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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||||||||||
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. ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Term | Definition | |||||||
ABS | Asset-backed securities | |||||||
ALCO | Asset-Liability Committee | |||||||
ALM | Asset Liability Management | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
BHC Act | Bank Holding Company Act of 1956 as amended | |||||||
BHC | Bank holding company | |||||||
BMC | Better Mortgage Company | |||||||
Board | Ally Board of Directors | |||||||
CCAR | Comprehensive Capital Analysis and Review | |||||||
CD | Certificate of deposit | |||||||
CECL | Accounting Standards Update 2016-13 (and related Accounting Standards Updates), or current expected credit loss | |||||||
COVID-19 | Coronavirus disease 2019 | |||||||
CRA | Community Reinvestment Act of 1977 as amended | |||||||
CSG | Commercial Services Group | |||||||
CVA | Credit valuation adjustment | |||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 as amended | |||||||
EGRRCP Act | Economic Growth, Regulatory Relief, and Consumer Protection Act as amended | |||||||
ERMC | Enterprise Risk Management Committee | |||||||
F&I | Finance and insurance | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act of 1991 as amended | |||||||
FHC | Financial holding company | |||||||
FHLB | Federal Home Loan Bank | |||||||
FRB | Federal Reserve Bank, or Board of Governors of the Federal Reserve System, as the context requires | |||||||
FTP | Funds-transfer pricing | |||||||
GAP | Guaranteed asset protection | |||||||
GDP | Gross domestic product of the United States of America | |||||||
GLB Act | Gramm-Leach-Bliley Act of 1999 as amended | |||||||
GM | General Motors Company | |||||||
IB Finance | IB Finance Holding Company, LLC | |||||||
IRA | Individual retirement account | |||||||
LCR | Liquidity coverage ratio | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LMI | Low-to-moderate income | |||||||
LTV | Loan-to-value | |||||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
NYSE | New York Stock Exchange | |||||||
OTC | Over-the-counter | |||||||
P&C | Property and casualty | |||||||
PCA | Prompt corrective action | |||||||
RC | Risk Committee of the Ally Board of Directors | |||||||
ROU | Right-of-use |
Term | Definition | |||||||
RV | Recreational vehicle | |||||||
RWA | Risk-weighted asset | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Series 2 TRUPS | 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SPE | Special-purpose entity | |||||||
Stellantis | Stellantis N.V. | |||||||
TDR | Troubled debt restructuring | |||||||
UPB | Unpaid principal balance | |||||||
U.S. Basel III | The rules implementing the 2010 Basel III capital framework in the United States as well as related provisions of the Dodd-Frank Act, as amended from time to time | |||||||
U.S. GAAP | Accounting Principles Generally Accepted in the United States of America | |||||||
VIE | Variable interest entity | |||||||
VMC | Vehicle maintenance contract | |||||||
VSC | Vehicle service contract | |||||||
WAC | Weighted-average coupon | |||||||
wSTWF | Weighted short-term wholesale funding | |||||||
PART I — FINANCIAL INFORMATION |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Financing revenue and other interest income | ||||||||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | $ | $ | $ | ||||||||||||||||||||||
Interest on loans held-for-sale | ||||||||||||||||||||||||||
Interest and dividends on investment securities and other earning assets | ||||||||||||||||||||||||||
Interest on cash and cash equivalents | ||||||||||||||||||||||||||
Operating leases | ||||||||||||||||||||||||||
Total financing revenue and other interest income | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Interest on deposits | ||||||||||||||||||||||||||
Interest on short-term borrowings | ||||||||||||||||||||||||||
Interest on long-term debt | ||||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net depreciation expense on operating lease assets | ||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||
Insurance premiums and service revenue earned | ||||||||||||||||||||||||||
Gain on mortgage and automotive loans, net | ||||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | ( | ||||||||||||||||||||||
Other gain on investments, net | ||||||||||||||||||||||||||
Other income, net of losses | ||||||||||||||||||||||||||
Total other revenue | ||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Compensation and benefits expense | ||||||||||||||||||||||||||
Insurance losses and loss adjustment expenses | ||||||||||||||||||||||||||
Goodwill impairment | ||||||||||||||||||||||||||
Other operating expenses | ||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | ( | |||||||||||||||||||||||||
Income tax expense from continuing operations | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | ( | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | ||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | |||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(in dollars) (a) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Basic earnings per common share | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | |||||||||||||||||||||
Diluted earnings per common share (b) | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | |||||||||||||||||||||
Cash dividends declared per common share | $ | $ | $ | $ |
($ in millions, except share data) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Noninterest-bearing | $ | $ | ||||||||||||
Interest-bearing | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Equity securities | ||||||||||||||
Available-for-sale securities (amortized cost of $ | ||||||||||||||
Held-to-maturity securities (fair value of $ | ||||||||||||||
Loans held-for-sale, net | ||||||||||||||
Finance receivables and loans, net | ||||||||||||||
Finance receivables and loans, net of unearned income | ||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Total finance receivables and loans, net | ||||||||||||||
Investment in operating leases, net | ||||||||||||||
Premiums receivable and other insurance assets | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Deposit liabilities | ||||||||||||||
Noninterest-bearing | $ | $ | ||||||||||||
Interest-bearing | ||||||||||||||
Total deposit liabilities | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term debt | ||||||||||||||
Interest payable | ||||||||||||||
Unearned insurance premiums and service revenue | ||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Contingencies (refer to Note 23) | ||||||||||||||
Equity | ||||||||||||||
Common stock and paid-in capital ($ | ||||||||||||||
Preferred stock | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Treasury stock, at cost ( | ( | ( | ||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Finance receivables and loans, net | ||||||||||||||
Consumer automotive | $ | $ | ||||||||||||
Commercial | ||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Total finance receivables and loans, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Long-term debt | $ | $ | ||||||||||||
Accrued expenses and other liabilities | ||||||||||||||
Total liabilities | $ | $ |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||
($ in millions) | Common stock and paid-in capital | Preferred stock | Accumulated deficit | Accumulated other comprehensive income | Treasury stock | Total equity | ||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of Series B preferred stock | ||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of Series C preferred stock | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ |
Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||
($ in millions) | Common stock and paid-in capital | Preferred stock | Accumulated deficit | Accumulated other comprehensive income | Treasury stock | Total equity | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Cumulative effect of changes in accounting principles, net of tax | ||||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | — | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of Series B preferred stock | ||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of Series C preferred stock | ||||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ | ( | $ |
Six months ended June 30, ($ in millions) | 2021 | 2020 | |||||||||
Operating activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Reconciliation of net income (loss) to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Goodwill impairment | |||||||||||
Provision for credit losses | ( | ||||||||||
Gain on mortgage and automotive loans, net | ( | ( | |||||||||
Other gain on investments, net | ( | ( | |||||||||
Loss on extinguishment of debt | |||||||||||
Originations and purchases of loans held-for-sale | ( | ( | |||||||||
Proceeds from sales and repayments of loans held-for-sale | |||||||||||
Net change in | |||||||||||
Deferred income taxes | ( | ||||||||||
Interest payable | ( | ||||||||||
Other assets | ( | ||||||||||
Other liabilities | ( | ||||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Purchases of equity securities | ( | ( | |||||||||
Proceeds from sales of equity securities | |||||||||||
Purchases of available-for-sale securities | ( | ( | |||||||||
Proceeds from sales of available-for-sale securities | |||||||||||
Proceeds from repayments of available-for-sale securities | |||||||||||
Purchases of held-to-maturity securities | ( | ||||||||||
Proceeds from repayments of held-to-maturity securities | |||||||||||
Purchases of finance receivables and loans held-for-investment | ( | ( | |||||||||
Proceeds from sales of finance receivables and loans initially held-for-investment | |||||||||||
Originations and repayments of finance receivables and loans held-for-investment and other, net | |||||||||||
Purchases of operating lease assets | ( | ( | |||||||||
Disposals of operating lease assets | |||||||||||
Net change in nonmarketable equity investments | |||||||||||
Other, net | ( | ( | |||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Statement continues on the next page. | |||||||||||
The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements. | |||||||||||
Six months ended June 30, ($ in millions) | 2021 | 2020 | |||||||||
Financing activities | |||||||||||
Net change in short-term borrowings | ( | ( | |||||||||
Net increase in deposits | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Preferred stock issuance | |||||||||||
Trust preferred securities redemption | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | ( | ||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | ( | ||||||||||
Cash and cash equivalents and restricted cash at beginning of year | |||||||||||
Cash and cash equivalents and restricted cash at June 30, | $ | $ | |||||||||
Supplemental disclosures | |||||||||||
Cash paid for | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
Noncash items | |||||||||||
Loans held-for-sale transferred to finance receivables and loans held-for-investment | |||||||||||
Additions of property and equipment | |||||||||||
Finance receivables and loans held-for-investment transferred to loans held-for-sale | |||||||||||
In-kind distribution from equity-method investee | |||||||||||
Equity consideration received in exchange for restructured loans | |||||||||||
June 30, ($ in millions) | 2021 | 2020 | ||||||||||||
Cash and cash equivalents on the Condensed Consolidated Balance Sheet | $ | $ | ||||||||||||
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet (a) | ||||||||||||||
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows | $ | $ |
Three months ended June 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
Noninsurance contracts (a) (b) (c) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Remarketing fee income | ||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenue | ||||||||||||||||||||||||||||||||||||||
Deposit account and other banking fees (d) | ||||||||||||||||||||||||||||||||||||||
Brokered/agent commissions | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
All other revenue | ||||||||||||||||||||||||||||||||||||||
Total other revenue (e) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
Noninsurance contracts (a) (b) (c) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Remarketing fee income | ||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenue | ||||||||||||||||||||||||||||||||||||||
Deposit account and other banking fees (d) | ||||||||||||||||||||||||||||||||||||||
Brokered/agent commissions | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
All other revenue | ||||||||||||||||||||||||||||||||||||||
Total other revenue (e) | $ | $ | $ | $ | $ | $ |
Six months ended June 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
Noninsurance contracts (a) (b) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Remarketing fee income | ||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenue | ||||||||||||||||||||||||||||||||||||||
Deposit account and other banking fees (c) | ||||||||||||||||||||||||||||||||||||||
Brokered/agent commissions | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
All other revenue | ||||||||||||||||||||||||||||||||||||||
Total other revenue (d) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
Noninsurance contracts (a) (b) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Remarketing fee income | ||||||||||||||||||||||||||||||||||||||
Brokerage commissions and other revenue | ||||||||||||||||||||||||||||||||||||||
Deposit account and other banking fees (c) | ||||||||||||||||||||||||||||||||||||||
Brokered/agent commissions | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||||||||||||||
All other revenue | ||||||||||||||||||||||||||||||||||||||
Total other revenue (d) | $ | $ | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Gain (loss) on nonmarketable equity investments, net | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Late charges and other administrative fees | ||||||||||||||||||||||||||
Remarketing fees | ||||||||||||||||||||||||||
Income from equity-method investments | ||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||
Total other income, net of losses | $ | $ | $ | $ |
($ in millions) | 2021 | 2020 | ||||||||||||
Total gross reserves for insurance losses and loss adjustment expenses at January 1, | $ | $ | ||||||||||||
Less: Reinsurance recoverable | ||||||||||||||
Net reserves for insurance losses and loss adjustment expenses at January 1, | ||||||||||||||
Net insurance losses and loss adjustment expenses incurred related to: | ||||||||||||||
Current year | ||||||||||||||
Prior years (a) | ||||||||||||||
Total net insurance losses and loss adjustment expenses incurred | ||||||||||||||
Net insurance losses and loss adjustment expenses paid or payable related to: | ||||||||||||||
Current year | ( | ( | ||||||||||||
Prior years | ( | ( | ||||||||||||
Total net insurance losses and loss adjustment expenses paid or payable | ( | ( | ||||||||||||
Net reserves for insurance losses and loss adjustment expenses at June 30, | ||||||||||||||
Plus: Reinsurance recoverable | ||||||||||||||
Total gross reserves for insurance losses and loss adjustment expenses at June 30, | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Insurance commissions | $ | $ | $ | $ | |||||||||||||||||||
Technology and communications | |||||||||||||||||||||||
Lease and loan administration | |||||||||||||||||||||||
Advertising and marketing | |||||||||||||||||||||||
Property and equipment depreciation | |||||||||||||||||||||||
Professional services | |||||||||||||||||||||||
Charitable contributions | |||||||||||||||||||||||
Vehicle remarketing and repossession | |||||||||||||||||||||||
Regulatory and licensing fees | |||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||
Non-income taxes | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other operating expenses | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized | Fair value | Amortized cost | Gross unrealized | Fair value | |||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | gains | losses | gains | losses | ||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities (a) (b) (c) (d) (e) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities (e) (f) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of available-for-sale securities (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of available-for-sale securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of held-to-maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of available-for-sale securities (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of available-for-sale securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of held-to-maturity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Taxable interest | $ | $ | $ | $ | |||||||||||||||||||
Taxable dividends | |||||||||||||||||||||||
Interest and dividends exempt from U.S. federal income tax | |||||||||||||||||||||||
Interest and dividends on investment securities | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | |||||||||||||||||||
Net realized gains on available-for-sale securities | |||||||||||||||||||||||
Net realized gain on equity securities | |||||||||||||||||||||||
Net unrealized gain (loss) on equity securities | ( | ||||||||||||||||||||||
Other gain on investments, net | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in millions) | AA | Total (a) | AA | Total (a) | ||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Agency mortgage-backed residential | $ | $ | $ | $ | ||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies | $ | $ | ( | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
U.S. States and political subdivisions | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed commercial | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Consumer automotive (a) | $ | $ | ||||||||||||
Consumer mortgage | ||||||||||||||
Mortgage Finance (b) | ||||||||||||||
Mortgage — Legacy (c) | ||||||||||||||
Total consumer mortgage | ||||||||||||||
Consumer other (d) | ||||||||||||||
Total consumer | ||||||||||||||
Commercial | ||||||||||||||
Commercial and industrial | ||||||||||||||
Automotive | ||||||||||||||
Other | ||||||||||||||
Commercial real estate | ||||||||||||||
Total commercial | ||||||||||||||
Total finance receivables and loans (e) (f) | $ | $ |
Three months ended June 30, 2021 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other (a) | Commercial | Total | |||||||||||||||||||||||||||
Allowance at April 1, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Charge-offs (b) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Net charge-offs | ( | |||||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||||||||
Allowance at June 30, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Six months ended June 30, 2021 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other (a) | Commercial | Total | |||||||||||||||||||||||||||
Allowance at January 1, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Charge-offs (b) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Allowance at June 30, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Three months ended June 30, 2020 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other (a) | Commercial | Total | |||||||||||||||||||||||||||
Allowance at April 1, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Charge-offs (b) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||||||||
Allowance at June 30, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Six months ended June 30, 2020 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other (a) | Commercial | Total | |||||||||||||||||||||||||||
Allowance at December 31, 2019 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Cumulative effect of the adoption of Accounting Standards Update 2016-13 | ( | |||||||||||||||||||||||||||||||
Allowance at January 1, 2020 | ||||||||||||||||||||||||||||||||
Charge-offs (b) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||||||||||
Allowance at June 30, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Consumer mortgage | $ | $ | $ | |||||||||||||||||||||||
Total sales and transfers | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Total purchases of finance receivables and loans | $ | $ | $ | $ |
June 30, 2021 | ||||||||||||||||||||||||||
($ in millions) | Nonaccrual status at Jan. 1, 2021 | Nonaccrual status at Apr. 1, 2021 | Nonaccrual status | Nonaccrual with no allowance (a) | ||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||
Total consumer mortgage | ||||||||||||||||||||||||||
Consumer other | ||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||
Total finance receivables and loans | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
($ in millions) | Nonaccrual status at Jan. 1, 2020 | Nonaccrual status at Apr. 1, 2020 | Nonaccrual status | Nonaccrual with no allowance (a) | ||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||
Total consumer mortgage | ||||||||||||||||||||||||||
Consumer other | ||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||
Total finance receivables and loans | $ | $ | $ | $ |
Origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||
June 30, 2021 ($ in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and prior | Revolving loans | Total | |||||||||||||||||||||
Consumer automotive | |||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total consumer automotive | |||||||||||||||||||||||||||||
Consumer mortgage | |||||||||||||||||||||||||||||
Mortgage Finance | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total Mortgage Finance | |||||||||||||||||||||||||||||
Mortgage — Legacy | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total Mortgage — Legacy | |||||||||||||||||||||||||||||
Total consumer mortgage | |||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total consumer other (a) | |||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||
December 31, 2020 ($ in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and prior | Revolving loans | Total | |||||||||||||||||||||
Consumer automotive | |||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total consumer automotive | |||||||||||||||||||||||||||||
Consumer mortgage | |||||||||||||||||||||||||||||
Mortgage Finance | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total Mortgage Finance | |||||||||||||||||||||||||||||
Mortgage — Legacy | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total Mortgage — Legacy | |||||||||||||||||||||||||||||
Total consumer mortgage | |||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
30–59 days past due | |||||||||||||||||||||||||||||
60–89 days past due | |||||||||||||||||||||||||||||
90 or more days past due | |||||||||||||||||||||||||||||
Total consumer other (a) | |||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||
June 30, 2021 ($ in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and prior | Revolving loans | Total | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total automotive | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||
December 31, 2020 ($ in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and prior | Revolving loans | Total | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total automotive | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ |
($ 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 | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Automotive | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Automotive | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, ($ in millions) | Number of loans | Pre-modification amortized cost basis | Post-modification amortized cost basis | Number of loans | Pre-modification amortized cost basis | Post-modification amortized cost basis | ||||||||||||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||||||||||||||
Total consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||||||||||||
Total finance receivables and loans | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | Number of loans | Pre-modification amortized cost basis | Post-modification amortized cost basis | Number of loans | Pre-modification amortized cost basis | Post-modification amortized cost basis | ||||||||||||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||||||||||||||
Total consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||||||||||||
Total finance receivables and loans | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, ($ in millions) | Number of loans | Amortized cost | Charge-off amount | Number of loans | Amortized cost | Charge-off amount | ||||||||||||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||||||||||||||
Total consumer finance receivables and loans | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | Number of loans | Amortized cost | Charge-off amount | Number of loans | Amortized cost | Charge-off amount | ||||||||||||||||||||||||||||||||
Consumer automotive | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | ||||||||||||||||||||||||||||||||||||||
Mortgage — Legacy | ||||||||||||||||||||||||||||||||||||||
Total consumer finance receivables and loans | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and thereafter | ||||||||
Total undiscounted cash flows | ||||||||
Difference between undiscounted cash flows and discounted cash flows | ( | |||||||
Total lease liability | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease expense | ||||||||||||||||||||||||||
Total lease expense, net (a) | $ | $ | $ | $ |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Vehicles | $ | $ | ||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Investment in operating leases, net | $ | $ |
($ in millions) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and thereafter | ||||||||
Total lease payments from operating leases | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Depreciation expense on operating lease assets (excluding remarketing gains and losses) (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Remarketing (gains) losses, net | ( | ( | ||||||||||||||||||||||||
Net depreciation expense on operating lease assets | $ | $ | $ | $ |
($ in millions) | ||||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and thereafter | ||||||||
Total undiscounted cash flows | ||||||||
Difference between undiscounted cash flows and discounted cash flows | ( | |||||||
Present value of lease payments recorded as lease receivable | $ |
($ 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 | |||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
On-balance sheet variable interest entities | |||||||||||||||||||||||||||||
Consumer automotive | $ | (b) | $ | (c) | |||||||||||||||||||||||||
Commercial automotive | |||||||||||||||||||||||||||||
Off-balance sheet variable interest entities | |||||||||||||||||||||||||||||
Commercial other | (d) | (e) | (f) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
On-balance sheet variable interest entities | |||||||||||||||||||||||||||||
Consumer automotive | $ | (b) | $ | (c) | |||||||||||||||||||||||||
Commercial automotive | |||||||||||||||||||||||||||||
Off-balance sheet variable interest entities | |||||||||||||||||||||||||||||
Commercial other | (d) | (e) | (f) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Six months ended June 30, | ||||||||||||||
($ in millions) | 2021 | 2020 | ||||||||||||
Consumer automotive | ||||||||||||||
Cash flows received on retained interests in securitization entities | $ | $ | ||||||||||||
Servicing fees | ||||||||||||||
Cash disbursements for repurchases during the period | ( | |||||||||||||
Total | $ | $ | ||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Property and equipment at cost | $ | $ | ||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Net property and equipment | ||||||||||||||
Investment in qualified affordable housing projects | ||||||||||||||
Nonmarketable equity investments (a) (b) | ||||||||||||||
Net deferred tax assets | ||||||||||||||
Restricted cash held for securitization trusts (c) | ||||||||||||||
Accrued interest, fees, and rent receivables | ||||||||||||||
Equity-method investments (d) | ||||||||||||||
Goodwill | ||||||||||||||
Finance lease right-of-use assets (e) | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other accounts receivable | ||||||||||||||
Restricted cash and cash equivalents (f) | ||||||||||||||
Net intangible assets (g) | ||||||||||||||
Fair value of derivative contracts in receivable position (h) | ||||||||||||||
Other assets | ||||||||||||||
Total other assets | $ | $ |
($ in millions) | Automotive Finance operations | Insurance operations | Corporate and Other (a) | Total | ||||||||||||||||||||||
Goodwill at December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Impairment losses | ||||||||||||||||||||||||||
Goodwill at June 30, 2021 | $ | $ | $ | $ |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Noninterest-bearing deposits | $ | $ | ||||||||||||
Interest-bearing deposits | ||||||||||||||
Savings, money market, and checking accounts | ||||||||||||||
Certificates of deposit | ||||||||||||||
Total deposit liabilities | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions) | Unsecured | Secured (a) | Total | Unsecured | Secured (a) | Total | ||||||||||||||||||||||||||||||||
Demand notes (b) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total short-term borrowings | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions) | Unsecured | Secured | Total | Unsecured | Secured | Total | ||||||||||||||||||||||||||||||||
Long-term debt (a) | ||||||||||||||||||||||||||||||||||||||
Due within one year | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Due after one year | ||||||||||||||||||||||||||||||||||||||
Total long-term debt (b) (c) | $ | $ | $ | $ | $ | $ |
($ in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and thereafter | Total | |||||||||||||||||||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Original issue discount | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Total unsecured | ||||||||||||||||||||||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in millions) | Total (a) | Ally Bank | Total (a) | Ally Bank | ||||||||||||||||||||||
Consumer mortgage finance receivables | $ | $ | $ | $ | ||||||||||||||||||||||
Consumer automotive finance receivables | ||||||||||||||||||||||||||
Commercial finance receivables | ||||||||||||||||||||||||||
Total assets restricted as collateral (b) (c) | $ | $ | $ | $ | ||||||||||||||||||||||
Secured debt | $ | $ | $ | $ |
Outstanding | Unused capacity (a) | Total capacity | ||||||||||||||||||||||||||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Parent funding | ||||||||||||||||||||||||||||||||||||||
Secured | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total committed secured credit facilities | $ | $ | $ | $ | $ | $ |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Accounts payable | $ | $ | ||||||||||||
Unfunded commitments for investment in qualified affordable housing projects | ||||||||||||||
Employee compensation and benefits | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Deferred revenue | ||||||||||||||
Reserves for insurance losses and loss adjustment expenses | ||||||||||||||
Fair value of derivative contracts in payable position (a) | ||||||||||||||
Net deferred tax liabilities | ||||||||||||||
Cash collateral received from counterparties | ||||||||||||||
Other liabilities | ||||||||||||||
Total accrued expenses and other liabilities | $ | $ |
June 30, 2021 | |||||
Series B preferred stock (a) | |||||
Issuance date | April 22, 2021 | ||||
Carrying value ($ in millions) | $ | ||||
Par value (per share) | $ | ||||
Liquidation preference (per share) | $ | ||||
Number of shares authorized | |||||
Number of shares issued and outstanding | |||||
Dividend/coupon | |||||
Prior to May 15, 2026 | |||||
On and after May 15, 2026 | Five Year Treasury + | ||||
Series C preferred stock (a) | |||||
Issuance date | June 2, 2021 | ||||
Carrying value ($ in millions) | $ | ||||
Par value (per share) | $ | ||||
Liquidation preference (per share) | $ | ||||
Number of shares authorized | |||||
Number of shares issued and outstanding | |||||
Dividend/coupon | |||||
Prior to May 15, 2028 | |||||
On and after May 15, 2028 | Seven Year Treasury + |
Three months ended June 30, | |||||||||||||||||||||||||||||
($ in millions) | Unrealized gains on investment securities (a) | Translation adjustments and net investment hedges (b) | Cash flow hedges (b) | Defined benefit pension plans | Accumulated other comprehensive income | ||||||||||||||||||||||||
Balance at April 1, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net change | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net change | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ |
Six months ended June 30, | |||||||||||||||||||||||||||||
($ in millions) | Unrealized gains on investment securities (a) | Translation adjustments and net investment hedges (b) | Cash flow hedges (b) | Defined benefit pension plans | Accumulated other comprehensive income | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net change | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net change | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ |
Three months ended June 30, 2021 ($ in millions) | Before tax | Tax effect | After tax | ||||||||||||||
Investment securities | |||||||||||||||||
Net unrealized gains arising during the period | $ | $ | ( | $ | |||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (a) | ( | (b) | ||||||||||||||
Net change | ( | ||||||||||||||||
Translation adjustments | |||||||||||||||||
Net unrealized gains arising during the period | |||||||||||||||||
Net investment hedges (c) | |||||||||||||||||
Net unrealized losses arising during the period | ( | ( | |||||||||||||||
Cash flow hedges (c) | |||||||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (d) | ( | (b) | ||||||||||||||
Other comprehensive income | $ | $ | ( | $ |
Three months ended June 30, 2020 ($ in millions) | Before tax | Tax effect | After tax | ||||||||||||||
Investment securities | |||||||||||||||||
Net unrealized gains arising during the period | $ | $ | ( | $ | |||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (a) | ( | (b) | ||||||||||||||
Net change | ( | ||||||||||||||||
Translation adjustments | |||||||||||||||||
Net unrealized gains arising during the period | ( | ||||||||||||||||
Net investment hedges (c) | |||||||||||||||||
Net unrealized losses arising during the period | ( | ( | |||||||||||||||
Cash flow hedges (c) | |||||||||||||||||
Less: Net realized gains reclassified to income from continuing operations | ( | ||||||||||||||||
Other comprehensive income | $ | $ | ( | $ |
Six months ended June 30, 2021 ($ in millions) | Before tax | Tax effect | After tax | ||||||||||||||
Investment securities | |||||||||||||||||
Net unrealized losses arising during the period | $ | ( | $ | $ | ( | ||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (a) | ( | (b) | ||||||||||||||
Net change | ( | ( | |||||||||||||||
Translation adjustments | |||||||||||||||||
Net unrealized gains arising during the period | ( | ||||||||||||||||
Net investment hedges (c) | |||||||||||||||||
Net unrealized losses arising during the period | ( | ( | |||||||||||||||
Cash flow hedges (c) | |||||||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (d) | ( | (b) | ||||||||||||||
Defined benefit pension plans | |||||||||||||||||
Net unrealized losses arising during the period | ( | ( | |||||||||||||||
Other comprehensive loss | $ | ( | $ | $ | ( |
Six months ended June 30, 2020 ($ in millions) | Before tax | Tax effect | After tax | ||||||||||||||
Investment securities | |||||||||||||||||
Net unrealized gains arising during the period | $ | $ | ( | $ | |||||||||||||
Less: Net realized gains reclassified to income from continuing operations | (a) | ( | (b) | ||||||||||||||
Net change | ( | ||||||||||||||||
Translation adjustments | |||||||||||||||||
Net unrealized losses arising during the period | ( | ( | |||||||||||||||
Net investment hedges (c) | |||||||||||||||||
Net unrealized gains arising during the period | ( | ||||||||||||||||
Cash flow hedges (c) | |||||||||||||||||
Net unrealized gains arising during the period | ( | ||||||||||||||||
Less: Net realized gains reclassified to income from continuing operations | ( | ||||||||||||||||
Net change | ( | ||||||||||||||||
Defined benefit pension plans | |||||||||||||||||
Net unrealized gains arising during the period | ( | ||||||||||||||||
Other comprehensive income | $ | $ | ( | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions, except per share data; shares in thousands) (a) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | $ | $ | ( | |||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | $ | ( | |||||||||||||||||||||
Basic weighted-average common shares outstanding (b) | ||||||||||||||||||||||||||
Diluted weighted-average common shares outstanding (b) (c) | ||||||||||||||||||||||||||
Basic earnings per common share | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | |||||||||||||||||||||
Diluted earnings per common share | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( |
June 30, 2021 | December 31, 2020 | Required minimum (a) | Well-capitalized minimum | |||||||||||||||||||||||||||||||||||
($ in millions) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||
Capital ratios | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Ally Financial Inc. | $ | % | $ | % | % | (b) | ||||||||||||||||||||||||||||||||
Ally Bank | % | |||||||||||||||||||||||||||||||||||||
