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Investment Securities
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Investment Securities [Text Block]
Investment Securities
Our portfolio of securities includes bonds, equity securities, asset- and mortgage-backed securities, and other investments. The cost, fair value, and gross unrealized gains and losses on investment securities were as follows.
 
 
March 31, 2016
 
December 31, 2015
 
 
Amortized cost
 
Gross unrealized
 
Fair value
 
Amortized cost
 
Gross unrealized
 
Fair value
($ in millions)
 
gains
 
losses
 
gains
 
losses
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
345

 
$
11

 
$
—

 
$
356

 
$
1,760

 
$
—

 
$
(19
)
 
$
1,741

U.S. States and political subdivisions
 
721

 
23

 
(1
)
 
743

 
693

 
24

 
(1
)
 
716

Foreign government
 
181

 
10

 
—

 
191

 
169

 
8

 
—

 
177

Mortgage-backed residential (a)
 
12,241

 
129

 
(57
)
 
12,313

 
10,459

 
52

 
(145
)
 
10,366

Mortgage-backed commercial
 
515

 
—

 
(15
)
 
500

 
486

 
—

 
(5
)
 
481

Asset-backed
 
1,792

 
—

 
(11
)
 
1,781

 
1,762

 
1

 
(8
)
 
1,755

Corporate debt
 
1,561

 
26

 
(7
)
 
1,580

 
1,213

 
8

 
(17
)
 
1,204

Total debt securities (b) (c)
 
17,356

 
199

 
(91
)
 
17,464

 
16,542

 
93

 
(195
)
 
16,440

Equity securities
 
790

 
12

 
(86
)
 
716

 
808

 
3

 
(94
)
 
717

Total available-for-sale securities 
 
$
18,146

 
$
211

 
$
(177
)
 
$
18,180

 
$
17,350

 
$
96

 
$
(289
)
 
$
17,157

Total held-to-maturity securities (d)
 
$
118

 
$
—

 
$
—

 
$
118

 
$
—

 
$
—

 
$
—

 
$
—

(a)
Residential mortgage-backed securities include agency-backed bonds totaling $9,585 million and $7,544 million at March 31, 2016, and December 31, 2015, respectively.
(b)
Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $15 million and $14 million at March 31, 2016, and December 31, 2015.
(c)
Investment securities with a fair value of $764 million and $2,506 million at March 31, 2016, and December 31, 2015, were pledged to secure advances from the FHLB, short-term borrowings or repurchase agreements and for other purposes as required by contractual obligation or law. Under these agreements, Ally has granted the counterparty the right to sell or pledge $764 million and $745 million of the underlying investment securities at March 31, 2016, and December 31, 2015, respectively.
(d)
Held-to-maturity securities consist of agency-backed residential mortgage-backed debt securities for liquidity purposes.
The maturity distribution of investment securities outstanding is summarized in the following tables. Call or prepayment options may cause actual maturities to differ from contractual maturities.
 
 
Total
 
Due in one year or less
 
Due after one year through five years
 
Due after five years through ten years
 
Due after ten years
($ in millions)
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of available-for-sale debt securities (a) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
356

 
2.1
%
 
$
8

 
4.8
%
 
$
91

 
1.6
%
 
$
257

 
2.2
%
 
$
—

 
—
%
U.S. States and political subdivisions
 
743

 
3.1

 
150

 
1.9

 
44

 
1.7

 
106

 
3.1

 
443

 
3.6

Foreign government
 
191

 
2.6

 
10

 
1.5

 
74

 
2.9

 
107

 
2.5

 
—

 
—

Mortgage-backed residential
 
12,313

 
3.0

 
—

 
—

 
1

 
4.5

 
31

 
2.5

 
12,281

 
3.0

Mortgage-backed commercial
 
500

 
2.3

 
—

 
—

 
—

 
—

 
3

 
2.7

 
497

 
2.3

Asset-backed
 
1,781

 
2.5

 
—

 
—

 
1,061

 
2.3

 
479

 
2.9

 
241

 
2.4

Corporate debt
 
1,580

 
2.9

 
61

 
2.9

 
904

 
2.6

 
581

 
3.3

 
34

 
5.3

Total available-for-sale debt securities
 
$
17,464

 
2.9

 
$
229

 
2.2

 
$
2,175

 
2.4

 
$
1,564

 
2.9

 
$
13,496

 
3.0

Amortized cost of available-for-sale debt securities
 
$
17,356

 
 
 
$
228

 
 
 
$
2,167

 
 
 
$
1,539

 
 
 
$
13,422

 
 
Amortized cost of held-to-maturity securities
 
$
118

 
3.2
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
118

 
3.2
%
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of available-for-sale debt securities (a) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
1,741

