Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-3754 | |
Entity Registrant Name | Ally Financial Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-0572512 | |
Entity Address, Address Description | Ally Detroit Center | |
Entity Address, Address Line One | 500 Woodward Avenue | |
Entity Address, Address Line Two | Floor 10 | |
Entity Address, City or Town | Detroit | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48226 | |
City Area Code | 866 | |
Local Phone Number | 710-4623 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ALLY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 304,671,884 | |
Entity Central Index Key | 0000040729 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Financing revenue and other interest income | |||||
Interest and fees on finance receivables and loans | $ 2,845 | $ 2,721 | $ 5,672 | $ 5,296 | |
Interest on loans held-for-sale | 7 | 7 | 43 | 22 | |
Interest and dividends on investment securities and other earning assets | 265 | 247 | 531 | 485 | |
Interest on cash and cash equivalents | 88 | 87 | 185 | 143 | |
Operating leases | 333 | 392 | 689 | 794 | |
Total financing revenue and other interest income | 3,538 | 3,454 | 7,120 | 6,740 | |
Interest expense | |||||
Interest on deposits | 1,594 | 1,418 | 3,245 | 2,635 | |
Interest on short-term borrowings | 27 | 11 | 50 | 23 | |
Interest on long-term debt | 244 | 252 | 492 | 479 | |
Interest on other | 1 | 0 | 1 | 2 | |
Total interest expense | 1,866 | 1,681 | 3,788 | 3,139 | |
Net depreciation expense on operating lease assets | 177 | 200 | 381 | 426 | |
Net financing revenue and other interest income | 1,495 | 1,573 | 2,951 | 3,175 | |
Other revenue | |||||
Insurance premiums and service revenue earned | 341 | 310 | 686 | 616 | |
Gain on mortgage and automotive loans, net | 6 | 5 | 12 | 9 | |
Other (loss) gain on investments, net | (7) | 26 | 22 | 100 | |
Other income, net of losses | 165 | 165 | 315 | 279 | |
Total other revenue | 505 | 506 | 1,035 | 1,004 | |
Total net revenue | 2,000 | 2,079 | 3,986 | 4,179 | |
Provision for credit losses | 457 | 427 | 964 | 873 | |
Noninterest expense | |||||
Compensation and benefits expense | 442 | 448 | 961 | 985 | |
Insurance losses and loss adjustment expenses | 181 | 134 | 293 | 222 | |
Other operating expenses | 663 | 667 | 1,340 | 1,308 | |
Total noninterest expense | 1,286 | 1,249 | 2,594 | 2,515 | |
Income from continuing operations before income tax (benefit) expense | 257 | 403 | 428 | 791 | |
Income tax (benefit) expense from continuing operations | (37) | 74 | (23) | 142 | |
Net income from continuing operations | 294 | 329 | 451 | 649 | |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | (1) | |
Net income | 294 | 329 | 451 | 648 | |
Other comprehensive (loss) income, net of tax | (20) | (87) | (193) | 196 | |
Comprehensive income | 274 | 242 | 258 | 844 | |
Net income from continuing operations attributable to common stockholders | [1] | 266 | 301 | 395 | 593 |
Loss from discontinued operations, net of tax | [1] | 0 | 0 | 0 | (1) |
Net income attributable to common stockholders | [1] | $ 266 | $ 301 | $ 395 | $ 592 |
Basic weighted-average common shares outstanding (in shares) | [1],[2] | 306,774 | 303,684 | 306,388 | 303,173 |
Diluted weighted-average common shares outstanding (in shares) | [1],[2] | 309,886 | 304,646 | 309,154 | 304,050 |
Basic earnings per common share | |||||
Net income from continuing operations (in dollars per share) | [1] | $ 0.87 | $ 0.99 | $ 1.29 | $ 1.96 |
Net income (in dollars per share) | [1] | 0.87 | 0.99 | 1.29 | 1.95 |
Diluted earnings per common share | |||||
Net income from continuing operations (in dollars per share) | [1] | 0.86 | 0.99 | 1.28 | 1.95 |
Net income (in dollars per share) | [1] | 0.86 | 0.99 | 1.28 | 1.95 |
Cash dividends declared per common share (in dollars per share) | [1] | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. Includes shares related to share-based compensation that vested but were not yet issued. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | ||
Noninterest-bearing | $ 536 | $ 638 |
Interest-bearing | 6,833 | 6,307 |
Total cash and cash equivalents | 7,369 | 6,945 |
Equity securities | 854 | 810 |
Available-for-sale securities (amortized cost of $27,705 and $28,416) | 23,200 | 24,415 |
Held-to-maturity securities (fair value of $4,503 and $4,729) | 4,548 | 4,680 |
Loans held-for-sale, net | 316 | 400 |
Finance receivables and loans, net | ||
Finance receivables and loans, net of unearned income | 138,783 | 139,439 |
Allowance for loan losses | (3,572) | (3,587) |
Total finance receivables and loans, net | 135,211 | 135,852 |
Investment in operating leases, net | 8,374 | 9,171 |
Premiums receivable and other insurance assets | 2,806 | 2,749 |
Other assets | 9,853 | 9,395 |
Assets of operations held-for-sale | 0 | 1,975 |
Total assets | 192,531 | 196,392 |
Deposit liabilities | ||
Noninterest-bearing | 156 | 139 |
Interest-bearing | 151,998 | 154,527 |
Total deposit liabilities | 152,154 | 154,666 |
Short-term borrowings | 3,122 | 3,297 |
Long-term debt | 15,979 | 17,570 |
Interest payable | 1,148 | 858 |
Unearned insurance premiums and service revenue | 3,496 | 3,492 |
Accrued expenses and other liabilities | 2,781 | 2,726 |
Liabilities of operations held-for-sale | 0 | 17 |
Total liabilities | 178,680 | 182,626 |
Contingencies (refer to Note 24) | ||
Equity | ||
Common stock and paid-in capital ($0.01 par value, shares authorized 1,100,000,000; issued 514,851,483 and 511,861,447; and outstanding 304,655,610 and 302,459,258) | 22,077 | 21,975 |
Preferred stock | 2,324 | 2,324 |
Retained earnings | 360 | 154 |
Accumulated other comprehensive loss | (4,009) | (3,816) |
Treasury stock, at cost (210,195,873 and 209,402,189 shares) | (6,901) | (6,871) |
Total equity | 13,851 | 13,766 |
Total liabilities and equity | $ 192,531 | $ 196,392 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, amortized cost | $ 27,705 | $ 28,416 |
Held-to-maturity securities, fair value | $ 4,503 | $ 4,729 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 |
Common stock, shares issued (in shares) | 514,851,483 | 511,861,447 |
Common stock, shares outstanding (in shares) | 304,655,610 | 302,459,258 |
Treasury stock, common, shares (in shares) | 210,195,873 | 209,402,189 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet (unaudited) (VIEs) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finance receivables and loans, net | $ 138,783 | $ 139,439 |
Allowance for loan losses | (3,572) | (3,587) |
Total finance receivables and loans, net | 135,211 | 135,852 |
Other assets | 9,853 | 9,395 |
Total assets | 192,531 | 196,392 |
Long-term debt | 15,979 | 17,570 |
Accrued expenses and other liabilities | 2,781 | 2,726 |
Total liabilities | 178,680 | 182,626 |
Consumer | ||
Finance receivables and loans, net | 103,585 | 104,977 |
Consumer | Automotive | ||
Finance receivables and loans, net | 83,528 | 84,320 |
Allowance for loan losses | (3,055) | (3,083) |
On-balance sheet variable interest entities | ||
Allowance for loan losses | (187) | (254) |
Total finance receivables and loans, net | 4,892 | 6,614 |
Other assets | 363 | 461 |
Total assets | 5,255 | 7,075 |
Long-term debt | 1,117 | 1,509 |
Accrued expenses and other liabilities | 3 | 4 |
Total liabilities | 1,120 | 1,513 |
On-balance sheet variable interest entities | Consumer | Automotive | ||
Finance receivables and loans, net | 5,079 | 6,868 |
Total assets | 13,841 | 16,415 |
Total liabilities | $ 1,223 | $ 1,614 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock dividends — Series B | Preferred stock dividends — Series C | Common stock and paid-in capital | Common stock and paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stock Cumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings (accumulated deficit) | Retained earnings (accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment | [1] | Retained earnings (accumulated deficit) Cumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings (accumulated deficit) Preferred stock dividends — Series B | Retained earnings (accumulated deficit) Preferred stock dividends — Series C | Accumulated other comprehensive loss | Accumulated other comprehensive loss Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock | Treasury stock Cumulative Effect, Period of Adoption, Adjusted Balance | |
Beginning balance at Dec. 31, 2022 | $ 12,859 | $ 21,816 | $ 2,324 | $ (384) | $ (4,059) | $ (6,838) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 648 | 648 | |||||||||||||||||||
Preferred stock dividends | $ (32) | $ (24) | $ (32) | $ (24) | |||||||||||||||||
Share-based compensation | 99 | 99 | |||||||||||||||||||
Other comprehensive income (loss) | 196 | 196 | |||||||||||||||||||
Common stock repurchases | (29) | (29) | |||||||||||||||||||
Common stock dividends | (185) | (185) | |||||||||||||||||||
Ending balance at Jun. 30, 2023 | 13,532 | 21,915 | 2,324 | 23 | (3,863) | (6,867) | |||||||||||||||
Beginning balance at Dec. 31, 2022 | 12,859 | 21,816 | 2,324 | (384) | (4,059) | (6,838) | |||||||||||||||
Ending balance at Dec. 31, 2023 | $ 13,766 | $ (2) | $ 13,764 | 21,975 | $ 21,975 | 2,324 | $ 2,324 | 154 | $ (2) | $ 152 | (3,816) | $ (3,816) | (6,871) | $ (6,871) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Accounting Standards Update [Extensible Enumeration] | [1] | Accounting Standards Update 2023-02 | |||||||||||||||||||
Beginning balance at Mar. 31, 2023 | $ 13,378 | 21,880 | 2,324 | (185) | (3,776) | (6,865) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 329 | 329 | |||||||||||||||||||
Preferred stock dividends | (16) | (12) | (16) | (12) | |||||||||||||||||
Share-based compensation | 35 | 35 | |||||||||||||||||||
Other comprehensive income (loss) | (87) | (87) | |||||||||||||||||||
Common stock repurchases | (2) | (2) | |||||||||||||||||||
Common stock dividends | (93) | (93) | |||||||||||||||||||
Ending balance at Jun. 30, 2023 | 13,532 | 21,915 | 2,324 | 23 | (3,863) | (6,867) | |||||||||||||||
Beginning balance at Dec. 31, 2023 | 13,766 | $ (2) | $ 13,764 | 21,975 | $ 21,975 | 2,324 | $ 2,324 | 154 | $ (2) | $ 152 | (3,816) | $ (3,816) | (6,871) | $ (6,871) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 451 | 451 | |||||||||||||||||||
Preferred stock dividends | (32) | (24) | (32) | (24) | |||||||||||||||||
Share-based compensation | 102 | 102 | |||||||||||||||||||
Other comprehensive income (loss) | (193) | (193) | |||||||||||||||||||
Common stock repurchases | (30) | (30) | |||||||||||||||||||
Common stock dividends | (187) | (187) | |||||||||||||||||||
Ending balance at Jun. 30, 2024 | 13,851 | 22,077 | 2,324 | 360 | (4,009) | (6,901) | |||||||||||||||
Beginning balance at Mar. 31, 2024 | 13,657 | 22,034 | 2,324 | 188 | (3,989) | (6,900) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 294 | 294 | |||||||||||||||||||
Preferred stock dividends | $ (16) | $ (12) | $ (16) | $ (12) | |||||||||||||||||
Share-based compensation | 43 | 43 | |||||||||||||||||||
Other comprehensive income (loss) | (20) | (20) | |||||||||||||||||||
Common stock repurchases | (1) | (1) | |||||||||||||||||||
Common stock dividends | (94) | (94) | |||||||||||||||||||
Ending balance at Jun. 30, 2024 | $ 13,851 | $ 22,077 | $ 2,324 | $ 360 | $ (4,009) | $ (6,901) | |||||||||||||||
[1] Refer to the section titled Recently Adopted Accounting Standards in Note 1 for additional information. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Statement of Stockholders' Equity [Abstract] | |||||
Cash dividends declared per common share (in dollars per share) | [1] | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating activities | |||
Net income | $ 451 | $ 648 | |
Reconciliation of net income to net cash provided by operating activities | |||
Depreciation and amortization | 616 | 613 | |
Provision for credit losses | 964 | 873 | |
Gain on mortgage and automotive loans, net | (12) | (9) | |
Other gain on investments, net | (22) | (100) | |
Originations and purchases of loans held-for-sale | (1,074) | (1,327) | |
Proceeds from sales and repayments of loans held-for-sale | 1,311 | 1,660 | |
Net change in | |||
Deferred income taxes | (44) | 53 | |
Interest payable | 290 | 547 | |
Other assets | 184 | 30 | |
Other liabilities | 115 | (42) | |
Other, net | 137 | 74 | |
Net cash provided by operating activities | 2,916 | 3,020 | |
Investing activities | |||
Purchases of equity securities | (457) | (102) | |
Proceeds from sales of equity securities | 459 | 127 | |
Purchases of available-for-sale securities | (246) | (285) | |
Proceeds from sales of available-for-sale securities | 63 | 333 | |
Proceeds from repayments of available-for-sale securities | 898 | 1,024 | |
Proceeds from repayments of held-to-maturity securities | 229 | 32 | |
Purchases of finance receivables and loans held-for-investment | (1,718) | (2,035) | |
Proceeds from sales of finance receivables and loans initially held-for-investment | 1,067 | 9 | |
Originations and repayments of finance receivables and loans held-for-investment and other, net | 47 | (1,368) | |
Purchases of operating lease assets | (1,609) | (1,501) | |
Disposals of operating lease assets | 1,968 | 1,580 | |
Proceeds from sale of a business unit, net | 1,956 | 0 | |
Net change in nonmarketable equity investments | 77 | (39) | |
Other, net | (340) | (255) | |
Net cash provided by (used in) investing activities | 2,394 | (2,480) | |
Financing activities | |||
Net change in short-term borrowings | (175) | (205) | |
Net (decrease) increase in deposits | (2,545) | 2,003 | |
Proceeds from issuance of long-term debt | 549 | 4,051 | |
Repayments of long-term debt | (2,175) | (1,704) | |
Repurchases of common stock | (30) | (29) | |
Common stock dividends paid | (188) | (187) | |
Preferred stock dividends paid | (56) | (56) | |
Net cash (used in) provided by financing activities | (4,620) | 3,873 | |
Effect of exchange-rate changes on cash and cash equivalents and restricted cash | (5) | 3 | |
Net increase in cash and cash equivalents and restricted cash | 685 | 4,416 | |
Cash and cash equivalents and restricted cash at beginning of year | 7,439 | 6,222 | |
Cash and cash equivalents and restricted cash at June 30, | 8,124 | 10,638 | |
Cash paid (received) for | |||
Interest | 3,455 | 2,548 | |
Income taxes | 45 | (71) | |
Noncash items | |||
Held-to-maturity securities received in consideration for loans sold | 56 | 0 | |
Loans held-for-sale transferred to finance receivables and loans held-for-investment | 18 | 208 | |
Finance receivables and loans held-for-investment transferred to loans held-for-sale | 1,390 | 0 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||
Cash and cash equivalents on the Condensed Consolidated Balance Sheet | 7,369 | 9,972 | |
Restricted cash and cash equivalents and restricted cash held for securitization trusts included in other assets on the Condensed Consolidated Balance Sheet | [1] | 755 | 666 |
Total cash and cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows | $ 8,124 | $ 10,638 | |
[1] Refer to Note 11 for additional details describing the nature of restricted cash and cash equivalent balances. |
Description of Business, Basis
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies | Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The Company serves customers through a full range of online banking services (including deposits, mortgage, and credit card products) and securities brokerage and investment advisory services. The Company also includes a corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act. Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. The Condensed Consolidated Financial Statements at June 30, 2024, and for the three months and six months ended June 30, 2024, and 2023, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed on February 20, 2024, with the SEC. Significant Accounting Policies Allowance for Loan Losses The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our loan portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors over a reasonable and supportable forecast period. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average on a straight-line basis. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data. During the three months ended June 30, 2024, we updated our reasonable and supportable forecast period from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance. Equity-Method Investments and Proportional Amortization Investments Our equity-method investments primarily include equity investments related to the CRA, which do not have a readily determinable fair value. The majority of these investments are accounted for using the equity method of accounting and are included in equity-method investments within other assets on our Condensed Consolidated Balance Sheet. Our proportional amortization investments include tax equity investments related to the CRA, for which the primary return to us is the income tax credits and other income tax benefits we receive. We have elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs. Under the proportional amortization method, the costs of qualifying tax equity investments are amortized in proportion to the allocation of income tax credits and other income tax benefits in each period to the total income tax benefits expected to be obtained over the life of the investment, and the investment amortization and income tax credits are presented on a net basis as a component of income tax expense. Our proportional amortization investments are included within other assets on our Condensed Consolidated Balance Sheet. Our obligations related to unfunded commitments for our proportional amortization investments are included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Income tax credits and other income tax benefits received are recorded in income tax expense of the Condensed Consolidated Statement of Comprehensive Income and in net income and as a component of operating activities within deferred income taxes, other assets, and other liabilities of the Condensed Consolidated Statement of Cash Flows. This update to our accounting policy resulted from our adoption of ASU 2023-02 on January 1, 2024, as further described within the section below titled Recently Adopted Accounting Standards. Income Taxes In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K regarding additional significant accounting policies. Recently Adopted Accounting Standards Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security’s fair value. Additionally, an entity cannot separately recognize and measure a contractual-sale restriction. This guidance also adds specific disclosures related to equity securities that are subject to contractual-sale restrictions, including (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. We adopted the amendments on January 1, 2024, using the prospective approach. The impact of these amendments was not material. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02) In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The purpose of this guidance is to expand the use of the proportional amortization method to certain tax equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. In order to qualify for the proportional amortization method, the following five conditions must be met: (1) it is probable that the income tax credits allocable to the tax equity investor will be available, (2) the tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project, (3) substantially all of the projected benefits are from income tax credits and other income tax benefits, (4) the tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive, and (5) the tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Selecting the proportional amortization method is an accounting policy election that must be applied on a tax-credit-program-by-tax-credit-program basis rather than at the entity level or to individual investments. Additionally, in order to apply the proportional amortization method to qualifying investments, an entity must use the flow-through method when accounting for the receipt of the investment tax credits. This guidance also adds disclosure requirements related to tax credit programs where the proportional amortization method has been elected. We adopted the amendments on January 1, 2024, using the modified retrospective approach. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $2 million, net of income taxes. Recently Issued Accounting Standards and Disclosure Rules Improvements to Reportable Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The purpose of this guidance is to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. This ASU requires that an entity disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the CODM and are included within the reported measure of segment profit or loss. This ASU also requires an entity to disclose, on an interim and annual basis, other segment items by reportable segment, including a qualitative description of the composition of those items. This “other” category is defined as the difference between segment profit or loss and segment revenue less significant segment expenses. Entities are also required to disclose the title and position of the individual, or the name of the group or committee, identified as the CODM. The amendments are effective on January 1, 2024, for annual reporting, and January 1, 2025, for interim reporting, with early adoption permitted. The amendments must be applied using a retrospective approach. Management does not expect the impact of these amendments to be material. Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments are effective on January 1, 2025, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. Management does not expect the impact of these amendments to be material. The Enhancement and Standardization of Climate-Related Disclosures for Investors ( S EC Release No. 33-11275) In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule requires registrants to disclose certain climate-related information in registration statements and annual reports for the fiscal year beginning January 1, 2025. On April 4, 2024, the SEC ordered that the final rule is stayed pending the completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Management is still assessing the final rule and monitoring legal developments to determine its impact on us. |
Held-for-sale Operations
Held-for-sale Operations | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held-for-sale Operations | Held-for-sale Operations On December 31, 2023, we committed to sell Ally Lending, a component of our Corporate and Other segment. We closed the sale of Ally Lending on March 1, 2024. For all periods presented, the operating results for our held-for-sale operations are presented within continuing operations in the Condensed Consolidated Statement of Comprehensive Income. Additionally, the assets and liabilities of our held-for-sale operations are presented separately on the Condensed Consolidated Balance Sheet as of December 31, 2023. In connection with the classification of the operations as held-for-sale, the disposal group was measured at lower-of-cost or fair value. First, the finance receivables and loans were classified as held-for-sale and measured at the lower-of-cost or fair value, which resulted in a benefit of $16 million to our provision for credit losses during the year ended December 31, 2023. Next, the remaining assets and liabilities of the disposal group were measured at the lower-of-cost or fair value. The fair value was determined based on the sales agreement with the third-party purchaser, which is a Level 2 fair value input. The carrying value exceeded the fair value of the assets and liabilities of the disposal group, which resulted in a goodwill impairment charge of $149 million during the year ended December 31, 2023. In total, we recognized a net pretax loss of $133 million for the year ended December 31, 2023, in connection with classification of the operations as held-for-sale. During the three months and six months ended June 30, 2024, we recognized additional pretax losses of $1 million and $8 million, respectively, in connection with the sale of Ally Lending, and do not expect to recognize any significant incremental losses related to this transaction. The assets and liabilities of operations held-for-sale are summarized below. ($ in millions) December 31, 2023 Assets Loans held-for-sale, net $ 1,940 Other assets (a) 35 Total assets $ 1,975 Liabilities Accrued expenses and other liabilities (b) $ 17 Total liabilities $ 17 (a) Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million at December 31, 2023. (b) Includes $5 million for reserves for unfunded lending commitments at December 31, 2023. Nonrecurring Fair Value The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our primary revenue sources, which include financing revenue and other interest income, are addressed by other U.S. GAAP topics and are not in the scope of ASC Topic 606, Revenue from Contracts with Customers. As part of our Insurance operations, we recognize revenue from insurance contracts, which are addressed by other U.S. GAAP topics and are not included in the scope of this standard. Certain noninsurance contracts within our Insurance operations, including VSCs, GAP contracts, and VMCs, are included in the scope of this standard. All revenue associated with noninsurance contracts is recognized over the contract term on a basis proportionate to the anticipated cost emergence. Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred. The following tables present a disaggregated view of our revenue from contracts with customers. For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. Three months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2024 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 247 $ — $ — $ — $ 247 Remarketing fee income 30 — — — — 30 Brokerage commissions and other revenue — — — — 22 22 Banking fees and interchange income (d) — — — — 14 14 Brokered/agent commissions — 6 — — — 6 Other 4 1 — — — 5 Total revenue from contracts with customers 34 254 — — 36 324 All other revenue 59 84 5 30 3 181 Total other revenue (e) $ 93 $ 338 $ 5 $ 30 $ 39 $ 505 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 171 $ — $ — $ — $ 171 Remarketing fee income 31 — — — — 31 Brokerage commissions and other revenue — — — — 23 23 Banking fees and interchange income (d) — — — — 11 11 Brokered/agent commissions — 4 — — — 4 Other 5 — — — — 5 Total revenue from contracts with customers 36 175 — — 34 245 All other revenue 47 162 5 28 19 261 Total other revenue (e) $ 83 $ 337 $ 5 $ 28 $ 53 $ 506 (a) We had opening balances of $2.9 billion and $3.0 billion in unearned revenue associated with outstanding contracts at April 1, 2024, and 2023, respectively, and $244 million and $243 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2024, and 2023. (b) At June 30, 2024, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $454 million during the remainder of 2024, $785 million in 2025, $635 million in 2026, $468 million in 2027, and $611 million thereafter. At June 30, 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 April 1, 2024 and June 30, 2024, and recognized $144 million of expense during the three months ended June 30, 2024. We had deferred insurance assets of $1.8 billion at both April 1, 2023 and June 30, 2023, and recognized $144 million of expense during the three months ended June 30, 2023. (d) Interchange income is reported net of customer rewards. Customer rewards expense was $7 million and $5 million for the three months ended June 30, 2024, and 2023, respectively. (e) Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments. Six months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2024 Revenue from contracts with customers Noninsurance contracts (a) (b) $ — $ 420 $ — $ — $ — $ 420 Remarketing fee income 60 — — — — 60 Brokerage commissions and other revenue — — — — 45 45 Banking fees and interchange income (c) — — — — 23 23 Brokered/agent commissions — 10 — — — 10 Other 9 1 — — — 10 Total revenue from contracts with customers 69 431 — — 68 568 All other revenue 121 291 11 53 (9) 467 Total other revenue (d) $ 190 $ 722 $ 11 $ 53 $ 59 $ 1,035 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) $ — $ 340 $ — $ — $ — $ 340 Remarketing fee income 64 — — — — 64 Brokerage commissions and other revenue — — — — 46 46 Banking fees and interchange income (c) — — — — 21 21 Brokered/agent commissions — 7 — — — 7 Other 10 — — — — 10 Total revenue from contracts with customers 74 347 — — 67 488 All other revenue 86 371 9 57 (7) 516 Total other revenue (d) $ 160 $ 718 $ 9 $ 57 $ 60 $ 1,004 (a) We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2024, and 2023, and $488 million and $484 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the six months ended June 30, 2024, and 2023, respectively. (b) We had deferred insurance assets of $1.8 billion at both January 1, 2024 and June 30, 2024, and recognized $291 million of expense during the six months ended June 30, 2024. We had deferred insurance assets of $1.8 billion at both January 1, 2023, and June 30, 2023, and recognized $288 million of expense during the six months ended June 30, 2023. (c) Interchange income is reported net of customer rewards. Customer rewards expense was $13 million and $9 million for the six months ended June 30, 2024, and 2023, respectively. (d) 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 $59 million and $105 million for the three months and six months ended June 30, 2024 , respectively, compared to $70 million and $117 million for the same periods in 2023, on the sale of off-lease vehicles. These gains are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Refer to Note 9 for additional information. |
Other Income, Net of Losses
Other Income, Net of Losses | 6 Months Ended |
Jun. 30, 2024 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income, Net of Losses | Other Income, Net of Losses Details of other income, net of losses, were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Late charges and other administrative fees $ 47 $ 48 $ 101 $ 95 Remarketing fees 30 31 60 64 Income (loss) from equity-method investments (a) 12 15 4 (3) Loss on nonmarketable equity investments, net (a) (11) — (9) (11) Other, net 87 71 159 134 Total other income, net of losses $ 165 $ 165 $ 315 $ 279 (a) Refer to Note 11 for further information on our equity-method investments and nonmarketable equity investments. |
Reserves for Insurance Losses a
Reserves for Insurance Losses and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Reserves for Insurance Losses and Loss Adjustment Expenses | Reserves for Insurance Losses and Loss Adjustment Expenses The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2024 2023 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 140 $ 119 Less: Reinsurance recoverable 66 72 Net reserves for insurance losses and loss adjustment expenses at January 1, 74 47 Net insurance losses and loss adjustment expenses incurred related to: Current year 281 218 Prior years (a) 12 4 Total net insurance losses and loss adjustment expenses incurred 293 222 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (207) (154) Prior years (56) (35) Total net insurance losses and loss adjustment expenses paid or payable (263) (189) Net reserves for insurance losses and loss adjustment expenses at June 30, 104 80 Plus: Reinsurance recoverable (b) 99 72 Total gross reserves for insurance losses and loss adjustment expenses at June 30, (c) $ 203 $ 152 (a) There have been no material adverse changes to the reserve for prior years. (b) Included in premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet. (c) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. |
Other Operating Expenses
Other Operating Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Operating Expenses [Abstract] | |
Other Operating Expenses | Other Operating Expenses Details of other operating expenses were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Insurance commissions $ 161 $ 158 $ 322 $ 315 Technology and communications 103 111 209 219 Advertising and marketing 79 79 152 157 Property and equipment depreciation 57 48 114 95 Regulatory and licensing fees 38 39 92 74 Lease and loan administration 43 53 91 101 Professional services 39 36 70 68 Vehicle remarketing and repossession 32 28 65 55 Amortization of intangible assets (a) 5 6 11 13 Other 106 109 214 211 Total other operating expenses $ 663 $ 667 $ 1,340 $ 1,308 (a) Refer to Note 11 for further information on our intangible assets. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Our investment portfolio includes various debt and equity securities. Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities. The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows. June 30, 2024 December 31, 2023 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,274 $ — $ (227) $ 2,047 $ 2,284 $ — $ (209) $ 2,075 U.S. States and political subdivisions 704 — (82) 622 727 1 (70) 658 Foreign government 183 1 (9) 175 190 1 (8) 183 Agency mortgage-backed residential (a) 17,491 — (3,155) 14,336 18,122 1 (2,739) 15,384 Mortgage-backed residential 259 — (45) 214 268 — (43) 225 Agency mortgage-backed commercial (a) 4,650 1 (839) 3,812 4,539 2 (783) 3,758 Asset-backed 266 — (6) 260 344 — (12) 332 Corporate debt 1,878 2 (146) 1,734 1,942 4 (146) 1,800 Total available-for-sale securities (b) (c) (d) (e) (f) $ 27,705 $ 4 $ (4,509) $ 23,200 $ 28,416 $ 9 $ (4,010) $ 24,415 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 966 $ — $ (196) $ 770 $ 999 $ — $ (173) $ 826 Mortgage-backed residential 3,472 150 — 3,622 3,603 221 — 3,824 Asset-backed retained notes 110 1 — 111 78 1 — 79 Total held-to-maturity securities (d) (f) (g) $ 4,548 $ 151 $ (196) $ 4,503 $ 4,680 $ 222 $ (173) $ 4,729 (a) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $94 million liability and a $46 million asset for agency mortgage-backed residential securities at June 30, 2024, and December 31, 2023, respectively, and a $42 million liability and a $29 million asset for agency mortgage-backed commercial securities at June 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information. (c) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both June 30, 2024, and December 31, 2023. (d) Investment securities with a fair value of $5.2 billion and $4.7 billion were pledged as collateral at June 30, 2024, and December 31, 2023, respectively. This primarily included $3.1 billion and $3.3 billion pledged to secure advances from the FHLB at June 30, 2024, and December 31, 2023, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $2.1 billion and $1.4 billion of the underlying available-for-sale securities at June 30, 2024, and December 31, 2023, respectively. (e) Totals do not include accrued interest receivable, which was $74 million and $76 million at June 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets (f) There was no allowance for credit losses recorded at both June 30, 2024, or December 31, 2023, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (g) Totals do not include accrued interest receivable, which was $13 million at both June 30, 2024, and December 31, 2023. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. In the fourth quarter of 2023, non-agency mortgage-backed residential securities with a fair value of $3.6 billion were transferred from available-for-sale to held-to-maturity. At the time of the transfer, $911 million of unrealized losses were retained in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet. The transfer of these securities to held-to-maturity reduces our exposure to fluctuations in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheet that can result from unrealized losses on available-for-sale securities due to changes in market interest rates. The unrealized loss at the time of transfer is amortized over the remaining life of the security, offsetting the amortization of the security’s premium or discount, and resulting in no impact to the Condensed Consolidated Statement of Comprehensive Income. Refer to Note 16 for additional information. The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield June 30, 2024 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,047 1.5 % $ 256 0.8 % $ 1,065 1.5 % $ 726 1.9 % $ — — % U.S. States and political subdivisions 622 3.2 5 3.9 60 3.0 104 3.8 453 3.1 Foreign government 175 2.5 35 1.9 53 2.5 87 2.7 — — Agency mortgage-backed residential (b) 14,336 2.6 — — 8 1.9 28 2.5 14,300 2.6 Mortgage-backed residential 214 2.7 — — — — — — 214 2.7 Agency mortgage-backed commercial (b) 3,812 2.4 — — 266 3.7 1,609 2.4 1,937 2.2 Asset-backed 260 1.7 — — 255 1.7 5 3.9 — — Corporate debt 1,734 2.9 250 2.9 818 2.6 648 3.1 18 5.6 Total available-for-sale securities $ 23,200 2.5 $ 546 1.8 $ 2,525 2.2 $ 3,207 2.5 $ 16,922 2.5 Amortized cost of available-for-sale securities $ 27,705 $ 556 $ 2,705 $ 3,704 $ 20,740 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 966 2.8 % $ — — % $ — — % $ — — % $ 966 2.8 % Mortgage-backed residential 3,472 2.8 — — — — 11 3.0 3,461 2.8 Asset-backed retained notes 110 5.4 4 5.5 72 5.4 34 5.5 — — Total held-to-maturity securities $ 4,548 2.9 $ 4 5.5 $ 72 5.4 $ 45 5.0 $ 4,427 2.8 December 31, 2023 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,075 1.6 % $ 215 0.9 % $ 1,120 1.5 % $ 740 1.9 % $ — — % U.S. States and political subdivisions 658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 Foreign government 183 2.3 20 1.3 82 2.4 81 2.5 — — Agency mortgage-backed residential (b) 15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 Mortgage-backed residential 225 2.7 — — — — — — 225 2.7 Agency mortgage-backed commercial (b) 3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 Asset-backed 332 1.7 — — 327 1.7 4 3.9 1 2.7 Corporate debt 1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 Total available-for-sale securities $ 24,415 2.5 $ 449 1.7 $ 2,672 2.1 $ 3,279 2.4 $ 18,015 2.5 Amortized cost of available-for-sale securities $ 28,416 $ 461 $ 2,844 $ 3,746 $ 21,365 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 999 2.8 % $ — — % $ — — % $ — — % $ 999 2.8 % Mortgage-backed residential 3,603 2.8 — — — — 12 3.0 3,591 2.8 Asset-backed retained notes 78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 Total held-to-maturity securities $ 4,680 2.8 $ 1 5.6 $ 41 5.6 $ 14 3.4 $ 4,624 2.8 (a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. (b) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $94 million liability and a $46 million asset for agency mortgage-backed residential securities at June 30, 2024, and December 31, 2023, respectively, and a $42 million liability and a $29 million asset for agency mortgage-backed commercial securities at June 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. The balances of cash equivalents were $385 million and $36 million at June 30, 2024, and December 31, 2023, respectively, and were composed primarily of money-market funds. The following table presents interest and dividends on investment securities. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Taxable interest $ 244 $ 229 $ 489 $ 446 Taxable dividends 6 4 10 7 Interest and dividends exempt from U.S. federal income tax 5 5 11 11 Interest and dividends on investment securities $ 255 $ 238 $ 510 $ 464 The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Available-for-sale securities Gross realized gains $ — $ — $ 1 $ 5 Net realized gain on available-for-sale securities — — 1 5 Net realized gain on equity securities 21 1 38 6 Net unrealized (loss) gain on equity securities (28) 25 (17) 89 Other (loss) gain on investments, net $ (7) $ 26 $ 22 $ 100 The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of June 30, 2024, and December 31, 2023. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both June 30, 2024, and December 31, 2023. We have not recorded any interest income reversals on our held-to-maturity securities during the six months ended June 30, 2024, or 2023 . ($ in millions) AAA AA A BBB Total (a) June 30, 2024 Debt securities Agency mortgage-backed residential $ — $ 966 $ — $ — $ 966 Mortgage-backed residential 3,375 85 12 — 3,472 Asset-backed retained notes 102 3 3 2 110 Total held-to-maturity securities $ 3,477 $ 1,054 $ 15 $ 2 $ 4,548 December 31, 2023 Debt securities Agency mortgage-backed residential $ — $ 999 $ — $ — $ 999 Mortgage-backed residential 3,497 93 13 — 3,603 Asset-backed retained notes 73 2 2 1 78 Total held-to-maturity securities $ 3,570 $ 1,094 $ 15 $ 1 $ 4,680 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. As of June 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the six months ended June 30, 2024, or 2023. June 30, 2024 December 31, 2023 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ — $ — $ 2,047 $ (227) $ — $ — $ 2,075 $ (209) U.S. States and political subdivisions 65 (1) 524 (81) 70 — 501 (70) Foreign government 16 — 134 (9) 16 — 134 (8) Agency mortgage-backed residential (a) 92 (1) 14,231 (3,154) 300 (5) 15,015 (2,734) Mortgage-backed residential — — 214 (45) — — 225 (43) Agency mortgage-backed commercial (a) 138 (2) 3,523 (837) 153 (4) 3,472 (779) Asset-backed — — 252 (6) 18 — 302 (12) Corporate debt 88 (2) 1,501 (144) 33 (1) 1,607 (145) Total available-for-sale securities $ 399 $ (6) $ 22,426 $ (4,503) $ 590 $ (10) $ 23,331 $ (4,000) (a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at June 30, 2024, and December 31, 2023. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. |
Finance Receivables and Loans,
