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Other Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets were as follows.
($ in millions)March 31, 2024December 31, 2023
Property and equipment at cost (a)$2,160 $2,153 
Accumulated depreciation (a)(890)(871)
Net property and equipment1,270 1,282 
Proportional amortization investments (b) (c)1,877 1,866 
Net deferred tax assets1,323 1,224 
Accrued interest, fees, and rent receivables (d)941 935 
Nonmarketable equity investments747 886 
Goodwill669 669 
Equity-method investments (b) (e)638 651 
Restricted cash held for securitization trusts (f)397 407 
Other accounts receivable193 189 
Operating lease right-of-use assets98 90 
Restricted cash and cash equivalents (g)90 87 
Net intangible assets67 73 
Other assets1,038 1,036 
Total other assets (h)$9,348 $9,395 
(a)During the year ended December 31, 2023, we retired software with a cost basis of $295 million with an accumulated depreciation of $295 million.
(b)Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of March 31, 2024. Prior to the adoption of ASU 2023-02 on January 1, 2024, NMTC and HTC investments were included in equity-method investments. Refer to Note 1 to the Condensed Consolidated Financial Statements for additional information.
(c)Presented gross of the associated unfunded commitment. Refer to Note 14 for further information.
(d)Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans.
(e)Primarily relates to investments made in connection with our CRA program.
(f)Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.
(g)Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.
(h)Excludes Ally Lending other assets which were transferred to assets of operations held-for-sale as of December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information.
Schedule of Activity in Proportional Amortization Investment
The following table summarizes information about our proportional amortization investments.
Three months ended March 31,
($ in millions)20242023
Tax credits and other tax benefits from proportional amortization investments (a) (b)$39 $47 
Investment amortization expense recognized as a component of income tax expense (a)32 38 
Net benefit from proportional amortization investments (a)$7 $9 
(a)Amounts are included within income tax expense from continued operations on our Condensed Consolidated Statement of Comprehensive (Loss) Income and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.
(b)There were no impairment losses recognized during both the three months ended March 31, 2024, and 2023, resulting from the forfeiture or ineligibility of tax credits or other circumstances.
Schedule of Equity Securities without Readily Determinable Fair Value
The total carrying value of the nonmarketable equity investments held at March 31, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows.
($ in millions)March 31, 2024December 31, 2023
FRB stock$411 $392 
FHLB stock230 392 
Equity investments without a readily determinable fair value
Cost basis at acquisition76 74 
Adjustments
Upward adjustments53 51 
Downward adjustments (including impairment)(23)(23)
Carrying amount, equity investments without a readily determinable fair value106 102 
Nonmarketable equity investments$747 $886 
During the three months ended March 31, 2024, and 2023, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2024, and 2023, were as follows.
Three months ended March 31,
($ in millions)20242023
Upward adjustments$1 $5 
Downward adjustments (including impairment) (a)$— $(17)
(a)No impairment on FHLB and FRB stock was recognized during the three months ended March 31, 2024, and 2023.
Schedule of Goodwill
The carrying balance of goodwill by reportable operating segment was as follows.
($ in millions)Automotive Finance operationsInsurance operationsCorporate and Other (a)Total
Goodwill at December 31, 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 
Goodwill acquired— — — — 
Goodwill at March 31, 2024
$20 $27 $622 $669 
(a)Includes $479 million of goodwill associated with Ally Credit Card at both March 31, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both March 31, 2024, and December 31, 2023.
Schedule of Finite-Lived Intangible Assets
The net carrying value of intangible assets by class was as follows.
March 31, 2024December 31, 2023
($ in millions)Gross intangible assetsAccumulated amortizationNet carrying valueGross intangible assetsAccumulated amortizationNet carrying value
Technology$117 $(68)$49 $117 $(64)$53 
Customer lists41 (40)1 41 (39)2 
Purchased credit card relationships25 (8)17 25 (7)18 
Trademarks2 (2)— 2 (2)— 
Total intangible assets (a)$185 $(118)$67 $185 $(112)$73 
(a)Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. The sale was closed on March 1, 2024. Refer to Note 2 for additional information.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expense of intangible assets are as follows.
($ in millions)
2024$13 
202514
202614
202713
202813
Total estimated future amortization expense$67