þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 38-0572512 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) | Emerging growth company o | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
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PART I — FINANCIAL INFORMATION |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Financing revenue and other interest income | ||||||||||||||||
Interest and fees on finance receivables and loans | $ | 1,486 | $ | 1,307 | $ | 4,301 | $ | 3,807 | ||||||||
Interest and dividends on investment securities and other earning assets | 157 | 101 | 437 | 302 | ||||||||||||
Interest on cash and cash equivalents | 11 | 3 | 23 | 10 | ||||||||||||
Operating leases | 434 | 649 | 1,465 | 2,119 | ||||||||||||
Total financing revenue and other interest income | 2,088 | 2,060 | 6,226 | 6,238 | ||||||||||||
Interest expense | ||||||||||||||||
Interest on deposits | 285 | 212 | 766 | 608 | ||||||||||||
Interest on short-term borrowings | 34 | 14 | 94 | 39 | ||||||||||||
Interest on long-term debt | 416 | 430 | 1,257 | 1,308 | ||||||||||||
Total interest expense | 735 | 656 | 2,117 | 1,955 | ||||||||||||
Net depreciation expense on operating lease assets | 272 | 408 | 982 | 1,352 | ||||||||||||
Net financing revenue and other interest income | 1,081 | 996 | 3,127 | 2,931 | ||||||||||||
Other revenue | ||||||||||||||||
Insurance premiums and service revenue earned | 252 | 238 | 720 | 704 | ||||||||||||
Gain on mortgage and automotive loans, net | 15 | — | 65 | 4 | ||||||||||||
Loss on extinguishment of debt | (4 | ) | — | (6 | ) | (4 | ) | |||||||||
Other gain on investments, net | 23 | 52 | 73 | 145 | ||||||||||||
Other income, net of losses | 95 | 98 | 313 | 289 | ||||||||||||
Total other revenue | 381 | 388 | 1,165 | 1,138 | ||||||||||||
Total net revenue | 1,462 | 1,384 | 4,292 | 4,069 | ||||||||||||
Provision for loan losses | 314 | 258 | 854 | 650 | ||||||||||||
Noninterest expense | ||||||||||||||||
Compensation and benefits expense | 264 | 248 | 814 | 742 | ||||||||||||
Insurance losses and loss adjustment expenses | 65 | 69 | 278 | 287 | ||||||||||||
Other operating expenses | 424 | 418 | 1,249 | 1,189 | ||||||||||||
Total noninterest expense | 753 | 735 | 2,341 | 2,218 | ||||||||||||
Income from continuing operations before income tax expense | 395 | 391 | 1,097 | 1,201 | ||||||||||||
Income tax expense from continuing operations | 115 | 130 | 350 | 336 | ||||||||||||
Net income from continuing operations | 280 | 261 | 747 | 865 | ||||||||||||
Income (loss) from discontinued operations, net of tax | 2 | (52 | ) | 1 | (46 | ) | ||||||||||
Net income | 282 | 209 | 748 | 819 | ||||||||||||
Other comprehensive income (loss), net of tax | 48 | (4 | ) | 144 | 262 | |||||||||||
Comprehensive income | $ | 330 | $ | 205 | $ | 892 | $ | 1,081 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(in dollars) (a) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.73 | ||||||||
Income (loss) from discontinued operations, net of tax | — | (0.11 | ) | — | (0.10 | ) | ||||||||||
Net income | $ | 0.63 | $ | 0.43 | $ | 1.63 | $ | 1.63 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.72 | ||||||||
Income (loss) from discontinued operations, net of tax | — | (0.11 | ) | — | (0.10 | ) | ||||||||||
Net income | $ | 0.63 | $ | 0.43 | $ | 1.63 | $ | 1.63 | ||||||||
Cash dividends declared per common share | $ | 0.12 | $ | 0.08 | $ | 0.28 | $ | 0.08 |
(a) | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
($ in millions, except share data) | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Cash and cash equivalents | ||||||||
Noninterest-bearing | $ | 810 | $ | 1,547 | ||||
Interest-bearing | 3,614 | 4,387 | ||||||
Total cash and cash equivalents | 4,424 | 5,934 | ||||||
Available-for-sale securities (refer to Note 7 for discussion of investment securities pledged as collateral) | 23,099 | 18,926 | ||||||
Held-to-maturity securities (fair value of $1,807 and $789) | 1,839 | 839 | ||||||
Loans held-for-sale, net | 18 | — | ||||||
Finance receivables and loans, net | ||||||||
Finance receivables and loans, net of unearned income | 118,871 | 118,944 | ||||||
Allowance for loan losses | (1,286 | ) | (1,144 | ) | ||||
Total finance receivables and loans, net | 117,585 | 117,800 | ||||||
Investment in operating leases, net | 8,931 | 11,470 | ||||||
Premiums receivable and other insurance assets | 2,054 | 1,905 | ||||||
Other assets | 6,063 | 6,854 | ||||||
Total assets | $ | 164,013 | $ | 163,728 | ||||
Liabilities | ||||||||
Deposit liabilities | ||||||||
Noninterest-bearing | $ | 129 | $ | 84 | ||||
Interest-bearing | 89,987 | 78,938 | ||||||
Total deposit liabilities | 90,116 | 79,022 | ||||||
Short-term borrowings | 10,175 | 12,673 | ||||||
Long-term debt | 45,122 | 54,128 | ||||||
Interest payable | 552 | 351 | ||||||
Unearned insurance premiums and service revenue | 2,583 | 2,500 | ||||||
Accrued expenses and other liabilities | 1,892 | 1,737 | ||||||
Total liabilities | 150,440 | 150,411 | ||||||
Contingencies (refer to Note 25) | ||||||||
Equity | ||||||||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 489,593,314 and 485,707,644; and outstanding 443,796,233 and 467,000,306) | 21,223 | 21,166 | ||||||
Accumulated deficit | (6,533 | ) | (7,151 | ) | ||||
Accumulated other comprehensive loss | (197 | ) | (341 | ) | ||||
Treasury stock, at cost (45,797,081 and 18,707,338 shares) | (920 | ) | (357 | ) | ||||
Total equity | 13,573 | 13,317 | ||||||
Total liabilities and equity | $ | 164,013 | $ | 163,728 |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Finance receivables and loans, net | ||||||||
Finance receivables and loans, net of unearned income | $ | 20,020 | $ | 24,630 | ||||
Allowance for loan losses | (134 | ) | (173 | ) | ||||
Total finance receivables and loans, net | 19,886 | 24,457 | ||||||
Investment in operating leases, net | 704 | 1,745 | ||||||
Other assets | 1,037 | 1,390 | ||||||
Total assets | $ | 21,627 | $ | 27,592 | ||||
Liabilities | ||||||||
Long-term debt | $ | 10,046 | $ | 13,259 | ||||
Accrued expenses and other liabilities | 10 | 12 | ||||||
Total liabilities | $ | 10,056 | $ | 13,271 |
($ in millions) | Common stock and paid-in capital | Preferred stock | Accumulated deficit | Accumulated other comprehensive (loss) income | Treasury stock | Total equity | ||||||||||||||||||
Balance at January 1, 2016 | $ | 21,100 | $ | 696 | $ | (8,110 | ) | $ | (231 | ) | $ | (16 | ) | $ | 13,439 | |||||||||
Net income | 819 | 819 | ||||||||||||||||||||||
Preferred stock dividends | (30 | ) | (30 | ) | ||||||||||||||||||||
Series A preferred stock redemption | (696 | ) | (696 | ) | ||||||||||||||||||||
Share-based compensation | 49 | 49 | ||||||||||||||||||||||
Other comprehensive income | 262 | 262 | ||||||||||||||||||||||
Common stock repurchases | (173 | ) | (173 | ) | ||||||||||||||||||||
Common stock dividend ($0.08 per share) | (40 | ) | (40 | ) | ||||||||||||||||||||
Balance at September 30, 2016 | $ | 21,149 | $ | — | $ | (7,361 | ) | $ | 31 | $ | (189 | ) | $ | 13,630 | ||||||||||
Balance at January 1, 2017 | $ | 21,166 | $ | — | $ | (7,151 | ) | $ | (341 | ) | $ | (357 | ) | $ | 13,317 | |||||||||
Net income | 748 | 748 | ||||||||||||||||||||||
Share-based compensation | 57 | 57 | ||||||||||||||||||||||
Other comprehensive income | 144 | 144 | ||||||||||||||||||||||
Common stock repurchases | (563 | ) | (563 | ) | ||||||||||||||||||||
Common stock dividends ($0.28 per share) | (130 | ) | (130 | ) | ||||||||||||||||||||
Balance at September 30, 2017 | $ | 21,223 | $ | — | $ | (6,533 | ) | $ | (197 | ) | $ | (920 | ) | $ | 13,573 |
Nine months ended September 30, ($ in millions) | 2017 | 2016 | ||||||
Operating activities | ||||||||
Net income | $ | 748 | $ | 819 | ||||
Reconciliation of net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 1,434 | 1,807 | ||||||
Provision for loan losses | 854 | 650 | ||||||
Gain on mortgage and automotive loans, net | (65 | ) | (4 | ) | ||||
Other gain on investments, net | (73 | ) | (145 | ) | ||||
Loss on extinguishment of debt | 6 | 4 | ||||||
Originations and purchases of loans held-for-sale | (252 | ) | (141 | ) | ||||
Proceeds from sales and repayments of loans originated as held-for-sale | 236 | 184 | ||||||
Net change in | ||||||||
Deferred income taxes | 289 | 322 | ||||||
Interest payable | 202 | 112 | ||||||
Other assets | (57 | ) | 16 | |||||
Other liabilities | (19 | ) | (65 | ) | ||||
Other, net | 70 | 30 | ||||||
Net cash provided by operating activities | 3,373 | 3,589 | ||||||
Investing activities | ||||||||
Purchases of available-for-sale securities | (9,022 | ) | (11,027 | ) | ||||
Proceeds from sales of available-for-sale securities | 2,926 | 8,546 | ||||||
Proceeds from maturities and repayments of available-for-sale securities | 2,002 | 2,411 | ||||||
Purchases of held-to-maturity securities | (709 | ) | (650 | ) | ||||
Proceeds from maturities and repayments of held-to-maturity securities | 32 | — | ||||||
Purchases of finance receivables and loans held-for-investment | (3,125 | ) | (2,924 | ) | ||||
Proceeds from sales of finance receivables and loans originated as held-for-investment | 1,323 | 4,221 | ||||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 1,021 | (5,384 | ) | |||||
Purchases of operating lease assets | (2,844 | ) | (2,360 | ) | ||||
Disposals of operating lease assets | 4,409 | 4,631 | ||||||
Acquisitions, net of cash acquired | — | (309 | ) | |||||
Net change in restricted cash | 497 | 622 | ||||||
Net change in nonmarketable equity investments | (20 | ) | (401 | ) | ||||
Other, net | (159 | ) | (157 | ) | ||||
Net cash used in investing activities | (3,669 | ) | (2,781 | ) |
Nine months ended September 30, ($ in millions) | 2017 | 2016 | ||||||
Financing activities | ||||||||
Net change in short-term borrowings | (2,500 | ) | (1,673 | ) | ||||
Net increase in deposits | 11,050 | 9,240 | ||||||
Proceeds from issuance of long-term debt | 13,302 | 11,229 | ||||||
Repayments of long-term debt | (22,376 | ) | (20,758 | ) | ||||
Repurchase and redemption of preferred stock | — | (696 | ) | |||||
Repurchase of common stock | (563 | ) | (173 | ) | ||||
Dividends paid | (130 | ) | (70 | ) | ||||
Net cash used in financing activities | (1,217 | ) | (2,901 | ) | ||||
Effect of exchange-rate changes on cash and cash equivalents | 3 | 2 | ||||||
Net decrease in cash and cash equivalents | (1,510 | ) | (2,091 | ) | ||||
Cash and cash equivalents at beginning of year | 5,934 | 6,380 | ||||||
Cash and cash equivalents at September 30, | $ | 4,424 | $ | 4,289 | ||||
Supplemental disclosures | ||||||||
Cash paid for | ||||||||
Interest | $ | 1,910 | $ | 1,860 | ||||
Income taxes | 32 | 16 | ||||||
Noncash items | ||||||||
Held-to-maturity securities received in consideration for loans sold | 56 | — | ||||||
Finance receivables and loans transferred to loans held-for-sale | 1,326 | 4,231 | ||||||
Other disclosures | ||||||||
Proceeds from repayments of mortgage loans held-for-investment originally designated as held-for-sale | 29 | 28 |
($ in millions) | |||
Purchase price | |||
Cash consideration | $ | 298 | |
Allocation of purchase price to net assets acquired | |||
Intangible assets (a) | 82 | ||
Cash and short-term investments (b) | 50 | ||
Other assets | 14 | ||
Deferred tax asset, net | 4 | ||
Employee compensation and benefits | (41 | ) | |
Other liabilities | (4 | ) | |
Goodwill | $ | 193 |
(a) | We recorded $3 million and $8 million of amortization on these intangible assets during the three months and nine months ended September 30, 2017, respectively, and $3 million during both the three months and nine months ended September 30, 2016. |
(b) | Includes $40 million in cash proceeds from the acquisition transaction in order to pay employee compensation and benefits that vested upon acquisition as a result of the change in control. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Pretax loss | $ | (1 | ) | $ | (46 | ) | $ | (2 | ) | $ | (44 | ) | |||
Tax (benefit) expense | (3 | ) | 6 | (3 | ) | 2 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Remarketing fees | $ | 26 | $ | 26 | $ | 82 | $ | 79 | ||||||||
Late charges and other administrative fees | 25 | 25 | 77 | 72 | ||||||||||||
Servicing fees | 11 | 18 | 41 | 49 | ||||||||||||
Income from equity-method investments | 7 | 3 | 12 | 14 | ||||||||||||
Other, net | 26 | 26 | 101 | 75 | ||||||||||||
Total other income, net of losses | $ | 95 | $ | 98 | $ | 313 | $ | 289 |
($ in millions) | 2017 | 2016 | ||||||
Total gross reserves for insurance losses and loss adjustment expenses at January 1, | $ | 149 | $ | 169 | ||||
Less: Reinsurance recoverable | 108 | 120 | ||||||
Net reserves for insurance losses and loss adjustment expenses at January 1, | 41 | 49 | ||||||
Net insurance losses and loss adjustment expenses incurred related to: | ||||||||
Current year | 276 | 291 | ||||||
Prior years (a) | 2 | (4 | ) | |||||
Total net insurance losses and loss adjustment expenses incurred | 278 | 287 | ||||||
Net insurance losses and loss adjustment expenses paid or payable related to: | ||||||||
Current year | (248 | ) | (266 | ) | ||||
Prior years | (31 | ) | (27 | ) | ||||
Total net insurance losses and loss adjustment expenses paid or payable | (279 | ) | (293 | ) | ||||
Foreign exchange and other | 1 | 1 | ||||||
Net reserves for insurance losses and loss adjustment expenses at September 30, | 41 | 44 | ||||||
Plus: Reinsurance recoverable | 132 | 106 | ||||||
Total gross reserves for insurance losses and loss adjustment expenses at September 30, | $ | 173 | $ | 150 |
(a) | There have been no material adverse changes to the reserve for prior years. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Insurance commissions | $ | 106 | $ | 99 | $ | 309 | $ | 290 | |||||||
Technology and communications | 72 | 70 | 212 | 203 | |||||||||||
Lease and loan administration | 41 | 34 | 116 | 100 | |||||||||||
Advertising and marketing | 33 | 27 | 96 | 75 | |||||||||||
Vehicle remarketing and repossession | 29 | 24 | 82 | 70 | |||||||||||
Regulatory and licensing fees | 27 | 26 | 82 | 68 | |||||||||||
Professional services | 28 | 25 | 81 | 75 | |||||||||||
Premises and equipment depreciation | 22 | 19 | 67 | 61 | |||||||||||
Occupancy | 11 | 13 | 34 | 38 | |||||||||||
Non-income taxes | 6 | 10 | 22 | 27 | |||||||||||
Other | 49 | 71 | 148 | 182 | |||||||||||
Total other operating expenses | $ | 424 | $ | 418 | $ | 1,249 | $ | 1,189 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||
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 (a) | $ | 2,112 | $ | — | $ | (39 | ) | $ | 2,073 | $ | 1,680 | $ | — | $ | (60 | ) | $ | 1,620 | ||||||||||||||
U.S. States and political subdivisions | 849 | 12 | (10 | ) | 851 | 794 | 7 | (19 | ) | 782 | ||||||||||||||||||||||
Foreign government | 157 | 2 | (2 | ) | 157 | 157 | 5 | — | 162 | |||||||||||||||||||||||
Agency mortgage-backed residential | 14,423 | 54 | (133 | ) | 14,344 | 10,473 | 29 | (212 | ) | 10,290 | ||||||||||||||||||||||
Mortgage-backed residential | 2,326 | 16 | (32 | ) | 2,310 | 2,162 | 5 | (70 | ) | 2,097 | ||||||||||||||||||||||
Mortgage-backed commercial | 509 | 2 | (2 | ) | 509 | 537 | 2 | (2 | ) | 537 | ||||||||||||||||||||||
Asset-backed | 1,036 | 4 | (1 | ) | 1,039 | 1,396 | 6 | (2 | ) | 1,400 | ||||||||||||||||||||||
Corporate debt | 1,291 | 10 | (10 | ) | 1,291 | 1,452 | 7 | (16 | ) | 1,443 | ||||||||||||||||||||||
Total debt securities (b) (c) | 22,703 | 100 | (229 | ) | 22,574 | 18,651 | 61 | (381 | ) | 18,331 | ||||||||||||||||||||||
Equity securities | 563 | 12 | (50 | ) | 525 | 642 | 7 | (54 | ) | 595 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 23,266 | $ | 112 | $ | (279 | ) | $ | 23,099 | $ | 19,293 | $ | 68 | $ | (435 | ) | $ | 18,926 | ||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||
Agency mortgage-backed residential (d) | $ | 1,799 | $ | 4 | $ | (36 | ) | $ | 1,767 | $ | 839 | $ | — | $ | (50 | ) | $ | 789 | ||||||||||||||
Asset-backed retained notes | 40 | — | — | 40 | — | — | — | — | ||||||||||||||||||||||||
Total held-to-maturity securities | $ | 1,839 | $ | 4 | $ | (36 | ) | $ | 1,807 | $ | 839 | $ | — | $ | (50 | ) | $ | 789 |
(a) | Includes $304 million of U.S. Treasury securities that are included in a fair value hedging relationship as of September 30, 2017. Refer to Note 19 for additional information. |
(b) | Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million and $14 million at September 30, 2017, and December 31, 2016, respectively. |
(c) | Investment securities with a fair value of $6,705 million and $4,881 million at September 30, 2017, and December 31, 2016, respectively, were pledged to secure advances from the Federal Home Loan Bank (FHLB), short-term borrowings or repurchase agreements, or for other purposes as required by contractual obligation or law. Under these agreements, we have granted the counterparty the right to sell or pledge $1,339 million and $737 million of the underlying investment securities at September 30, 2017, and December 31, 2016, respectively. |
(d) | Agency mortgage-backed residential debt securities are held for liquidity risk management purposes. Securities with a fair value of $115 million and $87 million at September 30, 2017, and December 31, 2016, respectively, were pledged to secure advances from the FHLB. |
Total | Due in one year or less | Due after one year through five years | Due after five years through ten years | Due after ten years | |||||||||||||||||||||||||||||||
($ in millions) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||||||||||
Fair value of available-for-sale debt securities (a) | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,073 | 1.8 | % | $ | — | — | % | $ | 467 | 1.7 | % | $ | 1,606 | 1.8 | % | $ | — | — | % | |||||||||||||||
U.S. States and political subdivisions | 851 | 2.9 | 69 | 1.6 | 35 | 2.4 | 197 | 2.7 | 550 | 3.2 | |||||||||||||||||||||||||
Foreign government | 157 | 2.5 | — | — | 69 | 2.6 | 88 | 2.4 | — | — | |||||||||||||||||||||||||
Agency mortgage-backed residential | 14,344 | 3.1 | — | — | — | — | 3 | 2.9 | 14,341 | 3.1 | |||||||||||||||||||||||||
Mortgage-backed residential | 2,310 | 3.0 | — | — | — | — | — | — | 2,310 | 3.0 | |||||||||||||||||||||||||
Mortgage-backed commercial | 509 | 3.1 | — | — | — | — | 31 | 2.9 | 478 | 3.1 | |||||||||||||||||||||||||
Asset-backed | 1,039 | 3.0 | 2 | 1.6 | 762 | 3.1 | 137 | 3.1 | 138 | 2.7 | |||||||||||||||||||||||||
Corporate debt | 1,291 | 2.9 | 135 | 2.5 | 595 | 2.6 | 515 | 3.2 | 46 | 4.9 | |||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 22,574 | 2.9 | $ | 206 | 2.2 | $ | 1,928 | 2.6 | $ | 2,577 | 2.2 | $ | 17,863 | 3.1 | ||||||||||||||||||||
Amortized cost of available-for-sale debt securities | $ | 22,703 | $ | 206 | $ | 1,929 | $ | 2,609 | $ | 17,959 | |||||||||||||||||||||||||
Amortized cost of held-to-maturity securities | |||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | $ | 1,799 | 3.1 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 1,799 | 3.1 | % | |||||||||||||||
Asset-backed retained notes | 40 | 1.7 | — | — | 39 | 1.6 | 1 | 3.0 | — | — | |||||||||||||||||||||||||
Total held-to-maturity securities | $ | 1,839 | 3.1 | $ | — | — | $ | 39 | 1.6 | $ | 1 | 3.0 | $ | 1,799 | 3.1 | ||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Fair value of available-for-sale debt securities (a) | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,620 | 1.7 | % | $ | 2 | 4.6 | % | $ | 60 | 1.6 | % | $ | 1,558 | 1.7 | % | $ | — | — | % | |||||||||||||||
U.S. States and political subdivisions | 782 | 3.1 | 64 | 1.7 | 29 | 2.3 | 172 | 2.8 | 517 | 3.4 | |||||||||||||||||||||||||
Foreign government | 162 | 2.6 | — | — | 58 | 2.8 | 104 | 2.4 | — | — | |||||||||||||||||||||||||
Agency mortgage-backed residential | 10,290 | 2.9 | — | — | — | — | 29 | 2.6 | 10,261 | 2.9 | |||||||||||||||||||||||||
Mortgage-backed residential | 2,097 | 2.9 | — | — | — | — | — | — | 2,097 | 2.9 | |||||||||||||||||||||||||
Mortgage-backed commercial | 537 | 2.6 | — | — | — | — | 3 | 2.8 | 534 | 2.6 | |||||||||||||||||||||||||
Asset-backed | 1,400 | 2.8 | — | — | 1,059 | 2.8 | 143 | 3.2 | 198 | 2.6 | |||||||||||||||||||||||||
Corporate debt | 1,443 | 2.8 | 72 | 2.2 | 840 | 2.6 | 489 | 3.2 | 42 | 4.7 | |||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 18,331 | 2.8 | $ | 138 | 2.0 | $ | 2,046 | 2.7 | $ | 2,498 | 2.2 | $ | 13,649 | 2.9 | ||||||||||||||||||||
Amortized cost of available-for-sale debt securities | $ | 18,651 | $ | 138 | $ | 2,040 | $ | 2,563 | $ | 13,910 | |||||||||||||||||||||||||
Amortized cost of held-to-maturity securities (b) | $ | 839 | 2.9 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 839 | 2.9 | % |
(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. |
(b) | Our held-to-maturity securities portfolio as of December 31, 2016, consisted of agency mortgage-backed residential debt securities. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Taxable interest | $ | 141 | $ | 93 | $ | 390 | $ | 276 | |||||||
Taxable dividends | 3 | 4 | 8 | 13 | |||||||||||
Interest and dividends exempt from U.S. federal income tax | 6 | 4 | 17 | 13 | |||||||||||
Interest and dividends on investment securities | $ | 150 | $ | 101 | $ | 415 | $ | 302 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Gross realized gains | $ | 24 | $ | 52 | $ | 75 | $ | 146 | |||||||
Gross realized losses (a) | (1 | ) | — | (2 | ) | (1 | ) | ||||||||
Other gain on investments, net | $ | 23 | $ | 52 | $ | 73 | $ | 145 |
(a) | Certain available-for-sale securities were sold at a loss in 2017 and 2016 as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security). Any such sales were made in accordance with our risk management policies and practices. |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 2,029 | $ | (39 | ) | $ | — | $ | — | $ | 1,612 | $ | (60 | ) | $ | — | $ | — | ||||||||||||||
U.S. States and political subdivisions | 311 | (4 | ) | 138 | (6 | ) | 524 | (19 | ) | — | — | |||||||||||||||||||||
Foreign government | 78 | (2 | ) | — | — | 38 | — | — | — | |||||||||||||||||||||||
Agency mortgage-backed residential | 7,444 | (115 | ) | 730 | (18 | ) | 8,052 | (196 | ) | 587 | (16 | ) | ||||||||||||||||||||
Mortgage-backed residential | 103 | (1 | ) | 825 | (31 | ) | 813 | (17 | ) | 860 | (53 | ) | ||||||||||||||||||||
Mortgage-backed commercial | 164 | (2 | ) | 15 | — | 47 | (1 | ) | 149 | (1 | ) | |||||||||||||||||||||
Asset-backed | 341 | (1 | ) | 86 | — | 375 | (2 | ) | 127 | — | ||||||||||||||||||||||
Corporate debt | 388 | (6 | ) | 108 | (4 | ) | 744 | (14 | ) | 46 | (2 | ) | ||||||||||||||||||||
Total temporarily impaired debt securities | 10,858 | (170 | ) | 1,902 | (59 | ) | 12,205 | (309 | ) | 1,769 | (72 | ) | ||||||||||||||||||||
Temporarily impaired equity securities | 101 | (8 | ) | 119 | (42 | ) | 151 | (8 | ) | 269 | (46 | ) | ||||||||||||||||||||
Total temporarily impaired available-for-sale securities | $ | 10,959 | $ | (178 | ) | $ | 2,021 | $ | (101 | ) | $ | 12,356 | $ | (317 | ) | $ | 2,038 | $ | (118 | ) |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Consumer automotive (a) | $ | 67,077 | $ | 65,793 | ||||
Consumer mortgage | ||||||||
Mortgage Finance (b) | 9,760 | 8,294 | ||||||
Mortgage — Legacy (c) | 2,255 | 2,756 | ||||||
Total consumer mortgage | 12,015 | 11,050 | ||||||
Total consumer | 79,092 | 76,843 | ||||||
Commercial | ||||||||
Commercial and industrial | ||||||||
Automotive | 31,985 | 35,041 | ||||||
Other | 3,774 | 3,248 | ||||||
Commercial real estate — Automotive | 4,020 | 3,812 | ||||||
Total commercial | 39,779 | 42,101 | ||||||
Total finance receivables and loans (d) | $ | 118,871 | $ | 118,944 |
(a) | Includes $24 million and $43 million of fair value adjustment for loans in hedge accounting relationships at September 30, 2017, and December 31, 2016, respectively. Refer to Note 19 for additional information. |
(b) | Includes loans originated as interest-only mortgage loans of $24 million and $30 million at September 30, 2017, and December 31, 2016, respectively, 35% of which are expected to start principal amortization in 2019, and 44% in 2020. The remainder of these loans have already exited the interest-only period. |
(c) | Includes loans originated as interest-only mortgage loans of $538 million and $714 million at September 30, 2017, and December 31, 2016, respectively, 2% of which are expected to start principal amortization in 2018, and 1% beyond 2020. The remainder of these loans have already exited the interest-only period. |
(d) | Totals include net increases of $494 million and $359 million at September 30, 2017, and December 31, 2016, respectively, for unearned income, unamortized premiums and discounts, and deferred fees and costs. |
Three months ended September 30, 2017 ($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at July 1, 2017 | $ | 1,002 | $ | 83 | $ | 140 | $ | 1,225 | ||||||||
Charge-offs (a) | (327 | ) | (7 | ) | (10 | ) | (344 | ) | ||||||||
Recoveries | 85 | 6 | — | 91 | ||||||||||||
Net charge-offs | (242 | ) | (1 | ) | (10 | ) | (253 | ) | ||||||||
Provision for loan losses | 314 | — | — | 314 | ||||||||||||
Other | — | (1 | ) | 1 | — | |||||||||||
Allowance at September 30, 2017 | $ | 1,074 | $ | 81 | $ | 131 | $ | 1,286 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
Three months ended September 30, 2016 ($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at July 1, 2016 | $ | 862 | $ | 109 | $ | 118 | $ | 1,089 | ||||||||
Charge-offs (a) | (293 | ) | (10 | ) | — | (303 | ) | |||||||||
Recoveries | 74 | 16 | — | 90 | ||||||||||||
Net charge-offs | (219 | ) | 6 | — | (213 | ) | ||||||||||
Provision for loan losses | 269 | (15 | ) | 4 | 258 | |||||||||||
Allowance at September 30, 2016 | $ | 912 | $ | 100 | $ | 122 | $ | 1,134 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
Nine months ended September 30, 2017 ($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at January 1, 2017 | $ | 932 | $ | 91 | $ | 121 | $ | 1,144 | ||||||||
Charge-offs (a) | (958 | ) | (22 | ) | (10 | ) | (990 | ) | ||||||||
Recoveries | 266 | 19 | — | 285 | ||||||||||||
Net charge-offs | (692 | ) | (3 | ) | (10 | ) | (705 | ) | ||||||||
Provision for loan losses | 841 | (6 | ) | 19 | 854 | |||||||||||
Other (b) | (7 | ) | (1 | ) | 1 | (7 | ) | |||||||||
Allowance at September 30, 2017 | $ | 1,074 | $ | 81 | $ | 131 | $ | 1,286 | ||||||||
Allowance for loan losses at September 30, 2017 | ||||||||||||||||
Individually evaluated for impairment | $ | 35 | $ | 30 | $ | 21 | $ | 86 | ||||||||
Collectively evaluated for impairment | 1,039 | 51 | 110 | 1,200 | ||||||||||||
Finance receivables and loans at gross carrying value | ||||||||||||||||
Ending balance | $ | 67,077 | $ | 12,015 | $ | 39,779 | $ | 118,871 | ||||||||
Individually evaluated for impairment | 403 | 237 | 146 | 786 | ||||||||||||
Collectively evaluated for impairment | 66,674 | 11,778 | 39,633 | 118,085 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
Nine months ended September 30, 2016 ($ in millions) | Consumer automotive | Consumer mortgage | Commercial | Total | ||||||||||||
Allowance at January 1, 2016 | $ | 834 | $ | 114 | $ | 106 | $ | 1,054 | ||||||||
Charge-offs (a) | (773 | ) | (29 | ) | (1 | ) | (803 | ) | ||||||||
Recoveries | 233 | 25 | 1 | 259 | ||||||||||||
Net charge-offs | (540 | ) | (4 | ) | — | (544 | ) | |||||||||
Provision for loan losses | 644 | (10 | ) | 16 | 650 | |||||||||||
Other (b) | (26 | ) | — | — | (26 | ) | ||||||||||
Allowance at September 30, 2016 | $ | 912 | $ | 100 | $ | 122 | $ | 1,134 | ||||||||
Allowance for loan losses at September 30, 2016 | ||||||||||||||||
Individually evaluated for impairment | $ | 24 | $ | 35 | $ | 25 | $ | 84 | ||||||||
Collectively evaluated for impairment | 888 | 65 | 97 | 1,050 | ||||||||||||
Finance receivables and loans at gross carrying value | ||||||||||||||||
Ending balance | $ | 64,816 | $ | 10,857 | $ | 39,286 | $ | 114,959 | ||||||||
Individually evaluated for impairment | 349 | 251 | 111 | 711 | ||||||||||||
Collectively evaluated for impairment | 64,467 | 10,606 | 39,175 | 114,248 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Consumer automotive | $ | 28 | $ | 57 | $ | 1,326 | $ | 4,216 | ||||||||
Consumer mortgage | 3 | 6 | 9 | 12 | ||||||||||||
Commercial | — | — | — | 28 | ||||||||||||
Total sales and transfers | $ | 31 | $ | 63 | $ | 1,335 | $ | 4,256 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Consumer automotive | $ | 83 | $ | — | $ | 762 | $ | — | ||||||||
Consumer mortgage | 1,183 | 467 | 2,319 | 2,855 | ||||||||||||
Total purchases of finance receivables and loans | $ | 1,266 | $ | 467 | $ | 3,081 | $ | 2,855 |
($ in millions) | 30–59 days past due | 60–89 days past due | 90 days or more past due | Total past due | Current | Total finance receivables and loans | ||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Consumer automotive | $ | 1,742 | $ | 414 | $ | 261 | $ | 2,417 | $ | 64,660 | $ | 67,077 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 75 | 1 | 5 | 81 | 9,679 | 9,760 | ||||||||||||||||||
Mortgage — Legacy | 40 | 21 | 58 | 119 | 2,136 | 2,255 | ||||||||||||||||||
Total consumer mortgage | 115 | 22 | 63 | 200 | 11,815 | 12,015 | ||||||||||||||||||
Total consumer | 1,857 | 436 | 324 | 2,617 | 76,475 | 79,092 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | 16 | — | 13 | 29 | 31,956 | 31,985 | ||||||||||||||||||
Other | — | — | 8 | 8 | 3,766 | 3,774 | ||||||||||||||||||
Commercial real estate — Automotive | 3 | — | — | 3 | 4,017 | 4,020 | ||||||||||||||||||
Total commercial | 19 | — | 21 | 40 | 39,739 | 39,779 | ||||||||||||||||||
Total consumer and commercial | $ | 1,876 | $ | 436 | $ | 345 | $ | 2,657 | $ | 116,214 | $ | 118,871 | ||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Consumer automotive | $ | 1,850 | $ | 428 | $ | 302 | $ | 2,580 | $ | 63,213 | $ | 65,793 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 39 | 6 | 4 | 49 | 8,245 | 8,294 | ||||||||||||||||||
Mortgage — Legacy | 45 | 18 | 57 | 120 | 2,636 | 2,756 | ||||||||||||||||||
Total consumer mortgage | 84 | 24 | 61 | 169 | 10,881 | 11,050 | ||||||||||||||||||
Total consumer | 1,934 | 452 | 363 | 2,749 | 74,094 | 76,843 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | 3 | — | 7 | 10 | 35,031 | 35,041 | ||||||||||||||||||
Other | — | — | — | — | 3,248 | 3,248 | ||||||||||||||||||
Commercial real estate — Automotive | — | — | — | — | 3,812 | 3,812 | ||||||||||||||||||
Total commercial | 3 | — | 7 | 10 | 42,091 | 42,101 | ||||||||||||||||||
Total consumer and commercial | $ | 1,937 | $ | 452 | $ | 370 | $ | 2,759 | $ | 116,185 | $ | 118,944 |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Consumer automotive | $ | 573 | $ | 598 | ||||
Consumer mortgage | ||||||||
Mortgage Finance | 7 | 10 | ||||||
Mortgage — Legacy | 81 | 89 | ||||||
Total consumer mortgage | 88 | 99 | ||||||
Total consumer | 661 | 697 | ||||||
Commercial | ||||||||
Commercial and industrial | ||||||||
Automotive | 78 | 33 | ||||||
Other | 61 | 84 | ||||||
Commercial real estate — Automotive | 7 | 5 | ||||||
Total commercial | 146 | 122 | ||||||
Total consumer and commercial finance receivables and loans | $ | 807 | $ | 819 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
($ in millions) | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||||||
Consumer automotive | $ | 66,504 | $ | 573 | $ | 67,077 | $ | 65,195 | $ | 598 | $ | 65,793 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 9,753 | 7 | 9,760 | 8,284 | 10 | 8,294 | ||||||||||||||||||
Mortgage — Legacy | 2,174 | 81 | 2,255 | 2,667 | 89 | 2,756 | ||||||||||||||||||
Total consumer mortgage | 11,927 | 88 | 12,015 | 10,951 | 99 | 11,050 | ||||||||||||||||||
Total consumer | $ | 78,431 | $ | 661 | $ | 79,092 | $ | 76,146 | $ | 697 | $ | 76,843 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
($ in millions) | Pass | Criticized (a) | Total | Pass | Criticized (a) | Total | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | $ | 30,189 | $ | 1,796 | $ | 31,985 | $ | 33,160 | $ | 1,881 | $ | 35,041 | ||||||||||||
Other | 2,913 | 861 | 3,774 | 2,597 | 651 | 3,248 | ||||||||||||||||||
Commercial real estate — Automotive | 3,891 | 129 | 4,020 | 3,653 | 159 | 3,812 | ||||||||||||||||||
Total commercial | $ | 36,993 | $ | 2,786 | $ | 39,779 | $ | 39,410 | $ | 2,691 | $ | 42,101 |
(a) | Includes loans classified as special mention, substandard, or doubtful. These classifications are based on regulatory definitions and generally represent loans within our portfolio that have a higher default risk or have already defaulted. |
($ in millions) | Unpaid principal balance (a) | Gross carrying value | Impaired with no allowance | Impaired with an allowance | Allowance for impaired loans | |||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Consumer automotive | $ | 411 | $ | 403 | $ | 86 | $ | 317 | $ | 35 | ||||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 8 | 8 | 4 | 4 | — | |||||||||||||||
Mortgage — Legacy | 234 | 229 | 56 | 173 | 30 | |||||||||||||||
Total consumer mortgage | 242 | 237 | 60 | 177 | 30 | |||||||||||||||
Total consumer | 653 | 640 | 146 | 494 | 65 | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 78 | 78 | 51 | 27 | 3 | |||||||||||||||
Other | 70 | 61 | 10 | 51 | 17 | |||||||||||||||
Commercial real estate — Automotive | 7 | 7 | 3 | 4 | 1 | |||||||||||||||
Total commercial | 155 | 146 | 64 | 82 | 21 | |||||||||||||||
Total consumer and commercial finance receivables and loans | $ | 808 | $ | 786 | $ | 210 | $ | 576 | $ | 86 | ||||||||||
December 31, 2016 | ||||||||||||||||||||
Consumer automotive | $ | 407 | $ | 370 | $ | 131 | $ | 239 | $ | 28 | ||||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 8 | 8 | 3 | 5 | — | |||||||||||||||
Mortgage — Legacy | 243 | 239 | 56 | 183 | 34 | |||||||||||||||
Total consumer mortgage | 251 | 247 | 59 | 188 | 34 | |||||||||||||||
Total consumer | 658 | 617 | 190 | 427 | 62 | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 33 | 33 | 7 | 26 | 3 | |||||||||||||||
Other | 99 | 84 | — | 84 | 19 | |||||||||||||||
Commercial real estate — Automotive | 5 | 5 | 2 | 3 | 1 | |||||||||||||||
Total commercial | 137 | 122 | 9 | 113 | 23 | |||||||||||||||
Total consumer and commercial finance receivables and loans | $ | 795 | $ | 739 | $ | 199 | $ | 540 | $ | 85 |
(a) | Adjusted for charge-offs. |
2017 | 2016 | |||||||||||||||
Three months ended September 30, ($ in millions) | Average balance | Interest income | Average balance | Interest income | ||||||||||||
Consumer automotive | $ | 389 | $ | 5 | $ | 347 | $ | 4 | ||||||||
Consumer mortgage | ||||||||||||||||
Mortgage Finance | 8 | — | 8 | — | ||||||||||||
Mortgage — Legacy | 231 | 2 | 245 | 2 | ||||||||||||
Total consumer mortgage | 239 | 2 | 253 | 2 | ||||||||||||
Total consumer | 628 | 7 | 600 | 6 | ||||||||||||
Commercial | ||||||||||||||||
Commercial and industrial | ||||||||||||||||
Automotive | 77 | 1 | 48 | 1 | ||||||||||||
Other | 63 | — | 63 | — | ||||||||||||
Commercial real estate — Automotive | 7 | — | 6 | — | ||||||||||||
Total commercial | 147 | 1 | 117 | 1 | ||||||||||||
