Long-term Debt

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



	September 30, 2016						December 31, 2015
($ in millions)	Unsecured		Secured		Total		Unsecured		Secured			Total
Long-term debt
Due within one year	$	3,279	$	11,805	$	15,084	$	1,829	$	9,427		$	11,256
Due after one year (a)	16,410		24,861		41,271		18,803		35,844			54,647
Fair value adjustment (b)	471		10		481		334		(3		)	331
Total long-term debt (c)	$	20,160	$	36,676	$	56,836	$	20,966	$	45,268		$	66,234


(a)	Includes $2.6 billion of trust preferred securities at both September 30, 2016, and December 31, 2015.


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


(c)	Includes advances from the Federal Home Loan Bank of Pittsburgh of $6.1 billion and $5.4 billion at September 30, 2016, and December 31, 2015, respectively.

The following table presents the scheduled remaining maturity of long-term debt at September 30, 2016, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.



($ in millions)	2016			2017			2018			2019			2020			2021 and thereafter			Fair value adjustment		Total
Unsecured
Long-term debt	$	19		$	4,365		$	3,700		$	1,662		$	2,212		$	9,078		$	471	$	21,507
Original issue discount	(21		)	(91		)	(101		)	(39		)	(39		)	(1,056		)	—		(1,347		)
Total unsecured	(2		)	4,274			3,599			1,623			2,173			8,022			471		20,160
Secured
Long-term debt	2,118			11,855			7,512			7,197			4,155			3,829			10		36,676
Total long-term debt	$	2,116		$	16,129		$	11,111		$	8,820		$	6,328		$	11,851		$	481	$	56,836

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.



	September 30, 2016					December 31, 2015
($ in millions)	Total			Ally Bank (a)		Total			Ally Bank (a)
Investment securities (b)	$	586		$	—	$	2,420		$	1,761
Mortgage assets held-for-investment and lending receivables	10,770			10,770		9,743			9,743
Consumer automotive finance receivables	28,870			5,485		34,324			9,167
Commercial automotive finance receivables	19,275			19,020		19,623			19,177
Investment in operating leases, net	2,706			1,290		5,539			3,205
Other assets (b)	93			—		—			—
Total assets restricted as collateral (c) (d)	$	62,300		$	36,565	$	71,649		$	43,053
Secured debt	$	39,585	(e)	$	17,736	$	49,916	(e)	$	24,787


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


(b)	Certain investment securities and other assets are restricted under repurchase agreements. Refer to Note 13 for information on the repurchase agreements.

(c)

Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $14.5 billion and $14.9 billion at September 30, 2016, and December 31, 2015, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans, net and investment securities. 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 $2.4 billion and $2.9 billion at September 30, 2016, and December 31, 2015, 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.


(d)	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.


(e)	Includes $2.9 billion and $4.6 billion of short-term borrowings at September 30, 2016, and December 31, 2015, respectively.

Trust Preferred Securities

At September 30, 2016, we have issued and outstanding approximately $2.6 billion in aggregate liquidation preference of 8.125% Fixed Rate / Floating Rate Trust Preferred Securities, Series 2 (Series 2 TRUPS) net of original issue discount and debt issuance costs. Each Series 2 TRUPS security has a liquidation amount of $25. Distributions are cumulative and are payable until redemption at the applicable coupon rate. Distributions were payable at an annual rate of 8.125% payable quarterly in arrears, through but excluding February 15, 2016. From and including February 15, 2016, to but excluding February 15, 2040, distributions will be payable at an annual rate equal to three-month London interbank offer rate plus 5.785% payable quarterly in arrears, beginning May 15, 2016. Ally has the right to defer payments of interest for a period not exceeding 20 consecutive quarters. The Series 2 TRUPS have no stated maturity date, but must be redeemed upon the redemption or maturity of the related debentures (Debentures), which mature on February 15, 2040. Ally at any time on or after February 15, 2016 may redeem the Series 2 TRUPS at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest through the date of redemption. The Series 2 TRUPS are generally nonvoting, other than with respect to certain limited matters. During any period in which any Series 2 TRUPS remain outstanding but in which distributions on the Series 2 TRUPS have not been fully paid, none of Ally or its subsidiaries will be permitted to (i) declare or pay dividends on, make any distributions with respect to, or redeem, purchase, acquire or otherwise make a liquidation payment with respect to, any of Ally’s capital stock or make any guarantee payment with respect thereto; or (ii) make any payments of principal, interest, or premium on, or repay, repurchase or redeem, any debt securities or guarantees that rank on a parity with or junior in interest to the Debentures with certain specified exceptions in each case.

Funding Facilities

We utilize both committed credit facilities and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Condensed Consolidated Balance Sheet.

As of September 30, 2016, Ally Bank had exclusive access to $3.6 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 collateralized funding vehicles.

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 September 30, 2016, all of our $18.1 billion of committed capacity was revolving. Our revolving facilities generally have an original tenor ranging from 364 days to two years. As of September 30, 2016, we had $14.1 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)	September 30, 2016		December 31, 2015		September 30, 2016		December 31, 2015		September 30, 2016		December 31, 2015
Bank funding
Secured (b)	$	2,950	$	3,250	$	650	$	—	$	3,600	$	3,250
Parent funding
Secured	11,725		16,914		2,800		251		14,525		17,165
Total committed facilities	$	14,675	$	20,164	$	3,450	$	251	$	18,125	$	20,415


(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)	Excludes off-balance sheet credit facility amounts.