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Parent Company Condensed Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Condensed Financial Information Parent Company Condensed Financial Information
The following tables present standalone condensed financial statements for Ally Financial Inc. (referred to within this section as the Parent). These condensed statements are provided in accordance with SEC rules, which require disclosure when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets, and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. For purposes of these condensed financial statements, the Parent’s wholly owned subsidiaries are presented in accordance with the equity method of accounting.
Condensed Statement of Comprehensive Income (Loss)
Year ended December 31, ($ in millions)
202320222021
Net financing loss and other interest income (a)$(945)$(1,000)$(1,070)
Dividends from bank subsidiaries1,350 3,150 3,450 
Dividends from nonbank subsidiaries250 1 27 
Total other revenue169 103 243 
Total net revenue824 2,254 2,650 
Provision for credit losses(14)(32)(106)
Total noninterest expense466 665 650 
Income from continuing operations before income tax benefit and undistributed income (loss) of subsidiaries372 1,621 2,106 
Income tax benefit from continuing operations (b)(408)(253)(412)
Net income from continuing operations780 1,874 2,518 
Loss from discontinued operations, net of tax(2)(1)(5)
Equity in undistributed earnings of subsidiaries242 (159)547 
Net income1,020 1,714 3,060 
Other comprehensive income (loss), net of tax243 (3,901)(789)
Comprehensive income (loss)$1,263 $(2,187)$2,271 
(a)Net financing loss and other interest income is primarily driven by interest expense on long-term debt.
(b)There is a significant variation in the customary relationship between pretax income and income tax benefit due to our accounting policy elections and consolidated tax adjustments. The income tax benefit excludes tax effects on dividends from subsidiaries.
Condensed Balance Sheet
December 31, ($ in millions)
20232022
Assets
Cash and cash equivalents (a)$3,911 $3,333 
Equity securities16 — 
Finance receivables and loans, net of unearned income1,478 560 
Allowance for loan losses22 23 
Total finance receivables and loans, net1,500 583 
Investments in subsidiaries
Bank subsidiaries13,692 13,197 
Nonbank subsidiaries4,503 5,191 
Intercompany receivables from subsidiaries263 223 
Investment in operating leases, net16 21 
Other assets1,536 1,307 
Total assets$25,437 $23,855 
Liabilities and equity
Long-term debt (b)$10,427 $10,035 
Interest payable98 84 
Intercompany debt to subsidiaries772 545 
Intercompany payables to subsidiaries41 41 
Accrued expenses and other liabilities333 291 
Total liabilities11,671 10,996 
Total equity13,766 12,859 
Total liabilities and equity$25,437 $23,855 
(a)Includes $3.9 billion and $3.3 billion deposited by the Parent at Ally Bank as of December 31, 2023, and 2022, respectively. These funds are available to the Parent for liquidity purposes.
(b)Includes $2.0 billion of the outstanding principal balance of senior notes fully and unconditionally guaranteed by subsidiaries of the Parent as of both December 31, 2023, and 2022.
Condensed Statement of Cash Flows
Year ended December 31, ($ in millions)
202320222021
Operating activities
Net cash provided by operating activities$879 $1,733 $3,753 
Investing activities
Proceeds from sales of finance receivables and loans initially held-for-investment1 64 378 
Originations and repayments of finance receivables and loans held-for-investment and other, net(37)(7)189 
Net change in loans — intercompany(290)(65)(10)
Purchases of equity securities— — (8)
Proceeds from sales of equity securities5 1 — 
Capital contributions to subsidiaries(8)— — 
Returns of contributed capital1 52 24 
Net change in nonmarketable equity investments(2)8 29 
Other, net(10)(27)44 
Net cash (used in) provided by investing activities(340)26 646 
Financing activities
Net change in short-term borrowings— — (2,136)
Proceeds from issuance of long-term debt2,410 1,655 765 
Repayments of long-term debt(2,087)(1,088)(777)
Net change in debt — intercompany227 (496)(336)
Repurchase of common stock(33)(1,650)(1,994)
Preferred stock issuance— — 2,324 
Trust preferred securities redemption— — (2,710)
Common stock dividends paid(368)(384)(324)
Preferred stock dividends paid(110)(110)(57)
Net cash provided by (used in) financing activities39 (2,073)(5,245)
Net increase (decrease) in cash and cash equivalents and restricted cash578 (314)(846)
Cash and cash equivalents and restricted cash at beginning of year3,366 3,680 4,526 
Cash and cash equivalents and restricted cash at end of year$3,944 $3,366 $3,680 
The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Balance Sheet to the Condensed Statement of Cash Flows.
Year ended December 31, ($ in millions)
20232022
Cash and cash equivalents on the Condensed Balance Sheet $3,911 $3,333 
Restricted cash included in other assets on the Condensed Balance Sheet (a)33 33 
Total cash and cash equivalents and restricted cash in the Condensed Statement of Cash Flows$3,944 $3,366 
(a)Restricted cash balances relate primarily to Ally securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances.