 Brokerage commissions and other revenue — — — — 20 20 Banking fees and interchange income — — — — 6 6 Brokered/agent commissions — 4 — — — 4 Other 6 — — — — 6 Total revenue from contracts with customers 33 159 — — 26 218 All other revenue 29 220 40 26 32 347 Total other revenue (f) $ 62 $ 379 $ 40 $ 26 $ 58 $ 565 (a) We had opening balances of $3.1 billion and $3.0 billion in unearned revenue associated with outstanding contracts at December 31, 2021, and 2020, respectively, and $231 million and $225 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2022, and 2021, respectively. (b) At March 31, 2022, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $648 million during the remainder of 2022, $794 million in 2023, $644 million in 2024, $448 million in 2025, and $490 million thereafter. At March 31, 2021, we had unearned revenue of $3.0 billion associated with outstanding contracts. (c) We had deferred insurance assets of $1.8 billion and $1.9 billion at March 31, 2022, and December 31, 2021, respectively, and recognized $137 million of expense during the three months ended March 31, 2022. We had deferred insurance assets of $1.8 billion at both March 31, 2021, and December 31, 2020, and recognized $132 million of expense during the three months ended March 31, 2021. (d) Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e) Interchange income is reported net of customer rewards. Customer rewards expense was $3 million for the three months ended March 31, 2022. (f) Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments. In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $50 million and $64 million for the three months ended March 31, 2022, and 2021, respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. |
Other Income, Net of Losses
Other Income, Net of Losses | 3 Months Ended |
Mar. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net of Losses | Other Income, Net of Losses Details of other income, net of losses, were as follows. Three months ended March 31, ($ in millions) 2022 2021 Late charges and other administrative fees $ 37 $ 31 Remarketing fees 27 27 Income from equity-method investments 20 14 (Loss) gain on nonmarketable equity investments, net (1) 4 Other, net 60 51 Total other income, net of losses $ 143 $ 127 |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2022 2021 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 122 $ 129 Less: Reinsurance recoverable 81 90 Net reserves for insurance losses and loss adjustment expenses at January 1, 41 39 Net insurance losses and loss adjustment expenses incurred related to: Current year 61 64 Prior years (a) (3) (1) Total net insurance losses and loss adjustment expenses incurred 58 63 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (36) (36) Prior years (20) (23) Total net insurance losses and loss adjustment expenses paid or payable (56) (59) Net reserves for insurance losses and loss adjustment expenses at March 31, 43 43 Plus: Reinsurance recoverable 80 89 Total gross reserves for insurance losses and loss adjustment expenses at March 31, $ 123 $ 132 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses
Other Operating Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Operating Expenses [Abstract] | |
Other Operating Expenses | Other Operating Expenses Details of other operating expenses were as follows. Three months ended March 31, ($ in millions) 2022 2021 Insurance commissions $ 149 $ 136 Technology and communications 97 78 Advertising and marketing 72 41 Lease and loan administration 51 55 Professional services 43 33 Property and equipment depreciation 39 36 Regulatory and licensing fees 26 18 Vehicle remarketing and repossession 20 21 Amortization of intangible assets (a) 8 5 Other 66 62 Total other operating expenses $ 571 $ 485 (a) Refer to Note 11 for further information on our intangible assets. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
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. March 31, 2022 December 31, 2021 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,517 $ — $ (130) $ 2,387 $ 2,173 $ 2 $ (20) $ 2,155 U.S. States and political subdivisions 886 3 (47) 842 841 27 (4) 864 Foreign government 161 — (8) 153 157 2 (2) 157 Agency mortgage-backed residential 20,100 12 (1,178) 18,934 19,044 219 (224) 19,039 Mortgage-backed residential 5,158 1 (320) 4,839 4,448 11 (34) 4,425 Agency mortgage-backed commercial 4,371 12 (433) 3,950 4,573 66 (113) 4,526 Asset-backed 499 — (16) 483 536 1 (3) 534 Corporate debt 1,900 3 (106) 1,797 1,878 30 (21) 1,887 Total available-for-sale securities (a) (b) (c) (d) (e) $ 35,592 $ 31 $ (2,238) $ 33,385 $ 33,650 $ 358 $ (421) $ 33,587 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,159 $ 8 $ (61) $ 1,106 $ 1,170 $ 48 $ (14) $ 1,204 Total held-to-maturity securities (e) (f) $ 1,159 $ 8 $ (61) $ 1,106 $ 1,170 $ 48 $ (14) $ 1,204 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million and $13 million at March 31, 2022, and December 31, 2021, respectively. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information. (c) Available-for-sale securities with a fair value of $227 million and $203 million at March 31, 2022, and December 31, 2021, 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 $88 million and $84 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. (e) There was no allowance for credit losses recorded at March 31, 2022, or December 31, 2021, 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 $2 million and $3 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2022 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,387 1.3 % $ 286 1.0 % $ 600 1.1 % $ 1,501 1.4 % $ — — % U.S. States and political subdivisions 842 3.0 37 2.3 75 2.8 131 3.3 599 3.0 Foreign government 153 1.6 1 1.0 88 1.6 64 1.7 — — Agency mortgage-backed residential 18,934 2.5 — — — — 23 2.0 18,911 2.5 Mortgage-backed residential 4,839 2.6 — — — — 20 2.9 4,819 2.6 Agency mortgage-backed commercial 3,950 2.0 — — — — 1,117 2.3 2,833 1.8 Asset-backed 483 1.8 — — 336 1.9 139 1.5 8 3.4 Corporate debt 1,797 2.3 69 2.4 814 2.2 901 2.3 13 3.0 Total available-for-sale securities $ 33,385 2.3 $ 393 1.4 $ 1,913 1.8 $ 3,896 2.0 $ 27,183 2.4 Amortized cost of available-for-sale securities $ 35,592 $ 394 $ 1,979 $ 4,135 $ 29,084 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,159 2.8 % $ — — % $ — — % $ — — % $ 1,159 2.8 % Total held-to-maturity securities $ 1,159 2.8 $ — — $ — — $ — — $ 1,159 2.8 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 (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 $92 million and $40 million at March 31, 2022, and December 31, 2021, respectively, and were composed primarily of money-market funds and short-term securities, including U.S. Treasury bills. $33 million of these securities were pledged as collateral as of March 31, 2022. We granted the counterparty the right to sell or pledge these securities. The following table presents interest and dividends on investment securities. Three months ended March 31, ($ in millions) 2022 2021 Taxable interest $ 174 $ 114 Taxable dividends 4 5 Interest and dividends exempt from U.S. federal income tax 5 5 Interest and dividends on investment securities $ 183 $ 124 The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Three months ended March 31, ( $ in millions) 2022 2021 Available-for-sale securities Gross realized gains $ 18 $ 32 Net realized gains on available-for-sale securities 18 32 Net realized gain on equity securities 52 74 Net unrealized (loss) gain on equity securities (65) 17 Other gain on investments, net $ 5 $ 123 The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2022, and December 31, 2021. 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 March 31, 2022, and December 31, 2021. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2022, or 2021. March 31, 2022 December 31, 2021 ($ in millions) AA Total (a) AA Total (a) Debt securities Agency mortgage-backed residential $ 1,159 $ 1,159 $ 1,170 $ 1,170 Total held-to-maturity securities $ 1,159 $ 1,159 $ 1,170 $ 1,170 (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 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. As of March 31, 2022, and December 31, 2021, 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 three months ended March 31, 2022, or 2021. March 31, 2022 December 31, 2021 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 1,952 $ (93) $ 425 $ (37) $ 1,682 $ (20) $ — $ — U.S. States and political subdivisions 541 (44) 41 (3) 160 (3) 31 (1) Foreign government 115 (5) 26 (3) 76 (2) 7 — Agency mortgage-backed residential 13,237 (709) 4,416 (469) 12,244 (223) 38 (1) Mortgage-backed residential 4,716 (319) 19 (1) 3,243 (34) 22 — Agency mortgage-backed commercial 2,713 (292) 868 (141) 2,553 (70) 749 (43) Asset-backed 459 (16) 3 — 360 (3) — — Corporate debt 1,249 (75) 261 (31) 970 (18) 49 (3) Total available-for-sale securities $ 24,982 $ (1,553) $ 6,059 $ (685) $ 21,288 $ (373) $ 896 $ (48) During the three months ended March 31, 2022, and 2021, 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 March 31, 2022, or December 31, 2021. |
Finance Receivables and Loans,
Finance Receivables and Loans, Net | 3 Months Ended |
Mar. 31, 2022 | |
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. ($ in millions) March 31, 2022 December 31, 2021 Consumer Consumer automotive (a) $ 78,911 $ 78,252 Consumer mortgage Mortgage Finance (b) 18,372 17,644 Mortgage — Legacy (c) 341 368 Total consumer mortgage 18,713 18,012 Consumer other Personal Lending (d) 1,209 1,009 Credit Card (e) 1,036 953 Total consumer other 2,245 1,962 Total consumer 99,869 98,226 Commercial Commercial and industrial Automotive 13,497 12,229 Other 6,997 6,874 Commercial real estate 5,002 4,939 Total commercial 25,496 24,042 Total finance receivables and loans (f) (g) $ 125,365 $ 122,268 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information. (b) Includes loans originated as interest-only mortgage loans of $5 million at both March 31, 2022, and December 31, 2021. All of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $20 million and $21 million at March 31, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period. (d) Includes $7 million of finance receivables at both March 31, 2022, and December 31, 2021, 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 at both March 31, 2022, and December 31, 2021. (g) Totals do not include accrued interest receivable, which was $527 million and $514 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2022, and March 31, 2021. Three months ended March 31, 2022 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2022 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 Charge-offs (b) (276) (1) (24) — (301) Recoveries 163 3 1 1 168 Net charge-offs (113) 2 (23) 1 (133) Provision for credit losses 107 (3) 59 4 167 Other — — 1 (1) — Allowance at March 31, 2022 $ 2,763 $ 26 $ 258 $ 254 $ 3,301 (a) Excludes $7 million of finance receivables and loans at both March 31, 2022, and December 31, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies. Three months ended March 31, 2021 ($ 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) (284) (2) (8) (14) (308) Recoveries 187 3 — — 190 Net charge-offs (97) 1 (8) (14) (118) Provision for credit losses 4 (7) 3 (13) (13) Other — (1) 1 — — Allowance at March 31, 2021 $ 2,809 $ 26 $ 69 $ 248 $ 3,152 (a) Excludes $8 million of finance receivables and loans at both March 31, 2021, and December 31, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies. The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended March 31, ($ in millions) 2022 2021 Consumer mortgage $ — $ 329 Total sales and transfers $ — $ 329 The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended March 31, ($ in millions) 2022 2021 Consumer automotive $ 493 $ 577 Consumer mortgage 825 188 Total purchases of finance receivables and loans $ 1,318 $ 765 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 March 31, 2022, and December 31, 2021. March 31, 2022 ($ in millions) Nonaccrual status at Jan. 1, 2022 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,078 $ 1,072 $ 422 Consumer mortgage Mortgage Finance 59 51 41 Mortgage — Legacy 26 24 23 Total consumer mortgage 85 75 64 Consumer other Personal Lending 5 6 — Credit Card 11 14 — Total consumer other 16 20 — Total consumer 1,179 1,167 486 Commercial Commercial and industrial Automotive 33 3 2 Other 221 217 47 Commercial real estate 3 1 1 Total commercial 257 221 50 Total finance receivables and loans $ 1,436 $ 1,388 $ 536 (a) Represents a component of nonaccrual status at end of period. 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. We recorded interest income from cash payments associated with finance receivables and loans in nonaccrual status of $3 million for the three months ended March 31, 2022, compared to $2 million for the three months ended March 31, 2021. Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year. Origination year Revolving loans converted to term March 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Consumer automotive Current $ 10,120 $ 31,561 $ 15,171 $ 10,051 $ 5,678 $ 4,186 $ — $ — $ 76,767 30–59 days past due 17 512 314 272 184 179 — — 1,478 60–89 days past due 1 153 105 86 55 52 — — 452 90 or more days past due — 59 42 42 31 40 — — 214 Total consumer automotive 10,138 32,285 15,632 10,451 5,948 4,457 — — 78,911 Consumer mortgage Mortgage Finance Current 895 10,614 2,079 895 655 3,132 — — 18,270 30–59 days past due 3 23 3 4 6 15 — — 54 60–89 days past due — 1 1 1 2 2 — — 7 90 or more days past due — 3 — 5 11 22 — — 41 Total Mortgage Finance 898 10,641 2,083 905 674 3,171 — — 18,372 Mortgage — Legacy Current — — — — — 75 221 20 316 30–59 days past due — — — — — 2 1 1 4 60–89 days past due — — — — — 1 — — 1 90 or more days past due — — — — — 12 6 2 20 Total Mortgage — Legacy — — — — — 90 228 23 341 Total consumer mortgage 898 10,641 2,083 905 674 3,261 228 23 18,713 Consumer other Personal Lending Current 375 681 104 15 3 1 — — 1,179 30–59 days past due 2 7 1 — — — — — 10 60–89 days past due — 6 1 — — — — — 7 90 or more days past due — 5 1 — — — — — 6 Total Personal Lending (a) 377 699 107 15 3 1 — — 1,202 Credit Card Current — — — — — — 1,008 — 1,008 30–59 days past due — — — — — — 8 — 8 60–89 days past due — — — — — — 6 — 6 90 or more days past due — — — — — — 14 — 14 Total Credit Card — — — — — — 1,036 — 1,036 Total consumer other 377 699 107 15 3 1 1,036 — 2,238 Total consumer $ 11,413 $ 43,625 $ 17,822 $ 11,371 $ 6,625 $ 7,719 $ 1,264 $ 23 $ 99,862 (a) Excludes $7 million of finance receivables at March 31, 2022, for which we have elected the fair value option. Origination year Revolving loans converted to term December 31, 2021 ($ 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. 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 March 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 70 $ 350 $ 163 $ 95 $ 45 $ 61 $ 12,121 $ — $ 12,905 Special mention — 2 1 5 12 42 469 — 531 Substandard — — 1 1 1 — 58 — 61 Total automotive 70 352 165 101 58 103 12,648 — 13,497 Other Pass 232 661 447 288 62 137 4,033 99 5,959 Special mention — 15 169 96 44 133 111 20 588 Substandard — — 22 94 — 166 55 21 358 Doubtful — — — — — 82 7 3 92 Total other 232 676 638 478 106 518 4,206 143 6,997 Commercial real estate Pass 302 1,285 1,027 781 523 919 8 9 4,854 Special mention — 7 5 98 4 30 — — 144 Substandard — — — — — 4 — — 4 Total commercial real estate 302 1,292 1,032 879 527 953 8 9 5,002 Total commercial $ 604 $ 2,320 $ 1,835 $ 1,458 $ 691 $ 1,574 $ 16,862 $ 152 $ 25,496 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 The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans March 31, 2022 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 13,497 $ 13,497 Other — — 1 1 6,996 6,997 Commercial real estate — — — — 5,002 5,002 Total commercial $ — $ — $ 1 $ 1 $ 25,495 $ 25,496 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 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 $2.3 billion and $2.4 billion at March 31, 2022, and December 31, 2021, respectively. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $19 million and $18 million at March 31, 2022, and December 31, 2021, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information. The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. 2022 2021 Three months ended March 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Consumer automotive 13,451 $ 231 $ 227 25,590 $ 472 $ 466 Consumer mortgage Mortgage Finance 6 5 5 5 4 4 Mortgage — Legacy 4 1 1 1 — — Total consumer mortgage 10 6 6 6 4 4 Consumer other Credit Card 351 1 1 — — — Total consumer other 351 1 1 — — — Total consumer 13,812 238 234 25,596 476 470 Commercial Commercial and industrial Other 1 34 34 1 33 33 Total commercial 1 34 34 1 33 33 Total finance receivables and loans 13,813 $ 272 $ 268 25,597 $ 509 $ 503 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 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2022 2021 Three months ended March 31, ($ in millions) Number of loans Amortized cost Charge-off amount Number of loans Amortized cost Charge-off amount Consumer automotive 2,111 $ 31 $ 13 2,814 $ 33 $ 20 Consumer mortgage Mortgage Finance 2 2 — — — — Mortgage — Legacy — — — 2 — — Total consumer mortgage 2 2 — 2 — — Total consumer finance receivables and loans 2,113 $ 33 $ 13 2,816 $ 33 $ 20 |
Leasing
Leasing | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 4 months to 7 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 three months ended March 31, 2022, and March 31, 2021, we paid $10 million and $13 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, and March 31, 2021, we obtained $12 million and $337 million, respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2022, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.14%, compared to 6 years and 1.96% as of December 31, 2021. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2022, and that have noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 28 2023 29 2024 23 2025 18 2026 17 2027 and thereafter 28 Total undiscounted cash flows 143 Difference between undiscounted cash flows and discounted cash flows (8) Total lease liability $ 135 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. In February 2022, we provided notice of our intent to exercise the purchase option for an operations center in Lewisville, Texas, which consisted of a leased facility. Upon exercise of the purchase option, the lease was reassessed and presented as a financing lease at March 31, 2022. The lease liability includes payments inherent in the purchase obligation totaling $42 million. The expense associated with the lease for the period in which it met the criteria for classification as a finance lease was not material. The purchase is scheduled to close in 2022. The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2022 2021 Operating lease expense $ 8 $ 12 Variable lease expense 1 2 Total lease expense, net (a) $ 9 $ 14 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2022, and December 31, 2021, consumer operating leases with a carrying value, net of accumulated depreciation, of $120 million and $165 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) March 31, 2022 December 31, 2021 Vehicles $ 12,316 $ 12,384 Accumulated depreciation (1,586) (1,522) Investment in operating leases, net $ 10,730 $ 10,862 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 1,201 2023 1,247 2024 623 2025 169 2026 13 Total lease payments from operating leases $ 3,253 We recognized operating lease revenue of $403 million for the three months ended March 31, 2022, and $370 million for the three months ended March 31, 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended March 31, ($ in millions) 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 267 $ 227 Remarketing gains, net (50) (64) Net depreciation expense on operating lease assets $ 217 $ 163 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021. 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 Condensed Consolidated Balance Sheet was $461 million and $470 million as of March 31, 2022, and December 31, 2021, respectively. This includes lease payment receivables of $448 million and $457 million at March 31, 2022, and December 31, 2021, respectively, and unguaranteed residual assets of $13 million at both March 31, 2022, and December 31, 2021, respectively. Interest income on finance lease receivables was $7 million for the three months ended March 31, 2022, and $6 million for the three months ended March 31, 2021, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 121 2023 140 2024 114 2025 65 2026 38 2027 and thereafter 17 Total undiscounted cash flows 495 Difference between undiscounted cash flows and discounted cash flows (447) Present value of lease payments recorded as lease receivable $ 48 |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 4 months to 7 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 three months ended March 31, 2022, and March 31, 2021, we paid $10 million and $13 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, and March 31, 2021, we obtained $12 million and $337 million, respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2022, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.14%, compared to 6 years and 1.96% as of December 31, 2021. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2022, and that have noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 28 2023 29 2024 23 2025 18 2026 17 2027 and thereafter 28 Total undiscounted cash flows 143 Difference between undiscounted cash flows and discounted cash flows (8) Total lease liability $ 135 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. In February 2022, we provided notice of our intent to exercise the purchase option for an operations center in Lewisville, Texas, which consisted of a leased facility. Upon exercise of the purchase option, the lease was reassessed and presented as a financing lease at March 31, 2022. The lease liability includes payments inherent in the purchase obligation totaling $42 million. The expense associated with the lease for the period in which it met the criteria for classification as a finance lease was not material. The purchase is scheduled to close in 2022. The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2022 2021 Operating lease expense $ 8 $ 12 Variable lease expense 1 2 Total lease expense, net (a) $ 9 $ 14 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2022, and December 31, 2021, consumer operating leases with a carrying value, net of accumulated depreciation, of $120 million and $165 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) March 31, 2022 December 31, 2021 Vehicles $ 12,316 $ 12,384 Accumulated depreciation (1,586) (1,522) Investment in operating leases, net $ 10,730 $ 10,862 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 1,201 2023 1,247 2024 623 2025 169 2026 13 Total lease payments from operating leases $ 3,253 We recognized operating lease revenue of $403 million for the three months ended March 31, 2022, and $370 million for the three months ended March 31, 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended March 31, ($ in millions) 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 267 $ 227 Remarketing gains, net (50) (64) Net depreciation expense on operating lease assets $ 217 $ 163 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021. 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 Condensed Consolidated Balance Sheet was $461 million and $470 million as of March 31, 2022, and December 31, 2021, respectively. This includes lease payment receivables of $448 million and $457 million at March 31, 2022, and December 31, 2021, respectively, and unguaranteed residual assets of $13 million at both March 31, 2022, and December 31, 2021, respectively. Interest income on finance lease receivables was $7 million for the three months ended March 31, 2022, and $6 million for the three months ended March 31, 2021, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 121 2023 140 2024 114 2025 65 2026 38 2027 and thereafter 17 Total undiscounted cash flows 495 Difference between undiscounted cash flows and discounted cash flows (447) Present value of lease payments recorded as lease receivable $ 48 |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 4 months to 7 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 three months ended March 31, 2022, and March 31, 2021, we paid $10 million and $13 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, and March 31, 2021, we obtained $12 million and $337 million, respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2022, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.14%, compared to 6 years and 1.96% as of December 31, 2021. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2022, and that have noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 28 2023 29 2024 23 2025 18 2026 17 2027 and thereafter 28 Total undiscounted cash flows 143 Difference between undiscounted cash flows and discounted cash flows (8) Total lease liability $ 135 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. In February 2022, we provided notice of our intent to exercise the purchase option for an operations center in Lewisville, Texas, which consisted of a leased facility. Upon exercise of the purchase option, the lease was reassessed and presented as a financing lease at March 31, 2022. The lease liability includes payments inherent in the purchase obligation totaling $42 million. The expense associated with the lease for the period in which it met the criteria for classification as a finance lease was not material. The purchase is scheduled to close in 2022. The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2022 2021 Operating lease expense $ 8 $ 12 Variable lease expense 1 2 Total lease expense, net (a) $ 9 $ 14 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2022, and December 31, 2021, consumer operating leases with a carrying value, net of accumulated depreciation, of $120 million and $165 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) March 31, 2022 December 31, 2021 Vehicles $ 12,316 $ 12,384 Accumulated depreciation (1,586) (1,522) Investment in operating leases, net $ 10,730 $ 10,862 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 1,201 2023 1,247 2024 623 2025 169 2026 13 Total lease payments from operating leases $ 3,253 We recognized operating lease revenue of $403 million for the three months ended March 31, 2022, and $370 million for the three months ended March 31, 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended March 31, ($ in millions) 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 267 $ 227 Remarketing gains, net (50) (64) Net depreciation expense on operating lease assets $ 217 $ 163 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021. 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 Condensed Consolidated Balance Sheet was $461 million and $470 million as of March 31, 2022, and December 31, 2021, respectively. This includes lease payment receivables of $448 million and $457 million at March 31, 2022, and December 31, 2021, respectively, and unguaranteed residual assets of $13 million at both March 31, 2022, and December 31, 2021, respectively. Interest income on finance lease receivables was $7 million for the three months ended March 31, 2022, and $6 million for the three months ended March 31, 2021, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 121 2023 140 2024 114 2025 65 2026 38 2027 and thereafter 17 Total undiscounted cash flows 495 Difference between undiscounted cash flows and discounted cash flows (447) Present value of lease payments recorded as lease receivable $ 48 |
