XML 29 R20.htm IDEA: XBRL DOCUMENT v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2023December 31, 2022
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,675 $1,675 $— $1,900 $1,900 
Securities sold under agreements to repurchase
— 735 735 — 499 499 
Total short-term borrowings$— $2,410 $2,410 $— $2,399 $2,399 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
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 September 30, 2023, the securities sold under agreements to repurchase consisted of $483 million of agency mortgage-backed residential debt securities and $252 million of U.S. Treasury and federal agency securities. The repurchase agreements are set to mature within 30 days. Refer to Note 6 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 September 30, 2023, we placed cash collateral of $15 million subsequent to the execution of the repurchase agreements, and we did not receive any collateral. At December 31, 2022, we placed cash collateral of $1 million subsequent to the execution of the repurchase agreements, and we did not receive any collateral.
Long-Term Debt
The following tables present the composition of our long-term debt portfolio.
September 30, 2023December 31, 2022
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$2,622 $3,349 $5,971 $2,023 $2,395 $4,418 
Due after one year
8,194 5,931 14,125 8,014 5,330 13,344 
Total long-term debt (b)$10,816 $9,280 $20,096 $10,037 $7,725 $17,762 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 18 for additional information.
(b)Includes advances, net of hedge basis adjustments, from the FHLB of Pittsburgh of $6.2 billion and $5.3 billion at September 30, 2023, and December 31, 2022, respectively.
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202320242025202620272028 and thereafter
Total
Unsecured
Long-term debt
$1,219 $1,478 $2,485 $154 $1,537 $4,790 $11,663 
Original issue discount
(16)(68)(74)(82)(94)(513)(847)
Total unsecured
1,203 1,410 2,411 72 1,443 4,277 10,816 
Secured
Long-term debt
807 3,388 2,293 1,991 526 275 9,280 
Total long-term debt
$2,010 $4,798 $4,704 $2,063 $1,969 $4,552 $20,096 
The following summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)September 30, 2023December 31, 2022
Consumer automotive finance receivables$43,426 $11,759 
Consumer mortgage finance receivables18,931 19,771 
Commercial finance receivables5,837 4,210 
Investment securities (amortized cost of $4,818 and $4,288) (a)
3,865 3,525 
Total assets restricted as collateral (b) (c) (d)$72,059 $39,265 
Secured debt (e)$11,690 $10,124 
(a)A portion of the restricted investment securities at September 30, 2023, and 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 $27.9 billion and $27.0 billion at September 30, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans, as well as real-estate-backed loans within our Automotive Finance and Corporate Finance businesses, and non-agency mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $34.0 billion and $2.4 billion at September 30, 2023, and December 31, 2022, respectively. 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 Condensed Consolidated Balance Sheet. Refer to Note 10 for additional information.
(e)Includes $2.4 billion of short-term borrowings at both September 30, 2023, and December 31, 2022.