Discontinued and Held-for-sale Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

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 or disposal 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 second quarter of 2012, we sold the Canadian mortgage operations of ResMor Trust. During the first quarter of 2013, the operations of our former subsidiary Residential Capital, LLC (ResCap) were classified as discontinued.

Select Insurance Operations

During the first quarter of 2013, we completed the sale of our U.K.-based operations. During the second quarter of 2013, we sold our Mexican insurance business, ABA Seguros.

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. (GMF). On the same date, we entered into an agreement with GMF to sell our 40% interest in a motor vehicle finance joint venture in China. 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 fourth quarter of 2013, we completed the sale of our Latin American operations in Brazil. As of December 31, 2014, our interest in the motor vehicle finance joint venture in China was the only remaining component of the disposal group not yet sold. No impairment was recognized to present the operations at the lower-of-cost or fair value. The sale of the joint venture in China was completed on January 2, 2015. Refer to Note 32 for additional information on the sale of our joint venture interest in China.

During the first quarter of 2012, we sold our Venezuela operations. During the first quarter of 2013, we sold our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust.

Select Corporate and Other Operations

During the fourth quarter of 2012 and second quarter of 2014, we ceased operations at our Corporate Finance Group's European and Canadian operations. respectively, and classified these businesses 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)	2014			2013				2012
Select Mortgage operations
Total net revenue	$	—		$	—			$	439
Pretax loss including direct costs to transact a sale (a) (b)	(4		)	(1,741		)		(1,282		)
Tax benefit (c)	(87		)	(592		)		(443		)
Select Insurance operations
Total net revenue	$	—		$	190			$	625
Pretax income including direct costs to transact a sale (a)	6			319			(d)	86
Tax expense (benefit) (c)	6			(14		)		53
Select Automotive Finance operations
Total net revenue	$	123		$	572			$	1,503
Pretax income including direct costs to transact a sale (a)	129			660			(e)	786
Tax expense (benefit) (c)	7			(101		)		235
Select Corporate and Other operations
Total net revenue	$	—		$	—			$	11
Pretax income	23			—				83
Tax expense	3			—				2

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

(b) Includes amounts related to our former ResCap subsidiary.

(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 of operations held-for-sale are summarized below.

December 31, ($ in millions)	Select Automotive Finance operations (a)
2014
Assets
Other assets	$	634
Total assets	$	634
2013
Assets
Other assets	$	516
Total assets	$	516

(a) Represents our joint venture interest in China, whose sale to GMF was completed on January 2, 2015.