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 4 months to 7 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 three months ended March 31, 2022, and March 31, 2021, we paid $10 million and $13 million, respectively, in cash for amounts included in the measurement of lease liabilities. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the three months ended March 31, 2022, and March 31, 2021, we obtained $12 million and $337 million, respectively, of ROU assets in exchange for new lease liabilities. As of March 31, 2022, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 2.14%, compared to 6 years and 1.96% as of December 31, 2021. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2022, and that have noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 28 2023 29 2024 23 2025 18 2026 17 2027 and thereafter 28 Total undiscounted cash flows 143 Difference between undiscounted cash flows and discounted cash flows (8) Total lease liability $ 135 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. In February 2022, we provided notice of our intent to exercise the purchase option for an operations center in Lewisville, Texas, which consisted of a leased facility. Upon exercise of the purchase option, the lease was reassessed and presented as a financing lease at March 31, 2022. The lease liability includes payments inherent in the purchase obligation totaling $42 million. The expense associated with the lease for the period in which it met the criteria for classification as a finance lease was not material. The purchase is scheduled to close in 2022. The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2022 2021 Operating lease expense $ 8 $ 12 Variable lease expense 1 2 Total lease expense, net (a) $ 9 $ 14 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of March 31, 2022, and December 31, 2021, consumer operating leases with a carrying value, net of accumulated depreciation, of $120 million and $165 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) March 31, 2022 December 31, 2021 Vehicles $ 12,316 $ 12,384 Accumulated depreciation (1,586) (1,522) Investment in operating leases, net $ 10,730 $ 10,862 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 1,201 2023 1,247 2024 623 2025 169 2026 13 Total lease payments from operating leases $ 3,253 We recognized operating lease revenue of $403 million for the three months ended March 31, 2022, and $370 million for the three months ended March 31, 2021. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended March 31, ($ in millions) 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 267 $ 227 Remarketing gains, net (50) (64) Net depreciation expense on operating lease assets $ 217 $ 163 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021. 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 Condensed Consolidated Balance Sheet was $461 million and $470 million as of March 31, 2022, and December 31, 2021, respectively. This includes lease payment receivables of $448 million and $457 million at March 31, 2022, and December 31, 2021, respectively, and unguaranteed residual assets of $13 million at both March 31, 2022, and December 31, 2021, respectively. Interest income on finance lease receivables was $7 million for the three months ended March 31, 2022, and $6 million for the three months ended March 31, 2021, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 121 2023 140 2024 114 2025 65 2026 38 2027 and thereafter 17 Total undiscounted cash flows 495 Difference between undiscounted cash flows and discounted cash flows (447) Present value of lease payments recorded as lease receivable $ 48 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Securitizations And Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet. VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant. The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the securitization are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these securitizations, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. There were no sales of financial assets into nonconsolidated VIEs for both the three months ended March 31, 2022, and March 31, 2021. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture. Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. 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. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs March 31, 2022 On-balance sheet variable interest entities Consumer automotive $ 19,016 (b) $ 917 (c) $ — $ — Off-balance sheet variable interest entities Commercial other 1,869 (d) 716 (e) — 2,423 (f) Consumer other (g) — — 13 13 Total $ 20,885 $ 1,633 $ 13 $ 2,436 December 31, 2021 On-balance sheet variable interest entities Consumer automotive $ 18,158 (b) $ 1,162 (c) $ — $ — Consumer other (g) 318 300 — — Off-balance sheet variable interest entities Commercial other 1,814 (d) 726 (e) — 2,416 (f) Total $ 20,290 $ 2,188 $ — $ 2,416 (a) Asset values represent the current unpaid principal balance of outstanding credit card finance receivables and loans within the VIEs. (b) Includes $10.8 billion and $11.0 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2022, and December 31, 2021, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $118 million and $124 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2022, and December 31, 2021, respectively. (d) Amounts are classified as other assets except for $1 million and $8 million classified as equity securities at March 31, 2022, and December 31, 2021, respectively. (e) Amounts are classified as accrued expenses and other liabilities. (f) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. (g) Represents balances from our credit card business. Cash Flows with Nonconsolidated Special-Purpose Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2022, and 2021. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Three months ended March 31, ($ in millions) 2022 2021 Consumer other (a) Cash proceeds from transfers completed during the period $ 12 $ — Servicing fees 1 — Total $ 13 $ — (a) Represents activity from our credit card business. Delinquencies and Net Credit Losses During both the three months ended March 31, 2022, and 2021, we did not recognize any net credit losses from off-balance sheet securitizations where we have continuing involvement. The following table presents 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 ($ in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Whole-loan sales (a) Consumer other $ 13 $ 4 $ — $ — Total $ 13 $ 4 $ — $ — (a) Whole-loan sales are not part of a securitization transaction, but represent credit card pools of loans sold to third-party investors. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of other assets were as follows. ($ in millions) March 31, 2022 December 31, 2021 Property and equipment at cost (a) $ 2,178 $ 2,139 Accumulated depreciation (980) (955) Net property and equipment 1,198 1,184 Investment in qualified affordable housing projects 1,373 1,378 Nonmarketable equity investments 1,116 998 Goodwill 822 822 Net deferred tax assets 625 254 Accrued interest, fees, and rent receivables 609 600 Restricted cash held for securitization trusts (b) 583 516 Equity-method investments (c) 544 472 Other accounts receivable 293 127 Net intangible assets 121 129 Operating lease right-of-use assets 111 148 Restricted cash and cash equivalents (d) 100 92 Finance lease right-of-use assets (e) 44 — Other assets 1,418 1,337 Total other assets $ 8,957 $ 8,057 (a) Balance includes a new corporate facility purchased during the year ended December 31, 2021. Refer to Note 9 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. (e) For additional information on finance lease right-of-use assets, refer to Note 9. The total carrying value of the nonmarketable equity investments held at March 31, 2022, and December 31, 2021, including cumulative unrealized gains and losses was as follows. ($ in millions) March 31, 2022 December 31, 2021 FHLB stock $ 407 $ 289 FRB stock 449 449 Equity securities without a readily determinable fair value Cost basis 90 89 Adjustments Upward adjustments 183 183 Downward adjustments (including impairment) (13) (12) Carrying amount, equity securities without a readily determinable fair value 260 260 Nonmarketable equity investments $ 1,116 $ 998 During the three months ended March 31, 2022, and 2021, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2022, and 2021, were as follows. Three months ended March 31, ($ in millions) 2022 2021 Upward adjustments $ 1 $ 2 Downward adjustments (including impairment) (a) $ (2) $ (1) (a) No impairment on FHLB and FRB stock was recognized during both the three months ended March 31, 2022, and 2021. Total (loss) gain on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses was a loss of $1 million and a gain of $4 million for the three months ended March 31, 2022, and March 31, 2021, respectively. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate and Other (a) Total Goodwill at December 31, 2020 $ 20 $ 27 $ 296 $ 343 Goodwill acquired — — 479 479 Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 Goodwill acquired — — — — Goodwill at March 31, 2022 $ 20 $ 27 $ 775 $ 822 (a) Includes $479 million of goodwill associated with Ally Credit Card at both March 31, 2022, and December 31, 2021, and $153 million of goodwill associated with Ally Lending at both March 31, 2022, and December 31, 2021, and $143 million of goodwill associated with Ally Invest at both March 31, 2022, and December 31, 2021. The net carrying value of intangible assets by class was as follows. March 31, 2022 (a) December 31, 2021 ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 83 $ (12) $ 71 $ 83 $ (9) $ 74 Customer lists 58 (44) 14 58 (42) 16 Purchased credit card relationships 25 (1) 24 25 — 25 Trademarks 2 — 2 2 — 2 Other 39 (29) 10 39 (27) 12 Total intangible assets $ 207 $ (86) $ 121 $ 207 $ (78) $ 129 (a) We expect to recognize amortization expense of $23 million during the remainder of 2022, $25 million in 2023, $18 million in 2024, $14 million in 2025, and $14 million in 2026. |
Deposit Liabilities
Deposit Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposit Liabilities | Deposit Liabilities Deposit liabilities consisted of the following. ($ in millions) March 31, 2022 December 31, 2021 Noninterest-bearing deposits $ 175 $ 150 Interest-bearing deposits Savings, money market, and checking accounts 106,411 102,455 Certificates of deposit 35,889 38,953 Total deposit liabilities $ 142,475 $ 141,558 At March 31, 2022, and December 31, 2021, certificates of deposit included $6.6 billion and $7.2 billion, respectively, of those in denominations in excess of $250 thousand federal insurance limits. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio. March 31, 2022 December 31, 2021 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 2,950 $ 2,950 $ — $ — $ — Other (b) — 1,000 1,000 — — — Total short-term borrowings $ — $ 3,950 $ 3,950 $ — $ — $ — (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) Represents a loan participation agreement that did not meet the requirements for derecognition and was therefore accounted for as a secured borrowing. Long-Term Debt The following tables present the composition of our long-term debt portfolio. March 31, 2022 December 31, 2021 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 384 $ 3,789 $ 4,173 $ 1,028 $ 4,841 $ 5,869 Due after one year 8,421 3,291 11,712 8,382 2,778 11,160 Total long-term debt (b) $ 8,805 $ 7,080 $ 15,885 $ 9,410 $ 7,619 $ 17,029 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information. (b) Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $6.3 billion at both March 31, 2022, and December 31, 2021. The following table presents the scheduled remaining maturity of long-term debt at March 31, 2022, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2022 2023 2024 2025 2026 2027 and thereafter Total Unsecured Long-term debt $ 433 $ 2,085 $ 1,481 $ 2,377 $ 27 $ 3,312 $ 9,715 Original issue discount (40) (58) (65) (71) (79) (597) (910) Total unsecured 393 2,027 1,416 2,306 (52) 2,715 8,805 Secured Long-term debt 3,437 1,602 1,748 275 8 10 7,080 Total long-term debt $ 3,830 $ 3,629 $ 3,164 $ 2,581 $ (44) $ 2,725 $ 15,885 The following summarizes assets restricted as collateral for the payment of the related debt obligation. March 31, 2022 December 31, 2021 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Consumer mortgage finance receivables $ 18,655 $ 18,655 $ 17,941 $ 17,941 Consumer automotive finance receivables 10,015 10,015 9,122 9,122 Commercial finance receivables (b) 1,010 1,010 10 10 Credit card receivables — — 347 347 Total assets restricted as collateral (c) (d) $ 29,680 $ 29,680 $ 27,420 $ 27,420 Secured debt (e) $ 11,030 $ 11,030 $ 7,619 $ 7,619 (a) Ally Bank is a component of the total column. (b) Includes pledged commercial finance receivables related to a participation agreement at March 31, 2022. (c) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $18.7 billion and $18.0 billion at March 31, 2022, and December 31, 2021, 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 March 31, 2022, and December 31, 2021. 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. (d) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 11 for additional information. (e) Includes $4.0 billion of short-term borrowings at March 31, 2022. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows. ($ in millions) March 31, 2022 December 31, 2021 Accounts payable $ 774 $ 584 Unfunded commitments for investment in qualified affordable housing projects 714 724 Employee compensation and benefits 302 512 Deferred revenue 172 176 Operating lease liabilities 135 175 Reserves for insurance losses and loss adjustment expenses 123 122 Finance lease liabilities (a) 42 — Other liabilities 510 460 Total accrued expenses and other liabilities $ 2,772 $ 2,753 (a) For additional information on our finance lease liabilities, refer to Note 9. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock | 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. March 31, 2022 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 Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. ($ in millions) Unrealized gains (losses) on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive income (loss) Balance at January 1, 2021 $ 640 $ 19 $ 82 $ (110) $ 631 Net change (587) 1 (17) (1) (604) Balance at March 31, 2021 $ 53 $ 20 $ 65 $ (111) $ 27 Balance at January 1, 2022 $ (95) $ 19 $ 35 $ (117) $ (158) Net change (1,631) 1 (5) 2 (1,633) Balance at March 31, 2022 (c) $ (1,726) $ 20 $ 30 $ (115) $ (1,791) (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 19. (c) The valuation of our defined benefit plan reflects 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 net income from continuing operations of our Condensed Consolidated Statement of Comprehensive Income. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss. Three months ended March 31, 2022 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (2,120) $ 503 $ (1,617) Less: Net realized gains reclassified to income from continuing operations 18 (a) (4) (b) 14 Net change (2,138) 507 (1,631) Translation adjustments Net unrealized gains arising during the period 3 — 3 Net investment hedges (c) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 6 (d) (1) (b) 5 Defined benefit pension plans Net unrealized gains arising during the period 2 — 2 Other comprehensive loss $ (2,142) $ 509 $ (1,633) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (736) $ 174 $ (562) Less: Net realized gains reclassified to income from continuing operations 32 (a) (7) (b) 25 Net change (768) 181 (587) Translation adjustments Net unrealized gains arising during the period 3 (1) 2 Net investment hedges (c) Net unrealized losses arising during the period (2) 1 (1) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 21 (d) (4) (b) 17 Defined benefit pension plans Net unrealized losses arising during the period (2) 1 (1) Other comprehensive loss $ (790) $ 186 $ (604) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
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. Three months ended March 31, ($ in millions, except per share data; shares in thousands) (a) 2022 2021 Net income from continuing operations $ 655 $ 796 Preferred stock dividends — Series B (16) — Preferred stock dividends — Series C (12) — Net income from continuing operations attributable to common stockholders $ 627 $ 796 Net income attributable to common stockholders $ 627 $ 796 Basic weighted-average common shares outstanding (b) 335,678 375,229 Diluted weighted-average common shares outstanding (b) 337,812 377,529 Basic earnings per common share Net income from continuing operations $ 1.87 $ 2.12 Net income $ 1.87 $ 2.12 Diluted earnings per common share Net income from continuing operations $ 1.86 $ 2.11 Net income $ 1.86 $ 2.11 (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. |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
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) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (4) exempted from company-run capital stress testing requirements, (5) 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 (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Refer to Note 20 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional details on the tailoring framework and other applicable capital and liquidity requirements. 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. 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. 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 March 31, 2022, 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%. Prompted by the enactment of the EGRRCP Act, the FRB and other U.S. banking agencies tailored the capital and liquidity requirements that apply to large U.S. banking organizations. 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 effective May 2020, 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. 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. At both March 31, 2022, and December 31, 2021, Ally Bank was well capitalized under the PCA framework. Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Brokered deposits totaled $4.0 billion at March 31, 2022, which represented 2.8% of Ally Bank’s total deposits. The following table summarizes our capital ratios under U.S. Basel III. March 31, 2022 December 31, 2021 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 14,849 9.97 % $ 15,143 10.34 % 4.50 % (b) Ally Bank 17,220 12.09 17,253 12.39 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,124 11.49 % $ 17,403 11.89 % 6.00 % 6.00 % Ally Bank 17,220 12.09 17,253 12.39 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,564 13.13 % $ 19,724 13.47 % 8.00 % 10.00 % Ally Bank 19,006 13.34 18,995 13.64 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,124 9.36 % $ 17,403 9.67 % 4.00 % (b) Ally Bank 17,220 9.93 17,253 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 March 31, 2022, and December 31, 2021, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both March 31, 2022, and December 31, 2021. (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. On January 1, 2020, we adopted CECL, which is further described in Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. 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 were 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 March 31, 2022, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $887 million. 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. 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. We submitted our 2021 capital plan on April 5, 2021, which included planned capital distributions to common stockholders through share repurchases and cash dividends and other capital actions over the nine-quarter planning horizon. 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. 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 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 increases in our stock-repurchase program and common-stock dividend. 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%. We submitted our 2022 capital plan to the FRB on April 5, 2022. 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 subject to restrictions imposed by the FRB, and an increase in our cash dividend on common stock from $0.25 per share for the fourth quarter of 2021 to $0.30 per share for the first quarter of 2022. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB), impacts related to the COVID-19 pandemic, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time. The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 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 2022 First quarter $ 584 12,548 337,941 327,306 $ 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) Our aggregate common-stock dividends and share repurchases in the first and second quarters of 2021 were limited by actions taken by the FRB to address the economic uncertainty from the COVID-19 pandemic. Refer to Note 20 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for further details about these actions. (c) On April 13, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on May 16, 2022, to stockholders of record at the close of business on May 2, 2022. Refer to Note 25 for further information regarding this common-stock dividend. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
