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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
20222021
December 31, ($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,900 $1,900 $— $— $— 
Securities sold under agreements to repurchase
— 499 499 — — — 
Total short-term borrowings$— $2,399 $2,399 $— $— $— 
Weighted average interest rate (b)4.5 %— %
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
(b)Based on the debt outstanding and the interest rate at December 31 of each year.
We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. As of December 31, 2022, the securities sold under agreements to repurchase consisted of $499 million of agency mortgage-backed residential debt securities. The repurchase agreements are set to mature within 31 to 60 days. Refer to Note 8 and Note 21 for further details.
The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At December 31, 2022, we placed cash collateral of $1 million subsequent to the execution of the repurchase agreements, and we did not receive any collateral. At December 31, 2021, we did not place or receive any collateral.
Long-Term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions)
AmountInterest rateWeighted average stated interest rate (a)Due date range
2022
Unsecured debt
Fixed rate (b)$9,929 
Hedge basis adjustments (c)108 
Total unsecured debt10,037 
0.60–8.00%
5.08 %2023–2032
Secured debt
Fixed rate7,603 
Variable rate (d)118 
Hedge basis adjustment (c)4 
Total secured debt (e) (f)7,725 
0.72–5.29%
2.71 %2023–2027
Total long-term debt$17,762 
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 
(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, 2022, and 2021.
(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 $2.4 billion and $1.3 billion of VIE secured debt at December 31, 2022, and 2021, respectively.
(f)Includes advances from the FHLB of Pittsburgh of $5.3 billion and $6.3 billion at December 31, 2022, and 2021, respectively.
20222021
December 31, ($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$2,023 $2,395 $4,418 $1,028 $4,841 $5,869 
Due after one year
8,014 5,330 13,344 8,382 2,778 11,160 
Total long-term debt$10,037 $7,725 $17,762 $9,410 $7,619 $17,029 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 21 for additional information.
To achieve the desired balance between fixed- and variable-rate debt, we may utilize interest rate swap agreements. These derivative financial instruments have the effect of synthetically converting our fixed-rate debt into variable-rate obligations. As of December 31, 2022, we had $2.5 billion of interest rate swap agreements outstanding. We did not have any derivative financial instruments that synthetically converted fixed-rate debt into variable-rate obligations or variable-rate debt into fixed-rate obligations at December 31, 2021.
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2022, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202320242025202620272028 and thereafter
Total
Unsecured
Long-term debt
$2,084 $1,474 $2,471 $23 $1,539 $3,328 $10,919 
Original issue discount
(61)(68)(73)(82)(93)(505)(882)
Total unsecured
2,023 1,406 2,398 (59)1,446 2,823 10,037 
Secured
Long-term debt
2,395 2,930 1,420 894 76 10 7,725 
Total long-term debt
$4,418 $4,336 $3,818 $835 $1,522 $2,833 $17,762 
The following summarizes assets restricted as collateral for the payment of the related debt obligation.
December 31, ($ in millions)
20222021
Consumer mortgage finance receivables$19,771 $17,941 
Consumer automotive finance receivables
11,759 9,122 
Commercial finance receivables4,210 10 
Investment securities (a)3,525 — 
Credit card receivables— 347 
Total assets restricted as collateral (b) (c) (d)$39,265 $27,420 
Secured debt (e)$10,124 $7,619 
(a)A portion of the restricted investment securities at December 31, 2022, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)All restricted assets are those of Ally Bank.
(c)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $27.0 billion and $18.0 billion at December 31, 2022, and December 31, 2021, 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, 2022, and December 31, 2021. 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.
(d)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Consolidated Balance Sheet. Refer to Note 13 for additional information.
(e)Includes $2.4 billion of short-term borrowings at December 31, 2022.