Tier 1 (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Ally Financial Inc. | $ | % | $ | % | % | % | ||||||||||||||||||||||||||||||||
Ally Bank | ||||||||||||||||||||||||||||||||||||||
Total (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Ally Financial Inc. | $ | % | $ | % | % | % | ||||||||||||||||||||||||||||||||
Ally Bank | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage (to adjusted quarterly average assets) (c) | ||||||||||||||||||||||||||||||||||||||
Ally Financial Inc. | $ | % | $ | % | % | (b) | ||||||||||||||||||||||||||||||||
Ally Bank | % |
Common stock repurchased during period (a) (b) | Number of common shares outstanding | Cash dividends declared per common share (c) | ||||||||||||||||||||||||||||||
($ in millions, except per share data; shares in thousands) | Approximate dollar value | Number of shares | Beginning of period | End of period | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
First quarter | $ | $ | ||||||||||||||||||||||||||||||
Second quarter | ||||||||||||||||||||||||||||||||
Third quarter | ||||||||||||||||||||||||||||||||
Fourth quarter | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
First quarter | ||||||||||||||||||||||||||||||||
Second quarter | $ | $ | ||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Derivative contracts in a | Notional amount | Derivative contracts in a | Notional amount | |||||||||||||||||||||||||||||||||||
($ in millions) | receivable position | payable position | receivable position | payable position | ||||||||||||||||||||||||||||||||||
Derivatives designated as accounting hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||||||||
Swaps | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||||||||
Forwards | ||||||||||||||||||||||||||||||||||||||
Total derivatives designated as accounting hedges | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as accounting hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||||||||
Futures and forwards | ||||||||||||||||||||||||||||||||||||||
Written options | ||||||||||||||||||||||||||||||||||||||
Purchased options | ||||||||||||||||||||||||||||||||||||||
Total interest rate risk | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||||||||
Futures and forwards | ||||||||||||||||||||||||||||||||||||||
Total foreign exchange risk | ||||||||||||||||||||||||||||||||||||||
Credit contracts (a) | ||||||||||||||||||||||||||||||||||||||
Other credit derivatives | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Total credit risk | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||||||||||
Written options | ||||||||||||||||||||||||||||||||||||||
Purchased options | ||||||||||||||||||||||||||||||||||||||
Total equity risk | ||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as accounting hedges | ||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ | $ | $ |
($ in millions) | Carrying amount of the hedged items | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items | ||||||||||||||||||||||||||||||||||||
Total | Discontinued (a) | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities (b) (c) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Finance receivables and loans, net (d) | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | $ | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
(Loss) gain recognized in earnings | ||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||
Loss on mortgage and automotive loans, net | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Other income, net of losses | ( | ( | ||||||||||||||||||||||||
Total interest rate contracts | ( | ( | ( | |||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Other income, net of losses | ( | |||||||||||||||||||||||||
Other operating expenses | ( | ( | ||||||||||||||||||||||||
Total foreign exchange contracts | ( | ( | ( | |||||||||||||||||||||||
Credit contracts | ||||||||||||||||||||||||||
Other income, net of losses | ( | ( | ||||||||||||||||||||||||
Total credit contracts | ( | ( | ||||||||||||||||||||||||
Total loss recognized in earnings | $ | ( | $ | ( | $ | ( | $ | ( |
Interest and fees on finance receivables and loans | Interest and dividends on investment securities and other earning assets | Interest on deposits | Interest on long-term debt | ||||||||||||||||||||||||||||||||
Three months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
(Loss) gain on fair value hedging relationships | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Hedged fixed-rate unsecured debt | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments on fixed-rate unsecured debt | |||||||||||||||||||||||||||||||||||
Hedged available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments on available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Hedged fixed-rate consumer automotive loans | ( | ( | |||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans | |||||||||||||||||||||||||||||||||||
Total gain on fair value hedging relationships | |||||||||||||||||||||||||||||||||||
(Loss) gain on cash flow hedging relationships | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Hedged deposit liabilities | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income | ( | ||||||||||||||||||||||||||||||||||
Hedged variable-rate commercial loans | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur | |||||||||||||||||||||||||||||||||||
Total gain (loss) on cash flow hedging relationships | $ | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income | $ | $ | $ | $ | $ | $ | $ | $ |
Interest and fees on finance receivables and loans | Interest and dividends on investment securities and other earning assets | Interest on deposits | Interest on long-term debt | ||||||||||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Gain (loss) on fair value hedging relationships | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Hedged fixed-rate unsecured debt | $ | $ | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments on fixed-rate unsecured debt | ( | ||||||||||||||||||||||||||||||||||
Hedged available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments on available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Hedged fixed-rate consumer automotive loans | ( | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments on fixed-rate consumer automotive loans | ( | ||||||||||||||||||||||||||||||||||
Total gain on fair value hedging relationships | |||||||||||||||||||||||||||||||||||
(Loss) gain on cash flow hedging relationships | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Hedged deposit liabilities | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income | ( | ( | |||||||||||||||||||||||||||||||||
Hedged variable-rate commercial loans | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income | |||||||||||||||||||||||||||||||||||
Reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being probable not to occur | |||||||||||||||||||||||||||||||||||
Total gain (loss) on cash flow hedging relationships | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income | $ | $ | $ | $ | $ | $ | $ | $ |
Interest and fees on finance receivables and loans | Interest and dividends on investment securities and other earning assets | Interest on long-term debt | ||||||||||||||||||||||||
Three months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gain (loss) on fair value hedging relationships | ||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||
Amortization of deferred unsecured debt basis adjustments | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Interest for qualifying accounting hedges of unsecured debt | ||||||||||||||||||||||||||
Amortization of deferred secured debt basis adjustments (FHLB advances) | ( | ( | ||||||||||||||||||||||||
Amortization of deferred basis adjustments of available-for-sale securities | ( | ( | ||||||||||||||||||||||||
Interest for qualifying accounting hedges of available-for-sale securities | ( | ( | ||||||||||||||||||||||||
Amortization of deferred loan basis adjustments | ( | ( | ||||||||||||||||||||||||
Interest for qualifying accounting hedges of consumer automotive loans held-for-investment | ( | ( | ||||||||||||||||||||||||
Total loss on fair value hedging relationships | ( | ( | ( | ( | ( | |||||||||||||||||||||
Interest and fees on finance receivables and loans | Interest and dividends on investment securities and other earning assets | Interest on long-term debt | ||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gain (loss) on fair value hedging relationships | ||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||
Amortization of deferred unsecured debt basis adjustments | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Interest for qualifying accounting hedges of unsecured debt | ||||||||||||||||||||||||||
Amortization of deferred secured debt basis adjustments (FHLB advances) | ( | ( | ||||||||||||||||||||||||
Amortization of deferred basis adjustments of available-for-sale securities | ( | ( | ||||||||||||||||||||||||
Interest for qualifying accounting hedges of available-for-sale securities | ( | ( | ||||||||||||||||||||||||
Amortization of deferred loan basis adjustments | ( | ( | ||||||||||||||||||||||||
Interest for qualifying accounting hedges of consumer automotive loans held-for-investment | ( | ( | ||||||||||||||||||||||||
Total loss on fair value hedging relationships | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||
Gain on cash flow hedging relationships | ||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||
Interest for qualifying accounting hedges of variable-rate commercial loans | ||||||||||||||||||||||||||
Total gain on cash flow hedging relationships | $ | $ | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
(Loss) gain recognized in other comprehensive income | $ | ( | $ | ( | $ | ( | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Foreign exchange contracts (a) (b) | |||||||||||||||||||||||
(Loss) gain recognized in other comprehensive income | $ | ( | $ | ( | $ | ( | $ |
Recurring fair value measurements | ||||||||||||||||||||||||||
June 30, 2021 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Equity securities (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
U.S. Treasury and federal agencies | ||||||||||||||||||||||||||
U.S. States and political subdivisions | ||||||||||||||||||||||||||
Foreign government | ||||||||||||||||||||||||||
Agency mortgage-backed residential | ||||||||||||||||||||||||||
Mortgage-backed residential | ||||||||||||||||||||||||||
Agency mortgage-backed commercial | ||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Mortgage loans held-for-sale (b) | ||||||||||||||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||||||||
Consumer other (b) | ||||||||||||||||||||||||||
Derivative contracts in a receivable position | ||||||||||||||||||||||||||
Interest rate | ||||||||||||||||||||||||||
Foreign currency | ||||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||
Total derivative contracts in a receivable position | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||||||||||||
Derivative contracts in a payable position | ||||||||||||||||||||||||||
Credit contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||
Total derivative contracts in a payable position | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Recurring fair value measurements | ||||||||||||||||||||||||||
December 31, 2020 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Equity securities (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
U.S. Treasury and federal agencies | ||||||||||||||||||||||||||
U.S. States and political subdivisions | ||||||||||||||||||||||||||
Foreign government | ||||||||||||||||||||||||||
Agency mortgage-backed residential | ||||||||||||||||||||||||||
Mortgage-backed residential | ||||||||||||||||||||||||||
Agency mortgage-backed commercial | ||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Mortgage loans held-for-sale (b) | ||||||||||||||||||||||||||
Finance receivables and loans, net | ||||||||||||||||||||||||||
Consumer other (b) | ||||||||||||||||||||||||||
Derivative contracts in a receivable position | ||||||||||||||||||||||||||
Interest rate | ||||||||||||||||||||||||||
Foreign currency | ||||||||||||||||||||||||||
Total derivative contracts in a receivable position | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||||||||||||||
Derivative contracts in a payable position | ||||||||||||||||||||||||||
Foreign currency | $ | $ | $ | $ | ||||||||||||||||||||||
Credit contracts | ||||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||
Total derivative contracts in a payable position | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Equity securities (a) | Available-for-sale securities | Mortgage loans held-for-sale (b) (c) | Finance receivables and loans, net (b) (d) | Interests retained in financial asset sales | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Fair value at April 1, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Net realized/unrealized gains | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | ||||||||||||||||||||||||||||||||||||||||||||
Included in OCI | ||||||||||||||||||||||||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||||||||||||||||||||
Sales | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Issuances | ||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Transfers into (out of) Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
Fair value at June 30, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Net unrealized gains still held at June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Included in OCI |
Derivative liabilities, net of derivative assets | |||||||||||
($ in millions) | 2021 (a) | 2020 (b) | |||||||||
Liabilities | |||||||||||
Fair value at April 1, | $ | $ | ( | ||||||||
Net realized/unrealized losses (gains) | |||||||||||
Included in earnings | ( | ||||||||||
Included in OCI | |||||||||||
Purchases | |||||||||||
Sales | |||||||||||
Issuances | |||||||||||
Settlements | |||||||||||
Transfers into (out of) Level 3 | |||||||||||
Fair value at June 30, | $ | $ | ( | ||||||||
Net unrealized losses (gains) still held at June 30, | |||||||||||
Included in earnings | $ | $ | ( | ||||||||
Included in OCI |
Equity securities (a) | Available-for-sale securities | Mortgage loans held-for-sale (b) (c) | Finance receivables and loans, net (b) (d) | Interests retained in financial asset sales | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Fair value at January 1, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Net realized/unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | ( | |||||||||||||||||||||||||||||||||||||||||||
Included in OCI | ||||||||||||||||||||||||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||||||||||||||||||||
Sales | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Issuances | ||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Transfers into (out of) Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
Fair value at June 30, | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) still held at June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Included in OCI |
Derivative liabilities, net of derivative assets | |||||||||||
($ in millions) | 2021 (a) | 2020 (b) | |||||||||
Liabilities | |||||||||||
Fair value at January 1, | $ | $ | ( | ||||||||
Net realized/unrealized losses (gains) | |||||||||||
Included in earnings | ( | ||||||||||
Included in OCI | |||||||||||
Purchases | |||||||||||
Sales | |||||||||||
Issuances | |||||||||||
Settlements | |||||||||||
Transfers into (out of) Level 3 | |||||||||||
Fair value at June 30, | $ | $ | ( | ||||||||
Net unrealized losses (gains) still held at June 30, | |||||||||||
Included in earnings | $ | $ | ( | ||||||||
Included in OCI |
Nonrecurring fair value measurements | Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | Total gain (loss) included in earnings | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale, net | $ | $ | $ | $ | $ | n/m | (a) | ||||||||||||||||||||||||||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||||||||||||||||||||
Automotive | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Other | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Total commercial finance receivables and loans, net | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity investments (c) | n/m | (a) | |||||||||||||||||||||||||||||||||||||||
Repossessed and foreclosed assets (d) | n/m | (a) | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | n/m |
Nonrecurring fair value measurements | Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | Total gain (loss) included in earnings | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 ($ in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale, net | $ | $ | $ | $ | $ | n/m | (a) | ||||||||||||||||||||||||||||||||||
Commercial finance receivables and loans, net (b) | |||||||||||||||||||||||||||||||||||||||||
Automotive | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Other | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Total commercial finance receivables and loans, net | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||
Nonmarketable equity investments (c) | n/m | (a) | |||||||||||||||||||||||||||||||||||||||
Repossessed and foreclosed assets (d) | ( | n/m | (a) | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | n/m |
Estimated fair value | |||||||||||||||||||||||||||||
($ in millions) | Carrying value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Held-to-maturity securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans held-for-sale, net | |||||||||||||||||||||||||||||
Finance receivables and loans, net | |||||||||||||||||||||||||||||
FHLB/FRB stock (a) | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposit liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Held-to-maturity securities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans held-for-sale, net | |||||||||||||||||||||||||||||
Finance receivables and loans, net | |||||||||||||||||||||||||||||
FHLB/FRB stock (a) | |||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposit liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term debt |
Gross amounts of recognized assets/liabilities | Gross amounts offset on the Condensed Consolidated Balance Sheet | Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | Gross amounts not offset on the Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||
($ in millions) | Financial instruments | Collateral (a) (b) (c) | Net amount | |||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Derivative assets in net asset positions | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Derivative assets with no offsetting arrangements | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities in net asset positions | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Derivative liabilities with no offsetting arrangements | — | — | — | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Derivative assets in net liability positions | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Derivative assets with no offsetting arrangements | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities in net liability positions | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Derivative liabilities with no offsetting arrangements | — | — | — | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | $ | ( | $ |
Three months ended June 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated (a) | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Total net revenue | ( | |||||||||||||||||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | Automotive Finance operations | Insurance operations | Mortgage Finance operations | Corporate Finance operations | Corporate and Other | Consolidated (a) | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions, except per share data; shares in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Total financing revenue and other interest income | $ | 2,127 | $ | 2,178 | $ | 4,219 | $ | 4,529 | ||||||||||||||||||
Total interest expense | 498 | 872 | 1,055 | 1,829 | ||||||||||||||||||||||
Net depreciation expense on operating lease assets | 82 | 252 | 245 | 500 | ||||||||||||||||||||||
Net financing revenue and other interest income | 1,547 | 1,054 | 2,919 | 2,200 | ||||||||||||||||||||||
Total other revenue | 538 | 555 | 1,103 | 821 | ||||||||||||||||||||||
Total net revenue | 2,085 | 1,609 | 4,022 | 3,021 | ||||||||||||||||||||||
Provision for credit losses | (32) | 287 | (45) | 1,190 | ||||||||||||||||||||||
Total noninterest expense | 1,075 | 985 | 2,018 | 1,905 | ||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | 1,042 | 337 | 2,049 | (74) | ||||||||||||||||||||||
Income tax expense from continuing operations | 143 | 95 | 354 | 3 | ||||||||||||||||||||||
Net income (loss) from continuing operations | 899 | 242 | 1,695 | (77) | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 1 | (1) | 1 | (1) | ||||||||||||||||||||||
Net income (loss) | $ | 900 | $ | 241 | $ | 1,696 | $ | (78) | ||||||||||||||||||
Basic earnings per common share (a): | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 2.43 | $ | 0.65 | $ | 4.55 | $ | (0.20) | ||||||||||||||||||
Net income (loss) | 2.43 | 0.64 | 4.55 | (0.21) | ||||||||||||||||||||||
Weighted-average common shares outstanding | 370,412 | 375,051 | 372,807 | 375,387 | ||||||||||||||||||||||
Diluted earnings per common share (a)(b): | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 2.41 | $ | 0.64 | $ | 4.52 | $ | (0.20) | ||||||||||||||||||
Net income (loss) | 2.41 | 0.64 | 4.52 | (0.21) | ||||||||||||||||||||||
Weighted-average common shares outstanding | 373,029 | 375,762 | 375,265 | 375,387 | ||||||||||||||||||||||
Common share information: | ||||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.19 | $ | 0.19 | $ | 0.38 | $ | 0.38 | ||||||||||||||||||
Period-end common shares outstanding | 362,639 | 373,837 | 362,639 | 373,837 | ||||||||||||||||||||||
June 30, ($ in millions) | 2021 | 2020 | ||||||||||||
Selected period-end balance sheet data: | ||||||||||||||
Total assets | $ | 180,470 | $ | 184,061 | ||||||||||
Total deposit liabilities | $ | 139,104 | $ | 131,036 | ||||||||||
Long-term debt | $ | 16,896 | $ | 29,176 | ||||||||||
Preferred stock | $ | 2,324 | $ | — | ||||||||||
Total equity | $ | 17,530 | $ | 13,826 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Financial ratios: | ||||||||||||||||||||||||||
Return on average assets (a) | 1.99 | % | 0.53 | % | 1.88 | % | (0.09) | % | ||||||||||||||||||
Return on average equity (a) | 21.88 | % | 6.75 | % | 21.61 | % | (1.11) | % | ||||||||||||||||||
Equity to assets (a) | 9.11 | % | 7.89 | % | 8.72 | % | 7.81 | % | ||||||||||||||||||
Common dividend payout ratio (b) | 7.82 | % | 29.69 | % | 8.35 | % | n/m | |||||||||||||||||||
Net interest spread (a) (c) | 3.42 | % | 2.23 | % | 3.23 | % | 2.34 | % | ||||||||||||||||||
Net yield on interest-earning assets (a) (d) | 3.55 | % | 2.40 | % | 3.36 | % | 2.53 | % |
June 30, | ||||||||||||||
($ in millions) | 2021 | 2020 | ||||||||||||
Common Equity Tier 1 capital ratio | 11.32 | % | 10.09 | % | ||||||||||
Tier 1 capital ratio | 13.08 | % | 11.85 | % | ||||||||||
Total capital ratio | 14.83 | % | 13.79 | % | ||||||||||
Tier 1 leverage ratio (to adjusted quarterly average assets) (a) | 10.00 | % | 8.93 | % | ||||||||||
Total equity | $ | 17,530 | $ | 13,826 | ||||||||||
CECL phase-in adjustment (b) | 1,148 | 1,206 | ||||||||||||
Preferred stock (c) | (2,324) | — | ||||||||||||
Goodwill and certain other intangibles | (374) | (392) | ||||||||||||
Deferred tax assets arising from net operating loss and tax credit carryforwards (d) | (75) | (18) | ||||||||||||
Other adjustments (e) | (196) | (796) | ||||||||||||
Common Equity Tier 1 capital | 15,709 | 13,826 | ||||||||||||
Preferred stock (c) | 2,324 | — | ||||||||||||
Trust preferred securities (c) | 181 | 2,497 | ||||||||||||
Other adjustments | (64) | (88) | ||||||||||||
Tier 1 capital | 18,150 | 16,235 | ||||||||||||
Qualifying subordinated debt and other instruments qualifying as Tier 2 | 830 | 1,034 | ||||||||||||
Qualifying allowance for loan losses and other adjustments | 1,595 | 1,626 | ||||||||||||
Total capital | $ | 20,575 | $ | 18,895 | ||||||||||
Risk-weighted assets (f) | $ | 138,773 | $ | 136,973 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Dealer Financial Services | ||||||||||||||||||||||||||||||||||||||
Automotive Finance | $ | 1,394 | $ | 1,029 | 35 | $ | 2,662 | $ | 2,116 | 26 | ||||||||||||||||||||||||||||
Insurance | 359 | 450 | (20) | 753 | 601 | 25 | ||||||||||||||||||||||||||||||||
Mortgage Finance | 45 | 49 | (8) | 108 | 97 | 11 | ||||||||||||||||||||||||||||||||
Corporate Finance | 110 | 83 | 33 | 207 | 164 | 26 | ||||||||||||||||||||||||||||||||
Corporate and Other | 177 | (2) | n/m | 292 | 43 | n/m | ||||||||||||||||||||||||||||||||
Total | $ | 2,085 | $ | 1,609 | 30 | $ | 4,022 | $ | 3,021 | 33 | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | ||||||||||||||||||||||||||||||||||||||
Dealer Financial Services | ||||||||||||||||||||||||||||||||||||||
Automotive Finance | $ | 917 | $ | 329 | 179 | $ | 1,720 | $ | 156 | n/m | ||||||||||||||||||||||||||||
Insurance | 87 | 128 | (32) | 228 | 23 | n/m | ||||||||||||||||||||||||||||||||
Mortgage Finance | — | 8 | (100) | 23 | 20 | 15 | ||||||||||||||||||||||||||||||||
Corporate Finance | 95 | 32 | 197 | 148 | (36) | n/m | ||||||||||||||||||||||||||||||||
Corporate and Other | (57) | (160) | 64 | (70) | (237) | 70 | ||||||||||||||||||||||||||||||||
Total | $ | 1,042 | $ | 337 | n/m | $ | 2,049 | $ | (74) | n/m |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||||||||||||||
Total financing revenue and other interest income | $ | 2,127 | $ | 2,178 | (2) | $ | 4,219 | $ | 4,529 | (7) | ||||||||||||||||||||||||||||
Total interest expense | 498 | 872 | 43 | 1,055 | 1,829 | 42 | ||||||||||||||||||||||||||||||||
Net depreciation expense on operating lease assets | 82 | 252 | 67 | 245 | 500 | 51 | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | 1,547 | 1,054 | 47 | 2,919 | 2,200 | 33 | ||||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Insurance premiums and service revenue earned | 278 | 263 | 6 | 558 | 540 | 3 | ||||||||||||||||||||||||||||||||
Gain on mortgage and automotive loans, net | 19 | 14 | 36 | 55 | 2 | n/m | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (73) | (1) | n/m | (74) | (1) | n/m | ||||||||||||||||||||||||||||||||
Other gain on investments, net | 65 | 188 | (65) | 188 | 109 | 72 | ||||||||||||||||||||||||||||||||
Other income, net of losses | 249 | 91 | 174 | 376 | 171 | 120 | ||||||||||||||||||||||||||||||||
Total other revenue | 538 | 555 | (3) | 1,103 | 821 | 34 | ||||||||||||||||||||||||||||||||
Total net revenue | 2,085 | 1,609 | 30 | 4,022 | 3,021 | 33 | ||||||||||||||||||||||||||||||||
Provision for credit losses | (32) | 287 | 111 | (45) | 1,190 | 104 | ||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense | 446 | 334 | (34) | 841 | 694 | (21) | ||||||||||||||||||||||||||||||||
Insurance losses and loss adjustment expenses | 74 | 142 | 48 | 137 | 216 | 37 | ||||||||||||||||||||||||||||||||
Goodwill impairment | — | 50 | 100 | — | 50 | 100 | ||||||||||||||||||||||||||||||||
Other operating expenses | 555 | 459 | (21) | 1,040 | 945 | (10) | ||||||||||||||||||||||||||||||||
Total noninterest expense | 1,075 | 985 | (9) | 2,018 | 1,905 | (6) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | 1,042 | 337 | n/m | 2,049 | (74) | n/m | ||||||||||||||||||||||||||||||||
Income tax expense from continuing operations | 143 | 95 | (51) | 354 | 3 | n/m | ||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 899 | $ | 242 | n/m | $ | 1,695 | $ | (77) | n/m |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||||||||||||||
Consumer | $ | 1,288 | $ | 1,215 | 6 | $ | 2,539 | $ | 2,417 | 5 | ||||||||||||||||||||||||||||
Commercial | 125 | 210 | (40) | 286 | 517 | (45) | ||||||||||||||||||||||||||||||||
Operating leases | 384 | 343 | 12 | 754 | 710 | 6 | ||||||||||||||||||||||||||||||||
Other interest income | — | 2 | (100) | — | 3 | (100) | ||||||||||||||||||||||||||||||||
Total financing revenue and other interest income | 1,797 | 1,770 | 2 | 3,579 | 3,647 | (2) | ||||||||||||||||||||||||||||||||
Interest expense | 382 | 529 | 28 | 795 | 1,118 | 29 | ||||||||||||||||||||||||||||||||
Net depreciation expense on operating lease assets (a) | 82 | 252 | 67 | 245 | 500 | 51 | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | 1,333 | 989 | 35 | 2,539 | 2,029 | 25 | ||||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Other income | 61 | 40 | 53 | 123 | 87 | 41 | ||||||||||||||||||||||||||||||||
Total other revenue | 61 | 40 | 53 | 123 | 87 | 41 | ||||||||||||||||||||||||||||||||
Total net revenue | 1,394 | 1,029 | 35 | 2,662 | 2,116 | 26 | ||||||||||||||||||||||||||||||||
Provision for credit losses | (23) | 256 | 109 | (45) | 1,022 | 104 | ||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense | 144 | 133 | (8) | 289 | 281 | (3) | ||||||||||||||||||||||||||||||||
Other operating expenses | 356 | 311 | (14) | 698 | 657 | (6) | ||||||||||||||||||||||||||||||||
Total noninterest expense | 500 | 444 | (13) | 987 | 938 | (5) | ||||||||||||||||||||||||||||||||
Income from continuing operations before income tax expense | $ | 917 | $ | 329 | 179 | $ | 1,720 | $ | 156 | n/m | ||||||||||||||||||||||||||||
Total assets | $ | 100,162 | $ | 102,016 | (2) | $ | 100,162 | $ | 102,016 | (2) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
($ in millions) | Average balance (a) | Yield | Average balance (a) | Yield | Average balance (a) | Yield | Average balance (a) | Yield | ||||||||||||||||||||||||||||||
Finance receivables and loans, net (b) | ||||||||||||||||||||||||||||||||||||||
Consumer automotive (c) | $ | 74,662 | 6.70% | $ | 72,262 | 6.48 | % | $ | 74,084 | 6.68% | $ | 72,406 | 6.51 | % | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Wholesale floorplan (d) | 10,825 | 3.31 | 20,215 | 3.37 | 13,205 | 3.23 | 22,673 | 3.73 | ||||||||||||||||||||||||||||||
Other commercial automotive (e) | 5,507 | 4.18 | 5,891 | 4.19 | 5,617 | 4.27 | 5,616 | 4.35 | ||||||||||||||||||||||||||||||
Investment in operating leases, net (f) | 10,355 | 11.67 | 9,068 | 4.10 | 10,094 | 10.17 | 9,073 | 4.66 |
Used retail | New retail | |||||||||||||||||||||||||||||||||||||
Credit Tier (a) | Volume ($ in billions) | % Share of volume | Average FICO® | Volume ($ in billions) | % Share of volume | Average FICO® | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
S | $ | 1.5 | 21 | 736 | $ | 1.2 | 31 | 739 | ||||||||||||||||||||||||||||||
A | 3.6 | 49 | 681 | 2.0 | 53 | 679 | ||||||||||||||||||||||||||||||||
B | 1.8 | 25 | 647 | 0.5 | 13 | 649 | ||||||||||||||||||||||||||||||||
C | 0.2 | 3 | 603 | 0.1 | 3 | 608 | ||||||||||||||||||||||||||||||||
D | 0.1 | 1 | 561 | — | — | 587 | ||||||||||||||||||||||||||||||||
E | 0.1 | 1 | 543 | — | — | 569 | ||||||||||||||||||||||||||||||||
Total retail originations | $ | 7.3 | 100 | 678 | $ | 3.8 | 100 | 691 | ||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
S | $ | 1.1 | 25 | 734 | $ | 0.9 | 45 | 731 | ||||||||||||||||||||||||||||||
A | 2.1 | 49 | 681 | 0.9 | 45 | 677 | ||||||||||||||||||||||||||||||||
B | 0.8 | 19 | 643 | 0.2 | 10 | 645 | ||||||||||||||||||||||||||||||||
C | 0.2 | 5 | 604 | — | — | 607 | ||||||||||||||||||||||||||||||||
D | 0.1 | 2 | 556 | — | — | 586 | ||||||||||||||||||||||||||||||||
Total retail originations | $ | 4.3 | 100 | 680 | $ | 2.0 | 100 | 697 | ||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
S | $ | 2.6 | 20 | 735 | $ | 2.3 | 33 | 737 | ||||||||||||||||||||||||||||||
A | 6.4 | 49 | 682 | 3.5 | 51 | 679 | ||||||||||||||||||||||||||||||||
B | 3.3 | 25 | 649 | 1.0 | 15 | 650 | ||||||||||||||||||||||||||||||||
C | 0.4 | 3 | 605 | 0.1 | 1 | 608 | ||||||||||||||||||||||||||||||||
D | 0.2 | 2 | 562 | — | — | 585 | ||||||||||||||||||||||||||||||||
E | 0.1 | 1 | 540 | — | — | 574 | ||||||||||||||||||||||||||||||||
Total retail originations | $ | 13.0 | 100 | 679 | $ | 6.9 | 100 | 692 | ||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
S | $ | 2.2 | 24 | 736 | $ | 2.2 | 45 | 735 | ||||||||||||||||||||||||||||||
A | 4.3 | 46 | 680 | 2.0 | 41 | 675 | ||||||||||||||||||||||||||||||||
B | 2.0 | 22 | 645 | 0.6 | 12 | 644 | ||||||||||||||||||||||||||||||||
C | 0.6 | 7 | 612 | 0.1 | 2 | 613 | ||||||||||||||||||||||||||||||||
D | 0.1 | 1 | 563 | — | — | 577 | ||||||||||||||||||||||||||||||||
Total retail originations | $ | 9.2 | 100 | 680 | $ | 4.9 | 100 | 696 | ||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
0–71 | 15 | % | 18 | % | 16 | % | 19 | % | ||||||||||||||||||
72–75 | 66 | 63 | 66 | 65 | ||||||||||||||||||||||
76 + | 19 | 19 | 18 | 16 | ||||||||||||||||||||||
Total retail originations | 100 | % | 100 | % | 100 | % | 100 | % |
June 30, | 2021 | 2020 | ||||||||||||
Pre-2017 | 5 | % | 12 | % | ||||||||||
2017 | 7 | 14 | ||||||||||||
2018 | 13 | 22 | ||||||||||||
2019 | 21 | 33 | ||||||||||||
2020 | 29 | 19 | ||||||||||||
2021 | 25 | — | ||||||||||||
Total retail | 100 | % | 100 | % |
Consumer automotive financing originations | % Share of Ally originations | ||||||||||||||||||||||
Three months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Used retail | $ | 7,274 | $ | 4,287 | 56 | 60 | |||||||||||||||||
New retail | 3,835 | 2,043 | 30 | 28 | |||||||||||||||||||
Lease | 1,830 | 860 | 14 | 12 | |||||||||||||||||||
Total consumer automotive financing originations (a) | $ | 12,939 | $ | 7,190 | 100 | 100 |
Consumer automotive financing originations | % Share of Ally originations | ||||||||||||||||||||||
Six months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Used retail | $ | 12,974 | $ | 9,240 | 56 | 57 | |||||||||||||||||
New retail | 6,947 | 4,939 | 30 | 30 | |||||||||||||||||||
Lease | 3,181 | 2,078 | 14 | 13 | |||||||||||||||||||
Total consumer automotive financing originations (a) | $ | 23,102 | $ | 16,257 | 100 | 100 |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||||||||||||||||
Three months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Growth channel | $ | 6,855 | $ | 3,612 | 53 | 50 | ||||||||||||||||||||
Stellantis dealers | 3,421 | 1,986 | 26 | 28 | ||||||||||||||||||||||
GM dealers | 2,663 | 1,592 | 21 | 22 | ||||||||||||||||||||||
Total consumer automotive financing originations | $ | 12,939 | $ | 7,190 | 100 | 100 |
Consumer automotive financing originations | % Share of Ally originations | |||||||||||||||||||||||||
Six months ended June 30, ($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Growth channel | $ | 12,097 | $ | 8,161 | 52 | 50 | ||||||||||||||||||||
Stellantis dealers | 6,148 | 4,304 | 27 | 27 | ||||||||||||||||||||||
GM dealers | 4,857 | 3,792 | 21 | 23 | ||||||||||||||||||||||
Total consumer automotive financing originations | $ | 23,102 | $ | 16,257 | 100 | 100 |
Used retail | New retail | Lease | ||||||||||||||||||||||||||||||||||||
Three months ended June 30, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
740 + | 16 | % | 18 | % | 17 | % | 20 | % | 54 | % | 47 | % | ||||||||||||||||||||||||||
660–739 | 41 | 40 | 40 | 41 | 33 | 38 | ||||||||||||||||||||||||||||||||
620–659 | 27 | 24 | 25 | 21 | 10 | 11 | ||||||||||||||||||||||||||||||||
540–619 | 11 | 12 | 6 | 5 | 2 | 3 | ||||||||||||||||||||||||||||||||
< 540 | 2 | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||
Unscored (a) | 3 | 3 | 12 | 13 | 1 | 1 | ||||||||||||||||||||||||||||||||
Total consumer automotive financing originations | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||
Used retail | New retail | Lease | ||||||||||||||||||||||||||||||||||||
Six months ended June 30, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
740 + | 16 | % | 18 | % | 18 | % | 21 | % | 52 | % | 47 | % | ||||||||||||||||||||||||||
660–739 | 42 | 39 | 40 | 37 | 35 | 37 | ||||||||||||||||||||||||||||||||
620–659 | 27 | 25 | 24 | 20 | 10 | 11 | ||||||||||||||||||||||||||||||||
540–619 | 10 | 13 | 5 | 7 | 2 | 4 | ||||||||||||||||||||||||||||||||
< 540 | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||
Unscored (a) | 3 | 3 | 13 | 15 | 1 | 1 | ||||||||||||||||||||||||||||||||
Total consumer automotive financing originations | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||
Average balance | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Stellantis new vehicles | 31 | % | 33 | % | 33 | % | 34 | % | ||||||||||||||||||
GM new vehicles | 21 | 34 | 24 | 34 | ||||||||||||||||||||||
Growth new vehicles | 17 | 17 | 17 | 16 | ||||||||||||||||||||||
Used vehicles | 31 | 16 | 26 | 16 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Total commercial wholesale finance receivables | $ | 10,825 | $ | 20,215 | $ | 13,205 | $ | 22,673 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Insurance premiums and other income | ||||||||||||||||||||||||||||||||||||||
Insurance premiums and service revenue earned | $ | 278 | $ | 263 | 6 | $ | 558 | $ | 540 | 3 | ||||||||||||||||||||||||||||
Interest and dividends on investment securities, cash and cash equivalents, and other earning assets, net (a) | 15 | 12 | 25 | 30 | 26 | 15 | ||||||||||||||||||||||||||||||||
Other gain on investments, net (b) | 61 | 172 | (65) | 159 | 30 | n/m | ||||||||||||||||||||||||||||||||
Other income | 5 | 3 | 67 | 6 | 5 | 20 | ||||||||||||||||||||||||||||||||
Total insurance premiums and other income | 359 | 450 | (20) | 753 | 601 | 25 | ||||||||||||||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||||||||||||
Insurance losses and loss adjustment expenses | 74 | 142 | 48 | 137 | 216 | 37 | ||||||||||||||||||||||||||||||||
Acquisition and underwriting expense | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense | 24 | 20 | (20) | 46 | 41 | (12) | ||||||||||||||||||||||||||||||||
Insurance commissions expense | 138 | 127 | (9) | 274 | 253 | (8) | ||||||||||||||||||||||||||||||||
Other expenses | 36 | 33 | (9) | 68 | 68 | — | ||||||||||||||||||||||||||||||||
Total acquisition and underwriting expense | 198 | 180 | (10) | 388 | 362 | (7) | ||||||||||||||||||||||||||||||||
Total expense | 272 | 322 | 16 | 525 | 578 | 9 | ||||||||||||||||||||||||||||||||
Income from continuing operations before income tax expense | $ | 87 | $ | 128 | (32) | $ | 228 | $ | 23 | n/m | ||||||||||||||||||||||||||||
Total assets | $ | 9,394 | $ | 8,740 | 7 | $ | 9,394 | $ | 8,740 | 7 | ||||||||||||||||||||||||||||
Insurance premiums and service revenue written | $ | 301 | $ | 267 | 13 | $ | 634 | $ | 584 | 9 | ||||||||||||||||||||||||||||
Combined ratio (c) | 96.7 | % | 120.9 | % | 93.1 | % | 105.9 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Finance and insurance products | ||||||||||||||||||||||||||
Vehicle service contracts | $ | 229 | $ | 203 | $ | 459 | $ | 410 | ||||||||||||||||||
Guaranteed asset protection and other finance and insurance products (a) | 45 | 33 | 84 | 66 | ||||||||||||||||||||||
Total finance and insurance products | 274 | 236 | 543 | 476 | ||||||||||||||||||||||
Property and casualty insurance (b) | 27 | 31 | 91 | 108 | ||||||||||||||||||||||
Total | $ | 301 | $ | 267 | $ | 634 | $ | 584 |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | ||||||||||||||
Noninterest-bearing cash | $ | 203 | $ | 189 | ||||||||||
Interest-bearing cash | 562 | 579 | ||||||||||||
Total cash and cash equivalents | 765 | 768 | ||||||||||||
Equity securities | 1,007 | 1,064 | ||||||||||||
Available-for-sale securities | ||||||||||||||
Debt securities | ||||||||||||||
U.S. Treasury and federal agencies | 255 | 56 | ||||||||||||
U.S. States and political subdivisions | 653 | 680 | ||||||||||||
Foreign government | 184 | 176 | ||||||||||||
Agency mortgage-backed residential | 750 | 719 | ||||||||||||
Mortgage-backed residential | 24 | 44 | ||||||||||||
Corporate debt | 2,100 | 1,914 | ||||||||||||
Total available-for-sale securities | 3,966 | 3,589 | ||||||||||||
Total cash, cash equivalents, and securities | $ | 5,738 | $ | 5,421 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||||||||||||||
Total financing revenue and other interest income | $ | 89 | $ | 127 | (30) | $ | 182 | $ | 265 | (31) | ||||||||||||||||||||||||||||
Interest expense | 66 | 97 | 32 | 136 | 197 | 31 | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | 23 | 30 | (23) | 46 | 68 | (32) | ||||||||||||||||||||||||||||||||
Gain on mortgage loans, net | 19 | 17 | 12 | 55 | 26 | 112 | ||||||||||||||||||||||||||||||||
Other income, net of losses | 3 | 2 | 50 | 7 | 3 | 133 | ||||||||||||||||||||||||||||||||
Total other revenue | 22 | 19 | 16 | 62 | 29 | 114 | ||||||||||||||||||||||||||||||||
Total net revenue | 45 | 49 | (8) | 108 | 97 | 11 | ||||||||||||||||||||||||||||||||
Provision for credit losses | — | 3 | 100 | (4) | 4 | n/m | ||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense | 5 | 5 | — | 11 | 11 | — | ||||||||||||||||||||||||||||||||
Other operating expenses | 40 | 33 | (21) | 78 | 62 | (26) | ||||||||||||||||||||||||||||||||
Total noninterest expense | 45 | 38 | (18) | 89 | 73 | (22) | ||||||||||||||||||||||||||||||||
Income from continuing operations before income tax expense | $ | — | $ | 8 | (100) | $ | 23 | $ | 20 | 15 | ||||||||||||||||||||||||||||
Total assets | $ | 13,865 | $ | 16,669 | (17) | $ | 13,865 | $ | 16,669 | (17) |
FICO® Score | Volume ($ in millions) | % Share of volume | ||||||||||||
Three months ended June 30, 2021 | ||||||||||||||
740 + | $ | 2,866 | 91 | |||||||||||
720–739 | 217 | 7 | ||||||||||||
700–719 | 75 | 2 | ||||||||||||
Total consumer mortgage financing volume | $ | 3,158 | 100 | |||||||||||
Three months ended June 30, 2020 | ||||||||||||||
740 + | $ | 2,045 | 84 | |||||||||||
720–739 | 232 | 10 | ||||||||||||
700–719 | 137 | 6 | ||||||||||||
680–699 | 10 | — | ||||||||||||
Total consumer mortgage financing volume | $ | 2,424 | 100 | |||||||||||
Six months ended June 30, 2021 | ||||||||||||||
740 + | $ | 3,714 | 91 | |||||||||||
720–739 | 282 | 7 | ||||||||||||
700–719 | 97 | 2 | ||||||||||||
Total consumer mortgage financing volume | $ | 4,093 | 100 | |||||||||||
Six months ended June 30, 2020 | ||||||||||||||
740 + | $ | 2,840 | 85 | |||||||||||
720–739 | 304 | 9 | ||||||||||||
700–719 | 183 | 6 | ||||||||||||
680–699 | 11 | — | ||||||||||||
Total consumer mortgage financing volume | $ | 3,338 | 100 | |||||||||||
Product | Net UPB (a) ($ in millions) | % of total net UPB | WAC | Net premium ($ in millions) | Average refreshed LTV (b) | Average refreshed FICO® (c) | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Adjustable-rate | $ | 304 | 2 | 3.20 | % | $ | 2 | 48.62 | % | 760 | ||||||||||||||||||||||||||||
Fixed-rate | 13,195 | 98 | 3.50 | 128 | 59.02 | 777 | ||||||||||||||||||||||||||||||||
Total | $ | 13,499 | 100 | 3.50 | $ | 130 | 58.79 | 777 | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Adjustable-rate | $ | 927 | 6 | 3.31 | % | $ | 11 | 49.24 | % | 773 | ||||||||||||||||||||||||||||
Fixed-rate | 13,516 | 94 | 3.85 | 178 | 60.89 | 776 | ||||||||||||||||||||||||||||||||
Total | $ | 14,443 | 100 | 3.81 | $ | 189 | 60.15 | 776 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||||||||||||||
Interest and fees on finance receivables and loans | $ | 83 | $ | 89 | (7) | $ | 161 | $ | 182 | (12) | ||||||||||||||||||||||||||||
Interest on loans held-for-sale | 3 | 3 | — | 5 | 5 | — | ||||||||||||||||||||||||||||||||
Interest expense | 9 | 15 | 40 | 18 | 42 | 57 | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | 77 | 77 | — | 148 | 145 | 2 | ||||||||||||||||||||||||||||||||
Total other revenue | 33 | 6 | n/m | 59 | 19 | n/m | ||||||||||||||||||||||||||||||||
Total net revenue | 110 | 83 | 33 | 207 | 164 | 26 | ||||||||||||||||||||||||||||||||
Provision for credit losses | (13) | 25 | 152 | — | 139 | 100 | ||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense | 17 | 14 | (21) | 37 | 35 | (6) | ||||||||||||||||||||||||||||||||
Other operating expenses | 11 | 12 | 8 | 22 | 26 | 15 | ||||||||||||||||||||||||||||||||
Total noninterest expense | 28 | 26 | (8) | 59 | 61 | 3 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | 95 | $ | 32 | 197 | $ | 148 | $ | (36) | n/m | ||||||||||||||||||||||||||||
Total assets | $ | 6,246 | $ | 6,206 | 1 | $ | 6,246 | $ | 6,206 | 1 |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Loans held-for-sale, net | $ | 184 | $ | 205 | ||||||||||
Finance receivables and loans | $ | 6,157 | $ | 6,006 | ||||||||||
Unfunded lending commitments (a) | $ | 4,326 | $ | 4,193 | ||||||||||
Total serviced loans | $ | 9,280 | $ | 8,455 |
June 30, 2021 | December 31, 2020 | |||||||||||||
Industry | ||||||||||||||
Financial services | 29.0 | % | 22.8 | % | ||||||||||
Health services | 20.3 | 22.1 | ||||||||||||
Services | 18.3 | 19.6 | ||||||||||||
Automotive and transportation | 8.8 | 10.1 | ||||||||||||
Chemicals and metals | 7.4 | 5.9 | ||||||||||||
Machinery, equipment, and electronics | 6.5 | 5.8 | ||||||||||||
Other manufactured products | 2.1 | 3.1 | ||||||||||||
Wholesale | 1.9 | 2.3 | ||||||||||||
Food and beverages | 1.5 | 2.0 | ||||||||||||
Lumber and wood | 1.4 | 2.4 | ||||||||||||
Retail trade | 1.0 | 1.1 | ||||||||||||
Construction | 0.7 | 1.1 | ||||||||||||
Other | 1.1 | 1.7 | ||||||||||||
Total finance receivables and loans | 100.0 | % | 100.0 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Favorable/(unfavorable) % change | 2021 | 2020 | Favorable/(unfavorable) % change | ||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | ||||||||||||||||||||||||||||||||||||||
Interest and fees on finance receivables and loans (a) | $ | 1 | $ | (10) | 110 | $ | (2) | $ | (7) | 71 | ||||||||||||||||||||||||||||
Interest on loans held-for-sale | — | — | n/m | 1 | — | n/m | ||||||||||||||||||||||||||||||||
Interest and dividends on investment securities and other earning assets | 121 | 170 | (29) | 227 | 367 | (38) | ||||||||||||||||||||||||||||||||
Interest on cash and cash equivalents | 4 | — | n/m | 8 | 9 | (11) | ||||||||||||||||||||||||||||||||
Other, net | — | (2) | 100 | — | (4) | 100 | ||||||||||||||||||||||||||||||||
Total financing revenue and other interest income | 126 | 158 | (20) | 234 | 365 | (36) | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||
Original issue discount amortization (b) | 69 | 11 | n/m | 81 | 22 | n/m | ||||||||||||||||||||||||||||||||
Other interest expense (c) | (42) | 201 | 121 | (3) | 411 | 101 | ||||||||||||||||||||||||||||||||
Total interest expense | 27 | 212 | 87 | 78 | 433 | 82 | ||||||||||||||||||||||||||||||||
Net financing revenue (loss) and other interest income | 99 | (54) | n/m | 156 | (68) | n/m | ||||||||||||||||||||||||||||||||
Other revenue | ||||||||||||||||||||||||||||||||||||||
Loss on mortgage and automotive loans, net | — | (3) | 100 | — | (24) | 100 | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (73) | (1) | n/m | (74) | (1) | n/m | ||||||||||||||||||||||||||||||||
Other gain on investments, net | 5 | 15 | (67) | 25 | 82 | (70) | ||||||||||||||||||||||||||||||||
Other income, net of losses | 146 | 41 | n/m | 185 | 54 | n/m | ||||||||||||||||||||||||||||||||
Total other revenue | 78 | 52 | 50 | 136 | 111 | 23 | ||||||||||||||||||||||||||||||||
Total net revenue | 177 | (2) | n/m | 292 | 43 | n/m | ||||||||||||||||||||||||||||||||
Provision for credit losses | 4 | 3 | (33) | 4 | 25 | 84 | ||||||||||||||||||||||||||||||||
Total noninterest expense (d) | 230 | 155 | (48) | 358 | 255 | (40) | ||||||||||||||||||||||||||||||||
Loss from continuing operations before income tax expense | $ | (57) | $ | (160) | 64 | $ | (70) | $ | (237) | 70 | ||||||||||||||||||||||||||||
Total assets | $ | 50,803 | $ | 50,430 | 1 | $ | 50,803 | $ | 50,430 | 1 |
Year ended December 31, ($ in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and thereafter (a) | Total | |||||||||||||||||||||||||||||||||||||
Original issue discount | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance at year end | $ | 917 | $ | 866 | $ | 809 | $ | 745 | $ | 676 | $ | — | ||||||||||||||||||||||||||||||||
Total amortization (b) | 66 | 51 | 57 | 64 | 69 | 676 | $ | 983 |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | ||||||||||||||
Noninterest-bearing cash | $ | 427 | $ | 512 | ||||||||||
Interest-bearing cash | 12,449 | 14,318 | ||||||||||||
Total cash and cash equivalents | 12,876 | 14,830 | ||||||||||||
Equity securities | 7 | — | ||||||||||||
Available-for-sale securities | ||||||||||||||
Debt securities | ||||||||||||||
U.S. Treasury and federal agencies | 1,893 | 747 | ||||||||||||
U.S. States and political subdivisions | 371 | 415 | ||||||||||||
Agency mortgage-backed residential | 20,085 | 17,869 | ||||||||||||
Mortgage-backed residential | 2,886 | 2,596 | ||||||||||||
Agency mortgage-backed commercial | 4,405 | 4,189 | ||||||||||||
Asset-backed | 555 | 425 | ||||||||||||
Total available-for-sale securities | 30,195 | 26,241 | ||||||||||||
Held-to-maturity securities | ||||||||||||||
Debt securities | ||||||||||||||
Agency mortgage-backed residential | 1,173 | 1,331 | ||||||||||||
Total held-to-maturity securities | 1,173 | 1,331 | ||||||||||||
Total cash, cash equivalents, and securities | $ | 44,251 | $ | 42,402 |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Trading days (a) | 63.0 | 61.0 | 63.0 | 64.0 | 63.0 | ||||||||||||||||||||||||
Average customer trades per day for the three months ended, (in thousands) | 48.5 | 80.9 | 60.1 | 58.7 | 60.7 | ||||||||||||||||||||||||
Funded accounts (b) (in thousands) | 429 | 425 | 406 | 400 | 388 | ||||||||||||||||||||||||
Total net customer assets ($ in millions) | $ | 15,563 | $ | 14,473 | $ | 13,445 | $ | 11,061 | $ | 9,603 | |||||||||||||||||||
Total customer cash balances ($ in millions) | $ | 2,006 | $ | 2,022 | $ | 2,085 | $ | 1,882 | $ | 1,891 |
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Volume | Average FICO® | Volume | Average FICO® | Volume | Average FICO® | Volume | Average FICO® | ||||||||||||||||||||||||||||||||||||||||||
Total consumer unsecured originations | $ | 299 | 739 | $ | 78 | 736 | $ | 510 | 739 | $ | 154 | 735 | ||||||||||||||||||||||||||||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Finance receivables and loans | ||||||||||||||
Automotive Finance | $ | 91,170 | $ | 96,809 | ||||||||||
Mortgage Finance | 13,629 | 14,632 | ||||||||||||
Corporate Finance | 6,157 | 6,006 | ||||||||||||
Corporate and Other (a) | 1,261 | 1,087 | ||||||||||||
Total finance receivables and loans | 112,217 | 118,534 | ||||||||||||
Loans held-for-sale | ||||||||||||||
Mortgage Finance (b) | 97 | 91 | ||||||||||||
Corporate Finance | 184 | 205 | ||||||||||||
Corporate and Other | 128 | 110 | ||||||||||||
Total loans held-for-sale | 409 | 406 | ||||||||||||
Total on-balance-sheet loans | 112,626 | 118,940 | ||||||||||||
Operating lease assets | ||||||||||||||
Automotive Finance | 10,715 | 9,639 | ||||||||||||
Total loan and operating lease exposure | $ | 123,341 | $ | 128,579 | ||||||||||
Outstanding | Nonperforming (a) | Accruing past due 90 days or more (b) | ||||||||||||||||||||||||||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Consumer automotive (c) (d) | $ | 75,951 | $ | 73,668 | $ | 1,033 | $ | 1,256 | $ | — | $ | — | ||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | 13,629 | 14,632 | 49 | 67 | — | — | ||||||||||||||||||||||||||||||||
Mortgage — Legacy | 429 | 495 | 27 | 35 | — | — | ||||||||||||||||||||||||||||||||
Total consumer mortgage | 14,058 | 15,127 | 76 | 102 | — | — | ||||||||||||||||||||||||||||||||
Consumer other (e) | 632 | 399 | 2 | 3 | — | — | ||||||||||||||||||||||||||||||||
Total consumer finance receivables and loans | $ | 90,641 | $ | 89,194 | $ | 1,111 | $ | 1,361 | $ | — | $ | — |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-off ratios (a) | Net charge-offs (recoveries) | Net charge-off ratios (a) | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Consumer automotive | $ | (5) | $ | 137 | — | % | 0.8 | % | $ | 92 | $ | 399 | 0.2 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Finance | 1 | — | — | — | 2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Mortgage — Legacy | (2) | (2) | (2.3) | (0.9) | (4) | (4) | (1.8) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgage | (1) | (2) | — | — | (2) | (4) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer other | 4 | 4 | 3.3 | 6.8 | 12 | 8 | 4.9 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer finance receivables and loans | $ | (2) | $ | 139 | — | 0.6 | $ | 102 | $ | 403 | 0.2 | 0.9 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Consumer automotive | $ | 11,109 | $ | 6,330 | $ | 19,921 | $ | 14,179 | ||||||||||||||||||
Consumer mortgage (a) | 2,222 | 1,226 | 4,006 | 1,955 | ||||||||||||||||||||||
Consumer other (b) | 299 | 78 | 510 | 154 | ||||||||||||||||||||||
Total consumer loan originations | $ | 13,630 | $ | 7,634 | $ | 24,437 | $ | 16,288 |
June 30, 2021 (a) | December 31, 2020 | |||||||||||||||||||||||||
Consumer automotive | Consumer mortgage | Consumer automotive | Consumer mortgage | |||||||||||||||||||||||
California | 8.6 | % | 34.9 | % | 8.6 | % | 34.3 | % | ||||||||||||||||||
Texas | 12.7 | 7.7 | 12.5 | 8.0 | ||||||||||||||||||||||
Florida | 9.1 | 6.3 | 8.8 | 5.5 | ||||||||||||||||||||||
Pennsylvania | 4.4 | 2.3 | 4.5 | 2.0 | ||||||||||||||||||||||
Georgia | 4.0 | 3.3 | 3.9 | 3.1 | ||||||||||||||||||||||
North Carolina | 4.1 | 2.1 | 4.1 | 2.3 | ||||||||||||||||||||||
Illinois | 3.8 | 3.2 | 4.0 | 3.0 | ||||||||||||||||||||||
New York | 3.2 | 3.0 | 3.2 | 3.4 | ||||||||||||||||||||||
Ohio | 3.5 | 0.5 | 3.5 | 0.5 | ||||||||||||||||||||||
New Jersey | 2.9 | 2.2 | 2.9 | 2.2 | ||||||||||||||||||||||
Other United States | 43.7 | 34.5 | 44.0 | 35.7 | ||||||||||||||||||||||
Total consumer loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Outstanding | Nonperforming (a) | Accruing past due 90 days or more (b) | |||||||||||||||||||||||||||||||||
($ in millions) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Automotive | $ | 11,303 | $ | 19,082 | $ | 33 | $ | 40 | $ | — | $ | — | |||||||||||||||||||||||
Other (c) | 5,442 | 5,242 | 133 | 116 | — | — | |||||||||||||||||||||||||||||
Commercial real estate | 4,823 | 5,008 | 6 | 5 | — | — | |||||||||||||||||||||||||||||
Total commercial finance receivables and loans | $ | 21,568 | $ | 29,332 | $ | 172 | $ | 161 | $ | — | $ | — |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-off ratios (a) | Net charge-offs | Net charge-off ratios (a) | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | $ | — | $ | 1 | — | % | — | % | $ | — | $ | 3 | — | % | — | % | ||||||||||||||||||||||||||||||||||
Other | (4) | 38 | (0.3) | 2.7 | 10 | 38 | 0.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial finance receivables and loans | $ | (4) | $ | 39 | (0.1) | 0.5 | $ | 10 | $ | 41 | 0.1 | 0.2 |
June 30, 2021 | December 31, 2020 | |||||||||||||
Florida | 14.4 | % | 13.3 | % | ||||||||||
Texas | 13.9 | 13.0 | ||||||||||||
California | 8.0 | 7.9 | ||||||||||||
North Carolina | 5.7 | 5.5 | ||||||||||||
Michigan | 5.4 | 7.7 | ||||||||||||
New York | 5.2 | 5.6 | ||||||||||||
Georgia | 3.6 | 3.6 | ||||||||||||
Utah | 3.2 | 3.0 | ||||||||||||
Illinois | 2.9 | 2.8 | ||||||||||||
South Carolina | 2.5 | 2.5 | ||||||||||||
Other United States | 35.2 | 35.1 | ||||||||||||
Total commercial real estate finance receivables and loans | 100.0 | % | 100.0 | % |
June 30, 2021 | December 31, 2020 | |||||||||||||
Industry | ||||||||||||||
Automotive | 62.5 | % | 67.7 | % | ||||||||||
Health/Medical | 7.4 | 7.3 | ||||||||||||
Services | 7.1 | 5.8 | ||||||||||||
Other | 23.0 | 19.2 | ||||||||||||
Total commercial criticized finance receivables and loans | 100.0 | % | 100.0 | % |
Three months ended June 30, 2021 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other | Total consumer | Commercial | Total | ||||||||||||||||||||||||||||||||
Allowance at April 1, 2021 | $ | 2,809 | $ | 26 | $ | 69 | $ | 2,904 | $ | 248 | $ | 3,152 | ||||||||||||||||||||||||||
Charge-offs (a) | (183) | (2) | (5) | (190) | (7) | (197) | ||||||||||||||||||||||||||||||||
Recoveries | 188 | 3 | 1 | 192 | 11 | 203 | ||||||||||||||||||||||||||||||||
Net charge-offs | 5 | 1 | (4) | 2 | 4 | 6 | ||||||||||||||||||||||||||||||||
Provision due to change in portfolio size | 76 | 2 | 21 | 99 | (12) | 87 | ||||||||||||||||||||||||||||||||
Provision due to incremental charge-offs | (5) | (1) | 4 | (2) | (4) | (6) | ||||||||||||||||||||||||||||||||
Provision due to all other factors | (83) | (5) | (17) | (105) | (8) | (113) | ||||||||||||||||||||||||||||||||
Total provision for credit losses (b) | (12) | (4) | 8 | (8) | (24) | (32) | ||||||||||||||||||||||||||||||||
Other | — | 1 | (1) | — | — | — | ||||||||||||||||||||||||||||||||
Allowance at June 30, 2021 | $ | 2,802 | $ | 24 | $ | 72 | $ | 2,898 | $ | 228 | $ | 3,126 | ||||||||||||||||||||||||||
Net charge-offs to average finance receivables and loans outstanding for the three months ended June 30, 2021 | — | % | — | % | 3.3 | % | — | % | (0.1) | % | — | % | ||||||||||||||||||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2021 | (131.0) | (5.4) | 4.0 | (373.9) | (14.7) | (134.4) |
Six months ended June 30, 2021 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other | Total consumer | Commercial | Total | ||||||||||||||||||||||||||||||||
Allowance at January 1, 2021 | $ | 2,902 | $ | 33 | $ | 73 | $ | 3,008 | $ | 275 | $ | 3,283 | ||||||||||||||||||||||||||
Charge-offs (a) | (467) | (4) | (13) | (484) | (21) | (505) | ||||||||||||||||||||||||||||||||
Recoveries | 375 | 6 | 1 | 382 | 11 | 393 | ||||||||||||||||||||||||||||||||
Net charge-offs | (92) | 2 | (12) | (102) | (10) | (112) | ||||||||||||||||||||||||||||||||
Provision due to change in portfolio size | 91 | (2) | 35 | 124 | (16) | 108 | ||||||||||||||||||||||||||||||||
Provision due to incremental charge-offs | 92 | (2) | 12 | 102 | 10 | 112 | ||||||||||||||||||||||||||||||||
Provision due to all other factors | (191) | (7) | (36) | (234) | (31) | (265) | ||||||||||||||||||||||||||||||||
Total provision for credit losses (b) | (8) | (11) | 11 | (8) | (37) | (45) | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Allowance at June 30, 2021 | $ | 2,802 | $ | 24 | $ | 72 | $ | 2,898 | $ | 228 | $ | 3,126 | ||||||||||||||||||||||||||
Net charge-offs to average finance receivables and loans outstanding for the six months ended June 30, 2021 | 0.2 | % | — | % | 4.9 | % | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||||||||||||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2021 | 15.3 | (6.2) | 3.0 | 14.3 | 10.7 | 13.9 | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other | Total consumer | Commercial | Total | ||||||||||||||||||||||||||||||||
Allowance at April 1, 2020 | $ | 2,833 | $ | 39 | $ | 45 | $ | 2,917 | $ | 328 | $ | 3,245 | ||||||||||||||||||||||||||
Charge-offs (a) | (245) | (2) | (4) | (251) | (40) | (291) | ||||||||||||||||||||||||||||||||
Recoveries | 108 | 4 | — | 112 | 1 | 113 | ||||||||||||||||||||||||||||||||
Net charge-offs | (137) | 2 | (4) | (139) | (39) | (178) | ||||||||||||||||||||||||||||||||
Provision due to change in portfolio size | (3) | 1 | 3 | 1 | (20) | (19) | ||||||||||||||||||||||||||||||||
Provision due to incremental charge-offs | 137 | (2) | 4 | 139 | 39 | 178 | ||||||||||||||||||||||||||||||||
Provision due to all other factors | 135 | 2 | (1) | 136 | (8) | 128 | ||||||||||||||||||||||||||||||||
Total provision for credit losses (b) | 269 | 1 | 6 | 276 | 11 | 287 | ||||||||||||||||||||||||||||||||
Other | (2) | — | 2 | — | — | — | ||||||||||||||||||||||||||||||||
Allowance at June 30, 2020 | $ | 2,963 | $ | 42 | $ | 49 | $ | 3,054 | $ | 300 | $ | 3,354 | ||||||||||||||||||||||||||
Net charge-offs to average finance receivables and loans outstanding for the three months ended June 30, 2020 | 0.8 | % | (0.1) | % | 6.8 | % | 0.6 | % | 0.5 | % | 0.6 | % | ||||||||||||||||||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2020 | 5.4 | (4.6) | 3.3 | 5.5 | 1.9 | 4.7 |
Six months ended June 30, 2020 ($ in millions) | Consumer automotive | Consumer mortgage | Consumer other | Total consumer | Commercial | Total | ||||||||||||||||||||||||||||||||
Allowance at December 31, 2019 | $ | 1,075 | $ | 46 | $ | 9 | $ | 1,130 | $ | 133 | $ | 1,263 | ||||||||||||||||||||||||||
Cumulative effect of the adoption of Accounting Standards Update 2016-13 | 1,334 | (6) | 16 | 1,344 | 2 | 1,346 | ||||||||||||||||||||||||||||||||
Allowance at January 1, 2020 | $ | 2,409 | $ | 40 | $ | 25 | $ | 2,474 | $ | 135 | $ | 2,609 | ||||||||||||||||||||||||||
Charge-offs (a) | (618) | (5) | (9) | (632) | (43) | (675) | ||||||||||||||||||||||||||||||||
Recoveries | 219 | 9 | 1 | 229 | 2 | 231 | ||||||||||||||||||||||||||||||||
Net charge-offs | (399) | 4 | (8) | (403) | (41) | (444) | ||||||||||||||||||||||||||||||||
Provision due to change in portfolio size | 4 | — | 4 | 8 | (14) | (6) | ||||||||||||||||||||||||||||||||
Provision due to incremental charge-offs | 399 | (4) | 8 | 403 | 41 | 444 | ||||||||||||||||||||||||||||||||
Provision due to all other factors | 551 | 2 | 19 | 572 | 180 | 752 | ||||||||||||||||||||||||||||||||
Total provision for credit losses (b) | 954 | (2) | 31 | 983 | 207 | 1,190 | ||||||||||||||||||||||||||||||||
Other | (1) | — | 1 | — | (1) | (1) | ||||||||||||||||||||||||||||||||
Allowance at June 30, 2020 | $ | 2,963 | $ | 42 | $ | 49 | $ | 3,054 | $ | 300 | $ | 3,354 | ||||||||||||||||||||||||||
Net charge-offs to average finance receivables and loans outstanding for the six months ended June 30, 2020 | 1.1 | % | — | % | 7.1 | % | 0.9 | % | 0.2 | % | 0.7 | % | ||||||||||||||||||||||||||
Ratio of allowance for loan losses to annualized net charge-offs at June 30, 2020 | 3.7 | (5.4) | 3.2 | 3.8 | 3.6 | 3.8 |
($ in millions) | Consumer automotive | Consumer mortgage | Consumer other | Total consumer | Commercial | Total | ||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to finance receivables and loans outstanding (a) | 3.7 | % | 0.2 | % | 11.4 | % | 3.2 | % | 1.1 | % | 2.8 | % | ||||||||||||||||||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans (a) | 271.2 | % | 32.3 | % | n/m | 260.8 | % | 132.2 | % | 243.6 | % | |||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to finance receivables and loans outstanding (a) | 4.1 | % | 0.2 | % | 21.1 | % | 3.4 | % | 1.1 | % | 2.8 | % | ||||||||||||||||||||||||||
Allowance for loan losses to total nonperforming finance receivables and loans (a) | 237.1 | % | 66.4 | % | n/m | 232.4 | % | 137.5 | % | 218.9 | % |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
June 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 | $ | 2,802 | 3.7 | % | 89.6 | % | $ | 2,963 | 4.1 | % | 88.4 | % | ||||||||||||||||||||||||||
Consumer mortgage | ||||||||||||||||||||||||||||||||||||||
Mortgage Finance | 15 | 0.1 | 0.5 | 21 | 0.1 | 0.6 | ||||||||||||||||||||||||||||||||
Mortgage — Legacy | 9 | 2.2 | 0.3 | 21 | 2.1 | 0.6 | ||||||||||||||||||||||||||||||||
Total consumer mortgage | 24 | 0.2 | 0.8 | 42 | 0.2 | 1.2 | ||||||||||||||||||||||||||||||||
Consumer other | 72 | 11.4 | 2.3 | 49 | 21.1 | 1.5 | ||||||||||||||||||||||||||||||||
Total consumer loans | 2,898 | 3.2 | 92.7 | 3,054 | 3.4 | 91.1 | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Automotive | 20 | 0.2 | 0.6 | 64 | 0.4 | 1.9 | ||||||||||||||||||||||||||||||||
Other | 165 | 3.0 | 5.3 | 179 | 3.4 | 5.3 | ||||||||||||||||||||||||||||||||
Commercial real estate | 43 | 0.9 | 1.4 | 57 | 1.2 | 1.7 | ||||||||||||||||||||||||||||||||
Total commercial loans | 228 | 1.1 | 7.3 | 300 | 1.1 | 8.9 | ||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,126 | 2.8 | 100.0 | % | $ | 3,354 | 2.8 | 100.0 | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Gradual (a) | Instantaneous | Gradual (a) | Instantaneous | |||||||||||||||||||||||
Change in interest rates | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
+200 basis points | $ | (105) | $ | (159) | $ | 70 | $ | 64 | ||||||||||||||||||
+100 basis points | (71) | (70) | 32 | 68 | ||||||||||||||||||||||
-25 basis points (b) | (43) | (96) | (3) | (40) | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Off-lease vehicles terminated (in units) | 34,768 | 26,785 | 65,256 | 47,204 | ||||||||||||||||||||||
Average gain (loss) per vehicle ($ per unit) | $ | 3,684 | $ | (421) | $ | 2,950 | $ | (187) | ||||||||||||||||||
Method of vehicle sales | ||||||||||||||||||||||||||
Auction | ||||||||||||||||||||||||||
Internet | 35 | % | 60 | % | 41 | % | 60 | % | ||||||||||||||||||
Physical | 10 | 10 | 10 | 11 | ||||||||||||||||||||||
Sale to dealer, lessee, and other | 55 | 30 | 49 | 29 |
June 30, | 2021 | 2020 | ||||||||||||
Sport utility vehicle | 58 | % | 57 | % | ||||||||||
Truck | 34 | 34 | ||||||||||||
Car | 8 | 9 |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Unencumbered highly liquid securities (a) | $ | 28,435 | $ | 24,763 | ||||||||||
Liquid cash and equivalents | 12,978 | 14,945 | ||||||||||||
Committed secured credit facilities | ||||||||||||||
Total capacity (b) | 300 | 560 | ||||||||||||
Outstanding | 132 | — | ||||||||||||
Unused capacity (c) | 168 | 560 | ||||||||||||
Total available liquidity | $ | 41,581 | $ | 40,268 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in millions) | On-balance sheet funding | % Share of funding | On-balance sheet funding | % Share of funding | ||||||||||||||||||||||
Deposits | $ | 139,104 | 89 | $ | 137,036 | 85 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||||
Secured financings | 7,006 | 5 | 9,992 | 6 | ||||||||||||||||||||||
Institutional term debt | 9,635 | 6 | 11,654 | 7 | ||||||||||||||||||||||
Retail debt programs (a) | 255 | — | 2,496 | 2 | ||||||||||||||||||||||
Total debt (b) | 16,896 | 11 | 24,142 | 15 | ||||||||||||||||||||||
Total on-balance-sheet funding | $ | 156,000 | 100 | $ | 161,178 | 100 |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||
Total primary retail deposit customers (in thousands) | 2,394 | 2,334 | 2,250 | 2,211 | 2,133 | ||||||||||||
Deposits ($ in millions) | |||||||||||||||||
Retail | $ | 129,222 | $ | 128,370 | $ | 124,357 | $ | 120,789 | $ | 115,813 | |||||||
Brokered (a) | 7,787 | 11,060 | 12,551 | 13,990 | 15,088 | ||||||||||||
Other (b) | 2,095 | 155 | 128 | 159 | 135 | ||||||||||||
Total deposits | $ | 139,104 | $ | 139,585 | $ | 137,036 | $ | 134,938 | $ | 131,036 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net financing loss and other interest income | $ | (272) | $ | (258) | $ | (520) | $ | (532) | ||||||||||||||||||
Dividends from bank subsidiaries | 750 | — | 1,300 | 400 | ||||||||||||||||||||||
Dividends from nonbank subsidiaries | 6 | 23 | 16 | 41 | ||||||||||||||||||||||
Total other revenue | 98 | 62 | 161 | 133 | ||||||||||||||||||||||
Total net revenue | 582 | (173) | 957 | 42 | ||||||||||||||||||||||
Provision for credit losses | (30) | (3) | (71) | (28) | ||||||||||||||||||||||
Total noninterest expense | 195 | 150 | 348 | 311 | ||||||||||||||||||||||
Income (loss) from continuing operations before income tax benefit | 417 | (320) | 680 | (241) | ||||||||||||||||||||||
Income tax benefit from continuing operations (a) | (167) | (76) | (245) | (149) | ||||||||||||||||||||||
Net income (loss) from continuing operations | 584 | (244) | 925 | (92) | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 1 | (1) | 1 | (1) | ||||||||||||||||||||||
Net income (loss) (b) | $ | 585 | $ | (245) | $ | 926 | $ | (93) |
($ in millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Total assets (a) | $ | 5,510 | $ | 7,600 | ||||||||||
Total liabilities | $ | 11,373 | $ | 16,133 |
Rating agency | Short-term | Senior unsecured debt | Outlook | Date of last action | ||||||||||||||||||||||
Fitch | F3 | BBB- | Stable | March 30, 2021 (a) | ||||||||||||||||||||||
Moody’s | Not Prime | Ba1 | Review for Upgrade | May 27, 2021 (b) | ||||||||||||||||||||||
S&P | A-3 | BBB- | Stable | March 25, 2021 (c) | ||||||||||||||||||||||
DBRS | R-3 | BBB (Low) | Stable | March 4, 2021 (d) |
2021 | 2020 | Increase (decrease) due to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 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 | $ | 16,564 | $ | 4 | 0.10 | % | $ | 12,496 | $ | 4 | 0.12 | % | $ | 1 | $ | (1) | $ | — | ||||||||||||||||||||||||||||||||||||||
Investment securities (b) | 35,772 | 143 | 1.59 | 31,139 | 187 | 2.41 | 28 | (72) | (44) | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale, net | 454 | 4 | 3.71 | 337 | 4 | 4.24 | 1 | (1) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables and loans, net (b) (c) | 110,961 | 1,588 | 5.74 | 122,428 | 1,630 | 5.36 | (153) | 111 | (42) | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in operating leases, net (d) | 10,355 | 302 | 11.67 | 9,068 | 91 | 4.10 | 13 | 198 | 211 | |||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 690 | 4 | 2.79 | 1,062 | 10 | 4.04 | (4) | (2) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 174,796 | 2,045 | 4.69 | 176,530 | 1,926 | 4.39 | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing cash and cash equivalents | 494 | 432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 8,978 | 8,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (3,172) | (3,227) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 181,096 | $ | 181,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposit liabilities (b) | $ | 139,233 | $ | 268 | 0.77 | % | $ | 126,878 | $ | 541 | 1.72 | % | $ | 53 | $ | (326) | $ | (273) | ||||||||||||||||||||||||||||||||||||||
Short-term borrowings | — | — | — | 4,712 | 13 | 1.12 | (13) | — | (13) | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 18,411 | 230 | 5.00 | 30,554 | 318 | 4.19 | (126) | 38 | (88) | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 157,644 | 498 | 1.27 | 162,144 | 872 | 2.16 | (374) | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposit liabilities | 149 | 136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total funding sources | 157,793 | 498 | 1.27 | 162,280 | 872 | 2.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 6,802 | 5,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 164,595 | 167,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 16,501 | 14,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 181,096 | $ | 181,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 1,547 | $ | 1,054 | $ | 493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (e) | 3.42 | % | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets (f) | 3.55 | % | 2.40 | % |
2021 | 2020 | Increase (decrease) due to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 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 | $ | 15,967 | $ | 8 | 0.10 | % | $ | 8,675 | $ | 18 | 0.41 | % | $ | 15 | $ | (25) | $ | (10) | ||||||||||||||||||||||||||||||||||||||
Investment securities (b) | 34,882 | 267 | 1.54 | 31,376 | 400 | 2.56 | 45 | (178) | (133) | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale, net | 512 | 9 | 3.68 | 243 | 6 | 4.84 | 7 | (4) | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables and loans, net (b) (c) | 113,300 | 3,170 | 5.64 | 124,537 | 3,372 | 5.44 | (304) | 102 | (202) | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in operating leases, net (d) | 10,094 | 509 | 10.17 | 9,073 | 210 | 4.66 | 24 | 275 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 701 | 11 | 3.27 | 1,072 | 23 | 4.51 | (8) | (4) | (12) | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 175,456 | 3,974 | 4.57 | 174,976 | 4,029 | 4.63 | (221) | 166 | (55) | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing cash and cash equivalents | 513 | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 8,742 | 7,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (3,226) | (2,928) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 181,485 | $ | 180,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposit liabilities (b) | $ | 138,404 | $ | 574 | 0.84 | % | $ | 123,977 | $ | 1,133 | 1.84 | % | $ | 132 | $ | (691) | $ | (559) | ||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 405 | 1 | 0.42 | 4,604 | 30 | 1.30 | (27) | (2) | (29) | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 19,784 | 480 | 4.90 | 31,838 | 666 | 4.21 | (252) | 66 | (186) | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 158,593 | 1,055 | 1.34 | 160,419 | 1,829 | 2.29 | (147) | (627) | (774) | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposit liabilities | 150 | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total funding sources | 158,743 | 1,055 | 1.34 | 160,557 | 1,829 | 2.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 6,919 | 5,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 165,662 | 166,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 15,823 | 14,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 181,485 | $ | 180,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net financing revenue and other interest income | $ | 2,919 | $ | 2,200 | $ | 719 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (e) | 3.23 | % | 2.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets (f) | 3.36 | % | 2.53 | % |
Three months ended June 30, 2021 | 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) | ||||||||||||||||||||||
April 2021 | 1,429 | $ | 49.20 | 1,429 | $ | 1,310 | ||||||||||||||||||||
May 2021 | 2,950 | 53.15 | 2,950 | 1,154 | ||||||||||||||||||||||
June 2021 | 5,262 | 52.20 | 5,262 | 879 | ||||||||||||||||||||||
Total | 9,641 | 52.04 | 9,641 |
Exhibit | Description | Method of Filing | ||||||
3.1 | Certificate of Designation of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C of Ally Financial Inc. | Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated as of June 2, 2021, (File No. 1-3754), incorporated herein by reference. | ||||||
22.1 | Subsidiary Guarantors | Filed as Exhibit 22 to the Company’s Quarterly Report for the period ended March 31, 2020, on Form 10-Q (File No. 1-3754), incorporated herein by reference. | ||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) | Filed herewith. | |||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) | Filed herewith. | |||||||
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 | Filed herewith. | |||||||
101 | The following information from our Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL: (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. | ||||||
104 | The cover page of our Form 10-Q for the quarter ended June 30, 2021, (formatted in Inline XBRL and contained in Exhibit 101) | Filed herewith. |
Ally Financial Inc. (Registrant) | |||||
/S/ JENNIFER A. LACLAIR | |||||
Jennifer A. LaClair Chief Financial Officer |
/S/ DAVID J. DEBRUNNER | |||||
David J. DeBrunner Chief Accounting Officer and Corporate Controller |
/S/ JEFFREY J. BROWN | |||||
Jeffrey J. Brown Chief Executive Officer |
/S/ JENNIFER A. LACLAIR | |||||
Jennifer A. LaClair Chief Financial Officer |
/S/ JEFFREY J. BROWN | |||||
Jeffrey J. Brown | |||||
Chief Executive Officer | |||||
August 2, 2021 | |||||
/S/ JENNIFER A. LACLAIR | |||||
Jennifer A. LaClair | |||||
Chief Financial Officer | |||||
August 2, 2021 |
Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Cash and cash equivalents | ||||
Noninterest-bearing | $ 653 | $ 724 | ||
Interest-bearing | 13,011 | 14,897 | ||
Total cash and cash equivalents | 13,664 | 15,621 | ||
Equity securities | 1,026 | 1,071 | ||
