XML 70 R55.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The following table presents the composition of our short-term borrowings portfolio.
20212020
December 31, ($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Demand notes (b)$— $— $— $2,136 $— $2,136 
Total short-term borrowings$— $— $— $2,136 $— $2,136 
Weighted average interest rate (c)— %0.3 %
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)On March 1, 2021, we terminated the offering of our demand notes program, and redeemed in full all outstanding demand notes.
(c)Based on the debt outstanding and the interest rate at December 31 of each year.
Long-term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions)
AmountInterest rateWeighted average stated interest rate (a)Due date range
2021
Unsecured debt
Fixed rate (b)$9,297 
Hedge basis adjustments (c)113 
Total unsecured debt9,410 
0.60–8.00%
4.87 %2022–2031
Secured debt
Fixed rate7,502 
Variable rate (d)120 
Hedge basis adjustment (c)(3)
Total secured debt (e) (f)7,619 
0.72–6.86%
2.14 %2022–2025
Total long-term debt$17,029 
2020
Unsecured debt
Fixed rate (b)$9,251 
Trust preferred securities (g)2,578 
Hedge basis adjustments (c)185 
Total unsecured debt12,014 
0.70–8.00%
5.23 %2021–2040
Secured debt
Fixed rate9,909 
Variable rate (d)99 
Hedge basis adjustment (c)(16)
Total secured debt (e) (f) (h)9,992 
1.45–3.70%
2.51 %2021–2024
Total long-term debt$22,006 
(a)Based on the debt outstanding and the interest rate at December 31 of each year excluding any impacts of interest rate hedges.
(b)Includes subordinated debt of $1.0 billion at both December 31, 2021, and 2020.
(c)Represents the basis adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to Note 21 for additional information.
(d)Represents long-term debt that does not have a stated interest rate.
(e)Includes $1.3 billion and $4.2 billion of VIE secured debt at December 31, 2021, and 2020, respectively.
(f)Includes advances from the FHLB of Pittsburgh of $6.3 billion and $5.8 billion at December 31, 2021, and 2020, respectively.
(g)Refer to the section below titled Trust Preferred Securities for further information.
(h)During the year ended December 31, 2020, we recognized a loss of $99 million on the extinguishment of debt as we elected to prepay and early terminate certain FHLB advances to more cost-effectively manage liquidity at Ally Bank.
20212020
December 31, ($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,028 $4,841 $5,869 $647 $4,438 $5,085 
Due after one year
8,382 2,778 11,160 11,367 5,554 16,921 
Total long-term debt$9,410 $7,619 $17,029 $12,014 $9,992 $22,006 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2021, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202220232024202520262027 and thereafter
Total
Unsecured
Long-term debt
$1,081 $2,082 $1,481 $2,355 $27 $3,307 $10,333 
Original issue discount
(53)(58)(65)(71)(79)(597)(923)
Total unsecured
1,028 2,024 1,416 2,284 (52)2,710 9,410 
Secured
Long-term debt
4,841 1,482 1,263 23 — 10 7,619 
Total long-term debt
$5,869 $3,506 $2,679 $2,307 $(52)$2,720 $17,029 
Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements
The following summarizes assets restricted as collateral for the payment of the related debt obligation, primarily arising from securitization transactions accounted for as secured borrowings.
20212020
December 31, ($ in millions)
Total (a)
Ally Bank
Total (a)
Ally Bank
Consumer mortgage finance receivables$17,941 $17,941 $14,979 $14,979 
Consumer automotive finance receivables
9,122 9,122 9,953 9,510 
Credit card receivables347 347 — — 
Commercial finance receivables10 10 10,866 10,866 
Total assets restricted as collateral (b) (c)$27,420 $27,420 $35,798 $35,355 
Secured debt
$7,619 $7,619 $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 $18.0 billion and $20.0 billion at December 31, 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 $2.4 billion at both December 31, 2021, and December 31, 2020. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.
(c)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information.
Schedule of Committed Funding Facilities
OutstandingUnused capacity (a)Total capacity
December 31, ($ in millions)
202120202021202020212020
Parent funding
Secured$— $— $— $560 $— $560 
Total committed secured credit facilities$— $— $— $560 $— $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.