Finance Receivables and Loans, Net | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Finance Receivables and Loans, Net | Finance Receivables and Loans, Net The composition of finance receivables and loans reported at amortized cost basis was as follows. ($ in millions) June 30, 2024 December 31, 2023 Consumer automotive (a) $ 83,528 $ 84,320 Consumer mortgage Mortgage Finance (b) 17,803 18,442 Mortgage — Legacy (c) 205 225 Total consumer mortgage 18,008 18,667 Consumer other Credit Card 2,049 1,990 Total consumer other 2,049 1,990 Total consumer 103,585 104,977 Commercial Commercial and industrial Automotive 20,551 18,700 Other 8,437 9,712 Commercial real estate 6,210 6,050 Total commercial 35,198 34,462 Total finance receivables and loans (d) (e) $ 138,783 $ 139,439 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information. (b) Includes loans originated as interest-only mortgage loans of $2 million at both June 30, 2024, and December 31, 2023, of which all have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $12 million and $13 million at June 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period. (d) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both June 30, 2024, and December 31, 2023. (e) Totals do not include accrued interest receivable, which was $846 million and $853 million at June 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three and six months ended June 30, 2024, and 2023, respectively. Three months ended June 30, 2024 ($ in millions) Consumer automotive Consumer mortgage Consumer other Commercial Total Allowance at April 1, 2024 $ 3,050 $ 21 $ 291 $ 188 $ 3,550 Charge-offs (a) (605) — (70) (1) (676) Recoveries 227 1 8 5 241 Net charge-offs (378) 1 (62) 4 (435) Provision for credit losses 383 (3) 73 4 457 Allowance at June 30, 2024 $ 3,055 $ 19 $ 302 $ 196 $ 3,572 (a) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. Six months ended June 30, 2024 ($ in millions) Consumer automotive Consumer mortgage Consumer other Commercial Total Allowance at January 1, 2024 $ 3,083 $ 21 $ 293 $ 190 $ 3,587 Charge-offs (a) (1,293) (1) (138) (2) (1,434) Recoveries 438 2 14 6 460 Net charge-offs (855) 1 (124) 4 (974) Write-downs from transfers to held-for-sale (b) (5) — — — (5) Provision for credit losses 832 (3) 133 2 964 Allowance at June 30, 2024 $ 3,055 $ 19 $ 302 $ 196 $ 3,572 (a) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (b) Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the six months ended June 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Three months ended June 30, 2023 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at April 1, 2023 $ 3,022 $ 23 $ 455 $ 251 $ 3,751 Charge-offs (b) (496) (2) (70) (61) (629) Recoveries 219 3 7 1 230 Net charge-offs (277) 1 (63) (60) (399) Provision for credit losses (c) 320 (2) 84 27 429 Other (1) 1 — — — Allowance at June 30, 2023 $ 3,064 $ 23 $ 476 $ 218 $ 3,781 (a) Excludes $2 million of finance receivables and loans at April 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (c) Excludes $2 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Six months ended June 30, 2023 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2023 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 Charge-offs (b) (1,032) (3) (134) (61) (1,230) Recoveries 404 5 12 1 422 Net charge-offs (628) 2 (122) (60) (808) Provision for credit losses (c) 673 (6) 172 39 878 Other (1) — — 1 — Allowance at June 30, 2023 $ 3,064 $ 23 $ 476 $ 218 $ 3,781 (a) Excludes $3 million of finance receivables and loans at January 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (c) Excludes $5 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Consumer automotive $ — $ — $ 1,108 $ — Consumer mortgage 117 — 117 1 Commercial 120 — 165 — Total sales and transfers $ 237 $ — $ 1,390 $ 1 The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Consumer automotive $ 594 $ 1,080 $ 1,575 $ 1,838 Consumer mortgage 4 5 8 7 Commercial — — — 7 Total purchases of finance receivables and loans $ 598 $ 1,085 $ 1,583 $ 1,852 Nonaccrual Loans The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of June 30, 2024, and December 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status. June 30, 2024 ($ in millions) Nonaccrual status at Jan. 1, 2024 Nonaccrual status at Apr. 1, 2024 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,129 $ 1,010 $ 978 $ 492 Consumer mortgage Mortgage Finance 41 33 32 22 Mortgage — Legacy 13 12 9 9 Total consumer mortgage 54 45 41 31 Consumer other Credit Card 92 94 80 — Total consumer other 92 94 80 — Total consumer 1,275 1,149 1,099 523 Commercial Commercial and industrial Automotive 18 5 18 5 Other 98 97 96 4 Commercial real estate 3 1 2 2 Total commercial 119 103 116 11 Total finance receivables and loans (b) $ 1,394 $ 1,252 $ 1,215 $ 534 (a) Represents a component of nonaccrual status at end of period. (b) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $5 million and $10 million for the three months and six months ended June 30, 2024, respectively. December 31, 2023 ($ in millions) Nonaccrual status at Jan. 1, 2023 Nonaccrual status at Apr. 1, 2023 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,187 $ 1,110 $ 1,129 $ 531 Consumer mortgage Mortgage Finance 34 34 41 21 Mortgage — Legacy 15 15 13 12 Total consumer mortgage 49 49 54 33 Consumer other Personal Lending (b) 13 12 — — Credit Card 43 54 92 — Total consumer other 56 66 92 — Total consumer 1,292 1,225 1,275 564 Commercial Commercial and industrial Automotive 5 — 18 13 Other 157 159 98 5 Commercial real estate — — 3 3 Total commercial 162 159 119 21 Total finance receivables and loans (c) $ 1,454 $ 1,384 $ 1,394 $ 585 (a) Represents a component of nonaccrual status at end of period. (b) Personal Lending finance receivables and loans were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information. (c) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $7 million for the three months and six months ended June 30, 2023, respectively. Credit Quality Indicators We evaluate the credit quality of our consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan. The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Consumer automotive Current $ 16,472 $ 25,093 $ 19,143 $ 11,071 $ 4,441 $ 3,169 $ — $ — $ 79,389 30–59 days past due 114 675 907 616 213 202 — — 2,727 60–89 days past due 28 259 418 262 90 74 — — 1,131 90 or more days past due 7 95 152 98 36 42 — — 430 Total consumer automotive (a) 16,621 26,122 20,620 12,047 4,780 3,487 — — 83,677 Consumer mortgage Mortgage Finance Current 19 68 2,105 10,093 1,787 3,647 — — 17,719 30–59 days past due — — 7 15 — 21 — — 43 60–89 days past due — — 4 4 — 6 — — 14 90 or more days past due — — 1 5 2 19 — — 27 Total Mortgage Finance 19 68 2,117 10,117 1,789 3,693 — — 17,803 Mortgage — Legacy Current — — — — — 48 129 16 193 30–59 days past due — — — — — 3 1 — 4 90 or more days past due — — — — — 5 1 2 8 Total Mortgage — Legacy — — — — — 56 131 18 205 Total consumer mortgage 19 68 2,117 10,117 1,789 3,749 131 18 18,008 Consumer other Credit Card Current — — — — — — 1,910 — 1,910 30–59 days past due — — — — — — 33 — 33 60–89 days past due — — — — — — 29 — 29 90 or more days past due — — — — — — 77 — 77 Total Credit Card — — — — — — 2,049 — 2,049 Total consumer other — — — — — — 2,049 — 2,049 Total consumer $ 16,640 $ 26,190 $ 22,737 $ 22,164 $ 6,569 $ 7,236 $ 2,180 $ 18 $ 103,734 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $149 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at June 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive Current $ 30,677 $ 23,699 $ 14,209 $ 6,132 $ 3,306 $ 1,876 $ — $ — $ 79,899 30–59 days past due 539 1,041 739 270 181 122 — — 2,892 60–89 days past due 170 443 303 109 68 45 — — 1,138 90 or more days past due 64 167 122 44 32 28 — — 457 Total consumer automotive (a) 31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 Consumer mortgage Mortgage Finance Current 152 2,170 10,374 1,836 747 3,073 — — 18,352 30–59 days past due 1 8 14 3 3 20 — — 49 60–89 days past due — 2 4 3 — 5 — — 14 90 or more days past due — 1 4 1 2 19 — — 27 Total Mortgage Finance 153 2,181 10,396 1,843 752 3,117 — — 18,442 Mortgage — Legacy Current — — — — — 51 142 17 210 30–59 days past due — — — — — 3 — 1 4 60–89 days past due — — — — — 1 1 — 2 90 or more days past due — — — — — 6 2 1 9 Total Mortgage — Legacy — — — — — 61 145 19 225 Total consumer mortgage 153 2,181 10,396 1,843 752 3,178 145 19 18,667 Consumer other Credit Card Current — — — — — — 1,828 — 1,828 30–59 days past due — — — — — — 39 — 39 60–89 days past due — — — — — — 34 — 34 90 or more days past due — — — — — — 89 — 89 Total Credit Card — — — — — — 1,990 — 1,990 Total consumer other (b) — — — — — — 1,990 — 1,990 Total consumer $ 31,603 $ 27,531 $ 25,769 $ 8,398 $ 4,339 $ 5,249 $ 2,135 $ 19 $ 105,043 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information. We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. We use the following definitions for risk ratings below Pass. • Special mention — Loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. • Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. These loans have a well-defined weakness or weakness that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful — Loans that have all the weaknesses inherent in those classified as substandard, with the additional characteristic that the weaknesses make collection or liquidation in full, based on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss — Loans that are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors. A borrower’s internal credit risk rating is updated at least annually, and more frequently when a borrower’s credit profile changes, including when we become aware of potential credit deterioration. The following tables present the amortized cost basis of our commercial finance receivables and loans by credit quality indicator based on risk rating and origination year. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 343 $ 416 $ 420 $ 146 $ 80 $ 64 $ 17,869 $ — $ 19,338 Special mention 5 23 34 22 3 12 1,045 — 1,144 Substandard — — — — — — 69 — 69 Total automotive 348 439 454 168 83 76 18,983 — 20,551 Other Pass 335 298 358 300 193 302 5,183 176 7,145 Special mention — — 362 194 173 111 153 19 1,012 Substandard — 27 — 44 57 84 21 11 244 Doubtful — — — — — 26 10 — 36 Total other 335 325 720 538 423 523 5,367 206 8,437 Commercial real estate Pass 370 1,018 1,330 1,099 855 1,291 100 27 6,090 Special mention 1 12 61 22 5 17 — — 118 Substandard — — 1 — — — — — 1 Doubtful — — — — — 1 — — 1 Total commercial real estate 371 1,030 1,392 1,121 860 1,309 100 27 6,210 Total commercial $ 1,054 $ 1,794 $ 2,566 $ 1,827 $ 1,366 $ 1,908 $ 24,450 $ 233 $ 35,198 Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 509 $ 512 $ 165 $ 97 $ 58 $ 22 $ 16,446 $ — $ 17,809 Special mention 6 7 30 1 1 14 723 — 782 Substandard — 1 — — — — 44 — 45 Doubtful — — — — — 1 63 — 64 Total automotive 515 520 195 98 59 37 17,276 — 18,700 Other Pass 331 646 343 405 266 180 6,202 173 8,546 Special mention — 208 188 206 51 85 198 25 961 Substandard — — 46 3 — 83 25 11 168 Doubtful — — — — — 26 10 — 36 Loss — — — — 1 — — — 1 Total other 331 854 577 614 318 374 6,435 209 9,712 Commercial real estate Pass 971 1,452 1,129 884 607 811 100 26 5,980 Special mention 3 16 28 1 18 — — — 66 Substandard — 3 — — — 1 — — 4 Total commercial real estate 974 1,471 1,157 885 625 812 100 26 6,050 Total commercial $ 1,820 $ 2,845 $ 1,929 $ 1,597 $ 1,002 $ 1,223 $ 23,811 $ 235 $ 34,462 The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans June 30, 2024 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 20,551 $ 20,551 Other — — — — 8,437 8,437 Commercial real estate — 1 — 1 6,209 6,210 Total commercial $ — $ 1 $ — $ 1 $ 35,197 $ 35,198 December 31, 2023 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 18,700 $ 18,700 Other 2 — 3 5 9,707 9,712 Commercial real estate — — — — 6,050 6,050 Total commercial $ 2 $ — $ 3 $ 5 $ 34,457 $ 34,462 The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the six months ended June 30, 2024, and during the year ended December 31, 2023, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Consumer automotive (a) $ 13 $ 362 $ 486 $ 272 $ 74 $ 86 $ — $ — $ 1,293 Consumer mortgage Mortgage Finance — — — 1 — — — — 1 Total consumer mortgage — — — 1 — — — — 1 Consumer other Credit Card — — — — — — 130 8 138 Total consumer other — — — — — — 130 8 138 Total consumer 13 362 486 273 74 86 130 8 1,432 Commercial Commercial and industrial Automotive — — — — — 1 1 — 2 Total commercial — — — — — 1 1 — 2 Total finance receivables and loans $ 13 $ 362 $ 486 $ 273 $ 74 $ 87 $ 131 $ 8 $ 1,434 (a) Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the six months ended June 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive (a) $ 225 $ 952 $ 651 $ 194 $ 142 $ 120 $ — $ — $ 2,284 Consumer mortgage Mortgage Finance — — — — — 1 — — 1 Mortgage — Legacy — — — — — 2 — — 2 Total consumer mortgage — — — — — 3 — — 3 Consumer other Personal Lending (b) 14 82 29 3 — — — — 128 Credit Card — — — — — — 165 10 175 Total consumer other 14 82 29 3 — — 165 10 303 Total consumer 239 1,034 680 197 142 123 165 10 2,590 Commercial Commercial and industrial Automotive — — — — — 5 19 — 24 Other — — — — 79 23 4 — 106 Total commercial — — — — 79 28 23 — 130 Total finance receivables and loans $ 239 $ 1,034 $ 680 $ 197 $ 221 $ 151 $ 188 $ 10 $ 2,720 (a) Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Refer to Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information. (b) Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information. Loan Modifications The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and six months ended June 30, 2024, and 2023, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of June 30, 2024, and December 31, 2023, there were $1 million and $5 million of consumer mortgage finance receivables and loans in a trial modification program, respectively. Payment extensions Three months ended June 30, 2024 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 97 $ 2 $ — $ — $ 99 Consumer mortgage Mortgage Finance — 1 — — — 1 Total consumer mortgage — 1 — — — 1 Consumer other Credit Card — — — 5 — 5 Total consumer other — — — 5 — 5 Total consumer — 98 2 5 — 105 Commercial Commercial and industrial Automotive 11 — — — — 11 Total commercial 11 — — — — 11 Total finance receivables and loans $ 11 $ 98 $ 2 $ 5 $ — $ 116 Payment extensions Six months ended June 30, 2024 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 190 $ 3 $ — $ — $ 193 Consumer mortgage Mortgage Finance — 1 — — — 1 Total consumer mortgage — 1 — — — 1 Consumer other Credit Card — — 1 9 — 10 Total consumer other — — 1 9 — 10 Total consumer — 191 4 9 — 204 Commercial Commercial and industrial Automotive 11 — — — — 11 Other — 108 — — — 108 Total commercial 11 108 — — — 119 Total finance receivables and loans $ 11 $ 299 $ 4 $ 9 $ — $ 323 (a) Represents 0.2% of total finance receivables and loans outstanding as of June 30, 2024. Payment extensions Three months ended June 30, 2023 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 25 $ 12 $ — $ — $ 37 Consumer mortgage Mortgage Finance — — — — 1 1 Total consumer mortgage — — — — 1 1 Consumer other Credit Card — — — 3 — 3 Total consumer other — — — 3 — 3 Total consumer — 25 12 3 1 41 Commercial Commercial and industrial Other 36 36 — — — 72 Total commercial 36 36 — — — 72 Total finance receivables and loans $ 36 $ 61 $ 12 $ 3 $ 1 $ 113 Payment extensions Six months ended June 30, 2023 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 40 $ 14 $ — $ 33 $ 87 Consumer mortgage Mortgage Finance — 2 — — 2 4 Mortgage — Legacy — 1 — — — 1 Total consumer mortgage — 3 — — 2 5 Consumer other Credit Card — — — 6 — 6 Total consumer other — — — 6 — 6 Total consumer — 43 14 6 35 98 Commercial Commercial and industrial Other 64 43 — — — 107 Total commercial 64 43 — — — 107 Total finance receivables and loans $ 64 $ 86 $ 14 $ 6 $ 35 $ 205 (a) Represents 0.1% of total finance receivables and loans outstanding as of June 30, 2023. The following tables present the financial effect of loan modifications that occurred during the three months and six months ended June 30, 2024, and 2023, respectively. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) Three months ended June 30, 2024 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 1 — % — % — — — % — % Consumer mortgage Mortgage Finance 224 — — — — — — — Total consumer mortgage 224 — — — — — — — Consumer other Credit Card — — 30.4 9.8 — — — — Total consumer other — $ — 30.4 9.8 — — — — Commercial Commercial and industrial Automotive 7 — — — — — — — Total commercial 7 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) Six months ended June 30, 2024 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 1 — % — % — — — % — % Consumer mortgage Mortgage Finance 223 — — — — — — — Total consumer mortgage 223 — — — — — — — Consumer other Credit Card — 1 30.4 8.0 — — — — Total consumer other — $ 1 30.4 8.0 — — — — Commercial Commercial and industrial Automotive 7 $ — — % — % — — — % — % Other 42 — — — — — — — Total commercial 39 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Three months ended June 30, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 26 $ 2 — % — % — — — % — % Consumer mortgage Mortgage Finance — — — — 294 480 4.0 2.0 Total consumer mortgage — — — — 294 480 4.0 2.0 Consumer other Credit Card — — 30.3 10.9 — — — — Total consumer other — $ — 30.3 10.9 — — — — Commercial Commercial and industrial Other 6 $ — — % — % — — — % — % Total commercial 6 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 186 months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Six months ended June 30, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 25 $ 2 — % — % 75 85 10.4 % 9.8 % Consumer mortgage Mortgage Finance 174 — — — 309 470 4.6 3.4 Mortgage — Legacy 96 — — — — — — — Total consumer mortgage 146 — — — 309 470 4.6 3.4 Consumer other Credit Card — — 30.0 9.0 — — — — Total consumer other — $ — 30.0 9.0 — — — — Commercial Commercial and industrial Other 12 $ — — % — % — — — % — % Total commercial 12 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 186 months. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to June 30, 2024. June 30, 2024 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 280 $ 56 $ 19 $ 4 $ 359 Principal forgiveness — — — 5 5 Combination 1 — — — 1 Total consumer automotive 281 56 19 9 365 Consumer mortgage Mortgage Finance Contractual maturity extensions 2 — — — 2 Total Mortgage Finance 2 — — — 2 Mortgage — Legacy Combination 1 — — — 1 Total Mortgage — Legacy 1 — — — 1 Total consumer mortgage 3 — — — 3 Consumer other Credit Card Interest rate concessions 9 1 1 3 14 Total consumer other 9 1 1 3 14 Total consumer $ 293 $ 57 $ 20 $ 12 $ 382 June 30, 2024 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Automotive Payment deferrals $ — $ — $ 11 $ — $ 11 Other Contractual maturity extensions 53 — 55 — 108 Total commercial $ 53 $ — $ 66 $ — $ 119 As of June 30, 2024, 787 consumer automotive loans with a total amortized cost of $18 million redefaulted within 12 months of modification. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified during the three months and six months ended June 30, 2023. Three months ended June 30, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 24 $ 1 $ — $ — $ 25 Principal forgiveness 10 1 — 1 12 Total consumer automotive 34 2 — 1 37 Consumer mortgage Mortgage Finance Combination 1 — — — 1 Total Mortgage Finance 1 — — — 1 Total consumer mortgage 1 — — — 1 Consumer other Credit Card Interest rate concessions 1 1 — 1 3 Total consumer other 1 1 — 1 3 Total consumer $ 36 $ 3 $ — $ 2 $ 41 Three months ended June 30, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals $ — $ — $ 36 $ — $ 36 Contractual maturity extensions 31 — 5 — 36 Total commercial $ 31 $ — $ 41 $ — $ 72 Six months ended June 30, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 38 $ 2 $ — $ — $ 40 Principal forgiveness 10 1 — 3 14 Combination 31 2 — — 33 Total consumer automotive 79 5 — 3 87 Consumer mortgage Mortgage Finance Contractual maturity extensions 2 — — — 2 Combination — — 2 — 2 Total Mortgage Finance 2 — 2 — 4 Mortgage — Legacy Contractual maturity extensions 1 — — — 1 Total Mortgage — Legacy 1 — — — 1 Total consumer mortgage 3 — 2 — 5 Consumer other Credit Card Interest rate concessions 3 1 1 1 6 Total consumer other 3 1 1 1 6 Total consumer $ 85 $ 6 $ 3 $ 4 $ 98 Six months ended June 30, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals $ — $ — $ 36 $ 28 $ 64 Contractual maturity extensions 31 7 5 — 43 Total commercial $ 31 $ 7 $ 41 $ 28 $ 107 Loans with an amortized cost of $1 million redefaulted during both the three months and six months ended June 30, 2023. These redefaults were comprised of 29 and 41 consumer automotive loans during the three months and six months ended June 30, 2023, respectively. |
Leasing
Leasing | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2024, we paid $9 million and $17 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2024, compared to $8 million and $16 million for the three months and six months ended June 30, 2023, in cash amounts included in the measurement of lease liabilities at June 30, 2023. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2024 and June 30, 2023, we obtained $16 million and $1 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.13%, compared to 4 years and 2.85% as of December 31, 2023. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2024, and that have noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 19 2025 33 2026 27 2027 21 2028 15 2029 and thereafter 3 Total undiscounted cash flows 118 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 111 The following table details the components of total net operating lease expense. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Operating lease expense $ 8 $ 7 $ 15 $ 14 Variable lease expense 1 1 2 2 Total lease expense, net (a) $ 9 $ 8 $ 17 $ 16 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $776 million and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the six months ended June 30, 2024. As of June 30, 2024, $3 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $773 million is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) June 30, 2024 December 31, 2023 Vehicles $ 10,016 $ 11,101 Accumulated depreciation (1,642) (1,930) Investment in operating leases, net $ 8,374 $ 9,171 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 684 2025 1,037 2026 611 2027 160 2028 14 2029 and thereafter 1 Total lease payments from operating leases $ 2,507 We recognized operating lease revenue of $333 million and $689 million for the three months and six months ended June 30, 2024, respectively, and $392 million and $794 million for the three months and six months ended June 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 236 $ 270 $ 486 $ 543 Remarketing gains, net (59) (70) (105) (117) Net depreciation expense on operating lease assets $ 177 $ 200 $ 381 $ 426 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $10 million for the three months and six months ended June 30, 2024, respectively, and $2 million and $4 million for the three months and six months ended June 30, 2023. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $549 million and $537 million as of June 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $543 million and $531 million at June 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $6 million at both June 30, 2024, and December 31, 2023. Interest income on finance lease receivables was $12 million and $23 million for the three months and six months ended June 30, 2024, respectively, and $9 million and $18 million for the three months and six months ended June 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 104 2025 182 2026 161 2027 110 2028 49 2029 and thereafter 25 Total undiscounted cash flows 631 Difference between undiscounted cash flows and discounted cash flows (88) Present value of lease payments recorded as lease receivable $ 543 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2024, we paid $9 million and $17 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2024, compared to $8 million and $16 million for the three months and six months ended June 30, 2023, in cash amounts included in the measurement of lease liabilities at June 30, 2023. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2024 and June 30, 2023, we obtained $16 million and $1 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.13%, compared to 4 years and 2.85% as of December 31, 2023. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2024, and that have noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 19 2025 33 2026 27 2027 21 2028 15 2029 and thereafter 3 Total undiscounted cash flows 118 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 111 The following table details the components of total net operating lease expense. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Operating lease expense $ 8 $ 7 $ 15 $ 14 Variable lease expense 1 1 2 2 Total lease expense, net (a) $ 9 $ 8 $ 17 $ 16 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $776 million and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the six months ended June 30, 2024. As of June 30, 2024, $3 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $773 million is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) June 30, 2024 December 31, 2023 Vehicles $ 10,016 $ 11,101 Accumulated depreciation (1,642) (1,930) Investment in operating leases, net $ 8,374 $ 9,171 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 684 2025 1,037 2026 611 2027 160 2028 14 2029 and thereafter 1 Total lease payments from operating leases $ 2,507 We recognized operating lease revenue of $333 million and $689 million for the three months and six months ended June 30, 2024, respectively, and $392 million and $794 million for the three months and six months ended June 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 236 $ 270 $ 486 $ 543 Remarketing gains, net (59) (70) (105) (117) Net depreciation expense on operating lease assets $ 177 $ 200 $ 381 $ 426 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $10 million for the three months and six months ended June 30, 2024, respectively, and $2 million and $4 million for the three months and six months ended June 30, 2023. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $549 million and $537 million as of June 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $543 million and $531 million at June 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $6 million at both June 30, 2024, and December 31, 2023. Interest income on finance lease receivables was $12 million and $23 million for the three months and six months ended June 30, 2024, respectively, and $9 million and $18 million for the three months and six months ended June 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 104 2025 182 2026 161 2027 110 2028 49 2029 and thereafter 25 Total undiscounted cash flows 631 Difference between undiscounted cash flows and discounted cash flows (88) Present value of lease payments recorded as lease receivable $ 543 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2024, we paid $9 million and $17 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2024, compared to $8 million and $16 million for the three months and six months ended June 30, 2023, in cash amounts included in the measurement of lease liabilities at June 30, 2023. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2024 and June 30, 2023, we obtained $16 million and $1 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.13%, compared to 4 years and 2.85% as of December 31, 2023. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2024, and that have noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 19 2025 33 2026 27 2027 21 2028 15 2029 and thereafter 3 Total undiscounted cash flows 118 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 111 The following table details the components of total net operating lease expense. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Operating lease expense $ 8 $ 7 $ 15 $ 14 Variable lease expense 1 1 2 2 Total lease expense, net (a) $ 9 $ 8 $ 17 $ 16 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $776 million and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the six months ended June 30, 2024. As of June 30, 2024, $3 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $773 million is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) June 30, 2024 December 31, 2023 Vehicles $ 10,016 $ 11,101 Accumulated depreciation (1,642) (1,930) Investment in operating leases, net $ 8,374 $ 9,171 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 684 2025 1,037 2026 611 2027 160 2028 14 2029 and thereafter 1 Total lease payments from operating leases $ 2,507 We recognized operating lease revenue of $333 million and $689 million for the three months and six months ended June 30, 2024, respectively, and $392 million and $794 million for the three months and six months ended June 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 236 $ 270 $ 486 $ 543 Remarketing gains, net (59) (70) (105) (117) Net depreciation expense on operating lease assets $ 177 $ 200 $ 381 $ 426 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $10 million for the three months and six months ended June 30, 2024, respectively, and $2 million and $4 million for the three months and six months ended June 30, 2023. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $549 million and $537 million as of June 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $543 million and $531 million at June 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $6 million at both June 30, 2024, and December 31, 2023. Interest income on finance lease receivables was $12 million and $23 million for the three months and six months ended June 30, 2024, respectively, and $9 million and $18 million for the three months and six months ended June 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 104 2025 182 2026 161 2027 110 2028 49 2029 and thereafter 25 Total undiscounted cash flows 631 Difference between undiscounted cash flows and discounted cash flows (88) Present value of lease payments recorded as lease receivable $ 543 |
Leasing | Leasing Ally as the Lessee We have operating leases for certain of our corporate facilities, which have remaining lease terms of 3 months to 7 years. Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease. We do not include these term extensions or termination provisions in our estimates of the lease term if we do not consider it reasonably certain that the options will be exercised. We also have operating leases for a fleet of vehicles that is used by our sales force for business purposes, with noncancelable lease terms of 367 days. Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception. During the three months and six months ended June 30, 2024, we paid $9 million and $17 million, respectively, in cash for amounts included in the measurement of lease liabilities at June 30, 2024, compared to $8 million and $16 million for the three months and six months ended June 30, 2023, in cash amounts included in the measurement of lease liabilities at June 30, 2023. These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. During the six months ended June 30, 2024 and June 30, 2023, we obtained $16 million and $1 million, respectively, of ROU assets in exchange for new lease liabilities. As of June 30, 2024, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.13%, compared to 4 years and 2.85% as of December 31, 2023. The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2024, and that have noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 19 2025 33 2026 27 2027 21 2028 15 2029 and thereafter 3 Total undiscounted cash flows 118 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 111 The following table details the components of total net operating lease expense. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Operating lease expense $ 8 $ 7 $ 15 $ 14 Variable lease expense 1 1 2 2 Total lease expense, net (a) $ 9 $ 8 $ 17 $ 16 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. Ally as the Lessor Investment in Operating Leases We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed. The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives. Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges. The customer can terminate the lease at any point after commencement, subject to additional charges and fees. The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases. In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle. These charges are deemed variable lease payments and, as these payments are not based on a rate or index, they are recognized as net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income as incurred. When we acquire a consumer operating lease, we assume ownership of the vehicle. We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases. Neither the consumer, dealer, nor automotive manufacturer is responsible for the value of the vehicle at the time of lease termination. When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing. We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing, which is included in net depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income. Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing. As of June 30, 2024, and December 31, 2023, consumer operating leases with a carrying value, net of accumulated depreciation, of $776 million and $12 million, respectively, were covered by residual value guarantees. The increase is primarily driven by a new automotive manufacturer relationship added during the six months ended June 30, 2024. As of June 30, 2024, $3 million is under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price and $773 million is under a residual value guarantee of approximately 50% of the vehicles’ contract residual value. As of December 31, 2023, $12 million was under a residual value guarantee of 15% of the automotive manufacturer’s suggested retail price. The following table details our investment in operating leases. ($ in millions) June 30, 2024 December 31, 2023 Vehicles $ 10,016 $ 11,101 Accumulated depreciation (1,642) (1,930) Investment in operating leases, net $ 8,374 $ 9,171 The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 684 2025 1,037 2026 611 2027 160 2028 14 2029 and thereafter 1 Total lease payments from operating leases $ 2,507 We recognized operating lease revenue of $333 million and $689 million for the three months and six months ended June 30, 2024, respectively, and $392 million and $794 million for the three months and six months ended June 30, 2023. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 236 $ 270 $ 486 $ 543 Remarketing gains, net (59) (70) (105) (117) Net depreciation expense on operating lease assets $ 177 $ 200 $ 381 $ 426 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $10 million for the three months and six months ended June 30, 2024, respectively, and $2 million and $4 million for the three months and six months ended June 30, 2023. Finance Leases In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases . Our total gross investment in finance leases, which is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet was $549 million and $537 million as of June 30, 2024, and December 31, 2023, respectively. This includes lease payment receivables of $543 million and $531 million at June 30, 2024, and December 31, 2023, respectively, and unguaranteed residual assets of $6 million at both June 30, 2024, and December 31, 2023. Interest income on finance lease receivables was $12 million and $23 million for the three months and six months ended June 30, 2024, respectively, and $9 million and $18 million for the three months and six months ended June 30, 2023, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 104 2025 182 2026 161 2027 110 2028 49 2029 and thereafter 25 Total undiscounted cash flows 631 Difference between undiscounted cash flows and discounted cash flows (88) Present value of lease payments recorded as lease receivable $ 543 |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Securitizations And Variable Interest Entities [Abstract] | |
Securitizations and Variable Interest Entities | Securitizations and Variable Interest Entities We securitize, transfer, and service consumer automotive loans. We often securitize these loans (also referred to as financial assets) using SPEs. An SPE is a legal entity that is designed to fulfill a specified limited need of the sponsor. Our principal use of SPEs is to obtain liquidity by securitizing certain of our financial assets. SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet. Additionally, we opportunistically sell consumer automotive and credit card whole-loans to SPEs where we have a continuing involvement. VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant. The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement. For nonconsolidated SPEs, the transferred financial assets are removed from our balance sheet provided the conditions for sale accounting are met. The financial assets obtained from the sale are primarily reported as cash or retained interests (if applicable). Liabilities incurred as part of these sales, are recorded at fair value at the time of sale and are reported as accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction. With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability. We had pretax gains on sales of financial assets into nonconsolidated VIEs of $1 million during both the three months and six months ended June 30, 2024, and during the six months ended June 30, 2023. We had no pretax gains or losses on sales of financial assets into nonconsolidated VIEs during the three months ended June 30, 2023. We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity. Since we do not have control over the entities or the power to make decisions, we do not consolidate the entities and our involvement is limited to the guarantee and the line of credit. We are involved with various other nonconsolidated equity investments, including affordable housing entities and venture capital funds and loan funds. We do not consolidate these entities and our involvement is limited to our outstanding investment, additional capital committed to these funds plus any previously recognized low-income housing tax credits that are subject to recapture. Refer to Note 1 and Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further description of our securitization activities and our involvement with VIEs. The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs June 30, 2024 On-balance sheet variable interest entities Consumer automotive $ 13,841 (b) $ 1,223 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) 115 (e) — 3,285 3,400 (f) Consumer other (g) — — 100 100 Commercial other 2,644 (h) 1,027 (i) — 3,181 (j) Total $ 16,600 $ 2,250 $ 3,385 $ 6,681 December 31, 2023 On-balance sheet variable interest entities Consumer automotive $ 16,415 (b) $ 1,614 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) 81 (e) — 2,514 2,595 (f) Consumer other (g) — — 125 125 Commercial other 2,516 (h) 974 (i) — 2,738 (j) Total $ 19,012 $ 2,588 $ 2,639 $ 5,458 (a) Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs. (b) Includes $8.6 billion and $9.3 billion of assets that were not encumbered by VIE beneficial interests held by third parties at June 30, 2024, and December 31, 2023, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $103 million and $100 million of liabilities that were not obligations to third-party beneficial interest holders at June 30, 2024, and December 31, 2023, respectively. (d) Includes activity where we sell loans through a pass-through program to a third party. (e) Represents retained notes and certificated residual interests, of which $110 million and $78 million were classified as held-to-maturity securities at June 30, 2024, and December 31, 2023, respectively, and $5 million and $3 million were classified as other assets at June 30, 2024, and December 31, 2023. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (f) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss. (g) Represents balances from Ally Credit Card. (h) Amounts are classified as other assets except for $47 million and $44 million classified as equity securities at June 30, 2024, and December 31, 2023, respectively. (i) Amounts are classified as accrued expenses and other liabilities. (j) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. Cash Flows with Nonconsolidated Special-Purpose Entities The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the six months ended June 30, 2024, and 2023. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Six months ended June 30, ($ in millions) 2024 2023 Consumer automotive Cash proceeds from transfers completed during the period $ 1,387 $ 477 Servicing fees 29 6 Cash flows received on retained interests in securitization entities 27 — Other cash flows 1 — Consumer other (a) Cash proceeds from transfers completed during the period 25 75 Servicing fees 3 5 Total $ 1,472 $ 563 (a) Represents activity from Ally Credit Card. Delinquencies and Net Credit Losses The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due ($ in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Off-balance-sheet securitization entities Consumer automotive $ 2,183 $ 1,558 $ 16 $ 11 Whole-loan sales (a) Consumer automotive 1,102 956 64 44 Consumer other 100 125 11 17 Total $ 3,385 $ 2,639 $ 91 $ 72 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. Net credit losses Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Off-balance-sheet securitization entities Consumer automotive $ 4 $ — $ 8 $ — Whole-loan sales (a) Consumer automotive 16 3 32 4 Consumer other 10 8 22 13 Total $ 30 $ 11 $ 62 $ 17 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2024 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of other assets were as follows. ($ in millions) June 30, 2024 December 31, 2023 Property and equipment at cost $ 2,207 $ 2,153 Accumulated depreciation (935) (871) Net property and equipment 1,272 1,282 Proportional amortization investments (a) (b) 1,997 1,866 Net deferred tax assets 1,441 1,224 Accrued interest, fees, and rent receivables (c) 936 935 Nonmarketable equity investments 797 886 Goodwill 669 669 Equity-method investments (a) (d) 649 651 Restricted cash and cash equivalents (e) 430 87 Restricted cash held for securitization trusts (f) 325 407 Other accounts receivable 177 189 Operating lease right-of-use assets 91 90 Net intangible assets 62 73 Other assets 1,007 1,036 Total other assets (g) $ 9,853 $ 9,395 (a) Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of June 30, 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 for additional information. (b) Presented gross of the associated unfunded commitment. Refer to Note 14 for further information. (c) Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans. (d) Primarily relates to investments made in connection with our CRA program. (e) Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes 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. Refer to Note 18 for further information about the issuance of credit-linked notes. (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) 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. We elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs upon adoption of ASU 2023-02 on January 1, 2024. Prior to adoption, the proportional amortization method applied to our qualifying LIHTC investments only. Refer to Note 1 for additional information. The following table summarizes information about our proportional amortization investments. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Tax credits and other tax benefits from proportional amortization investments (a) (b) $ 70 $ 75 $ 109 $ 122 Investment amortization expense recognized as a component of income tax expense (a) 56 61 88 99 Net benefit from proportional amortization investments (a) $ 14 $ 14 $ 21 $ 23 (a) Amounts are included within income tax (benefit) expense from continuing operations on our Condensed Consolidated Statement of Comprehensive 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 and six months ended June 30, 2024, and June 30, 2023, resulting from the forfeiture or ineligibility of tax credits or other circumstances. Our proportional amortization investments were $2.0 billion and $1.9 billion at June 30, 2024, and December 31, 2023, respectively, and are included within other assets on our Condensed Consolidated Balance Sheet. Additionally, unfunded commitments to provide additional capital to proportional amortization investments were $1.0 billion and $973 million at June 30, 2024, and December 31, 2023, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Substantially all of the unfunded commitments at June 30, 2024, are expected to be paid out within the next five years. The total carrying value of the nonmarketable equity investments held at June 30, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows. ($ in millions) June 30, 2024 December 31, 2023 FRB stock $ 417 $ 392 FHLB stock 288 392 Equity investments without a readily determinable fair value Cost basis at acquisition 74 74 Adjustments Upward adjustments 53 51 Downward adjustments (including impairment) (35) (23) Carrying amount, equity investments without a readily determinable fair value 92 102 Nonmarketable equity investments $ 797 $ 886 During the three months and six months ended June 30, 2024, and June 30, 2023, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of June 30, 2024, and June 30, 2023, were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Upward adjustments $ — $ 1 $ 1 $ 7 Downward adjustments (including impairment) (a) $ (14) $ — $ (14) $ (17) (a) No impairment on FHLB and FRB stock was recognized during both the three months and six months ended June 30, 2024, and 2023. Total loss on nonmarketable equity investments, net, which includes both realized and unrealized gains and losses, were net losses of $11 million and $9 million for the three months and six months ended June 30, 2024, respectively, compared to a net loss of $11 million for the six months ended June 30, 2023. The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate 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 June 30, 2024 $ 20 $ 27 $ 622 $ 669 (a) Includes $479 million of goodwill associated with Ally Credit Card at both June 30, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both June 30, 2024, and December 31, 2023. During the year ended December 31, 2023, we recognized a $149 million impairment of goodwill at Corporate and Other related to the transfer of Ally Lending to held-for-sale. Subsequent to the impairment charge, the goodwill balance of $4 million was transferred to assets of operations held-for-sale on the Condensed Consolidated Balance Sheet. We closed the sale of Ally Lending on March 1, 2024. For additional information, refer to Note 2. The net carrying value of intangible assets by class was as follows. June 30, 2024 December 31, 2023 ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 117 $ (71) $ 46 $ 117 $ (64) $ 53 Customer lists 41 (41) — 41 (39) 2 Purchased credit card relationships 25 (9) 16 25 (7) 18 Trademarks 2 (2) — 2 (2) — Total intangible assets (a) $ 185 $ (123) $ 62 $ 185 $ (112) $ 73 (a) Excludes $22 million of gross intangible assets and $22 million of accumulated amortization that were transferred to assets of operations held-for-sale related to Ally Lending as of December 31, 2023. The sale was closed on March 1, 2024. Refer to Note 2 for additional information. Estimated future amortization expense of intangible assets are as follows. ($ in millions) 2024 $ 8 2025 14 2026 14 2027 13 2028 13 Total estimated future amortization expense $ 62 |
Deposit Liabilities
Deposit Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Deposit Liabilities | Deposit Liabilities Deposit liabilities consisted of the following. ($ in millions) June 30, 2024 December 31, 2023 Noninterest-bearing deposits $ 156 $ 139 Interest-bearing deposits Savings, money market, and spending accounts 103,145 99,340 Certificates of deposit 48,853 55,187 Total deposit liabilities $ 152,154 $ 154,666 At June 30, 2024, and December 31, 2023, certificates of deposit included $6.7 billion and $7.7 billion, respectively, of those in denominations in excess of $250 thousand. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio. June 30, 2024 December 31, 2023 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 1,575 $ 1,575 $ — $ 2,550 $ 2,550 Securities sold under agreements to repurchase — 1,547 1,547 — 747 747 Total short-term borrowings $ — $ 3,122 $ 3,122 $ — $ 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 June 30, 2024, the securities sold under agreements to repurchase consisted of $1.1 billion of agency mortgage-backed residential debt securities and $460 million of U.S. Treasury and federal agency securities. The repurchase agreements are 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 June 30, 2024, we placed $3 million of cash collateral related to repurchase agreements, and we received $1 million of cash collateral related to repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements. Long-Term Debt The following table presents the composition of our long-term debt portfolio. June 30, 2024 December 31, 2023 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,974 $ 2,535 $ 4,509 $ 1,409 $ 2,931 $ 4,340 Due after one year 7,950 3,520 11,470 9,015 4,215 13,230 Total long-term debt (b) $ 9,924 $ 6,055 $ 15,979 $ 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 $4.6 billion and $5.6 billion at June 30, 2024, and December 31, 2023, respectively. The following table presents the scheduled remaining maturity of long-term debt at June 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2024 2025 2026 2027 2028 2029 and thereafter Total Unsecured Long-term debt $ 724 $ 2,483 $ 152 $ 1,589 $ 867 $ 4,906 $ 10,721 Original issue discount (35) (74) (82) (94) (107) (405) (797) Total unsecured 689 2,409 70 1,495 760 4,501 9,924 Secured Long-term debt 1,559 2,000 1,803 414 255 24 6,055 Total long-term debt $ 2,248 $ 4,409 $ 1,873 $ 1,909 $ 1,015 $ 4,525 $ 15,979 The following table summarizes assets restricted as collateral for the payment of the related debt obligation. ($ in millions) June 30, 2024 December 31, 2023 Consumer automotive finance receivables $ 38,998 $ 40,805 Consumer mortgage finance receivables 18,046 18,703 Commercial finance receivables 6,235 5,968 Investment securities (amortized cost of $4,905 and $4,030) (a) 4,666 4,036 Other assets (b) 330 — Total assets restricted as collateral (c) (d) $ 68,275 $ 69,512 Secured debt (e) $ 9,177 $ 10,443 (a) A portion of the restricted investment securities at both June 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 $27.3 billion and $27.9 billion at June 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 June 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 $3.1 billion and $3.3 billion of short-term borrowings at June 30, 2024 , and December 31, 2023, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities were as follows. ($ in millions) June 30, 2024 December 31, 2023 Unfunded commitments for proportional amortization investments (a) $ 1,025 $ 973 Accounts payable 573 509 Employee compensation and benefits 313 409 Reserves for insurance losses and loss adjustment expenses (b) 203 140 Operating lease liabilities 111 113 Deferred revenue 106 103 Other liabilities 450 479 Total accrued expenses and other liabilities (c) $ 2,781 $ 2,726 (a) Primarily relates to unfunded commitments for investments in qualified affordable housing projects. (b) Refer to Note 5 for further information. (c) Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities 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. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Preferred Stock | Preferred Stock The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. June 30, 2024 December 31, 2023 Series B preferred stock (a) Issuance date April 22, 2021 April 22, 2021 Carrying value ($ in millions) $ 1,335 $ 1,335 Par value (per share) $ 0.01 $ 0.01 Liquidation preference (per share) $ 1,000 $ 1,000 Number of shares authorized 1,350,000 1,350,000 Number of shares issued and outstanding 1,350,000 1,350,000 Dividend/coupon Prior to May 15, 2026 4.700% 4.700% On and after May 15, 2026 Five Year Treasury + 3.868% Five Year Treasury + 3.868% Series C preferred stock (a) Issuance date June 2, 2021 June 2, 2021 Carrying value ($ in millions) $ 989 $ 989 Par value (per share) $ 0.01 $ 0.01 Liquidation preference (per share) $ 1,000 $ 1,000 Number of shares authorized 1,000,000 1,000,000 Number of shares issued and outstanding 1,000,000 1,000,000 Dividend/coupon Prior to May 15, 2028 4.700% 4.700% On and after May 15, 2028 Seven Year Treasury + 3.481% Seven Year Treasury + 3.481% (a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables present changes, net of tax, in each component of accumulated other comprehensive loss. Three months ended June 30, Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Accumulated other comprehensive loss Balance at April 1, 2023 $ (3,811) $ — $ 18 $ 17 $ (3,776) Net change (70) — 3 (20) (87) Balance at June 30, 2023 $ (3,881) $ — $ 21 $ (3) $ (3,863) Balance at April 1, 2024 $ (3,317) $ (667) $ 20 $ (25) $ (3,989) Net change (36) 17 — (1) (20) Balance at June 30, 2024 $ (3,353) $ (650) $ 20 $ (26) $ (4,009) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. Six months ended June 30, Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Accumulated other comprehensive loss Balance at January 1, 2023 $ (4,095) $ — $ 18 $ 18 $ (4,059) Net change 214 — 3 (21) 196 Balance at June 30, 2023 $ (3,881) $ — $ 21 $ (3) $ (3,863) Balance at January 1, 2024 $ (3,146) $ (682) $ 21 $ (9) $ (3,816) Net change (207) 32 (1) (17) (193) Balance at June 30, 2024 $ (3,353) $ (650) $ 20 $ (26) $ (4,009) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss. Three months ended June 30, 2024 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (47) $ 11 $ (36) Held-to-maturity securities Less: Amortization of amounts previously recorded upon transfer from available-for-sale (a) (22) (b) 5 (c) (17) Translation adjustments Net unrealized losses arising during the period (2) — (2) Net investment hedges (d) Net unrealized gains arising during the period 2 — 2 Cash flow hedges (d) Net unrealized losses arising during the period (3) 1 (2) Less: Net realized losses reclassified to income from continuing operations (2) (e) 1 (c) (1) Net change (1) — (1) Other comprehensive loss $ (26) $ 6 $ (20) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7. (b) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income. (c) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (d) For additional information on derivative instruments and hedging activities, refer to Note 19. (e) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Three months ended June 30, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (91) $ 21 $ (70) Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (a) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (a) Net unrealized losses arising during the period (22) 6 (16) Less: Net realized gains reclassified to income from continuing operations 5 (b) (1) (c) 4 Net change (27) 7 (20) Other comprehensive loss $ (115) $ 28 $ (87) (a) For additional information on derivative instruments and hedging activities, refer to Note 19. (b) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. (c) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. Six months ended June 30, 2024 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (270) $ 64 $ (206) Less: Net realized gains reclassified to income from continuing operations 1 (a) — (b) 1 Net change (271) 64 (207) Held-to-maturity securities Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c) (42) (d) 10 (b) (32) Translation adjustments Net unrealized losses arising during the period (7) 1 (6) Net investment hedges (e) Net unrealized gains arising during the period 6 (1) 5 Cash flow hedges (e) Net unrealized losses arising during the period (25) 6 (19) Less: Net realized losses reclassified to income from continuing operations (3) (f) 1 (b) (2) Net change (22) 5 (17) Other comprehensive loss $ (252) $ 59 $ (193) (a) Includes gains reclassified to other (loss) gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7. (d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income. (e) For additional information on derivative instruments and hedging activities, refer to Note 19. (f) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Six months ended June 30, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized gains arising during the period $ 286 $ (68) $ 218 Less: Net realized gains reclassified to income from continuing operations 5 (a) (1) (b) 4 Net change 281 (67) 214 Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (c) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (c) Net unrealized losses arising during the period (18) 5 (13) Less: Net realized gains reclassified to income from continuing operations 10 (d) (2) (b) 8 Net change (28) 7 (21) Other comprehensive income $ 256 $ (60) $ 196 (a) Includes gains reclassified to other (loss) gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents the calculation of basic and diluted earnings per common share. Three months ended June 30, Six months ended June 30, ($ in millions, except per share data; shares in thousands) (a) 2024 2023 2024 2023 Net income from continuing operations $ 294 $ 329 $ 451 $ 649 Preferred stock dividends — Series B (16) (16) (32) (32) Preferred stock dividends — Series C (12) (12) (24) (24) Net income from continuing operations attributable to common stockholders $ 266 $ 301 $ 395 $ 593 Loss from discontinued operations, net of tax — — — (1) Net income attributable to common stockholders $ 266 $ 301 $ 395 $ 592 Basic weighted-average common shares outstanding (b) 306,774 303,684 306,388 303,173 Diluted weighted-average common shares outstanding (b) 309,886 304,646 309,154 304,050 Basic earnings per common share Net income from continuing operations $ 0.87 $ 0.99 $ 1.29 $ 1.96 Net income $ 0.87 $ 0.99 $ 1.29 $ 1.95 Diluted earnings per common share Net income from continuing operations $ 0.86 $ 0.99 $ 1.28 $ 1.95 Net income $ 0.86 $ 0.99 $ 1.28 $ 1.95 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other Re
Regulatory Capital and Other Regulatory Matters | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory Matters Ally is subject to enhanced prudential standards that have been established by the FRB under the Dodd-Frank Act, as amended by the EGRRCP Act and as applied to Category IV firms under the Tailoring Rules. Refer to the discussion below, however, about rules proposed by the U.S. banking agencies in 2023 that would significantly alter the Tailoring Rules. Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits. Even so, we are subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities or based on risks to the U.S. economy. Further, we are subject to rules requiring the resubmission of our capital plan if we determine that there has been or will be a material change in our risk profile, financial condition, or corporate structure since we last submitted the capital plan or if the FRB determines that (a) our capital plan is incomplete or our capital plan or internal capital adequacy process contains material weaknesses, (b) there has been, or will likely be, a material change in our risk profile (including a material change in our business strategy or any risk exposure), financial condition, or corporate structure, or (c) the BHC stress scenario(s) are not appropriate for our business model and portfolios, or changes in the financial markets or the macroeconomic outlook that could have a material impact on our risk profile and financial condition require the use of updated scenarios. While a resubmission is pending, without prior approval of the FRB, we would generally be prohibited from paying dividends, repurchasing our common stock, or making other capital distributions. In addition, to satisfy the FRB in its review of our capital plan, we may be required to further cease or limit these capital distributions or to issue capital instruments that could be dilutive to stockholders. The FRB also may prevent us from maintaining or expanding lending or other business activities. Basel Capital Framework The FRB and other U.S. banking agencies have adopted risk-based and leverage capital rules that establish minimum capital-to-asset ratios for BHCs, like Ally, and depository institutions, like Ally Bank. The risk-based capital ratios are based on a banking organization’s RWAs, which are generally determined under the standardized approach applicable to Ally and Ally Bank by (1) assigning on-balance-sheet exposures to broad risk-weight categories according to the counterparty or, if relevant, the guarantor or collateral (with higher risk weights assigned to categories of exposures perceived as representing greater risk), and (2) multiplying off-balance-sheet exposures by specified credit conversion factors to calculate credit equivalent amounts and assigning those credit equivalent amounts to the relevant risk-weight categories. The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures. Under U.S. Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum total risk-based capital ratio of 8%. On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital. Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers. U.S. Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4%. While the capital conservation buffer requirement for Ally Bank is fixed at 2.5% of RWAs, the capital conservation buffer requirement for a Category IV firm, like Ally, is equal to its stress capital buffer requirement. The stress capital buffer requirement for Ally, in turn, is the greater of 2.5% and the result of the following calculation: (1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of RWAs. As of June 30, 2024, the stress capital buffer requirement for Ally was 2.5%. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was determined to be 2.6% and is scheduled to become effective on October 1, 2024. Ally and Ally Bank are currently subject to the U.S. Basel III standardized approach for counterparty credit risk but not to the U.S. Basel III advanced approaches for credit risk or operational risk. Ally is also not currently subject to the U.S. market-risk capital rule, which applies only to banking organizations with significant trading assets and liabilities. Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital. As of June 30, 2024, and December 31, 2023, Ally had $4.0 billion and $3.8 billion, respectively, of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital. Refer to the discussion below about rules proposed by the U.S. banking agencies in 2023 that would require us to recognize all components of accumulated other comprehensive income and loss in regulatory capital, except gains and losses on cash-flow hedges where the hedged items are not recognized on our balance sheet at fair value. Refer also to Note 16 for additional details about our accumulated other comprehensive loss. Failure to satisfy regulatory-capital requirements could result in significant sanctions—such as bars or other limits on capital distributions and discretionary bonuses to executive officers, limitations on acquisitions and new activities, restrictions on our acceptance of brokered deposits, a loss of our status as an FHC, or informal or formal enforcement and other supervisory actions—and could have a significant adverse effect on the Consolidated Financial Statements or the business, results of operations, financial condition, or prospects of Ally and Ally Bank. The risk-based capital ratios and the Tier 1 leverage ratio play a central role in PCA, which is an enforcement framework used by the U.S. banking agencies to constrain the activities of depository institutions based on their levels of regulatory capital. Five categories have been established using thresholds for the Common Equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, the total risk-based capital ratio, and the Tier 1 leverage ratio: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. FDICIA generally prohibits a depository institution from making any capital distribution, including any payment of a cash dividend or a management fee to its BHC, if the depository institution would become undercapitalized after the distribution. An undercapitalized institution is also subject to growth limitations and must submit and fulfill a capital restoration plan. Although BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries. At both June 30, 2024, and December 31, 2023, Ally Bank met the capital ratios required to be well capitalized under the PCA framework. Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits. Our brokered deposits totaled $8.7 billion at June 30, 2024, which represented 5.7% of total deposit liabilities. The following table summarizes our capital ratios under U.S. Basel III. June 30, 2024 December 31, 2023 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,104 9.59 % $ 15,129 9.36 % 4.50 % (b) Ally Bank 17,578 11.81 17,217 11.24 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,370 11.03 % $ 17,392 10.76 % 6.00 % 6.00 % Ally Bank 17,578 11.81 17,217 11.24 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,990 12.70 % $ 20,055 12.41 % 8.00 % 10.00 % Ally Bank 19,455 13.07 19,144 12.50 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,370 8.85 % $ 17,392 8.67 % 4.00 % (b) Ally Bank 17,578 9.47 17,217 9.07 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both June 30, 2024, and December 31, 2023. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. On January 1, 2020, we adopted CECL. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information about our allowance for loan losses accounting policy. Under a rule finalized by the FRB and other U.S. banking agencies in 2020, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we were required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. The estimated impact of CECL on regulatory capital that we deferred and began phasing in on January 1, 2022, is generally calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period. As of June 30, 2024, the total deferred impact on Common Equity Tier 1 capital related to our adoption of CECL was $296 million. In April 2023, in a statement accompanying the review of the FRB’s supervision and regulation of SVB, FRB Vice Chair for Supervision Barr highlighted a plan to revisit the Tailoring Rules and develop stronger capital, liquidity, stress-testing, and other standards for Category IV firms like Ally. In July 2023, the U.S. banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017 (commonly known as the Basel III endgame or as Basel IV). For regulatory capital, the proposed rule would eliminate the effect of the Tailoring Rules by requiring the recognition of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings. For each of the risk-based capital ratios, a large banking organization, like Ally, would calculate and be bound by the lower of two alternatives: one version of the ratio based on an expanded risk-based approach prescribed in the proposed rule and one version of the ratio based on the standardized approach as modified by the proposed rule. All capital buffer requirements, including the stress capital buffer requirement, would apply regardless of whether the expanded risk-based approach or the standardized approach produces the lower ratio. Under the expanded risk-based approach, total RWAs would equal the sum of the RWAs for credit risk, equity risk, operational risk, market risk, and CVA risk as set forth in the proposed rule minus any amount of the banking organization’s adjusted allowance for credit losses that is not included in Tier 2 capital and any amount of allocated transfer risk reserves. Under the standardized approach, total RWAs would be calculated using the existing rules with a revised methodology for determining RWAs for market risk, and a required application of the standardized approach for counterparty credit risk for derivative exposures. Category IV firms would be further required under the proposed rule to project their risk-based capital ratios under baseline conditions in their capital plans and related reports using the RWA-calculation approach that results in their binding risk-based capital ratios as of the start of the projection horizon. The proposed rule also would roll back additional elements of the Tailoring Rules by applying to Category IV firms the supplementary leverage ratio, the countercyclical capital buffer, and enhanced public disclosure and reporting requirements. Under the proposed rule, a three-year transition period from July 1, 2025, to June 30, 2028, would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach. The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital. While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period. As for the proposed changes to RWAs, while we continue to evaluate the effects of individual provisions and the interplay among them as well as potential management actions in response, the impact is not currently expected to be significant in the aggregate if the proposed rule were adopted in its existing form. Since the proposed rule was issued, we have been engaged with research and advocacy groups to inform the rulemaking process and better understand the impacts of the proposed rule on banking organizations of various sizes and complexities—as well as the competitive environment more broadly—and likewise encourage the U.S. banking agencies to closely study these impacts and their wider implications. In August 2023, the U.S. banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally. The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure. CIDIs, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the CIDI, which would in turn be required to purchase that long-term debt. Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities. Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule. We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us. Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear. Also, beyond these proposed rules, more stringent and less tailored liquidity, stress-testing, and other standards for Category IV firms, like Ally, may be forthcoming, including those that may reinstate the LCR, require more rigorous liquidity stress testing, and return Ally to supervisory stress testing on an annual cycle. In June 2024, the FDIC issued a final rule that requires each CIDI with $100 billion or more in total assets, like Ally Bank, to submit a full resolution plan with an identified strategy from the point of their failure to disposition of substantially all of the CIDI’s assets and operations through wind-down, liquidation, divestiture, or other return to the private sector. Under the final rule, the CIDI must utilize as its identified strategy the formation or stabilization of a bridge depository institution that continues operations through the completion of the CIDI’s resolution and exit unless the CIDI demonstrates why another strategy is more appropriate based upon its size, complexity, and risk profile. All CIDIs are required to demonstrate capabilities to carry out the sale of the CIDI and its assets. Such capabilities include the capability to maintain continuity of critical services, the capability to produce valuations needed in assessing the resolution strategy that is least costly to the FDIC’s deposit insurance fund, and the capability to establish a virtual due diligence data room promptly in the run-up to or upon failure of the CIDI to support the ability of the FDIC to market and execute a timely sale or disposition of the CIDI and its assets. Each CIDI’s resolution plan will also be subject to additional requirements, including those related to the underlying failure scenario assumptions, resolution plan content, and FDIC reviews of the resolution plan under the final rule. CIDIs not affiliated with U.S. global systemically important banking organizations are subject to a triennial submission cycle in which a full resolution plan is required to be submitted once every three years, with interim supplements due in non-submission years. The final rule is effective on October 1, 2024. We are evaluating the impact of this final rule. Capital Planning and Stress Tests Under the Tailoring Rules, we are generally subject to supervisory stress testing on a two-year cycle and exempted from mandated company-run capital stress testing requirements. We are also required to submit an annual capital plan to the FRB. Our annual capital plan must include an assessment of our expected uses and sources of capital and a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any dividend or other capital distribution, and any similar action that the FRB determines could have an impact on our capital. The plan must also include a detailed description of our process for assessing capital adequacy, including a discussion of how we, under expected and stressful conditions, will maintain capital commensurate with our risks and above the minimum regulatory capital ratios, will serve as a source of strength to Ally Bank, and will maintain sufficient capital to continue our operations by maintaining ready access to funding, meeting our obligations to creditors and other counterparties, and continuing to serve as a credit intermediary. The Tailoring Rules align capital planning, supervisory stress testing, and stress capital buffer requirements for large banking organizations, like Ally. As a Category IV firm, Ally is expected to have the ability to elect to participate in the supervisory stress test—and receive a correspondingly updated stress capital buffer requirement—in a year in which Ally would not generally be subject to the supervisory stress test. Refer to the section titled Basel Capital Framework above for further discussion about our stress capital buffer requirements. During a year in which Ally does not undergo a supervisory stress test, we would receive an updated stress capital buffer requirement only to reflect our updated planned common-stock dividends. Ally was subject to the 2022 supervisory stress test and did not elect to participate in the 2023 supervisory stress test. We received an updated preliminary stress capital buffer requirement based on our 2022 capital plan submission from the FRB in June 2022, which was determined to be 2.5% and reflected a decline of 100 basis points relative to our prior requirement. The updated 2.5% stress capital buffer requirement was finalized in August 2022 and became effective on October 1, 2022. We submitted our 2023 capital plan to the FRB on April 5, 2023, and received an updated preliminary stress capital buffer requirement in June 2023 that remained unchanged at 2.5%. The 2.5% stress capital buffer requirement was finalized in July 2023 and became effective on October 1, 2023. We submitted our 2024 capital plan to the FRB on April 5, 2024. Ally received an updated preliminary stress capital buffer requirement from the FRB in June 2024, which was determined to be 2.6% and is scheduled to become effective on October 1, 2024. In February 2023, we accessed the unsecured debt capital markets and issued $500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S. Basel III. In June 2024, we accessed the debt capital markets and issued $330 million of credit-linked notes based on a reference portfolio of $3.0 billion of consumer automotive loans. The proceeds from this issuance constitute prefunded credit protection for mezzanine tranches of the reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet. This transaction is structured to enable us to apply the securitization framework under U.S. Basel III when determining RWA for our retained exposure. Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements, including approval by our Board. The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time. The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2023 First quarter $ 27 836 299,324 300,821 $ 0.30 Second quarter 2 58 300,821 301,619 0.30 Third quarter — 5 301,619 301,630 0.30 Fourth quarter 4 145 301,630 302,459 0.30 2024 First quarter $ 29 781 302,459 303,978 $ 0.30 Second quarter 1 13 303,978 304,656 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 305 million as of June 30, 2024. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023 or the first half of 2024, and at this time, the Board has not authorized a stock-repurchase program for 2024. (c) On July 15, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on August 15, 2024, to stockholders of record at the close of business on August 1, 2024. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We enter into derivative instruments, which may include interest rate swaps, foreign-currency forwards, equity options, and interest rate options, in connection with our risk-management activities. Our primary objective for using derivative financial instruments is to manage interest rate risk associated with our fixed-rate and variable-rate assets and liabilities, foreign exchange risks related to our net investments in foreign subsidiaries, as well as foreign-currency denominated assets and liabilities, and other market risks related to our investment portfolio. Interest Rate Risk We monitor our mix of fixed-rate and variable-rate assets and liabilities and may enter into interest rate swaps, forwards, and options to achieve a more desired mix of fixed-rate and variable-rate assets and liabilities. We execute these trades to modify our exposure to interest rate risk by converting certain fixed-rate instruments to a variable-rate and certain variable-rate instruments to a fixed-rate. We use a mix of both derivatives that qualify for hedge accounting treatment and economic hedges that do not qualify for hedge accounting treatment. Derivatives qualifying for hedge accounting treatment can include receive-fixed swaps designated as fair value hedges of specific fixed-rate unsecured debt obligations, receive-fixed swaps designated as fair value hedges of specific fixed-rate FHLB advances, pay-fixed swaps designated as fair value hedges of securities within our available-for-sale portfolio, and pay-fixed swaps designated as fair value hedges of fixed-rate held-for-investment consumer automotive loan assets. Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans. We have the ability to execute economic hedges, which could consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business that meet the accounting definition of a derivative. Foreign Exchange Risk We enter into derivative financial instrument contracts to mitigate the risk associated with variability in cash flows related to our various foreign-currency exposures. We enter into foreign-currency forwards with external counterparties as net investment hedges of foreign exchange exposure on our investment in foreign subsidiaries. Our equity is impacted by the cumulative translation adjustments resulting from the translation of foreign subsidiary results; this impact is reflected in our accumulated other comprehensive income. We also periodically enter into foreign-currency forwards to economically hedge any foreign-denominated debt, centralized lending, and foreign-denominated third-party loans. These foreign-currency forwards used as economic hedges are recorded at fair value with changes recorded as income or expense offsetting the gains and losses on the associated foreign-currency transactions. Investment Risk We enter into equity options to mitigate the risk associated with our exposure to the equity markets. Credit Risk We enter into various retail automotive-loan purchase agreements with certain counterparties. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Based upon these terms, these contracts meet the accounting definition of a derivative. We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans. These notes contain an embedded derivative (referred to as a credit-linked note derivative), which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool. Counterparty Credit Risk Derivative financial instruments contain an element of credit risk if counterparties are unable to meet the terms of the agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should the counterparties that owe us under the contract completely fail to perform under the terms of those contracts, with adjustments to reflect the exchange of collateral for margined transactions. We manage our risk to financial counterparties through internal credit analysis, limits, and monitoring. Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements. We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties. Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements. If either party defaults on the obligation, the secured party may seize the collateral. Payments related to the exchange of collateral for OTC derivatives are recognized as collateral. We also execute certain derivatives, such as interest rate swaps, with clearinghouses, which require us to post and receive collateral. For these clearinghouse derivatives, these payments are recognized as settlements rather than collateral. Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event. No such specified credit-risk-related events occurred during the six months ended June 30, 2024, or 2023. We placed cash and noncash collateral with counterparties totaling $1 million and $481 million, respectively, supporting our derivative positions at June 30, 2024, compared to $6 million and $642 million of cash and noncash collateral, respectively, at December 31, 2023. These amounts include noncash collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements. The receivables for cash collateral placed are included on our Condensed Consolidated Balance Sheet in other assets. We granted our counterparties the right to sell or pledge the noncash collateral. We received cash collateral from counterparties totaling $6 million and $31 million at June 30, 2024, and December 31, 2023, respectively. These amounts exclude cash and noncash collateral pledged under repurchase agreements. The payables for cash collateral received are included on our Condensed Consolidated Balance Sheet in accrued expenses and other liabilities. Balance Sheet Presentation The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. June 30, 2024 December 31, 2023 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 30,450 $ — $ — $ 35,835 Purchased options 5 — 6,250 31 — 6,250 Foreign exchange contracts Forwards — 1 161 — 6 166 Total derivatives designated as accounting hedges 5 1 36,861 31 6 42,251 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 1,000 — — 2,000 Forwards 1 — 116 — — 70 Written options 2 — 135 2 — 88 Total interest rate risk 3 — 1,251 2 — 2,158 Foreign exchange contracts Forwards — — 48 — 1 59 Total foreign exchange risk — — 48 — 1 59 Credit contracts Credit-linked note derivative — — 330 — — — Other credit derivatives (a) — 5 n/a — 10 n/a Total credit risk — 5 330 — 10 — Equity contracts Written options — 1 — — — — Total equity risk — 1 — — — — Total derivatives not designated as accounting hedges 3 6 1,629 2 11 2,217 Total derivatives $ 8 $ 7 $ 38,490 $ 33 $ 17 $ 44,468 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $17 million and $29 million as of June 30, 2024, and December 31, 2023, respectively. The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) ($ in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Assets Available-for-sale securities (b) $ 15,713 $ 16,302 $ (301) $ (79) $ (145) $ (156) Finance receivables and loans, net (c) 42,197 54,189 (166) (93) (17) (27) Liabilities Long-term debt $ 7,030 $ 7,750 $ 94 $ 100 $ 94 $ 100 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.3 billion and $14.8 billion, respectively, of which $14.0 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At June 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $247 million liability and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $112 million liability and a $120 million liability, respectively. At both June 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items was $11.3 billion, with cumulative basis adjustments of a $136 million liability and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $42.2 billion and $54.2 billion, respectively, of which $35.1 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At June 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $166 million liability and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $17 million liability and a $27 million liability, respectively. At June 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $17.8 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $149 million liability and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Statement of Income Presentation The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Gain (loss) recognized in earnings Interest rate contracts Gain on mortgage and automotive loans, net $ 5 $ 4 $ 10 $ 9 Total interest rate contracts 5 4 10 9 Foreign exchange contracts Other operating expenses 1 (1) 2 — Total foreign exchange contracts 1 (1) 2 — Credit contracts Other income, net of losses — — — (5) Total credit contracts — — — (5) Equity contracts Other income, net of losses 2 (3) 2 (7) Total equity contracts 2 (3) 2 (7) Total gain (loss) recognized in earnings $ 8 $ — $ 14 $ (3) The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended June 30 , ($ in millions) 2024 2023 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — Hedged available-for-sale securities — — (28) (238) — — Derivatives designated as hedging instruments on available-for-sale securities — — 28 238 — — Hedged fixed-rate consumer automotive loans 11 (39) — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (11) 39 — — — — Total gain on fair value hedging relationships — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income (2) 5 — — — — Total (loss) gain on cash flow hedging relationships $ (2) $ 5 $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 2,845 $ 2,721 $ 265 $ 247 $ 244 $ 252 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Six months ended June 30 , ($ in millions) 2024 2023 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ 1 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — (1) Hedged available-for-sale securities — — (233) (108) — — Derivatives designated as hedging instruments on available-for-sale securities — — 233 108 — — Hedged fixed-rate consumer automotive loans (83) 166 — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 83 (166) — — — — Total gain on fair value hedging relationships — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income (3) 10 — — — — Total (loss) gain on cash flow hedging relationships $ (3) $ 10 $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 5,672 $ 5,296 $ 531 $ 485 $ 492 $ 479 During the next 12 months, we estimate $24 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges. The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended June 30, ($ in millions) 2024 2023 2024 2023 2024 2023 Gain on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 3 $ 2 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — Amortization of deferred basis adjustments of available-for-sale securities — — 5 6 — — Interest for qualifying accounting hedges of available-for-sale securities — — 49 27 — — Amortization of deferred loan basis adjustments 4 8 — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 65 189 — — — — Total gain on fair value hedging relationships $ 69 $ 197 $ 54 $ 33 $ 3 $ 2 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Six months ended June 30, ($ in millions) 2024 2023 2024 2023 2024 2023 Gain on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 5 $ 4 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — 1 1 Amortization of deferred basis adjustments of available-for-sale securities — — 11 11 — — Interest for qualifying accounting hedges of available-for-sale securities — — 97 40 — — Amortization of deferred loan basis adjustments 9 18 — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 147 351 — — — — Total gain on fair value hedging relationships $ 156 $ 369 $ 108 $ 51 $ 6 $ 5 The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Interest rate contracts Loss recognized in other comprehensive (loss) income $ (1) $ (27) $ (22) $ (28) The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Foreign exchange contracts (a) (b) Gain (loss) recognized in other comprehensive (loss) income $ 2 $ (3) $ 6 $ (3) (a) There were no amounts excluded from effectiveness testing for the three months and six months ended June 30, 2024, or 2023. (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and six months ended June 30, 2024, or 2023. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recognized total income tax benefit from continuing operations of $37 million and $23 million for the three months and six months ended June 30, 2024, respectively, compared to income tax expense of $74 million and $142 million for the same periods in 2023. The decreases in income tax expense for the three months and six months ended June 30, 2024, compared to the same periods in 2023, were primarily due to an increase in qualified clean vehicle tax credits and the tax effects of a decrease in pretax earnings. The increase in qualified clean vehicle tax credits was primarily driven by a new automotive manufacturer relationship added during the six months ended June 30, 2024, which increased our purchased battery-electric vehicle lease origination volume. We record qualified clean vehicle tax credits as part of our investment tax credit category. All our investment tax credits are accounted for using the flow-through method and are recognized as a reduction to current income tax expense. The income tax benefit for qualified clean vehicle tax credits, along with other tax credits, resulted in a significant variation in the customary relationship between pretax income and income tax expense for the three months and six months ended June 30, 2024. As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets. We continue to believe it is more likely than not that the benefit for certain foreign tax credit carryforwards and state net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide a partial valuation allowance on the deferred tax assets relating to these carryforwards and it is reasonably possible that the valuation allowance may change in the next 12 months. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurements For purposes of this disclosure, fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market in an orderly transaction between market participants at the measurement date under current market conditions. Fair value is based on the assumptions we believe market participants would use when pricing an asset or liability. Additionally, entities are required to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. U.S. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level 1 Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity. Level 2 Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management’s best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Judgment is used in estimating inputs to our internal valuation models used to estimate our Level 3 fair value measurements. Level 3 inputs such as interest rate movements, prepayment speeds, credit losses, and discount rates are inherently difficult to estimate. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized. • Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. • Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. • Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1. We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet. Interest rate lock commitments are valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads. Recurring Fair Value The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities. Recurring fair value measurements June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 806 $ — $ — $ 806 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,047 — — 2,047 U.S. States and political subdivisions — 611 11 622 Foreign government 38 137 — 175 Agency mortgage-backed residential — 14,336 — 14,336 Mortgage-backed residential — 214 — 214 Agency mortgage-backed commercial — 3,812 — 3,812 Asset-backed — 260 — 260 Corporate debt — 1,734 — 1,734 Total available-for-sale securities 2,085 21,104 11 23,200 Mortgage loans held-for-sale (c) — 38 2 40 Other assets Derivative contracts in a receivable position Interest rate — 6 2 8 Total derivative contracts in a receivable position — 6 2 8 Total assets $ 2,891 $ 21,148 $ 15 $ 24,054 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 1 $ — $ 1 Credit — — 5 5 Equity 1 — — 1 Total derivative contracts in a payable position 1 1 5 7 Total liabilities $ 1 $ 1 $ 5 $ 7 (a) Our direct investment in any one industry did not exceed 13%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $48 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 765 $ — $ 1 $ 766 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,075 — — 2,075 U.S. States and political subdivisions — 649 9 658 Foreign government 51 132 — 183 Agency mortgage-backed residential — 15,384 — 15,384 Mortgage-backed residential — 225 — 225 Agency mortgage-backed commercial — 3,758 — 3,758 Asset-backed — 332 — 332 Corporate debt — 1,800 — 1,800 Total available-for-sale securities 2,126 22,280 9 24,415 Mortgage loans held-for-sale (c) — 25 — 25 Other assets Derivative contracts in a receivable position Interest rate — 31 2 33 Total derivative contracts in a receivable position — 31 2 33 Total assets $ 2,891 $ 22,336 $ 12 $ 25,239 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 7 $ — $ 7 Credit — — 10 10 Total derivative contracts in a payable position — 7 10 17 Total liabilities $ — $ 7 $ 10 $ 17 (a) Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities. Equity securities Available-for-sale securities Mortgage loans held-for-sale (a) Finance receivables and loans, net (a) ($ in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Assets Fair value at April 1, $ — $ 1 $ 11 $ 4 $ — $ — $ — $ 2 Net realized/unrealized gains Included in earnings — — — — — — — — Included in OCI — — — — — — — — Purchases and originations — — — 1 2 — — — Sales — — — — — — — — Issuances — — — — — — — — Settlements — — — — — — — (2) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 — — — — — — — — Fair value at June 30, $ — $ 1 $ 11 $ 5 $ 2 $ — $ — $ — Net unrealized gains still held at June 30, Included in earnings $ — $ — $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — — — (a) Carried at fair value due to fair value option elections. Derivative liabilities, net of derivative assets (a) ($ in millions) 2024 2023 Liabilities Fair value at April 1, $ 8 $ 42 Net realized/unrealized gains Included in earnings (5) (3) Included in OCI — — Purchases and originations — — Sales — — Issuances — — Settlements (5) (25) Transfers into Level 3 — — Transfers out of Level 3 (b) 5 4 Fair value at June 30, $ 3 $ 18 Net unrealized gains still held at June 30, Included in earnings $ (2) $ (1) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended June 30, 2024, and June 30, 2023. These transfers are deemed to have occurred at the end of the reporting period. Equity securities Available-for-sale securities Mortgage loans held-for-sale (a) Finance receivables and loans, net (a) ($ in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Assets Fair value at January 1, $ 1 $ 1 $ 9 $ 4 $ — $ — $ — $ 3 Net realized/unrealized gains Included in earnings — — — — — — — — Included in OCI — — — — — — — — Purchases and originations — — 2 1 2 — — — Sales — — — — — — — — Issuances — — — — — — — — Settlements — — — — — — — (3) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 (1) — — — — — — — Fair value at June 30, $ — $ 1 $ 11 $ 5 $ 2 $ — $ — $ — Net unrealized gains still held at June 30, Included in earnings $ — $ — $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — — — (a) Carried at fair value due to fair value option elections. Derivative liabilities, net of derivative assets (a) ($ in millions) 2024 2023 Liabilities Fair value at January 1, $ 8 $ 39 Net realized/unrealized gains Included in earnings (9) (3) Included in OCI — — Purchases and originations — — Sales — — Issuances — — Settlements (5) (25) Transfers into Level 3 — — Transfers out of Level 3 (b) 9 7 Fair value at June 30, $ 3 $ 18 Net unrealized gains still held at June 30, Included in earnings $ (7) $ (1) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the six months ended June 30, 2024, and June 30, 2023. These transfers are deemed to have occurred at the end of the reporting period. Nonrecurring Fair Value We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute nonrecurring fair value measures. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 159 $ 159 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 14 14 — n/m (a) Other — — 44 44 (47) n/m (a) Total commercial finance receivables and loans, net — — 58 58 (47) n/m (a) Other assets Nonmarketable equity investments — — 8 8 6 n/m (a) Repossessed and foreclosed assets (c) — — 6 6 (1) n/m (a) Total assets $ — $ — $ 231 $ 231 $ (42) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Fair Value Option for Financial Assets We elected the fair value option for an insignificant amount of conforming mortgage loans held-for-sale, non-conforming jumbo mortgage loans held-for-sale, and certain personal lending finance receivables. We elected the fair value option for conforming mortgage loans held-for-sale and certain non-conforming jumbo mortgage loans held-for-sale to mitigate earnings volatility by better matching the accounting for the assets with the related derivatives. We elected the fair value option for certain personal lending finance receivables to mitigate the complexities of recording these loans at amortized cost. Our intent in electing fair value measurement was to mitigate a divergence between accounting gains or losses and economic exposure for certain assets and liabilities. Fair Value of Financial Instruments The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale, refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at June 30, 2024, and December 31, 2023. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total June 30, 2024 Financial assets Held-to-maturity securities $ 4,548 $ — $ 4,503 $ — $ 4,503 Loans held-for-sale, net 276 — — 276 276 Finance receivables and loans, net 135,211 — — 136,626 136,626 FHLB/FRB stock (a) 705 — 705 — 705 Financial liabilities Deposit liabilities $ 48,853 $ — $ — $ 48,775 $ 48,775 Short-term borrowings 3,122 — — 3,158 3,158 Long-term debt 15,979 — 11,916 5,018 16,934 December 31, 2023 Financial assets Held-to-maturity securities $ 4,680 $ — $ 4,729 $ — $ 4,729 Loans held-for-sale, net 375 — — 375 375 Finance receivables and loans, net 135,852 — — 137,244 137,244 FHLB/FRB stock (a) 784 — 784 — 784 Financial liabilities Deposit liabilities $ 55,187 $ — $ — $ 55,311 $ 55,311 Short-term borrowings 3,297 — — 3,335 3,335 Long-term debt 17,570 — 12,789 5,749 18,538 (a) Included in other assets on our Condensed Consolidated Balance Sheet. In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk. These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables. Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | Offsetting Assets and Liabilities Our derivative contracts and repurchase/reverse repurchase transactions are generally supported by qualifying master netting and master repurchase agreements. These agreements are legally enforceable bilateral agreements that (i) create a single legal obligation for all individual transactions covered by the agreement to the nondefaulting entity upon an event of default of the counterparty, including bankruptcy, insolvency, or similar proceeding, and (ii) provide the nondefaulting entity the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to liquidate or set off collateral promptly upon an event of default of the counterparty. To further mitigate the risk of counterparty default related to derivative instruments, we maintain collateral agreements with certain counterparties. The agreements require both parties to maintain collateral in the event the fair values of the derivative financial instruments meet established thresholds. In the event that either party defaults on the obligation, the secured party may seize the collateral. Generally, our collateral arrangements are bilateral such that we and the counterparty post collateral for the obligation. Contractual terms provide for standard and customary exchange of collateral based on changes in the market value of the outstanding derivatives. A party posts additional collateral when their obligation rises or removes collateral when it falls, such that the net replacement cost of the nondefaulting party is covered in the event of counterparty default. In certain instances, as it relates to our derivative instruments, we have the option to report derivative assets and liabilities as well as assets and liabilities associated with cash collateral received or delivered that is governed by a master netting agreement on a net basis as long as certain qualifying criteria are met. Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met. At June 30, 2024, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet. For additional information on derivative instruments and hedging activities, refer to Note 19. The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount June 30, 2024 Assets Derivative assets (d) $ 8 $ — $ 8 $ — $ (5) $ 3 Total assets $ 8 $ — $ 8 $ — $ (5) $ 3 Liabilities Derivative liabilities (e) $ 7 $ — $ 7 $ — $ (2) $ 5 Securities sold under agreements to repurchase (f) 1,547 — 1,547 — (1,547) — Total liabilities $ 1,554 $ — $ 1,554 $ — $ (1,549) $ 5 December 31, 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $3 million and $2 million at June 30, 2024, and December 31, 2023, respectively. (e) Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of June 30, 2024, and December 31, 2023, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 13. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses incurred for which discrete financial information is available that is evaluated regularly by our CODM in deciding how to allocate resources and in assessing performance. We report our results of operations on a business-line basis through four operating segments: Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other. The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by management. The following is a description of each of our reportable operating segments. Dealer Financial Services Dealer Financial Services comprises the following two segments. • Automotive Finance operations — One of the largest full-service automotive finance operations in the United States providing automotive financing services to consumers, automotive dealers and retailers, companies, and municipalities. Our automotive finance services include providing retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, fleet financing, providing financing to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services. • Insurance operations — A complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. As part of our focus on offering dealers a broad range of consumer financial and insurance products, we provide VSCs, VMCs, and GAP products. We also underwrite select commercial insurance coverages, which primarily insure dealers’ vehicle inventory. Mortgage Finance operations Our held-for-investment portfolio includes our direct-to-consumer Ally Home mortgage offering and bulk purchases of high-quality jumbo and LMI mortgage loans originated by third parties. Through our direct-to-consumer channel, we offer a variety of competitively priced jumbo and conforming fixed- and adjustable-rate mortgage products through a third party. Through the bulk loan channel, we purchase loans from several qualified sellers, on a servicing-released basis, allowing us to directly oversee servicing activities and manage refinancing through our direct-to-consumer channel. Corporate Finance operations Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. These loans are typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings. We also provide, through our Lender Finance business, nonbank wholesale-funded managers with partial funding for their direct-lending activities, which is principally leveraged loans. Additionally, we offer a commercial real estate product, currently focused on lending to skilled nursing facilities, senior housing, and medical office buildings. Corporate and Other Corporate and Other primarily consists of centralized corporate treasury activities, such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of our corporate FTP and treasury ALM activities. Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock—as well as other equity investments through Ally Ventures, our strategic investment business—and the management of our legacy mortgage portfolio, which primarily consists of loans originated prior to January 1, 2009, and reclassifications and eliminations between the reportable operating segments. Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Lending, Ally Credit Card, and CRA loans and investments are also included within Corporate and Other. On December 31, 2023, we committed to sell Ally Lending. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information. We utilize an FTP methodology for the majority of our business operations. The FTP methodology assigns charge rates and credit rates to classes of assets and liabilities on a match funded basis, aligned with the expected duration and the benchmark rate curve plus an assumed credit spread. The assumed credit spread is calculated based on a composite investment grade unsecured bond yield curve or based on advance rates published by the FHLB for any asset that is eligible to be pledged as collateral to the FHLB. While the baseline FTP components at Ally assume 100% debt funding, the framework also incorporates a credit on the allocated capital for each business line. For business lines not subject to an FTP funding allocation, the FTP methodology applies a capital charge to the amount of excess liquidity that the business line holds, relative to its regulatory capital. This reduces the allocated interest expense to account for the equity that must be held based on Ally’s internal capital requirement. The net residual impact of the FTP methodology is included within the results of Corporate and Other. The information presented in our reportable operating segments is based in part on internal allocations and methodologies, including a COH methodology, which involves management judgment. COH methodology is used for measuring the profit and loss of our reportable operating segments. We have various enterprise functions, such as technology, marketing, finance, compliance, internal audit, and risk. Operating expenses from the enterprise functions are either directly allocated to the reportable operating segment, indirectly allocated to the reportable operating segment utilizing the COH methodology, or remain in Corporate and Other. COH methodology considers the reportable operating segment expense base and enterprise function expenses. The reportable operating segment expense base is used to determine the allocation mix. This mix is applied to the allocable expenses in Corporate and Other to determine the COH for the respective reportable operating segment. Allocable enterprise function costs are primarily technology and marketing expenses. Generally, costs that remain within Corporate and Other that are not allocated to our reportable operating segments include marketing sponsorships, treasury and other corporate activities, and charitable contributions. Financial information for our reportable operating segments is summarized as follows. Three months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2024 Net financing revenue and other interest income $ 1,314 $ 30 $ 53 $ 104 $ (6) $ 1,495 Other revenue 93 338 5 30 39 505 Total net revenue 1,407 368 58 134 33 2,000 Provision for credit losses 383 — (1) 3 72 457 Total noninterest expense 617 410 32 33 194 1,286 Income (loss) from continuing operations before income tax expense $ 407 $ (42) $ 27 $ 98 $ (233) $ 257 Total assets $ 115,772 $ 9,174 $ 18,010 $ 9,869 $ 39,706 $ 192,531 2023 Net financing revenue and other interest income $ 1,349 $ 29 $ 53 $ 92 $ 50 $ 1,573 Other revenue 83 337 5 28 53 506 Total net revenue 1,432 366 58 120 103 2,079 Provision for credit losses 331 — — 15 81 427 Total noninterest expense 600 358 37 33 221 1,249 Income (loss) from continuing operations before income tax expense $ 501 $ 8 $ 21 $ 72 $ (199) $ 403 Total assets $ 113,757 $ 8,890 $ 18,997 10,190 $ 45,407 $ 197,241 (a) Net financing revenue and other interest income after the provision for credit losses totaled $1.0 billion and $1.1 billion for the three months ended June 30, 2024, and 2023, respectively. Six months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2024 Net financing revenue and other interest income $ 2,628 $ 59 $ 105 $ 215 $ (56) $ 2,951 Other revenue 190 722 11 53 59 1,035 Total net revenue 2,818 781 116 268 3 3,986 Provision for credit losses 831 — (1) 2 132 964 Total noninterest expense 1,258 753 65 78 440 2,594 Income (loss) from continuing operations before income tax expense $ 729 $ 28 $ 52 $ 188 $ (569) $ 428 Total assets $ 115,772 $ 9,174 $ 18,010 $ 9,869 $ 39,706 $ 192,531 2023 Net financing revenue and other interest income $ 2,671 $ 55 $ 107 $ 195 $ 147 $ 3,175 Other revenue 160 718 9 57 60 1,004 Total net revenue 2,831 773 116 252 207 4,179 Provision for credit losses 682 — (1) 30 162 873 Total noninterest expense 1,206 673 75 78 483 2,515 Income (loss) from continuing operations before income tax expense $ 943 $ 100 $ 42 $ 144 $ (438) $ 791 Total assets $ 113,757 $ 8,890 $ 18,997 $ 10,190 $ 45,407 $ 197,241 (a) Net financing revenue and other interest income after the provision for credit losses totaled $2.0 billion and $2.3 billion for the six months ended June 30, 2024, and 2023, respectively. |
Contingencies and Other Risks
Contingencies and Other Risks | 6 Months Ended |
Jun. 30, 2024 | |
Loss Contingency [Abstract] | |
Contingencies and Other Risks | Contingencies and Other Risks As a financial-services company, we are regularly involved in pending or threatened legal proceedings and other matters and are or may be subject to potential liability in connection with them. These legal matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Our legal matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, tax, employment, and other laws—and some can present novel legal theories and allege substantial or indeterminate damages. Ally and its subsidiaries, including Ally Bank, also are or may be subject to potential liability under other contingent exposures, including indemnification, tax, self-insurance, and other miscellaneous contingencies. We accrue for a legal matter or other contingent exposure when a loss becomes probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel. No assurance exists that our accruals will not need to be adjusted in the future. When a probable or reasonably possible loss on a legal matter or other contingent exposure could be material to our consolidated financial condition, results of operations, or cash flows, we provide disclosure in this note as prescribed by ASC Topic 450, Contingencies . Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information related to our policy for establishing accruals. The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. Other contingent exposures and their ultimate resolution are similarly unpredictable for reasons that can vary based on the circumstances. As a result, we often are unable to determine how or when threatened or pending legal matters and other contingent exposures will be resolved and what losses may be incrementally and ultimately incurred. Actual losses may be higher or lower than any amounts accrued or estimated for those matters and other exposures, possibly to a significant degree. Subject to the foregoing, based on our current knowledge and after consultation with counsel, we do not believe that the ultimate outcomes of currently threatened or pending legal matters and other contingent exposures are likely to be material to our consolidated financial condition after taking into account existing accruals. In light of the uncertainties inherent in these matters and other exposures, however, one or more of them could be material to our results of operations or cash flows during a particular reporting period, depending on factors such as the amount of the loss or liability and the level of our income for that period. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Common Dividend On July 15, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on August 15, 2024, to stockholders of record at the close of business on August 1, 2024. Unsecured Debt Issuance On July 26, 2024, we accessed the unsecured debt capital markets and issued $750 million of senior notes, which provided additional liquidity at Ally Financial Inc. The notes are scheduled to mature in 2035. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 294 | $ 329 | $ 451 | $ 648 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business, Basi_2
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Our accounting and reporting policies conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Certain reclassifications may have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation, which did not have a material impact on our Condensed Consolidated Financial Statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and that affect income and expenses during the reporting period and related disclosures. In developing the estimates and assumptions, management uses all available evidence; however, actual results could differ because of uncertainties associated with estimating the amounts, timing, and likelihood of possible outcomes. Our most significant estimates pertain to the allowance for loan losses, valuations of automotive lease assets and residuals, fair value of financial instruments, and the determination of the provision for income taxes. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses (the allowance) is deducted from, or added to, the loan’s amortized cost basis to present the net amount expected to be collected from our loan portfolios. We estimate the allowance using relevant available information, which includes both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions and reductions to the allowance are charged to current period earnings through the provision for credit losses and amounts determined to be uncollectible are charged directly against the allowance, net of amounts recovered on previously charged-off accounts. Expected recoveries do not exceed the total of amounts previously charged-off and amounts expected to be charged-off. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions or renewals, unless the extension or renewal option is included in the original or modified contract at the reporting date and we are not able to unconditionally cancel the option. Expected loan modifications are also not included in the contractual term, unless we have a reasonable expectation at period end that the loan modification will be executed with a borrower. For the purpose of calculating portfolio-level reserves, we have grouped our loans into four portfolio segments: consumer automotive, consumer mortgage, consumer other, and commercial. The allowance is measured on a collective basis using statistical models when loans have similar risk characteristics. These statistical models are designed to correlate certain macroeconomic variables to expected future credit losses. The macroeconomic data used in the models are based on forecasted factors over a reasonable and supportable forecast period. These forecasted variables are derived from both internal and external sources. Beyond this forecasted period, we revert each variable to a historical average on a straight-line basis. The historical average is calculated predominantly using historical data beginning in January 2008 through the most recent period of available data. During the three months ended June 30, 2024, we updated our reasonable and supportable forecast period from 12 months to 24 months, and our reversion period from 24 months to 12 months. This refinement to our estimation process represents a change in accounting estimate, with prospective application beginning in the period of change. The impact of this refinement to our estimation process was offset by an adjustment in the qualitative portion of our allowance. The use of a longer-duration reasonable and supportable macroeconomic forecast period to produce the modeled portion of our allowance for loan losses is expected to further improve model performance. |
Equity Method Investments and Proportional Amortization Investments | Equity-Method Investments and Proportional Amortization Investments Our equity-method investments primarily include equity investments related to the CRA, which do not have a readily determinable fair value. The majority of these investments are accounted for using the equity method of accounting and are included in equity-method investments within other assets on our Condensed Consolidated Balance Sheet. Our proportional amortization investments include tax equity investments related to the CRA, for which the primary return to us is the income tax credits and other income tax benefits we receive. We have elected to apply the proportional amortization method to qualifying tax equity investments within our LIHTC, NMTC, and HTC programs. Under the proportional amortization method, the costs of qualifying tax equity investments are amortized in proportion to the allocation of income tax credits and other income tax benefits in each period to the total income tax benefits expected to be obtained over the life of the investment, and the investment amortization and income tax credits are presented on a net basis as a component of income tax expense. Our proportional amortization investments are included within other assets on our Condensed Consolidated Balance Sheet. Our obligations related to unfunded commitments for our proportional amortization investments are included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Income tax credits and other income tax benefits received are recorded in income tax expense of the Condensed Consolidated Statement of Comprehensive Income and in net income and as a component of operating activities within deferred income taxes, other assets, and other liabilities of the Condensed Consolidated Statement of Cash Flows. |
Income Taxes | Income Taxes In calculating the provision for interim income taxes, in accordance with ASC 740, Income Taxes , we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year. This method differs from that described in Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K, which describes our annual significant income tax accounting policy and related methodology. |
Recently Adopted and Issued Accounting Standards and Disclosure Rules | Recently Adopted Accounting Standards Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security’s fair value. Additionally, an entity cannot separately recognize and measure a contractual-sale restriction. This guidance also adds specific disclosures related to equity securities that are subject to contractual-sale restrictions, including (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. We adopted the amendments on January 1, 2024, using the prospective approach. The impact of these amendments was not material. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASU 2023-02) In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The purpose of this guidance is to expand the use of the proportional amortization method to certain tax equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. In order to qualify for the proportional amortization method, the following five conditions must be met: (1) it is probable that the income tax credits allocable to the tax equity investor will be available, (2) the tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project, (3) substantially all of the projected benefits are from income tax credits and other income tax benefits, (4) the tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive, and (5) the tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Selecting the proportional amortization method is an accounting policy election that must be applied on a tax-credit-program-by-tax-credit-program basis rather than at the entity level or to individual investments. Additionally, in order to apply the proportional amortization method to qualifying investments, an entity must use the flow-through method when accounting for the receipt of the investment tax credits. This guidance also adds disclosure requirements related to tax credit programs where the proportional amortization method has been elected. We adopted the amendments on January 1, 2024, using the modified retrospective approach. The adoption of the amendments resulted in a reduction to our opening retained earnings of approximately $2 million, net of income taxes. Recently Issued Accounting Standards and Disclosure Rules Improvements to Reportable Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The purpose of this guidance is to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. This ASU requires that an entity disclose, on an interim and annual basis, significant segment expenses that are regularly provided to the CODM and are included within the reported measure of segment profit or loss. This ASU also requires an entity to disclose, on an interim and annual basis, other segment items by reportable segment, including a qualitative description of the composition of those items. This “other” category is defined as the difference between segment profit or loss and segment revenue less significant segment expenses. Entities are also required to disclose the title and position of the individual, or the name of the group or committee, identified as the CODM. The amendments are effective on January 1, 2024, for annual reporting, and January 1, 2025, for interim reporting, with early adoption permitted. The amendments must be applied using a retrospective approach. Management does not expect the impact of these amendments to be material. Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures. This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes. The amendments are effective on January 1, 2025, with early adoption permitted. The amendments must be applied using either a prospective or retrospective approach. Management does not expect the impact of these amendments to be material. The Enhancement and Standardization of Climate-Related Disclosures for Investors ( S EC Release No. 33-11275) In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This final rule requires registrants to disclose certain climate-related information in registration statements and annual reports for the fiscal year beginning January 1, 2025. On April 4, 2024, the SEC ordered that the final rule is stayed pending the completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Management is still assessing the final rule and monitoring legal developments to determine its impact on us. |
Fair Value Measurements | The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models, and significant assumptions utilized. • Equity securities — We hold various marketable equity securities measured at fair value with changes in fair value recognized in net income. Measurements based on observable market prices are classified as Level 1. • Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources. We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets. We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets. We perform pricing validation procedures for our available-for-sale securities. • Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies. Certain of these derivatives are exchange traded, such as equity options. To determine the fair value of these instruments, we utilize the quoted market prices for those particular derivative contracts; therefore, we classified these contracts as Level 1. We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities. We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts. The specific terms of the contract and market observable inputs (such as interest rate forward curves, interpolated volatility assumptions, or equity pricing) are used in the model. We classified these derivative contracts as Level 2 because all significant inputs into these models were market observable. We also enter into interest rate lock commitments and forward commitments that are executed as part of our mortgage business, certain of which meet the accounting definition of a derivative and therefore are recorded as derivatives on our Condensed Consolidated Balance Sheet. Interest rate lock commitments are valued with unobservable inputs, so they are classified as Level 3. Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs. We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases. As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition. Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments. The fair value of these liabilities is determined using a discounted cash flow method. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses). These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3. We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities. We reduce credit risk on the majority of our derivatives by entering into legally enforceable agreements that enable the posting and receiving of collateral associated with the fair value of our derivative positions on an ongoing basis. In the event that we do not enter into legally enforceable agreements that enable the posting and receiving of collateral, we will consider our credit risk in the valuation of derivative liabilities through a DVA and the credit risk of our counterparties in the valuation of derivative assets through a CVA, if warranted. When measuring these valuation adjustments, we generally use credit default swap spreads. |
Held-for-sale Operations (Table
Held-for-sale Operations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Operations Held-for-Sale | The assets and liabilities of operations held-for-sale are summarized below. ($ in millions) December 31, 2023 Assets Loans held-for-sale, net $ 1,940 Other assets (a) 35 Total assets $ 1,975 Liabilities Accrued expenses and other liabilities (b) $ 17 Total liabilities $ 17 (a) Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million at December 31, 2023. (b) Includes $5 million for reserves for unfunded lending commitments at December 31, 2023. |
Schedule of Fair Value Measurements - Nonrecurring Basis | The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 159 $ 159 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 14 14 — n/m (a) Other — — 44 44 (47) n/m (a) Total commercial finance receivables and loans, net — — 58 58 (47) n/m (a) Other assets Nonmarketable equity investments — — 8 8 6 n/m (a) Repossessed and foreclosed assets (c) — — 6 6 (1) n/m (a) Total assets $ — $ — $ 231 $ 231 $ (42) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present 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 June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2024 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 247 $ — $ — $ — $ 247 Remarketing fee income 30 — — — — 30 Brokerage commissions and other revenue — — — — 22 22 Banking fees and interchange income (d) — — — — 14 14 Brokered/agent commissions — 6 — — — 6 Other 4 1 — — — 5 Total revenue from contracts with customers 34 254 — — 36 324 All other revenue 59 84 5 30 3 181 Total other revenue (e) $ 93 $ 338 $ 5 $ 30 $ 39 $ 505 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) (c) $ — $ 171 $ — $ — $ — $ 171 Remarketing fee income 31 — — — — 31 Brokerage commissions and other revenue — — — — 23 23 Banking fees and interchange income (d) — — — — 11 11 Brokered/agent commissions — 4 — — — 4 Other 5 — — — — 5 Total revenue from contracts with customers 36 175 — — 34 245 All other revenue 47 162 5 28 19 261 Total other revenue (e) $ 83 $ 337 $ 5 $ 28 $ 53 $ 506 (a) We had opening balances of $2.9 billion and $3.0 billion in unearned revenue associated with outstanding contracts at April 1, 2024, and 2023, respectively, and $244 million and $243 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2024, and 2023. (b) At June 30, 2024, we had unearned revenue of $3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $454 million during the remainder of 2024, $785 million in 2025, $635 million in 2026, $468 million in 2027, and $611 million thereafter. At June 30, 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 April 1, 2024 and June 30, 2024, and recognized $144 million of expense during the three months ended June 30, 2024. We had deferred insurance assets of $1.8 billion at both April 1, 2023 and June 30, 2023, and recognized $144 million of expense during the three months ended June 30, 2023. (d) Interchange income is reported net of customer rewards. Customer rewards expense was $7 million and $5 million for the three months ended June 30, 2024, and 2023, respectively. (e) Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments. Six months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated 2024 Revenue from contracts with customers Noninsurance contracts (a) (b) $ — $ 420 $ — $ — $ — $ 420 Remarketing fee income 60 — — — — 60 Brokerage commissions and other revenue — — — — 45 45 Banking fees and interchange income (c) — — — — 23 23 Brokered/agent commissions — 10 — — — 10 Other 9 1 — — — 10 Total revenue from contracts with customers 69 431 — — 68 568 All other revenue 121 291 11 53 (9) 467 Total other revenue (d) $ 190 $ 722 $ 11 $ 53 $ 59 $ 1,035 2023 Revenue from contracts with customers Noninsurance contracts (a) (b) $ — $ 340 $ — $ — $ — $ 340 Remarketing fee income 64 — — — — 64 Brokerage commissions and other revenue — — — — 46 46 Banking fees and interchange income (c) — — — — 21 21 Brokered/agent commissions — 7 — — — 7 Other 10 — — — — 10 Total revenue from contracts with customers 74 347 — — 67 488 All other revenue 86 371 9 57 (7) 516 Total other revenue (d) $ 160 $ 718 $ 9 $ 57 $ 60 $ 1,004 (a) We had opening balances of $3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2024, and 2023, and $488 million and $484 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the six months ended June 30, 2024, and 2023, respectively. (b) We had deferred insurance assets of $1.8 billion at both January 1, 2024 and June 30, 2024, and recognized $291 million of expense during the six months ended June 30, 2024. We had deferred insurance assets of $1.8 billion at both January 1, 2023, and June 30, 2023, and recognized $288 million of expense during the six months ended June 30, 2023. (c) Interchange income is reported net of customer rewards. Customer rewards expense was $13 million and $9 million for the six months ended June 30, 2024, and 2023, respectively. (d) Represents a component of total net revenue. Refer to Note 23 for further information on our reportable operating segments. |
Other Income, Net of Losses (Ta
Other Income, Net of Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Income, by Component | Details of other income, net of losses, were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Late charges and other administrative fees $ 47 $ 48 $ 101 $ 95 Remarketing fees 30 31 60 64 Income (loss) from equity-method investments (a) 12 15 4 (3) Loss on nonmarketable equity investments, net (a) (11) — (9) (11) Other, net 87 71 159 134 Total other income, net of losses $ 165 $ 165 $ 315 $ 279 (a) Refer to Note 11 for further information on our equity-method investments and nonmarketable equity investments. |
Reserves for Insurance Losses_2
Reserves for Insurance Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows a rollforward of our reserves for insurance losses and loss adjustment expenses. ($ in millions) 2024 2023 Total gross reserves for insurance losses and loss adjustment expenses at January 1, $ 140 $ 119 Less: Reinsurance recoverable 66 72 Net reserves for insurance losses and loss adjustment expenses at January 1, 74 47 Net insurance losses and loss adjustment expenses incurred related to: Current year 281 218 Prior years (a) 12 4 Total net insurance losses and loss adjustment expenses incurred 293 222 Net insurance losses and loss adjustment expenses paid or payable related to: Current year (207) (154) Prior years (56) (35) Total net insurance losses and loss adjustment expenses paid or payable (263) (189) Net reserves for insurance losses and loss adjustment expenses at June 30, 104 80 Plus: Reinsurance recoverable (b) 99 72 Total gross reserves for insurance losses and loss adjustment expenses at June 30, (c) $ 203 $ 152 (a) There have been no material adverse changes to the reserve for prior years. (b) Included in premiums receivable and other insurance assets on our Condensed Consolidated Balance Sheet. (c) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Operating Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Details of other operating expenses were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Insurance commissions $ 161 $ 158 $ 322 $ 315 Technology and communications 103 111 209 219 Advertising and marketing 79 79 152 157 Property and equipment depreciation 57 48 114 95 Regulatory and licensing fees 38 39 92 74 Lease and loan administration 43 53 91 101 Professional services 39 36 70 68 Vehicle remarketing and repossession 32 28 65 55 Amortization of intangible assets (a) 5 6 11 13 Other 106 109 214 211 Total other operating expenses $ 663 $ 667 $ 1,340 $ 1,308 (a) Refer to Note 11 for further information on our intangible assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Portfolio | The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows. June 30, 2024 December 31, 2023 Amortized cost Gross unrealized Fair value Amortized cost Gross unrealized Fair value ($ in millions) gains losses gains losses Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ 2,274 $ — $ (227) $ 2,047 $ 2,284 $ — $ (209) $ 2,075 U.S. States and political subdivisions 704 — (82) 622 727 1 (70) 658 Foreign government 183 1 (9) 175 190 1 (8) 183 Agency mortgage-backed residential (a) 17,491 — (3,155) 14,336 18,122 1 (2,739) 15,384 Mortgage-backed residential 259 — (45) 214 268 — (43) 225 Agency mortgage-backed commercial (a) 4,650 1 (839) 3,812 4,539 2 (783) 3,758 Asset-backed 266 — (6) 260 344 — (12) 332 Corporate debt 1,878 2 (146) 1,734 1,942 4 (146) 1,800 Total available-for-sale securities (b) (c) (d) (e) (f) $ 27,705 $ 4 $ (4,509) $ 23,200 $ 28,416 $ 9 $ (4,010) $ 24,415 Held-to-maturity securities Debt securities Agency mortgage-backed residential $ 966 $ — $ (196) $ 770 $ 999 $ — $ (173) $ 826 Mortgage-backed residential 3,472 150 — 3,622 3,603 221 — 3,824 Asset-backed retained notes 110 1 — 111 78 1 — 79 Total held-to-maturity securities (d) (f) (g) $ 4,548 $ 151 $ (196) $ 4,503 $ 4,680 $ 222 $ (173) $ 4,729 (a) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $94 million liability and a $46 million asset for agency mortgage-backed residential securities at June 30, 2024, and December 31, 2023, respectively, and a $42 million liability and a $29 million asset for agency mortgage-backed commercial securities at June 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. (b) Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information. (c) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $12 million at both June 30, 2024, and December 31, 2023. (d) Investment securities with a fair value of $5.2 billion and $4.7 billion were pledged as collateral at June 30, 2024, and December 31, 2023, respectively. This primarily included $3.1 billion and $3.3 billion pledged to secure advances from the FHLB at June 30, 2024, and December 31, 2023, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $2.1 billion and $1.4 billion of the underlying available-for-sale securities at June 30, 2024, and December 31, 2023, respectively. (e) Totals do not include accrued interest receivable, which was $74 million and $76 million at June 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets (f) There was no allowance for credit losses recorded at both June 30, 2024, or December 31, 2023, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities. (g) Totals do not include accrued interest receivable, which was $13 million at both June 30, 2024, and December 31, 2023. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. |
Schedule of Investments Classified by Contractual Maturity Date | The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities. Total Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years ($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield June 30, 2024 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,047 1.5 % $ 256 0.8 % $ 1,065 1.5 % $ 726 1.9 % $ — — % U.S. States and political subdivisions 622 3.2 5 3.9 60 3.0 104 3.8 453 3.1 Foreign government 175 2.5 35 1.9 53 2.5 87 2.7 — — Agency mortgage-backed residential (b) 14,336 2.6 — — 8 1.9 28 2.5 14,300 2.6 Mortgage-backed residential 214 2.7 — — — — — — 214 2.7 Agency mortgage-backed commercial (b) 3,812 2.4 — — 266 3.7 1,609 2.4 1,937 2.2 Asset-backed 260 1.7 — — 255 1.7 5 3.9 — — Corporate debt 1,734 2.9 250 2.9 818 2.6 648 3.1 18 5.6 Total available-for-sale securities $ 23,200 2.5 $ 546 1.8 $ 2,525 2.2 $ 3,207 2.5 $ 16,922 2.5 Amortized cost of available-for-sale securities $ 27,705 $ 556 $ 2,705 $ 3,704 $ 20,740 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 966 2.8 % $ — — % $ — — % $ — — % $ 966 2.8 % Mortgage-backed residential 3,472 2.8 — — — — 11 3.0 3,461 2.8 Asset-backed retained notes 110 5.4 4 5.5 72 5.4 34 5.5 — — Total held-to-maturity securities $ 4,548 2.9 $ 4 5.5 $ 72 5.4 $ 45 5.0 $ 4,427 2.8 December 31, 2023 Fair value of available-for-sale securities (a) U.S. Treasury and federal agencies $ 2,075 1.6 % $ 215 0.9 % $ 1,120 1.5 % $ 740 1.9 % $ — — % U.S. States and political subdivisions 658 3.2 4 3.4 55 2.7 110 3.6 489 3.1 Foreign government 183 2.3 20 1.3 82 2.4 81 2.5 — — Agency mortgage-backed residential (b) 15,384 2.6 — — 10 1.9 32 2.5 15,342 2.6 Mortgage-backed residential 225 2.7 — — — — — — 225 2.7 Agency mortgage-backed commercial (b) 3,758 2.3 — — 163 3.8 1,641 2.4 1,954 2.1 Asset-backed 332 1.7 — — 327 1.7 4 3.9 1 2.7 Corporate debt 1,800 2.7 210 2.4 915 2.6 671 2.9 4 6.2 Total available-for-sale securities $ 24,415 2.5 $ 449 1.7 $ 2,672 2.1 $ 3,279 2.4 $ 18,015 2.5 Amortized cost of available-for-sale securities $ 28,416 $ 461 $ 2,844 $ 3,746 $ 21,365 Amortized cost of held-to-maturity securities Agency mortgage-backed residential $ 999 2.8 % $ — — % $ — — % $ — — % $ 999 2.8 % Mortgage-backed residential 3,603 2.8 — — — — 12 3.0 3,591 2.8 Asset-backed retained notes 78 5.6 1 5.6 41 5.6 2 6.0 34 5.6 Total held-to-maturity securities $ 4,680 2.8 $ 1 5.6 $ 41 5.6 $ 14 3.4 $ 4,624 2.8 (a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses. (b) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $94 million liability and a $46 million asset for agency mortgage-backed residential securities at June 30, 2024, and December 31, 2023, respectively, and a $42 million liability and a $29 million asset for agency mortgage-backed commercial securities at June 30, 2024, and December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. |
