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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Demand notes (b)$— $— $— $2,136 $— $2,136 
Total short-term borrowings$— $— $— $2,136 $— $2,136 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes.
Long-term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2021December 31, 2020
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,000 $4,428 $5,428 $647 $4,438 $5,085 
Due after one year
7,855 1,663 9,518 11,367 5,554 16,921 
Total long-term debt (b) (c)$8,855 $6,091 $14,946 $12,014 $9,992 $22,006 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes $188 million and $2.6 billion of trust preferred securities at September 30, 2021, and December 31, 2020, respectively.
(c)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $4.6 billion and $5.8 billion at September 30, 2021, and December 31, 2020, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2021, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202120222023202420252026 and thereafter
Total
Unsecured
Long-term debt
$209 $1,083 $2,086 $1,479 $2,357 $2,571 $9,785 
Original issue discount
(20)(51)(57)(64)(69)(669)(930)
Total unsecured
189 1,032 2,029 1,415 2,288 1,902 8,855 
Secured
Long-term debt
643 4,791 591 32 24 10 6,091 
Total long-term debt
$832 $5,823 $2,620 $1,447 $2,312 $1,912 $14,946 
Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements
The following summarizes assets restricted as collateral for the payment of the related debt obligation, primarily arising from securitization transactions accounted for as secured borrowings.
September 30, 2021December 31, 2020
($ in millions)
Total (a)
Ally Bank
Total (a)
Ally Bank
Consumer mortgage finance receivables$16,378 $16,378 $14,979 $14,979 
Consumer automotive finance receivables
10,389 10,276 9,953 9,510 
Commercial finance receivables10 10 10,866 10,866 
Total assets restricted as collateral (b) (c)$26,777 $26,664 $35,798 $35,355 
Secured debt
$6,091 $6,008 $9,992 $9,634 
(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 $16.4 billion and $20.0 billion at September 30, 2021, and December 31, 2020, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $2.4 billion at both September 30, 2021, and December 31, 2020. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.
(c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
Schedule of Committed Funding Facilities
OutstandingUnused capacity (a)Total capacity
($ in millions)September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Parent funding
Secured$— $— $75 $560 $75 $560 
Total committed secured credit facilities$— $— $75 $560 $75 $560 
(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.