Total consumer and commercial finance receivables and loans | $ | 775 | $ | 8 | $ | 717 | $ | 7 |
2017 | 2016 | |||||||||||||||
Nine months ended September 30, ($ in millions) | Average balance | Interest income | Average balance | Interest income | ||||||||||||
Consumer automotive | $ | 368 | $ | 15 | $ | 340 | $ | 12 | ||||||||
Consumer mortgage | ||||||||||||||||
Mortgage Finance | 8 | — | 8 | — | ||||||||||||
Mortgage — Legacy | 236 | 7 | 250 | 7 | ||||||||||||
Total consumer mortgage | 244 | 7 | 258 | 7 | ||||||||||||
Total consumer | 612 | 22 | 598 | 19 | ||||||||||||
Commercial | ||||||||||||||||
Commercial and industrial | ||||||||||||||||
Automotive | 55 | 2 | 35 | 1 | ||||||||||||
Other | 73 | 8 | 58 | 1 | ||||||||||||
Commercial real estate — Automotive | 6 | — | 6 | — | ||||||||||||
Total commercial | 134 | 10 | 99 | 2 | ||||||||||||
Total consumer and commercial finance receivables and loans | $ | 746 | $ | 32 | $ | 697 | $ | 21 |
2017 | 2016 | ||||||||||||||||||||
Three months ended September 30, ($ in millions) | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | |||||||||||||||
Consumer automotive | 7,165 | $ | 80 | $ | 75 | 4,427 | $ | 70 | $ | 58 | |||||||||||
Consumer mortgage | |||||||||||||||||||||
Mortgage Finance | 2 | — | — | 2 | — | — | |||||||||||||||
Mortgage — Legacy | 37 | 4 | 4 | 35 | 6 | 6 | |||||||||||||||
Total consumer mortgage | 39 | 4 | 4 | 37 | 6 | 6 | |||||||||||||||
Total consumer | 7,204 | 84 | 79 | 4,464 | 76 | 64 | |||||||||||||||
Commercial | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||
Automotive | 3 | 13 | 13 | — | — | — | |||||||||||||||
Commercial real estate — Automotive | 1 | 3 | 3 | — | — | — | |||||||||||||||
Total commercial | 4 | 16 | 16 | — | — | — | |||||||||||||||
Total consumer and commercial finance receivables and loans | 7,208 | $ | 100 | $ | 95 | 4,464 | $ | 76 | $ | 64 |
2017 | 2016 | ||||||||||||||||||||
Nine months ended September 30, ($ in millions) | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | Number of loans | Pre-modification gross carrying value | Post-modification gross carrying value | |||||||||||||||
Consumer automotive | 19,374 | $ | 298 | $ | 262 | 14,816 | $ | 238 | $ | 202 | |||||||||||
Consumer mortgage | |||||||||||||||||||||
Mortgage Finance | 3 | — | — | 5 | 2 | 2 | |||||||||||||||
Mortgage — Legacy | 109 | 19 | 18 | 92 | 14 | 14 | |||||||||||||||
Total consumer mortgage | 112 | 19 | 18 | 97 | 16 | 16 | |||||||||||||||
Total consumer | 19,486 | 317 | 280 | 14,913 | 254 | 218 | |||||||||||||||
Commercial | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||
Automotive | 3 | 13 | 13 | — | — | — | |||||||||||||||
Other | 2 | 44 | 44 | — | — | — | |||||||||||||||
Commercial real estate — Automotive | 1 | 3 | 3 | — | — | — | |||||||||||||||
Total commercial | 6 | 60 | 60 | — | — | — | |||||||||||||||
Total consumer and commercial finance receivables and loans | 19,492 | $ | 377 | $ | 340 | 14,913 | $ | 254 | $ | 218 |
2017 | 2016 | |||||||||||||||||||||
Three months ended September 30, ($ in millions) | Number of loans | Gross carrying value | Charge-off amount | Number of loans | Gross carrying value | Charge-off amount | ||||||||||||||||
Consumer automotive | 2,222 | $ | 25 | $ | 18 | 1,959 | $ | 23 | $ | 14 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||
Mortgage Finance | — | — | — | — | — | — | ||||||||||||||||
Mortgage — Legacy | 1 | — | — | 1 | — | — | ||||||||||||||||
Total consumer finance receivables and loans | 2,223 | $ | 25 | $ | 18 | 1,960 | $ | 23 | $ | 14 |
2017 | 2016 | |||||||||||||||||||||
Nine months ended September 30, ($ in millions) | Number of loans | Gross carrying value | Charge-off amount | Number of loans | Gross carrying value | Charge-off amount | ||||||||||||||||
Consumer automotive | 6,354 | $ | 74 | $ | 51 | 5,617 | $ | 69 | $ | 39 | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||
Mortgage Finance | 1 | 1 | — | — | — | — | ||||||||||||||||
Mortgage — Legacy | 1 | — | — | 4 | — | — | ||||||||||||||||
Total consumer finance receivables and loans | 6,356 | $ | 75 | $ | 51 | 5,621 | $ | 69 | $ | 39 |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Vehicles | $ | 11,001 | $ | 14,584 | ||||
Accumulated depreciation | (2,070 | ) | (3,114 | ) | ||||
Investment in operating leases, net | $ | 8,931 | $ | 11,470 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation expense on operating lease assets (excluding remarketing gains) | $ | 323 | $ | 470 | $ | 1,062 | $ | 1,555 | ||||||||
Remarketing gains | (51 | ) | (62 | ) | (80 | ) | (203 | ) | ||||||||
Net depreciation expense on operating lease assets | $ | 272 | $ | 408 | $ | 982 | $ | 1,352 |
($ in millions) | Carrying value of total assets | Carrying value of total liabilities | Assets sold to nonconsolidated VIEs (a) | Maximum exposure to loss in nonconsolidated VIEs | |||||||||||||
September 30, 2017 | |||||||||||||||||
On-balance sheet variable interest entities | |||||||||||||||||
Consumer automotive | $ | 17,462 | (b) | $ | 7,529 | (c) | |||||||||||
Commercial automotive | 12,590 | 2,557 | |||||||||||||||
Off-balance sheet variable interest entities | |||||||||||||||||
Consumer automotive | 42 | (d) | — | $ | 2,293 | $ | 2,334 | (e) | |||||||||
Commercial other | 575 | (f) | 238 | (g) | — | 756 | (h) | ||||||||||
Total | $ | 30,669 | $ | 10,324 | $ | 2,293 | $ | 3,090 | |||||||||
December 31, 2016 | |||||||||||||||||
On-balance sheet variable interest entities | |||||||||||||||||
Consumer automotive | $ | 20,869 | (b) | $ | 8,557 | (c) | |||||||||||
Commercial automotive | 16,278 | 4,764 | |||||||||||||||
Off-balance sheet variable interest entities | |||||||||||||||||
Consumer automotive | 24 | (f) | — | $ | 2,899 | $ | 2,923 | (e) | |||||||||
Commercial other | 460 | (f) | 169 | (g) | — | 651 | (h) | ||||||||||
Total | $ | 37,631 | $ | 13,490 | $ | 2,899 | $ | 3,574 |
(a) | Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. |
(b) | Includes $8.4 billion and $9.6 billion of assets that are not encumbered by VIE beneficial interests held by third parties at September 30, 2017, and December 31, 2016, respectively. Ally or consolidated affiliates hold the interests in these assets. |
(c) | Includes $30 million and $50 million of liabilities that are not obligations to third-party beneficial interest holders at September 30, 2017, and December 31, 2016, respectively. |
(d) | Represents retained notes and certificated residual interests, of which $40 million is classified as held-to-maturity securities and $2 million is classified as other assets at September 30, 2017. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations, which became effective on December 24, 2016. |
(e) | Maximum exposure to loss represents the current unpaid principal balance of outstanding loans, retained notes, certificated residual interests, as well as certain noncertificated interests retained from the sale of automotive finance receivables. This measure is based on the very unlikely event that all of our sold loans have defects that would trigger a representation and warranty provision and the underlying collateral supporting the loans becomes worthless. This required disclosure is not an indication of our expected loss. |
(f) | Amounts are classified as other assets. |
(g) | Amounts are classified as accrued expenses and other liabilities. |
(h) | For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the underlying properties cease generating yield to investors and the yield delivered to investors in the form of low income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. |
Nine months ended September 30, ($ in millions) | Consumer automotive | |||
2017 | ||||
Cash proceeds from transfers completed during the period | $ | 1,187 | ||
Cash disbursements for repurchases during the period (a) | (491 | ) | ||
Servicing fees | 25 | |||
Cash flows received on retained interests in securitization entities | 16 | |||
Other cash flows | 4 | |||
2016 | ||||
Cash proceeds from transfers completed during the period | $ | 1,659 | ||
Servicing fees | 27 | |||
Other cash flows | 6 |
(a) | During the second quarter of 2017, we elected to not renew a retail automotive credit conduit facility and also purchased the related retail automotive loans and settled associated retained interests. |
Total amount | Amount 60 days or more past due | |||||||||||||||
($ in millions) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||
On-balance sheet finance receivables and loans | ||||||||||||||||
Consumer automotive | $ | 67,077 | $ | 65,793 | $ | 675 | $ | 730 | ||||||||
Consumer mortgage | 12,015 | 11,050 | 85 | 85 | ||||||||||||
Commercial automotive | 36,005 | 38,853 | 13 | 7 | ||||||||||||
Commercial other | 3,774 | 3,248 | 8 | — | ||||||||||||
Total on-balance sheet finance receivables and loans | 118,871 | 118,944 | 781 | 822 | ||||||||||||
Off-balance sheet securitization entities | ||||||||||||||||
Consumer automotive | 2,293 | 2,392 | 14 | 13 | ||||||||||||
Total off-balance sheet securitization entities | 2,293 | 2,392 | 14 | 13 | ||||||||||||
Whole-loan sales (a) | 1,655 | 3,164 | 4 | 6 | ||||||||||||
Total | $ | 122,819 | $ | 124,500 | $ | 799 | $ | 841 |
(a) | Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. |
Net credit losses | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
On-balance sheet finance receivables and loans | ||||||||||||||||
Consumer automotive | $ | 242 | $ | 219 | $ | 692 | $ | 540 | ||||||||
Consumer mortgage | 1 | (6 | ) | 3 | 4 | |||||||||||
Commercial automotive | 1 | — | 1 | — | ||||||||||||
Commercial other | 9 | — | 9 | — | ||||||||||||
Total on-balance sheet finance receivables and loans | 253 | 213 | 705 | 544 | ||||||||||||
Off-balance sheet securitization entities | ||||||||||||||||
Consumer automotive | 3 | 2 | 9 | 6 | ||||||||||||
Total off-balance sheet securitization entities | 3 | 2 | 9 | 6 | ||||||||||||
Whole-loan sales (a) | 1 | 1 | 3 | 2 | ||||||||||||
Total | $ | 257 | $ | 216 | $ | 717 | $ | 552 |
(a) | Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors. |
($ in millions) | September 30, 2017 | December 31, 2016 | |||||
On-balance sheet automotive finance loans and leases | |||||||
Consumer automotive | $ | 66,721 | $ | 65,646 | |||
Commercial automotive | 36,005 | 38,853 | |||||
Operating leases | 8,853 | 11,311 | |||||
Other | 71 | 67 | |||||
Off-balance sheet automotive finance loans | |||||||
Securitizations | 2,312 | 2,412 | |||||
Whole-loan sales | 1,668 | 3,191 | |||||
Total serviced automotive finance loans and leases | $ | 115,630 | $ | 121,480 |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Property and equipment at cost | $ | 1,024 | $ | 901 | ||||
Accumulated depreciation | (587 | ) | (525 | ) | ||||
Net property and equipment | 437 | 376 | ||||||
Restricted cash collections for securitization trusts (a) | 1,260 | 1,694 | ||||||
Nonmarketable equity investments (b) | 1,065 | 1,046 | ||||||
Net deferred tax assets | 659 | 994 | ||||||
Accrued interest and rent receivables | 508 | 476 | ||||||
Goodwill (c) | 240 | 240 | ||||||
Other accounts receivable | 212 | 100 | ||||||
Cash reserve deposits held for securitization trusts (d) | 120 | 184 | ||||||
Restricted cash and cash equivalents | 112 | 111 | ||||||
Fair value of derivative contracts in receivable position (e) | 37 | 95 | ||||||
Cash collateral placed with counterparties | 20 | 167 | ||||||
Other assets | 1,393 | 1,371 | ||||||
Total other assets | $ | 6,063 | $ | 6,854 |
(a) | Represents cash collections from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt. |
(b) | Includes investments in FHLB stock of $581 million and $577 million at September 30, 2017, and December 31, 2016, respectively; and Federal Reserve Bank (FRB) stock of $445 million and $435 million at September 30, 2017, and December 31, 2016, respectively. |
(c) | Includes goodwill of $27 million within our Insurance operations at both September 30, 2017, and December 31, 2016; $193 million within Corporate and Other at both September 30, 2017, and December 31, 2016; and $20 million within Automotive Finance operations at both September 30, 2017, and December 31, 2016. No changes to the carrying amount of goodwill were recorded during the nine months ended September 30, 2017. |
(d) | Represents credit enhancement in the form of cash reserves for various securitization transactions. |
(e) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
($ in millions) | September 30, 2017 | December 31, 2016 | |||||
Noninterest-bearing deposits | $ | 129 | $ | 84 | |||
Interest-bearing deposits | |||||||
Savings and money market checking accounts | 50,287 | 46,976 | |||||
Certificates of deposit | 39,686 | 31,795 | |||||
Dealer deposits | 14 | 167 | |||||
Total deposit liabilities | $ | 90,116 | $ | 79,022 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
($ in millions) | Unsecured | Secured (a) | Total | Unsecured | Secured (a) | Total | ||||||||||||||||||
Demand notes | $ | 3,379 | $ | — | $ | 3,379 | $ | 3,622 | $ | — | $ | 3,622 | ||||||||||||
Federal Home Loan Bank | — | 5,625 | 5,625 | — | 7,875 | 7,875 | ||||||||||||||||||
Financial instruments sold under agreements to repurchase | — | 1,171 | 1,171 | — | 1,176 | 1,176 | ||||||||||||||||||
Total short-term borrowings | $ | 3,379 | $ | 6,796 | $ | 10,175 | $ | 3,622 | $ | 9,051 | $ | 12,673 |
(a) | Refer to the section below titled Long-term Debt for further details on assets restricted as collateral for payment of the related debt. |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
($ in millions) | Unsecured | Secured | Total | Unsecured | Secured | Total | ||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||
Due within one year | $ | 3,828 | $ | 6,642 | $ | 10,470 | $ | 4,274 | $ | 10,279 | $ | 14,553 | ||||||||||||
Due after one year (a) | 13,129 | 21,249 | 34,378 | 15,450 | 23,810 | 39,260 | ||||||||||||||||||
Fair value adjustment (b) | 289 | (15 | ) | 274 | 326 | (11 | ) | 315 | ||||||||||||||||
Total long-term debt (c) | $ | 17,246 | $ | 27,876 | $ | 45,122 | $ | 20,050 | $ | 34,078 | $ | 54,128 |
(a) | Includes $2.6 billion of trust preferred securities at both September 30, 2017, and December 31, 2016. |
(b) | Represents the fair value adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 19 for additional information. |
(c) | Includes advances from the FHLB of Pittsburgh of $8.4 billion and $6.1 billion at September 30, 2017, and December 31, 2016, respectively. |
($ in millions) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 and thereafter | Fair value adjustment | Total | ||||||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,590 | $ | 3,582 | $ | 1,680 | $ | 2,252 | $ | 637 | $ | 8,475 | $ | 289 | $ | 18,505 | ||||||||||||||||
Original issue discount | (24 | ) | (100 | ) | (39 | ) | (39 | ) | (43 | ) | (1,014 | ) | — | (1,259 | ) | |||||||||||||||||
Total unsecured | 1,566 | 3,482 | 1,641 | 2,213 | 594 | 7,461 | 289 | 17,246 | ||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||||||||
Long-term debt | 1,048 | 7,379 | 7,617 | 6,818 | 3,179 | 1,850 | (15 | ) | 27,876 | |||||||||||||||||||||||
Total long-term debt | $ | 2,614 | $ | 10,861 | $ | 9,258 | $ | 9,031 | $ | 3,773 | $ | 9,311 | $ | 274 | $ | 45,122 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
($ in millions) | Total (a) | Ally Bank | Total (a) | Ally Bank | ||||||||||||
Investment securities (b) | $ | 6,676 | $ | 5,482 | $ | 4,895 | $ | 4,231 | ||||||||
Mortgage assets held-for-investment and lending receivables | 11,888 | 11,888 | 10,954 | 10,954 | ||||||||||||
Consumer automotive finance receivables (b) | 21,261 | 4,818 | 27,846 | 5,751 | ||||||||||||
Commercial automotive finance receivables | 16,142 | 16,018 | 19,487 | 19,280 | ||||||||||||
Investment in operating leases, net | 737 | 7 | 2,040 | 913 | ||||||||||||
Total assets restricted as collateral (c) (d) | $ | 56,704 | $ | 38,213 | $ | 65,222 | $ | 41,129 | ||||||||
Secured debt | $ | 34,672 | (e) | $ | 18,781 | $ | 43,129 | (e) | $ | 22,149 |
(a) | Ally Bank is a component of the total column. |
(b) | A portion of the restricted investment securities at September 30, 2017, and December 31, 2016, and consumer automotive finance receivables at December 31, 2016, were restricted under repurchase agreements. Refer to the section above titled Short-term Borrowings 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 $21.4 billion and $19.0 billion at September 30, 2017, and December 31, 2016, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans and investment securities. Ally Bank has access to the FRB Discount Window. Ally Bank had assets pledged and restricted as collateral to the FRB totaling $2.3 billion and $2.4 billion at September 30, 2017, and December 31, 2016, respectively. These assets were composed of consumer automotive finance receivables and loans and operating lease assets. 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 12 for additional information. |
(e) | Includes $6.8 billion and $9.1 billion of short-term borrowings at September 30, 2017, and December 31, 2016, respectively. |
Outstanding | Unused capacity (a) | Total capacity | ||||||||||||||||||||||
($ in millions) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Bank funding | ||||||||||||||||||||||||
Secured (b) | $ | 1,350 | $ | 3,250 | $ | 2,325 | $ | 350 | $ | 3,675 | $ | 3,600 | ||||||||||||
Parent funding | ||||||||||||||||||||||||
Secured | 8,180 | 11,550 | 2,820 | 1,975 | 11,000 | 13,525 | ||||||||||||||||||
Unsecured | — | — | — | 1,250 | — | 1,250 | ||||||||||||||||||
Total committed facilities | $ | 9,530 | $ | 14,800 | $ | 5,145 | $ | 3,575 | $ | 14,675 | $ | 18,375 |
(a) | Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities. |
(b) | Excludes off-balance sheet credit facility amounts. |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Accounts payable | $ | 863 | $ | 649 | ||||
Employee compensation and benefits | 227 | 232 | ||||||
Reserves for insurance losses and loss adjustment expenses | 173 | 149 | ||||||
Deferred revenue | 34 | 56 | ||||||
Fair value of derivative contracts in payable position (a) | 30 | 95 | ||||||
Cash collateral received from counterparties | 14 | 10 | ||||||
Other liabilities | 551 | 546 | ||||||
Total accrued expenses and other liabilities | $ | 1,892 | $ | 1,737 |
(a) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
($ in millions) | Unrealized (losses) gains on investment securities (a) | Translation adjustments and net investment hedges (b) | Cash flow hedges (b) | Defined benefit pension plans | Accumulated other comprehensive (loss) income | ||||||||||||||
Balance at December 31, 2015 | $ | (159 | ) | $ | 9 | $ | 8 | $ | (89 | ) | $ | (231 | ) | ||||||
2016 net change | 258 | 5 | — | (1 | ) | 262 | |||||||||||||
Balance at September 30, 2016 | $ | 99 | $ | 14 | $ | 8 | $ | (90 | ) | $ | 31 | ||||||||
Balance at December 31, 2016 | $ | (273 | ) | $ | 14 | $ | 8 | $ | (90 | ) | $ | (341 | ) | ||||||
2017 net change | 142 | 2 | 1 | (1 | ) | 144 | |||||||||||||
Balance at September 30, 2017 | $ | (131 | ) | $ | 16 | $ | 9 | $ | (91 | ) | $ | (197 | ) |
(a) | Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. |
(b) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
Three months ended September 30, 2017 ($ in millions) | Before tax | Tax effect | After tax | ||||||||
Investment securities | |||||||||||
Net unrealized gains arising during the period | $ | 95 | $ | (22 | ) | $ | 73 | ||||
Less: Net realized gains reclassified to income from continuing operations | 25 | (a) | 2 | (b) | 27 | ||||||
Net change | 70 | (24 | ) | 46 | |||||||
Translation adjustments | |||||||||||
Net unrealized gains arising during the period | 8 | (3 | ) | 5 | |||||||
Net investment hedges (c) | |||||||||||
Net unrealized losses arising during the period | (6 | ) | 3 | (3 | ) | ||||||
Cash flow hedges (c) | |||||||||||
Net unrealized gains arising during the period | 1 | (1 | ) | — | |||||||
Other comprehensive income | $ | 73 | $ | (25 | ) | $ | 48 |
(a) | Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. |
(b) | Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
Three months ended September 30, 2016 ($ in millions) | Before tax | Tax effect | After tax | ||||||||
Investment securities | |||||||||||
Net unrealized gains arising during the period | $ | 41 | $ | (4 | ) | $ | 37 | ||||
Less: Net realized gains reclassified to income from continuing operations | 52 | (a) | (11 | ) | (b) | 41 | |||||
Net change | (11 | ) | 7 | (4 | ) | ||||||
Translation adjustments | |||||||||||
Net unrealized losses arising during the period | (2 | ) | 1 | (1 | ) | ||||||
Net investment hedges (c) | |||||||||||
Net unrealized gains arising during the period | 2 | (1 | ) | 1 | |||||||
Other comprehensive income | $ | (11 | ) | $ | 7 | $ | (4 | ) |
(a) | Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. |
(b) | Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
Nine months ended September 30, 2017 ($ in millions) | Before tax | Tax effect | After tax | ||||||||
Investment securities | |||||||||||
Net unrealized gains arising during the period | $ | 278 | $ | (64 | ) | $ | 214 | ||||
Less: Net realized gains reclassified to income from continuing operations | 75 | (a) | (3 | ) | (b) | 72 | |||||
Net change | 203 | (61 | ) | 142 | |||||||
Translation adjustments | |||||||||||
Net unrealized gains arising during the period | 14 | (5 | ) | 9 | |||||||
Net investment hedges (c) | |||||||||||
Net unrealized losses arising during the period | (12 | ) | 5 | (7 | ) | ||||||
Cash flow hedges (c) | |||||||||||
Net unrealized gains arising during the period | 2 | (1 | ) | 1 | |||||||
Defined benefit pension plans | |||||||||||
Net unrealized losses arising during the period | (1 | ) | — | (1 | ) | ||||||
Other comprehensive income | $ | 206 | $ | (62 | ) | $ | 144 |
(a) | Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. |
(b) | Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
Nine months ended September 30, 2016 ($ in millions) | Before Tax | Tax Effect | After Tax | ||||||||
Investment securities | |||||||||||
Net unrealized gains arising during the period | $ | 506 | $ | (133 | ) | $ | 373 | ||||
Less: Net realized gains reclassified to income from continuing operations | 145 | (a) | (30 | ) | (b) | 115 | |||||
Net change | 361 | (103 | ) | 258 | |||||||
Translation adjustments | |||||||||||
Net unrealized gains arising during the period | 10 | (4 | ) | 6 | |||||||
Less: Net realized losses reclassified to income from discontinued operations, net of tax | (1 | ) | — | (1 | ) | ||||||
Net change | 11 | (4 | ) | 7 | |||||||
Net investment hedges (c) | |||||||||||
Net unrealized losses arising during the period | (4 | ) | 2 | (2 | ) | ||||||
Defined benefit pension plans | |||||||||||
Net unrealized losses arising during the period | (1 | ) | — | (1 | ) | ||||||
Other comprehensive income | $ | 367 | $ | (105 | ) | $ | 262 |
(a) | Includes gains reclassified to other gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. |
(b) | Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. |
(c) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions, except per share data; shares in thousands) (a) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income from continuing operations | $ | 280 | $ | 261 | $ | 747 | $ | 865 | ||||||||
Preferred stock dividends | — | — | — | (30 | ) | |||||||||||
Net income from continuing operations attributable to common shareholders | 280 | 261 | 747 | 835 | ||||||||||||
Income (loss) from discontinued operations, net of tax | 2 | (52 | ) | 1 | (46 | ) | ||||||||||
Net income attributable to common shareholders | $ | 282 | $ | 209 | $ | 748 | $ | 789 | ||||||||
Basic weighted-average common shares outstanding (b) | 449,169 | 482,393 | 457,612 | 483,993 | ||||||||||||
Diluted weighted-average common shares outstanding (b) | 451,078 | 483,575 | 458,848 | 484,762 | ||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.73 | ||||||||
Income (loss) from discontinued operations, net of tax | — | (0.11 | ) | — | (0.10 | ) | ||||||||||
Net income | $ | 0.63 | $ | 0.43 | $ | 1.63 | $ | 1.63 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.72 | ||||||||
Income (loss) from discontinued operations, net of tax | — | (0.11 | ) | — | (0.10 | ) | ||||||||||
Net income | $ | 0.63 | $ | 0.43 | $ | 1.63 | $ | 1.63 |
(a) | Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
(b) | Includes shares related to share-based compensation that vested but were not yet issued for the three months and nine months ended September 30, 2017, and 2016. |
September 30, 2017 | December 31, 2016 | Required minimum | Well-capitalized minimum | ||||||||||||||||
($ in millions) | Amount | Ratio | Amount | Ratio | |||||||||||||||
Capital ratios | |||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | |||||||||||||||||||
Ally Financial Inc. | $ | 13,175 | 9.72 | % | $ | 12,978 | 9.37 | % | 4.50 | % | (a) | ||||||||
Ally Bank | 16,454 | 15.39 | 17,888 | 16.70 | 4.50 | 6.50 | % | ||||||||||||
Tier 1 (to risk-weighted assets) | |||||||||||||||||||
Ally Financial Inc. | $ | 15,539 | 11.46 | % | $ | 15,147 | 10.93 | % | 6.00 | % | 6.00 | % | |||||||
Ally Bank | 16,454 | 15.39 | 17,888 | 16.70 | 6.00 | 8.00 | |||||||||||||
Total (to risk-weighted assets) | |||||||||||||||||||
Ally Financial Inc. | $ | 17,891 | 13.19 | % | $ | 17,419 | 12.57 | % | 8.00 | % | 10.00 | % | |||||||
Ally Bank | 17,215 | 16.10 | 18,458 | 17.24 | 8.00 | 10.00 | |||||||||||||
Tier 1 leverage (to adjusted quarterly average assets) (b) | |||||||||||||||||||
Ally Financial Inc. | $ | 15,539 | 9.51 | % | $ | 15,147 | 9.54 | % | 4.00 | % | (a) | ||||||||
Ally Bank | 16,454 | 12.89 | 17,888 | 15.21 | 4.00 | (c) | 5.00 | % |
(a) | Currently, there is no ratio component for determining whether a BHC is "well-capitalized." |
(b) | Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. |
(c) | On August 22, 2017, the FRB lifted the capital, liquidity, and business plan commitments that Ally Bank made in connection with its application for membership in the Federal Reserve System, including the commitment to maintain a Tier 1 leverage ratio of at least 15%. Ally Bank now manages its capital and liquidity subject to applicable regulatory requirements. |
($ in millions, except per share data; shares in thousands) | 3rd quarter 2017 | 2nd quarter 2017 | 1st quarter 2017 | 4th quarter 2016 | 3rd quarter 2016 | ||||||||||
Common shares repurchased during period (a) | |||||||||||||||
Approximate dollar value | $ | 190 | $ | 204 | $ | 169 | $ | 167 | $ | 159 | |||||
Number of shares | 8,507 | 10,485 | 8,097 | 8,745 | 8,298 | ||||||||||
Number of common shares outstanding | |||||||||||||||
Beginning of period | 452,292 | 462,193 | 467,000 | 475,470 | 483,753 | ||||||||||
End of period | 443,796 | 452,292 | 462,193 | 467,000 | 475,470 | ||||||||||
Cash dividends declared per common share (b) | $ | 0.12 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
(a) | Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. |
(b) | On October 10, 2017, the Ally Board of Directors declared a quarterly cash dividend payment of $0.12 per share on all common stock, payable on November 15, 2017. Refer to Note 26 for further information regarding this common share dividend. |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Derivative contracts in a | Notional amount | Derivative contracts in a | Notional amount | |||||||||||||||||||||
($ in millions) | receivable position (a) | payable position (b) | receivable position (a) | payable position (b) | ||||||||||||||||||||
Derivatives designated as accounting hedges | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Swaps (c) (d) (e) (f) (g) | $ | — | $ | — | $ | 6,140 | $ | 19 | $ | 21 | $ | 4,731 | ||||||||||||
Futures (h) | 1 | — | 60 | — | — | — | ||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||
Forwards | 3 | — | 176 | 1 | — | 171 | ||||||||||||||||||
Total derivatives designated as accounting hedges | 4 | — | 6,376 | 20 | 21 | 4,902 | ||||||||||||||||||
Derivatives not designated as accounting hedges | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Swaps | — | — | — | — | — | 137 | ||||||||||||||||||
Futures and forwards | — | — | 116 | — | — | — | ||||||||||||||||||
Written options | 1 | 30 | 9,452 | — | 73 | 14,518 | ||||||||||||||||||
Purchased options | 30 | — | 9,335 | 73 | — | 14,517 | ||||||||||||||||||
Total interest rate risk | 31 | 30 | 18,903 | 73 | 73 | 29,172 | ||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||
Futures and forwards | 2 | — | 130 | 1 | — | 92 | ||||||||||||||||||
Total foreign exchange risk | 2 | — | 130 | 1 | — | 92 | ||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||
Written options | — | — | — | — | 1 | — | ||||||||||||||||||
Purchased options | — | — | — | 1 | — | — | ||||||||||||||||||
Total equity risk | — | — | — | 1 | 1 | — | ||||||||||||||||||
Total derivatives not designated as accounting hedges | 33 | 30 | 19,033 | 75 | 74 | 29,264 | ||||||||||||||||||
Total derivatives | $ | 37 | $ | 30 | $ | 25,409 | $ | 95 | $ | 95 | $ | 34,166 |
(a) | Derivative contracts in a receivable position are classified as other assets on the Condensed Consolidated Balance Sheet, and include accrued interest of $0 million and $7 million at September 30, 2017, and December 31, 2016, respectively. |
(b) | Derivative contracts in a liability position are classified as accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet, and include accrued interest of $0 million and $1 million at September 30, 2017, and December 31, 2016, respectively. |
(c) | Includes fair value hedges consisting of receive-fixed swaps on fixed-rate unsecured debt obligations with $0 million and $8 million in a receivable position, $0 million and $14 million in a payable position, and a $3.1 billion and $1.7 billion notional amount at September 30, 2017, and December 31, 2016, respectively. The hedge notional amount of $3.1 billion at September 30, 2017, is associated with debt maturing in approximately five or more years. |
(d) | Includes fair value hedges consisting of receive-fixed swaps on fixed-rate secured debt obligations (FHLB advances) with $0 million and $0 million in a receivable position, $0 million and $7 million in a payable position, and a $1.6 billion and $240 million notional amount at September 30, 2017, and December 31, 2016, respectively. Other fair value hedges include pay-fixed swaps on portfolios of held-for-investment automotive loan assets with $0 million and $10 million in a receivable position, $0 million and $1 million in a payable position, and a $0.0 billion and $2.8 billion notional amount at September 30, 2017, and December 31, 2016, respectively. |
(e) | Includes cash flow hedge of pay-fixed swap on variable-rate borrowings of a secured credit facility with $0 million in a receivable and payable position, and $1.3 billion of notional amount at September 30, 2017. |
(f) | Includes fair value hedge of pay-fixed swaps on fixed-rate U.S. Treasury securities with $0 million in a receivable and payable position, and $225 million of notional amount at September 30, 2017. |
(g) | Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated collateral exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position in our Condensed Consolidated Balance Sheet. |
(h) | Includes fair value hedge of future contract on fixed-rate U.S. Treasury securities with $1 million in a receivable position, $0 million in a payable position, and $60 million of notional amount at September 30, 2017. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Derivatives qualifying for hedge accounting | ||||||||||||||||
Gain (loss) recognized in earnings on derivatives | ||||||||||||||||
Interest rate contracts | ||||||||||||||||
Interest and fees on finance receivables and loans (a) | $ | — | $ | 16 | $ | 1 | $ | (18 | ) | |||||||
Interest and dividends on investment securities | 4 | — | 1 | — | ||||||||||||
Interest on long-term debt (b) | (5 | ) | (31 | ) | 19 | 211 | ||||||||||
(Loss) gain recognized in earnings on hedged items | ||||||||||||||||
Interest rate contracts | ||||||||||||||||
Interest and fees on finance receivables and loans (c) | — | (17 | ) | (3 | ) | 16 | ||||||||||
Interest and dividends on investment securities | (4 | ) | — | (1 | ) | — | ||||||||||
Interest on long-term debt (d) | 5 | 32 | (18 | ) | (214 | ) | ||||||||||
Total derivatives qualifying for hedge accounting | — | — | (1 | ) | (5 | ) | ||||||||||
Derivatives not designated as accounting hedges | ||||||||||||||||
Gain (loss) recognized in earnings on derivatives | ||||||||||||||||
Interest rate contracts | ||||||||||||||||
Gain on mortgage and automotive loans, net | — | — | 1 | — | ||||||||||||
Other income, net of losses | — | (5 | ) | (3 | ) | (2 | ) | |||||||||
Total interest rate contracts | — | (5 | ) | (2 | ) | (2 | ) | |||||||||
Foreign exchange contracts (e) | ||||||||||||||||
Interest on long-term debt | — | — | — | (2 | ) | |||||||||||
Other income, net of losses | (3 | ) | (1 | ) | (7 | ) | (4 | ) | ||||||||
Total foreign exchange contracts | (3 | ) | (1 | ) | (7 | ) | (6 | ) | ||||||||
Equity contracts | ||||||||||||||||
Compensation and benefits expense | — | 2 | — | — | ||||||||||||
Total equity contracts | — | 2 | — | — | ||||||||||||
Loss recognized in earnings on derivatives | $ | (3 | ) | $ | (4 | ) | $ | (10 | ) | $ | (13 | ) |
(a) | Amounts exclude losses related to interest for qualifying accounting hedges of retail automotive loans held-for-investment, which are primarily offset by the fixed coupon payments of the loans. The losses were $0 million and $4 million for the three months ended September 30, 2017, and 2016, respectively, and $1 million and $16 million for the nine months ended September 30, 2017, and 2016, respectively. |
(b) | Amounts exclude gains related to interest for qualifying accounting hedges of unsecured debt, which are primarily offset by the fixed coupon payment on the long-term debt. The gains were $7 million for both the three months ended September 30, 2017, and 2016, and $19 million and $34 million for the nine months ended September 30, 2017, and 2016, respectively. Amounts also exclude gains related to interest for qualifying accounting hedges of secured debt (FHLB advances), which are primarily offset by the fixed coupon payment on the long-term debt. The gains were $0 million and $1 million for the three months ended September 30, 2017, and 2016, respectively, and $1 million and $4 million for the nine months ended September 30, 2017, and 2016, respectively. |
(c) | Amounts exclude losses related to amortization of deferred loan basis adjustments on the de-designated hedged item of $6 million for both the three months ended September 30, 2017, and 2016, and $17 million and $15 million for the nine months ended September 30, 2017, and 2016, respectively. |
