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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Our primary revenue sources, which include financing revenue and other interest income, are addressed by other U.S. GAAP topics and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other U.S. GAAP topics and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred.
The following table presents a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K.
Three months ended March 31, ($ in millions)
Automotive Finance operationsInsurance operationsMortgage Finance operationsCorporate Finance operationsCorporate and OtherConsolidated
2024
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $173 $— $— $— $173 
Remarketing fee income30 — — — — 30 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 9 9 
Brokered/agent commissions— 4 — — — 4 
Other5 — — — — 5 
Total revenue from contracts with customers
35 177 — — 32 244 
All other revenue
62 207 6 23 (12)286 
Total other revenue (e)$97 $384 $6 $23 $20 $530 
2023
Revenue from contracts with customers
Noninsurance contracts (a) (b) (c)$— $169 $— $— $— $169 
Remarketing fee income33 — — — — 33 
Brokerage commissions and other revenue— — — — 23 23 
Banking fees and interchange income (d)— — — — 10 10 
Brokered/agent commissions— 3 — — — 3 
Other5 — — — — 5 
Total revenue from contracts with customers
38 172 — — 33 243 
All other revenue39 209 4 29 (26)255 
Total other revenue (e)$77 $381 $4 $29 $7 $498 
(a)We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2024, and 2023, and $248 million and $241 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive (Loss) Income during the three months ended March 31, 2024, and 2023, respectively.
(b)At March 31, 2024, we had unearned revenue of $2.9 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $670 million during the remainder of 2024, $751 million in 2025, $594 million in 2026, $422 million in 2027, and $510 million thereafter. At March 31, 2023, we had unearned revenue of $3.0 billion associated with outstanding contracts.
(c)We had deferred insurance assets of $1.8 billion at both March 31, 2024, and December 31, 2023, and recognized $147 million of expense during the three months ended March 31, 2024. We had deferred insurance assets of $1.8 billion at both March 31, 2023, and December 31, 2022, and recognized $144 million of expense during the three months ended March 31, 2023.
(d)Interchange income is reported net of customer rewards. Customer rewards expense was $6 million and $4 million for the three months ended March 31, 2024, and 2023, respectively.
(e)Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments.
In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains of $46 million and $47 million for the three months ended March 31, 2024, and 2023, respectively, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive (Loss) Income.