XML 44 R25.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
20232022
December 31, ($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $2,550 $2,550 $— $1,900 $1,900 
Securities sold under agreements to repurchase
— 747 747 — 499 499 
Total short-term borrowings$— $3,297 $3,297 $— $2,399 $2,399 
Weighted average interest rate (b)5.6 %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, 2023, the securities sold under agreements to repurchase consisted of $747 million of agency mortgage-backed residential debt securities. The repurchase agreements are set to mature within 30 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, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements. At December 31, 2022, we placed cash collateral of $1 million related to repurchase agreements, and we did not receive any collateral.
Long-Term Debt
The following tables present the composition of our long-term debt portfolio.
December 31, ($ in millions)
AmountInterest rateWeighted average stated interest rate (a)Due date range
2023
Unsecured debt
Fixed rate (b)$10,327 
Hedge basis adjustments (c)97 
Total unsecured debt10,424 
0.60–8.00%
6.03 %2024–2033
Secured debt
Fixed rate7,031 
Variable rate (d)113 
Hedge basis adjustment (c)2 
Total secured debt (e) (f)7,146 
0.89–5.29%
3.31 %2024–2031
Total long-term debt$17,570 
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 
(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 $1.5 billion and $1.0 billion at December 31, 2023, and 2022, respectively.
(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 $1.5 billion and $2.4 billion of VIE secured debt at December 31, 2023, and 2022, respectively.
(f)Includes advances from the FHLB of Pittsburgh of $5.6 billion and $5.3 billion at December 31, 2023, and 2022, respectively.

20232022
December 31, ($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,409 $2,931 $4,340 $2,023 $2,395 $4,418 
Due after one year
9,015 4,215 13,230 8,014 5,330 13,344 
Total long-term debt$10,424 $7,146 $17,570 $10,037 $7,725 $17,762 
(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. 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, 2023. As of December 31, 2022, we had $2.5 billion of interest rate swap agreements outstanding.
The following table presents the scheduled remaining maturity of long-term debt at December 31, 2023, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202420252026202720282029 and thereafter
Total
Unsecured
Long-term debt
$1,477 $2,485 $152 $1,536 $867 $4,738 $11,255 
Original issue discount
(68)(74)(82)(94)(107)(406)(831)
Total unsecured
1,409 2,411 70 1,442 760 4,332 10,424 
Secured
Long-term debt
2,931 1,904 1,720 357 225 9 7,146 
Total long-term debt
$4,340 $4,315 $1,790 $1,799 $985 $4,341 $17,570 
The following summarizes assets restricted as collateral for the payment of the related debt obligation.
December 31, ($ in millions)
20232022
Consumer automotive finance receivables$40,805 $11,759 
Consumer mortgage finance receivables18,703 19,771 
Commercial finance receivables5,968 4,210 
Investment securities (amortized cost of $4,030 and $4,288) (a)
4,036 3,525 
Total assets restricted as collateral (b) (c) (d)$69,512 $39,265 
Secured debt (e)$10,443 $10,124 
(a)A portion of the restricted investment securities at December 31, 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 December 31, 2023, and December 31, 2022, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as 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 December 31, 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 Consolidated Balance Sheet. Refer to Note 13 for additional information.
(e)Includes $3.3 billion and $2.4 billion of short-term borrowings at December 31, 2023, and December 31, 2022, respectively.