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 fixed-rate held-for-investment consumer automotive loan assets. 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, 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 three months ended March 31, 2022, or 2021. We placed cash and noncash collateral totaling $6 million and $260 million, respectively, supporting our derivative positions at March 31, 2022, compared to $2 million and $203 million of cash and noncash collateral at December 31, 2021, 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 Condensed Consolidated Balance Sheet in other assets. We received cash collateral from counterparties totaling $13 million and $4 million in accounts maintained by counterparties at March 31, 2022, and December 31, 2021, respectively. This amount includes collateral received from clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. March 31, 2022 December 31, 2021 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 20,043 $ — $ — $ 17,039 Foreign exchange contracts Forwards — 3 160 — 2 171 Total derivatives designated as accounting hedges — 3 20,203 — 2 17,210 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards 2 — 328 1 — 223 Written options 3 7 389 5 2 580 Total interest rate risk 5 7 717 6 2 803 Foreign exchange contracts Futures and forwards — 2 439 — 1 154 Total foreign exchange risk — 2 439 — 1 154 Credit contracts (a) Other credit derivatives — 57 n/a — 56 n/a Total credit risk — 57 n/a — 56 n/a Equity contracts Written options — 4 2 — 1 2 Purchased options 3 — — 1 — — Total equity risk 3 4 2 1 1 2 Total derivatives not designated as accounting hedges 8 70 1,158 7 60 959 Total derivatives $ 8 $ 73 $ 21,361 $ 7 $ 62 $ 18,169 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $116 million and $119 million as of March 31, 2022, and December 31, 2021, respectively. The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. ($ in millions) Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Assets Available-for-sale securities (b) $ 5,405 $ 5,119 $ (59) $ (14) $ (68) $ (30) Finance receivables and loans, net (c) 43,485 44,098 (350) (37) 36 46 Liabilities Long-term debt $ 7,190 $ 7,213 $ 112 $ 110 $ 110 $ 110 (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) These amounts include amortized cost basis of closed portfolios of available-for-sale securities 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. At March 31, 2022, and December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.1 billion and $3.9 billion, respectively. At March 31, 2022, and December 31, 2021, the total cumulative basis adjustments associated with these hedging relationships was a $44 million liability and a $6 million liability, respectively, of which the portion related to discontinued hedging relationships was a $54 million liability and a $20 million liability, respectively. At March 31, 2022, and December 31, 2021, the notional amounts of the designated hedged items were $2.0 billion and $1.2 billion, respectively, with cumulative basis adjustments of a $10 million asset and a $14 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the amortized cost basis of closed portfolios of loan receivables 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. At March 31, 2022, and December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $43.5 billion and $44.1 billion, respectively. At March 31, 2022, and December 31, 2021, the total cumulative basis adjustments associated with these hedging relationships was a $350 million liability and a $37 million liability, respectively, of which the portion related to discontinued hedging relationships was a $36 million asset and a $46 million asset, respectively. At March 31, 2022, and December 31, 2021, the notional amounts of the designated hedged items were $17.6 billion and $15.6 billion, respectively, with cumulative basis adjustments of a $386 million liability and an $82 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Statement of Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, ($ in millions) 2022 2021 (Loss) gain recognized in earnings Interest rate contracts Loss on mortgage and automotive loans, net $ (2) $ (7) Other income, net of losses 3 — Total interest rate contracts 1 (7) Foreign exchange contracts Other operating expenses (3) (2) Total foreign exchange contracts (3) (2) Credit contracts Other income, net of losses (1) (8) Total credit contracts (1) (8) Total loss recognized in earnings $ (3) $ (17) 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 Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Three months ended March 31, ($ in millions) 2022 2021 2022 2021 2022 2021 2022 2021 (Loss) gain on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ (2) $ 139 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — 2 (139) Hedged available-for-sale securities — — (42) (13) — — — — Derivatives designated as hedging instruments on available-for-sale securities — — 42 13 — — — — Hedged fixed-rate consumer automotive loans (304) (39) — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 304 39 — — — — — — Total gain on fair value hedging relationships — — — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — — (1) — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive income into income 6 22 — — — — — — Total gain (loss) on cash flow hedging relationships $ 6 $ 22 $ — $ — $ — $ (1) $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 1,714 $ 1,582 $ 188 $ 131 $ 211 $ 306 $ 185 $ 250 During the next 12 months, we estimate $20 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended March 31, ($ in millions) 2022 2021 2022 2021 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 1 $ 1 Interest for qualifying accounting hedges of unsecured debt — — — — — 1 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — (1) (5) Amortization of deferred basis adjustments of available-for-sale securities — — 1 (2) — — Interest for qualifying accounting hedges of available-for-sale securities — — (1) (1) — — Amortization of deferred loan basis adjustments (9) (13) — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment (18) (30) — — — — Total loss on fair value hedging relationships $ (27) $ (43) $ — $ (3) $ — $ (3) The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended March 31, ($ in millions) 2022 2021 Interest rate contracts Loss recognized in other comprehensive loss $ (6) $ (21) The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss and the Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, ($ in millions) 2022 2021 Foreign exchange contracts (a) (b) Loss recognized in other comprehensive loss $ (3) $ (2) (a) There were no amounts excluded from effectiveness testing for the three months ended March 31, 2022, or 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recognized total income tax expense from continuing operations of $191 million for the three months ended March 31, 2022, compared to income tax expense of $211 million for the same period in 2021. The decrease in income tax expense for the three months ended March 31, 2022, compared to the same period in 2021, was primarily due to the tax effects of a decrease in pretax earnings, partially offset by an increase of valuation allowance on foreign tax credit carryforwards. As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
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. • 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 Condensed 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 March 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 868 $ — $ 1 $ 869 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,387 — — 2,387 U.S. States and political subdivisions — 831 11 842 Foreign government 28 125 — 153 Agency mortgage-backed residential — 18,934 — 18,934 Mortgage-backed residential — 4,839 — 4,839 Agency mortgage-backed commercial — 3,950 — 3,950 Asset-backed — 483 — 483 Corporate debt — 1,797 — 1,797 Total available-for-sale securities 2,415 30,959 11 33,385 Mortgage loans held-for-sale (b) — 95 — 95 Finance receivables and loans, net Consumer other (b) — — 7 7 Other assets Derivative contracts in a receivable position Interest rate — 2 3 5 Equity contracts 3 — — 3 Total derivative contracts in a receivable position 3 2 3 8 Total assets $ 3,286 $ 31,056 $ 22 $ 34,364 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ — $ 7 $ 7 Foreign currency — 5 — 5 Credit contracts — — 57 57 Equity contracts 4 — — 4 Total derivative contracts in a payable position 4 5 64 73 Total liabilities $ 4 $ 5 $ 64 $ 73 (a) Our direct investment in any one industry did not exceed 14%. (b) Carried at fair value due to fair value option elections. 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 Other assets 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. 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) ($ in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Assets Fair value at January 1, $ 9 $ 7 $ 9 $ 7 $ — $ 91 $ 7 $ 8 Net realized/unrealized gains (losses) Included in earnings 1 4 — — — 28 (1) 2 Included in OCI — — — — — — — — Purchases — — 2 — — 1,039 4 4 Sales (9) — — — — (1,012) — — Issuances — — — — — — — — Settlements — — — — — — (3) (6) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 — — — — — — — — Fair value at March 31, $ 1 $ 11 $ 11 $ 7 $ — $ 146 $ 7 $ 8 Net unrealized gains (losses) still held at March 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 Condensed Consolidated Statement of Comprehensive Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized gains (losses) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d) Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. Derivative liabilities, net of derivative assets (a) ($ in millions) 2022 2021 Liabilities Fair value at January 1, $ 53 $ 12 Net realized/unrealized losses (gains) Included in earnings 8 15 Included in OCI — — Purchases — — Sales — — Issuances — 1 Settlements — — Transfers into Level 3 — — Transfers out of Level 3 — — Fair value at March 31, $ 61 $ 28 Net unrealized losses (gains) still held at March 31, Included in earnings $ 5 $ 15 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 Condensed Consolidated Statement of Comprehensive Income. Nonrecurring Fair Value We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2022, and December 31, 2021, 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 March 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 376 $ 376 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 1 1 — n/m (a) Other — — 87 87 (85) n/m (a) Total commercial finance receivables and loans, net — — 88 88 (85) n/m (a) Other assets Nonmarketable equity investments — — 13 13 (2) n/m (a) Repossessed and foreclosed assets (c) — — 4 4 — n/m (a) Total assets $ — $ — $ 481 $ 481 $ (87) 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, 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. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale and certain acquired unsecured consumer finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain acquired unsecured consumer finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at March 31, 2022, and December 31, 2021. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total March 31, 2022 Financial assets Held-to-maturity securities $ 1,159 $ — $ 1,106 $ — $ 1,106 Loans held-for-sale, net 376 — — 376 376 Finance receivables and loans, net 122,057 — — 126,765 126,765 FHLB/FRB stock (a) 856 — 856 — 856 Financial liabilities Deposit liabilities $ 37,889 $ — $ — $ 37,793 $ 37,793 Short-term borrowings 3,950 — — 3,950 3,950 Long-term debt 15,885 — 10,991 6,514 17,505 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 (a) Included in other assets on our Condensed 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 19. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2022 Assets Derivative assets in net liability positions $ 3 $ — $ 3 $ (3) $ — $ — Derivative assets with no offsetting arrangements 5 — 5 — — 5 Total assets $ 8 $ — $ 8 $ (3) $ — $ 5 Liabilities Derivative liabilities in net liability positions $ 9 $ — $ 9 $ (3) $ (6) $ — Derivative liabilities with no offsetting arrangements 64 — 64 — — 64 Total liabilities $ 73 $ — $ 73 $ (3) $ (6) $ 64 December 31, 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 (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 Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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. Dealer Financial Services Dealer Financial Services comprises our Automotive Finance and Insurance 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, 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—as well as other strategic investments—and 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 digital brokerage and wealth management offering, Ally Lending, our point-of-sale financing business, Ally Credit Card, and CRA loans and related investments 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. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2022 Net financing revenue and other interest income $ 1,295 $ 17 $ 53 $ 83 $ 245 $ 1,693 Other revenue 68 270 14 24 66 442 Total net revenue 1,363 287 67 107 311 2,135 Provision for credit losses 104 — — 6 57 167 Total noninterest expense 534 274 56 37 221 1,122 Income from continuing operations before income tax expense $ 725 $ 13 $ 11 $ 64 $ 33 $ 846 Total assets $ 105,754 $ 9,220 $ 18,596 $ 8,086 $ 42,641 $ 184,297 2021 Net financing revenue and other interest income $ 1,206 $ 15 $ 23 $ 71 $ 57 $ 1,372 Other revenue 62 379 40 26 58 565 Total net revenue 1,268 394 63 97 115 1,937 Provision for credit losses (22) — (4) 13 — (13) Total noninterest expense 487 253 44 31 128 943 Income (loss) from continuing operations before income tax expense $ 803 $ 141 $ 23 $ 53 $ (13) $ 1,007 Total assets $ 101,566 $ 9,221 $ 12,923 $ 6,421 $ 51,748 $ 181,879 (a) Net financing revenue and other interest income after the provision for credit losses totaled $1.5 billion and $1.4 billion for the three months ended March 31, 2022, and March 31, 2021, respectively. |
Contingencies and Other Risks
Contingencies and Other Risks | 3 Months Ended |
Mar. 31, 2022 | |
Loss Contingency [Abstract] | |
Contingencies and Other Risks | Contingencies and Other Risks 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 in our 2021 Annual Report on Form 10-K for additional information related to our policy for establishing accruals. The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Common Dividend On April 13, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on May 16, 2022, to stockholders of record at the close of business on May 2, 2022. |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. |
Income Taxes | Income Taxes In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K regarding additional significant accounting policies. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Fair Value Hedging—Portfolio Layer Method (ASU 2022-01) In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . The purpose of this guidance is to expand the current last-of-layer method to allow multiple hedged layers of a single closed portfolio. This change will allow hedge accounting to be achieved using different types of derivatives and layering techniques, including the use of amortizing swaps with clarification that such a trade would be viewed as being a single layer. Under this expanded scope, both prepayable and nonprepayable financial assets may be included in a single closed portfolio hedge. In addition, the guidance provides clarifications to breach requirements and disclosures. As a result of this change, the last-of-layer method has been renamed the portfolio layer method. The amendments are effective on January 1, 2023, with early adoption permitted. The amendments must be applied using a prospective approach and will not have a material impact upon adoption. Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The purpose of this guidance is twofold. First, the guidance eliminates TDR recognition and measurement guidance that has been deemed no longer necessary under CECL. The guidance also adds a requirement to incorporate current year gross charge-offs by origination year into the vintage tables. With respect to the TDR impacts, under CECL, 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. Therefore, credit losses on financial assets that have been modified as TDRs would have largely been incorporated in the allowance upon initial recognition. Under ASU 2022-02, we will be required to evaluate whether loan modifications previously characterized as TDRs represent a new loan or a continuation of an existing loan in accordance with ASC Topic 310, Receivables . The guidance also adds new disclosures that will require an entity to provide information related to loan modifications that are made to borrowers that are deemed to be in financial difficulty. The amendments are effective on January 1, 2023, with early adoption permitted. The amendments must be applied using a prospective approach; however, for the transition away from TDRs, the amendments may be adopted using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. Management is currently evaluating the impact of these amendments. |
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) | 3 Months Ended |
Mar. 31, 2022 | |
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 PCD loans that have experienced a more-than-insignificant deterioration of credit quality since origination. We recognized an initial allowance for loan losses of $12 million on these PCD loans. (b) The weighted average amortization period on the acquired intangible assets is 7 years. Refer to Note 11 for further information on our intangible assets. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2022 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 162 $ — $ — $ — $ 162 Remarketing fee income 27 — — — — 27 Brokerage commissions and other revenue — — — — 11 11 Banking fees and interchange income (d) (e) — — — — 11 11 Brokered/agent commissions — 4 — — — 4 Other 5 — — — 1 6 Total revenue from contracts with customers 32 166 — — 23 221 All other revenue 36 104 14 24 43 221 Total other revenue (f) $ 68 $ 270 $ 14 $ 24 $ 66 $ 442 2021 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 155 $ — $ — $ — $ 155 Remarketing fee income 27 — — — — 27 Brokerage commissions and other revenue — — — — 20 20 Banking fees and interchange income — — — — 6 6 Brokered/agent commissions — 4 — — — 4 Other 6 — — — — 6 Total revenue from contracts with customers 33 159 — — 26 218 All other revenue 29 220 40 26 32 347 Total other revenue (f) $ 62 $ 379 $ 40 $ 26 $ 58 $ 565 (a) We had opening balances of $3.1 billion and $3.0 billion in unearned revenue associated with outstanding contracts at December 31, 2021, and 2020, respectively, and $231 million and $225 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2022, and 2021, respectively. (b) At March 31, 2022, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $648 million during the remainder of 2022, $794 million in 2023, $644 million in 2024, $448 million in 2025, and $490 million thereafter. At March 31, 2021, we had unearned revenue of $3.0 billion associated with outstanding contracts. (c) We had deferred insurance assets of $1.8 billion and $1.9 billion at March 31, 2022, and December 31, 2021, respectively, and recognized $137 million of expense during the three months ended March 31, 2022. We had deferred insurance assets of $1.8 billion at both March 31, 2021, and December 31, 2020, and recognized $132 million of expense during the three months ended March 31, 2021. (d) Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e) Interchange income is reported net of customer rewards. Customer rewards expense was $3 million for the three months ended March 31, 2022. (f) Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments. |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Income, by Component | Details of other income, net of losses, were as follows. Three months ended March 31, ($ in millions) 2022 2021 Late charges and other administrative fees $ 37 $ 31 Remarketing fees 27 27 Income from equity-method investments 20 14 (Loss) gain on nonmarketable equity investments, net (1) 4 Other, net 60 51 Total other income, net of losses $ 143 $ 127 |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2022 2021 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 122 $ 129 Less: Reinsurance recoverable 81 90 Net reserves for insurance losses and loss adjustment expenses at January 1, 41 39 Net insurance losses and loss adjustment expenses incurred related to: Current year 61 64 Prior years (a) (3) (1) Total net insurance losses and loss adjustment expenses incurred 58 63 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (36) (36) Prior years (20) (23) Total net insurance losses and loss adjustment expenses paid or payable (56) (59) Net reserves for insurance losses and loss adjustment expenses at March 31, 43 43 Plus: Reinsurance recoverable 80 89 Total gross reserves for insurance losses and loss adjustment expenses at March 31, $ 123 $ 132 (a) There have been no material adverse changes to the reserve for prior years. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Three months ended March 31, ($ in millions) 2022 2021 Insurance commissions $ 149 $ 136 Technology and communications 97 78 Advertising and marketing 72 41 Lease and loan administration 51 55 Professional services 43 33 Property and equipment depreciation 39 36 Regulatory and licensing fees 26 18 Vehicle remarketing and repossession 20 21 Amortization of intangible assets (a) 8 5 Other 66 62 Total other operating expenses $ 571 $ 485 (a) Refer to Note 11 for further information on our intangible assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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. March 31, 2022 December 31, 2021 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,517 $ — $ (130) $ 2,387 $ 2,173 $ 2 $ (20) $ 2,155 U.S. States and political subdivisions 886 3 (47) 842 841 27 (4) 864 Foreign government 161 — (8) 153 157 2 (2) 157 Agency mortgage-backed residential 20,100 12 (1,178) 18,934 19,044 219 (224) 19,039 Mortgage-backed residential 5,158 1 (320) 4,839 4,448 11 (34) 4,425 Agency mortgage-backed commercial 4,371 12 (433) 3,950 4,573 66 (113) 4,526 Asset-backed 499 — (16) 483 536 1 (3) 534 Corporate debt 1,900 3 (106) 1,797 1,878 30 (21) 1,887 Total available-for-sale securities (a) (b) (c) (d) (e) $ 35,592 $ 31 $ (2,238) $ 33,385 $ 33,650 $ 358 $ (421) $ 33,587 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 1,159 $ 8 $ (61) $ 1,106 $ 1,170 $ 48 $ (14) $ 1,204 Total held-to-maturity securities (e) (f) $ 1,159 $ 8 $ (61) $ 1,106 $ 1,170 $ 48 $ (14) $ 1,204 (a) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million and $13 million at March 31, 2022, and December 31, 2021, respectively. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information. (c) Available-for-sale securities with a fair value of $227 million and $203 million at March 31, 2022, and December 31, 2021, 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 $88 million and $84 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. (e) There was no allowance for credit losses recorded at March 31, 2022, or December 31, 2021, 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 $2 million and $3 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. |
Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield March 31, 2022 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,387 1.3 % $ 286 1.0 % $ 600 1.1 % $ 1,501 1.4 % $ — — % U.S. States and political subdivisions 842 3.0 37 2.3 75 2.8 131 3.3 599 3.0 Foreign government 153 1.6 1 1.0 88 1.6 64 1.7 — — Agency mortgage-backed residential 18,934 2.5 — — — — 23 2.0 18,911 2.5 Mortgage-backed residential 4,839 2.6 — — — — 20 2.9 4,819 2.6 Agency mortgage-backed commercial 3,950 2.0 — — — — 1,117 2.3 2,833 1.8 Asset-backed 483 1.8 — — 336 1.9 139 1.5 8 3.4 Corporate debt 1,797 2.3 69 2.4 814 2.2 901 2.3 13 3.0 Total available-for-sale securities $ 33,385 2.3 $ 393 1.4 $ 1,913 1.8 $ 3,896 2.0 $ 27,183 2.4 Amortized cost of available-for-sale securities $ 35,592 $ 394 $ 1,979 $ 4,135 $ 29,084 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 1,159 2.8 % $ — — % $ — — % $ — — % $ 1,159 2.8 % Total held-to-maturity securities $ 1,159 2.8 $ — — $ — — $ — — $ 1,159 2.8 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 (a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. |
Investment Income | The following table presents interest and dividends on investment securities. Three months ended March 31, ($ in millions) 2022 2021 Taxable interest $ 174 $ 114 Taxable dividends 4 5 Interest and dividends exempt from U.S. federal income tax 5 5 Interest and dividends on investment securities $ 183 $ 124 |
Schedule of Realized Gain (Loss) | The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Three months ended March 31, ( $ in millions) 2022 2021 Available-for-sale securities Gross realized gains $ 18 $ 32 Net realized gains on available-for-sale securities 18 32 Net realized gain on equity securities 52 74 Net unrealized (loss) gain on equity securities (65) 17 Other gain on investments, net $ 5 $ 123 |
Held to Maturity Debt Securities by Credit Quality | The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2022, and December 31, 2021. 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 March 31, 2022, and December 31, 2021. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2022, or 2021. March 31, 2022 December 31, 2021 ($ in millions) AA Total (a) AA Total (a) Debt securities Agency mortgage-backed residential $ 1,159 $ 1,159 $ 1,170 $ 1,170 Total held-to-maturity securities $ 1,159 $ 1,159 $ 1,170 $ 1,170 (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 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K. As of March 31, 2022, and December 31, 2021, 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 three months ended March 31, 2022, or 2021. March 31, 2022 December 31, 2021 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 1,952 $ (93) $ 425 $ (37) $ 1,682 $ (20) $ — $ — U.S. States and political subdivisions 541 (44) 41 (3) 160 (3) 31 (1) Foreign government 115 (5) 26 (3) 76 (2) 7 — Agency mortgage-backed residential 13,237 (709) 4,416 (469) 12,244 (223) 38 (1) Mortgage-backed residential 4,716 (319) 19 (1) 3,243 (34) 22 — Agency mortgage-backed commercial 2,713 (292) 868 (141) 2,553 (70) 749 (43) Asset-backed 459 (16) 3 — 360 (3) — — Corporate debt 1,249 (75) 261 (31) 970 (18) 49 (3) Total available-for-sale securities $ 24,982 $ (1,553) $ 6,059 $ (685) $ 21,288 $ (373) $ 896 $ (48) |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at amortized cost basis was as follows. ($ in millions) March 31, 2022 December 31, 2021 Consumer Consumer automotive (a) $ 78,911 $ 78,252 Consumer mortgage Mortgage Finance (b) 18,372 17,644 Mortgage — Legacy (c) 341 368 Total consumer mortgage 18,713 18,012 Consumer other Personal Lending (d) 1,209 1,009 Credit Card (e) 1,036 953 Total consumer other 2,245 1,962 Total consumer 99,869 98,226 Commercial Commercial and industrial Automotive 13,497 12,229 Other 6,997 6,874 Commercial real estate 5,002 4,939 Total commercial 25,496 24,042 Total finance receivables and loans (f) (g) $ 125,365 $ 122,268 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information. (b) Includes loans originated as interest-only mortgage loans of $5 million at both March 31, 2022, and December 31, 2021. All of these loans have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $20 million and $21 million at March 31, 2022, and December 31, 2021, respectively, of which all have exited the interest-only period. (d) Includes $7 million of finance receivables at both March 31, 2022, and December 31, 2021, 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 at both March 31, 2022, and December 31, 2021. (g) Totals do not include accrued interest receivable, which was $527 million and $514 million at March 31, 2022, and December 31, 2021, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. |
Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2022, and March 31, 2021. Three months ended March 31, 2022 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2022 $ 2,769 $ 27 $ 221 $ 250 $ 3,267 Charge-offs (b) (276) (1) (24) — (301) Recoveries 163 3 1 1 168 Net charge-offs (113) 2 (23) 1 (133) Provision for credit losses 107 (3) 59 4 167 Other — — 1 (1) — Allowance at March 31, 2022 $ 2,763 $ 26 $ 258 $ 254 $ 3,301 (a) Excludes $7 million of finance receivables and loans at both March 31, 2022, and December 31, 2021, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies. Three months ended March 31, 2021 ($ 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) (284) (2) (8) (14) (308) Recoveries 187 3 — — 190 Net charge-offs (97) 1 (8) (14) (118) Provision for credit losses 4 (7) 3 (13) (13) Other — (1) 1 — — Allowance at March 31, 2021 $ 2,809 $ 26 $ 69 $ 248 $ 3,152 (a) Excludes $8 million of finance receivables and loans at both March 31, 2021, and December 31, 2020, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for information regarding our charge-off policies. |
Schedule of Sales of Financing Receivables and Loans | The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended March 31, ($ in millions) 2022 2021 Consumer mortgage $ — $ 329 Total sales and transfers $ — $ 329 |
Schedule of Purchases of Financing Receivables and Loans | The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended March 31, ($ in millions) 2022 2021 Consumer automotive $ 493 $ 577 Consumer mortgage 825 188 Total purchases of finance receivables and loans $ 1,318 $ 765 |
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 March 31, 2022, and December 31, 2021. March 31, 2022 ($ in millions) Nonaccrual status at Jan. 1, 2022 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,078 $ 1,072 $ 422 Consumer mortgage Mortgage Finance 59 51 41 Mortgage — Legacy 26 24 23 Total consumer mortgage 85 75 64 Consumer other Personal Lending 5 6 — Credit Card 11 14 — Total consumer other 16 20 — Total consumer 1,179 1,167 486 Commercial Commercial and industrial Automotive 33 3 2 Other 221 217 47 Commercial real estate 3 1 1 Total commercial 257 221 50 Total finance receivables and loans $ 1,436 $ 1,388 $ 536 (a) Represents a component of nonaccrual status at end of period. 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. |
Troubled Debt Restructurings on Financing Receivables | The following table presents information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period. 2022 2021 Three months ended March 31, ($ in millions) Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Number of loans Pre-modification amortized cost basis Post-modification amortized cost basis Consumer automotive 13,451 $ 231 $ 227 25,590 $ 472 $ 466 Consumer mortgage Mortgage Finance 6 5 5 5 4 4 Mortgage — Legacy 4 1 1 1 — — Total consumer mortgage 10 6 6 6 4 4 Consumer other Credit Card 351 1 1 — — — Total consumer other 351 1 1 — — — Total consumer 13,812 238 234 25,596 476 470 Commercial Commercial and industrial Other 1 34 34 1 33 33 Total commercial 1 34 34 1 33 33 Total finance receivables and loans 13,813 $ 272 $ 268 25,597 $ 509 $ 503 |
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 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due. 2022 2021 Three months ended March 31, ($ in millions) Number of loans Amortized cost Charge-off amount Number of loans Amortized cost Charge-off amount Consumer automotive 2,111 $ 31 $ 13 2,814 $ 33 $ 20 Consumer mortgage Mortgage Finance 2 2 — — — — Mortgage — Legacy — — — 2 — — Total consumer mortgage 2 2 — 2 — — Total consumer finance receivables and loans 2,113 $ 33 $ 13 2,816 $ 33 $ 20 |
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 and origination year. Origination year Revolving loans converted to term March 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Consumer automotive Current $ 10,120 $ 31,561 $ 15,171 $ 10,051 $ 5,678 $ 4,186 $ — $ — $ 76,767 30–59 days past due 17 512 314 272 184 179 — — 1,478 60–89 days past due 1 153 105 86 55 52 — — 452 90 or more days past due — 59 42 42 31 40 — — 214 Total consumer automotive 10,138 32,285 15,632 10,451 5,948 4,457 — — 78,911 Consumer mortgage Mortgage Finance Current 895 10,614 2,079 895 655 3,132 — — 18,270 30–59 days past due 3 23 3 4 6 15 — — 54 60–89 days past due — 1 1 1 2 2 — — 7 90 or more days past due — 3 — 5 11 22 — — 41 Total Mortgage Finance 898 10,641 2,083 905 674 3,171 — — 18,372 Mortgage — Legacy Current — — — — — 75 221 20 316 30–59 days past due — — — — — 2 1 1 4 60–89 days past due — — — — — 1 — — 1 90 or more days past due — — — — — 12 6 2 20 Total Mortgage — Legacy — — — — — 90 228 23 341 Total consumer mortgage 898 10,641 2,083 905 674 3,261 228 23 18,713 Consumer other Personal Lending Current 375 681 104 15 3 1 — — 1,179 30–59 days past due 2 7 1 — — — — — 10 60–89 days past due — 6 1 — — — — — 7 90 or more days past due — 5 1 — — — — — 6 Total Personal Lending (a) 377 699 107 15 3 1 — — 1,202 Credit Card Current — — — — — — 1,008 — 1,008 30–59 days past due — — — — — — 8 — 8 60–89 days past due — — — — — — 6 — 6 90 or more days past due — — — — — — 14 — 14 Total Credit Card — — — — — — 1,036 — 1,036 Total consumer other 377 699 107 15 3 1 1,036 — 2,238 Total consumer $ 11,413 $ 43,625 $ 17,822 $ 11,371 $ 6,625 $ 7,719 $ 1,264 $ 23 $ 99,862 (a) Excludes $7 million of finance receivables at March 31, 2022, for which we have elected the fair value option. Origination year Revolving loans converted to term December 31, 2021 ($ 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 $7 million of finance receivables at December 31, 2021, for which we have elected the fair value option. |
Commercial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year. Origination year Revolving loans converted to term March 31, 2022 ($ in millions) 2022 2021 2020 2019 2018 2017 and prior Revolving loans Total Commercial and industrial Automotive Pass $ 70 $ 350 $ 163 $ 95 $ 45 $ 61 $ 12,121 $ — $ 12,905 Special mention — 2 1 5 12 42 469 — 531 Substandard — — 1 1 1 — 58 — 61 Total automotive 70 352 165 101 58 103 12,648 — 13,497 Other Pass 232 661 447 288 62 137 4,033 99 5,959 Special mention — 15 169 96 44 133 111 20 588 Substandard — — 22 94 — 166 55 21 358 Doubtful — — — — — 82 7 3 92 Total other 232 676 638 478 106 518 4,206 143 6,997 Commercial real estate Pass 302 1,285 1,027 781 523 919 8 9 4,854 Special mention — 7 5 98 4 30 — — 144 Substandard — — — — — 4 — — 4 Total commercial real estate 302 1,292 1,032 879 527 953 8 9 5,002 Total commercial $ 604 $ 2,320 $ 1,835 $ 1,458 $ 691 $ 1,574 $ 16,862 $ 152 $ 25,496 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 |
Past Due Financing Receivables | The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans March 31, 2022 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 13,497 $ 13,497 Other — — 1 1 6,996 6,997 Commercial real estate — — — — 5,002 5,002 Total commercial $ — $ — $ 1 $ 1 $ 25,495 $ 25,496 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 |
Leasing (Tables)
Leasing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, and that have noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 28 2023 29 2024 23 2025 18 2026 17 2027 and thereafter 28 Total undiscounted cash flows 143 Difference between undiscounted cash flows and discounted cash flows (8) Total lease liability $ 135 |
Lease, Cost | The following table details the components of total net operating lease expense. Three months ended March 31, ($ in millions) 2022 2021 Operating lease expense $ 8 $ 12 Variable lease expense 1 2 Total lease expense, net (a) $ 9 $ 14 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. |
Schedule of Investment in Operating Lease | The following table details our investment in operating leases. ($ in millions) March 31, 2022 December 31, 2021 Vehicles $ 12,316 $ 12,384 Accumulated depreciation (1,586) (1,522) Investment in operating leases, net $ 10,730 $ 10,862 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 1,201 2023 1,247 2024 623 2025 169 2026 13 Total lease payments from operating leases $ 3,253 |
Depreciation Expense on Operating Lease Assets | The following table summarizes the components of depreciation expense on operating lease assets. Three months ended March 31, ($ in millions) 2022 2021 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 267 $ 227 Remarketing gains, net (50) (64) Net depreciation expense on operating lease assets $ 217 $ 163 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021. |
Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2022. ($ in millions) 2022 $ 121 2023 140 2024 114 2025 65 2026 38 2027 and thereafter 17 Total undiscounted cash flows 495 Difference between undiscounted cash flows and discounted cash flows (447) Present value of lease payments recorded as lease receivable $ 48 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs March 31, 2022 On-balance sheet variable interest entities Consumer automotive $ 19,016 (b) $ 917 (c) $ — $ — Off-balance sheet variable interest entities Commercial other 1,869 (d) 716 (e) — 2,423 (f) Consumer other (g) — — 13 13 Total $ 20,885 $ 1,633 $ 13 $ 2,436 December 31, 2021 On-balance sheet variable interest entities Consumer automotive $ 18,158 (b) $ 1,162 (c) $ — $ — Consumer other (g) 318 300 — — Off-balance sheet variable interest entities Commercial other 1,814 (d) 726 (e) — 2,416 (f) Total $ 20,290 $ 2,188 $ — $ 2,416 (a) Asset values represent the current unpaid principal balance of outstanding credit card finance receivables and loans within the VIEs. (b) Includes $10.8 billion and $11.0 billion of assets that were not encumbered by VIE beneficial interests held by third parties at March 31, 2022, and December 31, 2021, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $118 million and $124 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2022, and December 31, 2021, respectively. (d) Amounts are classified as other assets except for $1 million and $8 million classified as equity securities at March 31, 2022, and December 31, 2021, respectively. (e) Amounts are classified as accrued expenses and other liabilities. (f) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. (g) Represents balances from our credit card business. |
Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2022, and 2021. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Three months ended March 31, ($ in millions) 2022 2021 Consumer other (a) Cash proceeds from transfers completed during the period $ 12 $ — Servicing fees 1 — Total $ 13 $ — (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 table presents 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 ($ in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Whole-loan sales (a) Consumer other $ 13 $ 4 $ — $ — Total $ 13 $ 4 $ — $ — (a) Whole-loan sales are not part of a securitization transaction, but represent credit card pools of loans sold to third-party investors. |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. ($ in millions) March 31, 2022 December 31, 2021 Property and equipment at cost (a) $ 2,178 $ 2,139 Accumulated depreciation (980) (955) Net property and equipment 1,198 1,184 Investment in qualified affordable housing projects 1,373 1,378 Nonmarketable equity investments 1,116 998 Goodwill 822 822 Net deferred tax assets 625 254 Accrued interest, fees, and rent receivables 609 600 Restricted cash held for securitization trusts (b) 583 516 Equity-method investments (c) 544 472 Other accounts receivable 293 127 Net intangible assets 121 129 Operating lease right-of-use assets 111 148 Restricted cash and cash equivalents (d) 100 92 Finance lease right-of-use assets (e) 44 — Other assets 1,418 1,337 Total other assets $ 8,957 $ 8,057 (a) Balance includes a new corporate facility purchased during the year ended December 31, 2021. Refer to Note 9 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. (e) For additional information on finance lease right-of-use assets, refer to Note 9. |
Summary of Equity Securities without Readily Determinable Fair Value | The total carrying value of the nonmarketable equity investments held at March 31, 2022, and December 31, 2021, including cumulative unrealized gains and losses was as follows. ($ in millions) March 31, 2022 December 31, 2021 FHLB stock $ 407 $ 289 FRB stock 449 449 Equity securities without a readily determinable fair value Cost basis 90 89 Adjustments Upward adjustments 183 183 Downward adjustments (including impairment) (13) (12) Carrying amount, equity securities without a readily determinable fair value 260 260 Nonmarketable equity investments $ 1,116 $ 998 During the three months ended March 31, 2022, and 2021, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2022, and 2021, were as follows. Three months ended March 31, ($ in millions) 2022 2021 Upward adjustments $ 1 $ 2 Downward adjustments (including impairment) (a) $ (2) $ (1) (a) No impairment on FHLB and FRB stock was recognized during both the three months ended March 31, 2022, and 2021. |
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, 2020 $ 20 $ 27 $ 296 $ 343 Goodwill acquired — — 479 479 Goodwill at December 31, 2021 $ 20 $ 27 $ 775 $ 822 Goodwill acquired — — — — Goodwill at March 31, 2022 $ 20 $ 27 $ 775 $ 822 (a) Includes $479 million of goodwill associated with Ally Credit Card at both March 31, 2022, and December 31, 2021, and $153 million of goodwill associated with Ally Lending at both March 31, 2022, and December 31, 2021, and $143 million of goodwill associated with Ally Invest at both March 31, 2022, and December 31, 2021. |
Schedule of Finite-Lived Intangible Assets | The net carrying value of intangible assets by class was as follows. March 31, 2022 (a) December 31, 2021 ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 83 $ (12) $ 71 $ 83 $ (9) $ 74 Customer lists 58 (44) 14 58 (42) 16 Purchased credit card relationships 25 (1) 24 25 — 25 Trademarks 2 — 2 2 — 2 Other 39 (29) 10 39 (27) 12 Total intangible assets $ 207 $ (86) $ 121 $ 207 $ (78) $ 129 (a) We expect to recognize amortization expense of $23 million during the remainder of 2022, $25 million in 2023, $18 million in 2024, $14 million in 2025, and $14 million in 2026. |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | Deposit liabilities consisted of the following. ($ in millions) March 31, 2022 December 31, 2021 Noninterest-bearing deposits $ 175 $ 150 Interest-bearing deposits Savings, money market, and checking accounts 106,411 102,455 Certificates of deposit 35,889 38,953 Total deposit liabilities $ 142,475 $ 141,558 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. March 31, 2022 December 31, 2021 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 2,950 $ 2,950 $ — $ — $ — Other (b) — 1,000 1,000 — — — Total short-term borrowings $ — $ 3,950 $ 3,950 $ — $ — $ — (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) Represents a loan participation agreement that did not meet the requirements for derecognition and was therefore accounted for as a secured borrowing. |
Long-term Debt | The following tables present the composition of our long-term debt portfolio. March 31, 2022 December 31, 2021 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 384 $ 3,789 $ 4,173 $ 1,028 $ 4,841 $ 5,869 Due after one year 8,421 3,291 11,712 8,382 2,778 11,160 Total long-term debt (b) $ 8,805 $ 7,080 $ 15,885 $ 9,410 $ 7,619 $ 17,029 (a) Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information. (b) Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $6.3 billion at both March 31, 2022, and December 31, 2021. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at March 31, 2022, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2022 2023 2024 2025 2026 2027 and thereafter Total Unsecured Long-term debt $ 433 $ 2,085 $ 1,481 $ 2,377 $ 27 $ 3,312 $ 9,715 Original issue discount (40) (58) (65) (71) (79) (597) (910) Total unsecured 393 2,027 1,416 2,306 (52) 2,715 8,805 Secured Long-term debt 3,437 1,602 1,748 275 8 10 7,080 Total long-term debt $ 3,830 $ 3,629 $ 3,164 $ 2,581 $ (44) $ 2,725 $ 15,885 |
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. March 31, 2022 December 31, 2021 ($ in millions) Total (a) Ally Bank Total (a) Ally Bank Consumer mortgage finance receivables $ 18,655 $ 18,655 $ 17,941 $ 17,941 Consumer automotive finance receivables 10,015 10,015 9,122 9,122 Commercial finance receivables (b) 1,010 1,010 10 10 Credit card receivables — — 347 347 Total assets restricted as collateral (c) (d) $ 29,680 $ 29,680 $ 27,420 $ 27,420 Secured debt (e) $ 11,030 $ 11,030 $ 7,619 $ 7,619 (a) Ally Bank is a component of the total column. (b) Includes pledged commercial finance receivables related to a participation agreement at March 31, 2022. (c) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $18.7 billion and $18.0 billion at March 31, 2022, and December 31, 2021, 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 March 31, 2022, and December 31, 2021. 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. (d) Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 11 for additional information. (e) Includes $4.0 billion of short-term borrowings at March 31, 2022. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities were as follows. ($ in millions) March 31, 2022 December 31, 2021 Accounts payable $ 774 $ 584 Unfunded commitments for investment in qualified affordable housing projects 714 724 Employee compensation and benefits 302 512 Deferred revenue 172 176 Operating lease liabilities 135 175 Reserves for insurance losses and loss adjustment expenses 123 122 Finance lease liabilities (a) 42 — Other liabilities 510 460 Total accrued expenses and other liabilities $ 2,772 $ 2,753 (a) For additional information on our finance lease liabilities, refer to Note 9. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes information about our preferred stock. March 31, 2022 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 Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes, net of tax, in each component of accumulated other comprehensive loss. ($ in millions) Unrealized gains (losses) on investment securities (a) Translation adjustments and net investment hedges (b) Cash flow hedges (b) Defined benefit pension plans Accumulated other comprehensive income (loss) Balance at January 1, 2021 $ 640 $ 19 $ 82 $ (110) $ 631 Net change (587) 1 (17) (1) (604) Balance at March 31, 2021 $ 53 $ 20 $ 65 $ (111) $ 27 Balance at January 1, 2022 $ (95) $ 19 $ 35 $ (117) $ (158) Net change (1,631) 1 (5) 2 (1,633) Balance at March 31, 2022 (c) $ (1,726) $ 20 $ 30 $ (115) $ (1,791) (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 19. (c) The valuation of our defined benefit plan reflects 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 net income from continuing operations of our Condensed Consolidated Statement of Comprehensive 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. Three months ended March 31, 2022 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (2,120) $ 503 $ (1,617) Less: Net realized gains reclassified to income from continuing operations 18 (a) (4) (b) 14 Net change (2,138) 507 (1,631) Translation adjustments Net unrealized gains arising during the period 3 — 3 Net investment hedges (c) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 6 (d) (1) (b) 5 Defined benefit pension plans Net unrealized gains arising during the period 2 — 2 Other comprehensive loss $ (2,142) $ 509 $ (1,633) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, 2021 ($ in millions) Before tax Tax effect After tax Investment securities Net unrealized losses arising during the period $ (736) $ 174 $ (562) Less: Net realized gains reclassified to income from continuing operations 32 (a) (7) (b) 25 Net change (768) 181 (587) Translation adjustments Net unrealized gains arising during the period 3 (1) 2 Net investment hedges (c) Net unrealized losses arising during the period (2) 1 (1) Cash flow hedges (c) Less: Net realized gains reclassified to income from continuing operations 21 (d) (4) (b) 17 Defined benefit pension plans Net unrealized losses arising during the period (2) 1 (1) Other comprehensive loss $ (790) $ 186 $ (604) (a) Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted earnings per common share. Three months ended March 31, ($ in millions, except per share data; shares in thousands) (a) 2022 2021 Net income from continuing operations $ 655 $ 796 Preferred stock dividends — Series B (16) — Preferred stock dividends — Series C (12) — Net income from continuing operations attributable to common stockholders $ 627 $ 796 Net income attributable to common stockholders $ 627 $ 796 Basic weighted-average common shares outstanding (b) 335,678 375,229 Diluted weighted-average common shares outstanding (b) 337,812 377,529 Basic earnings per common share Net income from continuing operations $ 1.87 $ 2.12 Net income $ 1.87 $ 2.12 Diluted earnings per common share Net income from continuing operations $ 1.86 $ 2.11 Net income $ 1.86 $ 2.11 (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. |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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. March 31, 2022 December 31, 2021 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. $ 14,849 9.97 % $ 15,143 10.34 % 4.50 % (b) Ally Bank 17,220 12.09 17,253 12.39 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,124 11.49 % $ 17,403 11.89 % 6.00 % 6.00 % Ally Bank 17,220 12.09 17,253 12.39 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,564 13.13 % $ 19,724 13.47 % 8.00 % 10.00 % Ally Bank 19,006 13.34 18,995 13.64 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,124 9.36 % $ 17,403 9.67 % 4.00 % (b) Ally Bank 17,220 9.93 17,253 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 March 31, 2022, and December 31, 2021, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both March 31, 2022, and December 31, 2021. (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 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 2022 First quarter $ 584 12,548 337,941 327,306 $ 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) Our aggregate common-stock dividends and share repurchases in the first and second quarters of 2021 were limited by actions taken by the FRB to address the economic uncertainty from the COVID-19 pandemic. Refer to Note 20 to the Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for further details about these actions. (c) On April 13, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on May 16, 2022, to stockholders of record at the close of business on May 2, 2022. Refer to Note 25 for further information regarding this common-stock dividend. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. March 31, 2022 December 31, 2021 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 20,043 $ — $ — $ 17,039 Foreign exchange contracts Forwards — 3 160 — 2 171 Total derivatives designated as accounting hedges — 3 20,203 — 2 17,210 Derivatives not designated as accounting hedges Interest rate contracts Futures and forwards 2 — 328 1 — 223 Written options 3 7 389 5 2 580 Total interest rate risk 5 7 717 6 2 803 Foreign exchange contracts Futures and forwards — 2 439 — 1 154 Total foreign exchange risk — 2 439 — 1 154 Credit contracts (a) Other credit derivatives — 57 n/a — 56 n/a Total credit risk — 57 n/a — 56 n/a Equity contracts Written options — 4 2 — 1 2 Purchased options 3 — — 1 — — Total equity risk 3 4 2 1 1 2 Total derivatives not designated as accounting hedges 8 70 1,158 7 60 959 Total derivatives $ 8 $ 73 $ 21,361 $ 7 $ 62 $ 18,169 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $116 million and $119 million as of March 31, 2022, and December 31, 2021, respectively. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. ($ in millions) Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Assets Available-for-sale securities (b) $ 5,405 $ 5,119 $ (59) $ (14) $ (68) $ (30) Finance receivables and loans, net (c) 43,485 44,098 (350) (37) 36 46 Liabilities Long-term debt $ 7,190 $ 7,213 $ 112 $ 110 $ 110 $ 110 (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) These amounts include amortized cost basis of closed portfolios of available-for-sale securities 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. At March 31, 2022, and December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.1 billion and $3.9 billion, respectively. At March 31, 2022, and December 31, 2021, the total cumulative basis adjustments associated with these hedging relationships was a $44 million liability and a $6 million liability, respectively, of which the portion related to discontinued hedging relationships was a $54 million liability and a $20 million liability, respectively. At March 31, 2022, and December 31, 2021, the notional amounts of the designated hedged items were $2.0 billion and $1.2 billion, respectively, with cumulative basis adjustments of a $10 million asset and a $14 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the amortized cost basis of closed portfolios of loan receivables 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. At March 31, 2022, and December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $43.5 billion and $44.1 billion, respectively. At March 31, 2022, and December 31, 2021, the total cumulative basis adjustments associated with these hedging relationships was a $350 million liability and a $37 million liability, respectively, of which the portion related to discontinued hedging relationships was a $36 million asset and a $46 million asset, respectively. At March 31, 2022, and December 31, 2021, the notional amounts of the designated hedged items were $17.6 billion and $15.6 billion, respectively, with cumulative basis adjustments of a $386 million liability and an $82 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, ($ in millions) 2022 2021 (Loss) gain recognized in earnings Interest rate contracts Loss on mortgage and automotive loans, net $ (2) $ (7) Other income, net of losses 3 — Total interest rate contracts 1 (7) Foreign exchange contracts Other operating expenses (3) (2) Total foreign exchange contracts (3) (2) Credit contracts Other income, net of losses (1) (8) Total credit contracts (1) (8) Total loss recognized in earnings $ (3) $ (17) |
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 Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on deposits Interest on long-term debt Three months ended March 31, ($ in millions) 2022 2021 2022 2021 2022 2021 2022 2021 (Loss) gain on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — $ (2) $ 139 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — 2 (139) Hedged available-for-sale securities — — (42) (13) — — — — Derivatives designated as hedging instruments on available-for-sale securities — — 42 13 — — — — Hedged fixed-rate consumer automotive loans (304) (39) — — — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 304 39 — — — — — — Total gain on fair value hedging relationships — — — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged deposit liabilities Reclassified from accumulated other comprehensive income into income — — — — — (1) — — Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive income into income 6 22 — — — — — — Total gain (loss) on cash flow hedging relationships $ 6 $ 22 $ — $ — $ — $ (1) $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 1,714 $ 1,582 $ 188 $ 131 $ 211 $ 306 $ 185 $ 250 |