Schedule of Investment Income | The following table presents interest and dividends on investment securities. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Taxable interest $ 244 $ 229 $ 489 $ 446 Taxable dividends 6 4 10 7 Interest and dividends exempt from U.S. federal income tax 5 5 11 11 Interest and dividends on investment securities $ 255 $ 238 $ 510 $ 464 |
Schedule of Realized Gain (Loss) | The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Available-for-sale securities Gross realized gains $ — $ — $ 1 $ 5 Net realized gain on available-for-sale securities — — 1 5 Net realized gain on equity securities 21 1 38 6 Net unrealized (loss) gain on equity securities (28) 25 (17) 89 Other (loss) gain on investments, net $ (7) $ 26 $ 22 $ 100 |
Schedule of Held to Maturity Debt Securities by Credit Quality | The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of June 30, 2024, and December 31, 2023. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, and Fitch. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both June 30, 2024, and December 31, 2023. We have not recorded any interest income reversals on our held-to-maturity securities during the six months ended June 30, 2024, or 2023 . ($ in millions) AAA AA A BBB Total (a) June 30, 2024 Debt securities Agency mortgage-backed residential $ — $ 966 $ — $ — $ 966 Mortgage-backed residential 3,375 85 12 — 3,472 Asset-backed retained notes 102 3 3 2 110 Total held-to-maturity securities $ 3,477 $ 1,054 $ 15 $ 2 $ 4,548 December 31, 2023 Debt securities Agency mortgage-backed residential $ — $ 999 $ — $ — $ 999 Mortgage-backed residential 3,497 93 13 — 3,603 Asset-backed retained notes 73 2 2 1 78 Total held-to-maturity securities $ 3,570 $ 1,094 $ 15 $ 1 $ 4,680 (a) Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency. |
Schedule of Available-for-Sale Securities in Unrealized Loss Position | The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. As of June 30, 2024, and December 31, 2023, we did not have the intent to sell the available-for-sale securities with an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the six months ended June 30, 2024, or 2023. June 30, 2024 December 31, 2023 Less than 12 months 12 months or longer Less than 12 months 12 months or longer ($ in millions) Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Available-for-sale securities Debt securities U.S. Treasury and federal agencies $ — $ — $ 2,047 $ (227) $ — $ — $ 2,075 $ (209) U.S. States and political subdivisions 65 (1) 524 (81) 70 — 501 (70) Foreign government 16 — 134 (9) 16 — 134 (8) Agency mortgage-backed residential (a) 92 (1) 14,231 (3,154) 300 (5) 15,015 (2,734) Mortgage-backed residential — — 214 (45) — — 225 (43) Agency mortgage-backed commercial (a) 138 (2) 3,523 (837) 153 (4) 3,472 (779) Asset-backed — — 252 (6) 18 — 302 (12) Corporate debt 88 (2) 1,501 (144) 33 (1) 1,607 (145) Total available-for-sale securities $ 399 $ (6) $ 22,426 $ (4,503) $ 590 $ (10) $ 23,331 $ (4,000) (a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at June 30, 2024, and December 31, 2023. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. |
Finance Receivables and Loans_2
Finance Receivables and Loans, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of finance receivables and loans reported at amortized cost basis was as follows. ($ in millions) June 30, 2024 December 31, 2023 Consumer automotive (a) $ 83,528 $ 84,320 Consumer mortgage Mortgage Finance (b) 17,803 18,442 Mortgage — Legacy (c) 205 225 Total consumer mortgage 18,008 18,667 Consumer other Credit Card 2,049 1,990 Total consumer other 2,049 1,990 Total consumer 103,585 104,977 Commercial Commercial and industrial Automotive 20,551 18,700 Other 8,437 9,712 Commercial real estate 6,210 6,050 Total commercial 35,198 34,462 Total finance receivables and loans (d) (e) $ 138,783 $ 139,439 (a) Certain finance receivables and loans are included in fair value hedging relationships. Refer to Note 19 for additional information. (b) Includes loans originated as interest-only mortgage loans of $2 million at both June 30, 2024, and December 31, 2023, of which all have exited the interest-only period. (c) Includes loans originated as interest-only mortgage loans of $12 million and $13 million at June 30, 2024, and December 31, 2023, respectively, of which all have exited the interest-only period. (d) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $2.3 billion at both June 30, 2024, and December 31, 2023. (e) Totals do not include accrued interest receivable, which was $846 million and $853 million at June 30, 2024, and December 31, 2023, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet. Billed interest on our credit card loans is included within finance receivables and loans, net. |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three and six months ended June 30, 2024, and 2023, respectively. Three months ended June 30, 2024 ($ in millions) Consumer automotive Consumer mortgage Consumer other Commercial Total Allowance at April 1, 2024 $ 3,050 $ 21 $ 291 $ 188 $ 3,550 Charge-offs (a) (605) — (70) (1) (676) Recoveries 227 1 8 5 241 Net charge-offs (378) 1 (62) 4 (435) Provision for credit losses 383 (3) 73 4 457 Allowance at June 30, 2024 $ 3,055 $ 19 $ 302 $ 196 $ 3,572 (a) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. Six months ended June 30, 2024 ($ in millions) Consumer automotive Consumer mortgage Consumer other Commercial Total Allowance at January 1, 2024 $ 3,083 $ 21 $ 293 $ 190 $ 3,587 Charge-offs (a) (1,293) (1) (138) (2) (1,434) Recoveries 438 2 14 6 460 Net charge-offs (855) 1 (124) 4 (974) Write-downs from transfers to held-for-sale (b) (5) — — — (5) Provision for credit losses 832 (3) 133 2 964 Allowance at June 30, 2024 $ 3,055 $ 19 $ 302 $ 196 $ 3,572 (a) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (b) Consumer automotive includes a $5 million reduction of allowance from the completion of a retail securitization transaction during the six months ended June 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Three months ended June 30, 2023 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at April 1, 2023 $ 3,022 $ 23 $ 455 $ 251 $ 3,751 Charge-offs (b) (496) (2) (70) (61) (629) Recoveries 219 3 7 1 230 Net charge-offs (277) 1 (63) (60) (399) Provision for credit losses (c) 320 (2) 84 27 429 Other (1) 1 — — — Allowance at June 30, 2023 $ 3,064 $ 23 $ 476 $ 218 $ 3,781 (a) Excludes $2 million of finance receivables and loans at April 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (c) Excludes $2 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. Six months ended June 30, 2023 ($ in millions) Consumer automotive Consumer mortgage Consumer other (a) Commercial Total Allowance at January 1, 2023 $ 3,020 $ 27 $ 426 $ 238 $ 3,711 Charge-offs (b) (1,032) (3) (134) (61) (1,230) Recoveries 404 5 12 1 422 Net charge-offs (628) 2 (122) (60) (808) Provision for credit losses (c) 673 (6) 172 39 878 Other (1) — — 1 — Allowance at June 30, 2023 $ 3,064 $ 23 $ 476 $ 218 $ 3,781 (a) Excludes $3 million of finance receivables and loans at January 1, 2023, for which we have elected the fair value option and incorporate no allowance for loan losses. (b) Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for information regarding our charge-off policies. (c) Excludes $5 million of benefit for credit losses related to our reserve for unfunded commitments. The liability related to the reserve for unfunded commitments is included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet. |
Schedule of Sales of Financing Receivables and Loans | The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Consumer automotive $ — $ — $ 1,108 $ — Consumer mortgage 117 — 117 1 Commercial 120 — 165 — Total sales and transfers $ 237 $ — $ 1,390 $ 1 |
Schedule of Purchases of Financing Receivables and Loans | The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Consumer automotive $ 594 $ 1,080 $ 1,575 $ 1,838 Consumer mortgage 4 5 8 7 Commercial — — — 7 Total purchases of finance receivables and loans $ 598 $ 1,085 $ 1,583 $ 1,852 |
Schedule of Financing Receivables, Nonaccrual Status | The following tables present the amortized cost of our finance receivables and loans on nonaccrual status. All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of June 30, 2024, and December 31, 2023. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status. June 30, 2024 ($ in millions) Nonaccrual status at Jan. 1, 2024 Nonaccrual status at Apr. 1, 2024 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,129 $ 1,010 $ 978 $ 492 Consumer mortgage Mortgage Finance 41 33 32 22 Mortgage — Legacy 13 12 9 9 Total consumer mortgage 54 45 41 31 Consumer other Credit Card 92 94 80 — Total consumer other 92 94 80 — Total consumer 1,275 1,149 1,099 523 Commercial Commercial and industrial Automotive 18 5 18 5 Other 98 97 96 4 Commercial real estate 3 1 2 2 Total commercial 119 103 116 11 Total finance receivables and loans (b) $ 1,394 $ 1,252 $ 1,215 $ 534 (a) Represents a component of nonaccrual status at end of period. (b) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $5 million and $10 million for the three months and six months ended June 30, 2024, respectively. December 31, 2023 ($ in millions) Nonaccrual status at Jan. 1, 2023 Nonaccrual status at Apr. 1, 2023 Nonaccrual status Nonaccrual with no allowance (a) Consumer automotive $ 1,187 $ 1,110 $ 1,129 $ 531 Consumer mortgage Mortgage Finance 34 34 41 21 Mortgage — Legacy 15 15 13 12 Total consumer mortgage 49 49 54 33 Consumer other Personal Lending (b) 13 12 — — Credit Card 43 54 92 — Total consumer other 56 66 92 — Total consumer 1,292 1,225 1,275 564 Commercial Commercial and industrial Automotive 5 — 18 13 Other 157 159 98 5 Commercial real estate — — 3 3 Total commercial 162 159 119 21 Total finance receivables and loans (c) $ 1,454 $ 1,384 $ 1,394 $ 585 (a) Represents a component of nonaccrual status at end of period. (b) Personal Lending finance receivables and loans were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information. (c) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $4 million and $7 million for the three months and six months ended June 30, 2023, respectively. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Consumer automotive Current $ 16,472 $ 25,093 $ 19,143 $ 11,071 $ 4,441 $ 3,169 $ — $ — $ 79,389 30–59 days past due 114 675 907 616 213 202 — — 2,727 60–89 days past due 28 259 418 262 90 74 — — 1,131 90 or more days past due 7 95 152 98 36 42 — — 430 Total consumer automotive (a) 16,621 26,122 20,620 12,047 4,780 3,487 — — 83,677 Consumer mortgage Mortgage Finance Current 19 68 2,105 10,093 1,787 3,647 — — 17,719 30–59 days past due — — 7 15 — 21 — — 43 60–89 days past due — — 4 4 — 6 — — 14 90 or more days past due — — 1 5 2 19 — — 27 Total Mortgage Finance 19 68 2,117 10,117 1,789 3,693 — — 17,803 Mortgage — Legacy Current — — — — — 48 129 16 193 30–59 days past due — — — — — 3 1 — 4 90 or more days past due — — — — — 5 1 2 8 Total Mortgage — Legacy — — — — — 56 131 18 205 Total consumer mortgage 19 68 2,117 10,117 1,789 3,749 131 18 18,008 Consumer other Credit Card Current — — — — — — 1,910 — 1,910 30–59 days past due — — — — — — 33 — 33 60–89 days past due — — — — — — 29 — 29 90 or more days past due — — — — — — 77 — 77 Total Credit Card — — — — — — 2,049 — 2,049 Total consumer other — — — — — — 2,049 — 2,049 Total consumer $ 16,640 $ 26,190 $ 22,737 $ 22,164 $ 6,569 $ 7,236 $ 2,180 $ 18 $ 103,734 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $149 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at June 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive Current $ 30,677 $ 23,699 $ 14,209 $ 6,132 $ 3,306 $ 1,876 $ — $ — $ 79,899 30–59 days past due 539 1,041 739 270 181 122 — — 2,892 60–89 days past due 170 443 303 109 68 45 — — 1,138 90 or more days past due 64 167 122 44 32 28 — — 457 Total consumer automotive (a) 31,450 25,350 15,373 6,555 3,587 2,071 — — 84,386 Consumer mortgage Mortgage Finance Current 152 2,170 10,374 1,836 747 3,073 — — 18,352 30–59 days past due 1 8 14 3 3 20 — — 49 60–89 days past due — 2 4 3 — 5 — — 14 90 or more days past due — 1 4 1 2 19 — — 27 Total Mortgage Finance 153 2,181 10,396 1,843 752 3,117 — — 18,442 Mortgage — Legacy Current — — — — — 51 142 17 210 30–59 days past due — — — — — 3 — 1 4 60–89 days past due — — — — — 1 1 — 2 90 or more days past due — — — — — 6 2 1 9 Total Mortgage — Legacy — — — — — 61 145 19 225 Total consumer mortgage 153 2,181 10,396 1,843 752 3,178 145 19 18,667 Consumer other Credit Card Current — — — — — — 1,828 — 1,828 30–59 days past due — — — — — — 39 — 39 60–89 days past due — — — — — — 34 — 34 90 or more days past due — — — — — — 89 — 89 Total Credit Card — — — — — — 1,990 — 1,990 Total consumer other (b) — — — — — — 1,990 — 1,990 Total consumer $ 31,603 $ 27,531 $ 25,769 $ 8,398 $ 4,339 $ 5,249 $ 2,135 $ 19 $ 105,043 (a) Certain consumer automotive loans are included in fair value hedging relationships. The amortized cost excludes a liability of $66 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated. Refer to Note 19 for additional information. (b) Excludes Personal Lending finance receivables and loans, which were transferred to loans held-for-sale, and were included in assets of operations held-for-sale on our Condensed Consolidated Balance Sheet at December 31, 2023. We closed the sale of Ally Lending on March 1, 2024. Refer to Note 2 for additional information. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 343 $ 416 $ 420 $ 146 $ 80 $ 64 $ 17,869 $ — $ 19,338 Special mention 5 23 34 22 3 12 1,045 — 1,144 Substandard — — — — — — 69 — 69 Total automotive 348 439 454 168 83 76 18,983 — 20,551 Other Pass 335 298 358 300 193 302 5,183 176 7,145 Special mention — — 362 194 173 111 153 19 1,012 Substandard — 27 — 44 57 84 21 11 244 Doubtful — — — — — 26 10 — 36 Total other 335 325 720 538 423 523 5,367 206 8,437 Commercial real estate Pass 370 1,018 1,330 1,099 855 1,291 100 27 6,090 Special mention 1 12 61 22 5 17 — — 118 Substandard — — 1 — — — — — 1 Doubtful — — — — — 1 — — 1 Total commercial real estate 371 1,030 1,392 1,121 860 1,309 100 27 6,210 Total commercial $ 1,054 $ 1,794 $ 2,566 $ 1,827 $ 1,366 $ 1,908 $ 24,450 $ 233 $ 35,198 Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Commercial Commercial and industrial Automotive Pass $ 509 $ 512 $ 165 $ 97 $ 58 $ 22 $ 16,446 $ — $ 17,809 Special mention 6 7 30 1 1 14 723 — 782 Substandard — 1 — — — — 44 — 45 Doubtful — — — — — 1 63 — 64 Total automotive 515 520 195 98 59 37 17,276 — 18,700 Other Pass 331 646 343 405 266 180 6,202 173 8,546 Special mention — 208 188 206 51 85 198 25 961 Substandard — — 46 3 — 83 25 11 168 Doubtful — — — — — 26 10 — 36 Loss — — — — 1 — — — 1 Total other 331 854 577 614 318 374 6,435 209 9,712 Commercial real estate Pass 971 1,452 1,129 884 607 811 100 26 5,980 Special mention 3 16 28 1 18 — — — 66 Substandard — 3 — — — 1 — — 4 Total commercial real estate 974 1,471 1,157 885 625 812 100 26 6,050 Total commercial $ 1,820 $ 2,845 $ 1,929 $ 1,597 $ 1,002 $ 1,223 $ 23,811 $ 235 $ 34,462 The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the six months ended June 30, 2024, and during the year ended December 31, 2023, respectively. Refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information on our charge-off policy. Origination year Revolving loans converted to term June 30, 2024 ($ in millions) 2024 2023 2022 2021 2020 2019 and prior Revolving loans Total Consumer automotive (a) $ 13 $ 362 $ 486 $ 272 $ 74 $ 86 $ — $ — $ 1,293 Consumer mortgage Mortgage Finance — — — 1 — — — — 1 Total consumer mortgage — — — 1 — — — — 1 Consumer other Credit Card — — — — — — 130 8 138 Total consumer other — — — — — — 130 8 138 Total consumer 13 362 486 273 74 86 130 8 1,432 Commercial Commercial and industrial Automotive — — — — — 1 1 — 2 Total commercial — — — — — 1 1 — 2 Total finance receivables and loans $ 13 $ 362 $ 486 $ 273 $ 74 $ 87 $ 131 $ 8 $ 1,434 (a) Excludes $5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the six months ended June 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Origination year Revolving loans converted to term December 31, 2023 ($ in millions) 2023 2022 2021 2020 2019 2018 and prior Revolving loans Total Consumer automotive (a) $ 225 $ 952 $ 651 $ 194 $ 142 $ 120 $ — $ — $ 2,284 Consumer mortgage Mortgage Finance — — — — — 1 — — 1 Mortgage — Legacy — — — — — 2 — — 2 Total consumer mortgage — — — — — 3 — — 3 Consumer other Personal Lending (b) 14 82 29 3 — — — — 128 Credit Card — — — — — — 165 10 175 Total consumer other 14 82 29 3 — — 165 10 303 Total consumer 239 1,034 680 197 142 123 165 10 2,590 Commercial Commercial and industrial Automotive — — — — — 5 19 — 24 Other — — — — 79 23 4 — 106 Total commercial — — — — 79 28 23 — 130 Total finance receivables and loans $ 239 $ 1,034 $ 680 $ 197 $ 221 $ 151 $ 188 $ 10 $ 2,720 (a) Excludes $41 million of write-downs from transfers to held-for-sale from the sales of retained interests related to securitizations during 2023, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet. Refer to Note 11 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for additional information. (b) Excludes $174 million of write-downs from the transfer to held-for-sale related to Personal Lending. Refer to Note 2 for additional information. |
Schedule of Past Due Financing Receivables | The following table presents an analysis of our past-due commercial finance receivables and loans recorded at amortized cost basis. ($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans June 30, 2024 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 20,551 $ 20,551 Other — — — — 8,437 8,437 Commercial real estate — 1 — 1 6,209 6,210 Total commercial $ — $ 1 $ — $ 1 $ 35,197 $ 35,198 December 31, 2023 Commercial Commercial and industrial Automotive $ — $ — $ — $ — $ 18,700 $ 18,700 Other 2 — 3 5 9,707 9,712 Commercial real estate — — — — 6,050 6,050 Total commercial $ 2 $ — $ 3 $ 5 $ 34,457 $ 34,462 |
Schedule of Loan Modifications | The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and six months ended June 30, 2024, and 2023, respectively, for each portfolio segment, by modification type. For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. The below tables exclude consumer mortgage finance receivables and loans currently enrolled in a trial modification program. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent. As of June 30, 2024, and December 31, 2023, there were $1 million and $5 million of consumer mortgage finance receivables and loans in a trial modification program, respectively. Payment extensions Three months ended June 30, 2024 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 97 $ 2 $ — $ — $ 99 Consumer mortgage Mortgage Finance — 1 — — — 1 Total consumer mortgage — 1 — — — 1 Consumer other Credit Card — — — 5 — 5 Total consumer other — — — 5 — 5 Total consumer — 98 2 5 — 105 Commercial Commercial and industrial Automotive 11 — — — — 11 Total commercial 11 — — — — 11 Total finance receivables and loans $ 11 $ 98 $ 2 $ 5 $ — $ 116 Payment extensions Six months ended June 30, 2024 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 190 $ 3 $ — $ — $ 193 Consumer mortgage Mortgage Finance — 1 — — — 1 Total consumer mortgage — 1 — — — 1 Consumer other Credit Card — — 1 9 — 10 Total consumer other — — 1 9 — 10 Total consumer — 191 4 9 — 204 Commercial Commercial and industrial Automotive 11 — — — — 11 Other — 108 — — — 108 Total commercial 11 108 — — — 119 Total finance receivables and loans $ 11 $ 299 $ 4 $ 9 $ — $ 323 (a) Represents 0.2% of total finance receivables and loans outstanding as of June 30, 2024. Payment extensions Three months ended June 30, 2023 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 25 $ 12 $ — $ — $ 37 Consumer mortgage Mortgage Finance — — — — 1 1 Total consumer mortgage — — — — 1 1 Consumer other Credit Card — — — 3 — 3 Total consumer other — — — 3 — 3 Total consumer — 25 12 3 1 41 Commercial Commercial and industrial Other 36 36 — — — 72 Total commercial 36 36 — — — 72 Total finance receivables and loans $ 36 $ 61 $ 12 $ 3 $ 1 $ 113 Payment extensions Six months ended June 30, 2023 ($ in millions) Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total (a) Consumer automotive $ — $ 40 $ 14 $ — $ 33 $ 87 Consumer mortgage Mortgage Finance — 2 — — 2 4 Mortgage — Legacy — 1 — — — 1 Total consumer mortgage — 3 — — 2 5 Consumer other Credit Card — — — 6 — 6 Total consumer other — — — 6 — 6 Total consumer — 43 14 6 35 98 Commercial Commercial and industrial Other 64 43 — — — 107 Total commercial 64 43 — — — 107 Total finance receivables and loans $ 64 $ 86 $ 14 $ 6 $ 35 $ 205 (a) Represents 0.1% of total finance receivables and loans outstanding as of June 30, 2023. The following tables present the financial effect of loan modifications that occurred during the three months and six months ended June 30, 2024, and 2023, respectively. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) Three months ended June 30, 2024 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 1 — % — % — — — % — % Consumer mortgage Mortgage Finance 224 — — — — — — — Total consumer mortgage 224 — — — — — — — Consumer other Credit Card — — 30.4 9.8 — — — — Total consumer other — $ — 30.4 9.8 — — — — Commercial Commercial and industrial Automotive 7 — — — — — — — Total commercial 7 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) Six months ended June 30, 2024 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 29 $ 1 — % — % — — — % — % Consumer mortgage Mortgage Finance 223 — — — — — — — Total consumer mortgage 223 — — — — — — — Consumer other Credit Card — 1 30.4 8.0 — — — — Total consumer other — $ 1 30.4 8.0 — — — — Commercial Commercial and industrial Automotive 7 $ — — % — % — — — % — % Other 42 — — — — — — — Total commercial 39 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Three months ended June 30, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 26 $ 2 — % — % — — — % — % Consumer mortgage Mortgage Finance — — — — 294 480 4.0 2.0 Total consumer mortgage — — — — 294 480 4.0 2.0 Consumer other Credit Card — — 30.3 10.9 — — — — Total consumer other — $ — 30.3 10.9 — — — — Commercial Commercial and industrial Other 6 $ — — % — % — — — % — % Total commercial 6 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 186 months. Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c) Six months ended June 30, 2023 ($ in millions) Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate Consumer automotive 25 $ 2 — % — % 75 85 10.4 % 9.8 % Consumer mortgage Mortgage Finance 174 — — — 309 470 4.6 3.4 Mortgage — Legacy 96 — — — — — — — Total consumer mortgage 146 — — — 309 470 4.6 3.4 Consumer other Credit Card — — 30.0 9.0 — — — — Total consumer other — $ — 30.0 9.0 — — — — Commercial Commercial and industrial Other 12 $ — — % — % — — — % — % Total commercial 12 $ — — — — — — — (a) Calculated using a weighted-average balance for each portfolio class. (b) Term is presented in number of months. (c) Some Mortgage Finance combination loan modifications include deferrals of principal. The weighted average number of months deferred for these loans was 186 months. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to June 30, 2024. June 30, 2024 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 280 $ 56 $ 19 $ 4 $ 359 Principal forgiveness — — — 5 5 Combination 1 — — — 1 Total consumer automotive 281 56 19 9 365 Consumer mortgage Mortgage Finance Contractual maturity extensions 2 — — — 2 Total Mortgage Finance 2 — — — 2 Mortgage — Legacy Combination 1 — — — 1 Total Mortgage — Legacy 1 — — — 1 Total consumer mortgage 3 — — — 3 Consumer other Credit Card Interest rate concessions 9 1 1 3 14 Total consumer other 9 1 1 3 14 Total consumer $ 293 $ 57 $ 20 $ 12 $ 382 June 30, 2024 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Automotive Payment deferrals $ — $ — $ 11 $ — $ 11 Other Contractual maturity extensions 53 — 55 — 108 Total commercial $ 53 $ — $ 66 $ — $ 119 As of June 30, 2024, 787 consumer automotive loans with a total amortized cost of $18 million redefaulted within 12 months of modification. The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified during the three months and six months ended June 30, 2023. Three months ended June 30, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 24 $ 1 $ — $ — $ 25 Principal forgiveness 10 1 — 1 12 Total consumer automotive 34 2 — 1 37 Consumer mortgage Mortgage Finance Combination 1 — — — 1 Total Mortgage Finance 1 — — — 1 Total consumer mortgage 1 — — — 1 Consumer other Credit Card Interest rate concessions 1 1 — 1 3 Total consumer other 1 1 — 1 3 Total consumer $ 36 $ 3 $ — $ 2 $ 41 Three months ended June 30, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals $ — $ — $ 36 $ — $ 36 Contractual maturity extensions 31 — 5 — 36 Total commercial $ 31 $ — $ 41 $ — $ 72 Six months ended June 30, 2023 ($ in millions) Current 30–59 days past due 60–89 days past due 90 or more days past due Total Consumer automotive Contractual maturity extensions $ 38 $ 2 $ — $ — $ 40 Principal forgiveness 10 1 — 3 14 Combination 31 2 — — 33 Total consumer automotive 79 5 — 3 87 Consumer mortgage Mortgage Finance Contractual maturity extensions 2 — — — 2 Combination — — 2 — 2 Total Mortgage Finance 2 — 2 — 4 Mortgage — Legacy Contractual maturity extensions 1 — — — 1 Total Mortgage — Legacy 1 — — — 1 Total consumer mortgage 3 — 2 — 5 Consumer other Credit Card Interest rate concessions 3 1 1 1 6 Total consumer other 3 1 1 1 6 Total consumer $ 85 $ 6 $ 3 $ 4 $ 98 Six months ended June 30, 2023 ($ in millions) Pass Special mention Substandard Doubtful Total Commercial and industrial Other Payment deferrals $ — $ — $ 36 $ 28 $ 64 Contractual maturity extensions 31 7 5 — 43 Total commercial $ 31 $ 7 $ 41 $ 28 $ 107 |
Leasing (Tables)
Leasing (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2024, and that have noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 19 2025 33 2026 27 2027 21 2028 15 2029 and thereafter 3 Total undiscounted cash flows 118 Difference between undiscounted cash flows and discounted cash flows (7) Total lease liability $ 111 |
Schedule of Lease, Cost | The following table details the components of total net operating lease expense. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Operating lease expense $ 8 $ 7 $ 15 $ 14 Variable lease expense 1 1 2 2 Total lease expense, net (a) $ 9 $ 8 $ 17 $ 16 (a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income. |
Schedule of Property Subject to or Available for Operating Lease | The following table details our investment in operating leases. ($ in millions) June 30, 2024 December 31, 2023 Vehicles $ 10,016 $ 11,101 Accumulated depreciation (1,642) (1,930) Investment in operating leases, net $ 8,374 $ 9,171 |
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 684 2025 1,037 2026 611 2027 160 2028 14 2029 and thereafter 1 Total lease payments from operating leases $ 2,507 |
Schedule of Depreciation Expense on Operating Lease Assets | The following table summarizes the components of depreciation expense on operating lease assets. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Depreciation expense on operating lease assets (excluding remarketing gains) (a) $ 236 $ 270 $ 486 $ 543 Remarketing gains, net (59) (70) (105) (117) Net depreciation expense on operating lease assets $ 177 $ 200 $ 381 $ 426 (a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $10 million for the three months and six months ended June 30, 2024, respectively, and $2 million and $4 million for the three months and six months ended June 30, 2023. |
Schedule of Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2024. ($ in millions) 2024 $ 104 2025 182 2026 161 2027 110 2028 49 2029 and thereafter 25 Total undiscounted cash flows 631 Difference between undiscounted cash flows and discounted cash flows (88) Present value of lease payments recorded as lease receivable $ 543 |
Securitizations and Variable _2
Securitizations and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securitizations And Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table presents our involvement in consolidated and nonconsolidated VIEs in which we hold variable interests. We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements. For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet. ($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs June 30, 2024 On-balance sheet variable interest entities Consumer automotive $ 13,841 (b) $ 1,223 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) 115 (e) — 3,285 3,400 (f) Consumer other (g) — — 100 100 Commercial other 2,644 (h) 1,027 (i) — 3,181 (j) Total $ 16,600 $ 2,250 $ 3,385 $ 6,681 December 31, 2023 On-balance sheet variable interest entities Consumer automotive $ 16,415 (b) $ 1,614 (c) $ — $ — Off-balance sheet variable interest entities Consumer automotive (d) 81 (e) — 2,514 2,595 (f) Consumer other (g) — — 125 125 Commercial other 2,516 (h) 974 (i) — 2,738 (j) Total $ 19,012 $ 2,588 $ 2,639 $ 5,458 (a) Asset values represent the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs. (b) Includes $8.6 billion and $9.3 billion of assets that were not encumbered by VIE beneficial interests held by third parties at June 30, 2024, and December 31, 2023, respectively. Ally or consolidated affiliates hold the interests in these assets. (c) Includes $103 million and $100 million of liabilities that were not obligations to third-party beneficial interest holders at June 30, 2024, and December 31, 2023, respectively. (d) Includes activity where we sell loans through a pass-through program to a third party. (e) Represents retained notes and certificated residual interests, of which $110 million and $78 million were classified as held-to-maturity securities at June 30, 2024, and December 31, 2023, respectively, and $5 million and $3 million were classified as other assets at June 30, 2024, and December 31, 2023. These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations. (f) Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss. (g) Represents balances from Ally Credit Card. (h) Amounts are classified as other assets except for $47 million and $44 million classified as equity securities at June 30, 2024, and December 31, 2023, respectively. (i) Amounts are classified as accrued expenses and other liabilities. (j) For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long-term guarantee contracts. The amount disclosed is based on the unlikely event that the yield delivered to investors in the form of low-income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low-income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss. |
Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities | The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the six months ended June 30, 2024, and 2023. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period. Six months ended June 30, ($ in millions) 2024 2023 Consumer automotive Cash proceeds from transfers completed during the period $ 1,387 $ 477 Servicing fees 29 6 Cash flows received on retained interests in securitization entities 27 — Other cash flows 1 — Consumer other (a) Cash proceeds from transfers completed during the period 25 75 Servicing fees 3 5 Total $ 1,472 $ 563 (a) Represents activity from Ally Credit Card. |
Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together | The following tables present quantitative information about off-balance sheet securitizations and whole-loan sales where we have continuing involvement. Total amount Amount 60 days or more past due ($ in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Off-balance-sheet securitization entities Consumer automotive $ 2,183 $ 1,558 $ 16 $ 11 Whole-loan sales (a) Consumer automotive 1,102 956 64 44 Consumer other 100 125 11 17 Total $ 3,385 $ 2,639 $ 91 $ 72 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. Net credit losses Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Off-balance-sheet securitization entities Consumer automotive $ 4 $ — $ 8 $ — Whole-loan sales (a) Consumer automotive 16 3 32 4 Consumer other 10 8 22 13 Total $ 30 $ 11 $ 62 $ 17 (a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors. |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of other assets were as follows. ($ in millions) June 30, 2024 December 31, 2023 Property and equipment at cost $ 2,207 $ 2,153 Accumulated depreciation (935) (871) Net property and equipment 1,272 1,282 Proportional amortization investments (a) (b) 1,997 1,866 Net deferred tax assets 1,441 1,224 Accrued interest, fees, and rent receivables (c) 936 935 Nonmarketable equity investments 797 886 Goodwill 669 669 Equity-method investments (a) (d) 649 651 Restricted cash and cash equivalents (e) 430 87 Restricted cash held for securitization trusts (f) 325 407 Other accounts receivable 177 189 Operating lease right-of-use assets 91 90 Net intangible assets 62 73 Other assets 1,007 1,036 Total other assets (g) $ 9,853 $ 9,395 (a) Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments as of June 30, 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 for additional information. (b) Presented gross of the associated unfunded commitment. Refer to Note 14 for further information. (c) Primarily relates to accrued interest, fees, and rent receivables related to our consumer automotive and commercial automotive finance receivables and loans. (d) Primarily relates to investments made in connection with our CRA program. (e) Primarily represents restricted cash equivalents funded through the issuance of credit-linked notes. Additionally, includes 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. Refer to Note 18 for further information about the issuance of credit-linked notes. (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) 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 June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Tax credits and other tax benefits from proportional amortization investments (a) (b) $ 70 $ 75 $ 109 $ 122 Investment amortization expense recognized as a component of income tax expense (a) 56 61 88 99 Net benefit from proportional amortization investments (a) $ 14 $ 14 $ 21 $ 23 (a) Amounts are included within income tax (benefit) expense from continuing operations on our Condensed Consolidated Statement of Comprehensive 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 and six months ended June 30, 2024, and June 30, 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 June 30, 2024, and December 31, 2023, including cumulative unrealized gains and losses, was as follows. ($ in millions) June 30, 2024 December 31, 2023 FRB stock $ 417 $ 392 FHLB stock 288 392 Equity investments without a readily determinable fair value Cost basis at acquisition 74 74 Adjustments Upward adjustments 53 51 Downward adjustments (including impairment) (35) (23) Carrying amount, equity investments without a readily determinable fair value 92 102 Nonmarketable equity investments $ 797 $ 886 During the three months and six months ended June 30, 2024, and June 30, 2023, respectively, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of June 30, 2024, and June 30, 2023, were as follows. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Upward adjustments $ — $ 1 $ 1 $ 7 Downward adjustments (including impairment) (a) $ (14) $ — $ (14) $ (17) (a) No impairment on FHLB and FRB stock was recognized during both the three months and six months ended June 30, 2024, and 2023. |
Schedule of Goodwill | The carrying balance of goodwill by reportable operating segment was as follows. ($ in millions) Automotive Finance operations Insurance operations Corporate 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 June 30, 2024 $ 20 $ 27 $ 622 $ 669 (a) Includes $479 million of goodwill associated with Ally Credit Card at both June 30, 2024, and December 31, 2023, and $143 million of goodwill associated with Ally Invest at both June 30, 2024, and December 31, 2023. |
Schedule of Finite-Lived Intangible Assets | The net carrying value of intangible assets by class was as follows. June 30, 2024 December 31, 2023 ($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value Technology $ 117 $ (71) $ 46 $ 117 $ (64) $ 53 Customer lists 41 (41) — 41 (39) 2 Purchased credit card relationships 25 (9) 16 25 (7) 18 Trademarks 2 (2) — 2 (2) — Total intangible assets (a) $ 185 $ (123) $ 62 $ 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 $ 8 2025 14 2026 14 2027 13 2028 13 Total estimated future amortization expense $ 62 |
Deposit Liabilities (Tables)
Deposit Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | Deposit liabilities consisted of the following. ($ in millions) June 30, 2024 December 31, 2023 Noninterest-bearing deposits $ 156 $ 139 Interest-bearing deposits Savings, money market, and spending accounts 103,145 99,340 Certificates of deposit 48,853 55,187 Total deposit liabilities $ 152,154 $ 154,666 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents the composition of our short-term borrowings portfolio. June 30, 2024 December 31, 2023 ($ in millions) Unsecured Secured (a) Total Unsecured Secured (a) Total Federal Home Loan Bank $ — $ 1,575 $ 1,575 $ — $ 2,550 $ 2,550 Securities sold under agreements to repurchase — 1,547 1,547 — 747 747 Total short-term borrowings $ — $ 3,122 $ 3,122 $ — $ 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. |
Schedule of Long-term Debt | The following table presents the composition of our long-term debt portfolio. June 30, 2024 December 31, 2023 ($ in millions) Unsecured Secured Total Unsecured Secured Total Long-term debt (a) Due within one year $ 1,974 $ 2,535 $ 4,509 $ 1,409 $ 2,931 $ 4,340 Due after one year 7,950 3,520 11,470 9,015 4,215 13,230 Total long-term debt (b) $ 9,924 $ 6,055 $ 15,979 $ 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 $4.6 billion and $5.6 billion at June 30, 2024, and December 31, 2023, respectively. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled remaining maturity of long-term debt at June 30, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets. ($ in millions) 2024 2025 2026 2027 2028 2029 and thereafter Total Unsecured Long-term debt $ 724 $ 2,483 $ 152 $ 1,589 $ 867 $ 4,906 $ 10,721 Original issue discount (35) (74) (82) (94) (107) (405) (797) Total unsecured 689 2,409 70 1,495 760 4,501 9,924 Secured Long-term debt 1,559 2,000 1,803 414 255 24 6,055 Total long-term debt $ 2,248 $ 4,409 $ 1,873 $ 1,909 $ 1,015 $ 4,525 $ 15,979 |
Schedule of Pledged Assets for the Payment of the Related Secured Borrowings and Repurchase Agreements | The following table summarizes assets restricted as collateral for the payment of the related debt obligation. ($ in millions) June 30, 2024 December 31, 2023 Consumer automotive finance receivables $ 38,998 $ 40,805 Consumer mortgage finance receivables 18,046 18,703 Commercial finance receivables 6,235 5,968 Investment securities (amortized cost of $4,905 and $4,030) (a) 4,666 4,036 Other assets (b) 330 — Total assets restricted as collateral (c) (d) $ 68,275 $ 69,512 Secured debt (e) $ 9,177 $ 10,443 (a) A portion of the restricted investment securities at both June 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 $27.3 billion and $27.9 billion at June 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 June 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 $3.1 billion and $3.3 billion of short-term borrowings at June 30, 2024 , and December 31, 2023, respectively. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities were as follows. ($ in millions) June 30, 2024 December 31, 2023 Unfunded commitments for proportional amortization investments (a) $ 1,025 $ 973 Accounts payable 573 509 Employee compensation and benefits 313 409 Reserves for insurance losses and loss adjustment expenses (b) 203 140 Operating lease liabilities 111 113 Deferred revenue 106 103 Other liabilities 450 479 Total accrued expenses and other liabilities (c) $ 2,781 $ 2,726 (a) Primarily relates to unfunded commitments for investments in qualified affordable housing projects. (b) Refer to Note 5 for further information. (c) Excludes Ally Lending accrued expenses and other liabilities, which were transferred to liabilities 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. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes information about our preferred stock. For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K. June 30, 2024 December 31, 2023 Series B preferred stock (a) Issuance date April 22, 2021 April 22, 2021 Carrying value ($ in millions) $ 1,335 $ 1,335 Par value (per share) $ 0.01 $ 0.01 Liquidation preference (per share) $ 1,000 $ 1,000 Number of shares authorized 1,350,000 1,350,000 Number of shares issued and outstanding 1,350,000 1,350,000 Dividend/coupon Prior to May 15, 2026 4.700% 4.700% On and after May 15, 2026 Five Year Treasury + 3.868% Five Year Treasury + 3.868% Series C preferred stock (a) Issuance date June 2, 2021 June 2, 2021 Carrying value ($ in millions) $ 989 $ 989 Par value (per share) $ 0.01 $ 0.01 Liquidation preference (per share) $ 1,000 $ 1,000 Number of shares authorized 1,000,000 1,000,000 Number of shares issued and outstanding 1,000,000 1,000,000 Dividend/coupon Prior to May 15, 2028 4.700% 4.700% On and after May 15, 2028 Seven Year Treasury + 3.481% Seven Year Treasury + 3.481% (a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following tables present changes, net of tax, in each component of accumulated other comprehensive loss. Three months ended June 30, Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Accumulated other comprehensive loss Balance at April 1, 2023 $ (3,811) $ — $ 18 $ 17 $ (3,776) Net change (70) — 3 (20) (87) Balance at June 30, 2023 $ (3,881) $ — $ 21 $ (3) $ (3,863) Balance at April 1, 2024 $ (3,317) $ (667) $ 20 $ (25) $ (3,989) Net change (36) 17 — (1) (20) Balance at June 30, 2024 $ (3,353) $ (650) $ 20 $ (26) $ (4,009) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. Six months ended June 30, Investment securities (a) ($ in millions) Available- Held-to-maturity securities Translation adjustments and net investment hedges (c) Cash flow hedges (c) Accumulated other comprehensive loss Balance at January 1, 2023 $ (4,095) $ — $ 18 $ 18 $ (4,059) Net change 214 — 3 (21) 196 Balance at June 30, 2023 $ (3,881) $ — $ 21 $ (3) $ (3,863) Balance at January 1, 2024 $ (3,146) $ (682) $ 21 $ (9) $ (3,816) Net change (207) 32 (1) (17) (193) Balance at June 30, 2024 $ (3,353) $ (650) $ 20 $ (26) $ (4,009) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity during 2023, refer to Note 7. (b) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio. Refer to Note 7 for additional information. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. |
