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Other Assets
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
December 31, ($ in millions)
20222021
Property and equipment at cost$2,352 $2,139 
Accumulated depreciation(1,076)(955)
Net property and equipment1,276 1,184 
Investment in qualified affordable housing projects1,596 1,378 
Net deferred tax assets1,087 254 
Nonmarketable equity investments842 998 
Goodwill822 822 
Accrued interest, fees, and rent receivables786 600 
Equity-method investments (a)608 472 
Restricted cash held for securitization trusts (b)585 516 
Other accounts receivable164 127 
Operating lease right-of-use assets111 148 
Net intangible assets98 129 
Restricted cash and cash equivalents (c)66 92 
Other assets1,097 1,337 
Total other assets$9,138 $8,057 
(a)Primarily relates to investments made in connection with our CRA program.
(b)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(c)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
The total carrying value of the nonmarketable equity investments held at December 31, 2022, and December 31, 2021, including cumulative unrealized gains and losses was as follows.
December 31, ($ in millions)
20222021
FHLB stock$318 $289 
FRB stock401 449 
Equity investments without a readily determinable fair value
Cost basis at acquisition89 89 
Adjustments
Upward adjustments177 183 
Downward adjustments (including impairment)(143)(12)
Carrying amount, equity investments without a readily determinable fair value123 260 
Nonmarketable equity investments$842 $998 
During the years ended December 31, 2022, and 2021, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2022, and 2021, were as follows.
Year ended December 31, ($ in millions)
20222021
Upward adjustments$1 $88 
Downward adjustments (including impairment) (a)(138)(1)
(a)No impairment on FHLB and FRB stock was recognized during the years ended December 31, 2022, and 2021.
Total (loss) gain on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, was a loss of $132 million for the year ended December 31, 2022, compared to a gain of $142 million for the year ended December 31, 2021.
The downward adjustments (including impairment) during the year ended December 31, 2022, was primarily driven by an impairment in our investment in the parent of BMC (BMC Holdco).
•During 2021, we sold a portion of our investment in BMC Holdco for proceeds of $45 million and realized gains totaling $38 million. In addition, during 2021, BMC Holdco and Aurora announced several agreements relevant to the valuation of our remaining investment in BMC Holdco.
◦BMC Holdco entered into a merger agreement (together with all 2021 amendments, the Merger Agreement) with Aurora that provides for our remaining investment in BMC Holdco to be converted into publicly traded common stock of the entity surviving the merger. The Merger Agreement established a price per share reflecting a pre-money equity valuation of approximately $6.9 billion for BMC Holdco and included an Agreement End Date (as defined in the Merger Agreement) of September 30, 2022.
◦BMC Holdco and Aurora entered into a bridge note purchase agreement with investors to issue debt (the Notes) that converts into publicly traded common stock of the entity surviving the merger as contemplated by the Merger Agreement.
•During the third quarter of 2022, BMC Holdco and Aurora announced a further amendment of the Merger Agreement that extends the Agreement End Date to March 8, 2023. Contemporaneously, BMC Holdco and Aurora entered into a letter agreement with one of its existing investors that, in part and subject to specified conditions, (i) extends the maturity date of the investor’s Notes to March 8, 2023, and (ii) without limiting the investor’s rights under the bridge note purchase agreement, if the merger has not been consummated by the maturity date of the Notes, provides the investor with an option to alternatively exchange its Notes for Class B common stock and preferred stock of BMC Holdco at specified valuations.
•On February 7, 2023, Aurora announced the filing of a definitive proxy statement to hold a special meeting of its shareholders on February 24, 2023, to extend the date by which Aurora must consummate an initial business combination under its articles of association from March 8, 2023, to September 30, 2023, or any earlier date determined by its board. On the same day, Aurora also announced its entry into a second letter agreement with BMC Holdco and the existing investor that, in part and subject to specified conditions, (i) obligates Aurora and BMC Holdco to use reasonable best efforts to obtain shareholder approval of the extension proposal, to extend the Agreement End Date to September 30, 2023, prior to that approval, and to further extend that date to March 30, 2024, if necessary to provide sufficient time for the merger to be consummated, (ii) defers the maturity date of the investor’s Notes to September 30, 2023, and (iii) without limiting the investor’s rights under the bridge note purchase agreement, if the merger has not been consummated by the maturity date of the Notes, provides the investor with an option to alternatively exchange its Notes for Class B common stock and Series D equivalent preferred stock of BMC Holdco at specified valuations.
The letter agreement entered into during the third quarter of 2022 was a triggering event to assess our remaining investment in BMC Holdco for impairment. We recognized an impairment charge on this investment of $136 million during the third quarter of 2022. As of December 31, 2022, both the cost basis at acquisition and the carrying value of this investment were $19 million. The carrying value of this investment reflects cumulative upward adjustments of $136 million and cumulative downward adjustments (including impairment) of $136 million since acquisition.
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2020$20 $27 $296 $343 
Goodwill acquired— — 479 479 
Goodwill at December 31, 2021$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at December 31, 2022$20 $27 $775 $822 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both December 31, 2022, and December 31, 2021, and $153 million of goodwill associated with Ally Lending at both December 31, 2022, and December 31, 2021, and $143 million of goodwill associated with Ally Invest at both December 31, 2022, and December 31, 2021.
The net carrying value of intangible assets by class was as follows.
2022 (a)2021
December 31, ($ in millions)
Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$122 $(53)$69 $122 $(36)$86 
Customer lists58 (51)7 58 (42)16 
Purchased credit card relationships25 (4)21 25 — 25 
Trademarks2 (1)1 2 — 2 
Total intangible assets$207 $(109)$98 $207 $(78)$129 
(a)We expect to recognize amortization expense of $26 million and $19 million for the years ended December 31, 2023, and 2024, respectively, and $14 million for each of the years ended December 31, 2025, 2026, and 2027.