Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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 2022 Annual Report on Form 10-K.


Three months ended June 30, ($ in millions)	Automotive Finance operations		Insurance operations		Mortgage Finance operations		Corporate Finance operations		Corporate and Other		Consolidated
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)	$	—	$	171	$	—	$	—	$	—	$	171
Remarketing fee income	31		—		—		—		—		31
Brokerage commissions and other revenue	—		—		—		—		23		23
Banking fees and interchange income (d)	—		—		—		—		11		11
Brokered/agent commissions	—		4		—		—		—		4
Other	5		—		—		—		—		5
Total revenue from contracts with customers	36		175		—		—		34		245
All other revenue	47		162		5		28		19		261
Total other revenue (e)	$	83	$	337	$	5	$	28	$	53	$	506
2022
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)	$	—	$	163	$	—	$	—	$	—	$	163
Remarketing fee income	29		—		—		—		—		29
Brokerage commissions and other revenue	—		—		—		—		13		13
Banking fees and interchange income (d)	—		—		—		—		10		10
Brokered/agent commissions	—		4		—		—		—		4
Other	6		—		—		—		1		7
Total revenue from contracts with customers	35		167		—		—		24		226
All other revenue	37		(9)		4		19		35		86
Total other revenue (e)	$	72	$	158	$	4	$	19	$	59	$	312

(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both April 1, 2023, and 2022, and $243 million and $234 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, 2023, and 2022, respectively.

(b)At June 30, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $464 million during the remainder of 2023, $812 million in 2024, $644 million in 2025, $467 million in 2026, and $582 million thereafter. At June 30, 2022, we had unearned revenue of $3.0 billion associated with outstanding contracts.

(c)We had deferred insurance assets of $1.8 billion at both April 1, 2023, and June 30, 2023, and recognized $144 million of expense during the three months ended June 30, 2023. We had deferred insurance assets of $1.8 billion at both April 1, 2022, and June 30, 2022, and recognized $140 million of expense during the three months ended June 30, 2022.

(d)Interchange income is reported net of customer rewards. Customer rewards expense was $5 million and $3 million for the three months ended June 30, 2023, and 2022, respectively.

(e)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.


Six months ended June 30, ($ in millions)	Automotive Finance operations		Insurance operations		Mortgage Finance operations		Corporate Finance operations		Corporate and Other		Consolidated
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b)	$	—	$	340	$	—	$	—	$	—	$	340
Remarketing fee income	64		—		—		—		—		64
Brokerage commissions and other revenue	—		—		—		—		46		46
Banking fees and interchange income (c)	—		—		—		—		21		21
Brokered/agent commissions	—		7		—		—		—		7
Other	10		—		—		—		—		10
Total revenue from contracts with customers	74		347		—		—		67		488
All other revenue	86		371		9		57		(7)		516
Total other revenue (d)	$	160	$	718	$	9	$	57	$	60	$	1,004
2022
Revenue from contracts with customers
Noninsurance contracts (a) (b)	$	—	$	325	$	—	$	—	$	—	$	325
Remarketing fee income	56		—		—		—		—		56
Brokerage commissions and other revenue	—		—		—		—		24		24
Banking fees and interchange income (c)	—		—		—		—		21		21
Brokered/agent commissions	—		8		—		—		—		8
Other	11		—		—		—		2		13
Total revenue from contracts with customers	67		333		—		—		47		447
All other revenue	73		95		18		43		78		307
Total other revenue (d)	$	140	$	428	$	18	$	43	$	125	$	754

(a)We had opening balances of $3.0 billion and $3.1 billion in unearned revenue associated with outstanding contracts at January 1, 2023, and 2022, respectively, and $484 million and $465 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, 2023, and 2022, respectively.

(b)We had deferred insurance assets of $1.8 billion at both January 1, 2023, and June 30, 2023, and recognized $288 million of expense during the six months ended June 30, 2023. We had deferred insurance assets of $1.9 billion and $1.8 billion at January 1, 2022, and June 30, 2022, respectively, and recognized $277 million of expense during the six months ended June 30, 2022.

(c)Interchange income is reported net of customer rewards. Customer rewards expense was $9 million and $6 million for the six months ended June 30, 2023, and 2022, respectively.

(d)Represents a component of total net revenue. Refer to Note 22 for further information on our reportable operating segments.