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 Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended March 31, ($ in millions) 2022 2021 2022 2021 2022 2021 Gain (loss) on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 1 $ 1 Interest for qualifying accounting hedges of unsecured debt — — — — — 1 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — (1) (5) Amortization of deferred basis adjustments of available-for-sale securities — — 1 (2) — — Interest for qualifying accounting hedges of available-for-sale securities — — (1) (1) — — Amortization of deferred loan basis adjustments (9) (13) — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment (18) (30) — — — — Total loss on fair value hedging relationships $ (27) $ (43) $ — $ (3) $ — $ (3) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended March 31, ($ in millions) 2022 2021 Interest rate contracts Loss recognized in other comprehensive loss $ (6) $ (21) |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss and the Condensed Consolidated Statement of Comprehensive Income. Three months ended March 31, ($ in millions) 2022 2021 Foreign exchange contracts (a) (b) Loss recognized in other comprehensive loss $ (3) $ (2) (a) There were no amounts excluded from effectiveness testing for the three months ended March 31, 2022, or 2021. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities. Recurring fair value measurements March 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) $ 868 $ — $ 1 $ 869 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,387 — — 2,387 U.S. States and political subdivisions — 831 11 842 Foreign government 28 125 — 153 Agency mortgage-backed residential — 18,934 — 18,934 Mortgage-backed residential — 4,839 — 4,839 Agency mortgage-backed commercial — 3,950 — 3,950 Asset-backed — 483 — 483 Corporate debt — 1,797 — 1,797 Total available-for-sale securities 2,415 30,959 11 33,385 Mortgage loans held-for-sale (b) — 95 — 95 Finance receivables and loans, net Consumer other (b) — — 7 7 Other assets Derivative contracts in a receivable position Interest rate — 2 3 5 Equity contracts 3 — — 3 Total derivative contracts in a receivable position 3 2 3 8 Total assets $ 3,286 $ 31,056 $ 22 $ 34,364 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Interest rate $ — $ — $ 7 $ 7 Foreign currency — 5 — 5 Credit contracts — — 57 57 Equity contracts 4 — — 4 Total derivative contracts in a payable position 4 5 64 73 Total liabilities $ 4 $ 5 $ 64 $ 73 (a) Our direct investment in any one industry did not exceed 14%. (b) Carried at fair value due to fair value option elections. 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 Other assets 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. |
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) ($ in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Assets Fair value at January 1, $ 9 $ 7 $ 9 $ 7 $ — $ 91 $ 7 $ 8 Net realized/unrealized gains (losses) Included in earnings 1 4 — — — 28 (1) 2 Included in OCI — — — — — — — — Purchases — — 2 — — 1,039 4 4 Sales (9) — — — — (1,012) — — Issuances — — — — — — — — Settlements — — — — — — (3) (6) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 — — — — — — — — Fair value at March 31, $ 1 $ 11 $ 11 $ 7 $ — $ 146 $ 7 $ 8 Net unrealized gains (losses) still held at March 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 Condensed Consolidated Statement of Comprehensive Income. (b) Carried at fair value due to fair value option elections. (c) Net realized/unrealized gains (losses) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d) Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. Derivative liabilities, net of derivative assets (a) ($ in millions) 2022 2021 Liabilities Fair value at January 1, $ 53 $ 12 Net realized/unrealized losses (gains) Included in earnings 8 15 Included in OCI — — Purchases — — Sales — — Issuances — 1 Settlements — — Transfers into Level 3 — — Transfers out of Level 3 — — Fair value at March 31, $ 61 $ 28 Net unrealized losses (gains) still held at March 31, Included in earnings $ 5 $ 15 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 Condensed Consolidated Statement of Comprehensive Income. |
Fair Value Measurements - Nonrecurring Basis | The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2022, and December 31, 2021, 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 March 31, 2022 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 376 $ 376 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 1 1 — n/m (a) Other — — 87 87 (85) n/m (a) Total commercial finance receivables and loans, net — — 88 88 (85) n/m (a) Other assets Nonmarketable equity investments — — 13 13 (2) n/m (a) Repossessed and foreclosed assets (c) — — 4 4 — n/m (a) Total assets $ — $ — $ 481 $ 481 $ (87) 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, 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. |
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 March 31, 2022, and December 31, 2021. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total March 31, 2022 Financial assets Held-to-maturity securities $ 1,159 $ — $ 1,106 $ — $ 1,106 Loans held-for-sale, net 376 — — 376 376 Finance receivables and loans, net 122,057 — — 126,765 126,765 FHLB/FRB stock (a) 856 — 856 — 856 Financial liabilities Deposit liabilities $ 37,889 $ — $ — $ 37,793 $ 37,793 Short-term borrowings 3,950 — — 3,950 3,950 Long-term debt 15,885 — 10,991 6,514 17,505 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 (a) Included in other assets on our Condensed Consolidated Balance Sheet. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Offsetting [Abstract] | |
Offsetting Assets | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2022 Assets Derivative assets in net liability positions $ 3 $ — $ 3 $ (3) $ — $ — Derivative assets with no offsetting arrangements 5 — 5 — — 5 Total assets $ 8 $ — $ 8 $ (3) $ — $ 5 Liabilities Derivative liabilities in net liability positions $ 9 $ — $ 9 $ (3) $ (6) $ — Derivative liabilities with no offsetting arrangements 64 — 64 — — 64 Total liabilities $ 73 $ — $ 73 $ (3) $ (6) $ 64 December 31, 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 (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 Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. 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 Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount March 31, 2022 Assets Derivative assets in net liability positions $ 3 $ — $ 3 $ (3) $ — $ — Derivative assets with no offsetting arrangements 5 — 5 — — 5 Total assets $ 8 $ — $ 8 $ (3) $ — $ 5 Liabilities Derivative liabilities in net liability positions $ 9 $ — $ 9 $ (3) $ (6) $ — Derivative liabilities with no offsetting arrangements 64 — 64 — — 64 Total liabilities $ 73 $ — $ 73 $ (3) $ (6) $ 64 December 31, 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 (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 Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Three months ended March 31, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2022 Net financing revenue and other interest income $ 1,295 $ 17 $ 53 $ 83 $ 245 $ 1,693 Other revenue 68 270 14 24 66 442 Total net revenue 1,363 287 67 107 311 2,135 Provision for credit losses 104 — — 6 57 167 Total noninterest expense 534 274 56 37 221 1,122 Income from continuing operations before income tax expense $ 725 $ 13 $ 11 $ 64 $ 33 $ 846 Total assets $ 105,754 $ 9,220 $ 18,596 $ 8,086 $ 42,641 $ 184,297 2021 Net financing revenue and other interest income $ 1,206 $ 15 $ 23 $ 71 $ 57 $ 1,372 Other revenue 62 379 40 26 58 565 Total net revenue 1,268 394 63 97 115 1,937 Provision for credit losses (22) — (4) 13 — (13) Total noninterest expense 487 253 44 31 128 943 Income (loss) from continuing operations before income tax expense $ 803 $ 141 $ 23 $ 53 $ (13) $ 1,007 Total assets $ 101,566 $ 9,221 $ 12,923 $ 6,421 $ 51,748 $ 181,879 (a) Net financing revenue and other interest income after the provision for credit losses totaled $1.5 billion and $1.4 billion for the three months ended March 31, 2022, and March 31, 2021, respectively. |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 822 | $ 822 | $ 343 | |
Fair Square Financial Holdings LLC | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 100.00% | |||
Cash consideration | $ 741 | |||
Goodwill | $ 479 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 822 | $ 822 | $ 343 | |
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 | |||
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 | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 221 | $ 218 | ||
All other revenue | 221 | 347 | ||
Total other revenue | 442 | 565 | ||
Remarketing gains (losses), net | 50 | 64 | ||
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 26 | ||
All other revenue | 43 | 32 | ||
Total other revenue | 66 | 58 | ||
Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 32 | 33 | ||
All other revenue | 36 | 29 | ||
Total other revenue | 68 | 62 | ||
Remarketing gains (losses), net | 50 | 64 | ||
Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 166 | 159 | ||
All other revenue | 104 | 220 | ||
Total other revenue | 270 | 379 | ||
Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
All other revenue | 14 | 40 | ||
Total other revenue | 14 | 40 | ||
Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
All other revenue | 24 | 26 | ||
Total other revenue | 24 | 26 | ||
Noninsurance contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 162 | 155 | ||
Noninsurance contracts | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Noninsurance contracts | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Noninsurance contracts | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 162 | 155 | ||
Unearned revenue, remaining performance obligation, amount | 3,000 | 3,000 | $ 3,100 | $ 3,000 |
Unearned revenue, revenue recognized | 231 | 225 | ||
Capitalized contract cost, net | 1,800 | 1,800 | $ 1,900 | $ 1,800 |
Capitalized contract cost, amortization | 137 | 132 | ||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Unearned revenue, remaining performance obligation, amount | $ 648 | |||
Remaining performance obligation, expected timing of satisfaction, period | 9 months | |||
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 | $ 794 | |||
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 | $ 644 | |||
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 | $ 448 | |||
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 | $ 490 | |||
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 | ||
Noninsurance contracts | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remarketing fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 27 | 27 | ||
Remarketing fee income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remarketing fee income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 27 | 27 | ||
Remarketing fee income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remarketing fee income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Remarketing fee income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokerage commissions and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11 | 20 | ||
Brokerage commissions and other revenue | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11 | 20 | ||
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokerage commissions and other revenue | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Banking fees and interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11 | 6 | ||
Customer rewards expense | 3 | |||
Banking fees and interchange income | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11 | 6 | ||
Banking fees and interchange income | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Banking fees and interchange income | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Banking fees and interchange income | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Banking fees and interchange income | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokered/agent commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | ||
Brokered/agent commissions | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokered/agent commissions | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokered/agent commissions | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | ||
Brokered/agent commissions | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Brokered/agent commissions | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 6 | ||
Other | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | ||
Other | Automotive Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 6 | ||
Other | Insurance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other | Mortgage Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Other | Corporate Finance operations | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 |
Other Income, Net of Losses (Sc
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | ||
Late charges and other administrative fees | $ 37 | $ 31 |
Remarketing fees | 27 | 27 |
Income from equity-method investments | 20 | 14 |
(Loss) gain on nonmarketable equity investments, net | (1) | 4 |
Other, net | 60 | 51 |
Total other income, net of losses | $ 143 | $ 127 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses (Rollforward of Reserves for Insurance Losses and Loss Adjustment Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross reserves for insurance losses and loss adjustment expenses, beginning balance | $ 122 | $ 129 |
Reinsurance recoverable | 81 | 90 |
Net reserves for insurance losses and loss adjustment expenses, beginning balance | 41 | 39 |
Net insurance losses and loss adjustment expenses, current year | 61 | 64 |
Net insurance losses and loss adjustment expenses, prior years | (3) | (1) |
Total net insurance losses and loss adjustment expenses incurred | 58 | 63 |
Net insurance losses and loss adjustment expenses paid or payable, current year | (36) | (36) |
Net insurance losses and loss adjustment expenses paid or payable, prior years | (20) | (23) |
Total net insurance losses and loss adjustment expenses paid or payable | (56) | (59) |
Net reserves for insurance losses and loss adjustment expenses, ending balance | 43 | 43 |
Reinsurance recoverable | 80 | 89 |
Gross reserves for insurance losses and loss adjustment expenses, ending balance | $ 123 | $ 132 |
Other Operating Expenses (Sched
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Expenses [Abstract] | ||
Insurance commissions | $ 149 | $ 136 |
Technology and communications | 97 | 78 |
Advertising and marketing | 72 | 41 |
Lease and loan administration | 51 | 55 |
Professional services | 43 | 33 |
Property and equipment depreciation | 39 | 36 |
Regulatory and licensing fees | 26 | 18 |
Vehicle remarketing and repossession | 20 | 21 |
Amortization of intangible assets | 8 | 5 |
Other | 66 | 62 |
Total other operating expenses | $ 571 | $ 485 |
Investment Securities (Investme
Investment Securities (Investment Portfolio) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale securities | |||
Fair value | [1] | $ 33,385 | $ 33,587 |
Held-to-maturity securities | |||
Amortized cost | 1,159 | 1,170 | |
Available-for-sale securities | |||
Held-to-maturity securities | |||
Securities pledged for Federal Home Loan Bank, at fair value | 227 | 203 | |
Operating Segments | Insurance operations | Available-for-sale securities | |||
Held-to-maturity securities | |||
Deposit securities | 12 | 13 | |
Available-for-sale debt securities | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 35,592 | 33,650 | |
Gross unrealized gains | 31 | 358 | |
Gross unrealized losses | (2,238) | (421) | |
Fair value | 33,385 | 33,587 | |
Held-to-maturity securities | |||
Debt securities, available-for-sale, accrued interest receivable | 88 | 84 | |
U.S. Treasury and federal agencies | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 2,517 | 2,173 | |
Gross unrealized gains | 0 | 2 | |
Gross unrealized losses | (130) | (20) | |
Fair value | 2,387 | 2,155 | |
U.S. States and political subdivisions | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 886 | 841 | |
Gross unrealized gains | 3 | 27 | |
Gross unrealized losses | (47) | (4) | |
Fair value | 842 | 864 | |
Foreign government | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 161 | 157 | |
Gross unrealized gains | 0 | 2 | |
Gross unrealized losses | (8) | (2) | |
Fair value | 153 | 157 | |
Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,159 | 1,170 | |
Agency mortgage-backed securities | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 20,100 | 19,044 | |
Gross unrealized gains | 12 | 219 | |
Gross unrealized losses | (1,178) | (224) | |
Fair value | 18,934 | 19,039 | |
Agency mortgage-backed securities | Held-to-maturity securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,159 | 1,170 | |
Gross unrealized gains | 8 | 48 | |
Gross unrealized losses | (61) | (14) | |
Fair value | 1,106 | 1,204 | |
Mortgage-backed residential | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 5,158 | 4,448 | |
Gross unrealized gains | 1 | 11 | |
Gross unrealized losses | (320) | (34) | |
Fair value | 4,839 | 4,425 | |
Agency mortgage-backed commercial | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 4,371 | 4,573 | |
Gross unrealized gains | 12 | 66 | |
Gross unrealized losses | (433) | (113) | |
Fair value | 3,950 | 4,526 | |
Asset-backed | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 499 | 536 | |
Gross unrealized gains | 0 | 1 | |
Gross unrealized losses | (16) | (3) | |
Fair value | 483 | 534 | |
Corporate debt | Available-for-sale securities | |||
Available-for-sale securities | |||
Amortized cost | 1,900 | 1,878 | |
Gross unrealized gains | 3 | 30 | |
Gross unrealized losses | (106) | (21) | |
Fair value | 1,797 | 1,887 | |
Held-to-maturity securities | |||
Held-to-maturity securities | |||
Amortized cost | 1,159 | 1,170 | |
Gross unrealized gains | 8 | 48 | |
Gross unrealized losses | (61) | (14) | |
Fair value | 1,106 | 1,204 | |
Debt securities, held-to-maturity, accrued interest receivable | 2 | 3 | |
Held-to-maturity securities | Held-to-maturity securities | |||
Held-to-maturity securities | |||
Fair value | $ 1,106 | $ 1,204 | |
[1] | Refer to Note 7 for discussion of cash and cash equivalents and investment securities pledged as collateral. |
Investment Securities (Invest_2
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale securities | |||
Total available-for-sale debt securities | [1] | $ 33,385 | $ 33,587 |
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | 1,159 | 1,170 | |
Cash equivalents | 92 | 40 | |
Asset Pledged as Collateral with Right | |||
Held-to-maturity securities | |||
Cash equivalents | 33 | ||
Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | 1,159 | 1,170 | |
Held-to-maturity securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,159 | $ 1,170 | |
Debt securities, held-to-maturity, yield | 2.80% | 2.80% | |
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 | $ 1,159 | $ 1,170 | |
Debt securities, held-to-maturity, due after ten years, yield | 2.80% | 2.80% | |
Available-for-sale securities | Available-for-sale debt securities | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 33,385 | $ 33,587 | |
Debt securities, available-for-sale, yield | 2.30% | 2.30% | |
Debt securities, available-for-sale, due in one year or less | $ 393 | $ 370 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.40% | 1.30% | |
Debt securities, available-for-sale, due after one year through five years | $ 1,913 | $ 1,905 | |
Debt securities, available-for-sale, due after one year through five years, yield | 1.80% | 1.90% | |
Debt securities, available-for-sale, due after five years through ten years | $ 3,896 | $ 4,324 | |
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 | $ 27,183 | $ 26,988 | |
Debt securities, available-for-sale, due after ten years, yield | 2.40% | 2.40% | |
Debt securities, available-for-sale, amortized cost | $ 35,592 | $ 33,650 | |
Debt securities, available-for-sale, maturity, within one year, amortized cost | 394 | 368 | |
Debt securities, available-for-sale, maturity, after one through five years, amortized cost | 1,979 | 1,893 | |
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost | 4,135 | 4,291 | |
Debt securities, available-for-sale, maturity, after ten years, amortized cost | 29,084 | 27,098 | |
Available-for-sale securities | U.S. Treasury and federal agencies | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 2,387 | $ 2,155 | |
Debt securities, available-for-sale, yield | 1.30% | 1.10% | |
Debt securities, available-for-sale, due in one year or less | $ 286 | $ 288 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.00% | 1.00% | |
Debt securities, available-for-sale, due after one year through five years | $ 600 | $ 525 | |
Debt securities, available-for-sale, due after one year through five years, yield | 1.10% | 0.90% | |
Debt securities, available-for-sale, due after five years through ten years | $ 1,501 | $ 1,342 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.40% | 1.20% | |
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 | $ 2,517 | $ 2,173 | |
Available-for-sale securities | U.S. States and political subdivisions | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 842 | $ 864 | |
Debt securities, available-for-sale, yield | 3.00% | 3.00% | |
Debt securities, available-for-sale, due in one year or less | $ 37 | $ 26 | |
Debt securities, available-for-sale, due in one year or less, yield | 2.30% | 1.60% | |
Debt securities, available-for-sale, due after one year through five years | $ 75 | $ 77 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.80% | 2.80% | |
Debt securities, available-for-sale, due after five years through ten years | $ 131 | $ 128 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 3.30% | 3.30% | |
Debt securities, available-for-sale, due after ten years | $ 599 | $ 633 | |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 3.00% | |
Debt securities, available-for-sale, amortized cost | $ 886 | $ 841 | |
Available-for-sale securities | Foreign government | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 153 | $ 157 | |
Debt securities, available-for-sale, yield | 1.60% | 1.90% | |
Debt securities, available-for-sale, due in one year or less | $ 1 | $ 2 | |
Debt securities, available-for-sale, due in one year or less, yield | 1.00% | 2.10% | |
Debt securities, available-for-sale, due after one year through five years | $ 88 | $ 97 | |
Debt securities, available-for-sale, due after one year through five years, yield | 1.60% | 2.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 64 | $ 58 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.70% | 1.80% | |
Debt securities, available-for-sale, due after ten years | $ 0 | $ 0 | |
Debt securities, available-for-sale, due after ten years, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, amortized cost | $ 161 | $ 157 | |
Available-for-sale securities | Agency mortgage-backed securities | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 18,934 | $ 19,039 | |
Debt securities, available-for-sale, yield | 2.50% | 2.50% | |
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | |
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 23 | $ 26 | |
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 | $ 18,911 | $ 19,013 | |
Debt securities, available-for-sale, due after ten years, yield | 2.50% | 2.50% | |
Debt securities, available-for-sale, amortized cost | $ 20,100 | $ 19,044 | |
Available-for-sale securities | Mortgage-backed residential | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 4,839 | $ 4,425 | |
Debt securities, available-for-sale, yield | 2.60% | 2.60% | |
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 | $ 20 | $ 23 | |
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 | $ 4,819 | $ 4,402 | |
Debt securities, available-for-sale, due after ten years, yield | 2.60% | 2.60% | |
Debt securities, available-for-sale, amortized cost | $ 5,158 | $ 4,448 | |
Available-for-sale securities | Agency mortgage-backed commercial | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 3,950 | $ 4,526 | |
Debt securities, available-for-sale, yield | 2.00% | 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 | $ 0 | $ 26 | |
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 2.40% | |
Debt securities, available-for-sale, due after five years through ten years | $ 1,117 | $ 1,578 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.30% | 2.40% | |
Debt securities, available-for-sale, due after ten years | $ 2,833 | $ 2,922 | |
Debt securities, available-for-sale, due after ten years, yield | 1.80% | 1.70% | |
Debt securities, available-for-sale, amortized cost | $ 4,371 | $ 4,573 | |
Available-for-sale securities | Asset-backed | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 483 | $ 534 | |
Debt securities, available-for-sale, yield | 1.80% | 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 | $ 336 | $ 350 | |
Debt securities, available-for-sale, due after one year through five years, yield | 1.90% | 2.00% | |
Debt securities, available-for-sale, due after five years through ten years | $ 139 | $ 175 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 1.50% | 1.50% | |
Debt securities, available-for-sale, due after ten years | $ 8 | $ 9 | |
Debt securities, available-for-sale, due after ten years, yield | 3.40% | 3.40% | |
Debt securities, available-for-sale, amortized cost | $ 499 | $ 536 | |
Available-for-sale securities | Corporate debt | |||