 
1.8
%
 
$
6

 
5.1
%
 
$
510

 
1.2
%
 
$
1,225

 
2.1
%
 
$
—

 
—
%
U.S. States and political subdivisions
 
716

 
3.2

 
86

 
1.3

 
37

 
2.2

 
141

 
2.8

 
452

 
3.7

Foreign government
 
177

 
2.6

 
9

 
1.9

 
77

 
2.8

 
91

 
2.6

 
—

 
—

Mortgage-backed residential
 
10,366

 
2.9

 
—

 
—

 
33

 
2.1

 
36

 
2.5

 
10,297

 
2.9

Mortgage-backed commercial
 
481

 
2.0

 
—

 
—

 
—

 
—

 
3

 
2.7

 
478

 
2.0

Asset-backed
 
1,755

 
2.3

 
6

 
1.4

 
1,027

 
2.1

 
518

 
2.6

 
204

 
2.2

Corporate debt
 
1,204

 
2.9

 
50

 
3.0

 
713

 
2.5

 
410

 
3.4

 
31

 
5.4

Total available-for-sale debt securities
 
$
16,440

 
2.7

 
$
157

 
2.0

 
$
2,397

 
2.1

 
$
2,424

 
2.5

 
$
11,462

 
2.9

Amortized cost of available-for-sale debt securities
 
$
16,542

 
 
 
$
156

 
 
 
$
2,404

 
 
 
$
2,436

 
 
 
$
11,546

 
 
(a)
Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
The balances of cash equivalents were $1.4 billion and $1.0 billion at March 31, 2016, and December 31, 2015, respectively, and were composed primarily of money market accounts and short-term securities, including U.S. Treasury bills.
The following table presents interest and dividends on investment securities.
 
Three months ended March 31,
($ in millions)
2016
 
2015
Taxable interest
$
94

 
$
80

Taxable dividends
4

 
5

Interest and dividends exempt from U.S. federal income tax
4

 
3

Interest and dividends on investment securities
$
102

 
$
88


The following table presents gross gains and losses realized upon the sales of available-for-sale securities and other-than-temporary impairment.
 
Three months ended March 31,
($ in millions)
2016
 
2015
Gross realized gains
$
54

 
$
60

Gross realized losses (a)
—

 
(3
)
Other-than-temporary impairment
—

 
(2
)
Other gain on investments, net
$
54

 
$
55

(a)
Certain available-for-sale securities were sold at a loss in 2015 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security), in accordance with our risk management policies and practices.
The table below summarizes available-for-sale securities in an unrealized loss position in accumulated other comprehensive income. Based on the assessment of whether such losses were deemed to be other than temporary, we believe that the unrealized losses are not indicative of an other-than-temporary impairment of these securities. As of March 31, 2016, we did not have the intent to sell the debt securities with an unrealized loss position in accumulated other comprehensive income, it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis, and we expect to recover the entire amortized cost basis of the securities. As of March 31, 2016, we had the ability and intent to hold equity securities with an unrealized loss position in accumulated other comprehensive income, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result, we believe that the securities with an unrealized loss position in accumulated other comprehensive income are not considered to be other-than-temporarily impaired at March 31, 2016. Refer to Note 1 for additional information related to investment securities and our methodology for evaluating potential other-than-temporary impairments.
 
 
March 31, 2016
 
December 31, 2015
 
 
Less than 12 months
 
12 months or longer
 
Less than 12 months
 
12 months or longer
($ in millions)
 
Fair value
 
Unrealized loss
 
Fair value
 
Unrealized loss
 
Fair value
 
Unrealized loss
 
Fair value
 
Unrealized loss
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies
 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,553

 
$
(17
)
 
$
173

 
$
(2
)
U.S. States and political subdivisions
 
248

 
(1
)
 
—

 
—

 
179

 
(1
)
 
—

 
—

Foreign government
 
—

 
—

 
—

 
—

 
2

 
—

 
—

 
—

Mortgage-backed
 
1,336

 
(16
)
 
2,448

 
(56
)
 
4,096

 
(43
)
 
2,453

 
(107
)
Asset-backed
 
1,339

 
(10
)
 
118

 
(1
)
 
1,402

 
(8
)
 
64

 
—

Corporate debt
 
291

 
(6
)
 
14

 
(1
)
 
745

 
(16
)
 
12

 
(1
)
Total temporarily impaired debt securities
 
3,214

 
(33
)
 
2,580

 
(58
)
 
7,977

 
(85
)
 
2,702

 
(110
)
Temporarily impaired equity securities
 
336

 
(39
)
 
148

 
(47
)
 
534

 
(54
)
 
96

 
(40
)
Total temporarily impaired available-for-sale securities
 
$
3,550

 
$
(72
)
 
$
2,728

 
$
(105
)
 
$
8,511

 
$
(139
)
 
$
2,798

 
$
(150
)