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Other Assets
 12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Other Assets Other Assets
The components of other assets were as follows.
December 31, ($ in millions)
20232022
Property and equipment at cost (a)$2,153 $2,352 
Accumulated depreciation (a)(871)(1,076)
Net property and equipment1,282 1,276 
Investment in qualified affordable housing projects (b)1,866 1,596 
Net deferred tax assets1,224 1,087 
Accrued interest, fees, and rent receivables (c)935 786 
Nonmarketable equity investments886 842 
Goodwill669 822 
Equity-method investments (d)651 608 
Restricted cash held for securitization trusts (e)407 585 
Other accounts receivable189 164 
Operating lease right-of-use assets90 111 
Restricted cash and cash equivalents (f)87 66 
Net intangible assets73 98 
Other assets1,036 1,097 
Total other assets (g)$9,395 $9,138 
(a)During the year ended December 31, 2023, we retired software with a cost basis of $295 million with an accumulated depreciation of $295 million.
(b)Presented gross of the associated unfunded commitment. Refer to Note 16 for further information.
(c)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.
(d)Primarily relates to investments made in connection with our CRA program.
(e)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(f)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
(g)Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. Refer to Note 2 for additional information.
The total carrying value of the nonmarketable equity investments held at December 31, 2023, and December 31, 2022, including cumulative unrealized gains and losses, was as follows.
December 31, ($ in millions)
20232022
FRB stock$392 $401 
FHLB stock392 318 
Equity investments without a readily determinable fair value
Cost basis at acquisition74 89 
Adjustments
Upward adjustments51 177 
Downward adjustments (including impairment)(23)(143)
Carrying amount, equity investments without a readily determinable fair value102 123 
Nonmarketable equity investments$886 $842 
During the years ended December 31, 2023, and 2022, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of December 31, 2023, and 2022, were as follows.
Year ended December 31, ($ in millions)
20232022
Upward adjustments$8 $1 
Downward adjustments (including impairment) (a)$(17)$(138)
(a)No impairment on FHLB and FRB stock was recognized during the years ended December 31, 2023, and 2022.
The downward adjustments (including impairment) during the year ended December 31, 2022, was primarily driven by an impairment in our investment in BMC Holdco. During the year ended December 31, 2023, this investment was transferred from nonmarketable equity investments to equity securities on the 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 net loss of $10 million for the year ended December 31, 2023, compared to a net loss of $132 million for the year ended December 31, 2022, respectively.
The carrying balance of goodwill by reportable operating segment was as follows.
($ 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 impairment— — (149)(149)
Transfer to assets of operations held-for-sale— — (4)(4)
Goodwill at December 31, 2023
$20 $27 $622 $669 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both December 31, 2023, and December 31, 2022, $143 million of goodwill associated with Ally Invest at both December 31, 2023, and December 31, 2022, and $153 million of goodwill associated with Ally Lending at December 31, 2022.
During the year ended December 31, 2023, we recognized a $149 million impairment of goodwill at Corporate and Other related to the transfer of our Ally Lending business to held-for-sale. Subsequent to the impairment charge, the goodwill balance of $4 million was transferred to assets of operations held-for-sale on the Consolidated Balance Sheet. For additional information, refer to Note 2.
The net carrying value of intangible assets by class was as follows.
20232022
December 31, ($ in millions)
Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$117 $(64)$53 $122 $(53)$69 
Customer lists41 (39)2 58 (51)7 
Purchased credit card relationships25 (7)18 25 (4)21 
Trademarks2 (2)— 2 (1)1 
Total intangible assets (a)$185 $(112)$73 $207 $(109)$98 
(a)Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. Refer to Note 2 for additional information.
Estimated future amortization expense of intangible assets are as follows.
Year ended December 31, ($ in millions)
2024$19 
202514 
202614 
202713 
202813 
Total estimated future amortization expense$73