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Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The following table presents the composition of our short-term borrowings portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured (a)
Total
Unsecured
Secured (a)
Total
Federal Home Loan Bank
$— $1,400 $1,400 $— $2,550 $2,550 
Securities sold under agreements to repurchase
— 371 371 — 747 747 
Total short-term borrowings$— $1,771 $1,771 $— $3,297 $3,297 
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt.
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 September 30, 2024, the securities sold under agreements to repurchase consisted of $371 million of U.S. Treasury and federal agency securities. The repurchase agreements were set to mature within 30 days. Refer to Note 7 and Note 22 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 $1 million related to repurchase agreements.
Long-Term Debt
The following table presents the composition of our long-term debt portfolio.
September 30, 2024December 31, 2023
($ in millions)
Unsecured
Secured
Total
Unsecured
Secured
Total
Long-term debt (a)
Due within one year
$1,289 $2,451 $3,740 $1,409 $2,931 $4,340 
Due after one year
8,731 4,336 13,067 9,015 4,215 13,230 
Total long-term debt (b)$10,020 $6,787 $16,807 $10,424 $7,146 $17,570 
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information.
(b)Includes advances from the FHLB of Pittsburgh of $4.8 billion and $5.6 billion at September 30, 2024, and December 31, 2023, respectively.
The following table presents the scheduled remaining maturity of long-term debt at September 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions)202420252026202720282029 and thereafter
Total
Unsecured
Long-term debt
$9 $2,483 $151 $1,601 $866 $5,690 $10,800 
Original issue discount
(17)(74)(83)(94)(107)(405)(780)
Total unsecured
(8)2,409 68 1,507 759 5,285 10,020 
Secured
Long-term debt
761 2,267 2,055 1,331 348 25 6,787 
Total long-term debt
$753 $4,676 $2,123 $2,838 $1,107 $5,310 $16,807 
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions)September 30, 2024December 31, 2023
Consumer automotive finance receivables$39,199 $40,805 
Consumer mortgage finance receivables17,536 18,703 
Commercial finance receivables6,351 5,968 
Investment securities (amortized cost of $3,273 and $4,030) (a)
3,491 4,036 
Other assets (b)
288 — 
Total assets restricted as collateral (c) (d)$66,865 $69,512 
Secured debt (e)$8,558 $10,443 
(a)A portion of the restricted investment securities at both September 30, 2024, and December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.
(b)Includes the collateral account restricted for the payment of credit-linked notes recorded within restricted cash and cash equivalents. Excludes restricted cash and cash reserves for securitization trusts. Refer to Note 11 and Note 18 for additional information.
(c)All restricted assets are those of Ally Bank.
(d)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 $27.0 billion and $27.9 billion at September 30, 2024, and December 31, 2023, 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 $33.9 billion and $34.0 billion at September 30, 2024, and December 31, 2023, 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.
(e)Includes $1.8 billion and $3.3 billion of short-term borrowings at September 30, 2024, and December 31, 2023, respectively.