Long-term Debt

The following table presents the composition of our long-term debt portfolio.



	March 31, 2015						December 31, 2014
($ in millions)	Unsecured		Secured		Total		Unsecured		Secured		Total
Long-term debt
Due within one year	$	3,152	$	10,266	$	13,418	$	4,809	$	12,629	$	17,438
Due after one year (a)	18,219		33,647		51,866		17,154		31,514		48,668
Fair value adjustment (b)	476		—		476		452		—		452
Total long-term debt	$	21,847	$	43,913	$	65,760	$	22,415	$	44,143	$	66,558


(a)	Includes $2.6 billion of trust preferred securities at both March 31, 2015 and December 31, 2014, respectively.


(b)	Represents the fair value adjustment associated with the application of hedge accounting on certain of our long-term unsecured debt positions. Refer to Note 20 for additional information.

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	$	2,716		$	1,934		$	4,398		$	1,895		$	1,625		$	10,228		$	476	$	23,272
Original issue discount	(47		)	(72		)	(84		)	(96		)	(35		)	(1,091		)	—		(1,425		)
Total unsecured	2,669			1,862			4,314			1,799			1,590			9,137			476		21,847
Secured
Long-term debt	8,657			9,745			11,742			5,543			4,590			3,636			—		43,913
Total long-term debt	$	11,326		$	11,607		$	16,056		$	7,342		$	6,180		$	12,773		$	476	$	65,760

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.



	March 31, 2015				December 31, 2014
($ in millions)	Total		Ally Bank (a)		Total		Ally Bank (a)
Investment securities	$	2,215	$	695	$	786	$	786
Mortgage assets held-for-investment and lending receivables	7,699		7,699		7,541		7,541
Consumer automotive finance receivables	31,878		10,338		33,438		11,263
Commercial automotive finance receivables	19,087		18,617		20,605		20,083
Investment in operating leases, net	8,687		5,334		6,820		4,672
Total assets restricted as collateral (b)(c)	$	69,566	$	42,683	$	69,190	$	44,345
Secured debt (d)	$	46,879	$	23,803	$	47,867	$	27,134


(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 $10.8 billion and $10.7 billion at March 31, 2015, and December 31, 2014, 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 $3.3 billion and $3.2 billion at March 31, 2015, and December 31, 2014, 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 Condensed Consolidated Balance Sheet. Refer to Note 11 for additional information.


(d)	Includes $3.0 billion and $3.7 billion of short-term borrowings at March 31, 2015, and December 31, 2014, respectively.

Funding Facilities

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

As of March 31, 2015, Ally Bank had exclusive access to $4.5 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 March 31, 2015, $21.7 billion of our $22.6 billion of committed capacity was revolving. Our revolving facilities generally have an original tenor ranging from 364 days to two years. As of March 31, 2015, we had $17.9 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
($ in millions)	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
Bank funding
Secured	$	3,015	$	3,250	$	1,485	$	250	$	4,500	$	3,500
Parent funding
Secured	15,191		15,030		2,940		3,425		18,131		18,455
Total committed facilities	$	18,206	$	18,280	$	4,425	$	3,675	$	22,631	$	21,955


(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.