Available-for-sale securities (amortized cost of $33,781 and $28,936) | [1] | 34,161 | 29,830 | |
Held-to-maturity securities (fair value of $1,173 and $1,331) | 1,126 | 1,253 | ||
Loans held-for-sale, net | 409 | 406 | ||
Finance receivables and loans, net | ||||
Finance receivables and loans, net of unearned income | 112,217 | 118,534 | ||
Allowance for loan losses | (3,126) | (3,283) | ||
Total finance receivables and loans, net | 109,091 | 115,251 | ||
Investment in operating leases, net | 10,715 | 9,639 | ||
Premiums receivable and other insurance assets | 2,773 | 2,679 | ||
Other assets | 7,505 | 6,415 | ||
Total assets | 180,470 | 182,165 | ||
Deposit liabilities | ||||
Noninterest-bearing | 149 | 128 | ||
Interest-bearing | 138,955 | 136,908 | ||
Total deposit liabilities | 139,104 | 137,036 | ||
Short-term borrowings | 0 | 2,136 | ||
Long-term debt | 16,896 | 22,006 | ||
Interest payable | 365 | 412 | ||
Unearned insurance premiums and service revenue | 3,536 | 3,438 | ||
Accrued expenses and other liabilities | 3,039 | 2,434 | ||
Total liabilities | 162,940 | 167,462 | ||
Contingencies (refer to Note 23) | ||||
Equity | ||||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 504,118,452 and 501,237,055; and outstanding 362,638,597 and 374,674,415) | 21,631 | 21,544 | ||
Preferred stock | 2,324 | 0 | ||
Accumulated deficit | (2,726) | (4,278) | ||
Accumulated other comprehensive income | 216 | 631 | ||
Treasury stock, at cost (141,479,855 and 126,562,640 shares) | (3,915) | (3,194) | ||
Total equity | 17,530 | 14,703 | ||
Total liabilities and equity | 180,470 | 182,165 | ||
On-balance sheet variable interest entities | ||||
Finance receivables and loans, net | ||||
Allowance for loan losses | (252) | (285) | ||
Total finance receivables and loans, net | 9,117 | 13,213 | ||
Other assets | 761 | 983 | ||
Total assets | 9,878 | 14,196 | ||
Deposit liabilities | ||||
Long-term debt | 1,847 | 4,158 | ||
Accrued expenses and other liabilities | 3 | 3 | ||
Total liabilities | 1,850 | 4,161 | ||
On-balance sheet variable interest entities | Consumer | ||||
Finance receivables and loans, net | ||||
Finance receivables and loans, net of unearned income | 7,232 | 7,630 | ||
On-balance sheet variable interest entities | Commercial | ||||
Finance receivables and loans, net | ||||
Finance receivables and loans, net of unearned income | $ 2,137 | $ 5,868 | ||
|
Condensed Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued (in shares) | 504,118,452 | 501,237,055 |
Common stock, shares outstanding (in shares) | 362,638,597 | 374,674,415 |
Treasury stock, shares (in shares) | 141,479,855 | 126,562,640 |
Available-for-sale debt securities | Available-for-sale securities | ||
Debt securities, available-for-sale, amortized cost | $ 33,781 | $ 28,936 |
Held-to-maturity securities | ||
Held-to-maturity securities, fair value | 1,173 | 1,331 |
Held-to-maturity securities | Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 1,173 | $ 1,331 |
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions |
Total |
Series B Preferred Stock |
Series C Preferred Stock |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjusted Balance |
Common stock and paid-in capital |
Common stock and paid-in capital
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Preferred stock |
Preferred stock
Series B Preferred Stock
|
Preferred stock
Series C Preferred Stock
|
Preferred stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Accumulated deficit |
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Accumulated other comprehensive income |
Accumulated other comprehensive income
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Treasury stock |
Treasury stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | $ 14,416 | $ (1,017) | $ 13,399 | $ 21,438 | $ 21,438 | $ 0 | $ 0 | $ (4,057) | $ (1,017) | $ (5,074) | $ 123 | $ 123 | $ (3,088) | $ (3,088) | ||||
Beginning balance at Dec. 31, 2019 | 14,416 | $ (1,017) | $ 13,399 | 21,438 | $ 21,438 | 0 | $ 0 | (4,057) | $ (1,017) | $ (5,074) | 123 | $ 123 | (3,088) | $ (3,088) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | (78) | (78) | ||||||||||||||||
Share-based compensation | 61 | 61 | ||||||||||||||||
Other comprehensive income (loss) | 692 | 692 | ||||||||||||||||
Common stock repurchases | (104) | (104) | ||||||||||||||||
Common stock dividends | (144) | (144) | ||||||||||||||||
Ending balance at Jun. 30, 2020 | 13,826 | 21,499 | 0 | (5,296) | 815 | (3,192) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | 13,519 | 21,470 | 0 | (5,465) | 706 | (3,192) | ||||||||||||
Beginning balance at Mar. 31, 2020 | 13,519 | 21,470 | 0 | (5,465) | 706 | (3,192) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 241 | 241 | ||||||||||||||||
Share-based compensation | 29 | 29 | ||||||||||||||||
Other comprehensive income (loss) | 109 | 109 | ||||||||||||||||
Common stock dividends | (72) | (72) | ||||||||||||||||
Ending balance at Jun. 30, 2020 | 13,826 | 21,499 | 0 | (5,296) | 815 | (3,192) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | 13,826 | 21,499 | 0 | (5,296) | 815 | (3,192) | ||||||||||||
Adoption of Accounting Standards Update 2016-13 | 14,703 | 21,544 | (4,278) | 631 | (3,194) | |||||||||||||
Beginning balance at Dec. 31, 2020 | 14,703 | 21,544 | (4,278) | 631 | (3,194) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 1,696 | 1,696 | ||||||||||||||||
Net proceeds from issuance of series preferred stock | $ 1,335 | $ 989 | $ 1,335 | $ 989 | ||||||||||||||
Share-based compensation | 87 | 87 | ||||||||||||||||
Other comprehensive income (loss) | (415) | (415) | ||||||||||||||||
Common stock repurchases | (721) | (721) | ||||||||||||||||
Common stock dividends | (144) | (144) | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 17,530 | 21,631 | 2,324 | (2,726) | 216 | (3,915) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | 14,625 | 21,566 | 0 | (3,555) | 27 | (3,413) | ||||||||||||
Beginning balance at Mar. 31, 2021 | 14,625 | 21,566 | 0 | (3,555) | 27 | (3,413) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 900 | 900 | ||||||||||||||||
Net proceeds from issuance of series preferred stock | $ 1,335 | $ 989 | $ 1,335 | $ 989 | ||||||||||||||
Share-based compensation | 65 | 65 | ||||||||||||||||
Other comprehensive income (loss) | 189 | 189 | ||||||||||||||||
Common stock repurchases | (502) | (502) | ||||||||||||||||
Common stock dividends | (71) | (71) | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 17,530 | 21,631 | 2,324 | (2,726) | 216 | (3,915) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Adoption of Accounting Standards Update 2016-13 | $ 17,530 | $ 21,631 | $ 2,324 | $ (2,726) | $ 216 | $ (3,915) |
Condensed Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
Statement of Stockholders' Equity [Abstract] | ||||||||
Cash dividends declared per common share (in dollars per share) | [1],[2] | $ 0.19 | $ 0.19 | $ 0.38 | $ 0.38 | |||
|
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Operating activities | ||||
Net income (loss) | $ 1,696 | $ (78) | ||
Reconciliation of net income (loss) to net cash provided by operating activities | ||||
Depreciation and amortization | 640 | 802 | ||
Goodwill impairment | 0 | 50 | ||
Provision for credit losses | (45) | 1,190 | ||
Gain on mortgage and automotive loans, net | (55) | (2) | ||
Other gain on investments, net | (188) | (109) | ||
Loss on extinguishment of debt | 74 | 1 | ||
Originations and purchases of loans held-for-sale | (2,154) | (1,329) | ||
Proceeds from sales and repayments of loans held-for-sale | 2,230 | 1,167 | ||
Net change in | ||||
Deferred income taxes | (675) | 0 | ||
Interest payable | (48) | 56 | ||
Other assets | 2 | (420) | ||
Other liabilities | 231 | (211) | ||
Other, net | (86) | 45 | ||
Net cash provided by operating activities | 1,622 | 1,162 | ||
Investing activities | ||||
Purchases of equity securities | (724) | (740) | ||
Proceeds from sales of equity securities | 944 | 774 | ||
Purchases of available-for-sale securities | (14,376) | (7,696) | ||
Proceeds from sales of available-for-sale securities | 2,788 | 5,544 | ||
Proceeds from repayments of available-for-sale securities | 6,539 | 4,440 | ||
Purchases of held-to-maturity securities | (97) | 0 | ||
Proceeds from repayments of held-to-maturity securities | 223 | 177 | ||
Purchases of finance receivables and loans held-for-investment | (3,500) | (3,495) | ||
Proceeds from sales of finance receivables and loans initially held-for-investment | 376 | 1 | ||
Originations and repayments of finance receivables and loans held-for-investment and other, net | 9,095 | 13,135 | ||
Purchases of operating lease assets | (3,026) | (1,949) | ||
Disposals of operating lease assets | 1,775 | 1,179 | ||
Net change in nonmarketable equity investments | 93 | 148 | ||
Other, net | (201) | (213) | ||
Net cash (used in) provided by investing activities | (91) | 11,305 | ||
Financing activities | ||||
Net change in short-term borrowings | (2,136) | (1,842) | ||
Net increase in deposits | 2,060 | 10,272 | ||
Proceeds from issuance of long-term debt | 194 | 2,372 | ||
Repayments of long-term debt | (3,800) | (7,434) | ||
Repurchases of common stock | (721) | (104) | ||
Preferred stock issuance | 2,326 | 0 | ||
Trust preferred securities redemption | (1,442) | 0 | ||
Dividends paid | (144) | (144) | ||
Net cash (used in) provided by financing activities | (3,663) | 3,120 | ||
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 3 | (3) | ||
Net (decrease) increase in cash and cash equivalents and restricted cash | (2,129) | 15,584 | ||
Cash and cash equivalents and restricted cash at beginning of year | 16,574 | 4,380 | ||
Cash and cash equivalents and restricted cash at June 30, | 14,445 | 19,964 | ||
Supplemental disclosures | ||||
Interest | 1,057 | 1,722 | ||
Income taxes | 1,212 | 7 | ||
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 5 | 70 | ||
Additions of property and equipment | 46 | 0 | ||
Finance receivables and loans held-for-investment transferred to loans held-for-sale | 414 | 0 | ||
In-kind distribution from equity-method investee | 0 | 60 | ||
Equity consideration received in exchange for restructured loans | 0 | 5 | ||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents on the Condensed Consolidated Balance Sheet | 13,664 | 19,131 | ||
Restricted cash included in other assets on the Condensed Consolidated Balance Sheet | [1] | 781 | 833 | |
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows | $ 14,445 | $ 19,964 | ||
|
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a digital financial-services company committed to its promise to “Do It Right” for its consumer, commercial, and corporate customers. Ally is composed of an industry-leading independent automotive finance and insurance operation, an award-winning digital direct bank (Ally Bank, Member FDIC and Equal Housing Lender, which offers mortgage lending, point-of-sale personal lending, and a variety of deposit and other banking products), a corporate finance business for equity sponsors and middle-market companies, and securities brokerage and investment advisory services. A relentless ally for all things money, Ally helps people save well and earn well, so they can spend for what matters. We are a Delaware corporation and are registered as a BHC under the BHC Act, and an FHC under the GLB Act. Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. 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, and the determination of the provision for income taxes. The Condensed Consolidated Financial Statements at June 30, 2021, and for the three months and six months ended June 30, 2021, and 2020, 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, 2020, as filed on February 24, 2021, with the SEC. Significant Accounting Policies Income Taxes In calculating the provision for interim income taxes, in accordance with 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 2020 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K regarding additional significant accounting policies. Recently Adopted Accounting Standards Reference Rate Reform (ASU 2021-01) In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope of ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment. We adopted the amendments in this ASU immediately upon issuance in January 2021 on a prospective basis and will apply this guidance, along with the guidance from ASU 2020-04, as contracts are modified through December 2022. The adoption did not have an immediate direct impact on our financial statements. We do not expect there to be a material impact to our financial statements.
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Revenue from Contracts with Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our primary revenue sources, which include financing revenue and other interest income, are addressed by other GAAP and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other GAAP and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred. The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K.
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at April 1, 2021, and April 1, 2020, respectively, and $228 million and $211 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2021, and June 30, 2020, respectively. (b)At June 30, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $423 million during the remainder of 2021, $789 million in 2022, $700 million in 2023, $531 million in 2024, and $628 million thereafter. At June 30, 2020, we had unearned revenue of $2.9 billion associated with outstanding contracts. (c)We had deferred insurance assets of $1.8 billion and $1.9 billion at April 1, 2021, and June 30, 2021, respectively, and recognized $133 million of expense during the three months ended June 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at April 1, 2020, and June 30, 2020, respectively, and recognized $121 million of expense during the three months ended June 30, 2020. (d)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at January 1, 2021, and January 1, 2020, respectively, and $453 million and $425 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the six months ended June 30, 2021, and June 30, 2020. (b)We had deferred insurance assets of $1.8 billion and $1.9 billion at January 1, 2021, and June 30, 2021, respectively, and recognized $265 million of expense during the six months ended June 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at January 1, 2020, and June 30, 2020, respectively, and recognized $246 million of expense during the six months ended June 30, 2020. (c)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments. In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $128 million and $192 million for the three months and six months ended June 30, 2021, respectively, and net remarketing losses of $11 million and $9 million for the three months and six months ended June 30, 2020, respectively, on the sale of off-lease vehicles. These gains and losses are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income.
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Other Income, Net of Losses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net of Losses | 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 |
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Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses.
(a)There have been no material adverse changes to the reserve for prior years.
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Other Operating Expenses |
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses | 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] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
(a)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both June 30, 2021, and December 31, 2020. (b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information. (c)Available-for-sale securities with a fair value of $151 million and $145 million at June 30, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities. (d)Totals do not include accrued interest receivable, which was $90 million at both June 30, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. (e)There was no allowance for credit losses recorded at June 30, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (f)Totals do not include accrued interest receivable, which was $3 million at both June 30, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. The balances of cash equivalents were $42 million and $25 million at June 30, 2021, and December 31, 2020, respectively, and were composed primarily of money-market funds 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, and net gains or losses on equity securities held during the period.
The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of June 30, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of June 30, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the six months ended June 30, 2021, or 2020.
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of June 30, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result of this evaluation, management determined that no credit reserves were required at June 30, 2021, or December 31, 2020. We have not recorded any interest income reversals on our available-for-sale securities during the six months ended June 30, 2021, or 2020.
During the three months and six months ended June 30, 2021, and 2020, management determined that there were no expected credit losses for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur.
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Finance Receivables and Loans, Net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables and Loans, Net | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at amortized cost basis was as follows.
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information. (b)Includes loans originated as interest-only mortgage loans of $6 million and $8 million at June 30, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period. (c)Includes loans originated as interest-only mortgage loans of $25 million and $30 million at June 30, 2021, and December 31, 2020, respectively, of which 99% have exited the interest-only period. (d)Includes $8 million of finance receivables at both June 30, 2021, and December 31, 2020, for which we have elected the fair value option. (e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.2 billion and $2.0 billion at June 30, 2021, and December 31, 2020, respectively. (f)Totals do not include accrued interest receivable, which was $475 million and $587 million at June 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and six months ended June 30, 2021.
(a)Excludes $8 million of finance receivables at both April 1, 2021, and June 30, 2021, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $8 million of finance receivables at both June 30, 2021, and December 31, 2020, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $10 million and $8 million of finance receivables at April 1, 2020, and June 30, 2020, respectively, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $8 million and $11 million of finance receivables at June 30, 2020, and December 31, 2019, respectively, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies. 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 based on net carrying value.
The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
Nonaccrual Loans The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of June 30, 2021, and December 31, 2020.
(a)Represents a component of nonaccrual status at end of period.
(a)Represents a component of nonaccrual status at end of period. We recorded interest income from cash payments associated with finance receivables and loans in nonaccrual status of $3 million and $5 million for the three months and six months ended June 30, 2021, respectively, compared to $4 million and $6 million for the three months and six months ended June 30, 2020, respectively. Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. In accordance with regulatory guidance, if borrowers are less than 30 days past due on their loans and enter into loan modifications offered as a result of COVID-19, their loans generally continue to be considered performing loans and continue to accrue interest during the period of the loan modification. For borrowers who are 30 days or more past due when entering into loan modifications offered as a result of COVID-19, we evaluate the loan modifications under our existing troubled debt restructuring framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan is accounted for as a TDR and generally will not accrue interest. The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
(a)Excludes $8 million of finance receivables at June 30, 2021, for which we have elected the fair value option.
(a)Excludes $8 million of finance receivables at December 31, 2020, for which we have elected the fair value option. We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk rankings. •Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. •Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. •Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
Troubled Debt Restructurings TDRs are loan modifications where concessions were granted to borrowers experiencing financial difficulties. For consumer automotive loans, we may offer several types of assistance to aid our customers, including payment extensions and rewrites of 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 amortized cost were $2.4 billion and $2.2 billion at June 30, 2021, and December 31, 2020, respectively. Our consumer automotive portfolio accounts for the majority of the year-over-year increase in TDR balances. TDRs in our consumer automotive portfolio increased as a result of the COVID-19 loan modification program offered to customers. Additionally, following the expiration of that program, we have continued to support impacted borrowers pursuant to our established risk management policies and practices. Total commitments to lend additional funds to borrowers whose terms had been modified in a TDR were $21 million and $14 million at June 30, 2021, and December 31, 2020, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information. The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
The following tables present information about finance receivables and loans recorded at amortized cost 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 2020 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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Leasing |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 year to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 years to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2021, we paid $16 million and $29 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2021, compared to $12 million and $25 million for the three months and six months ended June 30, 2020, in cash for amounts included in the measurement of lease liabilities at June 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2021, and June 30, 2020, we obtained $333 million and $43 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.15%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2021, and that have noncancelable lease terms expiring after June 30, 2021.
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which includes an underlying purchase option that is reasonably expected to be executed. As a result, this lease facility is presented as a financing lease at June 30, 2021. The finance lease liability of $326 million includes payments inherent in the purchase obligation. The expense associated with this lease was not material. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to sublease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. The following table details the components of total net operating lease expense.
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $264 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases.
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2021.
We recognized operating lease revenue of $384 million and $754 million for the three months and six months ended June 30, 2021, respectively, and $343 million and $710 million for the three months and six months ended June 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $10 million during the three months and six months ended June 30, 2021, respectively, and $5 million and $12 million during the three months and six months ended June 30, 2020. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $496 million and $450 million as of June 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $483 million and $437 million at June 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both June 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $13 million for the three months and six months ended June 30, 2021, respectively, and $5 million and $11 million for the three months and six months ended June 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2021.
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Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 year to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 years to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2021, we paid $16 million and $29 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2021, compared to $12 million and $25 million for the three months and six months ended June 30, 2020, in cash for amounts included in the measurement of lease liabilities at June 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2021, and June 30, 2020, we obtained $333 million and $43 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.15%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2021, and that have noncancelable lease terms expiring after June 30, 2021.
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which includes an underlying purchase option that is reasonably expected to be executed. As a result, this lease facility is presented as a financing lease at June 30, 2021. The finance lease liability of $326 million includes payments inherent in the purchase obligation. The expense associated with this lease was not material. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to sublease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. The following table details the components of total net operating lease expense.
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $264 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases.
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2021.
We recognized operating lease revenue of $384 million and $754 million for the three months and six months ended June 30, 2021, respectively, and $343 million and $710 million for the three months and six months ended June 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $10 million during the three months and six months ended June 30, 2021, respectively, and $5 million and $12 million during the three months and six months ended June 30, 2020. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $496 million and $450 million as of June 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $483 million and $437 million at June 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both June 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $13 million for the three months and six months ended June 30, 2021, respectively, and $5 million and $11 million for the three months and six months ended June 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2021.
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Leasing | Leasing Ally as the Lessee We have operating leases for our corporate facilities, which have remaining lease terms of 3 months to 11 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend the leases for periods that range from 1 year to 15 years. Some of those lease agreements also include options to terminate the leases in periods that range from approximately 5 years to 6 years after the commencement of the leases. We have not included any of these term extensions or termination provisions in our estimates of the lease term, as we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2021, we paid $16 million and $29 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2021, compared to $12 million and $25 million for the three months and six months ended June 30, 2020, in cash for amounts included in the measurement of lease liabilities at June 30, 2020. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2021, and June 30, 2020, we obtained $333 million and $43 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2021, the weighted-average remaining lease term of our operating lease portfolio was 7 years, and the weighted-average discount rate was 2.15%, compared to 7 years and 2.21% as of December 31, 2020. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2021, and that have noncancelable lease terms expiring after June 30, 2021.
In March 2021, we commenced the lease for a new corporate facility in Charlotte, North Carolina, which includes an underlying purchase option that is reasonably expected to be executed. As a result, this lease facility is presented as a financing lease at June 30, 2021. The finance lease liability of $326 million includes payments inherent in the purchase obligation. The expense associated with this lease was not material. We provided notice of our intent to exercise the purchase option in April 2021, and executed on the purchase agreement in July 2021. Additionally, we agreed to sublease a portion of this corporate facility in exchange for $13 million in future lease payments over a ten year lease term. The following table details the components of total net operating lease expense.
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from dealerships after those contracts are executed by the dealers and the consumers. The amount we pay a dealer for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. Both the consumer and the dealership have the option to purchase the vehicle at the end of the lease term, which can range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle from the dealer. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer nor the dealer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers or the receiving dealer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2021, and December 31, 2020, consumer operating leases with a carrying value, net of accumulated depreciation, of $264 million and $352 million, respectively, were covered by a residual value guarantee of 15% of the manufacturer’s suggested retail price. The following table details our investment in operating leases.
The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2021.
We recognized operating lease revenue of $384 million and $754 million for the three months and six months ended June 30, 2021, respectively, and $343 million and $710 million for the three months and six months ended June 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $10 million during the three months and six months ended June 30, 2021, respectively, and $5 million and $12 million during the three months and six months ended June 30, 2020. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases. Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $496 million and $450 million as of June 30, 2021, and December 31, 2020, respectively. This includes lease payment receivables of $483 million and $437 million at June 30, 2021, and December 31, 2020, respectively, and unguaranteed residual assets of $13 million at both June 30, 2021, and December 31, 2020. Interest income on finance lease receivables was $7 million and $13 million for the three months and six months ended June 30, 2021, respectively, and $5 million and $11 million for the three months and six months ended June 30, 2020, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2021.
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Securitizations And Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations and Variable Interest Entities | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer and commercial automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An 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. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet. VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant. The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the securitization are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these securitizations, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. There were no sales of financial assets into nonconsolidated VIEs for both the three months and six months ended June 30, 2021, and June 30, 2020. 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 are involved 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 1 and Note 11 to the Consolidated Financial Statements in our 2020 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.
(a)Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b)Includes $10.9 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at June 30, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets. (c)Includes $114 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at June 30, 2021, and December 31, 2020, respectively. (d)Amounts are classified as other assets. (e)Amounts are classified as accrued expenses and other liabilities. (f)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 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. Cash Flows with Off-Balance Sheet Securitization Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the six months ended June 30, 2021, and 2020. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
Delinquencies and Net Credit Losses We did not have any off-balance sheet securitizations or whole-loan sales where we had continuing involvement at June 30, 2021, or December 31, 2020. During the six months ended June 30, 2020, we recognized $1 million of net credit losses from off-balance sheet securitizations where we have continuing involvement.
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Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets The components of other assets were as follows.
(a)Includes investments in FHLB stock of $239 million and $276 million at June 30, 2021, and December 31, 2020, respectively; FRB stock of $449 million at both June 30, 2021, and December 31, 2020; and equity securities without a readily determinable fair value of $251 million and $189 million at June 30, 2021, and December 31, 2020, respectively, measured at cost with adjustments for impairment and observable changes in price. (b)During both the three months and six months ended June 30, 2021, we recorded $81 million of upward adjustments related to equity securities without a readily determinable fair value still held at June 30, 2021, driven primarily by an investment in one entity for which there was a subsequent funding round at a higher valuation during the period, resulting in an observable price change. During both the three months and six months ended June 30, 2021, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value still held at June 30, 2021. Securities held in our portfolio of equity securities without a readily determinable fair value as of June 30, 2021, include cumulative upward adjustments of $176 million and impairments and downward adjustments of $13 million through June 30, 2021. (c)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (d)Primarily relates to investments made in connection with our CRA program. (e)For additional information on finance lease right-of-use assets, refer to Note 8. (f)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (g)Includes gross intangible assets of $109 million at both June 30, 2021, and December 31, 2020, and accumulated amortization of $68 million and $59 million at June 30, 2021, and December 31, 2020, respectively. (h)For additional information on derivative instruments and hedging activities, refer to Note 18. The carrying balance of goodwill by reportable operating segment was as follows.
(a)Includes $153 million of goodwill associated with Ally Lending at both June 30, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both June 30, 2021, and December 31, 2020.
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Deposit Liabilities | Deposit Liabilities Deposit liabilities consisted of the following.
At June 30, 2021, and December 31, 2020, certificates of deposit included $22.8 billion and $25.8 billion, respectively, of those in denominations of $100 thousand or more. At June 30, 2021, and December 31, 2020, certificates of deposit included $7.7 billion and $8.6 billion, respectively, of those in denominations in excess of $250 thousand federal insurance limits.
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Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio.
(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)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes. Long-Term Debt The following table presents the composition of our long-term debt portfolio.
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information. (b)Includes $1.2 billion and $2.6 billion of trust preferred securities at June 30, 2021, and December 31, 2020, respectively. (c)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $5.0 billion and $5.8 billion at June 30, 2021, and December 31, 2020, respectively. The following table presents the scheduled remaining maturity of long-term debt at June 30, 2021, 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.
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.
(a)Ally Bank is a component of the total column. (b)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $14.0 billion and $20.0 billion at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020. 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 other subsidiaries. (c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information. Trust Preferred Securities We had approximately $1.2 billion and $2.6 billion in aggregate liquidation preference of Series 2 TRUPS outstanding at June 30, 2021, and December 31, 2020, respectively. 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 are payable at an annual rate equal to three-month LIBOR plus 5.785% payable quarterly in arrears. 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 may redeem, in part or in whole, 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. The Series 2 TRUPS were issued prior to October 4, 2010, under the Emergency Economic Stabilization Act of 2008 and are not subject to phase-out from additional Tier 1 capital into Tier 2 capital. On April 22, 2021, we issued $1.35 billion of preferred stock, Series B, and used the proceeds to redeem $1.4 billion, or 56,000,000 shares of the Series 2 TRUPS outstanding. The redemption was effectuated on May 24, 2021. Additionally, on June 2, 2021, we issued $1.0 billion of preferred stock, Series C, and announced our intent to use the proceeds to redeem a portion of the Series 2 TRUPS outstanding. On July 2, 2021, we effectuated the redemption of an additional $1.04 billion, or 41,600,000 shares of the Series 2 TRUPS outstanding. The amount of Series 2 TRUPS included in Ally’s Tier 1 capital was $181 million at June 30, 2021. The amount represents the carrying amount of the Series 2 TRUPS, net of the carrying amount of Series 2 TRUPS for which we issued a notice of redemption on June 2, 2021, less our common stock investment in the trust. Funding Facilities We utilize both committed secured credit facilities and other collateralized funding vehicles. The debt outstanding under our various funding facilities is included on our Condensed Consolidated Balance Sheet. The total capacity in our credit facilities is provided by banks through private transactions. The facilities can be revolving in nature, generally having an original tenor ranging from 364 days to two years, and allow for additional funding during the commitment period, or they can be amortizing and not allow for any further funding after the commitment period. At June 30, 2021, all of our $300 million of capacity was revolving and of this balance, $125 million was from facilities with a remaining tenor greater than 364 days. Committed Secured Credit Facilities
(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.
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Accrued Expenses and Other Liabilities |
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Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows.
(a)For additional information on derivative instruments and hedging activities, refer to Note 18.
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Preferred Stock |
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Preferred Stock | Preferred Stock Series B Preferred Stock In April 2021, we issued 1,350,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series B Preferred Stock are discretionary and are not cumulative. Holders of the Series B Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2026, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2026, during each five-year reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 3.868% on the liquidation preference amount of $1,000 per share. So long as any share of Series B Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series B Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series B Preferred Stock. The holders of the Series B Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series B Preferred Stock included in Ally’s Certificate of Incorporation. The Series B Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series B Preferred Stock and holders of the Series B Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series B Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2026, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series B Preferred Stock will be entitled to receive the liquidation amount per share of Series B Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series B Preferred Stock, subject to the rights of Ally’s creditors. Series C Preferred Stock In June 2021, we issued 1,000,000 shares of 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, with $0.01 par value and liquidation preference of $1,000 per share. Proceeds from the offering were used to redeem a portion of our 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Dividends on shares of the Series C Preferred Stock are discretionary and are not cumulative. Holders of the Series C Preferred Stock will be entitled to receive, if, when and as declared by our Board, or a duly authorized committee of the Board, out of legally available assets, non-cumulative cash dividends quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2021. Dividends will accrue (i) from the date of original issue to, but excluding, May 15, 2028, at a fixed rate of 4.700% per annum and (ii) from, and including, May 15, 2028, during each seven-year reset period, at a rate per annum equal to the seven-year treasury rate as of the most recent reset dividend determination date plus 3.481% on the liquidation preference amount of $1,000 per share. So long as any share of Series C Preferred Stock remains outstanding, unless the dividends for the most recently completed dividend period have been paid in full, or set aside for payment, on all outstanding shares of Series C Preferred Stock, we will be prohibited, subject to certain specified exceptions, from (i) declaring or paying any dividends or making any distributions with respect to any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock or (ii) repurchasing, redeeming, or otherwise acquiring for consideration, directly or indirectly, any stock that ranks on a parity basis with, or junior in interest to, the Series C Preferred Stock. The holders of the Series C Preferred Stock do not have voting rights other than those set forth in the certificate of designations for the Series C Preferred Stock included in Ally’s Certificate of Incorporation. The Series C Preferred Stock does not have a stated maturity date, and will be perpetual unless redeemed at Ally’s option. Ally is not required to redeem the Series C Preferred Stock and holders of the Series C Preferred Stock have no right to require Ally to redeem their shares. Ally may, at its option, redeem the shares of Series C Preferred stock (i) in whole or in part, on any dividend payment date on or after May 15, 2028, or (ii) in whole, but not in part, at any time within 90 days following a regulatory capital treatment event. In the event of any liquidation, dissolution or winding up of the affairs of Ally, holders of the Series C Preferred Stock will be entitled to receive the liquidation amount per share of Series C Preferred Stock and an amount equal to all declared, but unpaid dividends declared prior to the date of payment out of assets available for distribution, before any distribution is made for holders of stock that ranks junior in interest to the Series C Preferred Stock, subject to the rights of Ally’s creditors. The following table summarizes information about our preferred stock.
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present changes, net of tax, in each component of accumulated other comprehensive income.
(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 18.
(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 18. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive income.
(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 18. (d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
(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 18.
(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 18. (d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
(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 18.
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Earnings per Common Share |
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Earnings per Common Share | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share.
(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. (c)Due to the antidilutive effect of the net loss from continuing operations for the six months ended June 30, 2020, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share. During the three months and six months ended June 30, 2020, there were 2.3 million and 2.4 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and six months ended June 30, 2021.
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Regulatory Capital and Other Regulatory Matters |
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Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory Matters Ally is currently subject to enhanced prudential standards that were established by the FRB under the Dodd-Frank Act. Targeted amendments to the Dodd-Frank Act and other financial-services laws were enacted through the EGRRCP Act, including amendments that affect whether and, if so, how the FRB applies enhanced prudential standards to BHCs like us with $100 billion or more but less than $250 billion in total consolidated assets. Through final rules implementing these amendments—which are commonly known as the tailoring framework—the FRB and other U.S. banking agencies established four risk-based categories of prudential standards and capital and liquidity requirements for banking organizations with $100 billion or more in total consolidated assets. The most stringent standards and requirements apply to U.S. global systemically important BHCs, which are assigned to Category I. The assignment of other banking organizations to the remaining three categories is based on measures of size and four other risk-based indicators: cross-jurisdictional activity, wSTWF, nonbank assets, and off-balance-sheet exposure. Under the tailoring framework, Ally is a Category IV firm and, as such, is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio provided that our average wSTWF continues to remain under $50 billion, and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional details on the tailoring framework and other applicable capital and liquidity requirements. We continue to be subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities, or risks to the U.S. economy. Further, we remain subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. In January 2021 the FDIC announced that, given the passage of time since the last submission of resolution plans and the uncertain economic outlook, the FDIC will resume requiring resolution plan submissions for insured depository institutions with $100 billion or more in assets, including Ally Bank. In June 2021 the FDIC outlined a modified approach to implementing its rule requiring these insured depository institutions to submit resolution plans. The modified approach extends the submission frequency to a three-year cycle, streamlines content requirements, and places enhanced emphasis on engagement with firms. Under the modified approach, resolution plans will be submitted in two groups, with the first group consisting of Ally Bank and other insured depository institutions whose top-tier parent company is not a U.S. global systemically important bank or a Category II firm and the second group consisting of all other insured depository institutions with $100 billion or more in total assets. The FDIC indicated that firms will receive at least 12 months advance notice prior to the due date of their resolution plan submission. Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion about regulatory developments. Basel Capital Framework The FRB and other U.S. banking agencies have adopted risk-based and leverage capital standards that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank. The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures. Under U.S. Basel III, Ally and Ally Bank 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 risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which for Ally was 3.5% and for Ally Bank was 2.5% as of June 30, 2021, as further described in the next paragraph. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%. In March 2020, the FRB issued a final rule to more closely align forward-looking stress testing results with the FRB’s non-stress regulatory capital requirements for BHCs with $100 billion or more in total consolidated assets and other specified companies. The final rule introduced a stress capital buffer requirement based on firm-specific stress test performance and planned dividends, which for Ally replaced the fixed 2.5% component of the capital conservation buffer requirement. Refer to Note 20 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for details about changes to the CCAR process effected by the final rule. Under the final rule, Ally’s stress capital buffer requirement is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of risk-weighted assets. For a Category IV firm like Ally, the capital conservation buffer requirement comprises the stress capital buffer requirement. The capital conservation buffer requirement applicable to Ally’s depository-institution subsidiary, Ally Bank, continues to be a fixed 2.5%. Ally received its first preliminary stress capital buffer requirement from the FRB in June 2020, which was determined under this new methodology to be 3.5%, was finalized in August 2020, and became effective in October 2020. In June 2020, the FRB also announced its determination that changes in financial markets or the macroeconomic outlook could have a material effect on the risk profiles and financial conditions of firms subject to the capital-plan rule and that, as a result, the firms (including Ally) would be required to resubmit capital plans to the FRB within 45 days after receiving updated stress scenarios from the FRB. In September 2020, the FRB released two updated scenarios—severely adverse and alternative severe. We updated our capital plan in light of firm-specific baseline and stress scenarios, as required, and submitted our updated plan to the FRB in November 2020. In December 2020, the FRB publicly disclosed summary results of this second round of supervisory stress testing and extended its deadline for notifying firms about whether their stress capital buffer requirements will be recalculated to March 31, 2021. On March 25, 2021, the FRB further extended this deadline to June 30, 2021. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing. Refer to the later section titled Capital Planning and Stress Tests for more information. Under the capital conservation buffer requirement, the maximum amount of capital distributions and discretionary bonus payments that can be made by a banking organization, such as Ally or Ally Bank, is a function of its eligible retained income. During the COVID-19 pandemic, the FRB and other U.S. banking agencies expressed a concern that the definition of eligible retained income would not limit distributions in the gradual manner intended but instead could do so in a sudden and severe manner even if a banking organization were to experience only a modest reduction in its capital ratios. As a result, to better allow a banking organization to use its capital buffer as intended and continue lending in adverse conditions, the U.S. banking agencies issued an interim final rule that became effective in March 2020, and revised the definition of eligible retained income to the greater of (1) a banking organization’s net income for the four preceding calendar quarters, net of any distributions and associated tax effects not already reflected in net income, and (2) the average of a banking organization’s net income over the preceding four quarters. This interim final rule was adopted as final with no changes effective January 1, 2021. Ally and Ally Bank are subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. While BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. In addition, under FDICIA, only well-capitalized and, with a waiver from the FDIC, adequately capitalized institutions may accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. At June 30, 2021, Ally Bank was well capitalized under the PCA framework. The following table summarizes our capital ratios under U.S. Basel III.
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was required to maintain a minimum capital conservation buffer of 3.5% at both June 30, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both June 30, 2021, and December 31, 2020. (b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective for the first quarter of 2020 and that provides BHCs and banks with an alternative option to temporarily delay an estimate of the impact of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. The interim final rule was clarified and adjusted in a final rule that became effective in September 2020. We have elected this alternative option instead of the one described in the December 2018 rule. As a result, under the final rule, we will delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extends through December 31, 2021. Beginning on January 1, 2022, we will be required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. The estimated impact of CECL on regulatory capital that we will defer and later phase in is calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of June 30, 2021, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $1.1 billion. At both June 30, 2021, and December 31, 2020, Ally and Ally Bank were “well-capitalized.” Compliance with capital requirements is a strategic priority for Ally. We expect to be in compliance with all applicable requirements within the established timeframes. Capital Planning and Stress Tests Under the tailoring framework described earlier in the section titled Basel Capital Framework, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary. We submitted our 2020 capital plan in April 2020, which included planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon. In June 2020, the FRB provided us with the results of the supervisory stress test, additional industry-wide sensitivity analyses conducted in light of the COVID-19 pandemic, and our preliminary stress capital buffer requirement. As described earlier in the section titled Basel Capital Framework, we updated our capital plan in light of revised stress scenarios from the FRB and submitted our updated plan to the FRB in November 2020. In December 2020, the FRB publicly disclosed summary results of its second round of supervisory stress testing and extended its deadline for notifying firms about whether their stress capital buffer requirements will be recalculated to March 31, 2021. On March 25, 2021, the FRB further extended this deadline to June 30, 2021. On June 24, 2021, we received notification from the FRB that our stress capital buffer requirement would not be recalculated in connection with the second round of 2020 supervisory stress testing. In June 2020, the FRB announced several actions to ensure that large firms, such as Ally, would remain resilient despite the economic uncertainty from the COVID-19 pandemic, including for the third quarter of 2020 (1) the suspension of repurchases by any firm of its common stock, except repurchases relating to issuances of common stock related to employee stock ownership plans, and (2) the disallowance of any increase by a firm in the amount of its common-stock dividends and the imposition of a common-stock dividend limit equal to the average of the firm’s net income for the four preceding calendar quarters. These restrictions were extended by the FRB for the fourth quarter of 2020. In December 2020, the FRB extended and modified these restrictions for the first quarter of 2021 to limit aggregate common-stock dividends and share repurchases to an amount equal to the average of the firm’s net income for the four preceding calendar quarters subject to specified exceptions. On March 25, 2021, the FRB extended these modified restrictions for the second quarter of 2021 and announced that, for a firm such as Ally that is not subject to the 2021 supervisory stress test and on a two-year cycle, the additional restrictions will end after June 30, 2021, and the firm’s stress capital buffer requirement based on the June 2020 supervisory stress test results will remain in place. On January 11, 2021, our Board authorized a stock-repurchase program, permitting us to repurchase up to $1.6 billion of our common stock from time to time from the first quarter of 2021 through the fourth quarter of 2021 subject to restrictions imposed by the FRB. On July 12, 2021, our Board authorized an increase in the maximum amount of this stock-repurchase program, from $1.6 billion to $2.0 billion, and an increase in our cash dividend on common stock, from $0.19 per share for the second quarter of 2021 to $0.25 per share for the third quarter of 2021. In January 2021, the FRB issued a final rule effective April 5, 2021, to align its capital planning and stress capital buffer requirements with the tailoring framework. Under the final rule, unless otherwise directed by the FRB in specified circumstances, Ally and other Category IV firms are generally no longer required to calculate forward-looking projections of revenues, losses, reserves, and pro forma capital levels under scenarios provided by the FRB. Each firm continues to be required, however, to provide a forward-looking analysis of income and capital levels under expected and stressful conditions that are designed by the firm. In addition, for Category IV firms, the final rule updated the frequency of calculating the portion of the stress capital buffer derived from the supervisory stress test to every other year. These firms have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which they would not generally be subject to the supervisory stress test. During a year in which a Category IV firm does not undergo a supervisory stress test, the firm would receive an updated stress capital buffer requirement that reflects its updated planned common-stock dividends. The final rule also includes reporting and other changes consistent with the tailoring framework. The deadline for electing to opt into the 2021 supervisory stress test was April 5, 2021, and Ally did not make such an election. We submitted our 2021 capital plan on April 5, 2021, which includes planned capital distributions to common stockholders through share repurchases and cash dividends over the nine-quarter planning horizon and other capital actions. During the second quarter of 2021, we issued $1.35 billion of Series B Preferred Stock and $1.0 billion of Series C Preferred Stock, both of which qualify as additional Tier 1 capital under U.S. Basel III. The proceeds from these issuances were used to redeem a portion of the Series 2 TRUPS then outstanding. Refer to Note 12 and Note 14 for additional details about these instruments and capital actions. On June 28, 2021, we submitted an updated capital plan to the FRB reflecting these capital actions and the increases in our stock-repurchase program and common-stock dividend described above. We expect to receive our final stress capital buffer requirement by August 31, 2021, which will become effective on October 1, 2021. 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 and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB), impacts related to the COVID-19 pandemic, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time. The following table presents information related to our common stock and distributions to our common stockholders over the last five quarters.
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b)On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action. (c)On July 12, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock, payable on August 16, 2021, to stockholders of record at the close of business on August 2, 2021. Refer to Note 24 for further information regarding this common stock dividend.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options in connection with our risk-management activities. Our primary objective for utilizing derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio. Interest Rate Risk We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve our desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades 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 (which do not qualify for hedge accounting treatment). Derivatives qualifying for hedge accounting treatment 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, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of closed portfolios of fixed-rate held-for-investment consumer automotive loan assets in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. 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 and deposit liabilities, receive-fixed swaps designated as cash flow hedges of the expected future cash flows in the form of interest receipts on certain securities within our available-for-sale portfolio, as well as interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans. We execute economic hedges, which may consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk. We also enter into interest rate lock commitments and forward 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 investment 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 income. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, 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 or expense offsetting the gains and losses on the associated foreign-currency transactions. Investment Risk We enter into equity options to mitigate the risk associated with our exposure to the equity markets. Credit Risk We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, Ally may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative. 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. We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements. We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral 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. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral. We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which requires us to post and receive 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 six months ended June 30, 2021, or 2020. We placed cash and noncash collateral totaling $3 million and $151 million, respectively, supporting our derivative positions at June 30, 2021, compared to $4 million and $145 million of cash and noncash collateral at December 31, 2020, in accounts maintained by counterparties. These amounts include collateral placed at clearinghouses and exclude cash and noncash collateral pledged under 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 $4 million in accounts maintained by counterparties at June 30, 2021. This amount includes collateral received from clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. 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 amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The 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. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin 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 on our Condensed Consolidated Balance Sheet. 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.
n/a = not applicable (a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $84 million and $56 million as of June 30, 2021, and December 31, 2020, respectively. The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b)The carrying amount of hedged available-for-sale securities is presented above using amortized cost and includes $3.5 billion and $592 million at June 30, 2021, and December 31, 2020, respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c)The amount that is identified as the last of layer in the open hedge relationship was $2.9 billion as of June 30, 2021. The basis adjustment associated with the open last of layer relationship was a $5 million liability as of June 30, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $1.7 billion and $1.2 billion as of June 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the discontinued last of layer relationship was a $15 million asset as of June 30, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship. (d)The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $12.7 billion and $9.4 billion at June 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $63 million asset as of June 30, 2021, and a $153 million asset as of December 31, 2020, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $20.1 billion at June 30, 2021, and $18.5 billion at December 31, 2020. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $61 million asset and a $72 million asset as of June 30, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship. Statement of Comprehensive Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
During the next 12 months, we estimate $29 million of gains will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
The following table summarizes the effect of cash flow hedges on accumulated other comprehensive income.
The following table summarizes the effect of net investment hedges on accumulated other comprehensive income and the Condensed Consolidated Statement of Comprehensive Income.
(a)There were no amounts excluded from effectiveness testing for the three months and six months ended June 30, 2021, or 2020. (b)Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and six months ended June 30, 2021, or 2020.
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Income Taxes |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recognized total income tax expense from continuing operations of $143 million and $354 million for the three months and six months ended June 30, 2021, respectively, compared to income tax expense of $95 million and $3 million for the same periods in 2020. The increases in income tax expense for the three months and six months ended June 30, 2021, compared to the same periods in 2020, were primarily due to the tax effects of an increase in pretax earnings, partially offset by a nonrecurring tax benefit from the release of valuation allowance on foreign tax credit carryforwards during the second quarter of 2021, and a nondeductible goodwill impairment in the second quarter of 2020. The valuation allowance release during the three months ended June 30, 2021, was primarily driven by our current capacity to engage in certain securitization transactions and the market demand from investors related to these transactions, coupled with the anticipated timing of the forecasted expiration of foreign tax credit carryforwards. This release of valuation allowance in continuing operations of approximately $78 million resulted in a significant variation in the customary relationship between pretax income and income tax expense for the six months ended June 30, 2021. The nondeductible goodwill impairment resulted in a significant variation in the customary relationship between pretax income and income tax expense for the six months ended June 30, 2020. Additionally, we recognized total income tax benefit from discontinued operations of $2 million during the second quarter of 2021. This amount includes a $78 million income tax benefit related to our tax election change from deducting foreign taxes paid to claiming the foreign tax credit carryforwards on a prior tax return substantially offset by income tax expense of $76 million related to the establishment of a partial valuation allowance against these tax credit carryforwards. 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. Following the changes to the aforementioned valuation allowance, we continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards 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 these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 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. Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. 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. 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. The 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. •Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. •Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. •Interests retained in financial asset sales — We retain 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 (for example, forward interest rates) and internally developed inputs (for example, 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 equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1. We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these 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 derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward-sale commitments that are executed as part of our mortgage business, certain of which 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 with unobservable inputs, they are classified as Level 3. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, Ally may withhold a portion of the purchase price from the counterparty and be required to pay the counterparty all or part of the amount withheld at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than or equal to what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and 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 CVA, if warranted. The CVA calculation would utilize 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.
(a)Our direct investment in any one industry did not exceed 11%. (b)Carried at fair value due to fair value option elections.
(a)Our direct investment in any one industry did not exceed 11%. (b)Carried at fair value due to fair value option elections. 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.
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income. (b)Carried at fair value due to fair value option elections. (c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income. (b)Carried at fair value due to fair value option elections. (c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. 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 assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2021, and December 31, 2020, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
n/m = not meaningful (a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 reserve, loan loss allowance, or cumulative adjustment. (b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c)Primarily relates to an investment in one entity for which there was a subsequent funding round resulting in an observable price change in the value of our investment in the entity. Refer to Note 10 for further discussion. (d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
n/m = not meaningful (a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 reserve, loan loss allowance, or cumulative adjustment. (b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c)Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion. (d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Additionally, on April 30, 2020, we recognized a $50 million impairment of goodwill at Ally Invest. At the time of impairment, the fair value of goodwill at Ally Invest was classified as Level 3 under the fair value hierarchy. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held for sale and certain acquired unsecured consumer finance receivables. We elected the fair value option for conforming mortgage loans held for sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain acquired unsecured consumer finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or 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 June 30, 2021, and December 31, 2020.
(a)Included in other assets on our Condensed Consolidated Balance Sheet. In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. 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.
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Offsetting Assets and Liabilities |
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Offsetting Assets and Liabilities | 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 (i) 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 (ii) 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 June 30, 2021, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 18. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
(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. 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. We have not sold or pledged any of the noncash collateral received under these agreements.
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Segment Information | 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 business-line 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 United States providing automotive financing services to consumers, automotive dealers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, 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 VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory. Mortgage Finance operations — Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third-party fulfillment provider. Through the bulk loan channel, we purchase loans from several qualified sellers on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel. Corporate Finance operations — Primarily provides senior secured leveraged cash flow and asset-based loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. We also provide, through our Lender Finance business, nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer a commercial real estate product to serve companies in the healthcare industry. Corporate and Other primarily consists of 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, original issue discount, and the residual impacts of our corporate FTP and treasury 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. Financial results related to Ally Invest, our online brokerage operations, and Ally Lending, our point-of-sale financing business, are also 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.
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.6 billion and $767 million for the three months ended June 30, 2021, and June 30, 2020, respectively.
(a)Net financing revenue and other interest income after the provision for credit losses totaled $3.0 billion and $1.0 billion for the six months ended June 30, 2021, and June 30, 2020, respectively.
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Contingencies and Other Risks |
6 Months Ended |
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Jun. 30, 2021 | |
Loss Contingency [Abstract] | |
Contingencies and Other Risks | Contingencies and Other Risks As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. 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 business lines 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. Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a legal matter or other 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 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 or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for additional information related to our policy for establishing accruals. 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. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period. Descriptions of certain of our 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 paragraphs. Purported and Certified Class Actions In March 2016, Ally filed an action against two buyers of a motor vehicle—Ally Financial Inc. v. Alberta Haskins and David Duncan, Case No. 16JE-AC01713-01, in the Circuit Court of Jefferson County, Missouri—for the purpose of collecting the deficiency that remained due under the retail installment sales contract after the buyers had defaulted and the vehicle had been repossessed and disposed of. In March 2017, the buyers filed a second amended answer and counterclaim on behalf of nationwide and Missouri classes, arguing that Ally’s pre- and post-disposition notices had violated Article 9 of the Uniform Commercial Code as adopted in each State and other applicable jurisdiction. The request for relief included an indeterminate amount of actual, statutory, and punitive damages as well as fees, costs, interest, and other remedies. In May 2018, the circuit court certified the nationwide and Missouri classes and denied Ally’s motion for partial summary judgment. In September 2018, the case was reassigned to a different circuit-court judge, and in February 2019, Ally filed a motion to decertify the nationwide and Missouri classes. In November 2019, the circuit court denied Ally’s motion to decertify. In December 2019, Ally filed a petition with the Missouri Court of Appeals and then with the Missouri Supreme Court for a writ prohibiting the circuit court from taking further action other than vacating the order denying decertification, but each of those petitions was denied. In June 2020, the buyers on behalf of the certified nationwide and Missouri classes filed a motion for partial summary judgment on liability and damages, including statutory damages, the waiver of amounts due, and prejudgment interest. These damages, if awarded by the court, could be significant. In August 2020, Ally filed a petition for a writ of certiorari with the United States Supreme Court—Ally Financial Inc. v. Alberta Haskins et al., No. 20-177—requesting review of the Missouri Supreme Court’s order denying Ally’s petition for a writ of prohibition. In December 2020, Ally—while maintaining its denial of any liability or wrongdoing and its other positions in the case—entered into a binding memorandum of understanding with the buyers, on behalf of the nationwide and Missouri classes, to fully settle the case. In January 2021, the United States Supreme Court granted a joint motion to defer consideration of Ally’s petition for a writ of certiorari. In March 2021, the parties executed and filed with the circuit court a class-action settlement agreement and release that includes provisions for a cash payment of $87.5 million by Ally, a waiver of $700 million in charged-off deficiency balances by Ally, a request by Ally that identified consumer reporting agencies delete specified trade lines, and a release by the nationwide and Missouri classes of related claims against Ally. The class-action settlement agreement and release was preliminarily approved by the circuit court in March 2021, and specified notices have been delivered to class members. The class-action settlement agreement and release remains subject to final approval by the circuit court and related conditions. During the year ended December 31, 2020, Ally established an accrual of $87.5 million related to this matter. In February 2021, a purported class action—Cheng et al. v. Ally Financial Inc. et al.—was filed in the U.S. District Court for the Northern District of California (Case No. 3:21-cv-00781). The complaint alleges that Ally and other defendants conspired to prevent or restrict retail investors from purchasing or otherwise acquiring long positions in specified equity securities and to force them instead to sell their positions in those securities at artificially lower prices. The claims include alleged violations of antitrust and unfair-competition laws, misleading public statements, breach of fiduciary duty and the implied covenant of good faith and fair dealing, negligence, and constructive fraud. The request for relief includes an indeterminate amount of damages, fees, costs, and interest, injunctive relief, and other remedies. Also in February 2021, three other purported class actions were filed—Clapp et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Northern District of California (Case No. 3:21-cv-00896), Dechirico et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Eastern District of New York (Case No. 1:21-cv-00677), and Ross et al. v. Ally Financial Inc. et al. in the U.S. District Court for the Southern District of Texas (Case No. 4:21-cv-00292). In March 2021, a fifth purported class action—Fox et al. v. Ally Financial Inc. et al.—was filed in the U.S. District Court for the District of Minnesota (Case No. 0:21-cv-00689). In April 2021, the U.S. Judicial Panel on Multidistrict Litigation consolidated all five of these cases into a multidistrict litigation proceeding in the U.S. District Court for the Southern District of Florida with the caption In re: January 2021 Short Squeeze Trading Litigation (Case No. 1:21-md-02989). Also in April 2021, a sixth purported class action—D’Agostino et al. v. Ally Financial Inc. et al.— was filed in the U.S. District Court for the Southern District of Florida (Case No. 1:21-cv-21458), and in July 2021, this case was consolidated into the multidistrict litigation proceeding as well. The allegations and requested relief in the Clapp, Dechirico, Ross, Fox, and D’Agostino complaints are substantially similar to those included in the Cheng complaint. We intend to vigorously defend against these actions.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Common Dividend and Share Repurchase Authorization On July 12, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock. The dividend is payable on August 16, 2021, to stockholders of record at the close of business on August 2, 2021. At the same time, our Board authorized a stock-repurchase program, permitting us to repurchase up to $2.0 billion of common stock for 2021. This stock-repurchase program replaces the $1.6 billion program previously authorized on January 11, 2021. Partial Redemption of Trust Preferred Securities On July 2, 2021, we effectuated the redemption of $1.04 billion, or 41,600,000 shares of the Series 2 TRUPS then outstanding, following the issuance of $1.0 billion of preferred stock, Series C, on June 2, 2021. Refer to Note 12 for further information regarding this partial redemption of our Trust Preferred Securities.
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Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, and the determination of the provision for income taxes. |
Income Taxes | Income Taxes In calculating the provision for interim income taxes, in accordance with 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 2020 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K regarding additional significant accounting policies.
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Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Reference Rate Reform (ASU 2021-01) In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope of ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment. We adopted the amendments in this ASU immediately upon issuance in January 2021 on a prospective basis and will apply this guidance, along with the guidance from ASU 2020-04, as contracts are modified through December 2022. The adoption did not have an immediate direct impact on our financial statements. We do not expect there to be a material impact to our financial statements.
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Fair Value Measurements | 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. 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.
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Revenue from Contracts with Customers (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K.
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at April 1, 2021, and April 1, 2020, respectively, and $228 million and $211 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2021, and June 30, 2020, respectively. (b)At June 30, 2021, we had unearned revenue of $3.1 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $423 million during the remainder of 2021, $789 million in 2022, $700 million in 2023, $531 million in 2024, and $628 million thereafter. At June 30, 2020, we had unearned revenue of $2.9 billion associated with outstanding contracts. (c)We had deferred insurance assets of $1.8 billion and $1.9 billion at April 1, 2021, and June 30, 2021, respectively, and recognized $133 million of expense during the three months ended June 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at April 1, 2020, and June 30, 2020, respectively, and recognized $121 million of expense during the three months ended June 30, 2020. (d)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
(a)We had opening balances of $3.0 billion and $2.9 billion in unearned revenue associated with outstanding contracts at January 1, 2021, and January 1, 2020, respectively, and $453 million and $425 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the six months ended June 30, 2021, and June 30, 2020. (b)We had deferred insurance assets of $1.8 billion and $1.9 billion at January 1, 2021, and June 30, 2021, respectively, and recognized $265 million of expense during the six months ended June 30, 2021. We had deferred insurance assets of $1.7 billion and $1.8 billion at January 1, 2020, and June 30, 2020, respectively, and recognized $246 million of expense during the six months ended June 30, 2020. (c)Reflects various services fees we charge depositors. Effective May 25, 2021, we eliminated all overdraft fees for Ally Bank deposit accounts. (d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.
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Other Income, Net of Losses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component | Details of other income, net of losses, were as follows.
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Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [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.
(a)There have been no material adverse changes to the reserve for prior years.
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Other Operating Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Operating Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component | 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 Portfolio | Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.
(a)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both June 30, 2021, and December 31, 2020. (b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information. (c)Available-for-sale securities with a fair value of $151 million and $145 million at June 30, 2021, and December 31, 2020, respectively, were pledged for purposes as required by contractual obligation or law. Under these agreements, we granted the counterparty the right to sell or pledge the underlying investment securities. (d)Totals do not include accrued interest receivable, which was $90 million at both June 30, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. (e)There was no allowance for credit losses recorded at June 30, 2021, or December 31, 2020, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (f)Totals do not include accrued interest receivable, which was $3 million at both June 30, 2021, and December 31, 2020. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
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Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.
(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.
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Investment Income | The following table presents interest and dividends on investment securities.
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Schedule of Realized Gain (Loss) | The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.
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Held to Maturity Debt Securities by Credit Quality | The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of June 30, 2021, and December 31, 2020. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. They represent a composite of the ratings or, where credit ratings cannot be sourced from the agencies, are presented based on the asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of June 30, 2021, and December 31, 2020. We have not recorded any interest income reversals on our held-to-maturity securities during the six months ended June 30, 2021, or 2020.
(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.
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Schedule of Unrealized Loss on Investments | The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K. As of June 30, 2021, and December 31, 2020, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As a result of this evaluation, management determined that no credit reserves were required at June 30, 2021, or December 31, 2020. We have not recorded any interest income reversals on our available-for-sale securities during the six months ended June 30, 2021, or 2020.
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Finance Receivables and Loans, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at amortized cost basis was as follows.
(a)Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 18 for additional information. (b)Includes loans originated as interest-only mortgage loans of $6 million and $8 million at June 30, 2021, and December 31, 2020, respectively. All of these loans have exited the interest-only period. (c)Includes loans originated as interest-only mortgage loans of $25 million and $30 million at June 30, 2021, and December 31, 2020, respectively, of which 99% have exited the interest-only period. (d)Includes $8 million of finance receivables at both June 30, 2021, and December 31, 2020, for which we have elected the fair value option. (e)Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.2 billion and $2.0 billion at June 30, 2021, and December 31, 2020, respectively. (f)Totals do not include accrued interest receivable, which was $475 million and $587 million at June 30, 2021, and December 31, 2020, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.
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Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and six months ended June 30, 2021.
(a)Excludes $8 million of finance receivables at both April 1, 2021, and June 30, 2021, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $8 million of finance receivables at both June 30, 2021, and December 31, 2020, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $10 million and $8 million of finance receivables at April 1, 2020, and June 30, 2020, respectively, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
(a)Excludes $8 million and $11 million of finance receivables at June 30, 2020, and December 31, 2019, respectively, for which we have elected the fair value option. (b)Refer to Note 1 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for information regarding our charge-off policies.
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Schedule of Sales of Financing 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 based on net carrying value.
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Schedule of Purchases of Financing Receivables and Loans | The following table presents information about significant purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.
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Schedule of Financing Receivables, Nonaccrual Status | The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of June 30, 2021, and December 31, 2020.
(a)Represents a component of nonaccrual status at end of period.
(a)Represents a component of nonaccrual status at end of period.
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Troubled Debt Restructurings on Financing Receivables | The following tables present information related to finance receivables and loans recorded at amortized cost modified in connection with a TDR during the period.
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Finance Receivables and Loans Redefaulted During the Period | The following tables present information about finance receivables and loans recorded at amortized cost 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 2020 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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Financing Receivable, Credit Quality Indicator [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.