Available-for-sale securities | |||
Total available-for-sale debt securities | $ 1,797 | $ 1,887 | |
Debt securities, available-for-sale, yield | 2.30% | 2.30% | |
Debt securities, available-for-sale, due in one year or less | $ 69 | $ 54 | |
Debt securities, available-for-sale, due in one year or less, yield | 2.40% | 2.90% | |
Debt securities, available-for-sale, due after one year through five years | $ 814 | $ 830 | |
Debt securities, available-for-sale, due after one year through five years, yield | 2.20% | 2.30% | |
Debt securities, available-for-sale, due after five years through ten years | $ 901 | $ 994 | |
Debt securities, available-for-sale, due after five years through ten years, yield | 2.30% | 2.30% | |
Debt securities, available-for-sale, due after ten years | $ 13 | $ 9 | |
Debt securities, available-for-sale, due after ten years, yield | 3.00% | 2.50% | |
Debt securities, available-for-sale, amortized cost | $ 1,900 | $ 1,878 | |
Held-to-maturity securities | Agency mortgage-backed securities | |||
Held-to-maturity securities | |||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,159 | $ 1,170 | |
Debt securities, held-to-maturity, yield | 2.80% | 2.80% | |
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 | $ 1,159 | $ 1,170 | |
Debt securities, held-to-maturity, due after ten years, yield | 2.80% | 2.80% | |
[1] | Refer to Note 7 for discussion of cash and cash equivalents and investment securities pledged as collateral. |
Investment Securities (Invest_3
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividends on investment securities | $ 188 | $ 131 |
Excludes other earning assets | ||
Taxable interest | 174 | 114 |
Taxable dividends | 4 | 5 |
Interest and dividends exempt from U.S. federal income tax | 5 | 5 |
Interest and dividends on investment securities | $ 183 | $ 124 |
Investment Securities (Schedule
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities, gross realized gains | $ 18 | $ 32 |
Net realized gains on available-for-sale securities | 18 | 32 |
Net realized gain on equity securities | 52 | 74 |
Net unrealized (loss) gain on equity securities | (65) | 17 |
Other gain on investments, net | $ 5 | $ 123 |
Investment securities (Invest_4
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,159 | $ 1,170 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,159 | 1,170 |
AA Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,159 | 1,170 |
AA Rating | Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,159 | $ 1,170 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | $ 24,982 | $ 21,288 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (1,553) | (373) |
Debt securities, available-for-sale, fair value, 12 months or longer | 6,059 | 896 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (685) | (48) |
U.S. Treasury and federal agencies | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 1,952 | 1,682 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (93) | (20) |
Debt securities, available-for-sale, fair value, 12 months or longer | 425 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (37) | 0 |
U.S. States and political subdivisions | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 541 | 160 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (44) | (3) |
Debt securities, available-for-sale, fair value, 12 months or longer | 41 | 31 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (3) | (1) |
Foreign government | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 115 | 76 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (5) | (2) |
Debt securities, available-for-sale, fair value, 12 months or longer | 26 | 7 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (3) | 0 |
Agency mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 13,237 | 12,244 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (709) | (223) |
Debt securities, available-for-sale, fair value, 12 months or longer | 4,416 | 38 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (469) | (1) |
Mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 4,716 | 3,243 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (319) | (34) |
Debt securities, available-for-sale, fair value, 12 months or longer | 19 | 22 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (1) | 0 |
Agency mortgage-backed commercial | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 2,713 | 2,553 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (292) | (70) |
Debt securities, available-for-sale, fair value, 12 months or longer | 868 | 749 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | (141) | (43) |
Asset-backed | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 459 | 360 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (16) | (3) |
Debt securities, available-for-sale, fair value, 12 months or longer | 3 | 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 | 1,249 | 970 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (75) | (18) |
Debt securities, available-for-sale, fair value, 12 months or longer | 261 | 49 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | $ (31) | $ (3) |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | $ 125,365 | $ 122,268 | ||
Unamortized premiums and discounts and deferred fees and costs | 2,300 | 2,300 | ||
Accrued interest receivable | 527 | 514 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 99,869 | 98,226 | ||
Consumer | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 78,911 | 78,252 | ||
Consumer | Mortgage/Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 18,713 | 18,012 | ||
Consumer | Mortgage Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 18,372 | 17,644 | ||
Interest-only mortgage loans | 5 | 5 | ||
Consumer | Mortgage - Legacy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 341 | 368 | ||
Interest-only mortgage loans | 20 | 21 | ||
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 2,245 | 1,962 | ||
Finance receivables, fair value | 7 | 7 | $ 8 | $ 8 |
Consumer | Personal Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 1,209 | 1,009 | ||
Consumer | Credit Card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 1,036 | 953 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 25,496 | 24,042 | ||
Commercial | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 13,497 | 12,229 | ||
Commercial | Mortgage/Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | 5,002 | 4,939 | ||
Commercial | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total finance receivables and loans | $ 6,997 | $ 6,874 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | $ 3,267 | $ 3,283 | ||
Charge-offs | (301) | (308) | ||
Recoveries | 168 | 190 | ||
Net charge-offs | (133) | (118) | ||
Provision for credit losses | 167 | (13) | ||
Other | 0 | 0 | ||
Allowance, ending balance | 3,301 | 3,152 | ||
Consumer | Automotive | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,769 | 2,902 | ||
Charge-offs | (276) | (284) | ||
Recoveries | 163 | 187 | ||
Net charge-offs | (113) | (97) | ||
Provision for credit losses | 107 | 4 | ||
Other | 0 | 0 | ||
Allowance, ending balance | 2,763 | 2,809 | ||
Consumer | Mortgage/Real Estate | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 27 | 33 | ||
Charge-offs | (1) | (2) | ||
Recoveries | 3 | 3 | ||
Net charge-offs | 2 | 1 | ||
Provision for credit losses | (3) | (7) | ||
Other | 0 | (1) | ||
Allowance, ending balance | 26 | 26 | ||
Consumer | Other | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 221 | 73 | ||
Charge-offs | (24) | (8) | ||
Recoveries | 1 | 0 | ||
Net charge-offs | (23) | (8) | ||
Provision for credit losses | 59 | 3 | ||
Other | 1 | 1 | ||
Allowance, ending balance | 258 | 69 | ||
Finance receivables, fair value | 7 | 8 | $ 7 | $ 8 |
Commercial | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 250 | 275 | ||
Charge-offs | 0 | (14) | ||
Recoveries | 1 | 0 | ||
Net charge-offs | 1 | (14) | ||
Provision for credit losses | 4 | (13) | ||
Other | (1) | 0 | ||
Allowance, ending balance | $ 254 | $ 248 |
Finance Receivables and Loans_5
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 0 | $ 329 |
Consumer | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total sales and transfers | $ 0 | $ 329 |
Finance Receivables and Loans_6
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 1,318 | $ 765 |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | 493 | 577 |
Consumer | Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables and loans, significant purchases | $ 825 | $ 188 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | $ 1,388 | $ 1,436 | $ 1,522 | |
Financing receivable, nonaccrual, with no allowance | 536 | 568 | ||
Financing receivable, nonaccrual, interest income | 3 | $ 2 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 1,167 | 1,179 | 1,361 | |
Financing receivable, nonaccrual, with no allowance | 486 | 485 | ||
Consumer | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 1,072 | 1,078 | 1,256 | |
Financing receivable, nonaccrual, with no allowance | 422 | 423 | ||
Consumer | Mortgage/Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 75 | 85 | 102 | |
Financing receivable, nonaccrual, with no allowance | 64 | 62 | ||
Consumer | Mortgage Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 51 | 59 | 67 | |
Financing receivable, nonaccrual, with no allowance | 41 | 39 | ||
Consumer | Mortgage - Legacy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 24 | 26 | 35 | |
Financing receivable, nonaccrual, with no allowance | 23 | 23 | ||
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 20 | 16 | 3 | |
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 | 6 | 5 | 3 | |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | ||
Consumer | Credit card receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 14 | 11 | 0 | |
Financing receivable, nonaccrual, with no allowance | 0 | 0 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 221 | 257 | 161 | |
Financing receivable, nonaccrual, with no allowance | 50 | 83 | ||
Commercial | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 3 | 33 | 40 | |
Financing receivable, nonaccrual, with no allowance | 2 | 32 | ||
Commercial | Mortgage/Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 1 | 3 | 5 | |
Financing receivable, nonaccrual, with no allowance | 1 | 3 | ||
Commercial | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, recorded investment, nonaccrual status | 217 | 221 | $ 116 | |
Financing receivable, nonaccrual, with no allowance | $ 47 | $ 48 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total finance receivables and loans | $ 125,365 | $ 122,268 | ||
Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total finance receivables and loans | 99,869 | 98,226 | ||
Consumer | Excludes fair value option elected other loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 11,413 | 46,869 | ||
Year two, originated, fiscal year before current fiscal year | 43,625 | 20,088 | ||
Year three, originated, two years before current fiscal year | 17,822 | 13,015 | ||
Year four, originated, three years before current fiscal year | 11,371 | 7,800 | ||
Year five, originated, four years before current fiscal year | 6,625 | 4,661 | ||
Originated, more than five years before current fiscal year | 7,719 | 4,562 | ||
Revolving loans | 1,264 | 1,197 | ||
Revolving loans converted to term | 23 | 27 | ||
Total finance receivables and loans | 99,862 | 98,219 | ||
Consumer | Automotive | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 10,138 | 35,802 | ||
Year two, originated, fiscal year before current fiscal year | 32,285 | 17,736 | ||
Year three, originated, two years before current fiscal year | 15,632 | 12,010 | ||
Year four, originated, three years before current fiscal year | 10,451 | 7,028 | ||
Year five, originated, four years before current fiscal year | 5,948 | 3,610 | ||
Originated, more than five years before current fiscal year | 4,457 | 2,066 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 78,911 | 78,252 | ||
Consumer | Mortgage/Real Estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 898 | 10,227 | ||
Year two, originated, fiscal year before current fiscal year | 10,641 | 2,215 | ||
Year three, originated, two years before current fiscal year | 2,083 | 986 | ||
Year four, originated, three years before current fiscal year | 905 | 767 | ||
Year five, originated, four years before current fiscal year | 674 | 1,050 | ||
Originated, more than five years before current fiscal year | 3,261 | 2,496 | ||
Revolving loans | 228 | 244 | ||
Revolving loans converted to term | 23 | 27 | ||
Total finance receivables and loans | 18,713 | 18,012 | ||
Consumer | Mortgage Finance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 898 | 10,227 | ||
Year two, originated, fiscal year before current fiscal year | 10,641 | 2,215 | ||
Year three, originated, two years before current fiscal year | 2,083 | 986 | ||
Year four, originated, three years before current fiscal year | 905 | 767 | ||
Year five, originated, four years before current fiscal year | 674 | 1,050 | ||
Originated, more than five years before current fiscal year | 3,171 | 2,399 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 18,372 | 17,644 | ||
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 | 90 | 97 | ||
Revolving loans | 228 | 244 | ||
Revolving loans converted to term | 23 | 27 | ||
Total finance receivables and loans | 341 | 368 | ||
Consumer | Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total finance receivables and loans | 2,245 | 1,962 | ||
Finance receivables, fair value | 7 | 7 | $ 8 | $ 8 |
Consumer | Other | Excludes fair value option elected other loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 377 | 840 | ||
Year two, originated, fiscal year before current fiscal year | 699 | 137 | ||
Year three, originated, two years before current fiscal year | 107 | 19 | ||
Year four, originated, three years before current fiscal year | 15 | 5 | ||
Year five, originated, four years before current fiscal year | 3 | 1 | ||
Originated, more than five years before current fiscal year | 1 | 0 | ||
Revolving loans | 1,036 | 953 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 2,238 | 1,955 | ||
Consumer | Personal Lending | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total finance receivables and loans | 1,209 | 1,009 | ||
Consumer | Personal Lending | Excludes fair value option elected other loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 377 | 840 | ||
Year two, originated, fiscal year before current fiscal year | 699 | 137 | ||
Year three, originated, two years before current fiscal year | 107 | 19 | ||
Year four, originated, three years before current fiscal year | 15 | 5 | ||
Year five, originated, four years before current fiscal year | 3 | 1 | ||
Originated, more than five years before current fiscal year | 1 | 0 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 1,202 | 1,002 | ||
Consumer | Credit card receivables | ||||
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 | 0 | 0 | ||
Revolving loans | 1,036 | 953 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 1,036 | 953 | ||
Current | Consumer | Automotive | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 10,120 | 35,222 | ||
Year two, originated, fiscal year before current fiscal year | 31,561 | 17,218 | ||
Year three, originated, two years before current fiscal year | 15,171 | 11,512 | ||
Year four, originated, three years before current fiscal year | 10,051 | 6,692 | ||
Year five, originated, four years before current fiscal year | 5,678 | 3,403 | ||
Originated, more than five years before current fiscal year | 4,186 | 1,911 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 76,767 | 75,958 | ||
Current | Consumer | Mortgage Finance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 895 | 10,169 | ||
Year two, originated, fiscal year before current fiscal year | 10,614 | 2,212 | ||
Year three, originated, two years before current fiscal year | 2,079 | 977 | ||
Year four, originated, three years before current fiscal year | 895 | 744 | ||
Year five, originated, four years before current fiscal year | 655 | 1,041 | ||
Originated, more than five years before current fiscal year | 3,132 | 2,363 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 18,270 | 17,506 | ||
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 | 75 | 79 | ||
Revolving loans | 221 | 238 | ||
Revolving loans converted to term | 20 | 23 | ||
Total finance receivables and loans | 316 | 340 | ||
Current | Consumer | Personal Lending | Excludes fair value option elected other loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 375 | 821 | ||
Year two, originated, fiscal year before current fiscal year | 681 | 133 | ||
Year three, originated, two years before current fiscal year | 104 | 18 | ||
Year four, originated, three years before current fiscal year | 15 | 5 | ||
Year five, originated, four years before current fiscal year | 3 | 1 | ||
Originated, more than five years before current fiscal year | 1 | 0 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 1,179 | 978 | ||
Current | Consumer | Credit card receivables | ||||
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 | 0 | 0 | ||
Revolving loans | 1,008 | 932 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 1,008 | 932 | ||
Financing receivables, 30 to 59 days past due | Consumer | Automotive | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 17 | 424 | ||
Year two, originated, fiscal year before current fiscal year | 512 | 353 | ||
Year three, originated, two years before current fiscal year | 314 | 334 | ||
Year four, originated, three years before current fiscal year | 272 | 226 | ||
Year five, originated, four years before current fiscal year | 184 | 139 | ||
Originated, more than five years before current fiscal year | 179 | 101 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 1,478 | 1,577 | ||
Financing receivables, 30 to 59 days past due | Consumer | Mortgage Finance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 3 | 50 | ||
Year two, originated, fiscal year before current fiscal year | 23 | 3 | ||
Year three, originated, two years before current fiscal year | 3 | 3 | ||
Year four, originated, three years before current fiscal year | 4 | 7 | ||
Year five, originated, four years before current fiscal year | 6 | 2 | ||
Originated, more than five years before current fiscal year | 15 | 12 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 54 | 77 | ||
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 | 2 | ||
Revolving loans | 1 | 1 | ||
Revolving loans converted to term | 1 | 0 | ||
Total finance receivables and loans | 4 | 3 | ||
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 | 2 | 9 | ||
Year two, originated, fiscal year before current fiscal year | 7 | 2 | ||
Year three, originated, two years before current fiscal year | 1 | 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 | 0 | 0 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 10 | 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 | 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 | 0 | 0 | ||
Revolving loans | 8 | 6 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 8 | 6 | ||
Financing receivables, 60 to 89 days past due | Consumer | Automotive | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 1 | 115 | ||
Year two, originated, fiscal year before current fiscal year | 153 | 114 | ||
Year three, originated, two years before current fiscal year | 105 | 108 | ||
Year four, originated, three years before current fiscal year | 86 | 70 | ||
Year five, originated, four years before current fiscal year | 55 | 41 | ||
Originated, more than five years before current fiscal year | 52 | 28 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 452 | 476 | ||
Financing receivables, 60 to 89 days past due | Consumer | Mortgage Finance | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 0 | 8 | ||
Year two, originated, fiscal year before current fiscal year | 1 | 0 | ||
Year three, originated, two years before current fiscal year | 1 | 1 | ||
Year four, originated, three years before current fiscal year | 1 | 0 | ||
Year five, originated, four years before current fiscal year | 2 | 0 | ||
Originated, more than five years before current fiscal year | 2 | 5 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 7 | 14 | ||
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 | 1 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 1 | ||
Total finance receivables and loans | 1 | 2 | ||
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 | 0 | 6 | ||
Year two, originated, fiscal year before current fiscal year | 6 | 1 | ||
Year three, originated, two years before current fiscal year | 1 | 1 | ||
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 | 0 | 0 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 7 | 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 | 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 | 0 | 0 | ||
Revolving loans | 6 | 5 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 6 | 5 | ||
Financing receivables, 90 or more days past due | Consumer | Automotive | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated, current fiscal year | 0 | 41 | ||
Year two, originated, fiscal year before current fiscal year | 59 | 51 | ||
Year three, originated, two years before current fiscal year | 42 | 56 | ||
Year four, originated, three years before current fiscal year | 42 | 40 | ||
Year five, originated, four years before current fiscal year | 31 | 27 | ||
Originated, more than five years before current fiscal year | 40 | 26 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 214 | 241 | ||
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 | 0 | ||
Year two, originated, fiscal year before current fiscal year | 3 | 0 | ||
Year three, originated, two years before current fiscal year | 0 | 5 | ||
Year four, originated, three years before current fiscal year | 5 | 16 | ||
Year five, originated, four years before current fiscal year | 11 | 7 | ||
Originated, more than five years before current fiscal year | 22 | 19 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 41 | 47 | ||
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 | 12 | 15 | ||
Revolving loans | 6 | 5 | ||
Revolving loans converted to term | 2 | 3 | ||
Total finance receivables and loans | 20 | 23 | ||
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 | 0 | 4 | ||
Year two, originated, fiscal year before current fiscal year | 5 | 1 | ||
Year three, originated, two years before current fiscal year | 1 | 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 | 0 | 0 | ||
Revolving loans | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | 6 | 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 | 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 | 0 | 0 | ||
Revolving loans | 14 | 10 | ||
Revolving loans converted to term | 0 | 0 | ||
Total finance receivables and loans | $ 14 | $ 10 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 125,365 | $ 122,268 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 604 | 2,419 |
Year two, originated, fiscal year before current fiscal year | 2,320 | 1,896 |
Year three, originated, two years before current fiscal year | 1,835 | 1,586 |
Year four, originated, three years before current fiscal year | 1,458 | 783 |
Year five, originated, four years before current fiscal year | 691 | 663 |
Originated, more than five years before current fiscal year | 1,574 | 1,052 |
Revolving loans | 16,862 | 15,512 |
Revolving loans converted to term | 152 | 131 |
Total finance receivables and loans | 25,496 | 24,042 |
Automotive loan | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 70 | 354 |
Year two, originated, fiscal year before current fiscal year | 352 | 192 |
Year three, originated, two years before current fiscal year | 165 | 119 |
Year four, originated, three years before current fiscal year | 101 | 65 |
Year five, originated, four years before current fiscal year | 58 | 54 |
Originated, more than five years before current fiscal year | 103 | 74 |
Revolving loans | 12,648 | 11,371 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 13,497 | 12,229 |
Automotive loan | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 70 | 347 |
Year two, originated, fiscal year before current fiscal year | 350 | 190 |
Year three, originated, two years before current fiscal year | 163 | 112 |
Year four, originated, three years before current fiscal year | 95 | 49 |
Year five, originated, four years before current fiscal year | 45 | 23 |
Originated, more than five years before current fiscal year | 61 | 56 |
Revolving loans | 12,121 | 10,741 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 12,905 | 11,518 |
Automotive loan | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 7 |
Year two, originated, fiscal year before current fiscal year | 2 | 1 |
Year three, originated, two years before current fiscal year | 1 | 7 |
Year four, originated, three years before current fiscal year | 5 | 15 |
Year five, originated, four years before current fiscal year | 12 | 31 |
Originated, more than five years before current fiscal year | 42 | 18 |
Revolving loans | 469 | 589 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 531 | 668 |
Automotive loan | 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 | 1 |
Year three, originated, two years before current fiscal year | 1 | 0 |
Year four, originated, three years before current fiscal year | 1 | 1 |
Year five, originated, four years before current fiscal year | 1 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 58 | 41 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 61 | 43 |
Other | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 232 | 754 |
Year two, originated, fiscal year before current fiscal year | 676 | 639 |
Year three, originated, two years before current fiscal year | 638 | 565 |
Year four, originated, three years before current fiscal year | 478 | 107 |
Year five, originated, four years before current fiscal year | 106 | 249 |
Originated, more than five years before current fiscal year | 518 | 299 |