(d) | Amounts exclude gains related to amortization of deferred debt basis adjustments on the de-designated hedged item of $19 million and $23 million for the three months ended September 30, 2017, and 2016, respectively, and $59 million and $62 million for the nine months ended September 30, 2017, and 2016, respectively. Amounts also exclude losses related to amortization of deferred debt basis adjustments (FHLB advances) on the de-designated hedge item of $1 million for the three months ended September 30, 2017, and $2 million for the nine months ended September 30, 2017. |
(e) | Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of $3 million and $1 million were recognized for the three months ended September 30, 2017, and 2016, respectively, and gains of $8 million and $4 million were recognized for the nine months ended September 30, 2017, and 2016, respectively. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Cash flow hedges | |||||||||||||||
Interest rate contracts | |||||||||||||||
Gain recognized in other comprehensive loss | $ | 2 | $ | — | $ | 2 | $ | — | |||||||
Net investment hedges | |||||||||||||||
Foreign exchange contracts | |||||||||||||||
(Loss) gain recognized in other comprehensive loss (a) | $ | (6 | ) | $ | 2 | $ | (12 | ) | $ | (4 | ) |
(a) | The amounts represent the effective portion of net investment hedges. There are offsetting amounts recognized in accumulated other comprehensive loss related to the revaluation of the related net investment in foreign operations, including the tax impacts of the hedge and related net investment, as disclosed separately in Note 16. There were gains of $7 million and losses of $2 million for the three months ended September 30, 2017, and 2016, respectively, and gains of $14 million and $9 million for the nine months ended September 30, 2017, and 2016. |
Level 1 | Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity. |
Level 2 | Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. |
Level 3 | Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management's best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. |
Transfers | Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfer occurred. |
• | Available-for-sale securities — All classes of available-for-sale securities are carried at fair value based on observable market prices, when available. If observable market prices are not available, our valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate and consider recent market transactions, experience with similar securities, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we are required to utilize various significant assumptions including market observable inputs (e.g., forward interest rates) and internally developed inputs (including prepayment speeds, delinquency levels, and credit losses). |
• | Interests retained in financial asset sales — Includes certain noncertificated interests retained from the sale of automotive finance receivables. Due to inactivity in the market, valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate; therefore, we classified these assets as Level 3. The valuation considers recent market transactions, experience with similar assets, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (e.g., forward interest rates) and internally developed inputs (e.g., prepayment speeds, delinquency levels, and credit losses). |
• | Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk management strategies. Certain of these derivatives are exchange traded, such as Eurodollar futures, options of Eurodollar futures, and equity options. To determine the fair value of these instruments, we utilize the quoted market prices for the particular derivative contracts; therefore, we classified these contracts as Level 1. |
Recurring fair value measurements | ||||||||||||||||
September 30, 2017 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. Treasury | $ | 2,073 | $ | — | $ | — | $ | 2,073 | ||||||||
U.S. States and political subdivisions | — | 851 | — | 851 | ||||||||||||
Foreign government | 8 | 149 | — | 157 | ||||||||||||
Agency mortgage-backed residential | — | 14,344 | — | 14,344 | ||||||||||||
Mortgage-backed residential | — | 2,310 | — | 2,310 | ||||||||||||
Mortgage-backed commercial | — | 509 | — | 509 | ||||||||||||
Asset-backed | — | 1,039 | — | 1,039 | ||||||||||||
Corporate debt | — | 1,291 | — | 1,291 | ||||||||||||
Total debt securities | 2,081 | 20,493 | — | 22,574 | ||||||||||||
Equity securities (a) | 525 | — | — | 525 | ||||||||||||
Total available-for-sale securities | 2,606 | 20,493 | — | 23,099 | ||||||||||||
Mortgage loans held-for-sale | — | — | 9 | 9 | ||||||||||||
Interests retained in financial asset sales | — | — | 5 | 5 | ||||||||||||
Derivative contracts in a receivable position | ||||||||||||||||
Interest rate | 1 | 30 | 1 | 32 | ||||||||||||
Foreign currency | — | 5 | — | 5 | ||||||||||||
Total derivative contracts in a receivable position | 1 | 35 | 1 | 37 | ||||||||||||
Total assets | $ | 2,607 | $ | 20,528 | $ | 15 | $ | 23,150 | ||||||||
Liabilities | ||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||
Derivative contracts in a payable position | ||||||||||||||||
Interest rate | $ | — | $ | (30 | ) | $ | — | $ | (30 | ) | ||||||
Total derivative contracts in a payable position | — | (30 | ) | — | (30 | ) | ||||||||||
Total liabilities | $ | — | $ | (30 | ) | $ | — | $ | (30 | ) |
(a) | Our investment in any one industry did not exceed 15%. |
Recurring fair value measurements | ||||||||||||||||
December 31, 2016 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. Treasury | $ | 1,620 | $ | — | $ | — | $ | 1,620 | ||||||||
U.S. States and political subdivisions | — | 782 | — | 782 | ||||||||||||
Foreign government | 11 | 151 | — | 162 | ||||||||||||
Agency mortgage-backed residential | — | 10,290 | — | 10,290 | ||||||||||||
Mortgage-backed residential | — | 2,097 | — | 2,097 | ||||||||||||
Mortgage-backed commercial | — | 537 | — | 537 | ||||||||||||
Asset-backed | — | 1,400 | — | 1,400 | ||||||||||||
Corporate debt | — | 1,443 | — | 1,443 | ||||||||||||
Total debt securities | 1,631 | 16,700 | — | 18,331 | ||||||||||||
Equity securities (a) | 595 | — | — | 595 | ||||||||||||
Total available-for-sale securities | 2,226 | 16,700 | — | 18,926 | ||||||||||||
Other assets | ||||||||||||||||
Interests retained in financial asset sales | — | — | 29 | 29 | ||||||||||||
Derivative contracts in a receivable position | ||||||||||||||||
Interest rate | — | 92 | — | 92 | ||||||||||||
Foreign currency | — | 2 | — | 2 | ||||||||||||
Other | 1 | — | — | 1 | ||||||||||||
Total derivative contracts in a receivable position | 1 | 94 | — | 95 | ||||||||||||
Total assets | $ | 2,227 | $ | 16,794 | $ | 29 | $ | 19,050 | ||||||||
Liabilities | ||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||
Derivative contracts in a payable position | ||||||||||||||||
Interest rate | $ | — | $ | (94 | ) | $ | — | $ | (94 | ) | ||||||
Other | (1 | ) | — | — | (1 | ) | ||||||||||
Total derivative contracts in a payable position | (1 | ) | (94 | ) | — | (95 | ) | |||||||||
Total liabilities | $ | (1 | ) | $ | (94 | ) | $ | — | $ | (95 | ) |
(a) | Our investment in any one industry did not exceed 14%. |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||
Net realized/unrealized gains | Fair value at September 30, 2017 | Net unrealized gains included in earnings still held at September 30, 2017 | ||||||||||||||||||||||||||
($ in millions) | Fair value at July 1, 2017 | included in earnings | included in OCI | Purchases | Sales | Issuances | Settlements | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Mortgage loans held-for-sale | $ | 3 | $ | 1 | $ | — | $ | 49 | $ | (44 | ) | $ | — | $ | — | $ | 9 | $ | — | |||||||||
Other assets | ||||||||||||||||||||||||||||
Interests retained in financial asset sales | 5 | — | — | — | — | — | — | 5 | — | |||||||||||||||||||
Derivative assets | 1 | — | — | — | — | — | — | 1 | — | |||||||||||||||||||
Total assets | $ | 9 | $ | 1 | $ | — | $ | 49 | $ | (44 | ) | $ | — | $ | — | $ | 15 | $ | — |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||
Fair value at July 1, 2016 | Net realized/unrealized gains | Purchases | Sales | Issuances | Settlements | Fair value at September 30, 2016 | Net unrealized gains included in earnings still held at September 30, 2016 | |||||||||||||||||||||
($ in millions) | included in earnings | included in OCI | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||
Interests retained in financial asset sales | $ | 31 | $ | 1 | (a) | $ | — | $ | — | $ | 2 | $ | — | $ | (2 | ) | $ | 32 | $ | — | ||||||||
Total assets | $ | 31 | $ | 1 | $ | — | $ | — | $ | 2 | $ | — | $ | (2 | ) | $ | 32 | $ | — |
(a) | Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||
Net realized/unrealized gains | Fair value at September 30, 2017 | Net unrealized gains included in earnings still held at September 30, 2017 | ||||||||||||||||||||||||||
($ in millions) | Fair value at Jan. 1, 2017 | included in earnings | included in OCI | Purchases | Sales | Issuances | Settlements | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Mortgage loans held-for-sale | $ | — | $ | 1 | $ | — | $ | 72 | $ | (64 | ) | $ | — | $ | — | $ | 9 | $ | — | |||||||||
Other assets | ||||||||||||||||||||||||||||
Interests retained in financial asset sales | 29 | 1 | — | — | 8 | — | (33 | ) | 5 | — | ||||||||||||||||||
Derivative assets | — | 1 | — | — | — | — | — | 1 | 1 | |||||||||||||||||||
Total assets | $ | 29 | $ | 3 | $ | — | $ | 72 | $ | (56 | ) | $ | — | $ | (33 | ) | $ | 15 | $ | 1 |
Level 3 recurring fair value measurements | ||||||||||||||||||||||||||||
Fair value at Jan. 1, 2016 | Net realized/unrealized gains | Purchases | Sales | Issuances | Settlements | Fair value at September 30, 2016 | Net unrealized gains included in earnings still held at September 30, 2016 | |||||||||||||||||||||
($ in millions) | included in earnings | included in OCI | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||
Interests retained in financial asset sales | $ | 40 | $ | 4 | (a) | $ | — | $ | — | $ | 8 | $ | — | $ | (20 | ) | $ | 32 | $ | — | ||||||||
Total assets | $ | 40 | $ | 4 | $ | — | $ | — | $ | 8 | $ | — | $ | (20 | ) | $ | 32 | $ | — |
(a) | Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. |
Nonrecurring fair value measurements | Lower-of-cost or fair value or valuation reserve allowance | Total gain (loss) included in earnings for the three months ended | Total gain (loss) included in earnings for the nine months ended | ||||||||||||||||||||||
September 30, 2017 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans held-for-sale, net | $ | — | $ | — | $ | 9 | $ | 9 | $ | — | n/m | (a) | n/m | (a) | |||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||||
Automotive | — | — | 29 | 29 | $ | (4 | ) | n/m | (a) | n/m | (a) | ||||||||||||||
Other | — | — | 35 | 35 | (16 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Total commercial finance receivables and loans, net | — | — | 64 | 64 | (20 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Other assets | |||||||||||||||||||||||||
Repossessed and foreclosed assets (c) | — | — | 13 | 13 | (2 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Other | — | — | 3 | 3 | — | n/m | (a) | n/m | (a) | ||||||||||||||||
Total assets | $ | — | $ | — | $ | 89 | $ | 89 | $ | (22 | ) | n/m | n/m |
(a) | We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance. |
(b) | Represents the portion of the portfolio specifically impaired during 2017. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables. |
(c) | The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Nonrecurring fair value measurements | Lower-of-cost or fair value or valuation reserve allowance | Total gain included in earnings for the three months ended | Total gain included in earnings for the nine months ended | ||||||||||||||||||||||
September 30, 2016 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans held-for-sale, net | $ | — | $ | — | $ | 56 | $ | 56 | $ | — | n/m | (a) | n/m | (a) | |||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||
Automotive | — | — | 30 | 30 | (7 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Other | — | — | 45 | 45 | (17 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Total commercial finance receivables and loans, net | — | — | 75 | 75 | (24 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Other assets | |||||||||||||||||||||||||
Repossessed and foreclosed assets (c) | — | — | 15 | 15 | (4 | ) | n/m | (a) | n/m | (a) | |||||||||||||||
Other | — | — | 7 | 7 | — | n/m | (a) | n/m | (a) | ||||||||||||||||
Total assets | $ | — | $ | — | $ | 153 | $ | 153 | $ | (28 | ) | n/m | n/m |
(a) | We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance. |
(b) | Represents the portion of the portfolio specifically impaired during 2016. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables. |
(c) | The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Estimated fair value | |||||||||||||||||||
($ in millions) | Carrying value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
September 30, 2017 | |||||||||||||||||||
Financial assets | |||||||||||||||||||
Held-to-maturity securities | $ | 1,839 | $ | — | $ | 1,807 | $ | — | $ | 1,807 | |||||||||
Loans held-for-sale, net | 9 | — | — | 9 | 9 | ||||||||||||||
Finance receivables and loans, net | 117,585 | — | — | 119,498 | 119,498 | ||||||||||||||
Nonmarketable equity investments (a) | 1,053 | — | 1,026 | 26 | 1,052 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposit liabilities | $ | 90,116 | $ | — | $ | — | $ | 88,151 | $ | 88,151 | |||||||||
Short-term borrowings | 10,175 | — | — | 10,177 | 10,177 | ||||||||||||||
Long-term debt | 45,122 | — | 29,776 | 17,880 | 47,656 | ||||||||||||||
December 31, 2016 | |||||||||||||||||||
Financial assets | |||||||||||||||||||
Held-to-maturity securities | $ | 839 | $ | — | $ | 789 | $ | — | $ | 789 | |||||||||
Finance receivables and loans, net | 117,800 | — | — | 118,750 | 118,750 | ||||||||||||||
Nonmarketable equity investments | 1,046 | — | 1,012 | 55 | 1,067 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposit liabilities | $ | 79,022 | $ | — | $ | — | $ | 78,469 | $ | 78,469 | |||||||||
Short-term borrowings | 12,673 | — | — | 12,675 | 12,675 | ||||||||||||||
Long-term debt | 54,128 | — | 22,036 | 34,084 | 56,120 |
(a) | Excludes investments with a carrying value of $12 million and fair value of $35 million at September 30, 2017, for which fair value is measured at net asset value (or its equivalent) as a practical expedient. |
• | Cash and cash equivalents — Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. Accordingly, the carrying value approximates the fair value of these instruments. |
• | Held-to-maturity securities — Held-to-maturity securities, which consist of asset-backed retained notes and residential mortgage-backed debt securities issued by government agencies, are carried at amortized cost. For fair value disclosure purposes, held-to-maturity securities are classified as Level 2, with fair value based on observable market prices, when available. |
• | Finance receivables and loans, net — With the exception of mortgage loans held-for-investment, the fair value of finance receivables and loans was based on discounted future cash flows using applicable spreads to approximate current rates applicable to each category of finance receivables and loans (an income approach using Level 3 inputs). The carrying value of commercial receivables in certain markets and certain automotive and other receivables for which interest rates reset on a short-term basis with applicable market indices are assumed to approximate fair value either because of the short-term nature or because of the interest rate adjustment feature. The fair value of commercial receivables in other markets was based on discounted future cash flows using applicable spreads to approximate current rates applicable to similar assets in those markets. |
• | Nonmarketable equity investments — Nonmarketable equity investments primarily include investments in FHLB and FRB stock and other equity investments carried at cost. As a member of the FHLB and FRB, Ally Bank is required to hold FHLB and FRB stock. The stock can be sold only to the FHLB and FRB upon termination of membership, or redeemed at the sole discretion of the FHLB and FRB, respectively. The fair value of FHLB and FRB stock is equal to the stock’s par value since the stock is bought, sold, and/or redeemed at par. FHLB and FRB stock is carried at cost, which generally represents the stock’s par value. |
• | Deposit liabilities — Deposit liabilities represent certain consumer and brokered bank deposits, mortgage escrow deposits, and dealer deposits. The fair value of deposits at Level 3 was estimated by discounting projected cash flows based on discount factors derived from the forward interest rate swap curve. |
• | Short-term borrowings and Long-term debt — Level 2 debt was valued using quoted market prices for similar instruments, when available, or other means for substantiation with observable inputs. Debt valued by discounting projected cash flows using internally derived inputs, such as prepayment speeds and discount rates, was classified as Level 3. For our credit facilities, which are floating rate in nature and where pricing occurs on a more frequent basis, the carrying amount or par value is considered to be a reasonable estimate of fair value. As of June 30, 2017, we began using quoted market prices of similar instruments for certain of our long-term debt associated with asset-backed securitizations for which observable market information exists. As a result, the corresponding financial instruments have been transferred from Level 3 to Level 2 within the fair value hierarchy following the change in valuation technique driven by the availability of an independent pricing service. |
• | Financial instruments for which carrying value approximates fair value — Certain financial instruments that are not carried at fair value on the consolidated balance sheet are carried at amounts that approximate fair value primarily due to their short term nature and limited credit risk. These instruments include restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short term receivables and payables. |
Gross amounts of recognized assets/(liabilities) | Gross amounts offset in the Condensed Consolidated Balance Sheet | Net amounts of assets/(liabilities) presented in the Condensed Consolidated Balance Sheet | ||||||||||||||||||||||
Gross amounts not offset in the Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
September 30, 2017 ($ in millions) | Financial instruments | Collateral (a) (b) (c) | Net amount | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Derivative assets in net asset positions | $ | 36 | $ | — | $ | 36 | $ | — | $ | (4 | ) | $ | 32 | |||||||||||
Derivative assets in net liability positions | — | — | — | — | — | — | ||||||||||||||||||
Derivative assets with no offsetting arrangements | 1 | — | 1 | — | — | 1 | ||||||||||||||||||
Total assets (d) | $ | 37 | $ | — | $ | 37 | $ | — | $ | (4 | ) | $ | 33 | |||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities in net liability positions | $ | (30 | ) | $ | — | $ | (30 | ) | $ | — | $ | — | $ | (30 | ) | |||||||||
Derivative liabilities in net asset positions | — | — | — | — | — | — | ||||||||||||||||||
Total derivative liabilities (d) | (30 | ) | — | (30 | ) | — | — | (30 | ) | |||||||||||||||
Securities sold under agreements to repurchase (e) | (1,171 | ) | — | (1,171 | ) | — | 1,171 | — | ||||||||||||||||
Total liabilities | $ | (1,201 | ) | $ | — | $ | (1,201 | ) | $ | — | $ | 1,171 | $ | (30 | ) |
(a) | Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. |
(b) | Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. $2 million of noncash derivative collateral pledged to us was excluded at September 30, 2017. We do not record such collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. |
(c) | Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of $2 million at September 30, 2017. We have not sold or pledged any of the noncash collateral received under these agreements as of September 30, 2017. |
(d) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
(e) | For additional information on securities sold under agreements to repurchase, refer to Note 14. |
Gross amounts of recognized assets/(liabilities) | Gross amounts offset in the Condensed Consolidated Balance Sheet | Net amounts of assets/(liabilities) presented in the Condensed Consolidated Balance Sheet | ||||||||||||||||||||||
Gross amounts not offset in the Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
December 31, 2016 ($ in millions) | Financial instruments | Collateral (a) (b) (c) | Net amount | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Derivative assets in net asset positions | $ | 87 | $ | — | $ | 87 | $ | (4 | ) | $ | (9 | ) | $ | 74 | ||||||||||
Derivative assets in net liability positions | 8 | — | 8 | (8 | ) | — | — | |||||||||||||||||
Total assets (d) | $ | 95 | $ | — | $ | 95 | $ | (12 | ) | $ | (9 | ) | $ | 74 | ||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities in net liability positions | $ | (91 | ) | $ | — | $ | (91 | ) | $ | 8 | $ | 13 | $ | (70 | ) | |||||||||
Derivative liabilities in net asset positions | (4 | ) | — | (4 | ) | 4 | — | — | ||||||||||||||||
Total derivative liabilities (d) | (95 | ) | — | (95 | ) | 12 | 13 | (70 | ) | |||||||||||||||
Securities sold under agreements to repurchase (e) | (676 | ) | — | (676 | ) | — | 676 | — | ||||||||||||||||
Total liabilities | $ | (771 | ) | $ | — | $ | (771 | ) | $ | 12 | $ | 689 | $ | (70 | ) |
(a) | Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. |
(b) | Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. $6 million of noncash derivative collateral pledged to us was excluded at December 31, 2016. We do not record such collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. |
(c) | Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of $6 million at December 31, 2016. We have not sold or pledged any of the noncash collateral received under these agreements as of December 31, 2016. |
(d) | For additional information on derivative instruments and hedging activities, refer to Note 19. |
(e) | For additional information on securities sold under agreements to repurchase, refer to Note 14. |
Three months ended September 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated (a) | ||||||||||||||||||
2017 | ||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 950 | $ | 15 | $ | 32 | $ | 39 | $ | 45 | $ | 1,081 | ||||||||||||
Other revenue | 82 | 272 | 2 | 5 | 20 | 381 | ||||||||||||||||||
Total net revenue | 1,032 | 287 | 34 | 44 | 65 | 1,462 | ||||||||||||||||||
Provision for loan losses | 312 | — | 4 | 3 | (5 | ) | 314 | |||||||||||||||||
Total noninterest expense | 420 | 218 | 28 | 19 | 68 | 753 | ||||||||||||||||||
Income from continuing operations before income tax expense | $ | 300 | $ | 69 | $ | 2 | $ | 22 | $ | 2 | $ | 395 | ||||||||||||
Total assets | $ | 112,141 | $ | 7,432 | $ | 9,804 | $ | 3,699 | $ | 30,937 | $ | 164,013 | ||||||||||||
2016 | ||||||||||||||||||||||||
Net financing revenue and other interest income (loss) | $ | 933 | $ | 14 | $ | 25 | $ | 30 | $ | (6 | ) | $ | 996 | |||||||||||
Other revenue | 74 | 264 | — | 4 | 46 | 388 | ||||||||||||||||||
Total net revenue | 1,007 | 278 | 25 | 34 | 40 | 1,384 | ||||||||||||||||||
Provision for loan losses | 270 | — | 1 | 3 | (16 | ) | 258 | |||||||||||||||||
Total noninterest expense | 418 | 222 | 16 | 16 | 63 | 735 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 319 | $ | 56 | $ | 8 | $ | 15 | $ | (7 | ) | $ | 391 | |||||||||||
Total assets | $ | 113,669 | $ | 7,259 | $ | 7,933 | $ | 3,232 | $ | 25,304 | $ | 157,397 |
(a) | Net financing revenue and other interest income after the provision for loan losses totaled $767 million and $738 million for the three months ended September 30, 2017, and 2016, respectively. |
Nine months ended September 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated (a) | ||||||||||||||||||
2017 | ||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 2,774 | $ | 44 | $ | 98 | $ | 121 | $ | 90 | $ | 3,127 | ||||||||||||
Other revenue | 290 | 781 | 3 | 33 | 58 | 1,165 | ||||||||||||||||||
Total net revenue | 3,064 | 825 | 101 | 154 | 148 | 4,292 | ||||||||||||||||||
Provision for loan losses | 846 | — | 6 | 15 | (13 | ) | 854 | |||||||||||||||||
Total noninterest expense | 1,283 | 737 | 77 | 57 | 187 | 2,341 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 935 | $ | 88 | $ | 18 | $ | 82 | $ | (26 | ) | $ | 1,097 | |||||||||||
Total assets | $ | 112,141 | $ | 7,432 | $ | 9,804 | $ | 3,699 | $ | 30,937 | $ | 164,013 | ||||||||||||
2016 | ||||||||||||||||||||||||
Net financing revenue and other interest income (loss) | $ | 2,758 | $ | 44 | $ | 71 | $ | 87 | $ | (29 | ) | $ | 2,931 | |||||||||||
Other revenue | 228 | 777 | — | 14 | 119 | 1,138 | ||||||||||||||||||
Total net revenue | 2,986 | 821 | 71 | 101 | 90 | 4,069 | ||||||||||||||||||
Provision for loan losses | 649 | — | 4 | 12 | (15 | ) | 650 | |||||||||||||||||
Total noninterest expense | 1,255 | 733 | 48 | 49 | 133 | 2,218 | ||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 1,082 | $ | 88 | $ | 19 | $ | 40 | $ | (28 | ) | $ | 1,201 | |||||||||||
Total assets | $ | 113,669 | $ | 7,259 | $ | 7,933 | $ | 3,232 | $ | 25,304 | $ | 157,397 |
(a) | Net financing revenue and other interest income after the provision for loan losses totaled $2,273 million and $2,281 million for the nine months ended September 30, 2017, and 2016, respectively. |
Three months ended September 30, 2017 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | 13 | $ | — | $ | 1,473 | $ | — | $ | 1,486 | ||||||||||
Interest and fees on finance receivables and loans — intercompany | 2 | — | 1 | (3 | ) | — | ||||||||||||||
Interest and dividends on investment securities and other earning assets | — | — | 157 | — | 157 | |||||||||||||||
Interest on cash and cash equivalents | 2 | — | 9 | — | 11 | |||||||||||||||
Interest-bearing cash — intercompany | 1 | — | 2 | (3 | ) | — | ||||||||||||||
Operating leases | 3 | — | 431 | — | 434 | |||||||||||||||
Total financing revenue and other interest income | 21 | — | 2,073 | (6 | ) | 2,088 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | — | — | 286 | (1 | ) | 285 | ||||||||||||||
Interest on short-term borrowings | 16 | — | 18 | — | 34 | |||||||||||||||
Interest on long-term debt | 278 | — | 138 | — | 416 | |||||||||||||||
Interest on intercompany debt | 3 | — | 2 | (5 | ) | — | ||||||||||||||
Total interest expense | 297 | — | 444 | (6 | ) | 735 | ||||||||||||||
Net depreciation expense on operating lease assets | 3 | — | 269 | — | 272 | |||||||||||||||
Net financing revenue | (279 | ) | — | 1,360 | — | 1,081 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Bank subsidiary | 2,900 | 2,900 | — | (5,800 | ) | — | ||||||||||||||
Nonbank subsidiaries | 101 | — | — | (101 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Insurance premiums and service revenue earned | — | — | 252 | — | 252 | |||||||||||||||
Gain on mortgage and automotive loans, net | 9 | — | 6 | — | 15 | |||||||||||||||
Loss on extinguishment of debt | (1 | ) | — | (3 | ) | — | (4 | ) | ||||||||||||
Other gain on investments, net | — | — | 23 | — | 23 | |||||||||||||||
Other income, net of losses | 138 | — | 199 | (242 | ) | 95 | ||||||||||||||
Total other revenue | 146 | — | 477 | (242 | ) | 381 | ||||||||||||||
Total net revenue | 2,868 | 2,900 | 1,837 | (6,143 | ) | 1,462 | ||||||||||||||
Provision for loan losses | 161 | — | 153 | — | 314 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 17 | — | 247 | — | 264 | |||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 65 | — | 65 | |||||||||||||||
Other operating expenses | 208 | — | 459 | (243 | ) | 424 | ||||||||||||||
Total noninterest expense | 225 | — | 771 | (243 | ) | 753 | ||||||||||||||
Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries | 2,482 | 2,900 | 913 | (5,900 | ) | 395 | ||||||||||||||
Income tax (benefit) expense from continuing operations | (135 | ) | — | 250 | — | 115 | ||||||||||||||
Net income from continuing operations | 2,617 | 2,900 | 663 | (5,900 | ) | 280 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | 4 | — | (2 | ) | — | 2 | ||||||||||||||
Undistributed (loss) income of subsidiaries | ||||||||||||||||||||
Bank subsidiary | (2,524 | ) | (2,524 | ) | — | 5,048 | — | |||||||||||||
Nonbank subsidiaries | 185 | — | — | (185 | ) | — | ||||||||||||||
Net income | 282 | 376 | 661 | (1,037 | ) | 282 | ||||||||||||||
Other comprehensive income, net of tax | 48 | 36 | 51 | (87 | ) | 48 | ||||||||||||||
Comprehensive income | $ | 330 | $ | 412 | $ | 712 | $ | (1,124 | ) | $ | 330 |
Three months ended September 30, 2016 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing (loss) revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | (15 | ) | $ | — | $ | 1,322 | $ | — | $ | 1,307 | |||||||||
Interest and fees on finance receivables and loans — intercompany | 2 | — | 2 | (4 | ) | — | ||||||||||||||
Interest and dividends on investment securities and other earning assets | — | — | 102 | (1 | ) | 101 | ||||||||||||||
Interest on cash and cash equivalents | 1 | — | 2 | — | 3 | |||||||||||||||
Interest-bearing cash — intercompany | — | — | 2 | (2 | ) | — | ||||||||||||||
Operating leases | 4 | — | 645 | — | 649 | |||||||||||||||
Total financing (loss) revenue and other interest income | (8 | ) | — | 2,075 | (7 | ) | 2,060 | |||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 2 | — | 210 | — | 212 | |||||||||||||||
Interest on short-term borrowings | 10 | — | 4 | — | 14 | |||||||||||||||
Interest on long-term debt | 289 | — | 141 | — | 430 | |||||||||||||||
Interest on intercompany debt | 5 | — | 2 | (7 | ) | — | ||||||||||||||
Total interest expense | 306 | — | 357 | (7 | ) | 656 | ||||||||||||||
Net depreciation expense on operating lease assets | 3 | — | 405 | — | 408 | |||||||||||||||
Net financing revenue | (317 | ) | — | 1,313 | — | 996 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Nonbank subsidiaries | 170 | — | — | (170 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Insurance premiums and service revenue earned | — | — | 238 | — | 238 | |||||||||||||||
(Loss) gain on mortgage and automotive loans, net | (7 | ) | — | 7 | — | — | ||||||||||||||
Other gain on investments, net | — | — | 52 | — | 52 | |||||||||||||||
Other income, net of losses | 298 | — | 231 | (431 | ) | 98 | ||||||||||||||
Total other revenue | 291 | — | 528 | (431 | ) | 388 | ||||||||||||||
Total net revenue | 144 | — | 1,841 | (601 | ) | 1,384 | ||||||||||||||
Provision for loan losses | 147 | — | 111 | — | 258 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 143 | — | 105 | — | 248 | |||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 69 | — | 69 | |||||||||||||||
Other operating expenses | 307 | — | 541 | (430 | ) | 418 | ||||||||||||||
Total noninterest expense | 450 | — | 715 | (430 | ) | 735 | ||||||||||||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income of subsidiaries | (453 | ) | — | 1,015 | (171 | ) | 391 | |||||||||||||
Income tax (benefit) expense from continuing operations | (88 | ) | — | 218 | — | 130 | ||||||||||||||
Net (loss) income from continuing operations | (365 | ) | — | 797 | (171 | ) | 261 | |||||||||||||
Loss from discontinued operations, net of tax | (47 | ) | — | (5 | ) | — | (52 | ) | ||||||||||||
Undistributed income of subsidiaries | ||||||||||||||||||||
Bank subsidiary | 325 | 325 | — | (650 | ) | — | ||||||||||||||
Nonbank subsidiaries | 296 | — | — | (296 | ) | — | ||||||||||||||
Net income | 209 | 325 | 792 | (1,117 | ) | 209 | ||||||||||||||
Other comprehensive loss, net of tax | (4 | ) | (3 | ) | (9 | ) | 12 | (4 | ) | |||||||||||
Comprehensive income | $ | 205 | $ | 322 | $ | 783 | $ | (1,105 | ) | $ | 205 |
Nine months ended September 30, 2017 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing (loss) revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | (57 | ) | $ | — | $ | 4,358 | $ | — | $ | 4,301 | |||||||||
Interest and fees on finance receivables and loans — intercompany | 10 | — | 5 | (15 | ) | — | ||||||||||||||
Interest and dividends on investment securities and other earning assets | — | — | 439 | (2 | ) | 437 | ||||||||||||||
Interest on cash and cash equivalents | 6 | — | 17 | — | 23 | |||||||||||||||
Interest-bearing cash — intercompany | 1 | — | 5 | (6 | ) | — | ||||||||||||||
Operating leases | 9 | — | 1,456 | — | 1,465 | |||||||||||||||
Total financing (loss) revenue and other interest income | (31 | ) | — | 6,280 | (23 | ) | 6,226 | |||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 2 | — | 765 | (1 | ) | 766 | ||||||||||||||
Interest on short-term borrowings | 52 | — | 42 | — | 94 | |||||||||||||||
Interest on long-term debt | 834 | — | 423 | — | 1,257 | |||||||||||||||
Interest on intercompany debt | 12 | — | 10 | (22 | ) | — | ||||||||||||||
Total interest expense | 900 | — | 1,240 | (23 | ) | 2,117 | ||||||||||||||
Net depreciation expense on operating lease assets | 8 | — | 974 | — | 982 | |||||||||||||||
Net financing revenue | (939 | ) | — | 4,066 | — | 3,127 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Bank subsidiary | 2,900 | 2,900 | — | (5,800 | ) | — | ||||||||||||||
Nonbank subsidiaries | 528 | — | — | (528 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Insurance premiums and service revenue earned | — | — | 720 | — | 720 | |||||||||||||||
Gain on mortgage and automotive loans, net | 39 | — | 26 | — | 65 | |||||||||||||||
Loss on extinguishment of debt | (1 | ) | — | (5 | ) | — | (6 | ) | ||||||||||||
Other gain on investments, net | — | — | 73 | — | 73 | |||||||||||||||
Other income, net of losses | 569 | — | 635 | (891 | ) | 313 | ||||||||||||||
Total other revenue | 607 | — | 1,449 | (891 | ) | 1,165 | ||||||||||||||
Total net revenue | 3,096 | 2,900 | 5,515 | (7,219 | ) | 4,292 | ||||||||||||||
Provision for loan losses | 350 | — | 504 | — | 854 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 157 | — | 657 | — | 814 | |||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 278 | — | 278 | |||||||||||||||
Other operating expenses | 709 | — | 1,431 | (891 | ) | 1,249 | ||||||||||||||
Total noninterest expense | 866 | — | 2,366 | (891 | ) | 2,341 | ||||||||||||||
Income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries | 1,880 | 2,900 | 2,645 | (6,328 | ) | 1,097 | ||||||||||||||
Income tax (benefit) expense from continuing operations | (362 | ) | — | 712 | — | 350 | ||||||||||||||
Net income from continuing operations | 2,242 | 2,900 | 1,933 | (6,328 | ) | 747 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | 6 | — | (5 | ) | — | 1 | ||||||||||||||
Undistributed (loss) income of subsidiaries | ||||||||||||||||||||
Bank subsidiary | (1,760 | ) | (1,760 | ) | — | 3,520 | — | |||||||||||||
Nonbank subsidiaries | 260 | — | — | (260 | ) | — | ||||||||||||||
Net income | 748 | 1,140 | 1,928 | (3,068 | ) | 748 | ||||||||||||||
Other comprehensive income, net of tax | 144 | 91 | 140 | (231 | ) | 144 | ||||||||||||||
Comprehensive income | $ | 892 | $ | 1,231 | $ | 2,068 | $ | (3,299 | ) | $ | 892 |