(a)Excludes $8 million of finance receivables at June 30, 2021, for which we have elected the fair value option.
(a)Excludes $8 million of finance receivables at December 31, 2020, for which we have elected the fair value option.
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Financing Receivable, Credit Quality Indicator [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year.
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Past Due Financing Receivables | The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis.
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Leasing (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2021, and that have noncancelable lease terms expiring after June 30, 2021.
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Lease, Cost | The following table details the components of total net operating lease expense.
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
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Schedule of Investment in Operating Lease | The following table details our investment in operating leases.
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Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2021.
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Depreciation Expense on Operating Lease Assets | We recognized operating lease revenue of $384 million and $754 million for the three months and six months ended June 30, 2021, respectively, and $343 million and $710 million for the three months and six months ended June 30, 2020. Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $10 million during the three months and six months ended June 30, 2021, respectively, and $5 million and $12 million during the three months and six months ended June 30, 2020.
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Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2021.
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Securitizations and Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations And Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | 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.
(a)Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs. (b)Includes $10.9 billion and $9.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at June 30, 2021, and December 31, 2020, respectively. Ally or consolidated affiliates hold the interests in these assets. (c)Includes $114 million and $94 million of liabilities that were not obligations to third-party beneficial interest holders at June 30, 2021, and December 31, 2020, respectively. (d)Amounts are classified as other assets. (e)Amounts are classified as accrued expenses and other liabilities. (f)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 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.
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Schedule of Cash Flow Received and Paid to Nonconsolidated Securitization Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive assets (for example, servicing) that were outstanding during the six months ended June 30, 2021, and 2020. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.
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Other Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | The components of other assets were as follows.
(a)Includes investments in FHLB stock of $239 million and $276 million at June 30, 2021, and December 31, 2020, respectively; FRB stock of $449 million at both June 30, 2021, and December 31, 2020; and equity securities without a readily determinable fair value of $251 million and $189 million at June 30, 2021, and December 31, 2020, respectively, measured at cost with adjustments for impairment and observable changes in price. (b)During both the three months and six months ended June 30, 2021, we recorded $81 million of upward adjustments related to equity securities without a readily determinable fair value still held at June 30, 2021, driven primarily by an investment in one entity for which there was a subsequent funding round at a higher valuation during the period, resulting in an observable price change. During both the three months and six months ended June 30, 2021, we recorded $1 million of impairments and downward adjustments related to equity securities without a readily determinable fair value still held at June 30, 2021. Securities held in our portfolio of equity securities without a readily determinable fair value as of June 30, 2021, include cumulative upward adjustments of $176 million and impairments and downward adjustments of $13 million through June 30, 2021. (c)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions. (d)Primarily relates to investments made in connection with our CRA program. (e)For additional information on finance lease right-of-use assets, refer to Note 8. (f)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements. (g)Includes gross intangible assets of $109 million at both June 30, 2021, and December 31, 2020, and accumulated amortization of $68 million and $59 million at June 30, 2021, and December 31, 2020, respectively. (h)For additional information on derivative instruments and hedging activities, refer to Note 18.
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Schedule of Goodwill | The carrying balance of goodwill by reportable operating segment was as follows.
(a)Includes $153 million of goodwill associated with Ally Lending at both June 30, 2021, and December 31, 2020, and $143 million of goodwill associated with Ally Invest at both June 30, 2021, and December 31, 2020.
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Deposit Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Liabilities | Deposit liabilities consisted of the following.
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio.
(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)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes.
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Long-term Debt | The following table presents the composition of our long-term debt portfolio.
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information. (b)Includes $1.2 billion and $2.6 billion of trust preferred securities at June 30, 2021, and December 31, 2020, respectively. (c)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $5.0 billion and $5.8 billion at June 30, 2021, and December 31, 2020, respectively.
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Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at June 30, 2021, 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.
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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.
(a)Ally Bank is a component of the total column. (b)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $14.0 billion and $20.0 billion at June 30, 2021, and December 31, 2020, 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 June 30, 2021, and December 31, 2020. 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 other subsidiaries. (c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
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Schedule of Committed Funding Facilities |
(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.
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Accrued Expenses and Other Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities were as follows.
(a)For additional information on derivative instruments and hedging activities, refer to Note 18.
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Preferred Stock (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock | The following table summarizes information about our preferred stock.
(a)We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following tables present changes, net of tax, in each component of accumulated other comprehensive income.
(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 18.
(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 18.
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Reclassification Out of Accumulated Other Comprehensive Income | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive income.
(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 18. (d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
(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 18.
(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 18. (d)Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.
(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 18.
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Earnings per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted earnings per common share.
(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. (c)Due to the antidilutive effect of the net loss from continuing operations for the six months ended June 30, 2020, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share. During the three months and six months ended June 30, 2020, there were 2.3 million and 2.4 million, respectively, in shares underlying share-based awards excluded because their inclusion would have been antidilutive. There were no antidilutive shares during the three months and six months ended June 30, 2021.
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Regulatory Capital and Other Regulatory Matters (Tables) |
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Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes our capital ratios under U.S. Basel III.
(a)In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was required to maintain a minimum capital conservation buffer of 3.5% at both June 30, 2021, and December 31, 2020, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5% at both June 30, 2021, and December 31, 2020. (b)Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c)Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
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Schedule of Common Share Distribution Activity | The following table presents information related to our common stock and distributions to our common stockholders over the last five quarters.
(a)Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b)On March 17, 2020, we announced the voluntary suspension of our stock-repurchase program through its termination on June 30, 2020. Consistent with the FRB’s restrictions on common-stock repurchases for large firms such as Ally, described above, we did not implement a new stock-repurchase program or repurchase shares of our common stock, except in connection with compensation plans, for the remainder of 2020. Refer to the discussion above for further details about this action. (c)On July 12, 2021, our Board declared a quarterly cash dividend of $0.25 per share on all common stock, payable on August 16, 2021, to stockholders of record at the close of business on August 2, 2021. Refer to Note 24 for further information regarding this common stock dividend.
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The 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. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin 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 on our Condensed Consolidated Balance Sheet. 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.
n/a = not applicable (a)The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $84 million and $56 million as of June 30, 2021, and December 31, 2020, respectively.
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
(a)Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b)The carrying amount of hedged available-for-sale securities is presented above using amortized cost and includes $3.5 billion and $592 million at June 30, 2021, and December 31, 2020, respectively, related to closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Refer to Note 6 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c)The amount that is identified as the last of layer in the open hedge relationship was $2.9 billion as of June 30, 2021. The basis adjustment associated with the open last of layer relationship was a $5 million liability as of June 30, 2021, which would be allocated across the entire remaining pool upon termination or maturity of the hedge relationship. The amount that has been identified as the last of layer in the discontinued hedge relationship was $1.7 billion and $1.2 billion as of June 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the discontinued last of layer relationship was a $15 million asset as of June 30, 2021, and a $20 million asset as of December 31, 2020, which was allocated across the entire remaining pool upon termination of the hedge relationship. (d)The hedged item represents the carrying value of the hedged portfolio of assets. The amount identified as the last of layer in the open hedge relationship was $12.7 billion and $9.4 billion at June 30, 2021, and December 31, 2020, respectively. The basis adjustment associated with the open last-of-layer relationship was a $63 million asset as of June 30, 2021, and a $153 million asset as of December 31, 2020, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. The amount that is identified as the last of layer in the discontinued hedge relationship was $20.1 billion at June 30, 2021, and $18.5 billion at December 31, 2020. The basis adjustment associated with the discontinued last-of-layer hedge relationship was a $61 million asset and a $72 million asset as of June 30, 2021, and December 31, 2020, respectively, which was allocated across the entire remaining pool upon termination of the hedge relationship.
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Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
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Schedule of Location and Amounts of Gains and Losses on Derivative Instruments | The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
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Schedule of Derivative Instruments | The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedges on accumulated other comprehensive income.
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Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive income and the Condensed Consolidated Statement of Comprehensive Income.
(a)There were no amounts excluded from effectiveness testing for the three months and six months ended June 30, 2021, or 2020. (b)Gains and losses reclassified from accumulated other comprehensive income are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and six months ended June 30, 2021, or 2020.
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | 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.
(a)Our direct investment in any one industry did not exceed 11%. (b)Carried at fair value due to fair value option elections.
(a)Our direct investment in any one industry did not exceed 11%. (b)Carried at fair value due to fair value option elections.
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Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation | 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.
(a)Net realized/unrealized gains are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income. (b)Carried at fair value due to fair value option elections. (c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized gains (losses) are reported as other gain on investments, net, in the Condensed Consolidated Statement of Comprehensive Income. (b)Carried at fair value due to fair value option elections. (c)Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income. (d)Net realized/unrealized gains are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(a)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b)Net realized/unrealized losses (gains) are reported as gain on mortgage and automotive loans, net, in the Condensed Consolidated Statement of Comprehensive Income.
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Fair Value Measurements - Nonrecurring Basis | The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2021, and December 31, 2020, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.
n/m = not meaningful (a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 reserve, loan loss allowance, or cumulative adjustment. (b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c)Primarily relates to an investment in one entity for which there was a subsequent funding round resulting in an observable price change in the value of our investment in the entity. Refer to Note 10 for further discussion. (d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
n/m = not meaningful (a)We consider the applicable valuation allowance, loan loss allowance, or cumulative impairment 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 reserve, loan loss allowance, or cumulative adjustment. (b)Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c)Primarily relates to an investment in one entity for which there was a subsequent funding round. This subsequent funding round resulted in an observable price change in the value of our investment in the entity. Refer to Note 13 to the Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion. (d)The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
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Fair Value, by Balance Sheet Grouping | 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 June 30, 2021, and December 31, 2020.
(a)Included in other assets on our Condensed Consolidated Balance Sheet.
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Offsetting Assets and Liabilities (Tables) |
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Offsetting Assets | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
(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. 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. We have not sold or pledged any of the noncash collateral received under these agreements.
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Offsetting Liabilities | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows.
(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. 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. We have not sold or pledged any of the noncash collateral received under these agreements.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows.
(a)Net financing revenue and other interest income after the provision for credit losses totaled $1.6 billion and $767 million for the three months ended June 30, 2021, and June 30, 2020, respectively.
(a)Net financing revenue and other interest income after the provision for credit losses totaled $3.0 billion and $1.0 billion for the six months ended June 30, 2021, and June 30, 2020, respectively.
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Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 215 | $ 179 | $ 433 | $ 365 | ||||
All other revenue | 323 | 376 | 670 | 456 | ||||
Total other revenue | 538 | 555 | 1,103 | 821 | ||||
Remarketing gains (losses), net | 128 | (11) | 192 | (9) | ||||
Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 20 | 15 | 46 | 32 | ||||
All other revenue | 58 | 37 | 90 | 79 | ||||
Total other revenue | 78 | 52 | 136 | 111 | ||||
Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 33 | 18 | 66 | 40 | ||||
All other revenue | 28 | 22 | 57 | 47 | ||||
Total other revenue | 61 | 40 | 123 | 87 | ||||
Remarketing gains (losses), net | 128 | (11) | 192 | (9) | ||||
Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 162 | 146 | 321 | 293 | ||||
All other revenue | 182 | 292 | 402 | 282 | ||||
Total other revenue | 344 | 438 | 723 | 575 | ||||
Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
All other revenue | 22 | 19 | 62 | 29 | ||||
Total other revenue | 22 | 19 | 62 | 29 | ||||
Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
All other revenue | 33 | 6 | 59 | 19 | ||||
Total other revenue | 33 | 6 | 59 | 19 | ||||
Noninsurance contracts | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 158 | 142 | 313 | 285 | ||||
Noninsurance contracts | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Noninsurance contracts | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Noninsurance contracts | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 158 | 142 | 313 | 285 | ||||
Unearned revenue, remaining performance obligation, amount | 3,100 | 2,900 | 3,100 | 2,900 | $ 3,000 | $ 3,000 | $ 2,900 | $ 2,900 |
Unearned revenue, revenue recognized | 228 | 211 | 453 | 425 | ||||
Capitalized contract cost, net | 1,900 | 1,800 | 1,900 | 1,800 | $ 1,800 | $ 1,800 | $ 1,700 | $ 1,700 |
Capitalized contract cost, amortization | 133 | 121 | 265 | 246 | ||||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 423 | $ 423 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 6 months | 6 months | ||||||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 789 | $ 789 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 700 | $ 700 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 531 | $ 531 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 628 | $ 628 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | ||||||||
Noninsurance contracts | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 0 | 0 | $ 0 | 0 | ||||
Noninsurance contracts | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 27 | 15 | 54 | 32 | ||||
Remarketing fee income | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 27 | 15 | 54 | 32 | ||||
Remarketing fee income | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 13 | 14 | 33 | 27 | ||||
Brokerage commissions and other revenue | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 13 | 14 | 33 | 27 | ||||
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Deposit account and other banking fees | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 5 | 1 | 11 | 5 | ||||
Deposit account and other banking fees | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 5 | 1 | 11 | 5 | ||||
Deposit account and other banking fees | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Deposit account and other banking fees | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Deposit account and other banking fees | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Deposit account and other banking fees | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 4 | 4 | 8 | 8 | ||||
Brokered/agent commissions | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 4 | 4 | 8 | 8 | ||||
Brokered/agent commissions | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 8 | 3 | 14 | 8 | ||||
Other | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 2 | 0 | 2 | 0 | ||||
Other | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 6 | 3 | 12 | 8 | ||||
Other | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Other Income, Net of Losses (Schedule of Other Income, Net of Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Nonoperating Income (Expense) [Abstract] | ||||
Gain (loss) on nonmarketable equity investments, net | $ 99 | $ (4) | $ 103 | $ (4) |
Late charges and other administrative fees | 29 | 16 | 60 | 37 |
Remarketing fees | 27 | 15 | 54 | 32 |
Income from equity-method investments | 31 | 53 | 45 | 52 |
Other, net | 63 | 11 | 114 | 54 |
Total other income, net of losses | $ 249 | $ 91 | $ 376 | $ 171 |
Reserves for Insurance Losses and Loss Adjustment Expenses (Rollforward of Reserves for Insurance Losses and Loss Adjustment Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross reserves for insurance losses and loss adjustment expenses, beginning balance | $ 129 | $ 122 | ||
Reinsurance recoverable | 90 | 88 | ||
Net reserves for insurance losses and loss adjustment expenses, beginning balance | 39 | 34 | ||
Net insurance losses and loss adjustment expenses, current year | 136 | 215 | ||
Net insurance losses and loss adjustment expenses, prior years | 1 | 1 | ||
Total net insurance losses and loss adjustment expenses incurred | $ 74 | $ 142 | 137 | 216 |
Net insurance losses and loss adjustment expenses paid or payable, current year | (108) | (178) | ||
Net insurance losses and loss adjustment expenses paid or payable, prior years | (27) | (26) | ||
Total net insurance losses and loss adjustment expenses paid or payable | (135) | (204) | ||
Net reserves for insurance losses and loss adjustment expenses, ending balance | 41 | 46 | 41 | 46 |
Reinsurance recoverable | 85 | 86 | 85 | 86 |
Gross reserves for insurance losses and loss adjustment expenses, ending balance | $ 126 | $ 132 | $ 126 | $ 132 |
Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Operating Expenses [Abstract] | ||||
Insurance commissions | $ 138 | $ 127 | $ 274 | $ 253 |
Technology and communications | 81 | 80 | 159 | 159 |
Lease and loan administration | 57 | 46 | 112 | 84 |
Advertising and marketing | 45 | 32 | 86 | 76 |
Property and equipment depreciation | 38 | 34 | 74 | 68 |
Professional services | 28 | 28 | 61 | 59 |
Charitable contributions | 54 | 3 | 55 | 4 |
Vehicle remarketing and repossession | 17 | 11 | 38 | 34 |
Regulatory and licensing fees | 17 | 29 | 35 | 58 |
Occupancy | 18 | 13 | 33 | 29 |
Non-income taxes | 9 | 7 | 15 | 14 |
Amortization of intangible assets | 4 | 5 | 9 | 10 |
Other | 49 | 44 | 89 | 97 |
Total other operating expenses | $ 555 | $ 459 | $ 1,040 | $ 945 |
Investment Securities (Investment Portfolio) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Available-for-sale securities | ||||
Debt securities, available-for-sale, fair value | [1] | $ 34,161 | $ 29,830 | |
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost | 1,126 | 1,253 | ||
Available-for-sale securities | ||||
Held-to-maturity securities | ||||
Securities pledged for Federal Home Loan Bank, at fair value | 151 | 145 | ||
Operating Segments | Insurance operations | Available-for-sale securities | ||||
Held-to-maturity securities | ||||
Deposit securities | 13 | 13 | ||
Available-for-sale debt securities | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 33,781 | 28,936 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 596 | 915 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (216) | (21) | ||
Debt securities, available-for-sale, fair value | 34,161 | 29,830 | ||
Held-to-maturity securities | ||||
Accrued interest receivable | 90 | 90 | ||
U.S. Treasury and federal agencies | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 2,153 | 783 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 12 | 20 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (17) | 0 | ||
Debt securities, available-for-sale, fair value | 2,148 | 803 | ||
U.S. States and political subdivisions | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 989 | 1,046 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 37 | 50 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (2) | (1) | ||
Debt securities, available-for-sale, fair value | 1,024 | 1,095 | ||
Foreign government | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 181 | 167 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 4 | 9 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (1) | 0 | ||
Debt securities, available-for-sale, fair value | 184 | 176 | ||
Agency mortgage-backed residential | ||||
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost | 1,126 | 1,253 | ||
Agency mortgage-backed residential | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 20,615 | 18,053 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 343 | 538 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (123) | (3) | ||
Debt securities, available-for-sale, fair value | 20,835 | 18,588 | ||
Agency mortgage-backed residential | Held-to-maturity securities | ||||
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost | 1,126 | 1,253 | ||
Debt securities, held-to-maturity, unrecognized gain | 57 | 79 | ||
Debt securities, held-to-maturity, unrecognized loss | (10) | (1) | ||
Held-to-maturity securities, fair value | 1,173 | 1,331 | ||
Mortgage-backed residential | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 2,890 | 2,595 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 25 | 49 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (5) | (4) | ||
Debt securities, available-for-sale, fair value | 2,910 | 2,640 | ||
Agency mortgage-backed commercial | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 4,355 | 4,063 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 109 | 139 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (59) | (13) | ||
Debt securities, available-for-sale, fair value | 4,405 | 4,189 | ||
Asset-backed | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 552 | 420 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 3 | 5 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | 0 | 0 | ||
Debt securities, available-for-sale, fair value | 555 | 425 | ||
Corporate debt | Available-for-sale securities | ||||
Available-for-sale securities | ||||
Debt securities, available-for-sale, amortized cost | 2,046 | 1,809 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain, before tax | 63 | 105 | ||
Debt securities, available-for-sale, accumulated gross unrealized loss, before tax | (9) | 0 | ||
Debt securities, available-for-sale, fair value | 2,100 | 1,914 | ||
Held-to-maturity securities | ||||
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost | 1,126 | 1,253 | ||
Debt securities, held-to-maturity, unrecognized gain | 57 | 79 | ||
Debt securities, held-to-maturity, unrecognized loss | (10) | (1) | ||
Held-to-maturity securities, fair value | 1,173 | 1,331 | ||
Accrued interest receivable | 3 | 3 | ||
Held-to-maturity securities | Held-to-maturity securities | ||||
Held-to-maturity securities | ||||
Held-to-maturity securities, fair value | $ 1,173 | $ 1,331 | ||
|
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Available-for-sale securities | ||||
Total available-for-sale debt securities | [1] | $ 34,161 | $ 29,830 | |
Held-to-maturity securities | ||||
Cash equivalents | 42 | 25 | ||
Held-to-maturity securities | ||||
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,126 | $ 1,253 | ||
Debt securities, held-to-maturity, yield | 2.90% | 3.00% | ||
Debt securities, held-to-maturity, maturity, within one year, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, one through five years, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due after one year through five years, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due after five years through ten years, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, after ten years, amortized cost | $ 1,126 | $ 1,253 | ||
Debt securities, held-to-maturity, due after ten years, yield | 2.90% | 3.00% | ||
Available-for-sale securities | Available-for-sale debt securities | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 34,161 | $ 29,830 | ||
Debt securities, available-for-sale, yield | 2.40% | 2.80% | ||
Debt securities, available-for-sale, due in one year or less | $ 179 | $ 226 | ||
Debt securities, available-for-sale, due in one year or less, yield | 2.50% | 2.30% | ||
Debt securities, available-for-sale, due after one year through five years | $ 1,917 | $ 1,871 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 2.00% | 2.20% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 5,056 | $ 3,218 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 1.90% | 2.40% | ||
Debt securities, available-for-sale, due after ten years | $ 27,009 | $ 24,515 | ||
Debt securities, available-for-sale, due after ten years, yield | 2.50% | 3.00% | ||
Debt securities, available-for-sale, amortized cost | $ 33,781 | $ 28,936 | ||
Debt securities, available-for-sale, maturity, within one year, amortized cost | 178 | 224 | ||
Debt securities, available-for-sale, maturity, after one through five years, amortized cost | 1,874 | 1,808 | ||
Debt securities, available-for-sale, maturity, after five through ten years, amortized cost | 4,945 | 3,022 | ||
Debt securities, available-for-sale, maturity, after ten years, amortized cost | 26,784 | 23,882 | ||
Available-for-sale securities | U.S. Treasury and federal agencies | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 2,148 | $ 803 | ||
Debt securities, available-for-sale, yield | 1.10% | 1.20% | ||
Debt securities, available-for-sale, due in one year or less | $ 12 | $ 13 | ||
Debt securities, available-for-sale, due in one year or less, yield | 1.60% | 0.10% | ||
Debt securities, available-for-sale, due after one year through five years | $ 510 | $ 708 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 0.90% | 1.10% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 1,626 | $ 82 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 1.20% | 1.70% | ||
Debt securities, available-for-sale, due after ten years | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due after ten years, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, amortized cost | $ 2,153 | $ 783 | ||
Available-for-sale securities | U.S. States and political subdivisions | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 1,024 | $ 1,095 | ||
Debt securities, available-for-sale, yield | 3.00% | 3.00% | ||
Debt securities, available-for-sale, due in one year or less | $ 51 | $ 49 | ||
Debt securities, available-for-sale, due in one year or less, yield | 2.50% | 1.40% | ||
Debt securities, available-for-sale, due after one year through five years | $ 102 | $ 103 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 2.40% | 2.30% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 212 | $ 228 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 2.70% | 2.70% | ||
Debt securities, available-for-sale, due after ten years | $ 659 | $ 715 | ||
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.30% | ||
Debt securities, available-for-sale, amortized cost | $ 989 | $ 1,046 | ||
Available-for-sale securities | Foreign government | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 184 | $ 176 | ||
Debt securities, available-for-sale, yield | 1.90% | 2.10% | ||
Debt securities, available-for-sale, due in one year or less | $ 13 | $ 9 | ||
Debt securities, available-for-sale, due in one year or less, yield | 2.10% | 1.70% | ||
Debt securities, available-for-sale, due after one year through five years | $ 106 | $ 86 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 2.00% | 2.30% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 65 | $ 81 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 1.80% | 1.90% | ||
Debt securities, available-for-sale, due after ten years | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due after ten years, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, amortized cost | $ 181 | $ 167 | ||
Available-for-sale securities | Agency mortgage-backed residential | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 20,835 | $ 18,588 | ||
Debt securities, available-for-sale, yield | 2.60% | 3.10% | ||
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 31 | $ 37 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 2.00% | 2.00% | ||
Debt securities, available-for-sale, due after ten years | $ 20,804 | $ 18,551 | ||
Debt securities, available-for-sale, due after ten years, yield | 2.60% | 3.10% | ||
Debt securities, available-for-sale, amortized cost | $ 20,615 | $ 18,053 | ||
Available-for-sale securities | Mortgage-backed residential | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 2,910 | $ 2,640 | ||
Debt securities, available-for-sale, yield | 2.80% | 3.10% | ||
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 28 | $ 36 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 2.90% | 2.90% | ||
Debt securities, available-for-sale, due after ten years | $ 2,882 | $ 2,604 | ||
Debt securities, available-for-sale, due after ten years, yield | 2.80% | 3.10% | ||
Debt securities, available-for-sale, amortized cost | $ 2,890 | $ 2,595 | ||
Available-for-sale securities | Agency mortgage-backed commercial | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 4,405 | $ 4,189 | ||
Debt securities, available-for-sale, yield | 1.90% | 1.90% | ||
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after one year through five years | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 1,753 | $ 1,628 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 2.30% | 2.30% | ||
Debt securities, available-for-sale, due after ten years | $ 2,652 | $ 2,561 | ||
Debt securities, available-for-sale, due after ten years, yield | 1.70% | 1.70% | ||
Debt securities, available-for-sale, amortized cost | $ 4,355 | $ 4,063 | ||
Available-for-sale securities | Asset-backed | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 555 | $ 425 | ||
Debt securities, available-for-sale, yield | 2.10% | 2.90% | ||
Debt securities, available-for-sale, due in one year or less | $ 0 | $ 0 | ||
Debt securities, available-for-sale, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, available-for-sale, due after one year through five years | $ 350 | $ 349 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 2.50% | 3.00% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 194 | $ 49 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 1.40% | 1.80% | ||
Debt securities, available-for-sale, due after ten years | $ 11 | $ 27 | ||
Debt securities, available-for-sale, due after ten years, yield | 3.20% | 3.10% | ||
Debt securities, available-for-sale, amortized cost | $ 552 | $ 420 | ||
Available-for-sale securities | Corporate debt | ||||
Available-for-sale securities | ||||
Total available-for-sale debt securities | $ 2,100 | $ 1,914 | ||
Debt securities, available-for-sale, yield | 2.40% | 2.70% | ||
Debt securities, available-for-sale, due in one year or less | $ 103 | $ 155 | ||
Debt securities, available-for-sale, due in one year or less, yield | 2.70% | 2.70% | ||
Debt securities, available-for-sale, due after one year through five years | $ 849 | $ 625 | ||
Debt securities, available-for-sale, due after one year through five years, yield | 2.40% | 2.90% | ||
Debt securities, available-for-sale, due after five years through ten years | $ 1,147 | $ 1,077 | ||
Debt securities, available-for-sale, due after five years through ten years, yield | 2.40% | 2.60% | ||
Debt securities, available-for-sale, due after ten years | $ 1 | $ 57 | ||
Debt securities, available-for-sale, due after ten years, yield | 1.70% | 2.10% | ||
Debt securities, available-for-sale, amortized cost | $ 2,046 | $ 1,809 | ||
Held-to-maturity securities | Agency mortgage-backed residential | ||||
Held-to-maturity securities | ||||
Debt securities, held-to-maturity, amortized cost, amount | $ 1,126 | $ 1,253 | ||
Debt securities, held-to-maturity, yield | 2.90% | 3.00% | ||
Debt securities, held-to-maturity, maturity, within one year, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due in one year or less, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, one through five years, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due after one year through five years, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, after five through ten years, amortized cost | $ 0 | $ 0 | ||
Debt securities, held-to-maturity, due after five years through ten years, yield | 0.00% | 0.00% | ||
Debt securities, held-to-maturity, maturity, after ten years, amortized cost | $ 1,126 | $ 1,253 | ||
Debt securities, held-to-maturity, due after ten years, yield | 2.90% | 3.00% | ||
|
Investment Securities (Investment Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest and dividends on investment securities | $ 147 | $ 197 | $ 278 | $ 423 |
Excludes other earning assets | ||||
Taxable interest | 131 | 177 | 245 | 382 |
Taxable dividends | 7 | 5 | 12 | 10 |
Interest and dividends exempt from U.S. federal income tax | 5 | 5 | 10 | 8 |
Interest and dividends on investment securities | $ 143 | $ 187 | $ 267 | $ 400 |
Investment Securities (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale securities, gross realized gains | $ 6 | $ 19 | $ 38 | $ 124 |
Net realized gains on available-for-sale securities | 6 | 19 | 38 | 124 |
Net realized gain on equity securities | 40 | 80 | 114 | 81 |
Net unrealized gain (loss) on equity securities | 19 | 89 | 36 | (96) |
Other gain on investments, net | $ 65 | $ 188 | $ 188 | $ 109 |
Investment securities (Investments Classified by Credit Rating) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,126 | $ 1,253 |
Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,126 | 1,253 |
AA Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,126 | 1,253 |
AA Rating | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,126 | $ 1,253 |
Investment Securities (Schedule of Unrealized Loss on Investments) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | $ 14,141 | $ 2,630 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (216) | (21) |
Debt securities, available-for-sale, fair value, 12 months or longer | 5 | 5 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
U.S. Treasury and federal agencies | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 871 | 3 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (17) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
U.S. States and political subdivisions | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 121 | 83 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (2) | (1) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Foreign government | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 57 | 7 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (1) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Agency mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 8,530 | 1,225 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (123) | (3) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Mortgage-backed residential | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 1,109 | 316 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (5) | (4) |
Debt securities, available-for-sale, fair value, 12 months or longer | 4 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Agency mortgage-backed commercial | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 2,764 | 926 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (59) | (13) |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Asset-backed | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 103 | 11 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | 0 | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 0 | 0 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | 0 | 0 |
Corporate debt | ||
Debt Securities [Line Items] | ||
Debt securities, available-for-sale, fair value, less than 12 months | 586 | 59 |
Debt securities, available-for-sale, unrealized loss, less than 12 months | (9) | 0 |
Debt securities, available-for-sale, fair value, 12 months or longer | 1 | 5 |
Debt securities, available-for-sale, unrealized loss, 12 months or longer | $ 0 | $ 0 |
Finance Receivables and Loans, Net (Schedule of Accounts, Notes, Loans and Financing Receivables) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | $ 112,217 | $ 118,534 | ||||
Unamortized premiums and discounts and deferred fees and costs | 2,200 | 2,000 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 90,649 | 89,202 | ||||
Consumer | Consumer automotive | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 75,951 | 73,668 | ||||
Consumer | Consumer mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 14,058 | 15,127 | ||||
Consumer | Mortgage Finance | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 13,629 | 14,632 | ||||
Interest-only mortgage loans | 6 | 8 | ||||
Consumer | Mortgage - Legacy | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 429 | 495 | ||||
Interest-only mortgage loans | $ 25 | 30 | ||||
Interest-only mortgage loans having exited the interest-only period | 99.00% | |||||
Consumer | Consumer other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | $ 640 | 407 | ||||
Finance receivables, fair value | 8 | $ 8 | 8 | $ 8 | $ 10 | $ 11 |
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 21,568 | 29,332 | ||||
Commercial | Consumer automotive | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 11,303 | 19,082 | ||||
Commercial | Consumer mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 4,823 | 5,008 | ||||
Commercial | Consumer other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total finance receivables and loans | 5,442 | 5,242 | ||||
Finance receivables and loans, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued interest receivable | $ 475 | $ 587 |
Finance Receivables and Loans, Net (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | $ 3,152 | $ 3,245 | $ 3,283 | $ 1,263 |
Charge-offs | (197) | (291) | (505) | (675) |
Recoveries | 203 | 113 | 393 | 231 |
Net charge-offs | 6 | (178) | (112) | (444) |
Provision for credit losses | (32) | 287 | (45) | 1,190 |
Other | 0 | 0 | 0 | (1) |
Allowance, ending balance | 3,126 | 3,354 | 3,126 | 3,354 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 1,346 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,609 | |||
Consumer | Consumer automotive | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,809 | 2,833 | 2,902 | 1,075 |
Charge-offs | (183) | (245) | (467) | (618) |
Recoveries | 188 | 108 | 375 | 219 |
