Long-term Debt

The following tables present the composition of our long-term debt portfolio.



December 31, ($ in millions)	Amount		Interest rate	Weighted-average interest rate (a)		Due date range
2014
Unsecured debt
Fixed rate (b)	$	18,961
Variable rate	376
Trust preferred securities	2,626
Fair value adjustment (c)	452
Total unsecured debt	22,415		0.33 - 8.30%	5.90	%	2015 - 2049
Secured debt
Fixed rate	19,827
Variable rate	24,316
Total secured debt (d) (e)	44,143		0.21 - 4.59%	0.94	%	2015 - 2023
Total long-term debt	$	66,558
2013
Unsecured debt
Fixed rate (b)	$	21,367
Variable rate	2,755
Trust preferred securities	2,624
Fair value adjustment (c)	445
Total unsecured debt	27,191		0.32 - 10.29%	6.28	%	2014 - 2049
Secured debt
Fixed rate	20,492
Variable rate	21,782
Total secured debt (d) (e)	42,274		0.40 - 4.59%	0.98	%	2014 - 2022
Total long-term debt	$	69,465


(a)	Based on the debt outstanding and the interest rate at December 31 of each year.


(b)	Includes subordinated debt of $297 million at December 31, 2014 and $271 million at December 31, 2013.


(c)	Amount represents the hedge accounting adjustment of fixed-rate debt.


(d)	Includes $24.3 billion and $24.1 billion of VIE secured debt outstanding at December 31, 2014 and 2013, respectively.


(e)	Includes $17.0 billion and $15.1 billion of debt outstanding from the Automotive secured revolving credit facilities at December 31, 2014 and 2013, respectively.



	2014						2013
December 31, ($ in millions)	Unsecured		Secured		Total		Unsecured		Secured		Total
Long-term debt
Due within one year	$	4,809	$	12,629	$	17,438	$	5,321	$	11,851	$	17,172
Due after one year	17,154		31,514		48,668		21,425		30,423		51,848
Fair value adjustment	452		—		452		445		—		445
Total long-term debt	$	22,415	$	44,143	$	66,558	$	27,191	$	42,274	$	69,465

The following table presents the scheduled remaining maturity of long-term debt, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.



Year ended December 31, ($ in millions)	2015			2016			2017			2018			2019			2020 and thereafter			Fair value adjustment		Total
Unsecured
Long-term debt	$	4,867		$	1,934		$	4,399		$	1,278		$	1,625		$	9,275		$	452	$	23,830
Original issue discount	(58		)	(69		)	(80		)	(93		)	(32		)	(1,083		)	—		(1,415		)
Total unsecured	4,809			1,865			4,319			1,185			1,593			8,192			452		22,415
Secured
Long-term debt	12,629			11,576			11,225			4,274			2,514			1,925			—		44,143
Total long-term debt	$	17,438		$	13,441		$	15,544		$	5,459		$	4,107		$	10,117		$	452	$	66,558

To achieve the desired balance between fixed- and variable-rate debt, we utilize interest rate swap agreements. The use of these derivative financial instruments had the effect of synthetically converting $7.4 billion of our fixed-rate debt into variable-rate obligations and $2.4 billion of our variable-rate debt into fixed-rate obligations at December 31, 2014.

The following summarizes assets restricted as collateral for the payment of the related debt obligation primarily arising from securitization transactions accounted for as secured borrowings and repurchase agreements.



	2014				2013
December 31, ($ in millions)	Total		Ally Bank (a)		Total		Ally Bank (a)
Investment securities	$	786	$	786	$	2,864	$	2,864
Mortgage assets held-for-investment and lending receivables	7,541		7,541		8,524		8,524
Consumer automotive finance receivables	33,438		11,263		32,947		12,332
Commercial automotive finance receivables	20,605		20,083		21,249		21,249
Investment in operating leases, net	6,820		4,672		5,810		3,190
Other assets	—		—		563		—
Total assets restricted as collateral (b) (c)	$	69,190	$	44,345	$	71,957	$	48,159
Secured debt (d)	$	47,867	$	27,134	$	47,594	$	27,818


(a)	Ally Bank is a component of the total column.

(b)

Ally Bank has an advance agreement with the Federal Home Loan Bank of Pittsburgh (FHLB), and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $10.7 billion and $12.7 billion at December 31, 2014, and 2013, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans, net. Ally Bank has access to the Federal Reserve Bank Discount Window. Ally Bank had assets pledged and restricted as collateral to the Federal Reserve Bank totaling $3.2 billion and $3.2 billion at December 31, 2014, and 2013, respectively. These assets were composed of consumer automotive finance receivables and loans, net and investment in operating leases, net. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries.


(c)	Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information.


(d)	Includes $3.7 billion and $5.3 billion of short-term borrowings at December 31, 2014, and 2013, respectively.

Covenants and Other Requirements

In secured funding transactions, there are trigger events that could cause the debt to be prepaid at an accelerated rate or could cause our usage of the credit facility to be discontinued. The triggers are generally based on the financial health and performance of the servicer as well as performance criteria for the pool of receivables, such as delinquency ratios, loss ratios, and commercial payment rates. During 2014, there were no trigger events that resulted in the repayment of debt at an accelerated rate or impacted the usage of our credit facilities.

Funding Facilities

We utilize both committed and other credit facilities. The amounts outstanding under our various funding facilities are included on our Consolidated Balance Sheet.

As of December 31, 2014, Ally Bank had exclusive access to $3.5 billion of funding capacity from committed credit facilities. Funding programs supported by the Federal Reserve and the FHLB, together with repurchase agreements, complement Ally Bank’s private committed facilities.

The total capacity in our committed funding facilities is provided by banks and other financial institutions through private transactions. The committed secured funding facilities can be revolving in nature and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the closing date. At December 31, 2014, $20.7 billion of our $22.0 billion of committed capacity was revolving. Our revolving facilities generally have an original tenor ranging from 364 days to two years. As of December 31, 2014, we had $13.4 billion of committed funding capacity from revolving facilities with a remaining tenor greater than 364 days.

Committed Funding Facilities



	Outstanding				Unused capacity (a)				Total capacity
December 31, ($ in millions)	2014		2013		2014		2013		2014		2013
Bank funding
Secured	$	3,250	$	2,750	$	250	$	250	$	3,500	$	3,000
Parent funding
Secured (b)	15,030		15,159		3,425		6,497		18,455		21,656
Total committed facilities	$	18,280	$	17,909	$	3,675	$	6,747	$	21,955	$	24,656


(a)	Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities.


(b)	Includes the secured facility of Corporate Finance at December 31, 2013.