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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
 
 
2019
 
2018
December 31, ($ in millions)
 
Unsecured
 
Secured (a)
 
Total
 
Unsecured
 
Secured (a)
 
Total
Demand notes
 
$
2,581

 
$
—

 
$
2,581

 
$
2,477

 
$
—

 
$
2,477

Federal Home Loan Bank
 
—

 
2,950

 
2,950

 
—

 
6,825

 
6,825

Securities sold under agreements to repurchase
 
—

 
—

 
—

 
—

 
685

 
685

Total short-term borrowings
 
$
2,581

 
$
2,950

 
$
5,531

 
$
2,477

 
$
7,510

 
$
9,987

Weighted average interest rate (b)
 
 
 
 
 
1.8
%
 
 
 
 
 
2.5
%
(a)
Refer to the section below titled Long-term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)
Based on the debt outstanding and the interest rate at December 31 of each year.
Long-term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions)
Amount
 
Interest rate
 
Weighted average stated interest rate (a)
 
Due date range
2019
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
Fixed rate (b)
$
8,566

 
 
 
 
 
 
Variable rate
1

 
 
 
 
 
 
Trust preferred securities (c)
2,575

 
 
 
 
 
 
Hedge basis adjustment (d)
62

 
 
 
 
 
 
Total unsecured debt
11,204

 
1.71–8.00%
 
6.34
%
 
2020–2049
Secured debt
 
 
 
 
 
 
 
Fixed rate
21,477

 
 
 
 
 
 
Variable rate (e)
1,384

 
 
 
 
 
 
Hedge basis adjustment (d)
(38
)
 
 
 
 
 
 
Total secured debt (f) (g) (h)
22,823

 
1.35–4.03%
 
2.44
%
 
2020–2027
Total long-term debt
$
34,027

 
 
 
 
 
 
2018
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
Fixed rate (b)
$
9,406

 
 
 
 
 
 
Variable rate
1

 
 
 
 
 
 
Trust preferred securities (c)
2,572

 
 
 
 
 
 
Hedge basis adjustment (d)
128

 
 
 
 
 
 
Total unsecured debt
12,107

 
2.42–8.40%
 
6.29
%
 
2019–2049
Secured debt
 
 
 
 
 
 
 
Fixed rate
23,514

 
 
 
 
 
 
Variable rate (e)
8,633

 
 
 
 
 
 
Hedge basis adjustment (d)
(61
)
 
 
 
 
 
 
Total secured debt (f) (g) (h)
32,086

 
1.26–4.50%
 
2.54
%
 
2019–2037
Total long-term debt
$
44,193

 
 
 
 
 
 
(a)
Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges.
(b)
Includes subordinated debt of $1.0 billion at both December 31, 2019, and 2018.
(c)
Refer to the section below titled Trust Preferred Securities for further information.
(d)
Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information.
(e)
Includes $92 million and $5 million at December 31, 2019, and 2018, respectively, of long-term debt that does not have a stated interest rate.
(f)
Includes $9.1 billion and $10.5 billion of VIE secured debt at December 31, 2019, and 2018, respectively.
(g)
Includes $450 million and $6.7 billion of debt outstanding from our committed secured credit facilities at December 31, 2019, and 2018, respectively.
(h)
Includes advances from the FHLB of Pittsburgh of $13.3 billion and $14.9 billion at December 31, 2019, and 2018, respectively.
 
 
2019
 
2018
December 31, ($ in millions)
 
Unsecured
 
Secured
 
Total
 
Unsecured
 
Secured
 
Total
Long-term debt (a)
 
 
 
 
 
 
 
 
 
 
 
 
Due within one year
 
$
2,214

 
$
7,005

 
$
9,219

 
$
1,663

 
$
7,313

 
$
8,976

Due after one year
 
8,990

 
15,818

 
24,808

 
10,444

 
24,773

 
35,217

Total long-term debt (b) (c)
 
$
11,204

 
$
22,823

 
$
34,027

 
$
12,107

 
$
32,086

 
$
44,193


(a)
Includes basis adjustments related to the application of hedge accounting.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2019, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025 and thereafter
 
Total
Unsecured
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
2,258

 
$
697

 
$
1,121

 
$
(9
)
 
$
1,470

 
$
6,767

 
$
12,304

Original issue discount
 
(44
)
 
(47
)
 
(52
)
 
(59
)
 
(65
)
 
(833
)
 
(1,100
)
Total unsecured
 
2,214

 
650

 
1,069

 
(68
)
 
1,405

 
5,934

 
11,204

Secured
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
7,005

 
9,530

 
5,552

 
627

 
107

 
2

 
22,823

Total long-term debt
 
$
9,219

 
$
10,180

 
$
6,621

 
$
559

 
$
1,512

 
$
5,936


$
34,027
Pledged assets for the payment of the related secured borrowings and repurchase agreements
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.
 
 
2019
 
2018
December 31, ($ in millions)
 
Total (a)
 
Ally Bank
 
Total (a)
 
Ally Bank
Investment securities (b)
 
$
2,698

 
$
2,698

 
$
10,280

 
$
9,564

Mortgage assets held-for-investment and lending receivables
 
17,135

 
17,135

 
16,498

 
16,498

Consumer automotive finance receivables
 
13,481

 
11,534

 
17,015

 
9,715

Commercial automotive finance receivables
 
12,890

 
12,890

 
15,563

 
15,563

Operating leases
 
—

 
—

 
170

 
—

Total assets restricted as collateral (c) (d)
 
$
46,204

 
$
44,257

 
$
59,526

 
$
51,340

Secured debt
 
$
25,773

(e)
$
24,069

 
$
39,596

(e)
$
32,072

(a)
Ally Bank is a component of the total column.
(b)
A portion of the restricted investment securities at December 31, 2018, was 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 $24.8 billion and $30.8 billion at December 31, 2019, and December 31, 2018, 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 and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both December 31, 2019, and December 31, 2018. These assets were composed of consumer automotive finance receivables and loans. 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 Consolidated Balance Sheet. Refer to Note 13 for additional information.
(e)
Includes $3.0 billion and $7.5 billion of short-term borrowings at December 31, 2019, and December 31, 2018, respectively.
Schedule Of Committed Funding Facilities
Committed Secured Credit Facilities
 
 
Outstanding
 
Unused capacity (a)
 
Total capacity
December 31, ($ in millions)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Bank funding
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
—

 
$
3,500

 
$
—

 
$
1,300

 
$
—

 
$
4,800

Parent funding
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
450

 
3,165

 
2,050

 
635

 
2,500

 
3,800

Total committed secured credit facilities
 
$
450

 
$
6,665

 
$
2,050

 
$
1,935

 
$
2,500

 
$
8,600


(a)
Funding from committed secured credit 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.