Revolving loans | 4,206 | 4,138 |
Revolving loans converted to term | 143 | 123 |
Total finance receivables and loans | 6,997 | 6,874 |
Other | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 232 | 739 |
Year two, originated, fiscal year before current fiscal year | 661 | 448 |
Year three, originated, two years before current fiscal year | 447 | 374 |
Year four, originated, three years before current fiscal year | 288 | 86 |
Year five, originated, four years before current fiscal year | 62 | 99 |
Originated, more than five years before current fiscal year | 137 | 68 |
Revolving loans | 4,033 | 4,032 |
Revolving loans converted to term | 99 | 83 |
Total finance receivables and loans | 5,959 | 5,929 |
Other | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 15 |
Year two, originated, fiscal year before current fiscal year | 15 | 169 |
Year three, originated, two years before current fiscal year | 169 | 96 |
Year four, originated, three years before current fiscal year | 96 | 21 |
Year five, originated, four years before current fiscal year | 44 | 10 |
Originated, more than five years before current fiscal year | 133 | 122 |
Revolving loans | 111 | 93 |
Revolving loans converted to term | 20 | 17 |
Total finance receivables and loans | 588 | 543 |
Other | 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 | 22 |
Year three, originated, two years before current fiscal year | 22 | 95 |
Year four, originated, three years before current fiscal year | 94 | 0 |
Year five, originated, four years before current fiscal year | 0 | 140 |
Originated, more than five years before current fiscal year | 166 | 83 |
Revolving loans | 55 | 13 |
Revolving loans converted to term | 21 | 23 |
Total finance receivables and loans | 358 | 376 |
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 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 82 | 26 |
Revolving loans | 7 | 0 |
Revolving loans converted to term | 3 | 0 |
Total finance receivables and loans | 92 | 26 |
Commercial real estate | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 302 | 1,311 |
Year two, originated, fiscal year before current fiscal year | 1,292 | 1,065 |
Year three, originated, two years before current fiscal year | 1,032 | 902 |
Year four, originated, three years before current fiscal year | 879 | 611 |
Year five, originated, four years before current fiscal year | 527 | 360 |
Originated, more than five years before current fiscal year | 953 | 679 |
Revolving loans | 8 | 3 |
Revolving loans converted to term | 9 | 8 |
Total finance receivables and loans | 5,002 | 4,939 |
Commercial real estate | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 302 | 1,298 |
Year two, originated, fiscal year before current fiscal year | 1,285 | 1,060 |
Year three, originated, two years before current fiscal year | 1,027 | 873 |
Year four, originated, three years before current fiscal year | 781 | 604 |
Year five, originated, four years before current fiscal year | 523 | 342 |
Originated, more than five years before current fiscal year | 919 | 653 |
Revolving loans | 8 | 3 |
Revolving loans converted to term | 9 | 8 |
Total finance receivables and loans | 4,854 | 4,841 |
Commercial real estate | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 13 |
Year two, originated, fiscal year before current fiscal year | 7 | 5 |
Year three, originated, two years before current fiscal year | 5 | 29 |
Year four, originated, three years before current fiscal year | 98 | 7 |
Year five, originated, four years before current fiscal year | 4 | 18 |
Originated, more than five years before current fiscal year | 30 | 19 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 144 | 91 |
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 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 4 | 7 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | $ 4 | $ 7 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 125,365 | $ 122,268 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 25,496 | 24,042 |
Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 13,497 | 12,229 |
Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 6,997 | 6,874 |
Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 5,002 | 4,939 |
Total past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 1 | 1 |
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 | 1 |
Total past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
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 | 1 |
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 | 1 |
Financing receivables, 90 or more days past due | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 25,495 | 24,041 |
Current | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 13,497 | 12,229 |
Current | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 6,996 | 6,873 |
Current | Mortgage/Real Estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 5,002 | $ 4,939 |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | Dec. 31, 2021USD ($) | |
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, gross carrying value | $ 2,300 | $ 2,400 | |
Loans and leases receivable, impaired, commitment to lend | $ 19 | $ 18 | |
Financing receivable, modifications, number of loans | loan | 13,813 | 25,597 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 272 | $ 509 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 268 | $ 503 | |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 13,812 | 25,596 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 238 | $ 476 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 234 | $ 470 | |
Consumer | Automotive loan | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 13,451 | 25,590 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 231 | $ 472 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 227 | $ 466 | |
Consumer | Mortgage/Real Estate | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 10 | 6 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 6 | $ 4 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 6 | $ 4 | |
Consumer | Mortgage Finance | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 6 | 5 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 5 | $ 4 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 5 | $ 4 | |
Consumer | Mortgage - Legacy | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 4 | 1 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1 | $ 0 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 1 | $ 0 | |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 351 | 0 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1 | $ 0 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 1 | $ 0 | |
Consumer | Credit card receivables | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 351 | 0 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1 | $ 0 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 1 | $ 0 | |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 1 | 1 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 34 | $ 33 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 34 | $ 33 | |
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring | |||
Financing receivable, modifications, number of loans | loan | 1 | 1 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 34 | $ 33 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 34 | $ 33 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details) - Consumer $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 2,113 | 2,816 |
Amortized cost | $ 33 | $ 33 |
Charge-off amount | $ 13 | $ 20 |
Automotive loan | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 2,111 | 2,814 |
Amortized cost | $ 31 | $ 33 |
Charge-off amount | $ 13 | $ 20 |
Mortgage/Real Estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 2 | 2 |
Amortized cost | $ 2 | $ 0 |
Charge-off amount | $ 0 | $ 0 |
Mortgage Finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 2 | 0 |
Amortized cost | $ 2 | $ 0 |
Charge-off amount | $ 0 | $ 0 |
Mortgage - Legacy | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 0 | 2 |
Amortized cost | $ 0 | $ 0 |
Charge-off amount | $ 0 | $ 0 |
Leasing (Ally as the Lessee) (D
Leasing (Ally as the Lessee) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
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 | $ 10 | $ 13 | |
Right-of-use asset obtained in exchange for operating lease liability | $ 12 | $ 337 | |
Operating lease, weighted-average remaining lease term | 5 years | 6 years | |
Operating lease, weighted average discount rate | 2.14% | 1.96% | |
Undiscounted future lease payments | $ 13 | ||
Term of contract | 10 years | ||
Finance lease liabilities | $ 42 | $ 0 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 4 months | ||
Option to terminate | 5 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 7 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 28 | |
2023 | 29 | |
2024 | 23 | |
2025 | 18 | |
2026 | 17 | |
2027 and thereafter | 28 | |
Total undiscounted cash flows | 143 | |
Difference between undiscounted cash flows and discounted cash flows | (8) | |
Total lease liability | $ 135 | $ 175 |
Leasing (Lease, Cost) (Details)
Leasing (Lease, Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expense | $ 8 | $ 12 |
Variable lease expense | 1 | 2 |
Total lease expense, net | $ 9 | $ 14 |
Leasing (Ally as the Lessor) (D
Leasing (Ally as the Lessor) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Lessor, Lease, Description [Line Items] | ||
Residual value guarantee, percentage | 15.00% | 15.00% |
Vehicles | $ 12,316 | $ 12,384 |
Accumulated depreciation | (1,586) | (1,522) |
Investment in operating leases, net | $ 10,730 | 10,862 |
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 | $ 120 | $ 165 |
Leasing (Lessor, Operating Leas
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 | $ 1,201 |
2023 | 1,247 |
2024 | 623 |
2025 | 169 |
2026 | 13 |
Total lease payments from operating leases | $ 3,253 |
Leasing (Depreciation Expense o
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease revenue | $ 403 | $ 370 |
Depreciation expense on operating lease assets | 267 | 227 |
Remarketing gains, net | (50) | (64) |
Net depreciation expense on operating lease assets | 217 | 163 |
Variable lease payments, excessive wear and tear | $ 2 | $ 5 |
Leasing (Sales-type and Direct
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Direct financing lease, net investment in lease | $ 461 | $ 470 | |
Direct financing lease, present value of lease payments recorded as lease receivable | 448 | 457 | |
Direct financing lease, unguaranteed residual asset | 13 | $ 13 | |
Direct financing lease, interest income | 7 | $ 6 | |
2022 | 121 | ||
2023 | 140 | ||
2024 | 114 | ||
2025 | 65 | ||
2026 | 38 | ||
2027 and thereafter | 17 | ||
Total undiscounted cash flows | 495 | ||
Difference between undiscounted cash flows and discounted cash flows | (447) | ||
Present value of lease payments recorded as lease receivable | $ 48 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Sales of financial assets | $ 0 | $ 0 |
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 | $ 0 |
Securitizations and Variable _4
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | $ 184,297 | $ 182,114 | $ 181,879 |
Carrying value of total liabilities | 168,884 | 165,064 | |
Other assets | 8,957 | 8,057 | |
On-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 8,188 | 7,509 | |
Carrying value of total liabilities | 799 | 1,339 | |
Other assets | 633 | 563 | |
On-balance sheet variable interest entities | Consumer | Automotive loan | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 19,016 | 18,158 | |
Carrying value of total liabilities | 917 | 1,162 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 0 | 0 | |
Assets held-in-trust | 10,800 | 11,000 | |
Non-recourse debt | 118 | 124 | |
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 | ||
Off-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 20,885 | 20,290 | |
Carrying value of total liabilities | 1,633 | 2,188 | |
Assets sold to nonconsolidated VIEs | 13 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 2,436 | 2,416 | |
Off-balance sheet variable interest entities | Consumer | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 0 | ||
Carrying value of total liabilities | 0 | ||
Assets sold to nonconsolidated VIEs | 13 | ||
Maximum exposure to loss in nonconsolidated VIEs | 13 | ||
Off-balance sheet variable interest entities | Commercial | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 1,869 | 1,814 | |
Carrying value of total liabilities | 716 | 726 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 2,423 | 2,416 | |
Other assets | $ 1 | $ 8 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities (Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities) (Details) - Off-balance sheet variable interest entities - Consumer Other Portfolio Sector - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash proceeds from transfers completed during the period | $ 12 | $ 0 |
Servicing fees | 1 | 0 |
Total | $ 13 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Total amount | $ 13 | $ 4 |
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 | 13 | 4 |
Amount 60 days or more past due | $ 0 | $ 0 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | |||
Property and equipment at cost | $ 2,178 | $ 2,139 | |
Accumulated depreciation | (980) | (955) | |
Net property and equipment | 1,198 | 1,184 | |
Investment in qualified affordable housing projects | 1,373 | 1,378 | |
Nonmarketable equity investments | 1,116 | 998 | |
Goodwill | 822 | 822 | $ 343 |
Net deferred tax assets | 625 | 254 | |
Accrued interest, fees, and rent receivables | 609 | 600 | |
Restricted cash held for securitization trusts | 583 | 516 | |
Equity-method investments | 544 | 472 | |
Other accounts receivable | 293 | 127 | |
Net intangible assets | 121 | 129 | |
Operating lease right-of-use assets | 111 | 148 | |
Restricted cash and cash equivalents | 100 | 92 | |
Finance lease right-of-use assets | 44 | 0 | |
Other assets | 1,418 | 1,337 | |
Total other assets | $ 8,957 | $ 8,057 | |
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 ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other Assets [Abstract] | |||
FHLB stock | $ 407,000,000 | $ 289,000,000 | |
FRB stock | 449,000,000 | 449,000,000 | |
Equity securities without a readily determinable fair value | |||
Cost basis | 90,000,000 | 89,000,000 | |
Upward adjustments | 183,000,000 | 183,000,000 | |
Downward adjustments (including impairment) | (13,000,000) | (12,000,000) | |
Carrying amount, equity securities without a readily determinable fair value | 260,000,000 | 260,000,000 | |
Nonmarketable equity investments | 1,116,000,000 | $ 998,000,000 | |
Upward adjustments | 1,000,000 | $ 2,000,000 | |
Downward adjustments (including impairment) | (2,000,000) | (1,000,000) | |
Impairment of FHLB and FRB stock | 0 | 0 | |
(Loss) gain on nonmarketable equity investments, net | $ (1,000,000) | $ 4,000,000 |
Other Assets (Schedule of Goodw
Other Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 822 | $ 343 |
Goodwill acquired | 0 | 479 |
Goodwill ending balance | 822 | 822 |
Operating Segments | Automotive Finance operations | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 20 | 20 |
Goodwill acquired | 0 | 0 |
Goodwill ending balance | 20 | 20 |
Operating Segments | Insurance operations | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 27 | 27 |
Goodwill acquired | 0 | 0 |
Goodwill ending balance | 27 | 27 |
Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 775 | 296 |
Goodwill acquired | 0 | 479 |
Goodwill ending balance | 775 | 775 |
Ally Credit Card | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 479 | |
Goodwill ending balance | 479 | 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 | |
Goodwill ending balance | $ 143 | $ 143 |
Other Assets (Intangible Assets
Other Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (86) | $ (78) |
Total intangible assets, gross | 207 | 207 |
Net intangible assets | 121 | 129 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | 23 | |
2023 | 25 | |
2024 | 18 | |
2025 | 14 | |
2026 | 14 | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 83 | 83 |
Accumulated amortization | (12) | (9) |
Net carrying value | 71 | 74 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 58 | 58 |
Accumulated amortization | (44) | (42) |
Net carrying value | 14 | 16 |
Purchased credit card relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 25 | 25 |
Accumulated amortization | (1) | 0 |
Net carrying value | 24 | 25 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 2 | 2 |
Accumulated amortization | 0 | 0 |
Net carrying value | 2 | 2 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 39 | 39 |
Accumulated amortization | (29) | (27) |
Net carrying value | $ 10 | $ 12 |
Deposit Liabilities (Schedule o
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 175 | $ 150 |
Interest-bearing deposits | ||
Savings, money market, and checking accounts | 106,411 | 102,455 |
Certificates of deposit | 35,889 | 38,953 |
Total deposit liabilities | 142,475 | 141,558 |
Certificates of deposit, in excess of $250,000 federal insurance limits | $ 6,600 | $ 7,200 |
Debt (Schedule of Short-term De
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | $ 2,950 | $ 0 |
Other | 1,000 | 0 |
Total short-term borrowings | 3,950 | 0 |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 0 | 0 |
Other | 0 | 0 |
Total short-term borrowings | 0 | 0 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 2,950 | 0 |
Other | 1,000 | 0 |
Total short-term borrowings | $ 3,950 | $ 0 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 4,173 | $ 5,869 |
Long-term debt, due after one year | 11,712 | 11,160 |
Long-term debt | 15,885 | 17,029 |
Secured debt | 11,030 | 7,619 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 384 | 1,028 |
Long-term debt, due after one year | 8,421 | 8,382 |
Long-term debt | 8,805 | 9,410 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 3,789 | 4,841 |
Long-term debt, due after one year | 3,291 | 2,778 |
Long-term debt | 7,080 | 7,619 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 6,300 | $ 6,300 |
Debt (Scheduled Remaining Matur
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 3,830 | |
Long-term debt, maturities, repayments of principal in year two | 3,629 | |
Long-term debt, maturities, repayments of principal in year three | 3,164 | |
Long-term debt, maturities, repayments of principal in year four | 2,581 | |
Long-term debt, maturities, repayments of principal in year five | (44) | |
Long-term debt, maturities, repayments of principal after year five | 2,725 | |
Total long-term debt | 15,885 | $ 17,029 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 393 | |
Long-term debt, maturities, repayments of principal in year two | 2,027 | |
Long-term debt, maturities, repayments of principal in year three | 1,416 | |
Long-term debt, maturities, repayments of principal in year four | 2,306 | |
Long-term debt, maturities, repayments of principal in year five | (52) | |
Long-term debt, maturities, repayments of principal after year five | 2,715 | |
Total long-term debt | 8,805 | 9,410 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,080 | $ 7,619 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 433 | |
Long-term debt, maturities, repayments of principal in year two | 2,085 | |
Long-term debt, maturities, repayments of principal in year three | 1,481 | |
Long-term debt, maturities, repayments of principal in year four | 2,377 | |
Long-term debt, maturities, repayments of principal in year five | 27 | |
Long-term debt, maturities, repayments of principal after year five | 3,312 | |
Total long-term debt | 9,715 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 3,437 | |
Long-term debt, maturities, repayments of principal in year two | 1,602 | |
Long-term debt, maturities, repayments of principal in year three | 1,748 | |
Long-term debt, maturities, repayments of principal in year four | 275 | |
Long-term debt, maturities, repayments of principal in year five | 8 | |
Long-term debt, maturities, repayments of principal after year five | 10 | |
Total long-term debt | 7,080 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | (910) | |
Original issue discount | Unsecured debt | 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (40) | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | $ 29,680 | $ 27,420 |
Secured debt | 11,030 | 7,619 |
Short-term borrowings | 3,950 | 0 |
Consumer | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | 18,655 | 17,941 |
Consumer | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 10,015 | 9,122 |
Consumer | Credit card receivables | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 0 | 347 |
Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 1,010 | 10 |
Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 29,680 | 27,420 |
Secured debt | 11,030 | 7,619 |
Ally Bank | Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 18,700 | 18,000 |
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 | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | 18,655 | 17,941 |
Ally Bank | Consumer | Automotive loan | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 10,015 | 9,122 |
Ally Bank | Consumer | Credit card receivables | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 0 | 347 |
Ally Bank | Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | $ 1,010 | $ 10 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Accounts payable | $ 774 | $ 584 | ||
Unfunded commitments for investment in qualified affordable housing projects | 714 | 724 | ||
Employee compensation and benefits | 302 | 512 | ||
Deferred revenue | 172 | 176 | ||
Operating lease liabilities | 135 | 175 | ||
Reserves for insurance losses and loss adjustment expenses | 123 | 122 | $ 132 | $ 129 |
Finance lease liabilities | 42 | 0 | ||
Other liabilities | 510 | 460 | ||
Total accrued expenses and other liabilities | $ 2,772 | $ 2,753 | ||
Operating lease, liability, statement of financial position [Extensible Enumeration] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities | ||
Finance lease, liability, statement of financial position [Extensible Enumeration] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities |
Preferred Stock (Details)
Preferred Stock (Details) - $ / shares | May 15, 2028 | May 15, 2026 | Jun. 30, 2021 | Apr. 30, 2021 | Mar. 31, 2022 |
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% | ||||
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | Subsequent event | |||||
Class of Stock [Line Items] | |||||
Dividend/coupon rate | 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% |
Preferred Stock (Schedule of Pr
Preferred Stock (Schedule of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2021 | Apr. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Carrying value | $ 2,324 | $ 2,324 | ||
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% | |||
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 Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 17,050 | $ 14,703 |
Net change | (1,633) | (604) |
Ending balance | 15,413 | 14,625 |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (158) | 631 |
Ending balance | (1,791) | 27 |
Unrealized gains on investment securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (95) | 640 |
Net change | (1,631) | (587) |
Ending balance | (1,726) | 53 |
Translation adjustments and net investment hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 19 | 19 |
Net change | 1 | 1 |
Ending balance | 20 | 20 |
Cash flow hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 35 | 82 |
Net change | (5) | (17) |
Ending balance | 30 | 65 |
Defined benefit pension plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (117) | (110) |
Net change | 2 | (1) |
Ending balance | $ (115) | $ (111) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassification Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before tax | $ (2,142) | $ (790) |
Other comprehensive income (loss), tax effect | 509 | 186 |
Other comprehensive income (loss), net of tax | (1,633) | (604) |
Investment securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gains (losses) arising during the period, before tax | (2,120) | (736) |
Net unrealized gains (losses) arising during the period, tax | 503 | 174 |
Net unrealized gains (losses) arising during the period, net of tax | (1,617) | (562) |
Net realized gains reclassified to income from continuing operations, before tax | 18 | 32 |
Net realized gains reclassified to income from continuing operations, tax | (4) | (7) |
Net realized gains reclassified to income from continuing operations, net of tax | 14 | 25 |
Other comprehensive income (loss), before tax | (2,138) | (768) |
Other comprehensive income (loss), tax effect | 507 | 181 |
Other comprehensive income (loss), net of tax | (1,631) | (587) |
Translation adjustments and net investment hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before tax | 3 | 3 |
Other comprehensive income (loss), tax effect | 0 | (1) |
Other comprehensive income (loss), net of tax | 3 | 2 |
Net investment hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before tax | (3) | (2) |
Other comprehensive income (loss), tax effect | 1 | 1 |
Other comprehensive income (loss), net of tax | (2) | (1) |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net realized gains reclassified to income from continuing operations, before tax | 6 | 21 |
Net realized gains reclassified to income from continuing operations, tax | (1) | (4) |
Net realized gains reclassified to income from continuing operations, net of tax | 5 | 17 |
Defined benefit pension plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before tax | 2 | (2) |
Other comprehensive income (loss), tax effect | 0 | 1 |
Other comprehensive income (loss), net of tax | $ 2 | $ (1) |
Earnings per Common Share (Sche
Earnings per Common Share (Schedule of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Class of Stock [Line Items] | |||
Net income from continuing operations | [1] | $ 655 | $ 796 |
