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Condensed Consolidated Statement of Comprehensive Income (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Financing revenue and other interest income        
Interest and fees on finance receivables and loans $ 1,651 $ 1,680 $ 5,020 $ 4,976
Interest on loans held-for-sale 22 86 131 256
Interest on trading assets 0 4 13 10
Interest and dividends on available-for-sale investment securities 73 102 243 311
Interest-bearing cash 22 14 54 41
Operating leases 639 530 1,758 1,783
Total financing revenue and other interest income 2,407 2,416 7,219 7,377
Interest expense        
Interest on deposits 185 179 555 516
Interest on short-term borrowings 46 61 181 240
Interest on long-term debt 1,041 1,293 3,286 4,030
Total interest expense 1,272 1,533 4,022 4,786
Depreciation expense on operating lease assets 358 276 969 722
Net financing revenue (loss) 777 607 2,228 1,869
Other revenue        
Servicing fees 91 335 617 1,033
Servicing asset valuation and hedge activities, net 134 (471) 70 (663)
Total servicing income, net 225 (136) 687 370
Insurance premiums and service revenue earned 364 390 1,098 1,188
Gain (loss) on mortgage and automotive loans, net 141 95 401 301
Gain (loss) on extinguishment of debt 0 0 0 (64)
Other gain (loss) on investments, net (19) 75 137 251
Other income, net of losses 225 130 728 573
Total other revenue 936 554 3,051 2,619
Total net revenue (loss) 1,713 1,161 5,279 4,488
Provision for loan losses 116 50 285 213
Noninterest expense        
Compensation and benefits expense 344 293 1,208 1,132
Insurance losses and loss adjustment expenses 151 170 518 567
Other operating expenses 619 754 3,268 2,392
Total noninterest expense 1,114 1,217 4,994 4,091
Income (loss) from continuing operations before income tax expense 483 (106) 0 184
Income tax expense (benefit) from continuing operations 93 93 172 106
Net income (loss) from continuing operations 390 (199) (172) 78
Income (loss) from discontinued operations, net of tax (6) (11) (32) (29)
Net income (loss) 384 (210) (204) 49
Other comprehensive income (loss), net of tax 218 (281) 199 (217)
Comprehensive income (loss) 602 (491) (5) (168)
Net income (loss) attributable to common shareholders        
Net income (loss) from continuing operations 390 (199) (172) 78
Preferred stock dividends - U.S. Department of Treasury (134) (133) (401) (400)
Preferred stock dividends (67) (66) (200) (194)
Impact of preferred stock amendment 0 [1] 0 [1] 0 [1] 32 [1]
Net income (loss) from continuing operations attributable to common shareholders 189 (398) (773) (484)
Net income (loss) attributable to common shareholders $ 183 $ (409) $ (805) $ (513)
Basic weighted-average common shares outstanding 1,330,970 1,330,970 1,330,970 1,330,970
Diluted weighted-average common shares outstanding 1,330,970 [2] 1,330,970 [2] 1,330,970 [2] 1,330,970 [2]
Basic earnings per common share        
Net income (loss) from continuing operations $ 142 $ (299) $ (581) $ (364)
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share $ (5) $ (8) $ (24) $ (22)
Net (loss) income, Basic $ 137 $ (307) $ (605) $ (386)
Diluted earnings per common share        
Net income (loss) from continuing operations $ 142 [2] $ (299) [2] $ (581) [2] $ (364) [2]
Income (loss) from discontinued operations, net of tax $ (5) [2] $ (8) [2] $ (24) [2] $ (22) [2]
Net (loss) income, Diluted $ 137 [2] $ (307) [2] $ (605) [2] $ (386) [2]
[1] Refer to Note 20 to the Consolidated Financial Statements in our 2011 Annual Report on Form 10-K for further detail.
[2] Due to the antidilutive effect of converting the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock into common shares and the net loss attributable to common shareholders for the nine months ended September 30, 2012, and the three months and nine months ended September 30, 2011, respectively, income (loss) attributable to common shareholders and basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.