Net charge-offs | 5 | (137) | (92) | (399) |
Provision for credit losses | (12) | 269 | (8) | 954 |
Other | 0 | (2) | 0 | (1) |
Allowance, ending balance | 2,802 | 2,963 | 2,802 | 2,963 |
Consumer | Consumer automotive | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 1,334 | |||
Consumer | Consumer automotive | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2,409 | |||
Consumer | Consumer mortgage | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 26 | 39 | 33 | 46 |
Charge-offs | (2) | (2) | (4) | (5) |
Recoveries | 3 | 4 | 6 | 9 |
Net charge-offs | 1 | 2 | 2 | 4 |
Provision for credit losses | (4) | 1 | (11) | (2) |
Other | 1 | 0 | 0 | 0 |
Allowance, ending balance | 24 | 42 | 24 | 42 |
Consumer | Consumer mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | (6) | |||
Consumer | Consumer mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 40 | |||
Consumer | Consumer other | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 69 | 45 | 73 | 9 |
Charge-offs | (5) | (4) | (13) | (9) |
Recoveries | 1 | 0 | 1 | 1 |
Net charge-offs | (4) | (4) | (12) | (8) |
Provision for credit losses | 8 | 6 | 11 | 31 |
Other | (1) | 2 | 0 | 1 |
Allowance, ending balance | 72 | 49 | 72 | 49 |
Consumer | Consumer other | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 16 | |||
Consumer | Consumer other | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 25 | |||
Commercial | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 248 | 328 | 275 | 133 |
Charge-offs | (7) | (40) | (21) | (43) |
Recoveries | 11 | 1 | 11 | 2 |
Net charge-offs | 4 | (39) | (10) | (41) |
Provision for credit losses | (24) | 11 | (37) | 207 |
Other | 0 | 0 | 0 | (1) |
Allowance, ending balance | $ 228 | $ 300 | $ 228 | 300 |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | 2 | |||
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning balance | $ 135 |
Finance Receivables and Loans, Net (Schedule of Sales of Financing Receivables and Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Sale | $ 84 | $ 0 | $ 413 | $ 0 |
Consumer | Consumer mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Sale | $ 84 | $ 0 | $ 413 | $ 0 |
Finance Receivables and Loans, Net (Schedule of Purchases of Financing Receivables and Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | $ 2,471 | $ 2,506 | $ 3,236 | $ 3,350 |
Consumer | Consumer automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | 727 | 635 | 1,304 | 995 |
Consumer | Consumer mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | 1,744 | 1,870 | 1,932 | 2,354 |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivables and loans, significant purchases | $ 0 | $ 1 | $ 0 | $ 1 |
Finance Receivables and Loans, Net (Schedule of Financing Receivables, Nonaccrual Status) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | $ 1,283 | $ 1,283 | $ 1,439 | $ 1,522 | $ 1,396 | $ 1,036 | ||
Financing receivable, nonaccrual, with no allowance | 584 | 584 | 706 | |||||
Financing receivable, nonaccrual, interest income | 3 | $ 4 | 5 | $ 6 | ||||
Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 1,111 | 1,111 | 1,270 | 1,361 | 1,140 | 821 | ||
Financing receivable, nonaccrual, with no allowance | 523 | 523 | 650 | |||||
Consumer | Consumer automotive | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 1,033 | 1,033 | 1,173 | 1,256 | 1,077 | 762 | ||
Financing receivable, nonaccrual, with no allowance | 472 | 472 | 604 | |||||
Consumer | Consumer mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 76 | 76 | 95 | 102 | 62 | 57 | ||
Financing receivable, nonaccrual, with no allowance | 51 | 51 | 46 | |||||
Consumer | Mortgage Finance | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 49 | 49 | 63 | 67 | 22 | 17 | ||
Financing receivable, nonaccrual, with no allowance | 26 | 26 | 18 | |||||
Consumer | Mortgage - Legacy | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 27 | 27 | 32 | 35 | 40 | 40 | ||
Financing receivable, nonaccrual, with no allowance | 25 | 25 | 28 | |||||
Consumer | Consumer other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 2 | 2 | 2 | 3 | 1 | 2 | ||
Financing receivable, nonaccrual, with no allowance | 0 | 0 | 0 | |||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 172 | 172 | 169 | 161 | 256 | 215 | ||
Financing receivable, nonaccrual, with no allowance | 61 | 61 | 56 | |||||
Commercial | Consumer automotive | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 33 | 33 | 17 | 40 | 86 | 73 | ||
Financing receivable, nonaccrual, with no allowance | 4 | 4 | 10 | |||||
Commercial | Consumer mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 6 | 6 | 2 | 5 | 8 | 4 | ||
Financing receivable, nonaccrual, with no allowance | 6 | 6 | 5 | |||||
Commercial | Consumer other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 133 | 133 | $ 150 | 116 | $ 162 | $ 138 | ||
Financing receivable, nonaccrual, with no allowance | $ 51 | $ 51 | $ 41 |
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Consumer) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total finance receivables and loans | $ 112,217 | $ 118,534 | ||||
Consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total finance receivables and loans | 90,649 | 89,202 | ||||
Consumer | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 23,430 | 31,399 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,611 | 22,426 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,166 | 14,509 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,675 | 9,765 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,734 | 5,143 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,714 | 5,604 | ||||
Financing Receivable, Revolving | 280 | 310 | ||||
Revolving loans converted to term | 31 | 38 | ||||
Total finance receivables and loans | 90,641 | 89,194 | ||||
Consumer | Consumer automotive | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 19,274 | 27,634 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 22,530 | 19,943 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,696 | 12,730 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,594 | 7,483 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,303 | 3,953 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,554 | 1,925 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 75,951 | 73,668 | ||||
Consumer | Consumer mortgage | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 3,776 | 3,444 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,871 | 2,425 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,438 | 1,765 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,073 | 2,277 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,429 | 1,189 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,160 | 3,679 | ||||
Financing Receivable, Revolving | 280 | 310 | ||||
Revolving loans converted to term | 31 | 38 | ||||
Total finance receivables and loans | 14,058 | 15,127 | ||||
Consumer | Mortgage Finance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 3,776 | 3,444 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,871 | 2,425 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,438 | 1,765 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,073 | 2,277 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,429 | 1,189 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,042 | 3,532 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 13,629 | 14,632 | ||||
Consumer | Mortgage - Legacy | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 118 | 147 | ||||
Financing Receivable, Revolving | 280 | 310 | ||||
Revolving loans converted to term | 31 | 38 | ||||
Total finance receivables and loans | 429 | 495 | ||||
Consumer | Consumer other | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total finance receivables and loans | 640 | 407 | ||||
Finance receivables, fair value | 8 | $ 8 | 8 | $ 8 | $ 10 | $ 11 |
Consumer | Consumer other | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 380 | 321 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 210 | 58 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 32 | 14 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | 5 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | 1 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 632 | 399 | ||||
Current period | Consumer | Consumer automotive | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 19,187 | 27,255 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 22,144 | 19,204 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,212 | 12,129 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,239 | 7,060 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,073 | 3,678 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,344 | 1,766 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 74,199 | 71,092 | ||||
Current period | Consumer | Mortgage Finance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 3,754 | 3,432 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,862 | 2,410 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,430 | 1,744 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,059 | 2,254 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,420 | 1,177 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,002 | 3,492 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 13,527 | 14,509 | ||||
Current period | Consumer | Mortgage - Legacy | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 98 | 121 | ||||
Financing Receivable, Revolving | 274 | 303 | ||||
Revolving loans converted to term | 30 | 36 | ||||
Total finance receivables and loans | 402 | 460 | ||||
Current period | Consumer | Consumer other | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 376 | 306 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 205 | 53 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31 | 13 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | 4 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2 | 1 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 622 | 377 | ||||
Financing receivables, 30 to 59 days past due | Consumer | Consumer automotive | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 69 | 281 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 280 | 466 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 332 | 376 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 244 | 264 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 157 | 174 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 139 | 97 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 1,221 | 1,658 | ||||
Financing receivables, 30 to 59 days past due | Consumer | Mortgage Finance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 22 | 10 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8 | 9 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5 | 10 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3 | 11 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5 | 7 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17 | 16 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 60 | 63 | ||||
Financing receivables, 30 to 59 days past due | Consumer | Mortgage - Legacy | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | 4 | ||||
Financing Receivable, Revolving | 2 | 2 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 4 | 6 | ||||
Financing receivables, 30 to 59 days past due | Consumer | Consumer other | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 2 | 9 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2 | 3 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | 1 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 5 | 13 | ||||
Financing receivables, 60 to 89 days past due | Consumer | Consumer automotive | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 14 | 66 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71 | 165 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94 | 129 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 66 | 88 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 40 | 55 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 33 | 32 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 318 | 535 | ||||
Financing receivables, 60 to 89 days past due | Consumer | Mortgage Finance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 1 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 1 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 3 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | 2 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 1 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3 | 3 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 5 | 11 | ||||
Financing receivables, 60 to 89 days past due | Consumer | Mortgage - Legacy | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | 2 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 2 | 2 | ||||
Financing receivables, 60 to 89 days past due | Consumer | Consumer other | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 1 | 4 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2 | 1 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 3 | 6 | ||||
Financing receivables, equal to greater than 90 days past due | Consumer | Consumer automotive | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 4 | 32 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 35 | 108 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 58 | 96 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 45 | 71 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 33 | 46 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 38 | 30 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 213 | 383 | ||||
Financing receivables, equal to greater than 90 days past due | Consumer | Mortgage Finance | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 1 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | 5 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3 | 8 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9 | 10 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4 | 4 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20 | 21 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | 37 | 49 | ||||
Financing receivables, equal to greater than 90 days past due | Consumer | Mortgage - Legacy | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16 | 20 | ||||
Financing Receivable, Revolving | 4 | 5 | ||||
Revolving loans converted to term | 1 | 2 | ||||
Total finance receivables and loans | 21 | 27 | ||||
Financing receivables, equal to greater than 90 days past due | Consumer | Consumer other | Excludes fair value option elected other loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing Receivable, Originated in Current Fiscal Year | 1 | 2 | ||||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | 1 | ||||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | ||||
Financing Receivable, Revolving | 0 | 0 | ||||
Revolving loans converted to term | 0 | 0 | ||||
Total finance receivables and loans | $ 2 | $ 3 |
Finance Receivables and Loans, Net (Financing Receivable Credit Quality Indicators Commercial) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 112,217 | $ 118,534 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 979 | 2,711 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,096 | 2,122 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,942 | 1,399 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,084 | 1,272 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 893 | 977 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,479 | 902 |
Financing Receivable, Revolving | 12,963 | 19,807 |
Revolving loans converted to term | 132 | 142 |
Total finance receivables and loans | 21,568 | 29,332 |
Automotive loan | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 230 | 920 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 363 | 245 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 224 | 117 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 87 | 143 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 90 | 86 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 112 | 52 |
Financing Receivable, Revolving | 10,197 | 17,519 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 11,303 | 19,082 |
Automotive loan | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 218 | 869 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 353 | 220 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 201 | 58 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 45 | 91 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52 | 76 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 73 | 34 |
Financing Receivable, Revolving | 9,261 | 15,433 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 10,203 | 16,781 |
Automotive loan | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 12 | 48 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 9 | 23 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23 | 59 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 41 | 52 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 38 | 9 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 37 | 18 |
Financing Receivable, Revolving | 887 | 2,013 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1,047 | 2,222 |
Automotive loan | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 3 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | 2 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 1 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | 0 |
Financing Receivable, Revolving | 49 | 72 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 53 | 78 |
Automotive loan | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 1 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 0 | 1 |
Consumer other | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 297 | 645 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 564 | 817 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 720 | 367 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 221 | 514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 315 | 183 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 434 | 288 |
Financing Receivable, Revolving | 2,763 | 2,288 |
Revolving loans converted to term | 128 | 140 |
Total finance receivables and loans | 5,442 | 5,242 |
Consumer other | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 297 | 536 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 457 | 622 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 556 | 244 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 194 | 210 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 90 | 81 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 218 | 69 |
Financing Receivable, Revolving | 2,675 | 2,142 |
Revolving loans converted to term | 86 | 76 |
Total finance receivables and loans | 4,573 | 3,980 |
Consumer other | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 76 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 75 | 169 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 139 | 123 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27 | 190 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 86 | 102 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 99 | 115 |
Financing Receivable, Revolving | 71 | 123 |
Revolving loans converted to term | 17 | 43 |
Total finance receivables and loans | 514 | 941 |
Consumer other | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 33 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32 | 26 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 25 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 108 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 138 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 90 | 77 |
Financing Receivable, Revolving | 17 | 21 |
Revolving loans converted to term | 25 | 20 |
Total finance receivables and loans | 327 | 285 |
Consumer other | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 6 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 27 | 27 |
Financing Receivable, Revolving | 0 | 2 |
Revolving loans converted to term | 0 | 1 |
Total finance receivables and loans | 27 | 36 |
Consumer other | Loss | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 1 | |
Commercial real estate | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 452 | 1,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,169 | 1,060 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 998 | 915 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 776 | 615 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 488 | 708 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 933 | 562 |
Financing Receivable, Revolving | 3 | 0 |
Revolving loans converted to term | 4 | 2 |
Total finance receivables and loans | 4,823 | 5,008 |
Commercial real estate | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 452 | 1,108 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,111 | 928 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 867 | 799 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 731 | 580 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 457 | 651 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 869 | 512 |
Financing Receivable, Revolving | 3 | 0 |
Revolving loans converted to term | 4 | 2 |
Total finance receivables and loans | 4,494 | 4,580 |
Commercial real estate | Special Mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 38 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 58 | 132 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 131 | 116 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 45 | 32 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31 | 49 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 49 | 43 |
Financing Receivable, Revolving | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 314 | 410 |
Commercial real estate | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 3 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 6 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 13 | 7 |
Financing Receivable, Revolving | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 13 | 16 |
Commercial real estate | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 2 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | $ 2 | $ 2 |
Finance Receivables and Loans, Net (Past Due Financing Receivables and Loans Commercial) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 112,217 | $ 118,534 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 21,568 | 29,332 |
Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 11,303 | 19,082 |
Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 5,442 | 5,242 |
Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 4,823 | 5,008 |
Total past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 2 | 2 |
Total past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Total past due | Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Total past due | Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 2 | 2 |
Financing receivables, 30 to 59 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 30 to 59 days past due | Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, 60 to 89 days past due | Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, equal to greater than 90 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 2 | 2 |
Financing receivables, equal to greater than 90 days past due | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, equal to greater than 90 days past due | Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 0 | 0 |
Financing receivables, equal to greater than 90 days past due | Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 2 | 2 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 21,566 | 29,330 |
Current | Automotive loan | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 11,303 | 19,082 |
Current | Consumer other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | 5,442 | 5,242 |
Current | Consumer mortgage | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total finance receivables and loans | $ 4,821 | $ 5,006 |
Finance Receivables and Loans, Net (Troubled Debt Restructurings) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
loan
|
Jun. 30, 2020
USD ($)
loan
|
Jun. 30, 2021
USD ($)
loan
|
Jun. 30, 2020
USD ($)
loan
|
Dec. 31, 2020
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, gross carrying value | $ 2,400 | $ 2,400 | $ 2,200 | ||
Loans and leases receivable, impaired, commitment to lend | $ 21 | $ 21 | $ 14 | ||
Financing receivable, modifications, number of loans | loan | 14,685 | 21,338 | 40,282 | 44,181 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 280 | $ 391 | $ 789 | $ 746 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 277 | $ 344 | $ 780 | $ 677 | |
Consumer | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 14,683 | 21,335 | 40,279 | 44,177 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 276 | $ 337 | $ 752 | $ 685 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 273 | $ 311 | $ 743 | $ 637 | |
Consumer | Automotive loan | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 14,670 | 21,293 | 40,260 | 44,093 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 271 | $ 323 | $ 743 | $ 663 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 267 | $ 297 | $ 733 | $ 615 | |
Consumer | Consumer mortgage | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 13 | 42 | 19 | 84 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 5 | $ 14 | $ 9 | $ 22 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 6 | $ 14 | $ 10 | $ 22 | |
Consumer | Mortgage Finance | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 10 | 19 | 15 | 29 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 4 | $ 11 | $ 8 | $ 15 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 5 | $ 11 | $ 9 | $ 15 | |
Consumer | Mortgage - Legacy | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 3 | 23 | 4 | 55 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1 | $ 3 | $ 1 | $ 7 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 1 | $ 3 | $ 1 | $ 7 | |
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 2 | 3 | 3 | 4 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 4 | $ 54 | $ 37 | $ 61 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 4 | $ 33 | $ 37 | $ 40 | |
Commercial | Automotive loan | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 1 | 2 | 1 | 3 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 1 | $ 31 | $ 1 | $ 38 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 1 | $ 26 | $ 1 | $ 33 | |
Commercial | Consumer other | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 0 | 1 | 1 | 1 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 0 | $ 23 | $ 33 | $ 23 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 0 | $ 7 | $ 33 | $ 7 | |
Commercial | Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring | |||||
Financing receivable, modifications, number of loans | loan | 1 | 0 | 1 | 0 | |
Financing receivable, modifications, pre-modification amortized cost basis | $ 3 | $ 0 | $ 3 | $ 0 | |
Financing receivable, modifications, post-modification amortized cost basis | $ 3 | $ 0 | $ 3 | $ 0 |
Finance Receivables and Loans, Net (Finance Receivables and Loans Redefaulted During the Period) (Details) - Consumer $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
loan
|
Jun. 30, 2020
USD ($)
loan
|
Jun. 30, 2021
USD ($)
loan
|
Jun. 30, 2020
USD ($)
loan
|
|
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | loan | 1,754 | 1,119 | 4,570 | 2,283 |
Amortized cost | $ 22 | $ 11 | $ 55 | $ 24 |
Charge-off amount | $ 11 | $ 8 | $ 31 | $ 17 |
Automotive loan | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | loan | 1,751 | 1,119 | 4,565 | 2,283 |
Amortized cost | $ 22 | $ 11 | $ 55 | $ 24 |
Charge-off amount | $ 11 | $ 8 | $ 31 | $ 17 |
Mortgage Finance | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | loan | 1 | 0 | 1 | 0 |
Amortized cost | $ 0 | $ 0 | $ 0 | $ 0 |
Charge-off amount | $ 0 | $ 0 | $ 0 | $ 0 |
Mortgage - Legacy | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | loan | 2 | 0 | 4 | 0 |
Amortized cost | $ 0 | $ 0 | $ 0 | $ 0 |
Charge-off amount | $ 0 | $ 0 | $ 0 | $ 0 |
Leasing (Ally as the Lessee) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | ||||||
Noncancelable lease term | 367 days | |||||
Lease extension, maximum | 48 months | |||||
Cash paid for amounts included in the measurement of lease liabilities | $ 16 | $ 12 | $ 29 | $ 25 | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 333 | $ 43 | ||||
Operating lease, weighted-average remaining lease term | 7 years | 7 years | 7 years | |||
Operating lease, weighted average discount rate | 2.15% | 2.15% | 2.21% | |||
Finance lease liabilities | $ 326 | $ 326 | $ 0 | |||
Undiscounted future lease payments | $ 13 | |||||
Term of contract | 10 years | |||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease remaining lease term | 3 months | 3 months | ||||
Option to terminate | 5 years | |||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease remaining lease term | 11 years | 11 years | ||||
Option to terminate | 6 years | |||||
Land and Building | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Option to extend | 1 year | |||||
Land and Building | Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Option to extend | 15 years |
Leasing (Lessee, Operating Lease, Liability, Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 20 | |
2022 | 35 | |
2023 | 27 | |
2024 | 20 | |
2025 | 18 | |
2026 and thereafter | 58 | |
Total undiscounted cash flows | 178 | |
Difference between undiscounted cash flows and discounted cash flows | (11) | |
Total lease liability | $ 167 | $ 187 |
Leasing (Lease, Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease expense | $ 14 | $ 11 | $ 26 | $ 24 |
Variable lease expense | 2 | 2 | 4 | 4 |
Total lease expense, net | $ 16 | $ 13 | $ 30 | $ 28 |
Leasing (Ally as the Lessor) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Lessor, Lease, Description [Line Items] | ||
Residual value guarantee, percentage | 15.00% | 15.00% |
Vehicles | $ 12,170 | $ 11,182 |
Accumulated depreciation | (1,455) | (1,543) |
Investment in operating leases, net | $ 10,715 | 9,639 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, lessee option to purchase underlying asset | 24 | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, lessee option to purchase underlying asset | 60 months | |
Vehicles | ||
Lessor, Lease, Description [Line Items] | ||
Residual value of leased asset | $ 264 | $ 352 |
Leasing (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 818 |
2022 | 1,326 |
2023 | 877 |
2024 | 274 |
2025 | 36 |
2026 and thereafter | 2 |
Total lease payments from operating leases | $ 3,333 |
Leasing (Depreciation Expense on Operating Lease Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease revenue | $ 384 | $ 343 | $ 754 | $ 710 |
Depreciation expense on operating lease assets | 210 | 241 | 437 | 491 |
Remarketing (gains) losses, net | (128) | 11 | (192) | 9 |
Net depreciation expense on operating lease assets | 82 | 252 | 245 | 500 |
Variable lease payments, excessive wear and tear | $ 5 | $ 5 | $ 10 | $ 12 |
Leasing (Sales-type and Direct Financing Leases, Lease Receivable, Maturity) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Leases [Abstract] | |||||
Direct financing lease, net investment in lease | $ 496 | $ 496 | $ 450 | ||
Direct financing lease, present value of lease payments recorded as lease receivable | 483 | 483 | 437 | ||
Direct financing lease, unguaranteed residual asset | 13 | 13 | 13 | ||
Direct financing lease, interest income | 7 | $ 5 | 13 | $ 11 | |
2021 | 90 | 90 | |||
2022 | 152 | 152 | |||
2023 | 124 | 124 | |||
2024 | 97 | 97 | |||
2025 | 44 | 44 | |||
2026 and thereafter | 29 | 29 | |||
Total undiscounted cash flows | 536 | 536 | |||
Difference between undiscounted cash flows and discounted cash flows | (53) | (53) | |||
Present value of lease payments recorded as lease receivable | $ 483 | $ 483 | $ 437 |
Securitizations and Variable Interest Entities (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||||
Sales of financial assets | $ 0 | $ 0 | $ 0 | $ 0 |
Off-balance sheet variable interest entities | Consumer Automotive Industry Sector | ||||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||||
Net credit losses recognized | $ 1,000,000 |
Securitizations and Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | $ 180,470 | $ 182,165 | $ 184,061 |
Carrying value of total liabilities | 162,940 | 167,462 | |
On-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 9,878 | 14,196 | |
Carrying value of total liabilities | 1,850 | 4,161 | |
On-balance sheet variable interest entities | Consumer Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 18,448 | 17,833 | |
Carrying value of total liabilities | 1,964 | 3,103 | |
Assets held-in-trust | 10,900 | 9,900 | |
Non-recourse debt | 114 | 94 | |
On-balance sheet variable interest entities | Commercial Automotive Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 2,306 | 6,276 | |
Carrying value of total liabilities | 1 | 1,152 | |
Off-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 22,317 | 25,404 | |
Carrying value of total liabilities | 2,631 | 4,784 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 2,040 | 1,754 | |
Off-balance sheet variable interest entities | Commercial Other Industry Sector | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 1,563 | 1,295 | |
Carrying value of total liabilities | 666 | 529 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | $ 2,040 | $ 1,754 |
Securitizations and Variable Interest Entities (Schedule of Cash Flow Received from and Paid to Nonconsolidated Securitization Entities) (Details) - Off-balance sheet variable interest entities - Consumer Automotive Industry Sector - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash flows received on retained interests in securitization entities | $ 0 | $ 8 |
Servicing fees | 0 | 2 |
Cash disbursements for repurchases during the period | 0 | (2) |
Total | $ 0 | $ 8 |
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Other Assets [Abstract] | |||
Property and equipment at cost | $ 1,668 | $ 1,668 | $ 1,541 |
Accumulated depreciation | (877) | (877) | (815) |
Net property and equipment | 791 | 791 | 726 |
Investment in qualified affordable housing projects | 1,261 | 1,261 | 1,095 |
Nonmarketable equity investments | 939 | 939 | 915 |
Net deferred tax assets | 889 | 889 | 94 |
Restricted cash held for securitization trusts | 702 | 702 | 875 |
Accrued interest, fees, and rent receivables | 572 | 572 | 704 |
Equity-method investments | 382 | 382 | 320 |
Goodwill | 343 | 343 | 343 |
Finance lease right-of-use assets | 327 | 327 | 0 |
Operating lease right-of-use assets | 142 | 142 | 162 |
Other accounts receivable | 128 | 128 | 166 |
Restricted cash and cash equivalents | 79 | 79 | 78 |
Net intangible assets | 41 | 41 | 50 |
Fair value of derivative contracts in receivable position | 16 | 16 | 17 |
Other assets | 893 | 893 | 870 |
Total other assets | 7,505 | 7,505 | 6,415 |
Federal Home Loan Bank stock | 239 | 239 | 276 |
Federal Reserve Bank stock | 449 | 449 | 449 |
Equity securities without a readily determinable fair value | 251 | 251 | 189 |
Annual adjustment amount | 81 | 81 | |
Equity securities without readily determinable fair value, impairment loss, amount | 1 | 1 | |
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount | 176 | 176 | |
Impairment related to equity securities without a readily determinable fair value | 13 | 13 | |
Gross intangible assets | 109 | 109 | 109 |
Intangible assets, accumulated amortization | $ 68 | $ 68 | $ 59 |
Other Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | $ 343 | ||||
Impairment losses | $ 0 | $ (50) | 0 | $ (50) | |
Goodwill ending balance | 343 | 343 | |||
Operating Segments | Automotive Finance operations | |||||
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | 20 | ||||
Impairment losses | 0 | ||||
Goodwill ending balance | 20 | 20 | |||
Operating Segments | Insurance operations | |||||
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | 27 | ||||
Impairment losses | 0 | ||||
Goodwill ending balance | 27 | 27 | |||
Corporate and Other | |||||
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | 296 | ||||
Impairment losses | $ (50) | 0 | |||
Goodwill ending balance | 296 | 296 | |||
Ally Lending | Corporate and Other | |||||
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | 153 | ||||
Goodwill ending balance | 153 | 153 | |||
Ally Invest | Corporate and Other | |||||
Goodwill [Roll Forward] | |||||
Goodwill beginning balance | 143 | ||||
Goodwill ending balance | $ 143 | $ 143 |
Deposit Liabilities (Schedule of Deposit Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 149 | $ 128 |
Interest-bearing deposits | ||
Savings, money market, and checking accounts | 93,702 | 83,698 |
Certificates of deposit | 45,253 | 53,210 |
Total deposit liabilities | 139,104 | 137,036 |
Certificates of deposit, $100,000 or more | 22,800 | 25,800 |
Certificates of deposit, in excess of $250,000 federal insurance limits | $ 7,700 | $ 8,600 |
Debt (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Short-term Debt [Line Items] | ||
Demand notes | $ 0 | $ 2,136 |
Total short-term borrowings | 0 | 2,136 |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 0 | 2,136 |
Total short-term borrowings | 0 | 2,136 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Demand notes | 0 | 0 |
Total short-term borrowings | $ 0 | $ 0 |
Debt (Long-term Debt) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 7,147 | $ 5,085 |
Long-term debt, due after one year | 9,749 | 16,921 |
Total long-term debt | 16,896 | 22,006 |
Trust preferred securities | 1,200 | 2,600 |
Secured debt | 7,006 | 9,992 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 966 | 647 |
Long-term debt, due after one year | 8,924 | 11,367 |
Total long-term debt | 9,890 | 12,014 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 6,181 | 4,438 |
Long-term debt, due after one year | 825 | 5,554 |
Total long-term debt | 7,006 | 9,992 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 5,000 | $ 5,800 |
Debt (Scheduled Remaining Maturity of Long-term Debt) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | $ 2,467 | |
Long-term debt, maturities, repayments of principal in year two | 5,919 | |
Long-term debt, maturities, repayments of principal in year three | 2,668 | |
Long-term debt, maturities, repayments of principal in year four | 1,450 | |
Long-term debt, maturities, repayments of principal in year five | 2,303 | |
Long-term debt, maturities, repayments of principal after year five | 2,089 | |
Total long-term debt | 16,896 | $ 22,006 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,008 | |
Long-term debt, maturities, repayments of principal in year two | 1,052 | |
Long-term debt, maturities, repayments of principal in year three | 2,051 | |
Long-term debt, maturities, repayments of principal in year four | 1,409 | |
Long-term debt, maturities, repayments of principal in year five | 2,291 | |
Long-term debt, maturities, repayments of principal after year five | 2,079 | |
Total long-term debt | 9,890 | 12,014 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,006 | $ 9,992 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,074 | |
Long-term debt, maturities, repayments of principal in year two | 1,103 | |
Long-term debt, maturities, repayments of principal in year three | 2,108 | |
Long-term debt, maturities, repayments of principal in year four | 1,473 | |
Long-term debt, maturities, repayments of principal in year five | 2,360 | |
Long-term debt, maturities, repayments of principal after year five | 2,755 | |
Total long-term debt | 10,873 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of principal in next 12 months | 1,459 | |
Long-term debt, maturities, repayments of principal in year two | 4,867 | |
Long-term debt, maturities, repayments of principal in year three | 617 | |
Long-term debt, maturities, repayments of principal in year four | 41 | |
Long-term debt, maturities, repayments of principal in year five | 12 | |
Long-term debt, maturities, repayments of principal after year five | 10 | |
Total long-term debt | 7,006 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (66) | |
Debt instrument, unamortized discount | (983) | |
Original issue discount | Unsecured debt | 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (51) | |
Original issue discount | Unsecured debt | 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (57) | |
Original issue discount | Unsecured debt | 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (64) | |
Original issue discount | Unsecured debt | 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (69) | |
Original issue discount | Unsecured debt | 2026 and thereafter | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (676) |
Debt (Pledged Assets Related to Secured Borrowings and Repurchase Agreement) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | $ 13,968 | $ 14,979 |
Pledged assets, restricted as collateral | 25,775 | 35,798 |
Secured debt | 7,006 | 9,992 |
Consumer | Consumer automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 9,660 | 9,953 |
Commercial | Consumer automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 2,147 | 10,866 |
Ally Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, mortgage finance receivables | 13,968 | 14,979 |
Pledged assets, restricted as collateral | 25,359 | 35,355 |
Secured debt | 6,700 | 9,634 |
Ally Bank | Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 14,000 | 20,000 |
Ally Bank | Pledged assets for Federal Reserve Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, restricted as collateral | 2,400 | 2,400 |
Ally Bank | Consumer | Consumer automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | 9,244 | 9,510 |
Ally Bank | Commercial | Consumer automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Pledged assets, finance receivables | $ 2,147 | $ 10,866 |
Debt (Narrative - Trust Preferred Securities) (Details) $ / shares in Units, $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 02, 2021
USD ($)
shares
|
Jun. 02, 2021
USD ($)
|
Apr. 22, 2021
USD ($)
shares
|
Jun. 30, 2021
USD ($)
quarter
$ / shares
|
Jun. 30, 2020
USD ($)
|
Apr. 30, 2021
$ / shares
|
Dec. 31, 2020
USD ($)
|
|
Debt Instrument [Line Items] | |||||||
Trust preferred securities | $ 1,200 | $ 2,600 | |||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||
Distribution payable in addition to annual rate equal to three-month London interbank offer rate, percentage | 5.785% | ||||||
Period of consecutive quarters for which Ally has right to defer interest payments, maximum | quarter | 20 | ||||||
Redemption price, percentage of principal debt, plus accrued and unpaid interest | 100.00% | ||||||
Preferred stock issuance | $ 2,326 | $ 0 | |||||
Trust preferred securities redemption | $ 1,442 | $ 0 | |||||
Series B Preferred Stock | |||||||
Debt Instrument [Line Items] | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||
Preferred stock issuance | $ 1,350 | ||||||
Series C Preferred Stock | |||||||
Debt Instrument [Line Items] | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | ||||||
Preferred stock issuance | $ 1,000 | ||||||
Trust Preferred Securities Subject to Mandatory Redemption | |||||||
Debt Instrument [Line Items] | |||||||
Trust preferred securities redemption | $ 1,400 | ||||||
Debt redeemed during period, number of shares | shares | 56,000,000 | ||||||
Trust Preferred Securities Subject to Mandatory Redemption | Subsequent event | |||||||
Debt Instrument [Line Items] | |||||||
Trust preferred securities redemption | $ 1,040 | ||||||
Debt redeemed during period, number of shares | shares | 41,600,000 | ||||||
Variable Income Interest Rate | |||||||
Debt Instrument [Line Items] | |||||||
Trust preferred securities | $ 1,200 | $ 2,600 | |||||
Trust Preferred Securities Subject to Mandatory Redemption | |||||||
Debt Instrument [Line Items] | |||||||
Series 2 TRUPS included in Tier 1 capital | $ 181 |
Debt (Committed Funding Facilities) (Details) - Committed funding facilities - Secured debt - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 132 | $ 0 |
Line of credit facility, remaining borrowing capacity | 168 | 560 |
Line of credit facility, maximum borrowing capacity | 300 | 560 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 300 | |
Revolving secured funding facilities 1 year or greater | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 125 | |
Ally Financial Inc | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 132 | 0 |
Line of credit facility, remaining borrowing capacity | 168 | 560 |
Line of credit facility, maximum borrowing capacity | $ 560 | |
Ally Financial Inc | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 300 |
Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Accounts payable | $ 663 | $ 602 | ||
Unfunded commitments for investment in qualified affordable housing projects | 662 | 525 | ||
Employee compensation and benefits | 348 | 316 | ||
Finance lease liabilities | 326 | 0 | ||
Operating lease liabilities | 167 | 187 | ||
Deferred revenue | 146 | 104 | ||
Reserves for insurance losses and loss adjustment expenses | 126 | 129 | $ 132 | $ 122 |
Fair value of derivative contracts in payable position | 47 | 33 | ||
Net deferred tax liabilities | 17 | 92 | ||
Cash collateral received from counterparties | 4 | 6 | ||
Other liabilities | 533 | 440 | ||
Total accrued expenses and other liabilities | $ 3,039 | $ 2,434 | ||
Operating lease, liability, statement of financial position [Extensible List] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities |
Preferred Stock (Details) - $ / shares |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Apr. 30, 2021 |
Jun. 30, 2021 |
|
Class of Stock [Line Items] | |||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued | 1,350,000 | 1,350,000 | 1,350,000 |
Dividend/coupon rate | 4.70% | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 |
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | |||
Class of Stock [Line Items] | |||
Dividend/coupon rate | 3.868% | 3.868% | |
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of shares issued | 1,000,000 | 1,000,000 | |
Dividend/coupon rate | 4.70% | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |
Series C Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | |||
Class of Stock [Line Items] | |||
Dividend/coupon rate | 3.481% | 3.481% |
Preferred Stock (Schedule of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Apr. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | ||||
Carrying value | $ 2,324 | $ 2,324 | $ 0 | |
Liquidation preference (in dollars per share) | $ 25 | $ 25 | ||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 1,335 | $ 1,335 | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | |
Number of shares authorized | 1,350,000 | 1,350,000 | ||
Number of shares issued | 1,350,000 | 1,350,000 | 1,350,000 | |
Number of shares outstanding | 1,350,000 | 1,350,000 | ||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, Prior To May 15, 2026 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series B Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.868% | 3.868% | ||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Carrying value | $ 989 | $ 989 | ||
Par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | ||
Number of shares authorized | 1,000,000 | 1,000,000 | ||
Number of shares issued | 1,000,000 | 1,000,000 | ||
Number of shares outstanding | 1,000,000 | 1,000,000 | ||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, Prior To May 15, 2026 | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 4.70% | |||
Series C Preferred Stock, On And After May 15, 2026 | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Dividend/coupon rate | 3.481% | 3.481% |
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 14,625 | $ 13,519 | $ 14,703 | $ 14,416 |
Net change | 189 | 109 | (415) | 692 |
Ending balance | 17,530 | 13,826 | 17,530 | 13,826 |
Accumulated other comprehensive income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 27 | 706 | 631 | 123 |
Ending balance | 216 | 815 | 216 | 815 |
Unrealized gains on investment securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 53 | 661 | 640 | 208 |
Net change | 206 | 122 | (381) | 575 |
Ending balance | 259 | 783 | 259 | 783 |
Translation adjustments and net investment hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 20 | 18 | 19 | 19 |
Net change | 0 | 1 | 1 | 0 |
Ending balance | 20 | 19 | 20 | 19 |
Cash flow hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 65 | 130 | 82 | 2 |
Net change | (17) | (14) | (34) | 114 |
Ending balance | 48 | 116 | 48 | 116 |
Defined benefit pension plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (111) | (103) | (110) | (106) |
Net change | 0 | 0 | (1) | 3 |
Ending balance | $ (111) | $ (103) | $ (111) | $ (103) |
Accumulated Other Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | $ 247 | $ 138 | $ (543) | $ 907 |
Other comprehensive income (loss), tax effect | (58) | (29) | 128 | (215) |
Other comprehensive income (loss), net of tax | 189 | 109 | (415) | 692 |
Investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gains (losses) arising during the period, before tax | 276 | 175 | (460) | 877 |
Net unrealized gains (losses) arising during the period, tax | (65) | (38) | 109 | (206) |
Net unrealized gains (losses) arising during the period, net of tax | 211 | 137 | (351) | 671 |
Net realized gains reclassified to income from continuing operations, before tax | 6 | 19 | 38 | 124 |
Net realized gains reclassified to income from continuing operations, tax | (1) | (4) | (8) | (28) |
Net realized gains reclassified to income from continuing operations, net of tax | 5 | 15 | 30 | 96 |
Other comprehensive income (loss), before tax | 270 | 156 | (498) | 753 |
Other comprehensive income (loss), tax effect | (64) | (34) | 117 | (178) |
Other comprehensive income (loss), net of tax | 206 | 122 | (381) | 575 |
Translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | 2 | 6 | 5 | (7) |
Other comprehensive income (loss), tax effect | 0 | (1) | (1) | 2 |
Other comprehensive income (loss), net of tax | 2 | 5 | 4 | (5) |
Net investment hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | (3) | (5) | (5) | 7 |
Other comprehensive income (loss), tax effect | 1 | 1 | 2 | (2) |
Other comprehensive income (loss), net of tax | (2) | (4) | (3) | 5 |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gains (losses) arising during the period, before tax | 169 | |||
Net unrealized gains (losses) arising during the period, tax | (41) | |||
Net unrealized gains (losses) arising during the period, net of tax | 128 | |||
Net realized gains reclassified to income from continuing operations, before tax | 22 | 19 | 43 | 19 |
Net realized gains reclassified to income from continuing operations, tax | (5) | (5) | (9) | (5) |
Net realized gains reclassified to income from continuing operations, net of tax | $ 17 | $ 14 | 34 | 14 |
Other comprehensive income (loss), before tax | 150 | |||
Other comprehensive income (loss), tax effect | (36) | |||
Other comprehensive income (loss), net of tax | 114 | |||
Defined benefit pension plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | (2) | 4 | ||
Other comprehensive income (loss), tax effect | 1 | (1) | ||
Other comprehensive income (loss), net of tax | $ (1) | $ 3 |
Earnings per Common Share (Schedule of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||
Earnings Per Share [Abstract] | ||||||||
Net income (loss) from continuing operations | $ 899 | $ 242 | $ 1,695 | $ (77) | ||||
Income (loss) from discontinued operations, net of tax | 1 | (1) | 1 | (1) | ||||
Net income (loss) | $ 900 | $ 241 | $ 1,696 | $ (78) | ||||
Basic weighted-average common shares outstanding | 370,412,000 | 375,051,000 | 372,807,000 | 375,387,000 | ||||
Diluted weighted-average common shares outstanding | 373,029,000 | 375,762,000 | 375,265,000 | 375,387,000 | ||||
Basic earnings per common share | ||||||||
Net income (loss) from continuing operations (in dollars per share) | [1] | $ 2.43 | $ 0.65 | $ 4.55 | $ (0.20) | |||
Net income (loss) (in dollars per share) | [1] | 2.43 | 0.64 | 4.55 | (0.21) | |||
Diluted earnings per common share | ||||||||
Net income (loss) from continuing operations (in dollars per share) | [1],[2] | 2.41 | 0.64 | 4.52 | (0.20) | |||
Net income (loss) (in dollars per share) | [1],[2] | $ 2.41 | $ 0.64 | $ 4.52 | $ (0.21) | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 2,300,000 | 0 | 2,400,000 | ||||
|
Regulatory Capital and Other Regulatory Matters (Schedule of Regulatory Capital Amount and Ratios) (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
BHC enhanced prudential standards, minimum | $ 100,000 | |
BHC enhanced prudential standards, maximum | 250,000 | |
Average wSTWF exemption threshold | $ 50,000 | |
Minimum capital conservation buffer | 0.025 | |
Accounting Standards Update 2016-13 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Phase-in of capital impact of Accounting Standards Update 2016-13 | 25.00% | |
CECL scaling factor | 25.00% | |
Deferred reduction to Common Equity Tier 1 Capital from CECL | $ 1,100 | |
Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.1132 | 0.1064 |
Minimum capital conservation buffer | 0.035 | 0.035 |
Common equity tier one capital | $ 15,709 | $ 14,878 |
Tier one capital to risk-weighted assets, amount | $ 18,150 | $ 17,289 |
Tier one capital to risk-weighted assets, ratio | 0.1308 | 0.1237 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0600 | |
Capital to risk-weighted assets, amount | $ 20,575 | $ 19,778 |
Capital to risk-weighted assets, ratio | 0.1483 | 0.1415 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 18,150 | $ 17,289 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.1000 | 0.0941 |
Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.1392 | 0.1338 |
Minimum capital conservation buffer | 0.025 | 0.025 |
Common equity tier one capital | $ 18,113 | $ 17,567 |
Common equity tier one capital, well capitalized minimum | 0.0650 | |
Tier one capital to risk-weighted assets, amount | $ 18,113 | $ 17,567 |
Tier one capital to risk-weighted assets, ratio | 0.1392 | 0.1338 |
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0800 | |
Capital to risk-weighted assets, amount | $ 19,740 | $ 19,210 |
Capital to risk-weighted assets, ratio | 0.1517 | 0.1463 |
Capital to risk weighted assets, well-capitalzed minimum | 0.1000 | |
Tier one leverage to adjusted quarterly average assets, amount | $ 18,113 | $ 17,567 |
Tier one leverage to adjusted quarterly average assets, ratio | 0.1058 | 0.1012 |
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 0.0500 | |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.045 | |
Tier one capital to risk-weighted assets, required minimum | 0.06 | |
Capital to risk-weighted assets, required minimum | 0.08 | |
Tier one leverage ratio, minimum | 0.04 | |
Minimum | Ally Financial Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.0450 | |
Tier one capital to risk-weighted assets, required minimum | 0.0600 | |
Capital to risk-weighted assets, required minimum | 0.0800 | |
Tier one leverage ratio, minimum | 0.0400 | |
Minimum | Ally Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier one capital ratio | 0.0450 | |
Tier one capital to risk-weighted assets, required minimum | 0.0600 | |
Capital to risk-weighted assets, required minimum | 0.0800 | |
Tier one leverage ratio, minimum | 0.0400 |
Regulatory Capital and Other Regulatory Matters (Common Share Repurchases) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 12, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
Jan. 11, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||
Cash dividends declared per common share (in dollars per share) | [1],[2] | $ 0.19 | $ 0.19 | $ 0.38 | $ 0.38 | ||||||||||
Treasury stock, common, amount | $ 502,000,000 | $ 0 | $ 502,000,000 | $ 0 | $ 219,000,000 | $ 1,000,000 | $ 1,000,000 | $ 104,000,000 | |||||||
Treasury stock, common, shares (in shares) | 9,641,000 | 53,000 | 9,641,000 | 53,000 | 5,276,000 | 37,000 | 9,000 | 3,838,000 | |||||||
Common stock, shares outstanding (in shares) | 362,638,597 | 373,837,000 | 362,638,597 | 373,837,000 | 371,805,000 | 374,674,415 | 373,857,000 | 373,155,000 | 374,332,000 | ||||||
Dividends declared (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | |||||||
Common stock | |||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 1,600,000,000 | ||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.19 | ||||||||||||||
Common stock | Subsequent event | |||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000.0 | ||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | ||||||||||||||
Dividends payable, date declared | Jul. 12, 2021 | ||||||||||||||
Dividends payable, date to be paid | Aug. 16, 2021 | ||||||||||||||
Dividends payable, date of record | Aug. 02, 2021 | ||||||||||||||
Series B Preferred Stock | |||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||
Gross proceeds from issuance of series preferred stock | $ 1,350,000,000 | ||||||||||||||
Series C Preferred Stock | |||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||
Gross proceeds from issuance of series preferred stock | $ 1,000,000,000.0 | ||||||||||||||
|
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 3 | $ 4 |
Noncash collateral placed with counterparties | 151 | $ 145 |
Cash collateral received from counterparties | $ 4 |
Derivative Instruments and Hedging Activities (Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | $ 16 | $ 17 |
Fair value of derivative contracts in payable position | 47 | 33 |
Derivative, notional amount | 19,992 | 13,688 |
Credit derivative, maximum exposure, undiscounted | 84 | 56 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 1 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 18,790 | 12,549 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 13 | 16 |
Fair value of derivative contracts in payable position | 47 | 33 |
Derivative, notional amount | 1,202 | 1,139 |
Interest rate contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 9 | 16 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 1,038 | 978 |
Interest rate swaps | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 18,620 | 12,385 |
Interest rate futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 2 | 1 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 314 | 391 |
Interest rate written options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 7 | 15 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 592 | 587 |
Interest rate purchased options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 132 | 0 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 1 | 0 |
Fair value of derivative contracts in payable position | 0 | 1 |
Derivative, notional amount | 162 | 159 |
Foreign exchange forwards | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 1 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | 170 | 164 |
Foreign exchange futures and forwards | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 1 | 0 |
Fair value of derivative contracts in payable position | 0 | 1 |
Derivative, notional amount | 162 | 159 |
Other credit derivatives | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 46 | 28 |
Equity contracts | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 0 |
Fair value of derivative contracts in payable position | 1 | 4 |
Derivative, notional amount | 2 | 2 |
Equity contract written options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 0 | 0 |
Fair value of derivative contracts in payable position | 1 | 4 |
Derivative, notional amount | 1 | 2 |
Purchased Options | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative contracts in receivable position | 3 | 0 |
Fair value of derivative contracts in payable position | 0 | 0 |
Derivative, notional amount | $ 1 | $ 0 |
Derivative Instruments and Hedging Activities (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | $ 5,380 | $ 1,259 |
Hedged asset, fair value hedge, cumulative increase (decrease) | 9 | 39 |
Closed portfolio and beneficial interest, last-of-layer, amortized cost | 3,500 | 592 |
Hedged asset, last-of-layer, amount | 2,900 | |
Hedge basis adjustment, last-of-layer | (5) | |
Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | 36,462 | 28,393 |
Hedged asset, fair value hedge, cumulative increase (decrease) | 124 | 225 |
Hedged asset, last-of-layer, amount | 12,700 | 9,400 |
Hedge basis adjustment, last-of-layer | 63 | 153 |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge | 7,189 | 8,656 |
Hedged liability, fair value hedge, cumulative increase (decrease) | 102 | 169 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | 15 | 28 |
Hedged asset, last-of-layer, amount | 1,700 | 1,200 |
Hedge basis adjustment, last-of-layer | 15 | 20 |
Discontinued hedge | Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | 61 | 72 |
Hedged asset, last-of-layer, amount | 20,100 | 18,500 |
Hedge basis adjustment, last-of-layer | 61 | 72 |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ 127 | $ 203 |
Derivative Instruments and Hedging Activities (Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income) (Details) - Not designated as hedging instrument - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | $ (8) | $ (28) | $ (25) | $ (35) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | 1 | (23) | (6) | (38) |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | (2) | (5) | (4) | 3 |
Other credit derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | (7) | 0 | (15) | 0 |
Loss on mortgage and automotive loans | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | (1) | 0 | (8) | (15) |
Other income, net of losses | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | 2 | (23) | 2 | (23) |
Other income, net of losses | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | 0 | (5) | 0 | 3 |
Other income, net of losses | Other credit derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | (7) | 0 | (15) | 0 |
Other operating expenses | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments recognized in earnings | $ (2) | $ 0 | $ (4) | $ 0 |
Derivative Instruments and Hedging Activities (Derivative Instruments Designated as Fair Value Hedges, Gain (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 1,588 | $ 1,630 | $ 3,170 | $ 3,372 |
Interest and dividends on investment securities and other earning assets | 147 | 197 | 278 | 423 |
Interest on deposits | 268 | 541 | 574 | 1,133 |
Interest on long-term debt | 230 | 318 | 480 | 666 |
Earnings on cash flow hedges to be recognized within twelve months | 29 | |||
Designated as hedging instrument | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 22 | 22 | 44 | 25 |
Designated as hedging instrument | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | (2) | (1) | (5) |
Designated as hedging instrument | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total gain (loss) on cash flow hedging relationships | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Unsecured debt | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (66) | 0 | 73 | (170) |
Change in unrealized gain (loss) on fair value hedging instruments | 66 | 0 | (73) | 170 |
Designated as hedging instrument | Available-for-sale securities | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (4) | 4 | (17) | 45 |
Change in unrealized gain (loss) on fair value hedging instruments | 4 | (4) | 17 | (45) |
Designated as hedging instrument | Available-for-sale securities | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Available-for-sale securities | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (38) | (23) | (77) | 225 |
Change in unrealized gain (loss) on fair value hedging instruments | 38 | 23 | 77 | (225) |
Designated as hedging instrument | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Fixed-rate automotive loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Deposit liabilities | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | (2) | (1) | (5) |
Designated as hedging instrument | Deposit liabilities | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 18 | 22 | 40 | 25 |
Designated as hedging instrument | Variable-rate commercial loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 4 | 0 | 4 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | 0 | 0 | 0 | 0 |
Designated as hedging instrument | Variable-rate commercial borrowings probable not to occur | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities (Interest and Amortization on Derivative Instruments) (Details) - Designated as hedging instrument - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total loss on fair value hedging relationships | $ (43) | $ (51) | $ (86) | $ (73) |
Total gain on cash flow hedging relationships | 0 | 1 | ||
Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total loss on fair value hedging relationships | (4) | (4) | (7) | (5) |
Total gain on cash flow hedging relationships | 0 | 0 | ||
Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total loss on fair value hedging relationships | 0 | (4) | (3) | (4) |
Total gain on cash flow hedging relationships | 0 | 0 | ||
Unsecured debt | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Unsecured debt | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Unsecured debt | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 1 | 2 | 2 | 8 |
Gain (loss) on interest for qualifying hedge | 2 | 0 | 3 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | (3) | (6) | (8) | (12) |
Available-for-sale securities | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | (1) | (2) | (3) | (3) |
Gain (loss) on interest for qualifying hedge | (3) | (2) | (4) | (2) |
Available-for-sale securities | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | (11) | (13) | (24) | (26) |
Gain (loss) on interest for qualifying hedge | (32) | (38) | (62) | (47) |
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 | 0 | 0 |
Variable-rate commercial loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 1 | ||
Variable-rate commercial loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | 0 | 0 | ||
Variable-rate commercial loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on interest for qualifying hedge | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities (Derivative Instruments Used in Net Investment Hedge Accounting Relationships) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Interest rate contracts | Cash flow hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in other comprehensive income, cash flow hedge, interest rate contracts | $ (22,000,000) | $ (19,000,000) | $ (43,000,000) | $ 150,000,000 |
Foreign exchange contracts | Net investment hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in other comprehensive income, net investment hedge, foreign exchange contracts | (3,000,000) | (6,000,000) | (5,000,000) | 6,000,000 |
Amounts excluded from effectiveness testing | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense from continuing operations | $ 143 | $ 95 | $ 354 | $ 3 |
Release of valuation allowance | $ 78 | |||
Income tax benefit from discontinued operations | 2 | |||
Foreign tax credit carryforwards | 78 | |||
Valuation allowance | $ 76 |
Fair Value (Fair Value Measurements - Recurring Basis) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | $ 1,026 | $ 1,071 | ||
Debt securities, available-for-sale, fair value | [1] | 34,161 | 29,830 | |
Derivative contracts in a receivable position | 11 | 16 | ||
Derivative contracts in a payable position | $ 46 | $ 31 | ||
Investment in any one industry did not exceed percentage | 11.00% | 11.00% | ||
Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | $ 34,161 | $ 29,830 | ||
Derivative contracts in a receivable position | 16 | 17 | ||
Total assets | 35,308 | 31,017 | ||
Derivative contracts in a payable position | 47 | 33 | ||
Total liabilities | 47 | 33 | ||
Fair value, measurements, recurring | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 1 | |||
Fair value, measurements, recurring | Credit contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 46 | 28 | ||
Fair value, measurements, recurring | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 1 | 4 | ||
Fair value, measurements, recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,026 | 1,071 | ||
Fair value, measurements, recurring | U.S. Treasury and federal agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,148 | 803 | ||
Fair value, measurements, recurring | U.S. States and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 1,024 | 1,095 | ||
Fair value, measurements, recurring | Foreign government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 184 | 176 | ||
Fair value, measurements, recurring | Agency mortgage-backed residential | Residential Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 20,835 | 18,588 | ||
Fair value, measurements, recurring | Agency mortgage-backed residential | Commercial Loan | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 4,405 | 4,189 | ||
Fair value, measurements, recurring | Mortgage-backed residential | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,910 | 2,640 | ||
Fair value, measurements, recurring | Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 555 | 425 | ||
Fair value, measurements, recurring | Corporate debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,100 | 1,914 | ||
Fair value, measurements, recurring | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale, fair value | 97 | 91 | ||
Fair value, measurements, recurring | Consumer other | Consumer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 8 | 8 | ||
Fair value, measurements, recurring | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 9 | 16 | ||
Fair value, measurements, recurring | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 4 | 1 | ||
Fair value, measurements, recurring | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 3 | |||
Fair value, measurements, recurring | Fair value, inputs, level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,165 | 820 | ||
Derivative contracts in a receivable position | 3 | 0 | ||
Total assets | 3,185 | 1,884 | ||
Derivative contracts in a payable position | 1 | 4 | ||
Total liabilities | 1 | 4 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | |||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Credit contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 1 | 4 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,017 | 1,064 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. Treasury and federal agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,148 | 803 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | U.S. States and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 17 | 17 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed residential | Residential Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Agency mortgage-backed residential | Commercial Loan | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage-backed residential | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Corporate debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Consumer other | Consumer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 1 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 3 | |||
Fair value, measurements, recurring | Fair value, inputs, level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 31,989 | 29,003 | ||
Derivative contracts in a receivable position | 4 | 1 | ||
Total assets | 31,993 | 29,004 | ||
Derivative contracts in a payable position | 0 | 1 | ||
Total liabilities | 0 | 1 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 1 | |||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Credit contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | U.S. Treasury and federal agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | U.S. States and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 1,017 | 1,088 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 167 | 159 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed residential | Residential Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 20,835 | 18,588 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Agency mortgage-backed residential | Commercial Loan | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 4,405 | 4,189 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage-backed residential | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,910 | 2,640 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 555 | 425 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Corporate debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 2,100 | 1,914 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Consumer other | Consumer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 4 | 1 | ||
Fair value, measurements, recurring | Fair value, inputs, level 2 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 0 | |||
Fair value, measurements, recurring | Fair value, inputs, level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 7 | 7 | ||
Derivative contracts in a receivable position | 9 | 16 | ||
Total assets | 130 | 129 | ||
Derivative contracts in a payable position | 46 | 28 | ||
Total liabilities | 46 | 28 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | |||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Credit contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 46 | 28 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a payable position | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 9 | 7 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. Treasury and federal agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | U.S. States and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 7 | 7 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed residential | Residential Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Agency mortgage-backed residential | Commercial Loan | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage-backed residential | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Asset-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Corporate debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, available-for-sale, fair value | 0 | 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale, fair value | 97 | 91 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Consumer other | Consumer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finance receivables and loans, net | 8 | 8 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 9 | 16 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Foreign currency contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | 0 | $ 0 | ||
Fair value, measurements, recurring | Fair value, inputs, level 3 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative contracts in a receivable position | $ 0 | |||
|
Fair Value (Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative liabilities, net of derivative assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, beginning balance | 28 | (8) | 12 | (2) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in earnings | 7 | (4) | 22 | (10) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, purchases | 0 | 0 | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, sales | 0 | 0 | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, issuances | 2 | 0 | 3 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value, ending balance | 37 | (12) | 37 | (12) |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in earnings | 10 | (4) | 25 | (10) |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 11 | 4 | 7 | 8 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 1 | 4 | (3) |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, sales | (2) | 0 | (2) | 0 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 9 | 5 | 9 | 5 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 1 | 4 | (3) |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Available-for-sale securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 7 | 3 | 7 | 2 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 2 | 0 | 3 |
Fair value, measurement, recurring, asset, sales | 0 | 0 | 0 | 0 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 7 | 5 | 7 | 5 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Mortgage loans held-for-sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 146 | 68 | 91 | 30 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 21 | 8 | 49 | 13 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 812 | 676 | 1,851 | 978 |
Fair value, measurement, recurring, asset, sales | (882) | (661) | (1,894) | (930) |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 97 | 91 | 97 | 91 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 1 | 1 | 1 | 2 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Finance receivables and loans, net | Consumer Loan | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 8 | 10 | 8 | 11 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 1 | 1 | 0 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 5 | 3 | 8 | 9 |
Fair value, measurement, recurring, asset, sales | 0 | 0 | 0 | 0 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | (5) | (6) | (9) | (12) |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 8 | 8 | 8 | 8 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Interests retained in financial asset sales | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset value, beginning balance | 0 | 1 | 0 | 2 |
Fair value, measurement, recurring, asset, gain (loss) included in earnings | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, gain (loss) included in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, purchases | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, sales | 0 | 0 | 0 | 0 |
Fair value, measurement , recurring, asset, issuances | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset, settlements | 0 | 0 | 0 | (1) |
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, measurement, recurring, asset value, ending balance | 0 | 1 | 0 | 1 |
Fair value, assets, recurring, net unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Fair value, assets measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, measurement, recurring, asset, transfers into (out of) level 3 | 0 | 0 | 0 | 0 |
Fair value, liabilities measured on recurring basis, change in unrealized gain (loss) included in other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value (Fair Value Measurements - Nonrecurring Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale, net | $ 409 | $ 409 | $ 406 | |||
Finance receivables and loans, net | 109,091 | 109,091 | 115,251 | |||
Goodwill impairment | 0 | $ 50 | 0 | $ 50 | ||
Corporate and Other | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Goodwill impairment | $ 50 | 0 | ||||
Assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets | 605 | 605 | 530 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 144 | 144 | 62 | |||
Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale, net | 312 | 312 | 315 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | 0 | 0 | |||
Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 204 | 204 | 125 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 170 | 170 | 88 | |||
Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 3 | 3 | 9 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | 0 | 0 | (1) | |||
Fair value, inputs, level 1 | Assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets | 0 | 0 | 0 | |||
Fair value, inputs, level 1 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale, net | 0 | 0 | 0 | |||
Fair value, inputs, level 1 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 0 | 0 | 0 | |||
Fair value, inputs, level 1 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 0 | 0 | 0 | |||
Fair value, inputs, level 2 | Assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets | 171 | 171 | 7 | |||
Fair value, inputs, level 2 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale, net | 0 | 0 | 0 | |||
Fair value, inputs, level 2 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 171 | 171 | 7 | |||
Fair value, inputs, level 2 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 0 | 0 | 0 | |||
Fair value, inputs, level 3 | Assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets | 434 | 434 | 523 | |||
Fair value, inputs, level 3 | Mortgage loans held-for-sale | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held-for-sale, net | 312 | 312 | 315 | |||
Fair value, inputs, level 3 | Nonmarketable equity investments | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 33 | 33 | 118 | |||
Fair value, inputs, level 3 | Repossessed and foreclosed assets | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 3 | 3 | 9 | |||
Commercial | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 86 | 86 | 81 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (26) | (26) | (25) | |||
Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 86 | 86 | 81 | |||
Automotive loan | Commercial | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 27 | 27 | 27 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (2) | (2) | (5) | |||
Automotive loan | Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Automotive loan | Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Automotive loan | Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 27 | 27 | 27 | |||
Consumer other | Commercial | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 59 | 59 | 54 | |||
Lower of cost or fair value, valuation reserve, or cumulative adjustments | (24) | (24) | (20) | |||
Consumer other | Commercial | Fair value, inputs, level 1 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Consumer other | Commercial | Fair value, inputs, level 2 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | 0 | 0 | 0 | |||
Consumer other | Commercial | Fair value, inputs, level 3 | Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Finance receivables and loans, net | $ 59 | $ 59 | $ 54 |
Fair Value (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 1,126 | $ 1,253 |
Loans held-for-sale, net | 409 | 406 |
Finance receivables and loans, net | 109,091 | 115,251 |
Deposit liabilities | 139,104 | 137,036 |
Short-term borrowings | 0 | 2,136 |
Long-term debt | 16,896 | 22,006 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,126 | 1,253 |
Loans held-for-sale, net | 312 | 315 |
Finance receivables and loans, net | 109,083 | 115,243 |
FHLB/FRB stock | 688 | 725 |
Deposit liabilities | 47,253 | 55,210 |
Short-term borrowings | 2,136 | |
Long-term debt | 16,896 | 22,006 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,173 | 1,331 |
Loans held-for-sale, net | 312 | 315 |
Finance receivables and loans, net | 116,169 | 122,156 |
FHLB/FRB stock | 688 | 725 |
Deposit liabilities | 47,675 | 55,932 |
Short-term borrowings | 2,136 | |
Long-term debt | 19,734 | 25,471 |
Estimated fair value | Fair value, inputs, level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Estimated fair value | Fair value, inputs, level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,173 | 1,331 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 688 | 725 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 14,250 | 19,161 |
Estimated fair value | Fair value, inputs, level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 312 | 315 |
Finance receivables and loans, net | 116,169 | 122,156 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 47,675 | 55,932 |
Short-term borrowings | 2,136 | |
Long-term debt | $ 5,484 | $ 6,310 |
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Offsetting [Abstract] | ||
Derivative asset, Gross amounts of recognized assets/liabilities | $ 7 | $ 1 |
Derivative asset, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net amounts of assets presented on the Consolidated Balance Sheet | 7 | 1 |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | (1) |
Derivative asset, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | (4) | 0 |
Derivative assets, Net amount | 2 | 0 |
Derivative assets with no offsetting arrangements | 9 | 16 |
Total assets, Gross amounts of recognized assets/liabilities | 16 | 17 |
Total assets, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 16 | 17 |
Total assets, Net amount | 11 | 16 |
Derivative liabilities, Gross amounts of recognized assets/liabilities | 1 | 5 |
Derivative liabilities, Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net amounts of liabilities presented on the Consolidated Balance Sheet | 1 | 5 |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Financial instruments | (1) | (1) |
Derivative liabilities, Gross amounts not offset on the Condensed Consolidated Balance Sheet, Collateral | 0 | (1) |
Derivative liabilities, Net amount | 0 | 3 |
Derivative liabilities with no offsetting arrangements | 46 | 28 |
Total liabilities, Gross amounts of recognized assets/liabilities | 47 | 33 |
Total liabilities, Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 47 | 33 |
Total liabilities, Net amount | $ 46 | $ 31 |
Segment Information (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
segment
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 4 | ||||
Net financing revenue and other interest income | $ 1,547 | $ 1,054 | $ 2,919 | $ 2,200 | |
Other revenue | 538 | 555 | 1,103 | 821 | |
Total net revenue | 2,085 | 1,609 | 4,022 | 3,021 | |
Provision for credit losses | (32) | 287 | (45) | 1,190 | |
Total noninterest expense | 1,075 | 985 | 2,018 | 1,905 | |
Income (loss) from continuing operations before income tax expense | 1,042 | 337 | 2,049 | (74) | |
Total assets | 180,470 | 184,061 | 180,470 | 184,061 | $ 182,165 |
Net financing revenue and other interest income after the provision for credit losses | 1,600 | 767 | 3,000 | 1,000 | |
Operating Segments | Automotive Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 1,333 | 989 | 2,539 | 2,029 | |
Other revenue | 61 | 40 | 123 | 87 | |
Total net revenue | 1,394 | 1,029 | 2,662 | 2,116 | |
Provision for credit losses | (23) | 256 | (45) | 1,022 | |
Total noninterest expense | 500 | 444 | 987 | 938 | |
Income (loss) from continuing operations before income tax expense | 917 | 329 | 1,720 | 156 | |
Total assets | 100,162 | 102,016 | 100,162 | 102,016 | |
Operating Segments | Insurance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 15 | 12 | 30 | 26 | |
Other revenue | 344 | 438 | 723 | 575 | |
Total net revenue | 359 | 450 | 753 | 601 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Total noninterest expense | 272 | 322 | 525 | 578 | |
Income (loss) from continuing operations before income tax expense | 87 | 128 | 228 | 23 | |
Total assets | 9,394 | 8,740 | 9,394 | 8,740 | |
Operating Segments | Mortgage Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 23 | 30 | 46 | 68 | |
Other revenue | 22 | 19 | 62 | 29 | |
Total net revenue | 45 | 49 | 108 | 97 | |
Provision for credit losses | 0 | 3 | (4) | 4 | |
Total noninterest expense | 45 | 38 | 89 | 73 | |
Income (loss) from continuing operations before income tax expense | 0 | 8 | 23 | 20 | |
Total assets | 13,865 | 16,669 | 13,865 | 16,669 | |
Operating Segments | Corporate Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 77 | 77 | 148 | 145 | |
Other revenue | 33 | 6 | 59 | 19 | |
Total net revenue | 110 | 83 | 207 | 164 | |
Provision for credit losses | (13) | 25 | 0 | 139 | |
Total noninterest expense | 28 | 26 | 59 | 61 | |
Income (loss) from continuing operations before income tax expense | 95 | 32 | 148 | (36) | |
Total assets | 6,246 | 6,206 | 6,246 | 6,206 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 99 | (54) | 156 | (68) | |
Other revenue | 78 | 52 | 136 | 111 | |
Total net revenue | 177 | (2) | 292 | 43 | |
Provision for credit losses | 4 | 3 | 4 | 25 | |
Total noninterest expense | 230 | 155 | 358 | 255 | |
Income (loss) from continuing operations before income tax expense | (57) | (160) | (70) | (237) | |
Total assets | $ 50,803 | $ 50,430 | $ 50,803 | $ 50,430 |
Contingencies and Other Risks (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Loss Contingency [Abstract] | |
Loss contingency, estimate of possible loss | $ 87.5 |
Charged-off deficiency balance | $ 700.0 |
Subsequent Events (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 12, 2021 |
Jul. 02, 2021 |
Jun. 02, 2021 |
Apr. 22, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jan. 11, 2021 |
|||||
Subsequent Event [Line Items] | |||||||||||||
Cash dividends declared per common share (in dollars per share) | [1],[2] | $ 0.19 | $ 0.19 | $ 0.38 | $ 0.38 | ||||||||
Trust preferred securities redemption | $ 1,442,000,000 | $ 0 | |||||||||||
Preferred stock issuance | $ 2,326,000,000 | $ 0 | |||||||||||
Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.19 | ||||||||||||
Stock repurchase program, authorized amount | $ 1,600,000,000 | ||||||||||||
Trust Preferred Securities Subject to Mandatory Redemption | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Trust preferred securities redemption | $ 1,400,000,000 | ||||||||||||
Debt redeemed during period, number of shares | 56,000,000 | ||||||||||||
Series C Preferred Stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Preferred stock issuance | $ 1,000,000,000.0 | ||||||||||||
Subsequent event | Common stock | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends payable, date declared | Jul. 12, 2021 | ||||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | ||||||||||||
Dividends payable, date to be paid | Aug. 16, 2021 | ||||||||||||
Dividends payable, date of record | Aug. 02, 2021 | ||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000.0 | ||||||||||||
Subsequent event | Trust Preferred Securities Subject to Mandatory Redemption | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Trust preferred securities redemption | $ 1,040,000,000.00 | ||||||||||||
Debt redeemed during period, number of shares | 41,600,000 | ||||||||||||
|
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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