Net income from continuing operations attributable to common stockholders | [1] | 627 | 796 |
Net income attributable to common stockholders | [1] | $ 627 | $ 796 |
Basic weighted-average common shares outstanding | [1],[2] | 335,678 | 375,229 |
Diluted weighted-average common shares outstanding | [1],[2] | 337,812 | 377,529 |
Basic earnings per common share | |||
Net income from continuing operations (in dollars per share) | [1] | $ 1.87 | $ 2.12 |
Net income (in dollars per share) | [1] | 1.87 | 2.12 |
Diluted earnings per common share | |||
Net income from continuing operations (in dollars per share) | [1] | 1.86 | 2.11 |
Net income (in dollars per share) | [1] | $ 1.86 | $ 2.11 |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock dividends | [1] | $ (16) | $ 0 |
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock dividends | [1] | $ (12) | $ 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. |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
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 | |
Brokered deposits | $ 4,000 | |
Percentage of interest-bearing domestic deposits to deposits, brokered | 2.80% | |
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 | $ 887 | |
Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.0997 | 0.1034 |
Minimum capital conservation buffer | 0.035 | 0.035 |
Common equity tier one capital | $ 14,849 | $ 15,143 |
Tier one capital to risk-weighted assets, amount | $ 17,124 | $ 17,403 |
Tier one capital to risk-weighted assets, ratio | 0.1149 | 0.1189 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0600 | |
Capital to risk-weighted assets, amount | $ 19,564 | $ 19,724 |
Capital to risk-weighted assets, ratio | 0.1313 | 0.1347 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 17,124 | $ 17,403 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.0936 | 0.0967 |
Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.1209 | 0.1239 |
Minimum capital conservation buffer | 0.025 | 0.025 |
Common equity tier one capital | $ 17,220 | $ 17,253 |
Common equity tier one capital, well capitalized minimum | 0.0650 | |
Tier one capital to risk-weighted assets, amount | $ 17,220 | $ 17,253 |
Tier one capital to risk-weighted assets, ratio | 0.1209 | 0.1239 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0800 | |
Capital to risk-weighted assets, amount | $ 19,006 | $ 18,995 |
Capital to risk-weighted assets, ratio | 0.1334 | 0.1364 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 17,220 | $ 17,253 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.0993 | 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 ($) | Apr. 13, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 10, 2022 | Sep. 30, 2021 | Jul. 12, 2021 | Jan. 11, 2021 | Dec. 31, 2020 | ||
Accelerated Share Repurchases [Line Items] | ||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | [1] | $ 0.25 | $ 0.19 | [1] | |||||||
Treasury stock, common, amount | $ 584,000,000 | $ 594,000,000 | $ 502,000,000 | $ 219,000,000 | $ 679,000,000 | |||||||
Treasury stock, common, shares (in shares) | 12,548,000 | 12,046,000 | 9,641,000 | 5,276,000 | 13,055,000 | |||||||
Common stock, shares outstanding (in shares) | 327,306,298 | 337,940,636 | 362,639,000 | 371,805,000 | 349,599,000 | 374,674,000 | ||||||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.19 | $ 0.19 | $ 0.25 | |||||||
Common stock | ||||||||||||
Accelerated Share Repurchases [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | $ 2,000,000,000 | $ 1,600,000,000 | |||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | |||||||||||
Common stock | Subsequent event | ||||||||||||
Accelerated Share Repurchases [Line Items] | ||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | |||||||||||
Dividends payable, date declared | Apr. 13, 2022 | |||||||||||
Dividends payable, date to be paid | May 16, 2022 | |||||||||||
Dividends payable, date of record | May 2, 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. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 6 | $ 2 |
Noncash collateral placed with counterparties | 260 | 203 |
Cash collateral received from counterparties | $ 13 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | $ 8 | $ 7 |
Fair value of derivative contracts in payable position | 73 | 62 |
Derivative, notional amount | 21,361 | 18,169 |
Credit derivative, maximum exposure, undiscounted | 116 | 119 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 3 | 2 |
Derivative, notional amount | 20,203 | 17,210 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 8 | 7 |
Fair value of derivative contracts in payable position | 70 | 60 |
Derivative, notional amount | 1,158 | 959 |
Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 5 | 6 |
Fair value of derivative contracts in payable position | 7 | 2 |
Derivative, notional amount | 717 | 803 |
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 | 20,043 | 17,039 |
Interest rate futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 2 | 1 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 328 | 223 |
Interest rate written options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 5 |
Fair value of derivative contracts in payable position | 7 | 2 |
Derivative, notional amount | 389 | 580 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 2 | 1 |
Derivative, notional amount | 439 | 154 |
Foreign exchange forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 3 | 2 |
Derivative, notional amount | 160 | 171 |
Foreign exchange futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 2 | 1 |
Derivative, notional amount | 439 | 154 |
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 | 57 | 56 |
Equity contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 1 |
Fair value of derivative contracts in payable position | 4 | 1 |
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 | 4 | 1 |
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 | 3 | 1 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | $ 5,405 | $ 5,119 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (59) | (14) |
Closed portfolio and beneficial interest, last-of-layer, amortized cost | 4,100 | 3,900 |
Hedge basis adjustment, last-of-layer increase (decrease) | (44) | (6) |
Hedged asset, last-of-layer, amount | 2,000 | 1,200 |
Available-for-sale securities | Designated as hedging instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge basis adjustment, last-of-layer increase (decrease) | 10 | 14 |
Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | 43,485 | 44,098 |
Hedged asset, fair value hedge, cumulative increase (decrease) | (350) | (37) |
Hedge basis adjustment, last-of-layer increase (decrease) | (350) | (37) |
Hedged asset, last-of-layer, amount | 17,600 | 15,600 |
Finance receivables and loans, net | Designated as hedging instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedge basis adjustment, last-of-layer increase (decrease) | (386) | (82) |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge | 7,190 | 7,213 |
Hedged liability, fair value hedge, cumulative increase (decrease) | 112 | 110 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (68) | (30) |
Hedge basis adjustment, last-of-layer increase (decrease) | (54) | (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) | 36 | 46 |
Hedge basis adjustment, last-of-layer increase (decrease) | 36 | 46 |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ 110 | $ 110 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | $ (3) | $ (17) |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | 1 | (7) |
Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | (3) | (2) |
Other credit derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | (1) | (8) |
Loss on mortgage and automotive loans, net | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | (2) | (7) |
Other income, net of losses | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | 3 | 0 |
Other income, net of losses | Other credit derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | (1) | (8) |
Other operating expenses | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments recognized in earnings | $ (3) | $ (2) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest and fees on finance receivables and loans | $ 1,714 | $ 1,582 |
Interest and dividends on investment securities and other earning assets | 188 | 131 |
Interest on deposits | 211 | 306 |
Interest on long-term debt | 185 | 250 |
Earnings on cash flow hedges to be recognized within twelve months | 20 | |
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 |
Total gain (loss) on cash flow hedging relationships | 6 | 22 |
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 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 |
Designated as hedging instrument | Interest on deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gain on fair value hedging relationships | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | (1) |
Designated as hedging instrument | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gain on fair value hedging relationships | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest on deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | (2) | 139 |
Change in unrealized gain (loss) on fair value hedging instruments | 2 | (139) |
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | (42) | (13) |
Change in unrealized gain (loss) on fair value hedging instruments | 42 | 13 |
Designated as hedging instrument | Available-for-sale securities | Interest on deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Available-for-sale securities | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | (304) | (39) |
Change in unrealized gain (loss) on fair value hedging instruments | 304 | 39 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest on deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | (1) |
Designated as hedging instrument | Deposit liabilities | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 |
Designated as hedging instrument | Variable-rate 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 | 6 | 22 |
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 |
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 |
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 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total loss on fair value hedging relationships | $ (27) | $ (43) |
Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total loss on fair value hedging relationships | 0 | (3) |
Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total loss on fair value hedging relationships | 0 | (3) |
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 |
Gain (loss) on interest for qualifying hedge | 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 |
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Unsecured debt | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 1 | 1 |
Gain (loss) on interest for qualifying hedge | 0 | 1 |
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | (1) | (5) |
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 |
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 1 | (2) |
Gain (loss) on interest for qualifying hedge | (1) | (1) |
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 |
Gain (loss) on interest for qualifying hedge | 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 | (9) | (13) |
Gain (loss) on interest for qualifying hedge | (18) | (30) |
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 |
Fixed-rate automotive loans | Interest on long-term debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 |
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ (6,000,000) | $ (21,000,000) |
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 | (3,000,000) | (2,000,000) |
Amounts excluded from effectiveness testing | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense from continuing operations | $ 191 | $ 211 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 869 | $ 1,102 | |
Debt securities, available-for-sale, fair value | [1] | 33,385 | 33,587 |
Derivative contracts in a receivable position | 5 | 6 | |
Derivative contracts in a payable position | $ 64 | $ 59 | |
Investment in any one industry did not exceed percentage | 14.00% | 8.00% | |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities, available-for-sale, fair value | $ 33,385 | $ 33,587 | |
Derivative contracts in a receivable position | 8 | 7 | |
Total assets | 34,364 | 34,783 | |
Derivative contracts in a payable position | 73 | 62 | |
Total liabilities | 73 | 62 | |
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 | 7 | 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 | 5 | 3 | |
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 | 57 | 56 | |
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 | 4 | 1 | |
Fair value, measurements, recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 869 | 1,102 | |
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 | 2,387 | 2,155 | |
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 | 842 | 864 | |
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 | 153 | 157 | |
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 | 18,934 | 19,039 | |
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 | 3,950 | 4,526 | |
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 | 4,839 | 4,425 | |
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 | 483 | 534 | |
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 | 1,797 | 1,887 | |
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 | 95 | 80 | |
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 | 7 | |
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 | 5 | 6 | |
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 | 3 | 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 | 2,415 | 2,174 | |
Derivative contracts in a receivable position | 3 | 1 | |
Total assets | 3,286 | 3,268 | |
Derivative contracts in a payable position | 4 | 1 | |
Total liabilities | 4 | 1 | |
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 | 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 | 4 | 1 | |
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 | 868 | 1,093 | |
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 | 2,387 | 2,155 | |
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 | 28 | 19 | |
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 | 3 | 1 | |
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 | 30,959 | 31,404 | |
Derivative contracts in a receivable position | 2 | 1 | |
Total assets | 31,056 | 31,485 | |
Derivative contracts in a payable position | 5 | 3 | |
Total liabilities | 5 | 3 | |
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 | 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 | 5 | 3 | |
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 | 831 | 855 | |
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 | 125 | 138 | |
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 | 18,934 | 19,039 | |
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 | 3,950 | 4,526 | |
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 | 4,839 | 4,425 | |
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 | 483 | 534 | |
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 | 1,797 | 1,887 | |
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 | 95 | 80 | |
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 | 2 | 1 | |
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 | 0 | |
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 | 11 | 9 | |
Derivative contracts in a receivable position | 3 | 5 | |
Total assets | 22 | 30 | |
Derivative contracts in a payable position | 64 | 58 | |
Total liabilities | 64 | 58 | |
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 | 7 | 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 | 57 | 56 | |
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 | 1 | 9 | |
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 | 11 | 9 | |
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 | 0 | |
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 | 7 | |
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 | 3 | 5 | |
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 | $ 0 | |
[1] | Refer to Note 7 for discussion of cash and cash equivalents and 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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 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 with unobservable inputs reconciliation, recurring basis, liability value, beginning balance | 53 | 12 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings | 8 | 15 |
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 | 0 | 1 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, 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 with unobservable inputs reconciliation, recurring basis, liability value, ending balance | 61 | 28 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in earnings | 5 | 15 |
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 | 9 | 7 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 1 | 4 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 0 |
Fair value, measurement, recurring, asset, sales | (9) | 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 | 1 | 11 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 4 |
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 |
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 | 9 | 7 |
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 | 0 |
Fair value, measurement, recurring, asset, sales | 0 | 0 |
Fair value, measurement, recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 |
Fair value, 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 | 11 | 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 | 0 | 91 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 28 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 1,039 |
Fair value, measurement, recurring, asset, sales | 0 | (1,012) |
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 | 0 | 146 |
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 | 0 | 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 | 7 | 8 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | (1) | 2 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 4 | 4 |
Fair value, measurement, recurring, asset, sales | 0 | 0 |
Fair value, measurement, recurring, asset, issuances | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | (3) | (6) |
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 | (1) | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | $ 471 | $ 549 |
Finance receivables and loans, net | 122,064 | 119,001 |
Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 481 | 595 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (87) | (70) |
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 | 376 | 468 |
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 | 13 | 7 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (2) | (5) |
Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 4 | 4 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | 0 |
Fair value, inputs, level 1 | Assets | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | 0 |
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 | 0 |
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 | 481 | 595 |
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 | 376 | 468 |
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 | 13 | 7 |
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 | 4 |
Commercial | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 88 | 116 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (85) | (65) |
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 | 88 | 116 |
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 | 1 | 4 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | 0 |
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 | 1 | 4 |
Other | Commercial | Fair Value, measurements, nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 87 | 112 |
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (85) | (65) |
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 | $ 87 | $ 112 |
Fair Value (Fair Value, by Bala
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 1,159 | $ 1,170 |
Loans held-for-sale, net | 471 | 549 |
Finance receivables and loans, net | 122,064 | 119,001 |
Deposit liabilities | 142,475 | 141,558 |
Short-term borrowings | 3,950 | 0 |
Long-term debt | 15,885 | 17,029 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,159 | 1,170 |
Loans held-for-sale, net | 376 | 469 |
Finance receivables and loans, net | 122,057 | 118,994 |
FHLB/FRB stock | 856 | 738 |
Deposit liabilities | 37,889 | 40,953 |
Short-term borrowings | 3,950 | |
Long-term debt | 15,885 | 17,029 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,106 | 1,204 |
Loans held-for-sale, net | 376 | 469 |
Finance receivables and loans, net | 126,765 | 126,044 |
FHLB/FRB stock | 856 | 738 |
Deposit liabilities | 37,793 | 41,164 |
Short-term borrowings | 3,950 | |
Long-term debt | 17,505 | 19,529 |
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 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Estimated fair value | Fair value, inputs, level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,106 | 1,204 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 856 | 738 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 10,991 | 12,637 |
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 | 376 | 469 |
Finance receivables and loans, net | 126,765 | 126,044 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 37,793 | 41,164 |
Short-term borrowings | 3,950 | |
Long-term debt | $ 6,514 | $ 6,892 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
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 | (3) | (1) |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | 0 |
Derivative assets with no offsetting arrangements | 5 | 6 |
Total assets, Gross amounts of recognized assets/liabilities | 8 | 7 |
Total assets, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 8 | 7 |
Total assets, Net amount | 5 | 6 |
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 | (3) | (1) |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | (6) | (2) |
Derivative liabilities with no offsetting arrangements | 64 | 58 |
Total liabilities, Gross amounts of recognized assets/liabilities | 73 | 62 |
Total liabilities, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 73 | 62 |
Total liabilities, Net amount | 64 | 59 |
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 | 9 | 3 |
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net amounts of liabilities presented on the Consolidated Balance Sheet | 9 | 3 |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (3) | 0 |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | (6) | (2) |
Derivative liabilities, Net amount | 0 | 1 |
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 | 3 | |
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | |
Net amounts of assets presented on the Consolidated Balance Sheet | 3 | |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (3) | |
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 | 3 Months Ended | ||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 4 | ||
Net financing revenue and other interest income | $ 1,693 | $ 1,372 | |
Other revenue | 442 | 565 | |
Total net revenue | 2,135 | 1,937 | |
Provision for credit losses | 167 | (13) | |
Total noninterest expense | 1,122 | 943 | |
Income from continuing operations before income tax expense | 846 | 1,007 | |
Total assets | 184,297 | 181,879 | $ 182,114 |
Net financing revenue and other interest income after the provision for credit losses | 1,500 | 1,400 | |
Operating Segments | Automotive Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 1,295 | 1,206 | |
Other revenue | 68 | 62 | |
Total net revenue | 1,363 | 1,268 | |
Provision for credit losses | 104 | (22) | |
Total noninterest expense | 534 | 487 | |
Income from continuing operations before income tax expense | 725 | 803 | |
Total assets | 105,754 | 101,566 | |
Operating Segments | Insurance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 17 | 15 | |
Other revenue | 270 | 379 | |
Total net revenue | 287 | 394 | |
Provision for credit losses | 0 | 0 | |
Total noninterest expense | 274 | 253 | |
Income from continuing operations before income tax expense | 13 | 141 | |
Total assets | 9,220 | 9,221 | |
Operating Segments | Mortgage Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 53 | 23 | |
Other revenue | 14 | 40 | |
Total net revenue | 67 | 63 | |
Provision for credit losses | 0 | (4) | |
Total noninterest expense | 56 | 44 | |
Income from continuing operations before income tax expense | 11 | 23 | |
Total assets | 18,596 | 12,923 | |
Operating Segments | Corporate Finance operations | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 83 | 71 | |
Other revenue | 24 | 26 | |
Total net revenue | 107 | 97 | |
Provision for credit losses | 6 | 13 | |
Total noninterest expense | 37 | 31 | |
Income from continuing operations before income tax expense | 64 | 53 | |
Total assets | 8,086 | 6,421 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net financing revenue and other interest income | 245 | 57 | |
Other revenue | 66 | 58 | |
Total net revenue | 311 | 115 | |
Provision for credit losses | 57 | 0 | |
Total noninterest expense | 221 | 128 | |
Income from continuing operations before income tax expense | 33 | (13) | |
Total assets | $ 42,641 | $ 51,748 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Apr. 13, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | [1] | |
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | [1] | $ 0.25 | $ 0.19 | ||
Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | |||||
Subsequent event | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Dividends payable, date declared | Apr. 13, 2022 | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | |||||
Dividends payable, date to be paid | May 16, 2022 | |||||
Dividends payable, date of record | May 2, 2022 | |||||
[1] | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |