Discontinued and Held-for-sale Operations

Discontinued Operations

We classify operations as discontinued when operations and cash flows will be eliminated from our ongoing operations and we do not expect to retain any significant continuing involvement in their operations after the respective sale transactions. For all periods presented, the operating results for these discontinued operations have been removed from continuing operations and presented separately as discontinued operations, net of tax, in the Consolidated Statement of Income. The Notes to the Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted.

Select Mortgage Operations

During the first quarter of 2013, the operations of ResCap were classified as discontinued. During the second quarter of 2012, we sold the Canadian mortgage operations of ResMor Trust.

Select Insurance Operations

During the second quarter of 2013, we sold our Mexican insurance business, ABA Seguros. During the first quarter of 2013, we completed the sale of our U.K.-based operations that provided vehicle service contracts and insurance products internationally. During the second quarter of 2011, we completed the sale of our U.K. consumer property and casualty insurance business.

Select Automotive Finance Operations

During the fourth quarter of 2012, we committed to sell our automotive finance operations in Europe and Latin America to General Motors Financial Company, Inc. (GM Financial). On the same date, we entered into an agreement with GM Financial to acquire our international operations and 40% interest in a motor vehicle finance joint venture in China. As of December 31, 2013, our interest in the motor vehicle finance joint venture in China is the only remaining component of the disposal group for which the sale has not been completed. No impairment was recognized to present the operations at the lower-of-cost or fair value. We expect to complete the sale of the joint venture in China during 2014.

During the fourth quarter of 2013, we completed the sale of our Latin American operations in Brazil. During the second quarter of 2013, we completed the sale of our operations in Europe and the majority of Latin America. The transaction included European operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, France and the Netherlands, and Latin America operations in Mexico, Chile, and Colombia. During the first quarter of 2013, we sold our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust. During the first quarter of 2012, we completed the sale of our Venezuela operations. During the first quarter of 2011, we completed the sale of our Ecuador operations.

Select Corporate and Other Operations

During the fourth quarter of 2012, we ceased operations at our Commercial Finance Group's European division and classified it as discontinued.

Select Financial Information

Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to transact a sale, includes any impairment recognized to present the operations at the lower-of-cost or fair value. Fair value was based on the estimated sales price, which could differ from the ultimate sales price due to price volatility, changing interest rates, changing foreign-currency rates, and future economic conditions.



Year ended December 31, ($ in millions)	2013				2012			2011
Select Mortgage operations
Total net revenue	$	—			$	439		$	562
Pretax loss including direct costs to transact a sale (a) (b)	(1,741		)		(1,282		)	(811		)
Tax (benefit) expense (c)	(592		)		(443		)	2
Select Insurance operations
Total net revenue	$	190			$	625		$	710
Pretax income including direct costs to transact a sale (a)	319			(d)	86			145
Tax (benefit) expense (c)	(14		)		53			39
Select Automotive Finance operations
Total net revenue	$	572			$	1,503		$	1,690
Pretax income including direct costs to transact a sale (a)	660			(e)	786			820
Tax (benefit) expense (c)	(101		)		235			92
Select Corporate and Other operations
Total net revenue	$	—			$	11		$	7
Pretax income	—				83			44
Tax expense	—				2			3


(a)	Includes certain treasury and other corporate activity recognized by Corporate and Other.


(b)	Includes the results of ResCap. Refer to Note 1 for more information regarding the Debtors' bankruptcy.


(c)	Includes certain income tax activity recognized by Corporate and Other.


(d)	Includes recognized pretax gain of $274 million in connection with the sale of our Mexican insurance business, ABA Seguros.


(e)	Includes recognized pretax loss of $488 million in connection with the sale of our European and Latin American automotive finance operations and pretax gain of $888 million in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust.

Held-for-sale Operations

The assets and liabilities of operations held-for-sale are summarized below.



December 31, ($ in millions)	Select Insurance operations (a)			Select Automotive Finance operations (b)			Total held-for-sale operations
2013
Assets
Other assets	$	—		$	516		$	516
Total assets	$	—		$	516		$	516
2012
Assets
Cash and cash equivalents
Noninterest-bearing	$	8		$	100		$	108
Interest-bearing	119			1,918			2,037
Total cash and cash equivalents	127			2,018			2,145
Investment securities	576			424			1,000
Finance receivables and loans, net
Finance receivables and loans, net of unearned income	—			25,835			25,835
Allowance for loan losses	—			(208		)	(208		)
Total finance receivables and loans, net	—			25,627			25,627
Investment in operating leases, net	—			144			144
Premiums receivable and other insurance assets	277			—			277
Other assets	94			2,942			3,036
Impairment on assets of held-for-sale operations	(53		)	—			(53		)
Total assets	$	1,021		$	31,155		$	32,176
Liabilities
Interest-bearing deposit liabilities	$	—		$	3,907		$	3,907
Short-term borrowings	—			2,800			2,800
Long-term debt	—			13,514			13,514
Interest payable	—			177			177
Unearned insurance premiums and service revenue	506			—			506
Accrued expenses and other liabilities	297			1,498			1,795
Total liabilities	$	803		$	21,896		$	22,699


(a)	Includes our U.K.-based operations that provide vehicle service contracts and insurance products, and ABA Seguros.


(b)	Includes our Canadian operations sold to Royal Bank of Canada and international entities being sold to GM Financial.