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Other Assets
 9 Months Ended
Sep. 30, 2023
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
($ in millions)September 30, 2023December 31, 2022
Property and equipment at cost$2,425 $2,352 
Accumulated depreciation(1,142)(1,076)
Net property and equipment1,283 1,276 
Investment in qualified affordable housing projects (a)1,630 1,596 
Net deferred tax assets1,514 1,087 
Accrued interest, fees, and rent receivables898 786 
Nonmarketable equity investments857 842 
Goodwill822 822 
Equity-method investments (b)650 608 
Restricted cash held for securitization trusts (c)522 585 
Other accounts receivable181 164 
Operating lease right-of-use assets99 111 
Restricted cash and cash equivalents (d)81 66 
Net intangible assets79 98 
Other assets985 1,097 
Total other assets$9,601 $9,138 
(a)Presented gross of the associated unfunded commitment. Refer to Note 13 for further information.
(b)Primarily relates to investments made in connection with our CRA program.
(c)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(d)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
The total carrying value of the nonmarketable equity investments held at September 30, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows.
($ in millions)September 30, 2023December 31, 2022
FRB stock$419 $401 
FHLB stock338 318 
Equity investments without a readily determinable fair value
Cost basis at acquisition73 89 
Adjustments
Upward adjustments50 177 
Downward adjustments (including impairment)(23)(143)
Carrying amount, equity investments without a readily determinable fair value100 123 
Nonmarketable equity investments$857 $842 
During the three months and nine months ended September 30, 2023, and September 30, 2022, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of September 30, 2023, and September 30, 2022, were as follows.
Three months ended September 30,Nine months ended September 30,
($ in millions)2023202220232022
Upward adjustments$— $— $7 $1 
Downward adjustments (including impairment) (a)$— $(137)$(17)$(140)
(a)No impairment on FHLB and FRB stock was recognized during both the three months and nine months ended September 30, 2023, and 2022.
The downward adjustments (including impairment) during the three months and nine months ended September 30, 2022, were primarily driven by an impairment in our investment in BMC Holdco. During the three months ended September 30, 2023, this investment was transferred from nonmarketable equity investments to equity securities on the Condensed Consolidated Balance Sheet as our investment converted into publicly traded common stock in BHF.
Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, was a loss of $11 million for the nine months ended September 30, 2023, compared to losses of $135 million and $133 million for the three months and nine months ended September 30, 2022, respectively.
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 2021
$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at December 31, 2022
$20 $27 $775 $822 
Goodwill acquired— — — — 
Goodwill at September 30, 2023
$20 $27 $775 $822 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both September 30, 2023, and December 31, 2022, $153 million of goodwill associated with Ally Lending at both September 30, 2023, and December 31, 2022, and $143 million of goodwill associated with Ally Invest at both September 30, 2023, and December 31, 2022.
The net carrying value of intangible assets by class was as follows.
September 30, 2023 (a)
December 31, 2022
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$122 $(65)$57 $122 $(53)$69 
Customer lists58 (55)3 58 (51)7 
Purchased credit card relationships25 (6)19 25 (4)21 
Trademarks2 (2)— 2 (1)1 
Total intangible assets$207 $(128)$79 $207 $(109)$98 
(a)We expect to recognize amortization expense of $7 million during the remainder of 2023, $19 million in 2024, and $14 million per year for 2025, 2026, and 2027.