Nine months ended September 30, 2016 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Financing (loss) revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | (82 | ) | $ | — | $ | 3,889 | $ | — | $ | 3,807 | |||||||||
Interest and fees on finance receivables and loans — intercompany | 8 | — | 6 | (14 | ) | — | ||||||||||||||
Interest and dividends on investment securities and other earning assets | — | — | 303 | (1 | ) | 302 | ||||||||||||||
Interest on cash and cash equivalents | 4 | — | 6 | — | 10 | |||||||||||||||
Interest-bearing cash — intercompany | — | — | 7 | (7 | ) | — | ||||||||||||||
Operating leases | 14 | — | 2,105 | — | 2,119 | |||||||||||||||
Total financing (loss) revenue and other interest income | (56 | ) | — | 6,316 | (22 | ) | 6,238 | |||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 6 | — | 602 | — | 608 | |||||||||||||||
Interest on short-term borrowings | 31 | — | 8 | — | 39 | |||||||||||||||
Interest on long-term debt | 868 | — | 440 | — | 1,308 | |||||||||||||||
Interest on intercompany debt | 14 | — | 8 | (22 | ) | — | ||||||||||||||
Total interest expense | 919 | — | 1,058 | (22 | ) | 1,955 | ||||||||||||||
Net depreciation expense on operating lease assets | 11 | — | 1,341 | — | 1,352 | |||||||||||||||
Net financing revenue | (986 | ) | — | 3,917 | — | 2,931 | ||||||||||||||
Cash dividends from subsidiaries | ||||||||||||||||||||
Nonbank subsidiaries | 800 | — | — | (800 | ) | — | ||||||||||||||
Other revenue | ||||||||||||||||||||
Insurance premiums and service revenue earned | — | — | 704 | — | 704 | |||||||||||||||
(Loss) gain on mortgage and automotive loans, net | (11 | ) | — | 15 | — | 4 | ||||||||||||||
Loss on extinguishment of debt | (2 | ) | — | (2 | ) | — | (4 | ) | ||||||||||||
Other gain on investments, net | — | — | 145 | — | 145 | |||||||||||||||
Other income, net of losses | 989 | — | 661 | (1,361 | ) | 289 | ||||||||||||||
Total other revenue | 976 | — | 1,523 | (1,361 | ) | 1,138 | ||||||||||||||
Total net revenue | 790 | — | 5,440 | (2,161 | ) | 4,069 | ||||||||||||||
Provision for loan losses | 295 | — | 355 | — | 650 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 430 | — | 312 | — | 742 | |||||||||||||||
Insurance losses and loss adjustment expenses | — | — | 287 | — | 287 | |||||||||||||||
Other operating expenses | 963 | — | 1,586 | (1,360 | ) | 1,189 | ||||||||||||||
Total noninterest expense | 1,393 | — | 2,185 | (1,360 | ) | 2,218 | ||||||||||||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries | (898 | ) | — | 2,900 | (801 | ) | 1,201 | |||||||||||||
Income tax (benefit) expense from continuing operations | (196 | ) | (82 | ) | 614 | — | 336 | |||||||||||||
Net (loss) income from continuing operations | (702 | ) | 82 | 2,286 | (801 | ) | 865 | |||||||||||||
Loss from discontinued operations, net of tax | (39 | ) | — | (7 | ) | — | (46 | ) | ||||||||||||
Undistributed income (loss) of subsidiaries | ||||||||||||||||||||
Bank subsidiary | 932 | 932 | — | (1,864 | ) | — | ||||||||||||||
Nonbank subsidiaries | 628 | (2 | ) | — | (626 | ) | — | |||||||||||||
Net income | 819 | 1,012 | 2,279 | (3,291 | ) | 819 | ||||||||||||||
Other comprehensive income, net of tax | 262 | 143 | 234 | (377 | ) | 262 | ||||||||||||||
Comprehensive income | $ | 1,081 | $ | 1,155 | $ | 2,513 | $ | (3,668 | ) | $ | 1,081 |
September 30, 2017 ($ in millions) | Parent (a) | Guarantors | Nonguarantors (a) | Consolidating adjustments | Ally consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Noninterest-bearing | $ | 74 | $ | — | $ | 736 | $ | — | $ | 810 | ||||||||||
Interest-bearing | 5 | — | 3,609 | — | 3,614 | |||||||||||||||
Interest-bearing — intercompany | 1,495 | — | 558 | (2,053 | ) | — | ||||||||||||||
Total cash and cash equivalents | 1,574 | — | 4,903 | (2,053 | ) | 4,424 | ||||||||||||||
Available-for-sale securities | — | — | 23,099 | — | 23,099 | |||||||||||||||
Held-to-maturity securities | — | — | 1,923 | (84 | ) | 1,839 | ||||||||||||||
Loans held-for-sale, net | — | — | 18 | — | 18 | |||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||
Finance receivables and loans, net | 7,694 | — | 111,177 | — | 118,871 | |||||||||||||||
Intercompany loans to | ||||||||||||||||||||
Nonbank subsidiaries | 788 | — | 394 | (1,182 | ) | — | ||||||||||||||
Allowance for loan losses | (197 | ) | — | (1,089 | ) | — | (1,286 | ) | ||||||||||||
Total finance receivables and loans, net | 8,285 | — | 110,482 | (1,182 | ) | 117,585 | ||||||||||||||
Investment in operating leases, net | 23 | — | 8,908 | — | 8,931 | |||||||||||||||
Intercompany receivables from | ||||||||||||||||||||
Bank subsidiary | 59 | — | — | (59 | ) | — | ||||||||||||||
Nonbank subsidiaries | 76 | — | 91 | (167 | ) | — | ||||||||||||||
Investment in subsidiaries | ||||||||||||||||||||
Bank subsidiary | 16,383 | 16,383 | — | (32,766 | ) | — | ||||||||||||||
Nonbank subsidiaries | 9,045 | — | — | (9,045 | ) | — | ||||||||||||||
Premiums receivable and other insurance assets | — | — | 2,085 | (31 | ) | 2,054 | ||||||||||||||
Other assets | 3,174 | — | 4,910 | (2,021 | ) | 6,063 | ||||||||||||||
Total assets | $ | 38,619 | $ | 16,383 | $ | 156,419 | $ | (47,408 | ) | $ | 164,013 | |||||||||
Liabilities | ||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||
Noninterest-bearing | $ | — | $ | — | $ | 129 | $ | — | $ | 129 | ||||||||||
Interest-bearing | 14 | — | 89,973 | — | 89,987 | |||||||||||||||
Interest-bearing — intercompany | — | — | 1,495 | (1,495 | ) | — | ||||||||||||||
Total deposit liabilities | 14 | — | 91,597 | (1,495 | ) | 90,116 | ||||||||||||||
Short-term borrowings | 3,379 | — | 6,796 | — | 10,175 | |||||||||||||||
Long-term debt | 19,969 | — | 25,153 | — | 45,122 | |||||||||||||||
Intercompany debt to | ||||||||||||||||||||
Bank subsidiary | 84 | — | — | (84 | ) | — | ||||||||||||||
Nonbank subsidiaries | 952 | — | 788 | (1,740 | ) | — | ||||||||||||||
Intercompany payables to | ||||||||||||||||||||
Nonbank subsidiaries | 149 | — | 108 | (257 | ) | — | ||||||||||||||
Interest payable | 278 | — | 274 | — | 552 | |||||||||||||||
Unearned insurance premiums and service revenue | — | — | 2,583 | — | 2,583 | |||||||||||||||
Accrued expenses and other liabilities | 221 | — | 3,692 | (2,021 | ) | 1,892 | ||||||||||||||
Total liabilities | 25,046 | — | 130,991 | (5,597 | ) | 150,440 | ||||||||||||||
Total equity | 13,573 | 16,383 | 25,428 | (41,811 | ) | 13,573 | ||||||||||||||
Total liabilities and equity | $ | 38,619 | $ | 16,383 | $ | 156,419 | $ | (47,408 | ) | $ | 164,013 |
(a) | Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership. |
December 31, 2016 ($ in millions) | Parent (a) | Guarantors | Nonguarantors (a) | Consolidating adjustments | Ally consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Noninterest-bearing | $ | 720 | $ | — | $ | 827 | $ | — | $ | 1,547 | ||||||||||
Interest-bearing | 100 | — | 4,287 | — | 4,387 | |||||||||||||||
Interest-bearing — intercompany | — | — | 401 | (401 | ) | — | ||||||||||||||
Total cash and cash equivalents | 820 | — | 5,515 | (401 | ) | 5,934 | ||||||||||||||
Trading securities | — | — | 82 | (82 | ) | — | ||||||||||||||
Available-for-sale securities | — | — | 19,253 | (327 | ) | 18,926 | ||||||||||||||
Held-to-maturity securities | — | — | 839 | — | 839 | |||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||
Finance receivables and loans, net | 4,705 | — | 114,239 | — | 118,944 | |||||||||||||||
Intercompany loans to | ||||||||||||||||||||
Bank subsidiary | 1,125 | — | — | (1,125 | ) | — | ||||||||||||||
Nonbank subsidiaries | 1,779 | — | 626 | (2,405 | ) | — | ||||||||||||||
Allowance for loan losses | (115 | ) | — | (1,029 | ) | — | (1,144 | ) | ||||||||||||
Total finance receivables and loans, net | 7,494 | — | 113,836 | (3,530 | ) | 117,800 | ||||||||||||||
Investment in operating leases, net | 42 | — | 11,428 | — | 11,470 | |||||||||||||||
Intercompany receivables from | ||||||||||||||||||||
Bank subsidiary | 299 | — | — | (299 | ) | — | ||||||||||||||
Nonbank subsidiaries | 107 | — | 67 | (174 | ) | — | ||||||||||||||
Investment in subsidiaries | ||||||||||||||||||||
Bank subsidiary | 17,727 | 17,727 | — | (35,454 | ) | — | ||||||||||||||
Nonbank subsidiaries | 10,318 | — | — | (10,318 | ) | — | ||||||||||||||
Premiums receivable and other insurance assets | — | — | 1,936 | (31 | ) | 1,905 | ||||||||||||||
Other assets | 4,347 | — | 5,085 | (2,578 | ) | 6,854 | ||||||||||||||
Total assets | $ | 41,154 | $ | 17,727 | $ | 158,041 | $ | (53,194 | ) | $ | 163,728 | |||||||||
Liabilities | ||||||||||||||||||||
Deposit liabilities | ||||||||||||||||||||
Noninterest-bearing | $ | — | $ | — | $ | 84 | $ | — | $ | 84 | ||||||||||
Interest-bearing | 167 | — | 78,771 | — | 78,938 | |||||||||||||||
Total deposit liabilities | 167 | — | 78,855 | — | 79,022 | |||||||||||||||
Short-term borrowings | 3,622 | — | 9,051 | — | 12,673 | |||||||||||||||
Long-term debt | 21,798 | — | 32,330 | — | 54,128 | |||||||||||||||
Intercompany debt to | ||||||||||||||||||||
Bank subsidiary | 330 | — | — | (330 | ) | — | ||||||||||||||
Nonbank subsidiaries | 1,027 | — | 2,903 | (3,930 | ) | — | ||||||||||||||
Intercompany payables to | ||||||||||||||||||||
Nonbank subsidiaries | 153 | — | 351 | (504 | ) | — | ||||||||||||||
Interest payable | 253 | — | 98 | — | 351 | |||||||||||||||
Unearned insurance premiums and service revenue | — | — | 2,500 | — | 2,500 | |||||||||||||||
Accrued expenses and other liabilities | 487 | — | 3,911 | (2,661 | ) | 1,737 | ||||||||||||||
Total liabilities | 27,837 | — | 129,999 | (7,425 | ) | 150,411 | ||||||||||||||
Total equity | 13,317 | 17,727 | 28,042 | (45,769 | ) | 13,317 | ||||||||||||||
Total liabilities and equity | $ | 41,154 | $ | 17,727 | $ | 158,041 | $ | (53,194 | ) | $ | 163,728 |
(a) | Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership. |
Nine months ended September 30, 2017 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Operating activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 3,701 | $ | 2,900 | $ | 3,019 | $ | (6,247 | ) | $ | 3,373 | |||||||||
Investing activities | ||||||||||||||||||||
Purchases of available-for-sale securities | — | — | (9,022 | ) | — | (9,022 | ) | |||||||||||||
Proceeds from sales of available-for-sale securities | — | — | 2,926 | — | 2,926 | |||||||||||||||
Proceeds from maturities and repayments of available-for-sale securities | — | — | 2,002 | — | 2,002 | |||||||||||||||
Purchases of held-to-maturity securities | — | — | (709 | ) | — | (709 | ) | |||||||||||||
Proceeds from maturities and repayments of held-to-maturity securities | — | — | 32 | — | 32 | |||||||||||||||
Net change in investment securities — intercompany | 7 | — | 281 | (288 | ) | — | ||||||||||||||
Purchases of finance receivables and loans held-for-investment | (35 | ) | — | (3,090 | ) | — | (3,125 | ) | ||||||||||||
Proceeds from sales of finance receivables and loans originated as held-for-investment | 96 | — | 1,227 | — | 1,323 | |||||||||||||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 259 | — | 2,718 | (1,956 | ) | 1,021 | ||||||||||||||
Net change in loans — intercompany | 2,159 | — | 232 | (2,391 | ) | — | ||||||||||||||
Purchases of operating lease assets | — | — | (2,844 | ) | — | (2,844 | ) | |||||||||||||
Disposals of operating lease assets | 7 | — | 4,402 | — | 4,409 | |||||||||||||||
Capital contributions to subsidiaries | (1,200 | ) | — | — | 1,200 | — | ||||||||||||||
Returns of contributed capital | 1,031 | — | — | (1,031 | ) | — | ||||||||||||||
Net change in restricted cash | (19 | ) | — | 521 | (5 | ) | 497 | |||||||||||||
Net change in nonmarketable equity investments | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Other, net | (25 | ) | — | (43 | ) | (91 | ) | (159 | ) | |||||||||||
Net cash provided by (used in) investing activities | 2,280 | — | (1,387 | ) | (4,562 | ) | (3,669 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Net change in short-term borrowings — third party | (245 | ) | — | (2,255 | ) | — | (2,500 | ) | ||||||||||||
Net (decrease) increase in deposits | (153 | ) | — | 12,698 | (1,495 | ) | 11,050 | |||||||||||||
Proceeds from issuance of long-term debt — third party | 355 | — | 10,986 | 1,961 | 13,302 | |||||||||||||||
Repayments of long-term debt — third party | (4,125 | ) | — | (18,251 | ) | — | (22,376 | ) | ||||||||||||
Net change in debt — intercompany | (366 | ) | — | (2,166 | ) | 2,532 | — | |||||||||||||
Repurchase of common stock | (563 | ) | — | — | — | (563 | ) | |||||||||||||
Dividends paid — third party | (130 | ) | — | — | — | (130 | ) | |||||||||||||
Dividends paid and returns of contributed capital — intercompany | — | (2,900 | ) | (4,459 | ) | 7,359 | — | |||||||||||||
Capital contributions from parent | — | — | 1,200 | (1,200 | ) | — | ||||||||||||||
Net cash used in financing activities | (5,227 | ) | (2,900 | ) | (2,247 | ) | 9,157 | (1,217 | ) | |||||||||||
Effect of exchange-rate changes on cash and cash equivalents | — | — | 3 | — | 3 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 754 | — | (612 | ) | (1,652 | ) | (1,510 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 820 | — | 5,515 | (401 | ) | 5,934 | ||||||||||||||
Cash and cash equivalents at September 30, | $ | 1,574 | $ | — | $ | 4,903 | $ | (2,053 | ) | $ | 4,424 |
Nine months ended September 30, 2016 ($ in millions) | Parent | Guarantors | Nonguarantors | Consolidating adjustments | Ally consolidated | |||||||||||||||
Operating activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 709 | $ | — | $ | 3,782 | $ | (902 | ) | $ | 3,589 | |||||||||
Investing activities | ||||||||||||||||||||
Purchases of available-for-sale securities | — | — | (11,027 | ) | — | (11,027 | ) | |||||||||||||
Proceeds from sales of available-for-sale securities | — | — | 8,546 | — | 8,546 | |||||||||||||||
Proceeds from maturities and repayments of available-for-sale securities | — | — | 2,411 | — | 2,411 | |||||||||||||||
Purchases of held-to-maturity securities | — | — | (650 | ) | — | (650 | ) | |||||||||||||
Purchases of finance receivables and loans held-for-investment | — | — | (2,924 | ) | — | (2,924 | ) | |||||||||||||
Proceeds from sales of finance receivables and loans originated as held-for-investment | — | — | 4,221 | — | 4,221 | |||||||||||||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 934 | — | (6,318 | ) | — | (5,384 | ) | |||||||||||||
Net change in loans — intercompany | 1,788 | — | (41 | ) | (1,747 | ) | — | |||||||||||||
Purchases of operating lease assets | — | — | (2,360 | ) | — | (2,360 | ) | |||||||||||||
Disposals of operating lease assets | 16 | — | 4,615 | — | 4,631 | |||||||||||||||
Acquisitions, net of cash acquired | (309 | ) | — | — | — | (309 | ) | |||||||||||||
Capital contributions to subsidiaries | (3,112 | ) | — | — | 3,112 | — | ||||||||||||||
Returns of contributed capital | 2,168 | 8 | — | (2,176 | ) | — | ||||||||||||||
Net change in restricted cash | (136 | ) | — | 758 | 622 | |||||||||||||||
Net change in nonmarketable equity investments | — | — | (401 | ) | — | (401 | ) | |||||||||||||
Other, net | (156 | ) | — | (103 | ) | 102 | (157 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 1,193 | 8 | (3,273 | ) | (709 | ) | (2,781 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Net change in short-term borrowings — third party | 72 | — | (1,745 | ) | — | (1,673 | ) | |||||||||||||
Net (decrease) increase in deposits | (36 | ) | — | 9,276 | — | 9,240 | ||||||||||||||
Proceeds from issuance of long-term debt — third party | 1,084 | — | 10,145 | — | 11,229 | |||||||||||||||
Repayments of long-term debt — third party | (2,279 | ) | — | (18,479 | ) | — | (20,758 | ) | ||||||||||||
Net change in debt — intercompany | (30 | ) | — | (1,788 | ) | 1,818 | — | |||||||||||||
Redemption of preferred stock | (696 | ) | — | — | — | (696 | ) | |||||||||||||
Repurchase of common stock | (173 | ) | — | — | — | (173 | ) | |||||||||||||
Dividends paid — third party | (70 | ) | — | — | — | (70 | ) | |||||||||||||
Dividends paid and returns of contributed capital — intercompany | — | (8 | ) | (2,968 | ) | 2,976 | — | |||||||||||||
Capital contributions from parent | — | — | 3,112 | (3,112 | ) | — | ||||||||||||||
Net cash used in financing activities | (2,128 | ) | (8 | ) | (2,447 | ) | 1,682 | (2,901 | ) | |||||||||||
Effect of exchange-rate changes on cash and cash equivalents | — | — | 2 | — | 2 | |||||||||||||||
Net decrease in cash and cash equivalents | (226 | ) | — | (1,936 | ) | 71 | (2,091 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 1,635 | — | 5,595 | (850 | ) | 6,380 | ||||||||||||||
Cash and cash equivalents at September 30, | $ | 1,409 | $ | — | $ | 3,659 | $ | (779 | ) | $ | 4,289 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions, except per share data; shares in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Total financing revenue and other interest income | $ | 2,088 | $ | 2,060 | $ | 6,226 | $ | 6,238 | ||||||||
Total interest expense | 735 | 656 | 2,117 | 1,955 | ||||||||||||
Net depreciation expense on operating lease assets | 272 | 408 | 982 | 1,352 | ||||||||||||
Net financing revenue and other interest income | 1,081 | 996 | 3,127 | 2,931 | ||||||||||||
Total other revenue | 381 | 388 | 1,165 | 1,138 | ||||||||||||
Total net revenue | 1,462 | 1,384 | 4,292 | 4,069 | ||||||||||||
Provision for loan losses | 314 | 258 | 854 | 650 | ||||||||||||
Total noninterest expense | 753 | 735 | 2,341 | 2,218 | ||||||||||||
Income from continuing operations before income tax expense | 395 | 391 | 1,097 | 1,201 | ||||||||||||
Income tax expense from continuing operations | 115 | 130 | 350 | 336 | ||||||||||||
Net income from continuing operations | 280 | 261 | 747 | 865 | ||||||||||||
Income (loss) from discontinued operations, net of tax | 2 | (52 | ) | 1 | (46 | ) | ||||||||||
Net income | $ | 282 | $ | 209 | $ | 748 | $ | 819 | ||||||||
Basic earnings per common share (a): | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.73 | ||||||||
Net income | 0.63 | 0.43 | 1.63 | 1.63 | ||||||||||||
Weighted-average common shares outstanding | 449,169 | 482,393 | 457,612 | 483,993 | ||||||||||||
Diluted earnings per common share (a): | ||||||||||||||||
Net income from continuing operations | $ | 0.62 | $ | 0.54 | $ | 1.63 | $ | 1.72 | ||||||||
Net income | 0.63 | 0.43 | 1.63 | 1.63 | ||||||||||||
Weighted-average common shares outstanding | 451,078 | 483,575 | 458,848 | 484,762 | ||||||||||||
Market price per common share: | ||||||||||||||||
High closing | $ | 24.26 | $ | 20.04 | $ | 24.26 | $ | 20.04 | ||||||||
Low closing | 20.79 | 15.73 | 18.22 | 14.90 | ||||||||||||
Period-end closing | 24.26 | 19.47 | 24.26 | 19.47 | ||||||||||||
Cash dividends declared per common share | $ | 0.12 | $ | 0.08 | $ | 0.28 | $ | 0.08 | ||||||||
Period-end common shares outstanding | 443,796 | 475,470 | 443,796 | 475,470 |
(a) | Includes shares related to share-based compensation that vested but were not yet issued for the three months and nine months ended September 30, 2017, and 2016. |
At and for the three months ended September 30, | At and for the nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Selected period-end balance sheet data: | ||||||||||||||||
Total assets | $ | 164,013 | $ | 157,397 | $ | 164,013 | $ | 157,397 | ||||||||
Total deposit liabilities | $ | 90,116 | $ | 75,744 | $ | 90,116 | $ | 75,744 | ||||||||
Long-term debt | $ | 45,122 | $ | 56,836 | $ | 45,122 | $ | 56,836 | ||||||||
Total equity | $ | 13,573 | $ | 13,630 | $ | 13,573 | $ | 13,630 | ||||||||
Financial ratios: | ||||||||||||||||
Return on average assets (a) | 0.68 | % | 0.53 | % | 0.62 | % | 0.70 | % | ||||||||
Return on average equity (a) | 8.26 | % | 6.08 | % | 7.42 | % | 8.01 | % | ||||||||
Equity to assets (a) | 8.27 | % | 8.75 | % | 8.29 | % | 8.72 | % | ||||||||
Common dividend payout ratio | 19.05 | % | 18.60 | % | 17.18 | % | 4.91 | % | ||||||||
Net interest spread (a) (b) (c) | 2.59 | % | 2.57 | % | 2.57 | % | 2.54 | % | ||||||||
Net yield on interest-earning assets (a) (c) (d) | 2.74 | % | 2.69 | % | 2.70 | % | 2.66 | % |
(a) | The ratios were based on average assets and average equity using a combination of monthly and daily average methodologies. |
(b) | Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities, excluding discontinued operations for the periods shown. |
(c) | Amounts for the three months and nine month ended September 30, 2016, were adjusted to include previously excluded equity investments and related income on equity investments. Refer to the section titled Statistical Table for additional information. |
(d) | Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets. |
September 30, 2017 | September 30, 2016 | |||||||||||||||
($ in millions) | Transitional | Fully phased-in (a) | Transitional | Fully phased-in (a) | ||||||||||||
Common Equity Tier 1 capital ratio | 9.72 | % | 9.62 | % | 9.53 | % | 9.28 | % | ||||||||
Tier 1 capital ratio | 11.46 | % | 11.42 | % | 11.13 | % | 11.08 | % | ||||||||
Total capital ratio | 13.19 | % | 13.15 | % | 12.80 | % | 12.74 | % | ||||||||
Tier 1 leverage ratio (to adjusted quarterly average assets) (b) | 9.51 | % | 9.51 | % | 9.73 | % | 9.71 | % | ||||||||
Total equity | $ | 13,573 | $ | 13,573 | $ | 13,630 | $ | 13,630 | ||||||||
Goodwill and certain other intangibles | (278 | ) | (287 | ) | (273 | ) | (295 | ) | ||||||||
Deferred tax assets arising from net operating loss and tax credit carryforwards (c) | (328 | ) | (410 | ) | (400 | ) | (667 | ) | ||||||||
Other adjustments | 208 | 208 | (44 | ) | (44 | ) | ||||||||||
Common Equity Tier 1 capital | 13,175 | 13,084 | 12,913 | 12,624 | ||||||||||||
Trust preferred securities | 2,490 | 2,490 | 2,488 | 2,488 | ||||||||||||
Deferred tax assets arising from net operating loss and tax credit carryforwards | (82 | ) | — | (267 | ) | — | ||||||||||
Other adjustments | (44 | ) | (44 | ) | (47 | ) | (47 | ) | ||||||||
Tier 1 capital | 15,539 | 15,530 | 15,087 | 15,065 | ||||||||||||
Qualifying subordinated debt and other instruments qualifying as Tier 2 | 1,109 | 1,109 | 1,169 | 1,169 | ||||||||||||
Qualifying allowance for credit losses and other adjustments | 1,243 | 1,243 | 1,087 | 1,087 | ||||||||||||
Total capital | $ | 17,891 | $ | 17,882 | $ | 17,343 | $ | 17,321 | ||||||||
Risk-weighted assets (d) | $ | 135,603 | $ | 135,971 | $ | 135,522 | $ | 135,958 |
(a) | Our fully phased-in capital ratios are non-GAAP financial measures that management believes are important to the reader of the Condensed Consolidated Financial Statements but should be supplemental to, and not a substitute for, primary GAAP measures. The fully phased-in capital ratios are compared to the transitional capital ratios above. We believe these capital ratios are important because we believe investors, analysts, and banking regulators may assess our capital utilization and adequacy using these ratios. Additionally, presentation of these ratios allows readers to compare certain aspects of our capital utilization and adequacy on the same basis to other companies in the industry. |
(b) | Tier 1 leverage ratio equals Tier 1 capital divided by adjusted quarterly average total assets (which reflects adjustments for disallowed goodwill, certain intangible assets, and disallowed deferred tax assets). |
(c) | Contains deferred tax assets required to be deducted from capital under U.S. Basel III. |
(d) | Risk-weighted assets are defined by regulation and are generally determined by allocating assets and specified off-balance sheet exposures into various risk categories. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Total net revenue | ||||||||||||||||||||
Dealer Financial Services | ||||||||||||||||||||
Automotive Finance | $ | 1,032 | $ | 1,007 | 2 | $ | 3,064 | $ | 2,986 | 3 | ||||||||||
Insurance | 287 | 278 | 3 | 825 | 821 | — | ||||||||||||||
Mortgage Finance | 34 | 25 | 36 | 101 | 71 | 42 | ||||||||||||||
Corporate Finance | 44 | 34 | 29 | 154 | 101 | 52 | ||||||||||||||
Corporate and Other | 65 | 40 | 63 | 148 | 90 | 64 | ||||||||||||||
Total | $ | 1,462 | $ | 1,384 | 6 | $ | 4,292 | $ | 4,069 | 5 | ||||||||||
Income (loss) from continuing operations before income tax expense | ||||||||||||||||||||
Dealer Financial Services | ||||||||||||||||||||
Automotive Finance | $ | 300 | $ | 319 | (6) | $ | 935 | $ | 1,082 | (14) | ||||||||||
Insurance | 69 | 56 | 23 | 88 | 88 | — | ||||||||||||||
Mortgage Finance | 2 | 8 | (75) | 18 | 19 | (5) | ||||||||||||||
Corporate Finance | 22 | 15 | 47 | 82 | 40 | 105 | ||||||||||||||
Corporate and Other | 2 | (7 | ) | 129 | (26 | ) | (28 | ) | 7 | |||||||||||
Total | $ | 395 | $ | 391 | 1 | $ | 1,097 | $ | 1,201 | (9) |
• | Our Dealer Financial Services is one of the largest full service automotive finance operations in the country and offers a wide range of financial services and insurance products to approximately 18,500 automotive dealerships and approximately 4.3 million of their customers. Dealer Financial Services consists of two separate reportable segments—Automotive Finance and Insurance operations. |
• | Our Mortgage Finance operations primarily consist of the management of a held-for-investment consumer mortgage finance loan portfolio, which includes bulk purchases of high-quality jumbo and low-to-moderate income (LMI) mortgage loans originated by third parties. During the three months and nine months ended September 30, 2017, we purchased $1.2 billion and $2.3 billion of mortgage loans that were originated by third parties. In late 2016, we introduced our direct-to-consumer mortgage offering, named Ally Home, consisting of a variety of jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment partner. Under our current arrangement, conforming mortgages are originated as held-for-sale and sold, while jumbo mortgages are originated as held-for-investment. Servicing is performed by a third party and no mortgage servicing rights are created. In addition to our core product offerings through Ally Home, in March 2017, we broadened our product suite with the addition of the HomeReady® mortgage loan, a Fannie Mae product designed to serve creditworthy, low- to moderate-income borrowers. |
• | Our Corporate Finance operations primarily provide senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle market companies. The Corporate Finance portfolio is almost entirely comprised of first lien, first out loans. Our primary focus is on businesses owned by private equity sponsors with loans typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. The portfolio is well-diversified across multiple industries including retail, manufacturing, distribution, service companies, and other specialty sectors including Technology Finance and Healthcare. Our Technology Finance vertical provides financing solutions to venture-backed, technology-based companies. The Healthcare vertical provides financing across the healthcare spectrum including services, pharmaceuticals, manufacturing, and medical devices and supplies. Additionally, in 2017 we launched a commercial real estate product focused on lending to skilled nursing facilities, senior housing, medical office buildings, and hospitals. |
• | Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with debt issuances, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset liability management (ALM) activities. Corporate and Other also includes activity related to the Ally CashBack Credit Card, certain equity investments, which primarily consist of Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||
Total financing revenue and other interest income | $ | 2,088 | $ | 2,060 | 1 | $ | 6,226 | $ | 6,238 | — | ||||||||||
Total interest expense | 735 | 656 | (12) | 2,117 | 1,955 | (8) | ||||||||||||||
Net depreciation expense on operating lease assets | 272 | 408 | 33 | 982 | 1,352 | 27 | ||||||||||||||
Net financing revenue and other interest income | 1,081 | 996 | 9 | 3,127 | 2,931 | 7 | ||||||||||||||
Other revenue | ||||||||||||||||||||
Insurance premiums and service revenue earned | 252 | 238 | 6 | 720 | 704 | 2 | ||||||||||||||
Gain on mortgage and automotive loans, net | 15 | — | n/m | 65 | 4 | n/m | ||||||||||||||
Loss on extinguishment of debt | (4 | ) | — | n/m | (6 | ) | (4 | ) | (50) | |||||||||||
Other gain on investments, net | 23 | 52 | (56) | 73 | 145 | (50) | ||||||||||||||
Other income, net of losses | 95 | 98 | (3) | 313 | 289 | 8 | ||||||||||||||
Total other revenue | 381 | 388 | (2) | 1,165 | 1,138 | 2 | ||||||||||||||
Total net revenue | 1,462 | 1,384 | 6 | 4,292 | 4,069 | 5 | ||||||||||||||
Provision for loan losses | 314 | 258 | (22) | 854 | 650 | (31) | ||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 264 | 248 | (6) | 814 | 742 | (10) | ||||||||||||||
Insurance losses and loss adjustment expenses | 65 | 69 | 6 | 278 | 287 | 3 | ||||||||||||||
Other operating expenses | 424 | 418 | (1) | 1,249 | 1,189 | (5) | ||||||||||||||
Total noninterest expense | 753 | 735 | (2) | 2,341 | 2,218 | (6) | ||||||||||||||
Income from continuing operations before income tax expense | 395 | 391 | 1 | 1,097 | 1,201 | (9) | ||||||||||||||
Income tax expense from continuing operations | 115 | 130 | 12 | 350 | 336 | (4) | ||||||||||||||
Net income from continuing operations | $ | 280 | $ | 261 | 7 | $ | 747 | $ | 865 | (14) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||
Consumer | $ | 987 | $ | 911 | 8 | $ | 2,873 | $ | 2,654 | 8 | ||||||||||
Commercial | 341 | 267 | 28 | 970 | 781 | 24 | ||||||||||||||
Operating leases | 434 | 649 | (33) | 1,465 | 2,119 | (31) | ||||||||||||||
Other interest income | 2 | 3 | (33) | 5 | 8 | (38) | ||||||||||||||
Total financing revenue and other interest income | 1,764 | 1,830 | (4) | 5,313 | 5,562 | (4) | ||||||||||||||
Interest expense | 542 | 489 | (11) | 1,557 | 1,452 | (7) | ||||||||||||||
Net depreciation expense on operating lease assets | 272 | 408 | 33 | 982 | 1,352 | 27 | ||||||||||||||
Net financing revenue and other interest income | 950 | 933 | 2 | 2,774 | 2,758 | 1 | ||||||||||||||
Other revenue | ||||||||||||||||||||
Gain on automotive loans, net | 14 | — | n/m | 73 | 10 | n/m | ||||||||||||||
Other income | 68 | 74 | (8) | 217 | 218 | — | ||||||||||||||
Total other revenue | 82 | 74 | 11 | 290 | 228 | 27 | ||||||||||||||
Total net revenue | 1,032 | 1,007 | 2 | 3,064 | 2,986 | 3 | ||||||||||||||
Provision for loan losses | 312 | 270 | (16) | 846 | 649 | (30) | ||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 124 | 119 | (4) | 378 | 363 | (4) | ||||||||||||||
Other operating expenses | 296 | 299 | 1 | 905 | 892 | (1) | ||||||||||||||
Total noninterest expense | 420 | 418 | — | 1,283 | 1,255 | (2) | ||||||||||||||
Income from continuing operations before income tax expense | $ | 300 | $ | 319 | (6) | $ | 935 | $ | 1,082 | (14) | ||||||||||
Total assets | $ | 112,141 | $ | 113,669 | (1) | $ | 112,141 | $ | 113,669 | (1) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Net operating lease revenue | ||||||||||||||||||||
Operating lease revenue | $ | 434 | $ | 649 | (33) | $ | 1,465 | $ | 2,119 | (31) | ||||||||||
Depreciation expense | ||||||||||||||||||||
Depreciation expense on operating lease assets (excluding remarketing gains) | 323 | 470 | 31 | 1,062 | 1,555 | 32 | ||||||||||||||
Remarketing gains | (51 | ) | (62 | ) | (18) | (80 | ) | (203 | ) | (61) | ||||||||||
Net depreciation expense on operating lease assets | 272 | 408 | 33 | 982 | 1,352 | 27 | ||||||||||||||
Total net operating lease revenue | $ | 162 | $ | 241 | (33) | $ | 483 | $ | 767 | (37) | ||||||||||
Investment in operating leases, net | $ | 8,931 | $ | 12,689 | (30) | $ | 8,931 | $ | 12,689 | (30) |
Credit Tier (a) | Volume ($ in billions) | % Share of volume | Average FICO® | ||||||
Three months ended September 30, 2017 | |||||||||
S | $ | 2.7 | 38 | 751 | |||||
A | 2.9 | 40 | 668 | ||||||
B | 1.4 | 19 | 641 | ||||||
C | 0.2 | 3 | 607 | ||||||
Total retail originations | $ | 7.2 | 100 | 691 | |||||
Three months ended September 30, 2016 | |||||||||
S | $ | 2.7 | 32 | 762 | |||||
A | 3.4 | 41 | 670 | ||||||
B | 1.9 | 22 | 643 | ||||||
C | 0.4 | 5 | 610 | ||||||
Total retail originations | $ | 8.4 | 100 | 689 | |||||
Nine months ended September 30, 2017 | |||||||||
S | $ | 7.7 | 34 | 758 | |||||
A | 9.5 | 42 | 666 | ||||||
B | 4.6 | 20 | 640 | ||||||
C | 0.8 | 4 | 608 | ||||||
Total retail originations | $ | 22.6 | 100 | 689 | |||||
Nine months ended September 30, 2016 | |||||||||
S | $ | 7.9 | 32 | 759 | |||||
A | 10.6 | 42 | 669 | ||||||
B | 5.2 | 21 | 642 | ||||||
C | 1.3 | 5 | 607 | ||||||
D | 0.1 | — | 577 | ||||||
Total retail originations | $ | 25.1 | 100 | 686 |
(a) | Represents Ally's internal credit score, incorporating numerous borrower and structure attributes including: severity and aging of delinquency; number of credit inquiries; loan-to-value ratio; and payment-to-income ratio. We periodically update our underwriting scorecard which can have an impact on our credit tier scoring. We originated an insignificant amount of retail loans classified as Tier D during the three months and nine months ended September 30, 2017, and the three months ended September 30, 2016; and Tier E during both the three months and nine months ended September 30, 2017, and 2016. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
0–71 | 20 | % | 18 | % | 19 | % | 18 | % | ||||
72–75 | 66 | 66 | 67 | 67 | ||||||||
76 + | 14 | 16 | 14 | 15 | ||||||||
Total retail originations (a) | 100 | % | 100 | % | 100 | % | 100 | % |
(a) | Excludes RV loans. |
September 30, | 2017 | 2016 | ||||
Pre-2013 | 2 | % | 6 | % | ||
2013 | 4 | 8 | ||||
2014 | 8 | 15 | ||||
2015 | 22 | 35 | ||||
2016 | 33 | 36 | ||||
2017 | 31 | — | ||||
Total | 100 | % | 100 | % |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||
Three months ended September 30, ($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||
New retail standard | $ | 3,537 | $ | 4,477 | 43 | 48 | ||||||
Used retail | 3,640 | 3,759 | 45 | 40 | ||||||||
Lease | 922 | 986 | 11 | 11 | ||||||||
New retail subvented | 41 | 119 | 1 | 1 | ||||||||
Total consumer automotive financing originations (a) | $ | 8,140 | $ | 9,341 | 100 | 100 |
(a) | Includes Commercial Services Group (CSG) originations of $849 million and $877 million for the three months ended September 30, 2017, and 2016, respectively, and RV originations of $106 million and $133 million for the three months ended September 30, 2017, and 2016, respectively. |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||
Nine months ended September 30, ($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||
New retail standard | $ | 10,667 | $ | 12,881 | 42 | 46 | ||||||
Used retail | 11,856 | 11,875 | 46 | 43 | ||||||||
Lease | 2,961 | 2,690 | 12 | 10 | ||||||||
New retail subvented | 120 | 323 | — | 1 | ||||||||
Total consumer automotive financing originations (a) | $ | 25,604 | $ | 27,769 | 100 | 100 |
(a) | Includes Commercial Services Group (CSG) originations of $2.7 billion and $2.6 billion for the nine months ended September 30, 2017, and 2016, respectively, and RV originations of $367 million and $409 million for the nine months ended September 30, 2017, and 2016, respectively. |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||
Three months ended September 30, ($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||
Growth | $ | 3,270 | $ | 3,326 | 40 | 36 | ||||||
GM | 2,609 | 3,275 | 32 | 35 | ||||||||
Chrysler | 2,261 | 2,740 | 28 | 29 | ||||||||
Total consumer automotive financing originations | $ | 8,140 | $ | 9,341 | 100 | 100 |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||
Nine months ended September 30, ($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||
Growth | $ | 10,266 | $ | 10,127 | 40 | 36 | ||||||
GM | 8,018 | 9,908 | 31 | 36 | ||||||||
Chrysler | 7,320 | 7,734 | 29 | 28 | ||||||||
Total consumer automotive financing originations | $ | 25,604 | $ | 27,769 | 100 | 100 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
740 + | 26 | % | 25 | % | 25 | % | 23 | % | ||||
739–660 | 35 | 36 | 35 | 37 | ||||||||
659–620 | 23 | 24 | 24 | 24 | ||||||||
619–540 | 9 | 9 | 10 | 10 | ||||||||
< 540 | 1 | 1 | 1 | 1 | ||||||||
Unscored (a) | 6 | 5 | 5 | 5 | ||||||||
Total consumer automotive financing originations | 100 | % | 100 | % | 100 | % | 100 | % |
(a) | Unscored are primarily CSG contracts with entities that have no FICO® Score. |
Average balance | Average balance | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
GM new vehicles | $ | 17,528 | $ | 15,368 | $ | 17,658 | $ | 14,897 | ||||||||
Chrysler new vehicles | 8,112 | 9,025 | 8,692 | 9,076 | ||||||||||||
Growth new vehicles | 4,480 | 4,138 | 4,555 | 4,161 | ||||||||||||
Used vehicles | 3,874 | 3,903 | 3,996 | 3,874 | ||||||||||||
Total commercial wholesale finance receivables | $ | 33,994 | $ | 32,434 | $ | 34,901 | $ | 32,008 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Insurance premiums and other income | ||||||||||||||||||||
Insurance premiums and service revenue earned | $ | 252 | $ | 238 | 6 | $ | 720 | $ | 704 | 2 | ||||||||||
Investment income, net (a) | 32 | 36 | (11) | 94 | 104 | (10) | ||||||||||||||
Other income | 3 | 4 | (25) | 11 | 13 | (15) | ||||||||||||||
Total insurance premiums and other income | 287 | 278 | 3 | 825 | 821 | — | ||||||||||||||
Expense | ||||||||||||||||||||
Insurance losses and loss adjustment expenses | 65 | 69 | 6 | 278 | 287 | 3 | ||||||||||||||
Acquisition and underwriting expense | ||||||||||||||||||||
Compensation and benefits expense | 17 | 16 | (6) | 54 | 51 | (6) | ||||||||||||||
Insurance commissions expense | 106 | 99 | (7) | 309 | 290 | (7) | ||||||||||||||
Other expenses | 30 | 38 | 21 | 96 | 105 | 9 | ||||||||||||||
Total acquisition and underwriting expense | 153 | 153 | — | 459 | 446 | (3) | ||||||||||||||
Total expense | 218 | 222 | 2 | 737 | 733 | (1) | ||||||||||||||
Income from continuing operations before income tax expense | $ | 69 | $ | 56 | 23 | $ | 88 | $ | 88 | — | ||||||||||
Total assets | $ | 7,432 | $ | 7,259 | 2 | $ | 7,432 | $ | 7,259 | 2 | ||||||||||
Insurance premiums and service revenue written | $ | 272 | $ | 252 | 8 | $ | 732 | $ | 711 | 3 | ||||||||||
Combined ratio (b) | 86.0 | % | 92.5 | % | 101.5 | % | 103.2 | % |
(a) | Includes realized gains on investments of $19 million and $55 million for the three months and nine months ended September 30, 2017, respectively, and $24 million and $67 million for the three months and nine months ended September 30, 2016; and interest expense of $13 million and $37 million for the three months and nine months ended September 30, 2017, respectively, and $12 million and $36 million for the three months and nine months ended September 30, 2016. |
(b) | Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other income. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Vehicle service contracts | ||||||||||||||||
New retail | $ | 122 | $ | 124 | $ | 333 | $ | 332 | ||||||||
Used retail | 119 | 109 | 351 | 327 | ||||||||||||
Reinsurance (a) | (53 | ) | (50 | ) | (153 | ) | (139 | ) | ||||||||
Total vehicle service contracts (b) | 188 | 183 | 531 | 520 | ||||||||||||
Vehicle inventory insurance | 58 | 49 | 130 | 135 | ||||||||||||
Other finance and insurance (c) | 26 | 20 | 71 | 56 | ||||||||||||
Total | $ | 272 | $ | 252 | $ | 732 | $ | 711 |
(a) | Reinsurance represents the transfer of premiums and risk from an Ally insurance company to a third-party insurance company. |
(b) | VSC revenue is earned over the life of the service contract on a basis proportionate to the anticipated cost pattern. |
(c) | Other finance and insurance includes GAP coverage, excess wear and tear, and other ancillary products. |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Cash | ||||||||
Noninterest-bearing cash | $ | 262 | $ | 273 | ||||
Interest-bearing cash | 915 | 612 | ||||||
Total cash | 1,177 | 885 | ||||||
Available-for-sale securities | ||||||||
Debt securities | ||||||||
U.S. Treasury | 358 | 299 | ||||||
U.S. States and political subdivisions | 772 | 744 | ||||||
Foreign government | 157 | 162 | ||||||
Agency mortgage-backed residential | 632 | 633 | ||||||
Mortgage-backed residential | 184 | 227 | ||||||
Mortgage-backed commercial | 40 | 39 | ||||||
Asset-backed | — | 6 | ||||||
Corporate debt | 1,291 | 1,443 | ||||||
Total debt securities | 3,434 | 3,553 | ||||||
Equity securities | 525 | 595 | ||||||
Total available-for-sale securities | 3,959 | 4,148 | ||||||
Total cash and securities | $ | 5,136 | $ | 5,033 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||
Total financing revenue and other interest income | $ | 78 | $ | 64 | 22 | $ | 221 | $ | 185 | 19 | ||||||||||
Interest expense | 46 | 39 | (18) | 123 | 114 | (8) | ||||||||||||||
Net financing revenue and other interest income | 32 | 25 | 28 | 98 | 71 | 38 | ||||||||||||||
Gain on mortgage loans, net | 1 | — | n/m | 2 | — | n/m | ||||||||||||||
Other income, net of losses | 1 | — | n/m | 1 | — | n/m | ||||||||||||||
Total other revenue | 2 | — | n/m | 3 | — | n/m | ||||||||||||||
Total net revenue | 34 | 25 | 36 | 101 | 71 | 42 | ||||||||||||||
Provision for loan losses | 4 | 1 | n/m | 6 | 4 | (50) | ||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 6 | 4 | (50) | 16 | 10 | (60) | ||||||||||||||
Other operating expenses | 22 | 12 | (83) | 61 | 38 | (61) | ||||||||||||||
Total noninterest expense | 28 | 16 | (75) | 77 | 48 | (60) | ||||||||||||||
Income from continuing operations before income tax expense | $ | 2 | $ | 8 | (75) | $ | 18 | $ | 19 | (5) | ||||||||||
Total assets | $ | 9,804 | $ | 7,933 | 24 | $ | 9,804 | $ | 7,933 | 24 |
Product | Net UPB (a) ($ in millions) | % of total net UPB | WAC | Net premium ($ in millions) | Average refreshed LTV (b) | Average refreshed FICO® (c) | |||||||||||||
September 30, 2017 | |||||||||||||||||||
Adjustable-rate | $ | 2,507 | 26 | 3.35 | % | $ | 40 | 58.28 | % | 774 | |||||||||
Fixed-rate | 7,045 | 74 | 4.04 | 168 | 62.21 | 771 | |||||||||||||
Total | $ | 9,552 | 100 | 3.86 | $ | 208 | 61.17 | 772 | |||||||||||
December 31, 2016 | |||||||||||||||||||
Adjustable-rate | $ | 2,488 | 31 | 3.34 | % | $ | 42 | 57.94 | % | 773 | |||||||||
Fixed-rate | 5,633 | 69 | 4.02 | 131 | 60.47 | 772 | |||||||||||||
Total | $ | 8,121 | 100 | 3.81 | $ | 173 | 59.69 | 772 |
(a) | Represents UPB net of charge-offs. |
(b) | Updated home values were derived using a combination of appraisals, broker price opinions, automated valuation models, and metropolitan statistical area level house price indices. |
(c) | Updated to reflect changes in credit score since loan origination. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable) % change | ||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | 62 | $ | 48 | 29 | $ | 186 | $ | 138 | 35 | ||||||||||
Interest expense | 23 | 18 | (28) | 65 | 51 | (27) | ||||||||||||||
Net financing revenue and other interest income | 39 | 30 | 30 | 121 | 87 | 39 | ||||||||||||||
Total other revenue | 5 | 4 | 25 | 33 | 14 | 136 | ||||||||||||||
Total net revenue | 44 | 34 | 29 | 154 | 101 | 52 | ||||||||||||||
Provision for loan losses | 3 | 3 | — | 15 | 12 | (25) | ||||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation and benefits expense | 12 | 9 | (33) | 36 | 29 | (24) | ||||||||||||||
Other operating expenses | 7 | 7 | — | 21 | 20 | (5) | ||||||||||||||
Total noninterest expense | 19 | 16 | (19) | 57 | 49 | (16) | ||||||||||||||
Income from continuing operations before income tax expense | $ | 22 | $ | 15 | 47 | $ | 82 | $ | 40 | 105 | ||||||||||
Total assets | $ | 3,699 | $ | 3,232 | 14 | $ | 3,699 | $ | 3,232 | 14 |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Loans held-for-sale, net | $ | 9 | $ | — | ||||
Finance receivables and loans | 3,703 | 3,180 | ||||||
Unfunded lending commitments (a) | 1,601 | 1,483 |
(a) | Includes unused revolving credit line commitments for loans held-for-sale and finance receivables and loans, signed commitment letters, and standby letter of credit facilities, which are issued on behalf of clients and may contingently require us to make payments to a third-party beneficiary should the client fail to fulfill a contractual commitment. As many of these commitments are subject to borrowing base agreements and other restrictive covenants or may expire without being fully drawn, the contract amounts are not necessarily indicative of future cash requirements. |
September 30, 2017 | December 31, 2016 | |||||
Industry | ||||||
Services | 28.5 | % | 27.4 | % | ||
Health services | 14.5 | 12.0 | ||||
Automotive and transportation | 12.3 | 13.5 | ||||
Wholesale | 8.2 | 8.9 | ||||
Machinery, equipment, and electronics | 7.3 | 6.6 | ||||
Other manufactured products | 7.1 | 8.8 | ||||
Chemicals and metals | 6.4 | 5.8 | ||||
Food and beverages | 4.4 | 4.2 | ||||
Retail trade | 3.4 | 5.1 | ||||
Paper, printing, and publishing | 2.9 | 3.2 | ||||
Other | 5.0 | 4.5 | ||||
Total finance receivables and loans | 100.0 | % | 100.0 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
($ in millions) | 2017 | 2016 | Favorable/(unfavorable) % change | 2017 | 2016 | Favorable/(unfavorable)% change | ||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||
Interest and dividends on investment securities and other earning assets | $ | 131 | $ | 77 | 70 | $ | 361 | $ | 229 | 58 | ||||||||||
Finance revenue (a) | 18 | 18 | — | 52 | 50 | 4 | ||||||||||||||
Interest on cash and cash equivalents | 9 | 1 | n/m | 18 | 3 | n/m | ||||||||||||||
Other, net | (2 | ) | (4 | ) | 50 | (6 | ) | (9 | ) | 33 | ||||||||||
Total financing revenue and other interest income | 156 | 92 | 70 | 425 | 273 | 56 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Original issue discount amortization (b) | 23 | 21 | (10) | 66 | 57 | (16) | ||||||||||||||
Other interest expense (c) | 88 | 77 | (14) | 269 | 245 | (10) | ||||||||||||||
Total interest expense | 111 | 98 | (13) | 335 | 302 | (11) | ||||||||||||||
Net financing revenue and other interest income | 45 | (6 | ) | n/m | 90 | (29 | ) | n/m | ||||||||||||
Other revenue | ||||||||||||||||||||
Loss on mortgage and automotive loans, net | — | — | n/m | (10 | ) | (6 | ) | (67) | ||||||||||||
Loss on extinguishment of debt | (4 | ) | — | n/m | (6 | ) | (4 | ) | (50) | |||||||||||
Other gain on investments, net | 4 | 28 | (86) | 18 | 78 | (77) | ||||||||||||||
Other income, net of losses | 20 | 18 | 11 | 56 | 51 | 10 | ||||||||||||||
Total other revenue | 20 | 46 | (57) | 58 | 119 | (51) | ||||||||||||||
Total net revenue | 65 | 40 | 63 | 148 | 90 | 64 | ||||||||||||||
Provision for loan losses | (5 | ) | (16 | ) | (69) | (13 | ) | (15 | ) | (13) | ||||||||||
Total noninterest expense (d) | 68 | 63 | (8) | 187 | 133 | (41) | ||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 2 | $ | (7 | ) | 129 | $ | (26 | ) | $ | (28 | ) | 7 | |||||||
Total assets | $ | 30,937 | $ | 25,304 | 22 | $ | 30,937 | $ | 25,304 | 22 |
(a) | Primarily related to financing revenue from our legacy mortgage portfolio and impacts related to hedging activities associated with our consumer automotive loan portfolio. |
(b) | Amortization is included as interest on long-term debt in the Condensed Consolidated Statement of Comprehensive Income. |
(c) | Includes the residual impacts of our FTP methodology and impacts of hedging activities of certain debt obligations. |
(d) | Includes reductions of $194 million and $606 million for the three months and nine months ended September 30, 2017, respectively, and $190 million and $578 million for the three months and nine months ended September 30, 2016, respectively, related to the allocation of corporate overhead expenses to other segments. The receiving segments record their allocation of corporate overhead expense within other operating expense. |
Year ended December 31, ($ in millions) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 and thereafter (a) | Total | |||||||||||||||||||||
Original issue discount | ||||||||||||||||||||||||||||
Outstanding balance at year end | $ | 1,235 | $ | 1,135 | $ | 1,096 | $ | 1,057 | $ | 1,014 | $ | — | ||||||||||||||||
Total amortization (b) | 24 | 100 | 39 | 39 | 43 | 1,014 | $ | 1,259 |
(a) | The maximum annual scheduled amortization for any individual year is $153 million in 2030. |
(b) | The amortization is included as interest on long-term debt on the Condensed Consolidated Statement of Comprehensive Income. |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Cash | ||||||||
Noninterest-bearing cash | $ | 525 | $ | 1,249 | ||||
Interest-bearing cash | 2,699 | 3,770 | ||||||
Total cash | 3,224 | 5,019 | ||||||
Available-for-sale securities | ||||||||
Debt securities | ||||||||
U.S. Treasury | 1,715 | 1,321 | ||||||
U.S. States and political subdivisions | 79 | 38 | ||||||
Agency mortgage-backed residential | 13,712 | 9,657 | ||||||
Mortgage-backed residential | 2,126 | 1,870 | ||||||
Mortgage-backed commercial | 469 | 498 | ||||||
Asset-backed | 1,039 | 1,394 | ||||||
Total available-for-sale securities | 19,140 | 14,778 | ||||||
Held-to-maturity securities | ||||||||
Debt securities | ||||||||
Agency mortgage-backed residential | 1,767 | 789 | ||||||
Asset-backed retained notes | 40 | — | ||||||
Total held-to-maturity securities | 1,807 | 789 | ||||||
Total cash and securities | $ | 24,171 | $ | 20,586 |
3rd Quarter 2017 | 2nd Quarter 2017 | 1st Quarter 2017 | 4th Quarter 2016 | 3rd Quarter 2016 | |||||||||||
Trading days (a) | 62.5 | 63 | 62 | 62.5 | 64 | ||||||||||
Average customer trades per day (in thousands) | 15.5 | 16.5 | 19.1 | 17.5 | 17.1 | ||||||||||
Funded accounts (b) (in thousands) | 255 | 250 | 251 | 244 | 240 | ||||||||||
Total net customer assets ($ in millions) | $ | 5,204 | $ | 5,007 | $ | 4,987 | $ | 4,771 | $ | 4,678 | |||||
Total customer cash balances ($ in millions) | $ | 1,168 | $ | 1,154 | $ | 1,232 | $ | 1,253 | $ | 1,177 |
(a) | Represents the number of days the New York Stock Exchange and other U.S. stock exchange markets are open for trading. A half day represents a day when the U.S. markets close early. |
(b) | Represents open and funded brokerage accounts. |
($ in millions) | September 30, 2017 | December 31, 2016 | ||||||
Finance receivables and loans | ||||||||
Automotive Finance | $ | 103,082 | $ | 104,646 | ||||
Mortgage Finance | 9,760 | 8,294 | ||||||
Corporate Finance | 3,703 | 3,180 | ||||||
Corporate and Other (a) | 2,326 | 2,824 | ||||||
Total finance receivables and loans | 118,871 | 118,944 | ||||||
Loans held-for-sale | ||||||||
Mortgage Finance (b) | 9 | — | ||||||
Corporate Finance | 9 | — | ||||||
Total loans held-for-sale | 18 | — | ||||||
Total on-balance sheet loans | 118,889 | 118,944 | ||||||
Off-balance sheet securitized loans | ||||||||
Automotive Finance (c) | 2,293 | 2,392 | ||||||
Whole-loan sales | ||||||||
Automotive Finance (c) | 1,655 | 3,164 | ||||||
Operating lease assets | ||||||||
Automotive Finance | 8,931 | 11,470 | ||||||
Total loan and lease exposure | $ | 131,768 | $ | 135,970 | ||||
Serviced loans and leases | ||||||||
Automotive Finance | $ | 115,630 | $ | 121,480 | ||||
Mortgage Finance | 9,769 | 8,294 | ||||||
Corporate Finance | 3,467 | 2,991 | ||||||
Corporate and Other | 2,255 | 2,757 | ||||||
Total serviced loans and leases | $ | 131,121 | $ | 135,522 |
(a) | Includes $2.3 billion and $2.8 billion of consumer mortgage loans in our legacy mortgage portfolio at September 30, 2017, and December 31, 2016, respectively. |
(b) | Represents the current balance of conforming mortgages originated directly to the held-for-sale portfolio. |
(c) | Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
($ in millions) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Finance receivables and loans | ||||||||||||||||||||||||
Loans at gross carrying value | $ | 79,092 | $ | 76,843 | $ | 661 | $ | 697 | $ | — | $ | — | ||||||||||||
Loans held-for-sale | 9 | — | — | — | — | — | ||||||||||||||||||
Total consumer loans (b) | 79,101 | 76,843 | 661 | 697 | — | — | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Finance receivables and loans | ||||||||||||||||||||||||
Loans at gross carrying value | 39,779 | 42,101 | 146 | 122 | — | — | ||||||||||||||||||
Loans held-for-sale | 9 | — | — | — | — | — | ||||||||||||||||||
Total commercial loans | 39,788 | 42,101 | 146 | 122 | — | — | ||||||||||||||||||
Total on-balance sheet loans | $ | 118,889 | $ | 118,944 | $ | 807 | $ | 819 | $ | — | $ | — |
(a) | Includes nonaccrual TDR loans of $274 million and $286 million at September 30, 2017, and December 31, 2016, respectively. |
(b) | Includes outstanding CSG loans of $7.0 billion and $6.7 billion at September 30, 2017, and December 31, 2016, respectively, and RV loans of $1.8 billion and $1.7 billion at September 30, 2017, and December 31, 2016, respectively. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
Net charge-offs | Net charge-off ratios (a) | Net charge-offs | Net charge-off ratios (a) | |||||||||||||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Consumer | $ | 243 | $ | 213 | 1.2 | % | 1.1 | % | $ | 695 | $ | 544 | 1.2 | % | 1.0 | % | ||||||||||||
Commercial | 10 | — | 0.1 | — | 10 | — | — | — | ||||||||||||||||||||
Total finance receivables and loans at gross carrying value | $ | 253 | $ | 213 | 0.8 | 0.8 | $ | 705 | $ | 544 | 0.8 | 0.6 |
(a) | Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
($ in millions) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Consumer automotive (b) (c) | $ | 67,077 | $ | 65,793 | $ | 573 | $ | 598 | $ | — | $ | — | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||
Mortgage Finance | 9,760 | 8,294 | 7 | 10 | — | — | ||||||||||||||||||
Mortgage — Legacy | 2,255 | 2,756 | 81 | 89 | — | — | ||||||||||||||||||
Total consumer finance receivables and loans | $ | 79,092 | $ | 76,843 | $ | 661 | $ | 697 | $ | — | $ | — |
(a) | Includes nonaccrual TDR loans of $199 million and $240 million at September 30, 2017, and December 31, 2016, respectively. |
(b) | Includes $24 million and $43 million of fair value adjustment for loans in hedge accounting relationships at September 30, 2017, and December 31, 2016, respectively. Refer to Note 19 to the Condensed Consolidated Financial Statements for additional information. |
(c) | Includes outstanding CSG loans of $7.0 billion and $6.7 billion at September 30, 2017, and December 31, 2016, respectively, and RV loans of $1.8 billion and $1.7 billion at September 30, 2017, and December 31, 2016, respectively. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
Net charge-offs | Net charge-off ratios (a) | Net charge-offs | Net charge-off ratios (a) | |||||||||||||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Consumer automotive | $ | 242 | $ | 219 | 1.4 | % | 1.4 | % | $ | 692 | $ | 540 | 1.4 | % | 1.1 | % | ||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||
Mortgage Finance | 1 | — | — | — | 1 | — | — | — | ||||||||||||||||||||
Mortgage — Legacy | — | (6 | ) | — | (0.9 | ) | 2 | 4 | 0.1 | 0.1 | ||||||||||||||||||
Total consumer finance receivables and loans | $ | 243 | $ | 213 | 1.2 | 1.1 | $ | 695 | $ | 544 | 1.2 | 1.0 |
(a) | Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Consumer automotive | $ | 7,218 | $ | 8,355 | $ | 22,643 | $ | 25,079 | ||||||||
Consumer mortgage (a) | 87 | — | 131 | 7 | ||||||||||||
Total consumer loan originations | $ | 7,305 | $ | 8,355 | $ | 22,774 | $ | 25,086 |
(a) | Includes $49 million and $72 million of loans originated as held-for-sale for the three months and nine months ended September 30, 2017, respectively. |
September 30, 2017 (a) | December 31, 2016 | |||||||||||
Consumer automotive | Consumer mortgage | Consumer automotive | Consumer mortgage | |||||||||
Texas | 13.3 | % | 6.8 | % | 13.6 | % | 6.6 | % | ||||
California | 8.1 | 34.1 | 7.8 | 34.2 | ||||||||
Florida | 8.3 | 4.8 | 8.2 | 4.4 | ||||||||
Pennsylvania | 4.6 | 1.4 | 4.7 | 1.5 | ||||||||
Illinois | 4.2 | 3.3 | 4.3 | 3.4 | ||||||||
Georgia | 4.2 | 2.4 | 4.3 | 2.2 | ||||||||
North Carolina | 3.7 | 1.7 | 3.6 | 1.6 | ||||||||
Ohio | 3.5 | 0.4 | 3.5 | 0.5 | ||||||||
New York | 3.1 | 2.1 | 3.2 | 1.9 | ||||||||
Missouri | 2.9 | 1.0 | 2.8 | 1.2 | ||||||||
Other United States | 44.1 | 42.0 | 44.0 | 42.5 | ||||||||
Total consumer loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(a) | Presentation is in descending order as a percentage of total consumer finance receivables and loans at September 30, 2017. |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more | ||||||||||||||||||||||
($ in millions) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Automotive | $ | 31,985 | $ | 35,041 | $ | 78 | $ | 33 | $ | — | $ | — | ||||||||||||
Other (b) | 3,774 | 3,248 | 61 | 84 | — | — | ||||||||||||||||||
Commercial real estate — Automotive | 4,020 | 3,812 | 7 | 5 | — | — | ||||||||||||||||||
Total commercial finance receivables and loans | $ | 39,779 | $ | 42,101 | $ | 146 | $ | 122 | $ | — | $ | — |
(a) | Includes nonaccrual TDR loans of $75 million and $46 million at September 30, 2017, and December 31, 2016, respectively. |
(b) | Other commercial primarily includes senior secured commercial lending. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
Net charge-offs | Net charge-off ratios (a) | Net charge-offs | Net charge-off ratios (a) | |||||||||||||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||
Automotive | $ | 1 | $ | — | — | % | — | % | $ | 1 | $ | — | — | % | — | % | ||||||||||||
Other | 9 | — | 1.0 | — | 9 | — | 0.3 | — | ||||||||||||||||||||
Total commercial finance receivables and loans | $ | 10 | $ | — | 0.1 | — | $ | 10 | $ | — | — | — |
(a) | Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the period for each loan category. |
September 30, 2017 | December 31, 2016 | |||||
Texas | 16.0 | % | 16.1 | % | ||
Florida | 9.4 | 10.2 | ||||
California | 8.5 | 7.9 | ||||
Michigan | 7.6 | 7.6 | ||||
New Jersey | 3.8 | 4.2 | ||||
Georgia | 3.7 | 3.6 | ||||
South Carolina | 3.7 | 2.7 | ||||
North Carolina | 3.6 | 3.6 | ||||
Pennsylvania | 3.2 | 3.1 | ||||
Missouri | 2.5 | 2.5 | ||||
Other United States | 38.0 | 38.5 | ||||
Total commercial real estate finance receivables and loans | 100.0 | % | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||
Industry | ||||||
Automotive | 75.5 | % | 81.2 | % | ||
Services | 7.4 | 6.3 | ||||
Health/Medical | 3.8 | 2.3 | ||||
Other | 13.3 | 10.2 | ||||
Total commercial criticized finance receivables and loans | 100.0 | % | 100.0 | % |
Three months ended September 30, 2017 ($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at July 1, 2017 | $ | 1,002 | $ | 83 | $ | 1,085 | $ | 140 | $ | 1,225 | ||||||||||
Charge-offs (a) | (327 | ) | (7 | ) | (334 | ) | (10 | ) | (344 | ) | ||||||||||
Recoveries | 85 | 6 | 91 | — | 91 | |||||||||||||||
Net charge-offs | (242 | ) | (1 | ) | (243 | ) | (10 | ) | (253 | ) | ||||||||||
Provision for loan losses | 314 | — | 314 | — | 314 | |||||||||||||||
Other | — | (1 | ) | (1 | ) | 1 | — | |||||||||||||
Allowance at September 30, 2017 | $ | 1,074 | $ | 81 | $ | 1,155 | $ | 131 | $ | 1,286 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at September 30, 2017 (b) | 1.6 | % | 0.7 | % | 1.5 | % | 0.3 | % | 1.1 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2017 | 1.4 | % | — | % | 1.2 | % | 0.1 | % | 0.8 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at September 30, 2017 (b) | 187.2 | % | 93.0 | % | 174.8 | % | 89.7 | % | 159.3 | % | ||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2017 | 1.1 | 23.9 | 1.2 | 3.4 | 1.3 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the gross carrying value. |
Three months ended September 30, 2016 ($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at July 1, 2016 | $ | 862 | $ | 109 | $ | 971 | $ | 118 | $ | 1,089 | ||||||||||
Charge-offs (a) | (293 | ) | (10 | ) | (303 | ) | — | (303 | ) | |||||||||||
Recoveries | 74 | 16 | 90 | — | 90 | |||||||||||||||
Net charge-offs | (219 | ) | 6 | (213 | ) | — | (213 | ) | ||||||||||||
Provision for loan losses | 269 | (15 | ) | 254 | 4 | 258 | ||||||||||||||
Allowance at September 30, 2016 | $ | 912 | $ | 100 | $ | 1,012 | $ | 122 | $ | 1,134 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at September 30, 2016 (b) | 1.4 | % | 0.9 | % | 1.3 | % | 0.3 | % | 1.0 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the three months ended September 30, 2016 | 1.4 | % | (0.2 | )% | 1.1 | % | — | % | 0.8 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at September 30, 2016 (b) | 168.2 | % | 100.4 | % | 157.6 | % | 109.1 | % | 150.4 | % | ||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2016 | 1.0 | (4.1 | ) | 1.2 | n/m | 1.3 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the gross carrying value. |
Nine months ended September 30, 2017 ($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at January 1, 2017 | $ | 932 | $ | 91 | $ | 1,023 | $ | 121 | $ | 1,144 | ||||||||||
Charge-offs (a) | (958 | ) | (22 | ) | (980 | ) | (10 | ) | (990 | ) | ||||||||||
Recoveries | 266 | 19 | 285 | — | 285 | |||||||||||||||
Net charge-offs | (692 | ) | (3 | ) | (695 | ) | (10 | ) | (705 | ) | ||||||||||
Provision for loan losses | 841 | (6 | ) | 835 | 19 | 854 | ||||||||||||||
Other (b) | (7 | ) | (1 | ) | (8 | ) | 1 | (7 | ) | |||||||||||
Allowance at September 30, 2017 | $ | 1,074 | $ | 81 | $ | 1,155 | $ | 131 | $ | 1,286 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at September 30, 2017 (c) | 1.6 | % | 0.7 | % | 1.5 | % | 0.3 | % | 1.1 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2017 | 1.4 | % | — | % | 1.2 | % | — | % | 0.8 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at September 30, 2017 (c) | 187.2 | % | 93.0 | % | 174.8 | % | 89.7 | % | 159.3 | % | ||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2017 | 1.2 | 18.8 | 1.2 | 9.9 | 1.4 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
(c) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the gross carrying value. |
Nine months ended September 30, 2016 ($ in millions) | Consumer automotive | Consumer mortgage | Total consumer | Commercial | Total | |||||||||||||||
Allowance at January 1, 2016 | $ | 834 | $ | 114 | $ | 948 | $ | 106 | $ | 1,054 | ||||||||||
Charge-offs (a) | (773 | ) | (29 | ) | (802 | ) | (1 | ) | (803 | ) | ||||||||||
Recoveries | 233 | 25 | 258 | 1 | 259 | |||||||||||||||
Net charge-offs | (540 | ) | (4 | ) | (544 | ) | — | (544 | ) | |||||||||||
Provision for loan losses | 644 | (10 | ) | 634 | 16 | 650 | ||||||||||||||
Other (b) | (26 | ) | — | (26 | ) | — | (26 | ) | ||||||||||||
Allowance at September 30, 2016 | $ | 912 | $ | 100 | $ | 1,012 | $ | 122 | $ | 1,134 | ||||||||||
Allowance for loan losses to finance receivables and loans outstanding at September 30, 2016 (c) | 1.4 | % | 0.9 | % | 1.3 | % | 0.3 | % | 1.0 | % | ||||||||||
Net charge-offs to average finance receivables and loans outstanding for the nine months ended September 30, 2016 | 1.1 | % | — | % | 1.0 | % | — | % | 0.6 | % | ||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans at September 30, 2016 (c) | 168.2 | % | 100.4 | % | 157.6 | % | 109.1 | % | 150.4 | % | ||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at September 30, 2016 | 1.3 | n/m | 1.4 | n/m | 1.6 |
(a) | Represents the amount of the gross carrying value directly written off. For consumer and commercial loans, the loss from a charge-off is measured as the difference between the gross carrying value of a loan and the fair value of the collateral, less costs to sell. Refer to Note 1 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for more information regarding our charge-off policies. |
(b) | Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. |
(c) | Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the gross carrying value. |
2017 | 2016 | |||||||||||||||||||
September 30, ($ in millions) | Allowance for loan losses | Allowance as a % of loans outstanding | Allowance as a % of total allowance for loan losses | Allowance for loan losses | Allowance as a % of loans outstanding | Allowance as a % of total allowance for loan losses | ||||||||||||||
Consumer | ||||||||||||||||||||
Consumer automotive | $ | 1,074 | 1.6 | % | 83.5 | % | $ | 912 | 1.4 | % | 80.4 | % | ||||||||
Consumer mortgage | ||||||||||||||||||||
Mortgage Finance | 16 | 0.2 | 1.2 | 19 | 0.2 | 1.7 | ||||||||||||||
Mortgage — Legacy | 65 | 2.9 | 5.1 | 81 | 2.8 | 7.2 | ||||||||||||||
Total consumer mortgage | 81 | 0.7 | 6.3 | 100 | 0.9 | 8.9 | ||||||||||||||
Total consumer loans | 1,155 | 1.5 | 89.8 | 1,012 | 1.3 | 89.3 | ||||||||||||||
Commercial | ||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Automotive | 36 | 0.1 | 2.8 | 33 | 0.1 | 2.9 | ||||||||||||||
Other | 71 | 1.9 | 5.5 | 65 | 2.0 | 5.7 | ||||||||||||||
Commercial real estate — Automotive | 24 | 0.6 | 1.9 | 24 | 0.6 | 2.1 | ||||||||||||||
Total commercial loans | 131 | 0.3 | 10.2 | 122 | 0.3 | 10.7 | ||||||||||||||
Total allowance for loan losses | $ | 1,286 | 1.1 | 100.0 | % | $ | 1,134 | 1.0 | 100.0 | % |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Consumer | ||||||||||||||||
Consumer automotive | $ | 314 | $ | 269 | $ | 841 | $ | 644 | ||||||||
Consumer mortgage | ||||||||||||||||
Mortgage Finance | 4 | 1 | 6 | 4 | ||||||||||||
Mortgage — Legacy | (4 | ) | (16 | ) | (12 | ) | (14 | ) | ||||||||
Total consumer mortgage | — | (15 | ) | (6 | ) | (10 | ) | |||||||||
Total consumer loans | 314 | 254 | 835 | 634 | ||||||||||||
Commercial | ||||||||||||||||
Commercial and industrial | ||||||||||||||||
Automotive | (1 | ) | 2 | 5 | 4 | |||||||||||
Other | 2 | 3 | 14 | 11 | ||||||||||||
Commercial real estate — Automotive | (1 | ) | (1 | ) | — | 1 | ||||||||||
Total commercial loans | — | 4 | 19 | 16 | ||||||||||||
Total provision for loan losses | $ | 314 | $ | 258 | $ | 854 | $ | 650 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Off-lease vehicles terminated (in units) | 64,465 | 80,999 | 213,893 | 235,820 | ||||||||||||
Average gain per vehicle ($ per unit) | $ | 791 | $ | 767 | $ | 374 | $ | 860 | ||||||||
Method of vehicle sales | ||||||||||||||||
Auction | ||||||||||||||||
Internet | 57 | % | 55 | % | 56 | % | 55 | % | ||||||||
Physical | 11 | 14 | 13 | 13 | ||||||||||||
Sale to dealer, lessee, and other | 32 | 31 | 31 | 32 |
September 30, | 2017 | 2016 | ||||
Sport utility vehicle | 55 | % | 51 | % | ||
Truck | 24 | 16 | ||||
Car | 21 | 33 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Change in interest rates ($ in millions) | Gradual (a) | Instantaneous | Gradual (a) | Instantaneous | ||||||||||||
-100 basis points | $ | 12 | $ | 43 | $ | (14 | ) | $ | 46 | |||||||
+100 basis points | (1 | ) | (62 | ) | (2 | ) | (62 | ) | ||||||||
+200 basis points | (50 | ) | (261 | ) | (19 | ) | (153 | ) |
(a) | Gradual changes in interest rates are recognized over 12 months. |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Change in interest rates ($ in millions) | Gradual (a) | Instantaneous | Gradual (a) | Instantaneous | ||||||||||||
+100 basis points | $ | 51 | $ | 63 | $ | 50 | $ | 77 | ||||||||
+200 basis points | 90 | 73 | 88 | 119 |
(a) | Gradual changes in interest rates are recognized over 12 months. |
September 30, 2017 ($ in millions) | ||||
Unencumbered highly liquid U.S. federal government and U.S. agency securities | $ | 12,434 | ||
Liquid cash and equivalents | 4,243 | |||
Committed funding facilities | ||||
Total capacity | 14,675 | |||
Outstanding | 9,530 | |||
Unused capacity (a) | 5,145 | |||
Total available liquidity | $ | 21,822 |
(a) | Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or the extent incremental collateral is available and contributed to the facilities. |
3rd Quarter 2017 | 2nd Quarter 2017 | 1st Quarter 2017 | 4th Quarter 2016 | 3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | |||||||||||||||
Number of retail bank accounts (in thousands) | 2,603 | 2,474 | 2,366 | 2,269 | 2,203 | 2,134 | 2,062 | ||||||||||||||
Deposits ($ in millions) | |||||||||||||||||||||
Retail | $ | 74,928 | $ | 71,094 | $ | 69,971 | $ | 66,584 | $ | 63,880 | $ | 61,239 | $ | 58,977 | |||||||
Brokered (a) | 15,045 | 14,937 | 14,327 | 12,187 | 11,570 | 11,269 | 10,979 | ||||||||||||||
Other (b) | 143 | 152 | 188 | 251 | 294 | 294 | 309 | ||||||||||||||
Total deposits | $ | 90,116 | $ | 86,183 | $ | 84,486 | $ | 79,022 | $ | 75,744 | $ | 72,802 | $ | 70,265 |
(a) | Brokered deposit balances include a deposit related to Ally Invest customer cash balances deposited at Ally Bank by a third party of $1.2 billion as of the end of each quarter in 2017, and $200 million as of December 31, 2016. |
(b) | Other deposits include mortgage escrow, dealer, and other deposits. |
• | We closed, renewed, increased, and/or extended $5.2 billion in U.S. secured credit facilities during the nine months ended September 30, 2017. |
• | We continued to access the public and private term asset-backed securitization markets raising $5.8 billion during the nine months ended September 30, 2017. In the first nine months of 2017, we raised approximately $4.4 billion through securitizations backed by retail automotive loans, which includes $3.3 billion raised through on-balance sheet public securitizations and $1.1 billion raised through an off-balance sheet public securitization. We also raised $1.4 billion through public securitizations backed by dealer floorplan automotive assets. |
• | In October 2017, we reduced the capacity of our largest private committed funding facility by $1.5 billion to $8.0 billion. |
September 30, 2017 | December 31, 2016 | |||||||||||
($ in millions) | On-balance sheet funding | % Share of funding | On-balance sheet funding | % Share of funding | ||||||||
Secured financings | $ | 34,687 | 24 | $ | 43,140 | 30 | ||||||
Institutional term debt and unsecured bank funding | 16,526 | 11 | 19,276 | 13 | ||||||||
Retail debt programs (a) | 3,810 | 3 | 4,070 | 3 | ||||||||
Total debt (b) | 55,023 | 38 | 66,486 | 46 | ||||||||
Deposits | 90,116 | 62 | 79,022 | 54 | ||||||||
Total on-balance sheet funding | $ | 145,139 | 100 | $ | 145,508 | 100 |
(a) | Includes $431 million and $448 million of retail term notes at September 30, 2017, and December 31, 2016, respectively. |
(b) | Excludes fair value adjustment as described in Note 19 to the Condensed Consolidated Financial Statements. |
($ in millions, except per share data; shares in thousands) | 3rd quarter 2017 | 2nd quarter 2017 | 1st quarter 2017 | 4th quarter 2016 | 3rd quarter 2016 | ||||||||||
Common shares repurchased during period (a) | |||||||||||||||
Approximate dollar value | $ | 190 | $ | 204 | $ | 169 | $ | 167 | $ | 159 | |||||
Number of shares | 8,507 | 10,485 | 8,097 | 8,745 | 8,298 | ||||||||||
Number of common shares outstanding | |||||||||||||||
Beginning of period | 452,292 | 462,193 | 467,000 | 475,470 | 483,753 | ||||||||||
End of period | 443,796 | 452,292 | 462,193 | 467,000 | 475,470 | ||||||||||
Cash dividends declared per common share (b) | $ | 0.12 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
(a) | Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. |
(b) | On October 10, 2017, the Ally Board of Directors declared a quarterly cash dividend payment of $0.12 per share on all common stock, payable on November 15, 2017. Refer to Note 26 to the Condensed Consolidated Financial Statements for further information regarding this common share dividend. |
Rating agency | Short-term | Senior unsecured debt | Outlook | Date of last action | ||||
Fitch | B | BB+ | Positive | September 8, 2017 (a) | ||||
Moody’s | Not Prime | Ba3 | Stable | October 20, 2015 (b) | ||||
S&P | B | BB+ | Stable | October 16, 2017 (c) | ||||
DBRS | R-3 | BBB (Low) | Stable | May 3, 2017 (d) |
(a) | Fitch affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and changed the outlook from Stable to Positive on September 8, 2017. |
(b) | Moody's upgraded our senior unsecured debt rating to Ba3 from B1, affirmed our short-term rating of Not Prime, and changed the outlook to Stable on October 20, 2015. Effective December 1, 2014, we determined to not renew our contractual arrangement with Moody's related to their providing of our issuer, senior debt, and short-term ratings. Notwithstanding this, Moody's has determined to continue to provide these ratings on a discretionary basis. However, Moody's has no obligation to continue to provide these ratings, and could cease doing so at any time. |
(c) | Standard & Poor's affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and maintained a Stable outlook on October 16, 2017. |
(d) | DBRS affirmed our senior unsecured debt rating of BBB (Low), affirmed our short-term rating of R-3, and maintained a Stable outlook on all ratings on May 3, 2017. |
• | Allowance for loan losses |
• | Valuation of automotive lease assets and residuals |
• | Fair value of financial instruments |
• | Legal and regulatory reserves |
• | Determination of provision for income taxes |
2017 | 2016 | Increase (decrease) due to | ||||||||||||||||||||||||||||||||
Three months ended September 30, ($ in millions) | Average balance (a) | Interest income/Interest expense | Yield/rate | Average balance (a) | Interest income/Interest expense | Yield/rate | Volume | Yield/rate | Total | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 3,148 | $ | 11 | 1.39 | % | $ | 2,530 | $ | 3 | 0.47 | % | $ | 1 | $ | 7 | $ | 8 | ||||||||||||||||
Investment securities (b) | 24,197 | 150 | 2.46 | 18,139 | 101 | 2.22 | 34 | 15 | 49 | |||||||||||||||||||||||||
Loans held-for-sale, net | 6 | — | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||
Finance receivables and loans, net (c) (d) | 119,051 | 1,486 | 4.95 | 113,294 | 1,307 | 4.59 | 66 | 113 | 179 | |||||||||||||||||||||||||
Investment in operating leases, net (e) | 9,320 | 162 | 6.90 | 13,232 | 241 | 7.25 | (71 | ) | (8 | ) | (79 | ) | ||||||||||||||||||||||
Other earning assets | 914 | 7 | 3.04 | — | — | — | 7 | — | 7 | |||||||||||||||||||||||||
Total interest-earning assets | 156,636 | 1,816 | 4.60 | 147,196 | 1,652 | 4.46 | 164 | |||||||||||||||||||||||||||
Noninterest-bearing cash and cash equivalents | 720 | 1,369 | ||||||||||||||||||||||||||||||||
Other assets | 7,740 | 8,764 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,226 | ) | (1,103 | ) | ||||||||||||||||||||||||||||||
Total assets | $ | 163,870 | $ | 156,226 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposit liabilities | $ | 88,115 | $ | 285 | 1.28 | % | $ | 74,166 | $ | 212 | 1.14 | % | $ | 40 | $ | 33 | $ | 73 | ||||||||||||||||
Short-term borrowings | 9,137 | 34 | 1.48 | 5,194 | 14 | 1.07 | 11 | 9 | 20 | |||||||||||||||||||||||||
Long-term debt (d) | 47,965 | 416 | 3.44 | 58,425 | 430 | 2.93 | (77 | ) | 63 | (14 | ) | |||||||||||||||||||||||
Total interest-bearing liabilities | 145,217 | 735 | 2.01 | 137,785 | 656 | 1.89 | 79 | |||||||||||||||||||||||||||
Noninterest-bearing deposit liabilities | 106 | 97 | ||||||||||||||||||||||||||||||||
Total funding sources | 145,323 | 735 | 2.01 | 137,882 | 656 | 1.89 | ||||||||||||||||||||||||||||
Other liabilities | 5,001 | 4,674 | ||||||||||||||||||||||||||||||||
Total liabilities | 150,324 | 142,556 | ||||||||||||||||||||||||||||||||
Total equity | 13,546 | 13,670 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 163,870 | $ | 156,226 | ||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 1,081 | $ | 996 | $ | 85 | ||||||||||||||||||||||||||||
Net interest spread (f) | 2.59 | % | 2.57 | % | ||||||||||||||||||||||||||||||
Net yield on interest-earning assets (g) | 2.74 | % | 2.69 | % |
(a) | Average balances are calculated using a combination of monthly and daily average methodologies. |
(b) | Amounts for the three months ended September 30, 2016, were adjusted to include previously excluded equity investments with an average balance of $589 million and related dividend income on equity investments of $4 million. Yields on available-for-sale debt securities are based on fair value as opposed to amortized cost. Yields on held-to-maturity securities are based on amortized cost. |
(c) | Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K. |
(d) | Includes the effects of derivative financial instruments designated as hedges. |
(e) | Includes gains on sale of $51 million and $62 million for the three months ended September 30, 2017, and 2016, respectively. Excluding these gains on sale, the annualized yield would be 4.73% and 5.38% at September 30, 2017, and 2016, respectively. |
(f) | Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities. |
(g) | Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets. |
2017 | 2016 | Increase (decrease) due to | ||||||||||||||||||||||||||||||||
Nine months ended September 30, ($ in millions) | Average balance (a) | Interest income/Interest expense | Yield/rate | Average balance (a) | Interest income/Interest expense | Yield/rate | Volume | Yield/rate | Total | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 2,837 | $ | 23 | 1.08 | % | $ | 2,700 | $ | 10 | 0.49 | % | $ | 1 | $ | 12 | $ | 13 | ||||||||||||||||
Federal funds sold and securities purchased under resale agreements | — | — | — | 1 | — | — | — | — | — | |||||||||||||||||||||||||
Investment securities (b) | 22,327 | 415 | 2.49 | 17,977 | 302 | 2.24 | 73 | 40 | 113 | |||||||||||||||||||||||||
Loans held-for-sale, net | 3 | — | — | 12 | — | — | — | — | — | |||||||||||||||||||||||||
Finance receivables and loans, net (c) (d) | 118,757 | 4,301 | 4.84 | 112,332 | 3,807 | 4.53 | 218 | 276 | 494 | |||||||||||||||||||||||||
Investment in operating leases, net (e) | 10,114 | 483 | 6.38 | 14,412 | 767 | 7.11 | (229 | ) | (55 | ) | (284 | ) | ||||||||||||||||||||||
Other earning assets | 859 | 22 | 3.42 | — | — | — | 15 | 7 | 22 | |||||||||||||||||||||||||
Total interest-earning assets | 154,897 | 5,244 | 4.53 | 147,434 | 4,886 | 4.43 | 358 | |||||||||||||||||||||||||||
Noninterest-bearing cash and cash equivalents | 1,013 | 1,515 | ||||||||||||||||||||||||||||||||
Other assets | 7,827 | 8,816 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,181 | ) | (1,084 | ) | ||||||||||||||||||||||||||||||
Total assets | $ | 162,556 | $ | 156,681 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||
Interest-bearing deposit liabilities | $ | 85,403 | $ | 766 | 1.20 | % | $ | 71,286 | $ | 608 | 1.14 | % | $ | 120 | $ | 38 | $ | 158 | ||||||||||||||||
Short-term borrowings | 8,798 | 94 | 1.43 | 5,445 | 39 | 0.96 | 24 | 31 | 55 | |||||||||||||||||||||||||
Long-term debt (d) | 50,395 | 1,257 | 3.33 | 61,318 | 1,308 | 2.85 | (233 | ) | 182 | (51 | ) | |||||||||||||||||||||||
Total interest-bearing liabilities | 144,596 | 2,117 | 1.96 | 138,049 | 1,955 | 1.89 | 162 | |||||||||||||||||||||||||||
Noninterest-bearing deposit liabilities | 98 | 94 | ||||||||||||||||||||||||||||||||
Total funding sources | 144,694 | 2,117 | 1.96 | 138,143 | 1,955 | 1.89 | ||||||||||||||||||||||||||||
Other liabilities | 4,385 | 4,873 | ||||||||||||||||||||||||||||||||
Total liabilities | 149,079 | 143,016 | ||||||||||||||||||||||||||||||||
Total equity | 13,477 | 13,665 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 162,556 | $ | 156,681 | ||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 3,127 | $ | 2,931 | $ | 196 | ||||||||||||||||||||||||||||
Net interest spread (f) | 2.57 | % | 2.54 | % | ||||||||||||||||||||||||||||||
Net yield on interest-earning assets (g) | 2.70 | % | 2.66 | % |
(a) | Average balances are calculated using a combination of monthly and daily average methodologies. |
(b) | Amounts for the nine months ended September 30, 2016, were adjusted to include previously excluded equity investments with an average balance of $652 million and related dividend income on equity investments of $13 million. Yields on available-for-sale debt securities are based on fair value as opposed to amortized cost. Yields on held-to-maturity securities are based on amortized cost. |
(c) | Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K. |
(d) | Includes the effects of derivative financial instruments designated as hedges. |
(e) | Includes gains on sale of $80 million and $203 million for the nine months ended September 30, 2017, and 2016, respectively. Excluding these gains on sale, the annualized yield would be 5.33% and 5.23% at September 30, 2017, and 2016, respectively. |
(f) | Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities. |
(g) | Net yield on interest-earning assets represents annualized net financing revenue and other interest income as a percentage of total interest-earning assets. |
• | evolving local, regional, national, or international business, economic, or political conditions, including the residual effects of the recent global economic crisis and responses to that crisis by governments, businesses, and households; |
• | changes in laws or the regulatory or supervisory environment, including as a result of recent financial services legislation, regulation, or policies or changes in government officials or other personnel; |
• | changes in monetary, fiscal, or trade laws or policies, including as a result of actions by government agencies, central banks, or supranational authorities; |
• | changes in accounting standards or policies; |
• | changes in the automotive industry or the markets for new or used vehicles; |
• | disruptions or shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; |
• | changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; |
• | changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets; |
• | our ability to execute our business strategy for Ally Bank, including its regulatory normalization; |
• | our ability to optimize our automotive finance and insurance businesses and to continue diversifying into and growing other lines of business, including consumer finance, corporate finance, brokerage, and wealth management; |
• | our ability to develop capital plans that will be approved by the FRB and our ability to implement them, including any payment of dividends or share repurchases; |
• | our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk management standards, and regulatory or supervisory requirements; |
• | our ability to cost-effectively fund our business and operations, including through deposits and the capital markets; |
• | changes in any credit rating assigned to Ally, including Ally Bank; |
• | adverse publicity or other reputational harm to us; |
• | our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; |
• | our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; |
• | the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors; |
• | our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; |
• | changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors; |
• | our ability to effectively deal with economic, business, or market slowdowns or disruptions; |
• | judicial, regulatory, or administrative investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry; |
• | our ability to address stricter or heightened regulatory or supervisory requirements; |
• | our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or facilities, including our capacity to withstand cyber-attacks; |
• | the adequacy of our corporate governance, risk management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk; |
• | the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; |
• | our ability to keep pace with changes in technology that affect us or our customers, counterparties, service providers, or competitors; |
• | our ability to successfully make and integrate acquisitions; |
• | the adequacy of our succession planning for key executives or other personnel and to attract or retain qualified employees; |
• | natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics; or |
• | other assumptions, risks, or uncertainties described in the Risk Factors (Part II, Item 1A herein), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Part I, Item 2 herein), or the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1 herein) in this Quarterly Report on Form 10-Q or described in any of the Company’s annual, quarterly or current reports. |
Three months ended September 30, 2017 | Total number of shares repurchased (a) (in thousands) | Weighted-average price paid per share (a) (b) (in dollars) | Total number of shares repurchased as part of publicly announced program (a) (c) (in thousands) | Maximum approximate dollar value of shares that may yet be repurchased under the program (a) (b) (c) ($ in millions) | ||||||||||
July 2017 | 2,580 | $ | 21.43 | 2,580 | $ | 705 | ||||||||
August 2017 | 3,196 | 22.56 | 3,196 | 633 | ||||||||||
September 2017 | 2,731 | 22.88 | 2,731 | 570 | ||||||||||
Total | 8,507 | 22.32 | 8,507 |
(a) | Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. |
(b) | Excludes brokerage commissions. |
(c) | On June 28, 2017, we announced a common stock repurchase program of up to $760 million. The program commenced in the third quarter of 2017 and will expire on June 30, 2018. Refer to Note 18 to the Condensed Consolidated Financial Statements for a discussion of our 2017 capital plan. |
Exhibit | Description | Method of Filing |
12 | Filed herewith. | |
31.1 | Filed herewith. | |
31.2 | Filed herewith. | |
32 | Filed herewith. | |
101 | The following information from our Form 10-Q for the quarterly period ended September 30, 2017, formatted in eXtensible Business Reporting Language: (i) Condensed Consolidated Statement of Comprehensive Income (unaudited), (ii) Condensed Consolidated Balance Sheet (unaudited), (iii) Condensed Consolidated Statement of Changes in Equity (unaudited), (iv) Condensed Consolidated Statement of Cash Flows (unaudited), and (v) the Notes to the Condensed Consolidated Financial Statements (unaudited). | Filed herewith. |
Ally Financial Inc. (Registrant) | |
/S/ CHRISTOPHER A. HALMY | |
Christopher A. Halmy Chief Financial Officer |
/S/ DAVID J. DEBRUNNER | |
David J. DeBrunner Vice President, Chief Accounting Officer, and Corporate Controller |
Nine months ended September 30, | Year ended December 31, | ||||||||||||||||||
($ in millions) | 2017 (a) | 2016 (a) | 2015 (a) | 2014 (a) | 2013 (a) | 2012 (a) | |||||||||||||
Earnings | |||||||||||||||||||
Consolidated net income from continuing operations | $ | 747 | $ | 1,111 | $ | 897 | $ | 925 | $ | 416 | $ | 1,370 | |||||||
Income tax expense (benefit) from continuing operations | 350 | 470 | 496 | 321 | (59 | ) | (856 | ) | |||||||||||
Equity-method investee earnings | (12 | ) | (18 | ) | (52 | ) | (18 | ) | (15 | ) | (6 | ) | |||||||
Minority interest expense | — | — | — | — | — | 1 | |||||||||||||
Consolidated income from continuing operations before income taxes, minority interest, and income from equity investees | 1,085 | 1,563 | 1,341 | 1,228 | 342 | 509 | |||||||||||||
Fixed charges | 2,130 | 2,641 | 2,460 | 2,826 | 3,344 | 4,031 | |||||||||||||
Earnings available for fixed charges | $ | 3,215 | $ | 4,204 | $ | 3,801 | $ | 4,054 | $ | 3,686 | $ | 4,540 | |||||||
Fixed charges | |||||||||||||||||||
Interest, discount, and issuance expense on debt | $ | 2,118 | $ | 2,624 | $ | 2,443 | $ | 2,810 | $ | 3,330 | $ | 4,014 | |||||||
Portion of rentals representative of the interest factor | 12 | 17 | 17 | 16 | 15 | 17 | |||||||||||||
Total fixed charges | $ | 2,130 | $ | 2,641 | $ | 2,460 | $ | 2,826 | $ | 3,345 | $ | 4,031 | |||||||
Ratio of earnings to fixed charges | 1.51 | 1.59 | 1.55 | 1.43 | 1.10 | 1.13 |
(a) | For all periods presented, the operating results of our discontinued operations have been removed from continuing operations. We report these businesses separately as discontinued operations in the Condensed Consolidated Financial Statements. Our discontinued operations relate to previous discontinued operations in our Automotive Finance operations, Insurance operations, and Corporate Finance operating segments, and other operations for which we continue to have wind-down, legal, and minimal operational costs. Refer to Note 3 to the Condensed Consolidated Financial Statements for further discussion of our discontinued operations. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations. |
1. | I have reviewed this report on Form 10-Q of Ally Financial Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ JEFFREY J. BROWN | |
Jeffrey J. Brown Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Ally Financial Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ CHRISTOPHER A. HALMY | |
Christopher A. Halmy Chief Financial Officer |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/S/ JEFFREY J. BROWN | |
Jeffrey J. Brown | |
Chief Executive Officer | |
October 31, 2017 | |
/S/ CHRISTOPHER A. HALMY | |
Christopher A. Halmy | |
Chief Financial Officer | |
October 31, 2017 |
Document and Entity Information - USD ($) |
9 Months Ended | ||
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Sep. 30, 2017 |
Oct. 27, 2017 |
Jun. 30, 2016 |
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Document And Entity Information [Abstract] | |||
Entity Registrant Name | Ally Financial Inc. | ||
Entity Central Index Key | 0000040729 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 442,185,905 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 8,257,669,855 |
Condensed Consolidated Balance Sheet and Mini Balance Sheet (Paranthetical) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
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Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,100,000,000 | 1,100,000,000 |
Common Stock, Shares, Issued | 489,593,314 | 485,707,644 |
Common Stock, Shares, Outstanding | 443,796,233 | 467,000,306 |
Treasury Stock, Shares | 45,797,081 | 18,707,338 |
Held-to-maturity Securities, Fair Value | $ 1,807 | $ 789 |
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context requires otherwise, Ally, the Company, or we, us, or our) is a leading digital financial services company and top 25 U.S. financial holding company (FHC) offering diversified financial products for consumers, businesses, automotive dealers, and corporate clients. Our legacy dates back to 1919, and Ally was redesigned in 2009 with a distinctive brand, innovative approach, and relentless focus on our customers. We reconverted to a Delaware corporation in 2009 and are registered as a bank holding company (BHC) under the Bank Holding Company Act of 1956 as amended and an FHC under the Gramm-Leach-Bliley Act of 1999 as amended. We are one of the largest full service automotive finance operations in the country with a deep expertise in automotive lending and a complementary automotive-focused insurance business. Our wholly-owned banking subsidiary, Ally Bank, has received numerous industry awards for its services and capabilities and is one of the largest and most respected online banks, uniquely positioned for the observed shifting trends in consumer and commercial banking preferences for digital banking. We offer a variety of deposit and banking products including CDs, online savings, money market and checking accounts, IRA products, a cash back credit card, and mortgage lending offerings through Ally Home. We have recently integrated a growing digital wealth management and online brokerage platform to enable consumers to have a variety of options in managing their savings and wealth. Additionally, through our corporate finance business, we offer lending solutions to middle-market companies. Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, legal and regulatory reserves, and the determination of the provision for income taxes. The Condensed Consolidated Financial Statements at September 30, 2017, and for the three months and nine months ended September 30, 2017, and 2016, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed on February 27, 2017, with the U.S. Securities and Exchange Commission (SEC). Significant Accounting Policies Income Taxes In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans and operating leases. Securitization transactions typically involve the use of variable interest entities (VIEs) and are accounted for either as sales or secured borrowings. We may retain economic interests in securitized and sold assets, which are generally in the form of senior or subordinated interests, other residual interests, and servicing rights. In order to conclude whether or not a VIE is required to be consolidated, careful consideration and judgment must be given to our continuing involvement with the VIE. In circumstances where we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, we would conclude that we are the primary beneficiary of the VIE, and would consolidate the entity. Consolidation of the VIE would also preclude us from recording an accounting sale on the transaction. In the case of a consolidated VIE, the accounting is consistent with a secured borrowing (e.g., we continue to carry the loans and we record the related securitized debt on our Condensed Consolidated Balance Sheet). In transactions where we are not determined to be the primary beneficiary of the VIE, we must determine whether or not we achieve a sale for accounting purposes. In order to achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we were to fail any of these three criteria for sale accounting, the transfer would be accounted for as a secured borrowing consistent with the preceding paragraph. Refer to Note 10 to the Condensed Consolidated Financial Statements for discussion on VIEs. Gains or losses on off-balance sheet securitizations take into consideration the fair value of any retained interests, including the value of certain servicing assets or liabilities, if any, which are initially recorded at fair value at the date of sale. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. Refer to Note 21 to the Condensed Consolidated Financial Statements for a discussion of fair value estimates. Gains or losses on off-balance sheet securitizations and sales are reported in gain on mortgage and automotive loans, net, in our Condensed Consolidated Statement of Comprehensive Income. Retained interests are classified as securities or as other assets depending on their nature. On December 24, 2016, the risk retention rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 became effective, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. This note was updated to address the Dodd-Frank Act risk retention rules and differs from our description in Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K. We retain servicing responsibilities for all of our consumer and commercial automotive loan and operating lease securitizations. We may receive servicing fees for off-balance sheet securitizations based on the securitized loan balances and certain ancillary fees, all of which are reported in servicing fees in the Condensed Consolidated Statement of Comprehensive Income. Typically, the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, does not result in the recognition of a servicing asset or liability. Whether on- or off-balance sheet, the investors in the securitization trusts generally have no recourse to our assets outside of protections afforded through customary market representation and warranty repurchase provisions. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K regarding additional significant accounting policies. Recently Adopted Accounting Standards Stock Compensation — Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) As of December 31, 2016, we adopted Accounting Standards Update (ASU) 2016-09. The amendments in this update changed several aspects of share-based payment accounting. The amendments allowed for an entity-wide accounting policy election to either account for forfeitures as they occur or estimate the number of awards that are expected to vest. We elected to account for forfeitures as they occur. The amendments modified the tax withholding requirements to allow entities to withhold an amount up to the employee’s maximum individual statutory tax rates without resulting in a liability classification of the award as opposed to limiting the withholding to the minimum statutory tax rates as required under previous accounting guidance. The amendments required that all excess tax benefits and tax deficiencies related to share-based payment awards be recognized in income tax expense or benefit in the income statement in the period in which they occur. The amendments also addressed the classification and presentation of certain items on the cash flow statement. Specifically, cash flows related to excess tax benefits should be classified as an operating activity instead of a financing activity and cash flows related to cash paid to a tax authority by an employer when withholding shares from an employee’s award for tax withholding purposes should be classified as a financing activity. The adoption of these amendments did not have a material impact to the financial statements. Recently Issued Accounting Standards Revenue from Contracts with Customers (ASU 2014-09) and Revenue from Contracts with Customers — Deferral of the Effective Date (ASU 2015-14) In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09. The purpose of this guidance is to streamline and consolidate existing revenue recognition principles in GAAP and to converge revenue recognition principles with International Financial Reporting Standards (IFRS). The core principle of the amendments is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The amendments include a five step process for consideration of the core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. As originally issued, the amendments in ASU 2014-09 were to be effective beginning on January 1, 2017. However, in August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the guidance until January 1, 2018, and permitted early adoption as of the original effective date in ASU 2014-09. The FASB has issued several additional ASUs to clarify guidance and provide implementation support for ASU 2014-09. Management has considered these additional ASUs when assessing the overall impact of ASU 2014-09. The amendments to the revenue recognition principles can be applied upon adoption either through a full retrospective application or on a modified retrospective basis with a cumulative effect adjustment on the date of initial adoption with certain practical expedients. Our implementation efforts to date related to this standard have included identifying revenue streams that are within the scope of this guidance, the evaluation of associated contracts and accounting policies, the evaluation of processes and systems of internal control, and the assessment of disclosure requirements of the standard. A majority of our revenue streams are not within the scope of this ASU as they are governed by other accounting standards. Management has determined that certain revenue streams and contractual arrangements are in scope of this guidance, including deposit fees, revenue on certain noninsurance contracts, brokering commissions through our insurance operations, sales of off-lease vehicles, remarketing fee income through SmartAuction, and commission and fee income generated through Ally Invest. Management does not expect these amendments to impact current revenue recognition patterns for a majority of the in scope revenue streams and contracts. However, we expect that the application of this guidance to noninsurance contracts within our insurance business will result in the deferral of certain amounts we currently recognize as revenue and expense upon the origination of the contract and the immediate recognition of certain expenses upon the origination of the contract that are currently deferred. Additionally, upon implementation we expect to expand our financial statement disclosures as required by the standard. Our assessment is not final; however, we do not expect the impact of the new guidance to these specific contracts to be material to the financial statements. We currently plan to adopt this guidance as of January 1, 2018, and expect to use the modified retrospective approach. Financial Instruments — Recognition and Measurement of Financial Assets (ASU 2016-01) In January 2016, the FASB issued ASU 2016-01. The amendments in this update modify the requirements related to the measurement of certain financial instruments in the statement of financial condition and results of operations. For equity investments (other than investments accounted for using the equity method), entities must measure such instruments at fair value with changes in fair value recognized in net income. Changes in fair value for equity securities will no longer be recognized through other comprehensive income. Reporting entities may continue to elect to measure equity investments that do not have a readily determinable fair value at cost with adjustments for impairment and observable changes in price. In addition, for a liability (other than a derivative liability) that an entity measures at fair value, any change in fair value related to the instrument-specific credit risk, that is the entity’s own-credit, should be presented separately in other comprehensive income and not as a component of net income. The amendments are effective on January 1, 2018, with early adoption permitted solely for the provisions pertaining to instrument-specific credit risk for liabilities measured at fair value. The amendments must be applied on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. While the amendment requiring equity investments to be measured at fair value with changes in fair value recognized in net income will create additional volatility in our Condensed Consolidated Statement of Comprehensive Income, we do not anticipate the other amendments will have a material impact to our financial statements. We currently plan to adopt these amendments on January 1, 2018, and expect to use the modified retrospective approach as required. Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors for all types of leases. The amendments also require additional disclosures for all lease types for both lessees and lessors. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied on a modified retrospective basis with a cumulative adjustment to the beginning of the earliest fiscal year presented in the financial statements in the period of adoption. Management is currently evaluating the impact of these amendments. Upon adoption, we expect to record a balance sheet gross-up, reflecting our right-of-use asset and lease liability for our operating leases where we are the lessee (for example, our facility leases). We are currently reviewing our operating lease contracts where we are the lessee to determine the impact of the gross-up and the changes to capitalizable costs. We are also reviewing our leases where we are the lessor to determine the impact of the changes to capitalizable costs. We currently plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. Financial Instruments — Credit Losses (ASU 2016-13) In June 2016, the FASB issued ASU 2016-13. The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. Credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. In effect, the financial asset or group of financial assets should be presented at the net amount expected to be collected. Credit losses will no longer be measured as they are incurred for financial assets measured at amortized cost. The amendments also modify the accounting for available-for-sale debt securities whereby credit losses will be recorded through an allowance for credit losses rather than a write-down to the security’s cost basis, which allows for reversals of credit losses when estimated credit losses decline. Credit losses for available-for-sale debt securities should be measured in a manner similar to current GAAP. The amendments are effective on January 1, 2020, with early adoption permitted as of January 1, 2019. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. The new accounting model for credit losses represents a significant departure from existing GAAP, and will likely materially increase the allowance for credit losses with a resulting negative adjustment to retained earnings. Management created a formal working group to govern the implementation of these amendments consisting of key stakeholders from finance, risk, and accounting and is currently evaluating the impact of the amendments. We are in the process of designing and building the models and procedures that will be used to calculate the credit loss reserves in accordance with these amendments. We currently plan to adopt these amendments on January 1, 2020, and expect to use the modified retrospective approach as required. Statement of Cash Flows — Restricted Cash (ASU 2016-18) In November 2016, the FASB issued ASU 2016-18. The amendments in this update require that amounts classified as restricted cash and restricted cash equivalents be included within the beginning-of-period and end-of-period amounts along with cash and cash equivalents on the statement of cash flows. Prior to this ASU, specific guidance on the presentation of changes in restricted cash and restricted cash equivalents within the statement of cash flows did not exist. The amendments are effective on January 1, 2018, with early adoption permitted. The amendments must be applied retrospectively to all periods presented within the statement of cash flows upon adoption. The amendments will not impact financial results, but will result in a change in the presentation of restricted cash and restricted cash equivalents within the statement of cash flows. We currently plan to adopt these amendments on January 1, 2018, and expect to use the retrospective approach as required. Receivables — Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08) In March 2017, the FASB issued ASU 2017-08. The amendments in this update require premiums on purchased callable debt securities to be amortized to the security’s earliest call date. Prior to this ASU, premiums and discounts on purchased callable debt securities were generally required to be amortized to the security’s maturity date. The amendments do not require an accounting change for securities held at a discount. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. Management is currently evaluating the impact of these amendments. We currently plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12) In August 2017, the FASB issued ASU 2017-12, which enhances the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments are effective on January 1, 2019, with early adoption permitted. Entities must apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. All transition requirements and elections must be applied to hedging relationships existing as of the adoption date and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The presentation and disclosure requirements must be applied prospectively. We are currently evaluating the impact these amendments will have to our financial statements and are evaluating the potential of early adopting the standard on January 1, 2018. |
Acquisitions Acquisitions |
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Acquisitions On June 1, 2016, we acquired 100% of the equity of TradeKing Group, Inc. (TradeKing), a digital wealth management company with an online broker-dealer, digital portfolio management platform, and educational content for $298 million in cash. TradeKing, which has been rebranded as Ally Invest, operates as a wholly-owned subsidiary of Ally Financial Inc. The addition of brokerage and wealth management is a natural extension of our online banking franchise, creating a full suite of financial products for savings and investments. We applied the acquisition method of accounting to this transaction, which generally requires the initial recognition of assets acquired, including identifiable intangible assets, and liabilities assumed at their respective fair value. Goodwill is recognized as the excess of the acquisition price after the recognition of the net assets, including the identifiable intangible assets. Beginning in June 2016, financial information related to Ally Invest is included within Corporate and Other. The following table summarizes the allocation of cash consideration paid for TradeKing and the amounts of the identifiable assets acquired and liabilities assumed recognized at the acquisition date.
The goodwill of $193 million arising from the acquisition consists largely of expected growth of the business as we leverage the Ally brand and our marketing capabilities to scale the acquired technology platform and expand the suite of financial products we offer to our existing growing customer base. None of the goodwill recognized is expected to be deductible for income tax purposes. Refer to Note 12 for the carrying amount of goodwill at the beginning and end of the reporting period. On August 1, 2016, we acquired assets that constitute a business from Blue Yield, an online automotive lender exchange which we rebranded as Clearlane, as we continue to expand our automotive finance offerings to include a direct-to-consumer option. We completed the acquisition for $28 million of total consideration. As a result of the purchase, we recognized $20 million of goodwill within Automotive Finance operations. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Prior to the adoption of ASU 2014-08, which was prospectively applied only to newly identified disposals that qualify as discontinued operations beginning after January 1, 2015, we have classified 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 Condensed Consolidated Statement of Comprehensive Income. The Notes to the Condensed Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted. Our discontinued operations relate to previous discontinued operations in our Automotive Finance operations, Insurance operations, and Corporate Finance operating segments, and other operations for which we continue to have wind-down, legal, and minimal operational costs. Select financial information of discontinued operations is summarized below.
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Other Income, Net of Losses |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] | Other Income, Net of Losses Details of other income, net of losses, were as follows.
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Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves for Insurance Losses and Loss Adjustment Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Duration Insurance and Deposit Contracts [Text Block] | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
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Other Operating Expenses |
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income and Expense [Text Block] | Other Operating Expenses Details of other operating expenses were as follows.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investment Securities Our portfolio of securities includes bonds, equity securities, asset-backed securities, commercial and residential mortgage-backed securities, and other investments. The cost, fair value, and gross unrealized gains and losses on investment securities were as follows.
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.
The balances of cash equivalents were $304 million and $291 million at September 30, 2017, and December 31, 2016, 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.
The following table presents gross gains and losses realized upon the sales of available-for-sale securities. There were no other-than-temporary impairments upon the sales of available-for-sale securities for either period.
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 September 30, 2017, 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 September 30, 2017, 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 September 30, 2017. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information related to investment securities and our methodology for evaluating potential other-than-temporary impairments.
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Finance Receivables and Loans, Net |
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Loans and Leases Receivable, Net Amount [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at gross carrying value was as follows.
The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans.
The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale.
The following table presents information about significant purchases of finance receivables and loans.
The following table presents an analysis of our past due finance receivables and loans recorded at gross carrying value.
The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status.
Management performs a quarterly analysis of the consumer automotive, consumer mortgage, and commercial portfolios using a range of credit quality indicators to assess the adequacy of the allowance for loan losses based on historical and current trends. The following tables present the population of loans by quality indicators for our consumer automotive, consumer mortgage, and commercial portfolios. The following table presents performing and nonperforming credit quality indicators in accordance with our internal accounting policies for our consumer finance receivables and loans recorded at gross carrying value. Nonperforming loans include finance receivables and loans on nonaccrual status when the principal or interest has been delinquent for 90 days or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information.
The following table presents pass and criticized credit quality indicators based on regulatory definitions for our commercial finance receivables and loans recorded at gross carrying value.
Impaired Loans and Troubled Debt Restructurings Impaired Loans Loans are considered impaired when we determine it is probable that we will be unable to collect all amounts due according to the terms of the loan agreement. For more information on our impaired finance receivables and loans, refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K. The following table presents information about our impaired finance receivables and loans.
The following tables present average balance and interest income for our impaired finance receivables and loans.
Troubled Debt Restructurings Troubled Debt Restructurings (TDRs) are loan modifications where concessions were granted to borrowers experiencing financial difficulties. For automotive loans, we may offer several types of assistance to aid our customers, including extension of the loan maturity date and rewriting the loan terms. Additionally, for mortgage loans, as part of certain programs, we offer mortgage loan modifications to qualified borrowers. These programs are in place to provide support to our mortgage customers in financial distress, including principal forgiveness, maturity extensions, delinquent interest capitalization, and changes to contractual interest rates. Total TDRs recorded at gross carrying value were $715 million and $663 million at September 30, 2017, and December 31, 2016, respectively. Commercial commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $7 million and $2 million at September 30, 2017, and December 31, 2016, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information. The following tables present information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period.
The following tables present information about finance receivables and loans recorded at gross carrying value that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
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Investment in Operating Leases, Net |
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Lessor, Operating Leases [Text Block] | Investment in Operating Leases, Net Investments in operating leases were as follows.
Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following summarizes the components of depreciation expense on operating lease assets.
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Securitizations and Variable Interest Entities |
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Variable Interest Entity Disclosure [Text Block] | Securitizations and Variable Interest Entities We are involved in several types of securitization and financing transactions that utilize special-purpose entities (SPEs). A SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets and operating lease assets. The transaction-specific SPEs involved in our securitization and other financing transactions are often considered VIEs. VIEs are entities that have either a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors at risk lack the ability to control the entity's activities. We securitize consumer and commercial automotive loans, and operating leases through private-label securitizations. We often securitize these loans and notes secured by operating leases (collectively referred to as financial assets) through the use of securitization entities, which may or may not be consolidated on our Condensed Consolidated Balance Sheet. The pretax gain on sales of financial assets into nonconsolidated consumer automotive securitization trusts was $0 million and $2 million for the three months and nine months ended September 30, 2017, respectively. There were no pretax gains or losses for the three months and nine months ended September 30, 2016. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We have involvement with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low income housing tax credits that are subject to recapture. Refer to Note 11 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
Cash Flows with Off-balance Sheet Securitization Entities The following table summarizes cash flows received and paid related to securitization entities and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding during the nine months ended September 30, 2017, and 2016. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period.
Delinquencies and Net Credit Losses The following tables represent on-balance sheet finance receivables and loans, off-balance sheet securitizations, and whole-loan sales where we have continuing involvement. The tables present quantitative information about delinquencies and net credit losses.
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Servicing Activities |
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Servicing Activities [Text Block] | Servicing Activities Automotive Finance Servicing Activities We service consumer automotive contracts. Historically, we have sold a portion of our consumer automotive contracts. With respect to contracts we sell, we generally retain the right to service and earn a servicing fee for our servicing function. We have concluded that the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. We recognized automotive servicing fee income of $11 million and $41 million during the three months and nine months ended September 30, 2017, respectively, compared to $18 million and $49 million during the three months and nine months ended September 30, 2016. Automotive Finance Serviced Assets The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans and leases outstanding were as follows.
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Other Assets Disclosure [Text Block] | Other Assets The components of other assets were as follows.
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Deposit Liabilities Disclosures [Text Block] | Deposit Liabilities Deposit liabilities consisted of the following.
At September 30, 2017, and December 31, 2016, certificates of deposit included $16.2 billion and $12.1 billion, respectively, of those in denominations of $100 thousand or more. At September 30, 2017, and December 31, 2016, certificates of deposit included $4.5 billion and $3.5 billion, respectively, of those in denominations in excess of $250 thousand federal insurance limits. |
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Debt Disclosure [Text Block] | Debt Short-term Borrowings The following table presents the composition of our short-term borrowings portfolio.
We periodically enter into term repurchase agreements, short-term borrowing agreements in which we sell financial instruments to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of September 30, 2017, the financial instruments sold under agreements to repurchase consisted of $537 million of U.S. Treasury securities set to mature within the next 30 days, and $634 million of agency mortgage-backed residential debt securities set to mature as follows: $480 million within the next 30 days, and $154 million within 31 to 60 days. Refer to Note 7 and Note 22 for further details. Additionally, in December 2016, we sold asset-backed automotive financial instruments, which are our retained interests from certain on-balance sheet securitizations, subject to a repurchase agreement in exchange for $500 million, which was recorded as a short-term secured borrowing. The asset-backed automotive financial instruments that we sold subject to the repurchase agreement were secured by finance receivables that we have securitized. Refer to Note 10 for additional information on our securitization activities. This repurchase agreement was terminated in September 2017. The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. As of September 30, 2017, we placed cash collateral totaling $10 million with counterparties under these collateral arrangements associated with our repurchase agreements. Long-term Debt The following table presents the composition of our long-term debt portfolio.
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2017, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
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.
Trust Preferred Securities At September 30, 2017, 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). 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, 2017, Ally Bank had exclusive access to $3.7 billion of funding capacity from committed credit facilities. Funding programs supported by the FRB and the FHLB complement Ally Bank’s private collateralized funding vehicles. The total capacity in our committed funding facilities is provided by banks 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, 2017, all of our $14.7 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, 2017, we had $2.6 billion of committed funding capacity from revolving facilities with a remaining tenor greater than 364 days. Committed Funding Facilities
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Accrued Expenses and Other Liabilities |
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Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows.
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Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive (Loss) Income The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income.
The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income.
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Earnings per Common Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share.
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Regulatory Capital and Other Regulatory Matters |
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Regulatory Capital Requirements under Banking Regulations [Text Block] | Regulatory Capital and Other Regulatory Matters As a BHC, we and our wholly-owned state-chartered banking subsidiary, Ally Bank, are subject to capital requirements issued by U.S. banking regulators that require us to maintain risk-based and leverage capital ratios above minimum levels. A risk-based capital ratio is a ratio of a banking organization’s regulatory capital to its risk-weighted assets. A leverage capital ratio is a ratio of a banking organization’s regulatory capital to a measure of assets or exposures that is not risk-weighted. As of January 1, 2015, Ally and Ally Bank became subject to the rules implementing the 2010 Basel III capital framework in the United States (U.S. Basel III), which generally reflects higher capital requirements, capital buffers, and changes to regulatory capital definitions, deductions and adjustments, relative to the predecessor requirements implementing the Basel I capital framework in the United States. Certain aspects of U.S. Basel III, including the capital buffers and certain regulatory capital deductions, are subject to a phase-in period through December 31, 2018. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Condensed Consolidated Financial Statements or the results of operations and financial condition of Ally and Ally Bank. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we and Ally Bank must meet specific capital guidelines that involve quantitative measures of capital, assets and certain off-balance sheet items. These measures and related classifications, which are used in the calculation of our risk-based and leverage capital ratios and those of Ally Bank, are also subject to qualitative judgments by the regulators about the components of capital, the risk-weightings of assets and other exposures, and other factors. The FRB also uses these ratios and guidelines as part of the capital planning and stress testing processes. In addition, in order for Ally to maintain its status as a FHC, Ally and its bank subsidiary, Ally Bank, must remain “well-capitalized” and “well-managed,” as defined under applicable laws. The “well-capitalized” standard for insured depository institutions, such as Ally Bank, reflects the capital requirements under U.S. Basel III. Under U.S. Basel III, Ally must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum Total risk-based capital ratio of 8%. In addition to these minimum requirements, Ally is also subject to a Common Equity Tier 1 capital conservation buffer of more than 2.5%, subject to a phase-in period from January 1, 2016, through December 31, 2018. Failure to maintain the full amount of the buffer will result in restrictions on Ally’s ability to make capital distributions, including dividend payment and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. In addition to these new risk-based capital standards, U.S. Basel III subjects all U.S. banking organizations, including Ally, to a minimum Tier 1 leverage ratio of 4%, the denominator of which takes into account only on-balance sheet assets. U.S. Basel III also revised the eligibility criteria for regulatory capital instruments and provides for the phase-out of instruments that had previously been recognized as capital but that do not satisfy these criteria. Subject to certain exceptions (e.g., for certain debt or equity issued to the U.S. government under the Emergency Economic Stabilization Act), trust preferred and other “hybrid” securities are no longer included in a BHC's Tier 1 capital as of January 1, 2016. Also, subject to a phase-in schedule, certain items are deducted from Common Equity Tier 1 capital that had not previously been deducted from regulatory capital, and certain other deductions from regulatory capital have been modified. Among other things, U.S. Basel III requires significant investments in the common shares of unconsolidated financial institutions, mortgage servicing assets, and certain deferred tax assets that exceed specified individual and aggregate thresholds to be deducted from Common Equity Tier 1 capital. U.S. Basel III also revised the standardized approach for calculating risk-weighted assets by, among other things, modifying certain risk weights and the methods for calculating risk-weighted assets for certain types of assets and exposures. Ally is subject to the U.S. Basel III standardized approach for credit risk, but is not subject to the U.S. Basel III advanced approaches for credit risk. Ally is currently not subject to the U.S. market risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. On September 27, 2017, the FRB released a proposal to simplify certain capital requirements, including the requirements related to the above-mentioned capital deductions and adjustments for investments in unconsolidated financial institutions, mortgage servicing assets, and certain deferred tax assets. In addition, on August 22, 2017, the FRB proposed an amendment to the transition provisions of the U.S. Basel III capital rules that would, in anticipation of the simplification proposal, indefinitely postpone certain phase-in requirements for provisions related to the simplification proposal, including the provisions related to the above-mentioned capital deductions and adjustments. Both the simplification proposal and the proposed transitions amendments would primarily apply to non-advanced approaches banking organizations such as Ally. We are evaluating the effect these proposals would have on our regulatory capital position. On March 7, 2016, Ally Bank received approval from the FRB to become a state member bank. Ally Bank is now regulated by the FRB through the Federal Reserve Bank of Chicago, as well as the Utah Department of Financial Institutions (UDFI). As a requirement of FRB membership, we held $445 million of FRB stock at September 30, 2017. In addition, in connection with the application for membership in the Federal Reserve System, Ally Bank made commitments to the FRB relating to capital, liquidity, and business plan requirements. These commitments were consistent with the prior requirements under the now-terminated Capital and Liquidity Maintenance Agreement with the Federal Deposit Insurance Corporation (FDIC), including the requirement to maintain capital at a level such that Ally Bank’s Tier 1 leverage ratio was at least 15%. On August 22, 2017, the FRB lifted the capital, liquidity, and business plan commitments that Ally Bank made in connection with its application for membership in the Federal Reserve System, including the commitment to maintain a Tier 1 leverage ratio of at least 15%. As a result of this development, during the three months ended September 30, 2017, Ally Bank paid a dividend of $2.9 billion to Ally Financial Inc., which was utilized to reduce less cost-efficient borrowings and further enhance our funding profile. Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. The following table summarizes our capital ratios under the U.S. Basel III capital framework.
At September 30, 2017, Ally and Ally Bank were “well-capitalized” and met all applicable capital requirements to which each was subject. Capital Planning and Stress Tests As a BHC with $50 billion or more of consolidated assets, Ally is required to conduct semi-annual company-run stress tests, is subject to an annual supervisory stress test conducted by the FRB, and must submit an annual capital plan to the FRB. Ally’s capital plan must include a description of all planned capital actions over a nine-quarter planning horizon. The capital plan must also include a discussion of how Ally will maintain capital above the minimum regulatory capital ratios under baseline, adverse, and severely adverse economic scenarios, and serve as a source of strength to Ally Bank. The FRB must approve Ally's capital plan before Ally may take any capital action. Even with an approved capital plan, Ally must seek the approval of the FRB before making a capital distribution if, among other factors, Ally would not meet its regulatory capital requirements after making the proposed capital distribution. As part of the 2017 Comprehensive Capital Analysis and Review (CCAR) process, on April 5, 2017, we submitted our 2017 capital plan and stress test results to the FRB. On June 23, 2017, we publicly disclosed summary results of the stress test under the most severe scenario in accordance with regulatory requirements. On June 28, 2017, we received a non-objection to our capital plan from the FRB, including the proposed capital actions contained in our submission. The capital actions included a 50% increase in the quarterly cash dividend on common stock from $0.08 per share to $0.12 per share, and a 9% increase in our share repurchase program, which has been authorized by the Ally Board of Directors, permitting us to repurchase up to $760 million of our common stock from time to time from the third quarter of 2017 through the second quarter of 2018. In addition, we submitted to the FRB the results of our company-run mid-cycle stress test conducted under multiple macroeconomic scenarios and disclosed the results of this stress test under the most severe scenario on October 5, 2017, in accordance with regulatory requirements. The following table presents information related to our common shares for each quarter since the commencement of our common share repurchase programs and initiation of a quarterly cash dividend on common stock.
Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review of and non-objection to the actions that we propose each year in our annual capital plan. The amount and size of any future dividends and share repurchases will depend upon our results of operations, capital levels, future opportunities, consideration and approval by the Ally Board of Directors, and other considerations. In January 2017, the FRB finalized a rule amending the capital planning and stress testing rules, effective for the 2017 cycle. The final rule, among other things, revised the capital plan rule to no longer subject large and noncomplex firms, including Ally, to the provisions of the rule whereby the FRB may object to a capital plan on the basis of qualitative deficiencies in the firm’s capital planning process. Under the final rule, the qualitative assessment of Ally’s capital plan is conducted outside of the CCAR process, through the supervisory review process. For the 2017 cycle, the FRB's qualitative assessment of Ally's capital plan began in the third quarter of 2017. The final rule also decreased the de minimis threshold for the amount of capital that Ally could distribute to shareholders outside of an approved capital plan without seeking prior approval of the FRB, and modified Ally's reporting requirements to reduce certain reporting burdens related to capital planning and stress testing. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments and Hedging Activities We enter into interest rate, foreign-currency, and equity swaps, futures, forwards, and options in connection with our market risk management activities. Derivative instruments are used to manage interest rate risk relating to specific groups of assets and liabilities, including available-for-sale securities, automotive loan assets, and debt. We use foreign exchange contracts to mitigate foreign-currency risk associated with foreign-currency-denominated debt, foreign exchange transactions, and our net investment in foreign subsidiaries. In addition, we also enter into equity option contracts to manage our exposure to the equity markets. Our primary objective for utilizing derivative financial instruments is to manage interest rate risk associated with our fixed- and variable-rate assets and liabilities, foreign exchange risks related to our foreign-currency denominated assets and liabilities, and market risks related to our investment portfolio and certain of our executive share-based compensation plans. Interest Rate Risk We monitor our mix of fixed- and variable-rate assets and liabilities. We may enter into interest rate swaps, forwards, futures, options, and swaptions to achieve our desired mix of fixed- and variable-rate assets and liabilities. We execute interest rate swaps, forwards, futures, and options to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges. Derivatives qualifying for hedge accounting can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, fair value hedges of U.S. Treasury positions within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of specific portfolios of fixed-rate held-for-investment retail automotive loan assets. Other derivatives qualifying for hedge accounting consist of pay-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest payments on certain variable-rate borrowings. As of September 30, 2017, there were no open hedges related to our held-for-investment retail automotive loan assets. We may also execute economic hedges, which consist of interest rate swaps and interest rate caps held to mitigate interest rate risk associated with our debt portfolio. We may also use interest rate swaps to economically hedge our net fixed-versus-variable interest rate exposure. We enter into economic hedges in the form of short-dated, exchange-traded Eurodollar futures to hedge the interest rate exposure of our fixed-rate automotive loans, as well as forwards, options, and swaptions to economically hedge our net fixed-versus-variable interest rate exposure. We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative. Foreign Exchange Risk We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures. We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investments in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive loss. We also periodically enter into foreign-currency forwards to economically hedge our foreign-denominated debt, our centralized lending program, and foreign-denominated third-party loans. These foreign currency forwards that are used as economic hedges are recorded at fair value with changes recorded as income offsetting the gains and losses on the associated foreign-currency transactions. Market Risk We enter into equity options to economically hedge our exposure to the equity markets. We purchase options to assume a long position on certain equities and write options to assume a short position. Counterparty Credit Risk Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, assuming no recoveries of underlying collateral as measured by the market value of the derivative financial instrument. To mitigate the risk of counterparty default, we maintain collateral agreements with certain counterparties. The agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the value of our total obligation to each other. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. The securing party posts additional collateral when their obligation rises or removes collateral when it falls. These payments are characterized as collateral for over-the-counter (OTC) derivatives. We execute certain derivatives such as interest rate swaps with clearinghouses, which requires us to post collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral. Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit risk-related event. No such specified credit risk related events occurred during the third quarter of 2017 or 2016. We placed cash collateral totaling $10 million and securities collateral totaling $145 million at September 30, 2017, and $122 million and $72 million at December 31, 2016, respectively, in accounts maintained by counterparties. This amount primarily relates to collateral posted to support our derivative positions. This amount also excludes cash and securities pledged as collateral under repurchase agreements. At September 30, 2017, and December 31, 2016, we placed cash collateral totaling $10 million and $45 million, respectively, with counterparties under collateral arrangements associated with repurchase agreements. Refer to Note 14 for details on the repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets. We received cash collateral from counterparties totaling $14 million and $10 million at September 30, 2017, and December 31, 2016, respectively, primarily to support these derivative positions. This amount also excludes cash and securities pledged as collateral under repurchase agreements. Refer to Note 14 for details on the repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. In certain circumstances, we receive or post securities as collateral with counterparties. We do not record collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. At September 30, 2017, and December 31, 2016, we received noncash collateral of $2 million and $6 million, respectively. Included in these amounts is noncash collateral where we have been granted the right to sell or pledge the underlying assets. We have not sold or pledged any of the noncash collateral received under these agreements. Balance Sheet Presentation The following table summarizes the fair value amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The fair value amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
Statement of Comprehensive Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments reported in our Condensed Consolidated Statement of Comprehensive Income.
The following table summarizes derivative instruments used in cash flow and net investment hedge accounting relationships.
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Income Taxes |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We recognized total income tax expense from continuing operations of $115 million and $350 million for the three months and nine months ended September 30, 2017, respectively, compared to $130 million and $336 million for the same periods in 2016. The decrease in income tax expense for the three months ended September 30, 2017, compared to the same period in 2016, was primarily driven by the realization of capital gains allowing for a partial release of valuation allowance. The increase in income tax expense for the nine months ended September 30, 2017, compared to the same period in 2016, was primarily driven by a nonrecurring tax benefit in the second quarter of 2016 due to a U.S. tax reserve release related to a prior-year federal return that reduced our liability for unrecognized tax benefits by $175 million. This benefit was partially offset by the establishment of a valuation allowance on capital loss carryforwards in the second quarter of 2016, and a decrease in pretax earnings. As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credits and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to foreign tax credits and state net operating loss carryforwards. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Fair Value Measurements For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.
Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized.
We also execute OTC and centrally-cleared derivative contracts, such as interest rate swaps, swaptions, foreign-currency denominated forward contracts, prepaid equity forward contracts, caps, floors, and agency to-be-announced securities. For OTC contracts, we utilize third-party-developed valuation models that are widely accepted in the market to value these OTC derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these OTC derivative contracts as Level 2 because all significant inputs into these models were market observable. For centrally-cleared contracts, we utilize unadjusted prices obtained from the clearing house as the basis for valuation, and they are also classified as Level 2. We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business. These meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet. Because these derivatives are valued using internal pricing models, they are classified as Level 3. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of a liability. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk and the credit risk of our counterparties in the valuation of derivative instruments through a credit valuation adjustment (CVA), if warranted. The CVA calculation utilizes the credit default swap spreads of the counterparty. Recurring Fair Value The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.
Nonrecurring Fair Value We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures. The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
n/m = not meaningful
n/m = not meaningful
Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale. We elected the fair value option to mitigate earnings volatility by better matching the accounting for the assets with the related hedges. Our intent in electing fair value measurement was to mitigate a divergence between accounting losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2017, and December 31, 2016.
The following describes the methodologies and assumptions used to determine fair value for the significant classes of financial instruments. In addition to the valuation methods discussed below, we also followed guidelines for determining whether a market was not active and a transaction was not distressed. We assumed the price that would be received in an orderly transaction (including a market-based return) and not in forced liquidation or distressed sale.
The fair value of mortgage loans held-for-investment was based on a discounted cash flow basis utilizing cash flow projections from models that utilized prepayment, default, and discount rate assumptions. These valuations consider unique attributes of the loans such as geography, delinquency status, product type, and other factors.
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Offsetting Assets and Liabilities Offsetting Assets and Liabilities |
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Offsetting Assets and Liabilities [Text Block] | Offsetting Assets and Liabilities Our derivative contracts and repurchase/reverse repurchase transactions are supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (2) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty. To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default. In certain instances as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At September 30, 2017, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
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Segment Reporting Disclosure [Text Block] | Segment Information Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and in assessing performance. We report our results of operations on a line-of-business basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments. Automotive Finance operations — One of the largest full service automotive finance operations in the U.S. providing automotive financing services to consumers and automotive dealers, and automotive and equipment financing services to companies and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to companies, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles and equipment, and vehicle remarketing services. Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide vehicle service contracts, vehicle maintenance contracts, and guaranteed asset protection products. We also underwrite select commercial insurance coverages, which primarily insure dealers' wholesale vehicle inventory. Mortgage Finance operations — Primarily consists of the management of a held-for-investment consumer mortgage finance loan portfolio, which includes bulk purchases of high-quality jumbo and low-to-moderate income (LMI) mortgage loans originated by third parties. In late 2016, we introduced our direct-to-consumer mortgage offering, named Ally Home, consisting of a variety of jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment partner. Under our current arrangement, conforming mortgages are originated as held-for-sale and sold, while jumbo mortgages are originated as held-for-investment. Servicing is performed by a third party and no mortgage servicing rights are created. Corporate Finance operations — Primarily provides senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle market companies. Our primary focus is on businesses owned by private equity sponsors with loans typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. In 2017, we introduced a commercial real estate product to serve companies in the healthcare industry. Corporate and Other primarily consists of activity related to centralized corporate treasury activities such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, the amortization of the discount associated with debt issuances, and the residual impacts of our corporate funds-transfer pricing (FTP) and treasury asset liability management (ALM) activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock, the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Additionally, financial results related to Ally Invest are currently included within Corporate and Other. We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities based on expected duration and the benchmark rate curve plus an assumed credit spread. Matching duration allocates interest income and interest expense to these reportable segments so their respective results are insulated from interest rate risk. This methodology is consistent with our ALM practices, which includes managing interest rate risk centrally at a corporate level. The net residual impact of the FTP methodology is included within the results of Corporate and Other. The information presented in our reportable operating segments is based in part on internal allocations, which involve management judgment. Financial information for our reportable operating segments is summarized as follows.
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Parent and Guarantor Condensed Consolidating Financial Statements |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | Parent and Guarantor Condensed Consolidating Financial Statements Certain of our senior notes issued by the parent are guaranteed by 100% directly owned subsidiaries of Ally (the Guarantors). As of September 30, 2017, the Guarantors include Ally US LLC and IB Finance Holding Company, LLC (IB Finance), each of which fully and unconditionally guarantee the senior notes on a joint and several basis. The following financial statements present condensed consolidating financial data for (i) Ally Financial Inc. (on a parent company-only basis); (ii) the Guarantors; (iii) the nonguarantor subsidiaries (all other subsidiaries); and (iv) an elimination column for adjustments to arrive at (v) the information for the parent company, the Guarantors, and nonguarantors on a consolidated basis. Investments in subsidiaries are accounted for by the parent company and the Guarantors using the equity-method for this presentation. Results of operations of subsidiaries are therefore classified in the parent company’s and Guarantors’ investment in subsidiaries accounts. The elimination entries set forth in the following condensed consolidating financial statements eliminate distributed and undistributed income of subsidiaries, investments in subsidiaries, and intercompany balances and transactions between the parent, the Guarantors, and nonguarantors. Condensed Consolidating Statements of Comprehensive Income
Condensed Consolidating Balance Sheet
Condensed Consolidating Statement of Cash Flows
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Contingencies and Other Risks |
9 Months Ended |
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Sep. 30, 2017 | |
Loss Contingency [Abstract] | |
Contingencies Disclosure [Text Block] | Contingencies and Other Risks Legal Matters Ally and its subsidiaries, including Ally Bank, are or may be subject to potential liability in connection with pending or threatened legal proceedings and other matters. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our lines of business and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages. We accrue for a legal matter when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC 450, Contingencies. The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when threatened or pending legal matters will be resolved and what losses may be incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters, possibly to a significant degree. Descriptions of our material legal matters follow. We do not believe, however, that an estimate of reasonably possible losses or a range of reasonably possible losses—whether in excess of any related accrual or where no accrual exists—can be made for any of these matters for some or all of the reasons identified in the preceding paragraph. Securities Litigation In October 2016, a purported class action—Bucks County Employees Retirement Fund v. Ally Financial Inc. et al.—was filed in the Circuit Court for Wayne County in the State of Michigan (Case No. 16-013616-CZ). This matter was removed to the U.S. District Court for the Eastern District of Michigan on November 18, 2016. The complaint alleges material misstatements and omissions in connection with Ally’s initial public offering in April 2014, including a failure to adequately disclose the severity of rising subprime automotive loan delinquency rates, deficient underwriting measures employed in the origination of subprime automotive loans, and aggressive tactics used with low-income borrowers. The request for relief includes an indeterminate amount of damages, fees, and costs and other remedies. In January 2017, another purported class action—National Shopmen Pension Fund v. Ally Financial Inc. et al.—was filed in the Circuit Court for Oakland County in the State of Michigan (Case No. 2017-156719-CB). This matter was removed to the U.S. District Court for the Eastern District of Michigan on January 30, 2017. In March 2017, a third purported class action—James McIntire v. Ally Financial Inc. et al.—was filed in the Circuit Court for Wayne County in the State of Michigan (Case No. 17-003811-CZ). This matter was removed to the U.S. District Court for the Eastern District of Michigan on March 15, 2017. The allegations and requested relief in the National Shopmen Pension Fund and James McIntire complaints are substantially similar to those included in the complaint filed by Bucks County Employees Retirement Fund. All three matters were remanded from the U.S. District Court for the Eastern District of Michigan to the state circuit courts on May 26, 2017, and have been consolidated for discovery in Wayne County Circuit Court as In re Ally Financial, Inc. Securities Litigation (Case No. 16-013616-CB). We intend to vigorously defend against each of these actions. Automotive Subprime Matters In October 2014, we received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities. Separately, in December 2014, we received a subpoena from the U.S. Department of Justice requesting similar information. In May 2015 and December 2016, we received information requests from the New York Department of Financial Services requesting similar information. We have cooperated with each of these agencies with respect to these matters. Other Contingencies Ally and its subsidiaries, including Ally Bank, are or may be subject to potential liability under various other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment. No assurance exists that our accruals will not need to be adjusted in the future, and actual losses may be higher or lower than any amounts accrued or estimated for those exposures, possibly to a significant degree. On the basis of information currently available, we do not believe that these other contingent exposures will be material to our consolidated financial condition, results of operations, or cash flows. Refer to Note 1 to the Consolidated Financial Statements included in our 2016 Annual Report on Form 10-K for additional information related to our policy for establishing reserves for legal and regulatory matters. |
Subsequent Events |
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Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Declaration of Quarterly Dividend Payment On October 10, 2017, the Ally Board of Directors declared a quarterly cash dividend payment of $0.12 per share on all common stock. The dividend is payable on November 15, 2017, to shareholders of record at the close of business on November 1, 2017. |
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) |
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Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (GAAP). Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. |
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, legal and regulatory reserves, and the determination of the provision for income taxes. |
Income Tax, Policy [Policy Text Block] | Income Taxes In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans and operating leases. Securitization transactions typically involve the use of variable interest entities (VIEs) and are accounted for either as sales or secured borrowings. We may retain economic interests in securitized and sold assets, which are generally in the form of senior or subordinated interests, other residual interests, and servicing rights. In order to conclude whether or not a VIE is required to be consolidated, careful consideration and judgment must be given to our continuing involvement with the VIE. In circumstances where we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, we would conclude that we are the primary beneficiary of the VIE, and would consolidate the entity. Consolidation of the VIE would also preclude us from recording an accounting sale on the transaction. In the case of a consolidated VIE, the accounting is consistent with a secured borrowing (e.g., we continue to carry the loans and we record the related securitized debt on our Condensed Consolidated Balance Sheet). In transactions where we are not determined to be the primary beneficiary of the VIE, we must determine whether or not we achieve a sale for accounting purposes. In order to achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we were to fail any of these three criteria for sale accounting, the transfer would be accounted for as a secured borrowing consistent with the preceding paragraph. Refer to Note 10 to the Condensed Consolidated Financial Statements for discussion on VIEs. Gains or losses on off-balance sheet securitizations take into consideration the fair value of any retained interests, including the value of certain servicing assets or liabilities, if any, which are initially recorded at fair value at the date of sale. The estimate of the fair value of the retained interests and servicing requires us to exercise significant judgment about the timing and amount of future cash flows from the interests. Refer to Note 21 to the Condensed Consolidated Financial Statements for a discussion of fair value estimates. Gains or losses on off-balance sheet securitizations and sales are reported in gain on mortgage and automotive loans, net, in our Condensed Consolidated Statement of Comprehensive Income. Retained interests are classified as securities or as other assets depending on their nature. On December 24, 2016, the risk retention rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 became effective, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. This note was updated to address the Dodd-Frank Act risk retention rules and differs from our description in Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K. We retain servicing responsibilities for all of our consumer and commercial automotive loan and operating lease securitizations. We may receive servicing fees for off-balance sheet securitizations based on the securitized loan balances and certain ancillary fees, all of which are reported in servicing fees in the Condensed Consolidated Statement of Comprehensive Income. Typically, the fee we are paid for servicing consumer automotive finance receivables represents adequate compensation, and consequently, does not result in the recognition of a servicing asset or liability. Whether on- or off-balance sheet, the investors in the securitization trusts generally have no recourse to our assets outside of protections afforded through customary market representation and warranty repurchase provisions. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K regarding additional significant accounting policies. |
New Accounting Pronouncements, Policy [Text Block] | Recently Adopted Accounting Standards Stock Compensation — Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) As of December 31, 2016, we adopted Accounting Standards Update (ASU) 2016-09. The amendments in this update changed several aspects of share-based payment accounting. The amendments allowed for an entity-wide accounting policy election to either account for forfeitures as they occur or estimate the number of awards that are expected to vest. We elected to account for forfeitures as they occur. The amendments modified the tax withholding requirements to allow entities to withhold an amount up to the employee’s maximum individual statutory tax rates without resulting in a liability classification of the award as opposed to limiting the withholding to the minimum statutory tax rates as required under previous accounting guidance. The amendments required that all excess tax benefits and tax deficiencies related to share-based payment awards be recognized in income tax expense or benefit in the income statement in the period in which they occur. The amendments also addressed the classification and presentation of certain items on the cash flow statement. Specifically, cash flows related to excess tax benefits should be classified as an operating activity instead of a financing activity and cash flows related to cash paid to a tax authority by an employer when withholding shares from an employee’s award for tax withholding purposes should be classified as a financing activity. The adoption of these amendments did not have a material impact to the financial statements. Recently Issued Accounting Standards Revenue from Contracts with Customers (ASU 2014-09) and Revenue from Contracts with Customers — Deferral of the Effective Date (ASU 2015-14) In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09. The purpose of this guidance is to streamline and consolidate existing revenue recognition principles in GAAP and to converge revenue recognition principles with International Financial Reporting Standards (IFRS). The core principle of the amendments is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The amendments include a five step process for consideration of the core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. As originally issued, the amendments in ASU 2014-09 were to be effective beginning on January 1, 2017. However, in August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the guidance until January 1, 2018, and permitted early adoption as of the original effective date in ASU 2014-09. The FASB has issued several additional ASUs to clarify guidance and provide implementation support for ASU 2014-09. Management has considered these additional ASUs when assessing the overall impact of ASU 2014-09. The amendments to the revenue recognition principles can be applied upon adoption either through a full retrospective application or on a modified retrospective basis with a cumulative effect adjustment on the date of initial adoption with certain practical expedients. Our implementation efforts to date related to this standard have included identifying revenue streams that are within the scope of this guidance, the evaluation of associated contracts and accounting policies, the evaluation of processes and systems of internal control, and the assessment of disclosure requirements of the standard. A majority of our revenue streams are not within the scope of this ASU as they are governed by other accounting standards. Management has determined that certain revenue streams and contractual arrangements are in scope of this guidance, including deposit fees, revenue on certain noninsurance contracts, brokering commissions through our insurance operations, sales of off-lease vehicles, remarketing fee income through SmartAuction, and commission and fee income generated through Ally Invest. Management does not expect these amendments to impact current revenue recognition patterns for a majority of the in scope revenue streams and contracts. However, we expect that the application of this guidance to noninsurance contracts within our insurance business will result in the deferral of certain amounts we currently recognize as revenue and expense upon the origination of the contract and the immediate recognition of certain expenses upon the origination of the contract that are currently deferred. Additionally, upon implementation we expect to expand our financial statement disclosures as required by the standard. Our assessment is not final; however, we do not expect the impact of the new guidance to these specific contracts to be material to the financial statements. We currently plan to adopt this guidance as of January 1, 2018, and expect to use the modified retrospective approach. Financial Instruments — Recognition and Measurement of Financial Assets (ASU 2016-01) In January 2016, the FASB issued ASU 2016-01. The amendments in this update modify the requirements related to the measurement of certain financial instruments in the statement of financial condition and results of operations. For equity investments (other than investments accounted for using the equity method), entities must measure such instruments at fair value with changes in fair value recognized in net income. Changes in fair value for equity securities will no longer be recognized through other comprehensive income. Reporting entities may continue to elect to measure equity investments that do not have a readily determinable fair value at cost with adjustments for impairment and observable changes in price. In addition, for a liability (other than a derivative liability) that an entity measures at fair value, any change in fair value related to the instrument-specific credit risk, that is the entity’s own-credit, should be presented separately in other comprehensive income and not as a component of net income. The amendments are effective on January 1, 2018, with early adoption permitted solely for the provisions pertaining to instrument-specific credit risk for liabilities measured at fair value. The amendments must be applied on a modified retrospective basis with a cumulative effect adjustment as of the beginning of the fiscal year of initial adoption. While the amendment requiring equity investments to be measured at fair value with changes in fair value recognized in net income will create additional volatility in our Condensed Consolidated Statement of Comprehensive Income, we do not anticipate the other amendments will have a material impact to our financial statements. We currently plan to adopt these amendments on January 1, 2018, and expect to use the modified retrospective approach as required. Leases (ASU 2016-02) In February 2016, the FASB issued ASU 2016-02. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors for all types of leases. The amendments also require additional disclosures for all lease types for both lessees and lessors. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied on a modified retrospective basis with a cumulative adjustment to the beginning of the earliest fiscal year presented in the financial statements in the period of adoption. Management is currently evaluating the impact of these amendments. Upon adoption, we expect to record a balance sheet gross-up, reflecting our right-of-use asset and lease liability for our operating leases where we are the lessee (for example, our facility leases). We are currently reviewing our operating lease contracts where we are the lessee to determine the impact of the gross-up and the changes to capitalizable costs. We are also reviewing our leases where we are the lessor to determine the impact of the changes to capitalizable costs. We currently plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. Financial Instruments — Credit Losses (ASU 2016-13) In June 2016, the FASB issued ASU 2016-13. The amendments in this update introduce a new accounting model to measure credit losses for financial assets measured at amortized cost. Credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets. In effect, the financial asset or group of financial assets should be presented at the net amount expected to be collected. Credit losses will no longer be measured as they are incurred for financial assets measured at amortized cost. The amendments also modify the accounting for available-for-sale debt securities whereby credit losses will be recorded through an allowance for credit losses rather than a write-down to the security’s cost basis, which allows for reversals of credit losses when estimated credit losses decline. Credit losses for available-for-sale debt securities should be measured in a manner similar to current GAAP. The amendments are effective on January 1, 2020, with early adoption permitted as of January 1, 2019. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. The new accounting model for credit losses represents a significant departure from existing GAAP, and will likely materially increase the allowance for credit losses with a resulting negative adjustment to retained earnings. Management created a formal working group to govern the implementation of these amendments consisting of key stakeholders from finance, risk, and accounting and is currently evaluating the impact of the amendments. We are in the process of designing and building the models and procedures that will be used to calculate the credit loss reserves in accordance with these amendments. We currently plan to adopt these amendments on January 1, 2020, and expect to use the modified retrospective approach as required. Statement of Cash Flows — Restricted Cash (ASU 2016-18) In November 2016, the FASB issued ASU 2016-18. The amendments in this update require that amounts classified as restricted cash and restricted cash equivalents be included within the beginning-of-period and end-of-period amounts along with cash and cash equivalents on the statement of cash flows. Prior to this ASU, specific guidance on the presentation of changes in restricted cash and restricted cash equivalents within the statement of cash flows did not exist. The amendments are effective on January 1, 2018, with early adoption permitted. The amendments must be applied retrospectively to all periods presented within the statement of cash flows upon adoption. The amendments will not impact financial results, but will result in a change in the presentation of restricted cash and restricted cash equivalents within the statement of cash flows. We currently plan to adopt these amendments on January 1, 2018, and expect to use the retrospective approach as required. Receivables — Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08) In March 2017, the FASB issued ASU 2017-08. The amendments in this update require premiums on purchased callable debt securities to be amortized to the security’s earliest call date. Prior to this ASU, premiums and discounts on purchased callable debt securities were generally required to be amortized to the security’s maturity date. The amendments do not require an accounting change for securities held at a discount. The amendments are effective on January 1, 2019, with early adoption permitted. The amendments must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption. Management is currently evaluating the impact of these amendments. We currently plan to adopt these amendments on January 1, 2019, and expect to use the modified retrospective approach as required. Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12) In August 2017, the FASB issued ASU 2017-12, which enhances the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The amendments are effective on January 1, 2019, with early adoption permitted. Entities must apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. All transition requirements and elections must be applied to hedging relationships existing as of the adoption date and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The presentation and disclosure requirements must be applied prospectively. We are currently evaluating the impact these amendments will have to our financial statements and are evaluating the potential of early adopting the standard on January 1, 2018. |
Discontinued Operations Discontinued Operations (Policies) |
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Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Discontinued Operations, Policy [Policy Text Block] | Prior to the adoption of ASU 2014-08, which was prospectively applied only to newly identified disposals that qualify as discontinued operations beginning after January 1, 2015, we have classified 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 Condensed Consolidated Statement of Comprehensive Income. The Notes to the Condensed Consolidated Financial Statements have been adjusted to exclude discontinued operations unless otherwise noted. |
Acquisitions Acquisitions (Tables) |
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of cash consideration paid for TradeKing and the amounts of the identifiable assets acquired and liabilities assumed recognized at the acquisition date.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Select financial information of discontinued operations is summarized below.
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Other Income, Net of Losses (Tables) |
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Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Details of other income, net of losses, were as follows.
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Reserves for Insurance Losses and Loss Adjustment Expenses Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) |
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Reserves for Insurance Losses and Loss Adjustment Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
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Other Operating Expenses (Tables) |
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Details of other operating expenses were as follows.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment [Table Text Block] | Our portfolio of securities includes bonds, equity securities, asset-backed securities, commercial and residential mortgage-backed securities, and other investments. The cost, fair value, and gross unrealized gains and losses on investment securities were as follows.
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Investments Classified by Contractual Maturity Date [Table Text Block] | 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.
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Investment Income [Table Text Block] | The following table presents interest and dividends on investment securities.
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Schedule of Realized Gain (Loss) [Table Text Block] | The following table presents gross gains and losses realized upon the sales of available-for-sale securities. There were no other-than-temporary impairments upon the sales of available-for-sale securities for either period.
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Schedule of Unrealized Loss on Investments [Table Text Block] | 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 September 30, 2017, 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 September 30, 2017, 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 September 30, 2017. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information related to investment securities and our methodology for evaluating potential other-than-temporary impairments.
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Finance Receivables and Loans, Net (Tables) |
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Loans and Leases Receivable, Net Amount [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The composition of finance receivables and loans reported at gross carrying value was as follows.
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans.
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Schedule Of Sales Of Financing Receivables And Loans [Table Text Block] | The following table presents information about significant sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale.
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Schedule of Purchases of Financing Receivables and Loans [Table Text Block] | The following table presents information about significant purchases of finance receivables and loans.
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Past Due Financing Receivables [Table Text Block] | The following table presents an analysis of our past due finance receivables and loans recorded at gross carrying value.
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents the gross carrying value of our finance receivables and loans on nonaccrual status.
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents performing and nonperforming credit quality indicators in accordance with our internal accounting policies for our consumer finance receivables and loans recorded at gross carrying value. Nonperforming loans include finance receivables and loans on nonaccrual status when the principal or interest has been delinquent for 90 days or when full collection is not expected. Refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information.
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Schedule Of Pass And Criticized Credit Quality Indicators Of Finance Receivables [Table Text Block] | The following table presents pass and criticized credit quality indicators based on regulatory definitions for our commercial finance receivables and loans recorded at gross carrying value.
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Impaired Financing Receivables [Table Text Block] | The following table presents information about our impaired finance receivables and loans.
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Schedule of Average Balance And Interest Income Of Impaired Finance Receivables [Table Text Block] | The following tables present average balance and interest income for our impaired finance receivables and loans.
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present information related to finance receivables and loans recorded at gross carrying value modified in connection with a TDR during the period.
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Finance receivables and loans redefaulted during the period [Table Text Block] | The following tables present information about finance receivables and loans recorded at gross carrying value that have redefaulted during the reporting period and were within 12 months or less of being modified as a TDR. Redefault is when finance receivables and loans meet the requirements for evaluation under our charge-off policy (refer to Note 1 to the Consolidated Financial Statements in our 2016 Annual Report on Form 10-K for additional information) except for commercial finance receivables and loans, where redefault is defined as 90 days past due.
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Investment in Operating Leases, Net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases, Operating [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | Investments in operating leases were as follows.
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Depreciation Expense On Operating Lease Assets [Table Text Block] | Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following summarizes the components of depreciation expense on operating lease assets.
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Securitizations and Variable Interest Entities (Tables) |
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Securitizations And Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. For additional detail related to the assets and liabilities of consolidated variable interest entities refer to the Condensed Consolidated Balance Sheet.
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Schedule Of Cash Flow Received And Paid To Nonconsolidated Securitization Entities [Table Text Block] | The following table summarizes cash flows received and paid related to securitization entities and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding during the nine months ended September 30, 2017, and 2016. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period.
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Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together [Table Text Block] | The following tables represent on-balance sheet finance receivables and loans, off-balance sheet securitizations, and whole-loan sales where we have continuing involvement. The tables present quantitative information about delinquencies and net credit losses.
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Servicing Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Asset [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Total Serviced Automobile Loans Outstanding [Table Text Block] | The current unpaid principal balance and any related unamortized deferred fees and costs of total serviced automotive finance loans and leases outstanding were as follows.
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Other Assets (Tables) |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets [Table Text Block] | The components of other assets were as follows.
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Deposit Liabilities (Tables) |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Liabilities [Table Text Block] | Deposit liabilities consisted of the following.
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | The following table presents the composition of our short-term borrowings portfolio.
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Schedule of Debt [Table Text Block] | The following table presents the composition of our long-term debt portfolio.
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Scheduled Remaining Maturity of Long-term Debt [Table Text Block] | The following table presents the scheduled remaining maturity of long-term debt at September 30, 2017, assuming no early redemptions will occur. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
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Pledged assets for the payment of the related secured borrowings and repurchase agreements [Table Text Block] | 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.
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Schedule Of Committed Funding Facilities [Table Text Block] | Committed Funding Facilities
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Accrued Expenses and Other Liabilities (Tables) |
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Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses and other liabilities were as follows.
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income.
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive (loss) income.
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Earnings per Common Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the calculation of basic and diluted earnings per common share.
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Regulatory Capital and Other Regulatory Matters (Tables) |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table summarizes our capital ratios under the U.S. Basel III capital framework.
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Schedule of Common Share Repurchase Activity [Table Text Block] | The following table presents information related to our common shares for each quarter since the commencement of our common share repurchase programs and initiation of a quarterly cash dividend on common stock.
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Derivative Instruments and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Amounts of Derivative Instruments Reported On Our Condensed Consolidated Balance Sheet [Table Text Block] | The following table summarizes the fair value amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The fair value amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.
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Gains and Losses On Derivative Instruments Reported in Statement of Comprehensive Income [Table Text Block] | The following table summarizes the location and amounts of gains and losses on derivative instruments reported in our Condensed Consolidated Statement of Comprehensive Income.
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Derivative Instruments Used in Cash Flow and Net Investment Hedge Accounting Relationships [Table Text Block] | The following table summarizes derivative instruments used in cash flow and net investment hedge accounting relationships.
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring Basis [Table Text Block] | The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.
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Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities [Table Text Block] | The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.
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Fair Value Measurements - Nonrecurring Basis [Table Text Block] | The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
n/m = not meaningful
n/m = not meaningful
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Fair Value of Financial Intruments [Table Text Block] | The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at September 30, 2017, and December 31, 2016.
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Offsetting Assets and Liabilities Offsetting Assets and Liabilities (Assets) (Tables) |
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Offsetting Assets and Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and liabilities [Table Text Block] | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information for our reportable operating segments is summarized as follows.
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Parent and Guarantor Condensed Consolidating Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income
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Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet
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Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows
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Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Discontinued Operations and Disposal Groups [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ (1) | $ (46) | $ (2) | $ (44) |
Discontinued Operation, Tax Effect of Discontinued Operation | $ (3) | $ 6 | $ (3) | $ 2 |
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Other Nonoperating Income (Expense) [Abstract] | ||||
Remarketing Fees | $ 26 | $ 26 | $ 82 | $ 79 |
Fees and Commissions, Other | 25 | 25 | 77 | 72 |
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | 11 | 18 | 41 | 49 |
Income (Loss) from Equity Method Investments | 7 | 3 | 12 | 14 |
Other Income | 26 | 26 | 101 | 75 |
Noninterest Income, Other Operating Income | $ 95 | $ 98 | $ 313 | $ 289 |
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Operating Expenses [Abstract] | ||||
Insurance Commissions | $ 106 | $ 99 | $ 309 | $ 290 |
Communications and Information Technology | 72 | 70 | 212 | 203 |
Lease And Loan Administration | 41 | 34 | 116 | 100 |
Marketing and Advertising Expense | 33 | 27 | 96 | 75 |
Vehicle remarketing and repossession | 29 | 24 | 82 | 70 |
Federal Deposit Insurance Corporation Premium Expense | 27 | 26 | 82 | 68 |
Professional Fees | 28 | 25 | 81 | 75 |
Depreciation, Nonproduction | 22 | 19 | 67 | 61 |
Occupancy, Net | 11 | 13 | 34 | 38 |
Taxes, Miscellaneous | 6 | 10 | 22 | 27 |
Other Cost and Expense, Operating | 49 | 71 | 148 | 182 |
Other Noninterest Expense | $ 424 | $ 418 | $ 1,249 | $ 1,189 |
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Taxable interest | $ 141 | $ 93 | $ 390 | $ 276 |
Taxable dividends | 3 | 4 | 8 | 13 |
Interest and dividends exempt from U.S. federal income tax | 6 | 4 | 17 | 13 |
Interest and Dividend Income, Securities, Operating, Available-for-sale | 157 | 101 | 437 | 302 |
Excludes Other Earning Assets [Member] | ||||
Interest and Dividend Income, Securities, Operating, Available-for-sale | $ 150 | $ 101 | $ 415 | $ 302 |
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 24 | $ 52 | $ 75 | $ 146 |
Available-for-sale Securities, Gross Realized Losses | (1) | 0 | (2) | (1) |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 23 | $ 52 | $ 73 | $ 145 |
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Sales and Transfers | $ 31 | $ 63 | $ 1,335 | $ 4,256 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Sales and Transfers | 28 | 57 | 1,326 | 4,216 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Sales and Transfers | 3 | 6 | 9 | 12 |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Sales and Transfers | $ 0 | $ 0 | $ 0 | $ 28 |
Finance Receivables and Loans, Net Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Purchases | $ 1,266 | $ 467 | $ 3,081 | $ 2,855 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Purchases | 83 | 0 | 762 | 0 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Significant Purchases | $ 1,183 | $ 467 | $ 2,319 | $ 2,855 |
Investment in Operating Leases, Net (Investments In Operating Leases) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Leases, Operating [Abstract] | ||
Property Subject to or Available for Operating Lease, Gross | $ 11,001 | $ 14,584 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | (2,070) | (3,114) |
Property Subject to or Available for Operating Lease, Net | $ 8,931 | $ 11,470 |
Investment in Operating Leases, Net (Schedule Of Depreciation Expense On Operating Lease Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
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Leases, Operating [Abstract] | ||||
Depreciation Expense On Operating Lease Assets | $ 323 | $ 470 | $ 1,062 | $ 1,555 |
Gross Remarketing (Gains) Losses | (51) | (62) | (80) | (203) |
Operating Leases, Income Statement, Depreciation Expense on Property Subject to or Held-for-lease | $ 272 | $ 408 | $ 982 | $ 1,352 |
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Consumer Portfolio Segment [Member] - Automobile Loan [Member] - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $ 1,187 | $ 1,659 |
Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets | (491) | |
Cash Flows Between Transferor and Transferee, Servicing Fees | 25 | 27 |
Cash Flows Between Transferor and Transferee, Beneficial Interest | 16 | |
Cash Flows Between Transferor and Transferee, Receipts on Transferor's Interest in Transferred Financial Assets, Other | $ 4 | $ 6 |
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing deposit liabilities | $ 129 | $ 84 |
Interest-bearing Deposit Liabilities, by Component [Abstract] | ||
Deposits, Savings Deposits | 50,287 | 46,976 |
Time Deposits | 39,686 | 31,795 |
Dealer deposits | 14 | 167 |
Deposits | 90,116 | 79,022 |
Time Deposits, $100,000 or More | 16,200 | 12,100 |
Time Deposits, at or Above FDIC Insurance Limit | $ 4,500 | $ 3,500 |
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Accounts Payable | $ 863 | $ 649 | ||
Accrued Employee Benefits | 227 | 232 | ||
Liability for Claims and Claims Adjustment Expense | 173 | 149 | $ 150 | $ 169 |
Deferred Revenue | 34 | 56 | ||
Derivative Liability, Fair Value, Gross Liability | 30 | 95 | ||
Cash collateral received from counterparties | 14 | 10 | ||
Other Accrued Liabilities | 551 | 546 | ||
Accounts Payable and Accrued Liabilities | $ 1,892 | $ 1,737 |
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash Collateral Placed with Counterparties Excluding Cash Collateral Associated with Repurchase Agreements | $ 10 | $ 122 |
Securities Collateral Placed with Counterparties | 145 | 72 |
Non-derivative Cash Collateral Placed with Counterparties Associated with the Repurchase Agreements | 10 | 45 |
Cash Collateral Received from Counterparties, Excluding Collateral Associated with Repurchase Agreements | 14 | 10 |
Non-cash collateral received | $ 2 | $ 6 |
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | $ 7 | $ 2 | $ 14 | $ 9 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2 | 0 | 2 | 0 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6) | $ 2 | $ (12) | $ (4) |
Income Taxes Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $ 115 | $ 130 | $ 350 | $ 336 | |
Other Tax Expense (Benefit) | $ 175 |
Subsequent Events (Details) - $ / shares |
Oct. 10, 2017 |
Sep. 30, 2017 |
---|---|---|
Subsequent Events [Abstract] | ||
Dividends Payable, Amount Per Share | $ 0.12 | $ 0.12 |
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