Schedule of Reclassification Out of Accumulated Other Comprehensive Loss | The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss. Three months ended June 30, 2024 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (47) $ 11 $ (36) Held-to-maturity securities Less: Amortization of amounts previously recorded upon transfer from available-for-sale (a) (22) (b) 5 (c) (17) Translation adjustments Net unrealized losses arising during the period (2) — (2) Net investment hedges (d) Net unrealized gains arising during the period 2 — 2 Cash flow hedges (d) Net unrealized losses arising during the period (3) 1 (2) Less: Net realized losses reclassified to income from continuing operations (2) (e) 1 (c) (1) Net change (1) — (1) Other comprehensive loss $ (26) $ 6 $ (20) (a) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7. (b) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income. (c) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (d) For additional information on derivative instruments and hedging activities, refer to Note 19. (e) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Three months ended June 30, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (91) $ 21 $ (70) Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (a) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (a) Net unrealized losses arising during the period (22) 6 (16) Less: Net realized gains reclassified to income from continuing operations 5 (b) (1) (c) 4 Net change (27) 7 (20) Other comprehensive loss $ (115) $ 28 $ (87) (a) For additional information on derivative instruments and hedging activities, refer to Note 19. (b) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. (c) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. Six months ended June 30, 2024 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized losses arising during the period $ (270) $ 64 $ (206) Less: Net realized gains reclassified to income from continuing operations 1 (a) — (b) 1 Net change (271) 64 (207) Held-to-maturity securities Less: Amortization of amounts previously recorded upon transfer from available-for-sale (c) (42) (d) 10 (b) (32) Translation adjustments Net unrealized losses arising during the period (7) 1 (6) Net investment hedges (e) Net unrealized gains arising during the period 6 (1) 5 Cash flow hedges (e) Net unrealized losses arising during the period (25) 6 (19) Less: Net realized losses reclassified to income from continuing operations (3) (f) 1 (b) (2) Net change (22) 5 (17) Other comprehensive loss $ (252) $ 59 $ (193) (a) Includes gains reclassified to other (loss) gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7. (d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income. (e) For additional information on derivative instruments and hedging activities, refer to Note 19. (f) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. Six months ended June 30, 2023 ($ in millions) Before tax Tax effect After tax Investment securities Available-for-sale securities Net unrealized gains arising during the period $ 286 $ (68) $ 218 Less: Net realized gains reclassified to income from continuing operations 5 (a) (1) (b) 4 Net change 281 (67) 214 Translation adjustments Net unrealized gains arising during the period 6 (1) 5 Net investment hedges (c) Net unrealized losses arising during the period (3) 1 (2) Cash flow hedges (c) Net unrealized losses arising during the period (18) 5 (13) Less: Net realized gains reclassified to income from continuing operations 10 (d) (2) (b) 8 Net change (28) 7 (21) Other comprehensive income $ 256 $ (60) $ 196 (a) Includes gains reclassified to other (loss) gain on investments, net in our Condensed Consolidated Statement of Comprehensive Income. (b) Includes amounts reclassified to income tax (benefit) expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income. (c) For additional information on derivative instruments and hedging activities, refer to Note 19. (d) Includes gains reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted earnings per common share. Three months ended June 30, Six months ended June 30, ($ in millions, except per share data; shares in thousands) (a) 2024 2023 2024 2023 Net income from continuing operations $ 294 $ 329 $ 451 $ 649 Preferred stock dividends — Series B (16) (16) (32) (32) Preferred stock dividends — Series C (12) (12) (24) (24) Net income from continuing operations attributable to common stockholders $ 266 $ 301 $ 395 $ 593 Loss from discontinued operations, net of tax — — — (1) Net income attributable to common stockholders $ 266 $ 301 $ 395 $ 592 Basic weighted-average common shares outstanding (b) 306,774 303,684 306,388 303,173 Diluted weighted-average common shares outstanding (b) 309,886 304,646 309,154 304,050 Basic earnings per common share Net income from continuing operations $ 0.87 $ 0.99 $ 1.29 $ 1.96 Net income $ 0.87 $ 0.99 $ 1.29 $ 1.95 Diluted earnings per common share Net income from continuing operations $ 0.86 $ 0.99 $ 1.28 $ 1.95 Net income $ 0.86 $ 0.99 $ 1.28 $ 1.95 (a) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (b) Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other _2
Regulatory Capital and Other Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes our capital ratios under U.S. Basel III. June 30, 2024 December 31, 2023 Required minimum (a) Well-capitalized minimum ($ in millions) Amount Ratio Amount Ratio Capital ratios Common Equity Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 15,104 9.59 % $ 15,129 9.36 % 4.50 % (b) Ally Bank 17,578 11.81 17,217 11.24 4.50 6.50 % Tier 1 (to risk-weighted assets) Ally Financial Inc. $ 17,370 11.03 % $ 17,392 10.76 % 6.00 % 6.00 % Ally Bank 17,578 11.81 17,217 11.24 6.00 8.00 Total (to risk-weighted assets) Ally Financial Inc. $ 19,990 12.70 % $ 20,055 12.41 % 8.00 % 10.00 % Ally Bank 19,455 13.07 19,144 12.50 8.00 10.00 Tier 1 leverage (to adjusted quarterly average assets) (c) Ally Financial Inc. $ 17,370 8.85 % $ 17,392 8.67 % 4.00 % (b) Ally Bank 17,578 9.47 17,217 9.07 4.00 5.00 % (a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally and Ally Bank were required to maintain a minimum capital conservation buffer of 2.5% at both June 30, 2024, and December 31, 2023. (b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.” (c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology. |
Schedule of Common Share Distribution Activity | The following table presents information related to our common stock and distributions to our common stockholders. Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c) ($ in millions, except per share data; shares in thousands) Approximate dollar value Number of shares Beginning of period End of period 2023 First quarter $ 27 836 299,324 300,821 $ 0.30 Second quarter 2 58 300,821 301,619 0.30 Third quarter — 5 301,619 301,630 0.30 Fourth quarter 4 145 301,630 302,459 0.30 2024 First quarter $ 29 781 302,459 303,978 $ 0.30 Second quarter 1 13 303,978 304,656 0.30 (a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans. (b) Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 37%, from 484 million as of June 30, 2016, to 305 million as of June 30, 2024. Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2023 or the first half of 2024, and at this time, the Board has not authorized a stock-repurchase program for 2024. (c) On July 15, 2024, our Board declared a quarterly cash dividend of $0.30 per share on all common stock, payable on August 15, 2024, to stockholders of record at the close of business on August 1, 2024. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the amounts of derivative instruments reported on our Condensed Consolidated Balance Sheet. The amounts are presented on a gross basis, are segregated by derivatives that are designated and qualifying as hedging instruments or those that are not, and are further segregated by type of contract within those two categories. Derivative contracts in a receivable and payable position exclude open trade equity on derivatives cleared through central clearing counterparties. Any associated margin exchanged with our central clearing counterparties are treated as settlements of the derivative exposure, rather than collateral. Such payments are recognized as settlements of the derivatives contracts in a receivable and payable position on our Condensed Consolidated Balance Sheet. Notional amounts are reference amounts from which contractual obligations are derived and are not recorded on the balance sheet. In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk. June 30, 2024 December 31, 2023 Derivative contracts in a Notional amount Derivative contracts in a Notional amount ($ in millions) receivable position payable position receivable position payable position Derivatives designated as accounting hedges Interest rate contracts Swaps $ — $ — $ 30,450 $ — $ — $ 35,835 Purchased options 5 — 6,250 31 — 6,250 Foreign exchange contracts Forwards — 1 161 — 6 166 Total derivatives designated as accounting hedges 5 1 36,861 31 6 42,251 Derivatives not designated as accounting hedges Interest rate contracts Swaps — — 1,000 — — 2,000 Forwards 1 — 116 — — 70 Written options 2 — 135 2 — 88 Total interest rate risk 3 — 1,251 2 — 2,158 Foreign exchange contracts Forwards — — 48 — 1 59 Total foreign exchange risk — — 48 — 1 59 Credit contracts Credit-linked note derivative — — 330 — — — Other credit derivatives (a) — 5 n/a — 10 n/a Total credit risk — 5 330 — 10 — Equity contracts Written options — 1 — — — — Total equity risk — 1 — — — — Total derivatives not designated as accounting hedges 3 6 1,629 2 11 2,217 Total derivatives $ 8 $ 7 $ 38,490 $ 33 $ 17 $ 44,468 n/a = not applicable (a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $17 million and $29 million as of June 30, 2024, and December 31, 2023, respectively. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents amounts recorded on our Condensed Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges. Carrying amount of the hedged items Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items Total Discontinued (a) ($ in millions) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Assets Available-for-sale securities (b) $ 15,713 $ 16,302 $ (301) $ (79) $ (145) $ (156) Finance receivables and loans, net (c) 42,197 54,189 (166) (93) (17) (27) Liabilities Long-term debt $ 7,030 $ 7,750 $ 94 $ 100 $ 94 $ 100 (a) Represents the fair value hedging adjustment on qualifying hedges for which the hedging relationship was discontinued. This represents a subset of the amounts reported in the total hedging adjustment. (b) These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $14.3 billion and $14.8 billion, respectively, of which $14.0 billion and $14.6 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship. At June 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $247 million liability and a $45 million liability, respectively, of which the portion related to discontinued hedging relationships was a $112 million liability and a $120 million liability, respectively. At both June 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items was $11.3 billion, with cumulative basis adjustments of a $136 million liability and a $75 million asset, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Refer to Note 7 for a reconciliation of the amortized cost and fair value of available-for-sale securities. (c) These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2024, and December 31, 2023, the carrying value of the closed portfolios used in these hedging relationships was $42.2 billion and $54.2 billion, respectively, of which $35.1 billion and $50.0 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship. At June 30, 2024, and December 31, 2023, the total cumulative basis adjustments associated with these hedging relationships was a $166 million liability and a $93 million liability, respectively, of which the portion related to discontinued hedging relationships was a $17 million liability and a $27 million liability, respectively. At June 30, 2024, and December 31, 2023, the notional amounts of the designated hedged items were $17.8 billion and $23.2 billion, respectively, with cumulative basis adjustments of a $149 million liability and a $66 million liability, respectively, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. |
Schedule of Derivative Instruments Not Designated as Accounting Hedge | The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Gain (loss) recognized in earnings Interest rate contracts Gain on mortgage and automotive loans, net $ 5 $ 4 $ 10 $ 9 Total interest rate contracts 5 4 10 9 Foreign exchange contracts Other operating expenses 1 (1) 2 — Total foreign exchange contracts 1 (1) 2 — Credit contracts Other income, net of losses — — — (5) Total credit contracts — — — (5) Equity contracts Other income, net of losses 2 (3) 2 (7) Total equity contracts 2 (3) 2 (7) Total gain (loss) recognized in earnings $ 8 $ — $ 14 $ (3) |
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments | The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended June 30 , ($ in millions) 2024 2023 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ — Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — — Hedged available-for-sale securities — — (28) (238) — — Derivatives designated as hedging instruments on available-for-sale securities — — 28 238 — — Hedged fixed-rate consumer automotive loans 11 (39) — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans (11) 39 — — — — Total gain on fair value hedging relationships — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income (2) 5 — — — — Total (loss) gain on cash flow hedging relationships $ (2) $ 5 $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 2,845 $ 2,721 $ 265 $ 247 $ 244 $ 252 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Six months ended June 30 , ($ in millions) 2024 2023 2024 2023 2024 2023 Gain (loss) on fair value hedging relationships Interest rate contracts Hedged fixed-rate unsecured debt $ — $ — $ — $ — $ — $ 1 Derivatives designated as hedging instruments on fixed-rate unsecured debt — — — — — (1) Hedged available-for-sale securities — — (233) (108) — — Derivatives designated as hedging instruments on available-for-sale securities — — 233 108 — — Hedged fixed-rate consumer automotive loans (83) 166 — — — — Derivatives designated as hedging instruments on fixed-rate consumer automotive loans 83 (166) — — — — Total gain on fair value hedging relationships — — — — — — (Loss) gain on cash flow hedging relationships Interest rate contracts Hedged variable-rate commercial loans Reclassified from accumulated other comprehensive loss into income (3) 10 — — — — Total (loss) gain on cash flow hedging relationships $ (3) $ 10 $ — $ — $ — $ — Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 5,672 $ 5,296 $ 531 $ 485 $ 492 $ 479 |
Schedule of Location and Amounts of Gains and Losses Related to Interest and Amortization on Derivative Instruments | The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income. Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Three months ended June 30, ($ in millions) 2024 2023 2024 2023 2024 2023 Gain on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 3 $ 2 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — — Amortization of deferred basis adjustments of available-for-sale securities — — 5 6 — — Interest for qualifying accounting hedges of available-for-sale securities — — 49 27 — — Amortization of deferred loan basis adjustments 4 8 — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 65 189 — — — — Total gain on fair value hedging relationships $ 69 $ 197 $ 54 $ 33 $ 3 $ 2 Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt Six months ended June 30, ($ in millions) 2024 2023 2024 2023 2024 2023 Gain on fair value hedging relationships Interest rate contracts Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 5 $ 4 Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — 1 1 Amortization of deferred basis adjustments of available-for-sale securities — — 11 11 — — Interest for qualifying accounting hedges of available-for-sale securities — — 97 40 — — Amortization of deferred loan basis adjustments 9 18 — — — — Interest for qualifying accounting hedges of consumer automotive loans held for investment 147 351 — — — — Total gain on fair value hedging relationships $ 156 $ 369 $ 108 $ 51 $ 6 $ 5 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Interest rate contracts Loss recognized in other comprehensive (loss) income $ (1) $ (27) $ (22) $ (28) |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss. Three months ended June 30, Six months ended June 30, ($ in millions) 2024 2023 2024 2023 Foreign exchange contracts (a) (b) Gain (loss) recognized in other comprehensive (loss) income $ 2 $ (3) $ 6 $ (3) (a) There were no amounts excluded from effectiveness testing for the three months and six months ended June 30, 2024, or 2023. (b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. There were no amounts reclassified for the three months and six months ended June 30, 2024, or 2023. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk-management activities. Recurring fair value measurements June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 806 $ — $ — $ 806 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,047 — — 2,047 U.S. States and political subdivisions — 611 11 622 Foreign government 38 137 — 175 Agency mortgage-backed residential — 14,336 — 14,336 Mortgage-backed residential — 214 — 214 Agency mortgage-backed commercial — 3,812 — 3,812 Asset-backed — 260 — 260 Corporate debt — 1,734 — 1,734 Total available-for-sale securities 2,085 21,104 11 23,200 Mortgage loans held-for-sale (c) — 38 2 40 Other assets Derivative contracts in a receivable position Interest rate — 6 2 8 Total derivative contracts in a receivable position — 6 2 8 Total assets $ 2,891 $ 21,148 $ 15 $ 24,054 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 1 $ — $ 1 Credit — — 5 5 Equity 1 — — 1 Total derivative contracts in a payable position 1 1 5 7 Total liabilities $ 1 $ 1 $ 5 $ 7 (a) Our direct investment in any one industry did not exceed 13%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $48 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. Recurring fair value measurements December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Investment securities Equity securities (a) (b) $ 765 $ — $ 1 $ 766 Available-for-sale securities Debt securities U.S. Treasury and federal agencies 2,075 — — 2,075 U.S. States and political subdivisions — 649 9 658 Foreign government 51 132 — 183 Agency mortgage-backed residential — 15,384 — 15,384 Mortgage-backed residential — 225 — 225 Agency mortgage-backed commercial — 3,758 — 3,758 Asset-backed — 332 — 332 Corporate debt — 1,800 — 1,800 Total available-for-sale securities 2,126 22,280 9 24,415 Mortgage loans held-for-sale (c) — 25 — 25 Other assets Derivative contracts in a receivable position Interest rate — 31 2 33 Total derivative contracts in a receivable position — 31 2 33 Total assets $ 2,891 $ 22,336 $ 12 $ 25,239 Liabilities Accrued expenses and other liabilities Derivative contracts in a payable position Foreign currency $ — $ 7 $ — $ 7 Credit — — 10 10 Total derivative contracts in a payable position — 7 10 17 Total liabilities $ — $ 7 $ 10 $ 17 (a) Our direct investment in any one industry did not exceed 11%. The concentration calculation excludes our investment in mutual funds and ETFs. (b) Excludes $44 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy. (c) Carried at fair value due to fair value option elections. |
Schedule of Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation | The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk-management activities. Equity securities Available-for-sale securities Mortgage loans held-for-sale (a) Finance receivables and loans, net (a) ($ in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Assets Fair value at April 1, $ — $ 1 $ 11 $ 4 $ — $ — $ — $ 2 Net realized/unrealized gains Included in earnings — — — — — — — — Included in OCI — — — — — — — — Purchases and originations — — — 1 2 — — — Sales — — — — — — — — Issuances — — — — — — — — Settlements — — — — — — — (2) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 — — — — — — — — Fair value at June 30, $ — $ 1 $ 11 $ 5 $ 2 $ — $ — $ — Net unrealized gains still held at June 30, Included in earnings $ — $ — $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — — — (a) Carried at fair value due to fair value option elections. Derivative liabilities, net of derivative assets (a) ($ in millions) 2024 2023 Liabilities Fair value at April 1, $ 8 $ 42 Net realized/unrealized gains Included in earnings (5) (3) Included in OCI — — Purchases and originations — — Sales — — Issuances — — Settlements (5) (25) Transfers into Level 3 — — Transfers out of Level 3 (b) 5 4 Fair value at June 30, $ 3 $ 18 Net unrealized gains still held at June 30, Included in earnings $ (2) $ (1) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the three months ended June 30, 2024, and June 30, 2023. These transfers are deemed to have occurred at the end of the reporting period. Equity securities Available-for-sale securities Mortgage loans held-for-sale (a) Finance receivables and loans, net (a) ($ in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Assets Fair value at January 1, $ 1 $ 1 $ 9 $ 4 $ — $ — $ — $ 3 Net realized/unrealized gains Included in earnings — — — — — — — — Included in OCI — — — — — — — — Purchases and originations — — 2 1 2 — — — Sales — — — — — — — — Issuances — — — — — — — — Settlements — — — — — — — (3) Transfers into Level 3 — — — — — — — — Transfers out of Level 3 (1) — — — — — — — Fair value at June 30, $ — $ 1 $ 11 $ 5 $ 2 $ — $ — $ — Net unrealized gains still held at June 30, Included in earnings $ — $ — $ — $ — $ — $ — $ — $ — Included in OCI — — — — — — — — (a) Carried at fair value due to fair value option elections. Derivative liabilities, net of derivative assets (a) ($ in millions) 2024 2023 Liabilities Fair value at January 1, $ 8 $ 39 Net realized/unrealized gains Included in earnings (9) (3) Included in OCI — — Purchases and originations — — Sales — — Issuances — — Settlements (5) (25) Transfers into Level 3 — — Transfers out of Level 3 (b) 9 7 Fair value at June 30, $ 3 $ 18 Net unrealized gains still held at June 30, Included in earnings $ (7) $ (1) Included in OCI — — (a) Net realized/unrealized gains are reported as gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income. (b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the six months ended June 30, 2024, and June 30, 2023. These transfers are deemed to have occurred at the end of the reporting period. |
Schedule of Fair Value Measurements - Nonrecurring Basis | The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ 1,940 $ — $ 1,940 $ — n/m (a) Other assets (b) — 35 — 35 (149) n/m (a) Total assets $ — $ 1,975 $ — $ 1,975 $ (149) n/m Liabilities Accrued expenses and other liabilities $ — $ 17 $ — $ 17 $ — n/m (a) Total liabilities $ — $ 17 $ — $ 17 $ — n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b) Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy. The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at June 30, 2024, and December 31, 2023, respectively. The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period. These tables exclude assets of operations held-for-sale, refer to Note 2 for additional information. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 159 $ 159 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 14 14 — n/m (a) Other — — 44 44 (47) n/m (a) Total commercial finance receivables and loans, net — — 58 58 (47) n/m (a) Other assets Nonmarketable equity investments — — 8 8 6 n/m (a) Repossessed and foreclosed assets (c) — — 6 6 (1) n/m (a) Total assets $ — $ — $ 231 $ 231 $ (42) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. Nonrecurring fair value measurements Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Assets Loans held-for-sale, net $ — $ — $ 375 $ 375 $ — n/m (a) Commercial finance receivables and loans, net (b) Automotive — — 6 6 — n/m (a) Other — — 49 49 (43) n/m (a) Total commercial finance receivables and loans, net — — 55 55 (43) n/m (a) Other assets Nonmarketable equity investments — — 1 1 1 n/m (a) Repossessed and foreclosed assets (c) — — 10 10 (1) n/m (a) Total assets $ — $ — $ 441 $ 441 $ (43) n/m n/m = not meaningful (a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation reserve, loan loss allowance, or cumulative adjustment. (b) Represents collateral-dependent loans held for investment for which a nonrecurring measurement was made. The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables. (c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value. |
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. This table excludes assets of operations held-for-sale, refer to Note 2 for additional information. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting current market data to develop the market assumptions and inputs necessary to estimate fair value. As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates. Fair value information presented herein was based on information available at June 30, 2024, and December 31, 2023. Estimated fair value ($ in millions) Carrying value Level 1 Level 2 Level 3 Total June 30, 2024 Financial assets Held-to-maturity securities $ 4,548 $ — $ 4,503 $ — $ 4,503 Loans held-for-sale, net 276 — — 276 276 Finance receivables and loans, net 135,211 — — 136,626 136,626 FHLB/FRB stock (a) 705 — 705 — 705 Financial liabilities Deposit liabilities $ 48,853 $ — $ — $ 48,775 $ 48,775 Short-term borrowings 3,122 — — 3,158 3,158 Long-term debt 15,979 — 11,916 5,018 16,934 December 31, 2023 Financial assets Held-to-maturity securities $ 4,680 $ — $ 4,729 $ — $ 4,729 Loans held-for-sale, net 375 — — 375 375 Finance receivables and loans, net 135,852 — — 137,244 137,244 FHLB/FRB stock (a) 784 — 784 — 784 Financial liabilities Deposit liabilities $ 55,187 $ — $ — $ 55,311 $ 55,311 Short-term borrowings 3,297 — — 3,335 3,335 Long-term debt 17,570 — 12,789 5,749 18,538 (a) Included in other assets on our Condensed Consolidated Balance Sheet. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Schedule of Offsetting Assets | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount June 30, 2024 Assets Derivative assets (d) $ 8 $ — $ 8 $ — $ (5) $ 3 Total assets $ 8 $ — $ 8 $ — $ (5) $ 3 Liabilities Derivative liabilities (e) $ 7 $ — $ 7 $ — $ (2) $ 5 Securities sold under agreements to repurchase (f) 1,547 — 1,547 — (1,547) — Total liabilities $ 1,554 $ — $ 1,554 $ — $ (1,549) $ 5 December 31, 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $3 million and $2 million at June 30, 2024, and December 31, 2023, respectively. (e) Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of June 30, 2024, and December 31, 2023, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 13. |
Schedule of Offsetting Liabilities | The composition of offsetting derivative instruments, financial assets, and financial liabilities was as follows. Gross amounts of recognized assets/liabilities Gross amounts offset on the Condensed Consolidated Balance Sheet Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet Gross amounts not offset on the Condensed Consolidated Balance Sheet ($ in millions) Financial instruments Collateral (a) (b) (c) Net amount June 30, 2024 Assets Derivative assets (d) $ 8 $ — $ 8 $ — $ (5) $ 3 Total assets $ 8 $ — $ 8 $ — $ (5) $ 3 Liabilities Derivative liabilities (e) $ 7 $ — $ 7 $ — $ (2) $ 5 Securities sold under agreements to repurchase (f) 1,547 — 1,547 — (1,547) — Total liabilities $ 1,554 $ — $ 1,554 $ — $ (1,549) $ 5 December 31, 2023 Assets Derivative assets (d) $ 33 $ — $ 33 $ — $ (31) $ 2 Total assets $ 33 $ — $ 33 $ — $ (31) $ 2 Liabilities Derivative liabilities (e) $ 17 $ — $ 17 $ — $ (6) $ 11 Securities sold under agreements to repurchase (f) 747 — 747 — (747) — Total liabilities $ 764 $ — $ 764 $ — $ (753) $ 11 (a) Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty. (b) Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received. We do not record noncash collateral received on our Condensed Consolidated Balance Sheet unless certain conditions are met. (c) Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. We have not sold or pledged any of the noncash collateral received under these agreements. (d) Includes derivative assets with no offsetting arrangements of $3 million and $2 million at June 30, 2024, and December 31, 2023, respectively. (e) Includes derivative liabilities with no offsetting arrangements of $5 million and $10 million as of June 30, 2024, and December 31, 2023, respectively. (f) For additional information on securities sold under agreements to repurchase, refer to Note 13. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows. Three months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2024 Net financing revenue and other interest income $ 1,314 $ 30 $ 53 $ 104 $ (6) $ 1,495 Other revenue 93 338 5 30 39 505 Total net revenue 1,407 368 58 134 33 2,000 Provision for credit losses 383 — (1) 3 72 457 Total noninterest expense 617 410 32 33 194 1,286 Income (loss) from continuing operations before income tax expense $ 407 $ (42) $ 27 $ 98 $ (233) $ 257 Total assets $ 115,772 $ 9,174 $ 18,010 $ 9,869 $ 39,706 $ 192,531 2023 Net financing revenue and other interest income $ 1,349 $ 29 $ 53 $ 92 $ 50 $ 1,573 Other revenue 83 337 5 28 53 506 Total net revenue 1,432 366 58 120 103 2,079 Provision for credit losses 331 — — 15 81 427 Total noninterest expense 600 358 37 33 221 1,249 Income (loss) from continuing operations before income tax expense $ 501 $ 8 $ 21 $ 72 $ (199) $ 403 Total assets $ 113,757 $ 8,890 $ 18,997 10,190 $ 45,407 $ 197,241 (a) Net financing revenue and other interest income after the provision for credit losses totaled $1.0 billion and $1.1 billion for the three months ended June 30, 2024, and 2023, respectively. Six months ended June 30, ($ in millions) Automotive Finance operations Insurance operations Mortgage Finance operations Corporate Finance operations Corporate and Other Consolidated (a) 2024 Net financing revenue and other interest income $ 2,628 $ 59 $ 105 $ 215 $ (56) $ 2,951 Other revenue 190 722 11 53 59 1,035 Total net revenue 2,818 781 116 268 3 3,986 Provision for credit losses 831 — (1) 2 132 964 Total noninterest expense 1,258 753 65 78 440 2,594 Income (loss) from continuing operations before income tax expense $ 729 $ 28 $ 52 $ 188 $ (569) $ 428 Total assets $ 115,772 $ 9,174 $ 18,010 $ 9,869 $ 39,706 $ 192,531 2023 Net financing revenue and other interest income $ 2,671 $ 55 $ 107 $ 195 $ 147 $ 3,175 Other revenue 160 718 9 57 60 1,004 Total net revenue 2,831 773 116 252 207 4,179 Provision for credit losses 682 — (1) 30 162 873 Total noninterest expense 1,206 673 75 78 483 2,515 Income (loss) from continuing operations before income tax expense $ 943 $ 100 $ 42 $ 144 $ (438) $ 791 Total assets $ 113,757 $ 8,890 $ 18,997 $ 10,190 $ 45,407 $ 197,241 (a) Net financing revenue and other interest income after the provision for credit losses totaled $2.0 billion and $2.3 billion for the six months ended June 30, 2024, and 2023, respectively. |
Description of Business, Basi_3
Description of Business, Basis of Presentation, and Changes in Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) segment | Jan. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Number of loan portfolio segments | segment | 4 | |||||||
Financing receivable, allowance for credit loss, excluding accrued interest, forecast period | 12 months | 24 months | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest, reversion period | 24 months | 12 months | ||||||
Opening retained earnings | $ 13,657 | $ 13,851 | $ 13,851 | $ 13,766 | $ 13,532 | $ 13,378 | $ 12,859 | |
Retained earnings (accumulated deficit) | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Opening retained earnings | $ 188 | $ 360 | $ 360 | $ 154 | $ 23 | $ (185) | $ (384) | |
Retained earnings (accumulated deficit) | Accounting Standards Update 2023-02 | Adoption of Accounting Standards Update 2023-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Opening retained earnings | $ (2) |
Held-for-sale Operations - Narr
Held-for-sale Operations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Provision for credit losses | $ 457 | $ 429 | $ 964 | $ 878 | |
Goodwill impairment | $ 149 | ||||
Corporate and Other | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment | 149 | ||||
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Provision for credit losses | 16 | ||||
Net pretax loss | 133 | ||||
Additional pretax loss | $ 1 | $ 8 | |||
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | Corporate and Other | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment | $ 149 |
Held-for-sale Operations - Sche
Held-for-sale Operations - Schedule of Assets and Liabilities of Operations Held-for-Sale (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Total assets | $ 0 | $ 1,975 |
Liabilities | ||
Total liabilities | $ 0 | 17 |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 1,940 | |
Other assets | 35 | |
Total assets | 1,975 | |
Liabilities | ||
Accrued expenses and other liabilities | 17 | |
Total liabilities | 17 | |
Accrued interest and fees | 25 | |
Goodwill | 4 | |
Property, plant and equipment | 4 | |
Unfunded lending commitments | $ 5 |
Held-for-sale Operations - Sc_2
Held-for-sale Operations - Schedule of Fair Value Measurements - Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2024 | |
Assets | ||
Total assets | $ 1,975 | $ 0 |
Liabilities | ||
Total liabilities | 17 | 0 |
Goodwill impairment | 149 | |
Corporate and Other | ||
Liabilities | ||
Goodwill impairment | 149 | |
Nonrecurring fair value measurements | ||
Liabilities | ||
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | $ 0 |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 1,940 | |
Other assets | 35 | |
Total assets | 1,975 | |
Liabilities | ||
Accrued expenses and other liabilities | 17 | |
Total liabilities | 17 | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | Corporate and Other | ||
Liabilities | ||
Goodwill impairment | 149 | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Nonrecurring fair value measurements | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 1,940 | |
Other assets | 35 | |
Total assets | 1,975 | |
Liabilities | ||
Accrued expenses and other liabilities | 17 | |
Total liabilities | 17 | |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (149) | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 1 | Nonrecurring fair value measurements | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 0 | |
Other assets | 0 | |
Total assets | 0 | |
Liabilities | ||
Accrued expenses and other liabilities | 0 | |
Total liabilities | 0 | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 2 | Nonrecurring fair value measurements | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 1,940 | |
Other assets | 35 | |
Total assets | 1,975 | |
Liabilities | ||
Accrued expenses and other liabilities | 17 | |
Total liabilities | 17 | |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Level 3 | Nonrecurring fair value measurements | Ally Lending | ||
Assets | ||
Loans held-for-sale, net | 0 | |
Other assets | 0 | |
Total assets | 0 | |
Liabilities | ||
Accrued expenses and other liabilities | 0 | |
Total liabilities | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 324 | $ 245 | $ 568 | $ 488 | ||||
All other revenue | 181 | 261 | 467 | 516 | ||||
Total other revenue | 505 | 506 | 1,035 | 1,004 | ||||
Remarketing gains (losses), net | 59 | 70 | 105 | 117 | ||||
Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 36 | 34 | 68 | 67 | ||||
All other revenue | 3 | 19 | (9) | (7) | ||||
Total other revenue | 39 | 53 | 59 | 60 | ||||
Automotive Finance operations | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Remarketing gains (losses), net | 59 | 70 | 105 | 117 | ||||
Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 34 | 36 | 69 | 74 | ||||
All other revenue | 59 | 47 | 121 | 86 | ||||
Total other revenue | 93 | 83 | 190 | 160 | ||||
Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 254 | 175 | 431 | 347 | ||||
All other revenue | 84 | 162 | 291 | 371 | ||||
Total other revenue | 338 | 337 | 722 | 718 | ||||
Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
All other revenue | 5 | 5 | 11 | 9 | ||||
Total other revenue | 5 | 5 | 11 | 9 | ||||
Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
All other revenue | 30 | 28 | 53 | 57 | ||||
Total other revenue | 30 | 28 | 53 | 57 | ||||
Noninsurance contracts | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 247 | 171 | 420 | 340 | ||||
Noninsurance contracts | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Noninsurance contracts | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Noninsurance contracts | Insurance operations | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | 3,000 | 3,000 | 3,000 | 3,000 | $ 2,900 | $ 3,000 | $ 3,000 | $ 3,000 |
Unearned revenue, revenue recognized | 244 | 243 | 488 | 484 | ||||
Capitalized contract cost, net | 1,800 | 1,800 | 1,800 | 1,800 | $ 1,800 | $ 1,800 | $ 1,800 | $ 1,800 |
Capitalized contract cost, amortization | 144 | 144 | 291 | 288 | ||||
Noninsurance contracts | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 247 | 171 | 420 | 340 | ||||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 454 | $ 454 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 6 months | 6 months | ||||||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 785 | $ 785 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 635 | $ 635 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 468 | $ 468 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | ||||||
Noninsurance contracts | Insurance operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Unearned revenue, remaining performance obligation, amount | $ 611 | $ 611 | ||||||
Remaining performance obligation, expected timing of satisfaction, period | ||||||||
Noninsurance contracts | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 0 | 0 | $ 0 | 0 | ||||
Noninsurance contracts | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 30 | 31 | 60 | 64 | ||||
Remarketing fee income | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 30 | 31 | 60 | 64 | ||||
Remarketing fee income | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Remarketing fee income | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 22 | 23 | 45 | 46 | ||||
Brokerage commissions and other revenue | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 22 | 23 | 45 | 46 | ||||
Brokerage commissions and other revenue | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokerage commissions and other revenue | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Banking fees and interchange income | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 14 | 11 | 23 | 21 | ||||
Customer rewards expense | 7 | 5 | 13 | 9 | ||||
Banking fees and interchange income | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 14 | 11 | 23 | 21 | ||||
Banking fees and interchange income | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Banking fees and interchange income | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Banking fees and interchange income | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Banking fees and interchange income | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 6 | 4 | 10 | 7 | ||||
Brokered/agent commissions | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 6 | 4 | 10 | 7 | ||||
Brokered/agent commissions | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Brokered/agent commissions | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 5 | 5 | 10 | 10 | ||||
Other | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | Automotive Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 4 | 5 | 9 | 10 | ||||
Other | Insurance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 1 | 0 | 1 | 0 | ||||
Other | Mortgage Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | ||||
Other | Corporate Finance operations | Operating Segments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Other Income, Net of Losses (De
Other Income, Net of Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Late charges and other administrative fees | $ 47 | $ 48 | $ 101 | $ 95 |
Remarketing fees | 30 | 31 | 60 | 64 |
Income (loss) from equity-method investments | 12 | 15 | 4 | (3) |
Loss on nonmarketable equity investments, net | (11) | 0 | (9) | (11) |
Other, net | 87 | 71 | 159 | 134 |
Total other income, net of losses | $ 165 | $ 165 | $ 315 | $ 279 |
Reserves for Insurance Losses_3
Reserves for Insurance Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||
Total gross reserves for insurance losses and loss adjustment expenses, beginning balance | $ 140 | $ 119 | ||||
Less: Reinsurance recoverable | 66 | 72 | ||||
Net reserves for insurance losses and loss adjustment expenses | $ 104 | $ 80 | 104 | 80 | $ 74 | $ 47 |
Current year | 281 | 218 | ||||
Prior years | 12 | 4 | ||||
Total net insurance losses and loss adjustment expenses incurred | 181 | 134 | 293 | 222 | ||
Current year | (207) | (154) | ||||
Prior years | (56) | (35) | ||||
Total net insurance losses and loss adjustment expenses paid or payable | (263) | (189) | ||||
Plus: Reinsurance recoverable | 99 | 72 | 99 | 72 | ||
Total gross reserves for insurance losses and loss adjustment expenses, ending balance | $ 203 | $ 152 | $ 203 | $ 152 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Expenses [Abstract] | ||||
Insurance commissions | $ 161 | $ 158 | $ 322 | $ 315 |
Technology and communications | 103 | 111 | 209 | 219 |
Advertising and marketing | 79 | 79 | 152 | 157 |
Property and equipment depreciation | 57 | 48 | 114 | 95 |
Regulatory and licensing fees | 38 | 39 | 92 | 74 |
Lease and loan administration | 43 | 53 | 91 | 101 |
Professional services | 39 | 36 | 70 | 68 |
Vehicle remarketing and repossession | 32 | 28 | 65 | 55 |
Amortization of intangible assets | 5 | 6 | 11 | 13 |
Other | 106 | 109 | 214 | 211 |
Total other operating expenses | $ 663 | $ 667 | $ 1,340 | $ 1,308 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Portfolio (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2024 | |
Available-for-sale securities | ||
Total | $ 28,416,000,000 | $ 27,705,000,000 |
Gross unrealized gains | 9,000,000 | 4,000,000 |
Gross unrealized losses | (4,010,000,000) | (4,509,000,000) |
Fair value | 24,415,000,000 | 23,200,000,000 |
Held-to-maturity securities | ||
Amortized cost | 4,680,000,000 | 4,548,000,000 |
Gross unrealized gains | 222,000,000 | 151,000,000 |
Gross unrealized losses | (173,000,000) | (196,000,000) |
Fair value | 4,729,000,000 | 4,503,000,000 |
Debt securities, available-for-sale, accrued interest receivable | $ 76,000,000 | $ 74,000,000 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest | $ 0 | $ 0 |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 |
Debt securities, held-to-maturity, accrued interest receivable | 13,000,000 | 13,000,000 |
Debt securities, transferred from available-for-sale To held-to-maturity, fair value | 3,600,000,000 | |
Debt securities, transferred from available-for-sale to held-to-maturity, accumulated gross unrealized loss, before tax | 911,000,000 | |
Operating Segments | Insurance operations | ||
Held-to-maturity securities | ||
Deposit securities | 12,000,000 | 12,000,000 |
Asset Pledged as Collateral with Right | ||
Available-for-sale securities | ||
Fair value | 4,700,000,000 | 5,200,000,000 |
Held-to-maturity securities | ||
Securities with the right to sell or pledge | 1,400,000,000 | 2,100,000,000 |
Asset Pledged as Collateral with Right | Federal Home Loan Bank advances | ||
Held-to-maturity securities | ||
Securities with the right to sell or pledge | 3,300,000,000 | 3,100,000,000 |
U.S. Treasury and federal agencies | ||
Available-for-sale securities | ||
Total | 2,284,000,000 | 2,274,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (209,000,000) | (227,000,000) |
Fair value | 2,075,000,000 | 2,047,000,000 |
U.S. States and political subdivisions | ||
Available-for-sale securities | ||
Total | 727,000,000 | 704,000,000 |
Gross unrealized gains | 1,000,000 | 0 |
Gross unrealized losses | (70,000,000) | (82,000,000) |
Fair value | 658,000,000 | 622,000,000 |
Foreign government | ||
Available-for-sale securities | ||
Total | 190,000,000 | 183,000,000 |
Gross unrealized gains | 1,000,000 | 1,000,000 |
Gross unrealized losses | (8,000,000) | (9,000,000) |
Fair value | 183,000,000 | 175,000,000 |
Agency mortgage-backed residential | ||
Available-for-sale securities | ||
Total | 18,122,000,000 | 17,491,000,000 |
Gross unrealized gains | 1,000,000 | 0 |
Gross unrealized losses | (2,739,000,000) | (3,155,000,000) |
Fair value | 15,384,000,000 | 14,336,000,000 |
Held-to-maturity securities | ||
Amortized cost | 999,000,000 | 966,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (173,000,000) | (196,000,000) |
Fair value | 826,000,000 | 770,000,000 |
Hedged liability, fair value hedge, cumulative increase (decrease) | 94,000,000 | |
Hedged asset, fair value hedge, cumulative increase (decrease) | 46,000,000 | |
Mortgage-backed residential | ||
Available-for-sale securities | ||
Total | 268,000,000 | 259,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (43,000,000) | (45,000,000) |
Fair value | 225,000,000 | 214,000,000 |
Held-to-maturity securities | ||
Amortized cost | 3,603,000,000 | 3,472,000,000 |
Gross unrealized gains | 221,000,000 | 150,000,000 |
Gross unrealized losses | 0 | 0 |
Fair value | 3,824,000,000 | 3,622,000,000 |
Agency mortgage-backed commercial | ||
Available-for-sale securities | ||
Total | 4,539,000,000 | 4,650,000,000 |
Gross unrealized gains | 2,000,000 | 1,000,000 |
Gross unrealized losses | (783,000,000) | (839,000,000) |
Fair value | 3,758,000,000 | 3,812,000,000 |
Held-to-maturity securities | ||
Hedged liability, fair value hedge, cumulative increase (decrease) | 42,000,000 | |
Hedged asset, fair value hedge, cumulative increase (decrease) | 29,000,000 | |
Asset-backed | ||
Available-for-sale securities | ||
Total | 344,000,000 | 266,000,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (12,000,000) | (6,000,000) |
Fair value | 332,000,000 | 260,000,000 |
Held-to-maturity securities | ||
Amortized cost | 78,000,000 | 110,000,000 |
Gross unrealized gains | 1,000,000 | 1,000,000 |
Gross unrealized losses | 0 | 0 |
Fair value | 79,000,000 | 111,000,000 |
Corporate debt | ||
Available-for-sale securities | ||
Total | 1,942,000,000 | 1,878,000,000 |
Gross unrealized gains | 4,000,000 | 2,000,000 |
Gross unrealized losses | (146,000,000) | (146,000,000) |
Fair value | $ 1,800,000,000 | $ 1,734,000,000 |
Investment Securities - Sched_2
Investment Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Amount | ||
Total available-for-sale securities | $ 23,200 | $ 24,415 |
Due in one year or less | 546 | 449 |
Due after one year through five years | 2,525 | 2,672 |
Due after five years through ten years | 3,207 | 3,279 |
Due after ten years | $ 16,922 | $ 18,015 |
Yield | ||
Total | 2.50% | 2.50% |
Due in one year or less | 1.80% | 1.70% |
Due after one year through five years | 2.20% | 2.10% |
Due after five years through ten years | 2.50% | 2.40% |
Due after ten years | 2.50% | 2.50% |
Amortized cost of available-for-sale securities | ||
Total | $ 27,705 | $ 28,416 |
Due in one year or less | 556 | 461 |
Due after one year through five years | 2,705 | 2,844 |
Due after five years through ten years | 3,704 | 3,746 |
Due after ten years | 20,740 | 21,365 |
Amount | ||
Total | 4,548 | 4,680 |
Due in one year or less | 4 | 1 |
Due after one year through five years | 72 | 41 |
Due after five years through ten years | 45 | 14 |
Due after ten years | $ 4,427 | $ 4,624 |
Yield | ||
Total | 2.90% | 2.80% |
Due in one year or less | 5.50% | 5.60% |
Due after one year through five years | 5.40% | 5.60% |
Due after five years through ten years | 5% | 3.40% |
Due after ten years | 2.80% | 2.80% |
Cash equivalents | $ 385 | $ 36 |
U.S. Treasury and federal agencies | ||
Amount | ||
Total available-for-sale securities | 2,047 | 2,075 |
Due in one year or less | 256 | 215 |
Due after one year through five years | 1,065 | 1,120 |
Due after five years through ten years | 726 | 740 |
Due after ten years | $ 0 | $ 0 |
Yield | ||
Total | 1.50% | 1.60% |
Due in one year or less | 0.80% | 0.90% |
Due after one year through five years | 1.50% | 1.50% |
Due after five years through ten years | 1.90% | 1.90% |
Due after ten years | 0% | 0% |
Amortized cost of available-for-sale securities | ||
Total | $ 2,274 | $ 2,284 |
U.S. States and political subdivisions | ||
Amount | ||
Total available-for-sale securities | 622 | 658 |
Due in one year or less | 5 | 4 |
Due after one year through five years | 60 | 55 |
Due after five years through ten years | 104 | 110 |
Due after ten years | $ 453 | $ 489 |
Yield | ||
Total | 3.20% | 3.20% |
Due in one year or less | 3.90% | 3.40% |
Due after one year through five years | 3% | 2.70% |
Due after five years through ten years | 3.80% | 3.60% |
Due after ten years | 3.10% | 3.10% |
Amortized cost of available-for-sale securities | ||
Total | $ 704 | $ 727 |
Foreign government | ||
Amount | ||
Total available-for-sale securities | 175 | 183 |
Due in one year or less | 35 | 20 |
Due after one year through five years | 53 | 82 |
Due after five years through ten years | 87 | 81 |
Due after ten years | $ 0 | $ 0 |
Yield | ||
Total | 2.50% | 2.30% |
Due in one year or less | 1.90% | 1.30% |
Due after one year through five years | 2.50% | 2.40% |
Due after five years through ten years | 2.70% | 2.50% |
Due after ten years | 0% | 0% |
Amortized cost of available-for-sale securities | ||
Total | $ 183 | $ 190 |
Agency mortgage-backed residential | ||
Amount | ||
Total available-for-sale securities | 14,336 | 15,384 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 8 | 10 |
Due after five years through ten years | 28 | 32 |
Due after ten years | $ 14,300 | $ 15,342 |
Yield | ||
Total | 2.60% | 2.60% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 1.90% | 1.90% |
Due after five years through ten years | 2.50% | 2.50% |
Due after ten years | 2.60% | 2.60% |
Amortized cost of available-for-sale securities | ||
Total | $ 17,491 | $ 18,122 |
Amount | ||
Total | 966 | 999 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Due after ten years | $ 966 | $ 999 |
Yield | ||
Total | 2.80% | 2.80% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 0% | 0% |
Due after five years through ten years | 0% | 0% |
Due after ten years | 2.80% | 2.80% |
Hedged liability, fair value hedge, cumulative increase (decrease) | $ 94 | |
Hedged asset, fair value hedge, cumulative increase (decrease) | $ 46 | |
Mortgage-backed residential | ||
Amount | ||
Total available-for-sale securities | 214 | 225 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Due after ten years | $ 214 | $ 225 |
Yield | ||
Total | 2.70% | 2.70% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 0% | 0% |
Due after five years through ten years | 0% | 0% |
Due after ten years | 2.70% | 2.70% |
Amortized cost of available-for-sale securities | ||
Total | $ 259 | $ 268 |
Amount | ||
Total | 3,472 | 3,603 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 11 | 12 |
Due after ten years | $ 3,461 | $ 3,591 |
Yield | ||
Total | 2.80% | 2.80% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 0% | 0% |
Due after five years through ten years | 3% | 3% |
Due after ten years | 2.80% | 2.80% |
Agency mortgage-backed commercial | ||
Amount | ||
Total available-for-sale securities | $ 3,812 | $ 3,758 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 266 | 163 |
Due after five years through ten years | 1,609 | 1,641 |
Due after ten years | $ 1,937 | $ 1,954 |
Yield | ||
Total | 2.40% | 2.30% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 3.70% | 3.80% |
Due after five years through ten years | 2.40% | 2.40% |
Due after ten years | 2.20% | 2.10% |
Amortized cost of available-for-sale securities | ||
Total | $ 4,650 | $ 4,539 |
Yield | ||
Hedged liability, fair value hedge, cumulative increase (decrease) | 42 | |
Hedged asset, fair value hedge, cumulative increase (decrease) | 29 | |
Asset-backed | ||
Amount | ||
Total available-for-sale securities | 260 | 332 |
Due in one year or less | 0 | 0 |
Due after one year through five years | 255 | 327 |
Due after five years through ten years | 5 | 4 |
Due after ten years | $ 0 | $ 1 |
Yield | ||
Total | 1.70% | 1.70% |
Due in one year or less | 0% | 0% |
Due after one year through five years | 1.70% | 1.70% |
Due after five years through ten years | 3.90% | 3.90% |
Due after ten years | 0% | 2.70% |
Amortized cost of available-for-sale securities | ||
Total | $ 266 | $ 344 |
Amount | ||
Total | 110 | 78 |
Due in one year or less | 4 | 1 |
Due after one year through five years | 72 | 41 |
Due after five years through ten years | 34 | 2 |
Due after ten years | $ 0 | $ 34 |
Yield | ||
Total | 5.40% | 5.60% |
Due in one year or less | 5.50% | 5.60% |
Due after one year through five years | 5.40% | 5.60% |
Due after five years through ten years | 5.50% | 6% |
Due after ten years | 0% | 5.60% |
Corporate debt | ||
Amount | ||
Total available-for-sale securities | $ 1,734 | $ 1,800 |
Due in one year or less | 250 | 210 |
Due after one year through five years | 818 | 915 |
Due after five years through ten years | 648 | 671 |
Due after ten years | $ 18 | $ 4 |
Yield | ||
Total | 2.90% | 2.70% |
Due in one year or less | 2.90% | 2.40% |
Due after one year through five years | 2.60% | 2.60% |
Due after five years through ten years | 3.10% | 2.90% |
Due after ten years | 5.60% | 6.20% |
Amortized cost of available-for-sale securities | ||
Total | $ 1,878 | $ 1,942 |
Investment Securities - Sched_3
Investment Securities - Schedule of Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Taxable interest | $ 244 | $ 229 | $ 489 | $ 446 |
Taxable dividends | 6 | 4 | 10 | 7 |
Interest and dividends exempt from U.S. federal income tax | 5 | 5 | 11 | 11 |
Interest and dividends on investment securities | $ 255 | $ 238 | $ 510 | $ 464 |
Investment Securities - Sched_4
Investment Securities - Schedule Of Realized Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 0 | $ 0 | $ 1 | $ 5 |
Net realized gain on available-for-sale securities | 0 | 0 | 1 | 5 |
Net realized gain on equity securities | 21 | 1 | 38 | 6 |
Net unrealized (loss) gain on equity securities | (28) | 25 | (17) | 89 |
Other (loss) gain on investments, net | $ (7) | $ 26 | $ 22 | $ 100 |
Investment securities - Sched_5
Investment securities - Schedule of Investments Classified by Credit Rating (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 4,548 | $ 4,680 |
Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 966 | 999 |
Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,472 | 3,603 |
Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 110 | 78 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,477 | 3,570 |
AAA | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
AAA | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3,375 | 3,497 |
AAA | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 102 | 73 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,054 | 1,094 |
AA | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 966 | 999 |
AA | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 85 | 93 |
AA | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3 | 2 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 15 | 15 |
A | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
A | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 12 | 13 |
A | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 3 | 2 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 2 | 1 |
BBB | Agency mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
BBB | Mortgage-backed residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
BBB | Asset-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 2 | $ 1 |
Investment Securities - Sched_6
Investment Securities - Schedule of Unrealized Loss on Investments (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Less than 12 months | ||
Fair value | $ 399,000,000 | $ 590,000,000 |
Unrealized loss | (6,000,000) | (10,000,000) |
12 months or longer | ||
Fair value | 22,426,000,000 | 23,331,000,000 |
Unrealized loss | (4,503,000,000) | (4,000,000,000) |
Credit reserves, available-for-sale | 0 | 0 |
Credit reserves, held-to-maturity | 0 | 0 |
U.S. Treasury and federal agencies | ||
Less than 12 months | ||
Fair value | 0 | 0 |
Unrealized loss | 0 | 0 |
12 months or longer | ||
Fair value | 2,047,000,000 | 2,075,000,000 |
Unrealized loss | (227,000,000) | (209,000,000) |
U.S. States and political subdivisions | ||
Less than 12 months | ||
Fair value | 65,000,000 | 70,000,000 |
Unrealized loss | (1,000,000) | 0 |
12 months or longer | ||
Fair value | 524,000,000 | 501,000,000 |
Unrealized loss | (81,000,000) | (70,000,000) |
Foreign government | ||
Less than 12 months | ||
Fair value | 16,000,000 | 16,000,000 |
Unrealized loss | 0 | 0 |
12 months or longer | ||
Fair value | 134,000,000 | 134,000,000 |
Unrealized loss | (9,000,000) | (8,000,000) |
Agency mortgage-backed residential | ||
Less than 12 months | ||
Fair value | 92,000,000 | 300,000,000 |
Unrealized loss | (1,000,000) | (5,000,000) |
12 months or longer | ||
Fair value | 14,231,000,000 | 15,015,000,000 |
Unrealized loss | (3,154,000,000) | (2,734,000,000) |
Mortgage-backed residential | ||
Less than 12 months | ||
Fair value | 0 | 0 |
Unrealized loss | 0 | 0 |
12 months or longer | ||
Fair value | 214,000,000 | 225,000,000 |
Unrealized loss | (45,000,000) | (43,000,000) |
Agency mortgage-backed commercial | ||
Less than 12 months | ||
Fair value | 138,000,000 | 153,000,000 |
Unrealized loss | (2,000,000) | (4,000,000) |
12 months or longer | ||
Fair value | 3,523,000,000 | 3,472,000,000 |
Unrealized loss | (837,000,000) | (779,000,000) |
Asset-backed | ||
Less than 12 months | ||
Fair value | 0 | 18,000,000 |
Unrealized loss | 0 | 0 |
12 months or longer | ||
Fair value | 252,000,000 | 302,000,000 |
Unrealized loss | (6,000,000) | (12,000,000) |
Corporate debt | ||
Less than 12 months | ||
Fair value | 88,000,000 | 33,000,000 |
Unrealized loss | (2,000,000) | (1,000,000) |
12 months or longer | ||
Fair value | 1,501,000,000 | 1,607,000,000 |
Unrealized loss | $ (144,000,000) | $ (145,000,000) |
Finance Receivables and Loans_3
Finance Receivables and Loans, Net - Schedule of Accounts, Notes, Loans and Financing Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | $ 138,783 | $ 139,439 |
Unamortized premiums and discounts and deferred fees and costs | 2,300 | 2,300 |
Accrued interest receivable | 846 | 853 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 103,585 | 104,977 |
Consumer | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 83,528 | 84,320 |
Consumer | Consumer mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 18,008 | 18,667 |
Consumer | Mortgage Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 17,803 | 18,442 |
Interest-only mortgage loans | 2 | 2 |
Consumer | Mortgage — Legacy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 205 | 225 |
Interest-only mortgage loans | 12 | 13 |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 2,049 | 1,990 |
Consumer | Credit Card | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 2,049 | 1,990 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 35,198 | 34,462 |
Commercial | Automotive | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 20,551 | 18,700 |
Commercial | Consumer mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | 6,210 | 6,050 |
Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total finance receivables and loans | $ 8,437 | $ 9,712 |
Finance Receivables and Loans_4
Finance Receivables and Loans, Net - Schedule of Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Allowance, beginning balance | $ 3,550 | $ 3,751 | $ 3,587 | $ 3,711 | $ 3,711 | ||
Charge-offs | (676) | (629) | (1,434) | (1,230) | (2,720) | ||
Recoveries | 241 | 230 | 460 | 422 | |||
Net charge-offs | (435) | (399) | (974) | (808) | |||
Write-downs from transfers to held-for-sale | (5) | ||||||
Provision for credit losses | 457 | 429 | 964 | 878 | |||
Other | 0 | 0 | |||||
Allowance, ending balance | 3,572 | 3,781 | 3,572 | 3,781 | 3,587 | ||
Unfunded Loan Commitment | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Provision for credit losses | (2) | (5) | |||||
Consumer | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Charge-offs | (1,432) | (2,590) | |||||
Consumer | Automotive | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Allowance, beginning balance | 3,050 | 3,022 | 3,083 | 3,020 | 3,020 | ||
Charge-offs | (605) | (496) | (1,293) | (1,032) | (2,284) | ||
Recoveries | 227 | 219 | 438 | 404 | |||
Net charge-offs | (378) | (277) | (855) | (628) | |||
Write-downs from transfers to held-for-sale | (5) | (41) | |||||
Provision for credit losses | 383 | 320 | 832 | 673 | |||
Other | (1) | (1) | |||||
Allowance, ending balance | 3,055 | 3,064 | 3,055 | 3,064 | 3,083 | ||
Consumer | Consumer mortgage | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Allowance, beginning balance | 21 | 23 | 21 | 27 | 27 | ||
Charge-offs | 0 | (2) | (1) | (3) | (3) | ||
Recoveries | 1 | 3 | 2 | 5 | |||
Net charge-offs | 1 | 1 | 1 | 2 | |||
Write-downs from transfers to held-for-sale | 0 | ||||||
Provision for credit losses | (3) | (2) | (3) | (6) | |||
Other | 1 | 0 | |||||
Allowance, ending balance | 19 | 23 | 19 | 23 | 21 | ||
Consumer | Consumer other | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Allowance, beginning balance | 291 | 455 | 293 | 426 | 426 | ||
Charge-offs | (70) | (70) | (138) | (134) | (303) | ||
Recoveries | 8 | 7 | 14 | 12 | |||
Net charge-offs | (62) | (63) | (124) | (122) | |||
Write-downs from transfers to held-for-sale | 0 | (174) | |||||
Provision for credit losses | 73 | 84 | 133 | 172 | |||
Other | 0 | 0 | |||||
Allowance, ending balance | 302 | 476 | 302 | 476 | 293 | ||
Fair value, option, carrying amount, financing receivable, no allowance | $ 2 | $ 3 | |||||
Commercial | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Allowance, beginning balance | 188 | 251 | 190 | 238 | 238 | ||
Charge-offs | (1) | (61) | (2) | (61) | (130) | ||
Recoveries | 5 | 1 | 6 | 1 | |||
Net charge-offs | 4 | (60) | 4 | (60) | |||
Write-downs from transfers to held-for-sale | 0 | ||||||
Provision for credit losses | 4 | 27 | 2 | 39 | |||
Other | 0 | 1 | |||||
Allowance, ending balance | $ 196 | $ 218 | 196 | $ 218 | 190 | ||
Commercial | Automotive | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Charge-offs | $ (2) | (24) | |||||
Commercial | Consumer other | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||
Charge-offs | $ (106) |
Finance Receivables and Loans_5
Finance Receivables and Loans, Net - Schedule of Sales of Financing Receivables and Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total sales and transfers | $ 237 | $ 0 | $ 1,390 | $ 1 |
Consumer | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total sales and transfers | 0 | 0 | 1,108 | 0 |
Consumer | Consumer mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total sales and transfers | 117 | 0 | 117 | 1 |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total sales and transfers | $ 120 | $ 0 | $ 165 | $ 0 |
Finance Receivables and Loans_6
Finance Receivables and Loans, Net - Schedule of Purchases of Financing Receivables and Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total purchases of finance receivables and loans | $ 598 | $ 1,085 | $ 1,583 | $ 1,852 |
Consumer | Automotive | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total purchases of finance receivables and loans | 594 | 1,080 | 1,575 | 1,838 |
Consumer | Consumer mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total purchases of finance receivables and loans | 4 | 5 | 8 | 7 |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total purchases of finance receivables and loans | $ 0 | $ 0 | $ 0 | $ 7 |
Finance Receivables and Loans_7
Finance Receivables and Loans, Net - Schedule of Financing Receivables, Nonaccrual Status (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | $ 1,215 | $ 1,215 | $ 1,252 | $ 1,394 | $ 1,384 | $ 1,454 | ||
Financing receivable, nonaccrual, with no allowance | 534 | 534 | 585 | |||||
Financing receivable, nonaccrual, interest income | 5 | $ 4 | 10 | $ 7 | ||||
Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 1,099 | 1,099 | 1,149 | 1,275 | 1,225 | 1,292 | ||
Financing receivable, nonaccrual, with no allowance | 523 | 523 | 564 | |||||
Consumer | Automotive | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 978 | 978 | 1,010 | 1,129 | 1,110 | 1,187 | ||
Financing receivable, nonaccrual, with no allowance | 492 | 492 | 531 | |||||
Consumer | Consumer mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 41 | 41 | 45 | 54 | 49 | 49 | ||
Financing receivable, nonaccrual, with no allowance | 31 | 31 | 33 | |||||
Consumer | Mortgage Finance | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 32 | 32 | 33 | 41 | 34 | 34 | ||
Financing receivable, nonaccrual, with no allowance | 22 | 22 | 21 | |||||
Consumer | Mortgage — Legacy | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 9 | 9 | 12 | 13 | 15 | 15 | ||
Financing receivable, nonaccrual, with no allowance | 9 | 9 | 12 | |||||
Consumer | Other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 80 | 80 | 94 | 92 | 66 | 56 | ||
Financing receivable, nonaccrual, with no allowance | 0 | 0 | 0 | |||||
Consumer | Personal Lending | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 0 | 12 | 13 | |||||
Financing receivable, nonaccrual, with no allowance | 0 | |||||||
Consumer | Credit Card | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 80 | 80 | 94 | 92 | 54 | 43 | ||
Financing receivable, nonaccrual, with no allowance | 0 | 0 | 0 | |||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 116 | 116 | 103 | 119 | 159 | 162 | ||
Financing receivable, nonaccrual, with no allowance | 11 | 11 | 21 | |||||
Commercial | Automotive | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 18 | 18 | 5 | 18 | 0 | 5 | ||
Financing receivable, nonaccrual, with no allowance | 5 | 5 | 13 | |||||
Commercial | Consumer mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 2 | 2 | 1 | 3 | 0 | 0 | ||
Financing receivable, nonaccrual, with no allowance | 2 | 2 | 3 | |||||
Commercial | Other | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, recorded investment, nonaccrual status | 96 | 96 | $ 97 | 98 | $ 159 | $ 157 | ||
Financing receivable, nonaccrual, with no allowance | $ 4 | $ 4 | $ 5 |
Finance Receivables and Loans_8
Finance Receivables and Loans, Net - Schedule of Financing Receivable Credit Quality Indicators Consumer (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 138,783 | $ 139,439 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | 103,585 | 104,977 |
Consumer | Consumer automotive, excludes basis adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 16,621 | 31,450 |
Year two, originated, fiscal year before current fiscal year | 26,122 | 25,350 |
Year three, originated, two years before current fiscal year | 20,620 | 15,373 |
Year four, originated, three years before current fiscal year | 12,047 | 6,555 |
Year five, originated, four years before current fiscal year | 4,780 | 3,587 |
Originated, more than five years before current fiscal year | 3,487 | 2,071 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 83,677 | 84,386 |
Liability excluded from amortized cost of hedged asset, portfolio layer method | 149 | 66 |
Consumer | Consumer mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 19 | 153 |
Year two, originated, fiscal year before current fiscal year | 68 | 2,181 |
Year three, originated, two years before current fiscal year | 2,117 | 10,396 |
Year four, originated, three years before current fiscal year | 10,117 | 1,843 |
Year five, originated, four years before current fiscal year | 1,789 | 752 |
Originated, more than five years before current fiscal year | 3,749 | 3,178 |
Revolving loans | 131 | 145 |
Revolving loans converted to term | 18 | 19 |
Total finance receivables and loans | 18,008 | 18,667 |
Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 19 | 153 |
Year two, originated, fiscal year before current fiscal year | 68 | 2,181 |
Year three, originated, two years before current fiscal year | 2,117 | 10,396 |
Year four, originated, three years before current fiscal year | 10,117 | 1,843 |
Year five, originated, four years before current fiscal year | 1,789 | 752 |
Originated, more than five years before current fiscal year | 3,693 | 3,117 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 17,803 | 18,442 |
Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 56 | 61 |
Revolving loans | 131 | 145 |
Revolving loans converted to term | 18 | 19 |
Total finance receivables and loans | 205 | 225 |
Consumer | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 2,049 | 1,990 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 2,049 | 1,990 |
Consumer | Credit card receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 2,049 | 1,990 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 2,049 | 1,990 |
Consumer Portfolio Segment, Excludes Basis Adjustment for Automotive Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 16,640 | 31,603 |
Year two, originated, fiscal year before current fiscal year | 26,190 | 27,531 |
Year three, originated, two years before current fiscal year | 22,737 | 25,769 |
Year four, originated, three years before current fiscal year | 22,164 | 8,398 |
Year five, originated, four years before current fiscal year | 6,569 | 4,339 |
Originated, more than five years before current fiscal year | 7,236 | 5,249 |
Revolving loans | 2,180 | 2,135 |
Revolving loans converted to term | 18 | 19 |
Total finance receivables and loans | 103,734 | 105,043 |
Current | Consumer | Consumer automotive, excludes basis adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 16,472 | 30,677 |
Year two, originated, fiscal year before current fiscal year | 25,093 | 23,699 |
Year three, originated, two years before current fiscal year | 19,143 | 14,209 |
Year four, originated, three years before current fiscal year | 11,071 | 6,132 |
Year five, originated, four years before current fiscal year | 4,441 | 3,306 |
Originated, more than five years before current fiscal year | 3,169 | 1,876 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 79,389 | 79,899 |
Current | Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 19 | 152 |
Year two, originated, fiscal year before current fiscal year | 68 | 2,170 |
Year three, originated, two years before current fiscal year | 2,105 | 10,374 |
Year four, originated, three years before current fiscal year | 10,093 | 1,836 |
Year five, originated, four years before current fiscal year | 1,787 | 747 |
Originated, more than five years before current fiscal year | 3,647 | 3,073 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 17,719 | 18,352 |
Current | Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 48 | 51 |
Revolving loans | 129 | 142 |
Revolving loans converted to term | 16 | 17 |
Total finance receivables and loans | 193 | 210 |
Current | Consumer | Credit card receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 1,910 | 1,828 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1,910 | 1,828 |
30–59 days past due | Consumer | Consumer automotive, excludes basis adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 114 | 539 |
Year two, originated, fiscal year before current fiscal year | 675 | 1,041 |
Year three, originated, two years before current fiscal year | 907 | 739 |
Year four, originated, three years before current fiscal year | 616 | 270 |
Year five, originated, four years before current fiscal year | 213 | 181 |
Originated, more than five years before current fiscal year | 202 | 122 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 2,727 | 2,892 |
30–59 days past due | Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 1 |
Year two, originated, fiscal year before current fiscal year | 0 | 8 |
Year three, originated, two years before current fiscal year | 7 | 14 |
Year four, originated, three years before current fiscal year | 15 | 3 |
Year five, originated, four years before current fiscal year | 0 | 3 |
Originated, more than five years before current fiscal year | 21 | 20 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 43 | 49 |
30–59 days past due | Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 3 | 3 |
Revolving loans | 1 | 0 |
Revolving loans converted to term | 0 | 1 |
Total finance receivables and loans | 4 | 4 |
30–59 days past due | Consumer | Credit card receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 33 | 39 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 33 | 39 |
60–89 days past due | Consumer | Consumer automotive, excludes basis adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 28 | 170 |
Year two, originated, fiscal year before current fiscal year | 259 | 443 |
Year three, originated, two years before current fiscal year | 418 | 303 |
Year four, originated, three years before current fiscal year | 262 | 109 |
Year five, originated, four years before current fiscal year | 90 | 68 |
Originated, more than five years before current fiscal year | 74 | 45 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1,131 | 1,138 |
60–89 days past due | Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 2 |
Year three, originated, two years before current fiscal year | 4 | 4 |
Year four, originated, three years before current fiscal year | 4 | 3 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 6 | 5 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 14 | 14 |
60–89 days past due | Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 1 | |
Revolving loans | 1 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 2 | |
60–89 days past due | Consumer | Credit card receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 29 | 34 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 29 | 34 |
90 or more days past due | Consumer | Consumer automotive, excludes basis adjustment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 7 | 64 |
Year two, originated, fiscal year before current fiscal year | 95 | 167 |
Year three, originated, two years before current fiscal year | 152 | 122 |
Year four, originated, three years before current fiscal year | 98 | 44 |
Year five, originated, four years before current fiscal year | 36 | 32 |
Originated, more than five years before current fiscal year | 42 | 28 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 430 | 457 |
90 or more days past due | Consumer | Mortgage Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 1 |
Year three, originated, two years before current fiscal year | 1 | 4 |
Year four, originated, three years before current fiscal year | 5 | 1 |
Year five, originated, four years before current fiscal year | 2 | 2 |
Originated, more than five years before current fiscal year | 19 | 19 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 27 | 27 |
90 or more days past due | Consumer | Mortgage — Legacy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 5 | 6 |
Revolving loans | 1 | 2 |
Revolving loans converted to term | 2 | 1 |
Total finance receivables and loans | 8 | 9 |
90 or more days past due | Consumer | Credit card receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 77 | 89 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | $ 77 | $ 89 |
Finance Receivables and Loans_9
Finance Receivables and Loans, Net - Schedule of Financing Receivable Credit Quality Indicators Commercial (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total finance receivables and loans | $ 138,783 | $ 139,439 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 1,054 | 1,820 |
Year two, originated, fiscal year before current fiscal year | 1,794 | 2,845 |
Year three, originated, two years before current fiscal year | 2,566 | 1,929 |
Year four, originated, three years before current fiscal year | 1,827 | 1,597 |
Year five, originated, four years before current fiscal year | 1,366 | 1,002 |
Originated, more than five years before current fiscal year | 1,908 | 1,223 |
Revolving loans | 24,450 | 23,811 |
Revolving loans converted to term | 233 | 235 |
Total finance receivables and loans | 35,198 | 34,462 |
Automotive | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 348 | 515 |
Year two, originated, fiscal year before current fiscal year | 439 | 520 |
Year three, originated, two years before current fiscal year | 454 | 195 |
Year four, originated, three years before current fiscal year | 168 | 98 |
Year five, originated, four years before current fiscal year | 83 | 59 |
Originated, more than five years before current fiscal year | 76 | 37 |
Revolving loans | 18,983 | 17,276 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 20,551 | 18,700 |
Automotive | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 343 | 509 |
Year two, originated, fiscal year before current fiscal year | 416 | 512 |
Year three, originated, two years before current fiscal year | 420 | 165 |
Year four, originated, three years before current fiscal year | 146 | 97 |
Year five, originated, four years before current fiscal year | 80 | 58 |
Originated, more than five years before current fiscal year | 64 | 22 |
Revolving loans | 17,869 | 16,446 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 19,338 | 17,809 |
Automotive | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 5 | 6 |
Year two, originated, fiscal year before current fiscal year | 23 | 7 |
Year three, originated, two years before current fiscal year | 34 | 30 |
Year four, originated, three years before current fiscal year | 22 | 1 |
Year five, originated, four years before current fiscal year | 3 | 1 |
Originated, more than five years before current fiscal year | 12 | 14 |
Revolving loans | 1,045 | 723 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1,144 | 782 |
Automotive | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 1 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 0 |
Revolving loans | 69 | 44 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 69 | 45 |
Automotive | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 1 | |
Revolving loans | 63 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 64 | |
Other | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 335 | 331 |
Year two, originated, fiscal year before current fiscal year | 325 | 854 |
Year three, originated, two years before current fiscal year | 720 | 577 |
Year four, originated, three years before current fiscal year | 538 | 614 |
Year five, originated, four years before current fiscal year | 423 | 318 |
Originated, more than five years before current fiscal year | 523 | 374 |
Revolving loans | 5,367 | 6,435 |
Revolving loans converted to term | 206 | 209 |
Total finance receivables and loans | 8,437 | 9,712 |
Other | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 335 | 331 |
Year two, originated, fiscal year before current fiscal year | 298 | 646 |
Year three, originated, two years before current fiscal year | 358 | 343 |
Year four, originated, three years before current fiscal year | 300 | 405 |
Year five, originated, four years before current fiscal year | 193 | 266 |
Originated, more than five years before current fiscal year | 302 | 180 |
Revolving loans | 5,183 | 6,202 |
Revolving loans converted to term | 176 | 173 |
Total finance receivables and loans | 7,145 | 8,546 |
Other | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 208 |
Year three, originated, two years before current fiscal year | 362 | 188 |
Year four, originated, three years before current fiscal year | 194 | 206 |
Year five, originated, four years before current fiscal year | 173 | 51 |
Originated, more than five years before current fiscal year | 111 | 85 |
Revolving loans | 153 | 198 |
Revolving loans converted to term | 19 | 25 |
Total finance receivables and loans | 1,012 | 961 |
Other | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 27 | 0 |
Year three, originated, two years before current fiscal year | 0 | 46 |
Year four, originated, three years before current fiscal year | 44 | 3 |
Year five, originated, four years before current fiscal year | 57 | 0 |
Originated, more than five years before current fiscal year | 84 | 83 |
Revolving loans | 21 | 25 |
Revolving loans converted to term | 11 | 11 |
Total finance receivables and loans | 244 | 168 |
Other | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 0 |
Year three, originated, two years before current fiscal year | 0 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 26 | 26 |
Revolving loans | 10 | 10 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 36 | 36 |
Other | Loss | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 1 | |
Originated, more than five years before current fiscal year | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | 1 | |
Commercial real estate | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 371 | 974 |
Year two, originated, fiscal year before current fiscal year | 1,030 | 1,471 |
Year three, originated, two years before current fiscal year | 1,392 | 1,157 |
Year four, originated, three years before current fiscal year | 1,121 | 885 |
Year five, originated, four years before current fiscal year | 860 | 625 |
Originated, more than five years before current fiscal year | 1,309 | 812 |
Revolving loans | 100 | 100 |
Revolving loans converted to term | 27 | 26 |
Total finance receivables and loans | 6,210 | 6,050 |
Commercial real estate | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 370 | 971 |
Year two, originated, fiscal year before current fiscal year | 1,018 | 1,452 |
Year three, originated, two years before current fiscal year | 1,330 | 1,129 |
Year four, originated, three years before current fiscal year | 1,099 | 884 |
Year five, originated, four years before current fiscal year | 855 | 607 |
Originated, more than five years before current fiscal year | 1,291 | 811 |
Revolving loans | 100 | 100 |
Revolving loans converted to term | 27 | 26 |
Total finance receivables and loans | 6,090 | 5,980 |
Commercial real estate | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 1 | 3 |
Year two, originated, fiscal year before current fiscal year | 12 | 16 |
Year three, originated, two years before current fiscal year | 61 | 28 |
Year four, originated, three years before current fiscal year | 22 | 1 |
Year five, originated, four years before current fiscal year | 5 | 18 |
Originated, more than five years before current fiscal year | 17 | 0 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 118 | 66 |
Commercial real estate | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | 0 |
Year two, originated, fiscal year before current fiscal year | 0 | 3 |
Year three, originated, two years before current fiscal year | 1 | 0 |
Year four, originated, three years before current fiscal year | 0 | 0 |
Year five, originated, four years before current fiscal year | 0 | 0 |
Originated, more than five years before current fiscal year | 0 | 1 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total finance receivables and loans | 1 | $ 4 |
Commercial real estate | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, originated, current fiscal year | 0 | |
Year two, originated, fiscal year before current fiscal year | 0 | |
Year three, originated, two years before current fiscal year | 0 | |
Year four, originated, three years before current fiscal year | 0 | |
Year five, originated, four years before current fiscal year | 0 | |
Originated, more than five years before current fiscal year | 1 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total finance receivables and loans | $ 1 |
Finance Receivables and Loan_10
Finance Receivables and Loans, Net - Schedule of Past Due Financing Receivables and Loans Commercial (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | $ 138,783 | $ 139,439 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 35,198 | 34,462 |
Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 20,551 | 18,700 |
Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 8,437 | 9,712 |
Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 6,210 | 6,050 |
Total past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 1 | 5 |
Total past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Total past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 5 |
Total past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 1 | 0 |
30–59 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 2 |
30–59 days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
30–59 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 2 |
30–59 days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
60–89 days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 1 | 0 |
60–89 days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
60–89 days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
60–89 days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 1 | 0 |
90 or more days past due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 3 |
90 or more days past due | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
90 or more days past due | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 3 |
90 or more days past due | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 35,197 | 34,457 |
Current | Automotive | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 20,551 | 18,700 |
Current | Other | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | 8,437 | 9,707 |
Current | Commercial real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables and loans, net | $ 6,209 | $ 6,050 |
Finance Receivables and Loan_11
Finance Receivables and Loans, Net - Schedule of Financing Receivable Gross Charge-Offs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | $ 13 | $ 239 | |||
Year two, originated, current fiscal year, writeoff | 362 | 1,034 | |||
Year three, originated, current fiscal year, writeoff | 486 | 680 | |||
Year four, originated, current fiscal year, writeoff | 273 | 197 | |||
Year five, originated, current fiscal year, writeoff | 74 | 221 | |||
More than five years before current fiscal year, writeoff | 87 | 151 | |||
Revolving loans | 131 | 188 | |||
Revolving loans converted to term | 8 | 10 | |||
Total | $ 676 | $ 629 | 1,434 | $ 1,230 | 2,720 |
Write-downs from transfers to held-for-sale | 5 | ||||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 13 | 239 | |||
Year two, originated, current fiscal year, writeoff | 362 | 1,034 | |||
Year three, originated, current fiscal year, writeoff | 486 | 680 | |||
Year four, originated, current fiscal year, writeoff | 273 | 197 | |||
Year five, originated, current fiscal year, writeoff | 74 | 142 | |||
More than five years before current fiscal year, writeoff | 86 | 123 | |||
Revolving loans | 130 | 165 | |||
Revolving loans converted to term | 8 | 10 | |||
Total | 1,432 | 2,590 | |||
Consumer | Automotive | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 13 | 225 | |||
Year two, originated, current fiscal year, writeoff | 362 | 952 | |||
Year three, originated, current fiscal year, writeoff | 486 | 651 | |||
Year four, originated, current fiscal year, writeoff | 272 | 194 | |||
Year five, originated, current fiscal year, writeoff | 74 | 142 | |||
More than five years before current fiscal year, writeoff | 86 | 120 | |||
Revolving loans | 0 | 0 | |||
Revolving loans converted to term | 0 | 0 | |||
Total | 605 | 496 | 1,293 | 1,032 | 2,284 |
Write-downs from transfers to held-for-sale | 5 | 41 | |||
Consumer | Consumer mortgage | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 0 | |||
Year two, originated, current fiscal year, writeoff | 0 | 0 | |||
Year three, originated, current fiscal year, writeoff | 0 | 0 | |||
Year four, originated, current fiscal year, writeoff | 1 | 0 | |||
Year five, originated, current fiscal year, writeoff | 0 | 0 | |||
More than five years before current fiscal year, writeoff | 0 | 3 | |||
Revolving loans | 0 | 0 | |||
Revolving loans converted to term | 0 | 0 | |||
Total | 0 | 2 | 1 | 3 | 3 |
Write-downs from transfers to held-for-sale | 0 | ||||
Consumer | Mortgage Finance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 0 | |||
Year two, originated, current fiscal year, writeoff | 0 | 0 | |||
Year three, originated, current fiscal year, writeoff | 0 | 0 | |||
Year four, originated, current fiscal year, writeoff | 1 | 0 | |||
Year five, originated, current fiscal year, writeoff | 0 | 0 | |||
More than five years before current fiscal year, writeoff | 0 | 1 | |||
Revolving loans | 0 | 0 | |||
Revolving loans converted to term | 0 | 0 | |||
Total | 1 | 1 | |||
Consumer | Mortgage — Legacy | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | ||||
Year two, originated, current fiscal year, writeoff | 0 | ||||
Year three, originated, current fiscal year, writeoff | 0 | ||||
Year four, originated, current fiscal year, writeoff | 0 | ||||
Year five, originated, current fiscal year, writeoff | 0 | ||||
More than five years before current fiscal year, writeoff | 2 | ||||
Revolving loans | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 2 | ||||
Consumer | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 14 | |||
Year two, originated, current fiscal year, writeoff | 0 | 82 | |||
Year three, originated, current fiscal year, writeoff | 0 | 29 | |||
Year four, originated, current fiscal year, writeoff | 0 | 3 | |||
Year five, originated, current fiscal year, writeoff | 0 | 0 | |||
More than five years before current fiscal year, writeoff | 0 | 0 | |||
Revolving loans | 130 | 165 | |||
Revolving loans converted to term | 8 | 10 | |||
Total | 70 | 70 | 138 | 134 | 303 |
Write-downs from transfers to held-for-sale | 0 | 174 | |||
Consumer | Personal Lending | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 14 | ||||
Year two, originated, current fiscal year, writeoff | 82 | ||||
Year three, originated, current fiscal year, writeoff | 29 | ||||
Year four, originated, current fiscal year, writeoff | 3 | ||||
Year five, originated, current fiscal year, writeoff | 0 | ||||
More than five years before current fiscal year, writeoff | 0 | ||||
Revolving loans | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 128 | ||||
Consumer | Credit Card | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 0 | |||
Year two, originated, current fiscal year, writeoff | 0 | 0 | |||
Year three, originated, current fiscal year, writeoff | 0 | 0 | |||
Year four, originated, current fiscal year, writeoff | 0 | 0 | |||
Year five, originated, current fiscal year, writeoff | 0 | 0 | |||
More than five years before current fiscal year, writeoff | 0 | 0 | |||
Revolving loans | 130 | 165 | |||
Revolving loans converted to term | 8 | 10 | |||
Total | 138 | 175 | |||
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 0 | |||
Year two, originated, current fiscal year, writeoff | 0 | 0 | |||
Year three, originated, current fiscal year, writeoff | 0 | 0 | |||
Year four, originated, current fiscal year, writeoff | 0 | 0 | |||
Year five, originated, current fiscal year, writeoff | 0 | 79 | |||
More than five years before current fiscal year, writeoff | 1 | 28 | |||
Revolving loans | 1 | 23 | |||
Revolving loans converted to term | 0 | 0 | |||
Total | $ 1 | $ 61 | 2 | $ 61 | 130 |
Write-downs from transfers to held-for-sale | 0 | ||||
Commercial | Automotive | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | 0 | |||
Year two, originated, current fiscal year, writeoff | 0 | 0 | |||
Year three, originated, current fiscal year, writeoff | 0 | 0 | |||
Year four, originated, current fiscal year, writeoff | 0 | 0 | |||
Year five, originated, current fiscal year, writeoff | 0 | 0 | |||
More than five years before current fiscal year, writeoff | 1 | 5 | |||
Revolving loans | 1 | 19 | |||
Revolving loans converted to term | 0 | 0 | |||
Total | $ 2 | 24 | |||
Commercial | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one, originated, current fiscal year, writeoff | 0 | ||||
Year two, originated, current fiscal year, writeoff | 0 | ||||
Year three, originated, current fiscal year, writeoff | 0 | ||||
Year four, originated, current fiscal year, writeoff | 0 | ||||
Year five, originated, current fiscal year, writeoff | 79 | ||||
More than five years before current fiscal year, writeoff | 23 | ||||
Revolving loans | 4 | ||||
Revolving loans converted to term | 0 | ||||
Total | $ 106 |
Finance Receivables and Loan_12
Finance Receivables and Loans, Net - Schedule of Loan Modifications (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring | ||||||
Trial modifications, term | 3 months | |||||
Trial modifications, amount | $ 1 | $ 1 | $ 1 | $ 5 | ||
Total | 116 | $ 113 | $ 323 | $ 205 | ||
Percentage of total | 0.20% | 0.10% | ||||
Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 11 | 36 | $ 11 | $ 64 | ||
Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 98 | 61 | 299 | 86 | ||
Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 12 | 4 | 14 | ||
Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 5 | 3 | 9 | 6 | ||
Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 1 | 0 | 35 | ||
Consumer | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 105 | 41 | 204 | 98 | 382 | |
Consumer | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 36 | 85 | 293 | |||
Consumer | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 3 | 6 | 57 | |||
Consumer | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 3 | 20 | |||
Consumer | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 4 | 12 | |||
Consumer | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Consumer | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 98 | 25 | 191 | 43 | ||
Consumer | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 12 | 4 | 14 | ||
Consumer | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 5 | 3 | 9 | 6 | ||
Consumer | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 1 | 0 | 35 | ||
Consumer | Automotive | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 99 | $ 37 | 193 | $ 87 | $ 365 | |
Number of loans redefaulted | loan | 29 | 41 | 787 | |||
Amortized cost of loans redefaulted | $ 1 | $ 1 | $ 18 | |||
Consumer | Automotive | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 34 | 79 | 281 | |||
Consumer | Automotive | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 5 | 56 | |||
Consumer | Automotive | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 19 | |||
Consumer | Automotive | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 3 | 9 | |||
Consumer | Automotive | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Number of months extended/deferred | 29 months | 26 months | 29 months | 25 months | ||
Consumer | Automotive | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 97 | $ 25 | $ 190 | $ 40 | 359 | |
Consumer | Automotive | Contractual maturity extensions | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 24 | 38 | 280 | |||
Consumer | Automotive | Contractual maturity extensions | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 2 | 56 | |||
Consumer | Automotive | Contractual maturity extensions | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 19 | |||
Consumer | Automotive | Contractual maturity extensions | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 4 | |||
Consumer | Automotive | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 12 | 3 | 14 | 5 | |
Principal forgiveness, amount forgiven | 1 | 2 | 1 | 2 | ||
Consumer | Automotive | Principal forgiveness | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 10 | 10 | 0 | |||
Consumer | Automotive | Principal forgiveness | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | 0 | |||
Consumer | Automotive | Principal forgiveness | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Consumer | Automotive | Principal forgiveness | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 3 | 5 | |||
Consumer | Automotive | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Consumer | Automotive | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 33 | 1 | |
Interest rate concessions, initial rate | 0% | 0% | 0% | 10.40% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 9.80% | ||
Payment extensions, initial term | 75 months | |||||
Payment extensions, revised term | 85 months | |||||
Consumer | Automotive | Combination | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 31 | 1 | ||||
Consumer | Automotive | Combination | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 0 | ||||
Consumer | Automotive | Combination | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Automotive | Combination | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Consumer mortgage | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | $ 1 | $ 1 | 5 | 3 | |
Consumer | Consumer mortgage | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 3 | 3 | |||
Consumer | Consumer mortgage | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Consumer | Consumer mortgage | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 2 | 0 | |||
Consumer | Consumer mortgage | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Consumer | Consumer mortgage | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | 0 | $ 0 | $ 0 | ||
Number of months extended/deferred | 224 months | 223 months | 146 months | |||
Consumer | Consumer mortgage | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | 0 | $ 1 | $ 3 | ||
Consumer | Consumer mortgage | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Principal forgiveness, amount forgiven | 0 | 0 | 0 | 0 | ||
Consumer | Consumer mortgage | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Consumer | Consumer mortgage | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 1 | $ 0 | $ 2 | ||
Interest rate concessions, initial rate | 0% | 4% | 0% | 4.60% | ||
Interest rate concessions, revised rate | 0% | 2% | 0% | 3.40% | ||
Payment extensions, initial term | 294 months | 309 months | ||||
Payment extensions, revised term | 480 months | 470 months | ||||
Consumer | Mortgage Finance | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | $ 1 | $ 1 | $ 4 | 2 | |
Consumer | Mortgage Finance | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 2 | 2 | |||
Consumer | Mortgage Finance | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Consumer | Mortgage Finance | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 2 | 0 | |||
Consumer | Mortgage Finance | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Consumer | Mortgage Finance | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | 0 | $ 0 | $ 0 | ||
Number of months extended/deferred | 224 months | 223 months | 174 months | |||
Consumer | Mortgage Finance | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | 0 | $ 1 | $ 2 | 2 | |
Consumer | Mortgage Finance | Contractual maturity extensions | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 2 | 2 | ||||
Consumer | Mortgage Finance | Contractual maturity extensions | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage Finance | Contractual maturity extensions | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage Finance | Contractual maturity extensions | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage Finance | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Principal forgiveness, amount forgiven | 0 | 0 | 0 | 0 | ||
Consumer | Mortgage Finance | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Consumer | Mortgage Finance | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 1 | $ 0 | $ 2 | ||
Number of months extended/deferred | 186 months | 186 months | ||||
Interest rate concessions, initial rate | 0% | 4% | 0% | 4.60% | ||
Interest rate concessions, revised rate | 0% | 2% | 0% | 3.40% | ||
Payment extensions, initial term | 294 months | 309 months | ||||
Payment extensions, revised term | 480 months | 470 months | ||||
Consumer | Mortgage Finance | Combination | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | $ 0 | ||||
Consumer | Mortgage Finance | Combination | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage Finance | Combination | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 2 | ||||
Consumer | Mortgage Finance | Combination | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage — Legacy | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | ||||
Consumer | Mortgage — Legacy | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | ||||
Consumer | Mortgage — Legacy | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage — Legacy | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage — Legacy | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Consumer | Mortgage — Legacy | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | |||||
Number of months extended/deferred | 96 months | |||||
Consumer | Mortgage — Legacy | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | |||||
Consumer | Mortgage — Legacy | Contractual maturity extensions | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | |||||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Mortgage — Legacy | Contractual maturity extensions | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Mortgage — Legacy | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Principal forgiveness, amount forgiven | 0 | |||||
Consumer | Mortgage — Legacy | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | |||||
Interest rate concessions, initial rate | 0% | |||||
Interest rate concessions, revised rate | 0% | |||||
Consumer | Mortgage — Legacy | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | 1 | ||||
Interest rate concessions, initial rate | 0% | |||||
Interest rate concessions, revised rate | 0% | |||||
Consumer | Mortgage — Legacy | Combination | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | |||||
Consumer | Mortgage — Legacy | Combination | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Mortgage — Legacy | Combination | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Mortgage — Legacy | Combination | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Consumer | Other | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 5 | 3 | $ 10 | $ 6 | 14 | |
Consumer | Other | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 3 | 9 | |||
Consumer | Other | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | 1 | |||
Consumer | Other | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 1 | 1 | |||
Consumer | Other | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | 3 | |||
Consumer | Other | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Consumer | Other | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Consumer | Other | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 1 | 0 | ||
Principal forgiveness, amount forgiven | 0 | 0 | 1 | 0 | ||
Consumer | Other | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 5 | $ 3 | $ 9 | $ 6 | ||
Interest rate concessions, initial rate | 30.40% | 30.30% | 30.40% | 30% | ||
Interest rate concessions, revised rate | 9.80% | 10.90% | 8% | 9% | ||
Consumer | Other | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Consumer | Credit Card | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 5 | $ 3 | $ 10 | $ 6 | ||
Consumer | Credit Card | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Consumer | Credit Card | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Consumer | Credit Card | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 1 | 0 | ||
Principal forgiveness, amount forgiven | 0 | 0 | 1 | 0 | ||
Consumer | Credit Card | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 5 | $ 3 | $ 9 | $ 6 | 14 | |
Interest rate concessions, initial rate | 30.40% | 30.30% | 30.40% | 30% | ||
Interest rate concessions, revised rate | 9.80% | 10.90% | 8% | 9% | ||
Consumer | Credit Card | Interest rate concessions | Current | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 1 | $ 3 | 9 | |||
Consumer | Credit Card | Interest rate concessions | 30–59 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | 1 | |||
Consumer | Credit Card | Interest rate concessions | 60–89 days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 1 | 1 | |||
Consumer | Credit Card | Interest rate concessions | 90 or more days past due | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 1 | 1 | 3 | |||
Consumer | Credit Card | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Commercial | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 11 | $ 72 | $ 119 | $ 107 | 119 | |
Commercial | Pass | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 31 | 31 | 53 | |||
Commercial | Special mention | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 7 | 0 | |||
Commercial | Substandard | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 41 | 41 | 66 | |||
Commercial | Doubtful | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 28 | 0 | |||
Commercial | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 11 | $ 36 | $ 11 | $ 64 | ||
Number of months extended/deferred | 7 months | 6 months | 39 months | 12 months | ||
Commercial | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 36 | $ 108 | $ 43 | ||
Commercial | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | 0 | ||
Principal forgiveness, amount forgiven | 0 | 0 | 0 | 0 | ||
Commercial | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Commercial | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest rate concessions, initial rate | 0% | 0% | 0% | 0% | ||
Interest rate concessions, revised rate | 0% | 0% | 0% | 0% | ||
Commercial | Automotive | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 11 | $ 11 | ||||
Commercial | Automotive | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 11 | $ 11 | 11 | |||
Number of months extended/deferred | 7 months | 7 months | ||||
Commercial | Automotive | Payment deferrals | Pass | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Commercial | Automotive | Payment deferrals | Special mention | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Commercial | Automotive | Payment deferrals | Substandard | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 11 | |||||
Commercial | Automotive | Payment deferrals | Doubtful | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | |||||
Commercial | Automotive | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | ||||
Commercial | Automotive | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Principal forgiveness, amount forgiven | 0 | 0 | ||||
Commercial | Automotive | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | ||||
Interest rate concessions, initial rate | 0% | 0% | ||||
Interest rate concessions, revised rate | 0% | 0% | ||||
Commercial | Automotive | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | ||||
Interest rate concessions, initial rate | 0% | 0% | ||||
Interest rate concessions, revised rate | 0% | 0% | ||||
Commercial | Other | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 72 | $ 108 | $ 107 | |||
Commercial | Other | Payment deferrals | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 36 | $ 0 | $ 64 | |||
Number of months extended/deferred | 6 months | 42 months | 12 months | |||
Commercial | Other | Payment deferrals | Pass | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | ||||
Commercial | Other | Payment deferrals | Special mention | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | ||||
Commercial | Other | Payment deferrals | Substandard | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 36 | 36 | ||||
Commercial | Other | Payment deferrals | Doubtful | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 28 | ||||
Commercial | Other | Contractual maturity extensions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 36 | $ 108 | 43 | 108 | ||
Commercial | Other | Contractual maturity extensions | Pass | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 31 | 31 | 53 | |||
Commercial | Other | Contractual maturity extensions | Special mention | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 7 | 0 | |||
Commercial | Other | Contractual maturity extensions | Substandard | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 5 | 5 | 55 | |||
Commercial | Other | Contractual maturity extensions | Doubtful | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | $ 0 | |||
Commercial | Other | Principal forgiveness | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | 0 | 0 | 0 | |||
Principal forgiveness, amount forgiven | 0 | 0 | 0 | |||
Commercial | Other | Interest rate concessions | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | |||
Interest rate concessions, initial rate | 0% | 0% | 0% | |||
Interest rate concessions, revised rate | 0% | 0% | 0% | |||
Commercial | Other | Combination | ||||||
Financing Receivable, Troubled Debt Restructuring | ||||||
Total | $ 0 | $ 0 | $ 0 | |||
Interest rate concessions, initial rate | 0% | 0% | 0% | |||
Interest rate concessions, revised rate | 0% | 0% | 0% |
Leasing - Ally as the Lessee (D
Leasing - Ally as the Lessee (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |||||
Noncancelable lease term | 367 days | ||||
Lease extension, maximum | 48 months | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 9 | $ 8 | $ 17 | $ 16 | |
Right-of-use asset obtained in exchange for operating lease liability | $ 16 | $ 1 | |||
Operating lease, weighted-average remaining lease term | 4 years | 4 years | 4 years | ||
Operating lease, weighted average discount rate | 3.13% | 3.13% | 2.85% | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease remaining lease term | 3 months | 3 months | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease remaining lease term | 7 years | 7 years |
Leasing - Schedule of Lessee, O
Leasing - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 19 | |
2025 | 33 | |
2026 | 27 | |
2027 | 21 | |
2028 | 15 | |
2029 and thereafter | 3 | |
Total undiscounted cash flows | 118 | |
Difference between undiscounted cash flows and discounted cash flows | (7) | |
Total lease liability | $ 111 | $ 113 |
Leasing - Schedule of Lease, Co
Leasing - Schedule of Lease, Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease expense | $ 8 | $ 7 | $ 15 | $ 14 |
Variable lease expense | 1 | 1 | 2 | 2 |
Total lease expense, net | $ 9 | $ 8 | $ 17 | $ 16 |
Leasing - Schedule of Ally as t
Leasing - Schedule of Ally as the Lessor (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Vehicles | $ 10,016 | $ 11,101 |
Accumulated depreciation | (1,642) | (1,930) |
Investment in operating leases, net | $ 8,374 | 9,171 |
Minimum | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Lessor, term of contract | 24 months | |
Maximum | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Lessor, term of contract | 60 months | |
Vehicles | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Residual value of leased asset | $ 776 | 12 |
Vehicles | 15% Of Manufacturer Suggested Retail Price | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Residual value of leased asset | $ 3 | $ 12 |
Residual value guarantee, percentage | 15% | 15% |
Vehicles | 50% Of Contract Residual Value | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Residual value of leased asset | $ 773 | |
Residual value guarantee, percentage | 50% |
Leasing - Schedule of Lessor, O
Leasing - Schedule of Lessor, Operating Lease, Payments to be Received, Maturity (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 684 |
2025 | 1,037 |
2026 | 611 |
2027 | 160 |
2028 | 14 |
2029 and thereafter | 1 |
Total lease payments from operating leases | $ 2,507 |
Leasing - Schedule of Depreciat
Leasing - Schedule of Depreciation Expense on Operating Lease Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease revenue | $ 333 | $ 392 | $ 689 | $ 794 |
Depreciation expense on operating lease assets (excluding remarketing gains) | 236 | 270 | 486 | 543 |
Remarketing gains, net | (59) | (70) | (105) | (117) |
Net depreciation expense on operating lease assets | 177 | 200 | 381 | 426 |
Variable lease payments, excessive wear and tear | $ 6 | $ 2 | $ 10 | $ 4 |
Leasing - Schedule of Sales-typ
Leasing - Schedule of Sales-type and Direct Financing Leases, Lease Receivable, Maturity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
Direct financing lease, net investment in lease | $ 549 | $ 549 | $ 537 | ||
Direct financing lease, present value of lease payments recorded as lease receivable | 543 | 543 | 531 | ||
Direct financing lease, unguaranteed residual asset | 6 | 6 | $ 6 | ||
Direct financing lease, interest income | 12 | $ 9 | 23 | $ 18 | |
2024 | 104 | 104 | |||
2025 | 182 | 182 | |||
2026 | 161 | 161 | |||
2027 | 110 | 110 | |||
2028 | 49 | 49 | |||
2029 and thereafter | 25 | 25 | |||
Total undiscounted cash flows | 631 | 631 | |||
Difference between undiscounted cash flows and discounted cash flows | (88) | (88) | |||
Present value of lease payments recorded as lease receivable | $ 543 | $ 543 |
Securitizations and Variable _3
Securitizations and Variable Interest Entities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Securitizations And Variable Interest Entities [Abstract] | ||||
Gain (loss) on sales of financial assets | $ 1,000,000 | $ 0 | $ 1,000,000 | $ 1,000,000 |
Securitizations and Variable _4
Securitizations and Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | $ 192,531 | $ 196,392 | $ 197,241 |
Carrying value of total liabilities | 178,680 | 182,626 | |
Assets sold to nonconsolidated VIEs | 3,385 | 2,639 | |
Maximum exposure to loss in nonconsolidated VIEs | 6,681 | 5,458 | |
Non-recourse debt | 15,979 | 17,570 | |
Held-to-maturity securities | 4,548 | 4,680 | |
Other assets | 9,853 | 9,395 | |
Equity securities | 854 | 810 | |
On-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 5,255 | 7,075 | |
Carrying value of total liabilities | 1,120 | 1,513 | |
Non-recourse debt | 1,117 | 1,509 | |
Other assets | 363 | 461 | |
On-balance sheet variable interest entities | Consumer | Automotive | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 13,841 | 16,415 | |
Carrying value of total liabilities | 1,223 | 1,614 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 0 | 0 | |
Assets held-in-trust | 8,600 | 9,300 | |
On-balance sheet variable interest entities | Consumer | Automotive | Nonrecourse | |||
Variable Interest Entity [Line Items] | |||
Non-recourse debt | 103 | 100 | |
Off-balance sheet variable interest entities | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 16,600 | 19,012 | |
Carrying value of total liabilities | 2,250 | 2,588 | |
Off-balance sheet variable interest entities | Consumer | Automotive | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 115 | 81 | |
Carrying value of total liabilities | 0 | 0 | |
Assets sold to nonconsolidated VIEs | 3,285 | 2,514 | |
Maximum exposure to loss in nonconsolidated VIEs | 3,400 | 2,595 | |
Held-to-maturity securities | 110 | 78 | |
Other assets | 5 | 3 | |
Off-balance sheet variable interest entities | Consumer | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 0 | 0 | |
Carrying value of total liabilities | 0 | 0 | |
Assets sold to nonconsolidated VIEs | 100 | 125 | |
Maximum exposure to loss in nonconsolidated VIEs | 100 | 125 | |
Off-balance sheet variable interest entities | Commercial | Other | |||
Variable Interest Entity [Line Items] | |||
Carrying value of total assets | 2,644 | 2,516 | |
Carrying value of total liabilities | 1,027 | 974 | |
Assets sold to nonconsolidated VIEs | 0 | 0 | |
Maximum exposure to loss in nonconsolidated VIEs | 3,181 | 2,738 | |
Equity securities | $ 47 | $ 44 |
Securitizations and Variable _5
Securitizations and Variable Interest Entities - Schedule of Cash Flows with Nonconsolidated Special-Purpose Entities (Details) - Off-balance sheet variable interest entities - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Total | $ 1,472 | $ 563 |
Automotive | Consumer | ||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash proceeds from transfers completed during the period | 1,387 | 477 |
Servicing fees | 29 | 6 |
Cash flows received on retained interests in securitization entities | 27 | 0 |
Other cash flows | 1 | 0 |
Consumer other | Consumer | ||
Cash Flow Received and Paid to Nonconsolidated Securitization Entities [Line Items] | ||
Cash proceeds from transfers completed during the period | 25 | 75 |
Servicing fees | $ 3 | $ 5 |
Securitizations and Variable _6
Securitizations and Variable Interest Entities - Schedule of Quantitative Information and Net Credit Losses about Securitized and Other Financial Assets Managed Together (Details) - Off-balance sheet variable interest entities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||||
Total amount | $ 3,385 | $ 3,385 | $ 2,639 | ||
Amount 60 days or more past due | 91 | 91 | 72 | ||
Net credit losses | 30 | $ 11 | 62 | $ 17 | |
Off-balance-sheet securitization entities | Automotive | Consumer | |||||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||||
Total amount | 2,183 | 2,183 | 1,558 | ||
Amount 60 days or more past due | 16 | 16 | 11 | ||
Net credit losses | 4 | 0 | 8 | 0 | |
Whole-loan sales | Automotive | Consumer | |||||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||||
Total amount | 1,102 | 1,102 | 956 | ||
Amount 60 days or more past due | 64 | 64 | 44 | ||
Net credit losses | 16 | 3 | 32 | 4 | |
Whole-loan sales | Consumer other | Consumer | |||||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||||
Total amount | 100 | 100 | 125 | ||
Amount 60 days or more past due | 11 | 11 | $ 17 | ||
Net credit losses | $ 10 | $ 8 | $ 22 | $ 13 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | |||
Property and equipment at cost | $ 2,207 | $ 2,153 | |
Accumulated depreciation | (935) | (871) | |
Net property and equipment | 1,272 | 1,282 | |
Proportional amortization investments | 1,997 | 1,866 | |
Net deferred tax assets | 1,441 | 1,224 | |
Accrued interest, fees, and rent receivables | 936 | 935 | |
Nonmarketable equity investments | 797 | 886 | |
Goodwill | 669 | 669 | $ 822 |
Equity-method investments | 649 | 651 | |
Restricted cash and cash equivalents | 430 | 87 | |
Restricted cash held for securitization trusts | 325 | 407 | |
Other accounts receivable | 177 | 189 | |
Operating lease right-of-use assets | 91 | 90 | |
Net intangible assets | 62 | 73 | |
Other assets | 1,007 | 1,036 | |
Total other assets | $ 9,853 | $ 9,395 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Other Assets - Schedule of Prop
Other Assets - Schedule of Proportional Amortization Investment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Assets [Abstract] | ||||
Tax credits and other tax benefits from proportional amortization investments | $ 70,000,000 | $ 75,000,000 | $ 109,000,000 | $ 122,000,000 |
Investment amortization expense recognized as a component of income tax expense | 56,000,000 | 61,000,000 | 88,000,000 | 99,000,000 |
Net benefit from proportional amortization investments | 14,000,000 | 14,000,000 | 21,000,000 | 23,000,000 |
Investment program, proportional amortization method, elected, impairment loss | $ 0 | $ 0 | $ 0 | $ 0 |
Other Assets - Schedule of Equi
Other Assets - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Other Assets [Abstract] | |||||
FRB stock | $ 417,000,000 | $ 417,000,000 | $ 392,000,000 | ||
FHLB stock | 288,000,000 | 288,000,000 | 392,000,000 | ||
Equity investments without a readily determinable fair value | |||||
Cost basis at acquisition | 74,000,000 | 74,000,000 | 74,000,000 | ||
Upward adjustments | 53,000,000 | 53,000,000 | 51,000,000 | ||
Downward adjustments (including impairment) | (35,000,000) | (35,000,000) | (23,000,000) | ||
Carrying amount, equity investments without a readily determinable fair value | 92,000,000 | 92,000,000 | 102,000,000 | ||
Nonmarketable equity investments | 797,000,000 | 797,000,000 | $ 886,000,000 | ||
Upward adjustments | 0 | $ 1,000,000 | 1,000,000 | $ 7,000,000 | |
Downward adjustments (including impairment) | (14,000,000) | 0 | (14,000,000) | (17,000,000) | |
Impairment of FHLB and FRB stock | $ 0 | $ 0 | $ 0 | $ 0 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Goodwill [Line Items] | |||||
Proportional amortization investments | $ 1,997 | $ 1,997 | $ 1,866 | ||
Unfunded commitments for proportional amortization investments | 1,025 | $ 1,025 | 973 | ||
Unfunded commitments, period to be paid | 5 years | ||||
Gain (loss) on nonmarketable equity investments, net | $ (11) | $ 0 | $ (9) | $ (11) | |
Goodwill impairment | 149 | ||||
Goodwill, transfers | 4 | ||||
Corporate and Other | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 149 | ||||
Goodwill, transfers | 4 | ||||
Corporate and Other | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | $ 149 |
Other Assets - Schedule of Sche
Other Assets - Schedule of Schedule of Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 669 | $ 822 |
Goodwill impairment | (149) | |
Transfer to assets of operations held-for-sale | (4) | |
Goodwill acquired | 0 | |
Goodwill ending balance | 669 | 669 |
Operating Segments | Automotive Finance operations | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 20 | 20 |
Goodwill impairment | 0 | |
Transfer to assets of operations held-for-sale | 0 | |
Goodwill acquired | 0 | |
Goodwill ending balance | 20 | 20 |
Operating Segments | Insurance operations | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 27 | 27 |
Goodwill impairment | 0 | |
Transfer to assets of operations held-for-sale | 0 | |
Goodwill acquired | 0 | |
Goodwill ending balance | 27 | 27 |
Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 622 | 775 |
Goodwill impairment | (149) | |
Transfer to assets of operations held-for-sale | (4) | |
Goodwill acquired | 0 | |
Goodwill ending balance | 622 | 622 |
Ally Credit Card | Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 479 | |
Goodwill ending balance | 479 | 479 |
Ally Invest | Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 143 | |
Goodwill ending balance | $ 143 | $ 143 |
Other Assets - Schedule of Inta
Other Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (123) | $ (112) |
Net carrying value | 62 | |
Total intangible assets, gross | 185 | 185 |
Net intangible assets | 62 | 73 |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Ally Lending | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 22 | |
Accumulated amortization | 22 | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 117 | 117 |
Accumulated amortization | (71) | (64) |
Net carrying value | 46 | 53 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 41 | 41 |
Accumulated amortization | (41) | (39) |
Net carrying value | 0 | 2 |
Purchased credit card relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 25 | 25 |
Accumulated amortization | (9) | (7) |
Net carrying value | 16 | 18 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 2 | 2 |
Accumulated amortization | (2) | (2) |
Net carrying value | $ 0 | $ 0 |
Other Assets - Schedule of Futu
Other Assets - Schedule of Future Amortization Expense of Intangible Assets (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2024 | $ 8 |
2025 | 14 |
2026 | 14 |
2027 | 13 |
2028 | 13 |
Net carrying value | $ 62 |
Deposit Liabilities (Details)
Deposit Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 156 | $ 139 |
Interest-bearing deposits | ||
Savings, money market, and spending accounts | 103,145 | 99,340 |
Certificates of deposit | 48,853 | 55,187 |
Total deposit liabilities | 152,154 | 154,666 |
Certificates of deposit, in excess of $250,000 federal insurance limits | $ 6,700 | $ 7,700 |
Debt - Schedule of Short-term D
Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | $ 1,575 | $ 2,550 |
Securities sold under agreements to repurchase | 1,547 | 747 |
Total short-term borrowings | 3,122 | 3,297 |
Collateral placed | 3 | |
Cash collateral received | 1 | 6 |
Non-cash collateral received | 1 | |
Unsecured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Total short-term borrowings | 0 | 0 |
Secured debt | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank | 1,575 | 2,550 |
Securities sold under agreements to repurchase | 1,547 | 747 |
Total short-term borrowings | 3,122 | $ 3,297 |
Secured debt | Agency Mortgage-Backed Residential Debt Securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | 1,100 | |
Secured debt | US Treasury And Federal Agency Securities | ||
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 460 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | $ 4,509 | $ 4,340 |
Long-term debt, due after one year | 11,470 | 13,230 |
Long-term debt | 15,979 | 17,570 |
Secured debt | 9,177 | 10,443 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 1,974 | 1,409 |
Long-term debt, due after one year | 7,950 | 9,015 |
Long-term debt | 9,924 | 10,424 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, due within one year | 2,535 | 2,931 |
Long-term debt, due after one year | 3,520 | 4,215 |
Long-term debt | 6,055 | 7,146 |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 4,600 | $ 5,600 |
Debt - Scheduled Remaining Matu
Debt - Scheduled Remaining Maturity of Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of remainder of fiscal year | $ 2,248 | |
Long-term debt, maturities, repayments of principal in year one | 4,409 | |
Long-term debt, maturities, repayments of principal in year two | 1,873 | |
Long-term debt, maturities, repayments of principal in year three | 1,909 | |
Long-term debt, maturities, repayments of principal in year four | 1,015 | |
Long-term debt, maturities, repayments of principal after year five | 4,525 | |
Total long-term debt | 15,979 | $ 17,570 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of remainder of fiscal year | 689 | |
Long-term debt, maturities, repayments of principal in year one | 2,409 | |
Long-term debt, maturities, repayments of principal in year two | 70 | |
Long-term debt, maturities, repayments of principal in year three | 1,495 | |
Long-term debt, maturities, repayments of principal in year four | 760 | |
Long-term debt, maturities, repayments of principal after year five | 4,501 | |
Total long-term debt | 9,924 | 10,424 |
Secured debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 6,055 | $ 7,146 |
Long-term debt | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of remainder of fiscal year | 724 | |
Long-term debt, maturities, repayments of principal in year one | 2,483 | |
Long-term debt, maturities, repayments of principal in year two | 152 | |
Long-term debt, maturities, repayments of principal in year three | 1,589 | |
Long-term debt, maturities, repayments of principal in year four | 867 | |
Long-term debt, maturities, repayments of principal after year five | 4,906 | |
Total long-term debt | 10,721 | |
Long-term debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturities, repayments of remainder of fiscal year | 1,559 | |
Long-term debt, maturities, repayments of principal in year one | 2,000 | |
Long-term debt, maturities, repayments of principal in year two | 1,803 | |
Long-term debt, maturities, repayments of principal in year three | 414 | |
Long-term debt, maturities, repayments of principal in year four | 255 | |
Long-term debt, maturities, repayments of principal after year five | 24 | |
Total long-term debt | 6,055 | |
Original issue discount | Unsecured debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount | (797) | |
Original issue discount | Unsecured debt | 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, current | (35) | |
Original issue discount | Unsecured debt | 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (74) | |
Original issue discount | Unsecured debt | 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (82) | |
Original issue discount | Unsecured debt | 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (94) | |
Original issue discount | Unsecured debt | 2028 | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | (107) | |
Original issue discount | Unsecured debt | 2029 and thereafter | ||
Debt Instrument [Line Items] | ||
Debt instrument, unamortized discount, noncurrent | $ (405) |
Debt - Schedule of Pledged Asse
Debt - Schedule of Pledged Assets Related to Secured Borrowings and Repurchase Agreement (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | $ 68,275 | $ 69,512 |
Secured debt | 9,177 | 10,443 |
Amortized cost | 27,705 | 28,416 |
Short-term borrowings | 3,122 | 3,297 |
Asset Pledged as Collateral | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Amortized cost | 4,905 | 4,030 |
Credit-Linked Notes | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 330 | 0 |
Pledged assets for Federal Home Loan Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 27,300 | 27,900 |
Pledged assets for Federal Reserve Bank | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 33,900 | 34,000 |
Investment securities | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 4,666 | 4,036 |
Consumer | Automotive | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 38,998 | 40,805 |
Consumer | Consumer mortgage | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | 18,046 | 18,703 |
Commercial | ||
Pledged Assets related to secured borrowings [Line Items] | ||
Total assets restricted as collateral | $ 6,235 | $ 5,968 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Unfunded commitments for proportional amortization investments | $ 1,025 | $ 973 | ||
Accounts payable | 573 | 509 | ||
Employee compensation and benefits | 313 | 409 | ||
Reserves for insurance losses and loss adjustment expenses | 203 | 140 | $ 152 | $ 119 |
Operating lease liabilities | 111 | 113 | ||
Deferred revenue | 106 | 103 | ||
Other liabilities | 450 | 479 | ||
Total accrued expenses and other liabilities | $ 2,781 | $ 2,726 | ||
Operating lease, liability, statement of financial position [Extensible Enumeration] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Carrying value | $ 2,324 | $ 2,324 |
Preferred stock dividends — Series B | ||
Class of Stock [Line Items] | ||
Carrying value | $ 1,335 | $ 1,335 |
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Number of shares authorized (in shares) | 1,350,000 | 1,350,000 |
Number of shares issued (in shares) | 1,350,000 | 1,350,000 |
Number of shares outstanding (in shares) | 1,350,000 | 1,350,000 |
Series B Preferred Stock, Prior To May 15, 2026 | ||
Class of Stock [Line Items] | ||
Dividend/coupon rate | 4.70% | 4.70% |
Series B Preferred Stock, On And After May 15, 2026 | ||
Class of Stock [Line Items] | ||
Dividend/coupon rate | 3.868% | 3.868% |
Preferred stock dividends — Series C | ||
Class of Stock [Line Items] | ||
Carrying value | $ 989 | $ 989 |
Par value (in dollars per share) | $ 0.01 | $ 0.01 |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Number of shares authorized (in shares) | 1,000,000 | 1,000,000 |
Number of shares issued (in shares) | 1,000,000 | 1,000,000 |
Number of shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Series C Preferred Stock, Prior To May 15, 2028 | ||
Class of Stock [Line Items] | ||
Dividend/coupon rate | 4.70% | 4.70% |
Series C Preferred Stock, On And After May 15, 2028 | ||
Class of Stock [Line Items] | ||
Dividend/coupon rate | 3.481% | 3.481% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 13,657 | $ 13,378 | $ 13,766 | $ 12,859 |
Net change | (20) | (87) | (193) | 196 |
Ending balance | 13,851 | 13,532 | 13,851 | 13,532 |
Accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (3,989) | (3,776) | (3,816) | (4,059) |
Net change | (20) | (87) | (193) | 196 |
Ending balance | (4,009) | (3,863) | (4,009) | (3,863) |
Available-for-sale securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (3,317) | (3,811) | (3,146) | (4,095) |
Net change | (36) | (70) | (207) | 214 |
Ending balance | (3,353) | (3,881) | (3,353) | (3,881) |
Held-to-maturity securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (667) | 0 | (682) | 0 |
Net change | 17 | 0 | 32 | 0 |
Ending balance | (650) | 0 | (650) | 0 |
Translation adjustments and net investment hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 20 | 18 | 21 | 18 |
Net change | 0 | 3 | (1) | 3 |
Ending balance | 20 | 21 | 20 | 21 |
Cash flow hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (25) | 17 | (9) | 18 |
Net change | (1) | (20) | (17) | (21) |
Ending balance | $ (26) | $ (3) | $ (26) | $ (3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | $ (26) | $ (115) | $ (252) | $ 256 |
Other comprehensive income (loss), tax effect | 6 | 28 | 59 | (60) |
Other comprehensive income (loss), net of tax | (20) | (87) | (193) | 196 |
Available-for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gains (losses) arising during the period, before tax | (270) | 286 | ||
Net unrealized gains (losses) arising during the period, tax | 64 | (68) | ||
Net unrealized gains (losses) arising during the period, net of tax | (206) | 218 | ||
Reclassification from AOCI, before tax | 1 | 5 | ||
Reclassification from AOCI, tax | 0 | (1) | ||
Reclassification from AOCI, net of tax | 1 | 4 | ||
Other comprehensive income (loss), before tax | (47) | (91) | (271) | 281 |
Other comprehensive income (loss), tax effect | 11 | 21 | 64 | (67) |
Other comprehensive income (loss), net of tax | (36) | (70) | (207) | 214 |
Held-to-maturity securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, before tax | (22) | (42) | ||
Reclassification from AOCI, tax | 5 | 10 | ||
Reclassification from AOCI, net of tax | (17) | (32) | ||
Translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | (2) | 6 | (7) | 6 |
Other comprehensive income (loss), tax effect | 0 | (1) | 1 | (1) |
Other comprehensive income (loss), net of tax | (2) | 5 | (6) | 5 |
Net investment hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | 2 | (3) | 6 | (3) |
Other comprehensive income (loss), tax effect | 0 | 1 | (1) | 1 |
Other comprehensive income (loss), net of tax | 2 | (2) | 5 | (2) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gains (losses) arising during the period, before tax | (3) | (22) | (25) | (18) |
Net unrealized gains (losses) arising during the period, tax | 1 | 6 | 6 | 5 |
Net unrealized gains (losses) arising during the period, net of tax | (2) | (16) | (19) | (13) |
Reclassification from AOCI, before tax | (2) | 5 | (3) | 10 |
Reclassification from AOCI, tax | 1 | (1) | 1 | (2) |
Reclassification from AOCI, net of tax | (1) | 4 | (2) | 8 |
Other comprehensive income (loss), before tax | (1) | (27) | (22) | (28) |
Other comprehensive income (loss), tax effect | 0 | 7 | 5 | 7 |
Other comprehensive income (loss), net of tax | $ (1) | $ (20) | $ (17) | $ (21) |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
Class of Stock [Line Items] | |||||||
Net income from continuing operations | $ 294 | $ 329 | $ 451 | $ 649 | |||
Net income from continuing operations attributable to common stockholders | [1] | 266 | 301 | 395 | 593 | ||
Loss from discontinued operations, net of tax | [1] | 0 | 0 | 0 | (1) | ||
Net income attributable to common stockholders | [1] | $ 266 | $ 301 | $ 395 | $ 592 | ||
Basic weighted-average common shares outstanding (in shares) | [1],[2] | 306,774 | 303,684 | 306,388 | 303,173 | ||
Diluted weighted-average common shares outstanding (in shares) | [1],[2] | 309,886 | 304,646 | 309,154 | 304,050 | ||
Basic earnings per common share | |||||||
Net income from continuing operations (in dollars per share) | [1] | $ 0.87 | $ 0.99 | $ 1.29 | $ 1.96 | ||
Net income (in dollars per share) | [1] | 0.87 | 0.99 | 1.29 | 1.95 | ||
Diluted earnings per common share | |||||||
Net income from continuing operations (in dollars per share) | [1] | 0.86 | 0.99 | 1.28 | 1.95 | ||
Net income (in dollars per share) | [1] | $ 0.86 | $ 0.99 | $ 1.28 | $ 1.95 | ||
Preferred stock dividends — Series B | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividends | $ (16) | $ (16) | [1] | $ (32) | [1] | $ (32) | |
Preferred stock dividends — Series C | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividends | $ (12) | $ (12) | [1] | $ (24) | [1] | $ (24) | |
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. Includes shares related to share-based compensation that vested but were not yet issued. |
Regulatory Capital and Other _3
Regulatory Capital and Other Regulatory Matters - Schedule of Regulatory Capital Amount and Ratios (Details) $ in Millions | Oct. 01, 2024 | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 31, 2023 | Jun. 30, 2023 | Aug. 31, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Common equity tier one capital ratio, minimum | 0.045 | |||||
Tier one capital to risk-weighted assets, required minimum | 0.06 | |||||
Capital to risk-weighted assets, required minimum | 0.08 | |||||
Tier one leverage ratio, minimum | 0.04 | |||||
Minimum capital conservation buffer | 0.025 | |||||
Accumulated other comprehensive losses excluded from Common Equity Tier 1 Capital | $ 4,000 | $ 3,800 | ||||
Brokered deposits | $ 8,700 | |||||
Percentage of interest-bearing domestic deposits to deposits, brokered | 5.70% | |||||
Common equity tier one capital | $ 15,104 | $ 15,129 | ||||
Common equity tier one capital ratio | 0.0959 | 0.0936 | ||||
Tier one capital to risk-weighted assets, amount | $ 17,370 | $ 17,392 | ||||
Tier one capital to risk-weighted assets, ratio | 0.1103 | 0.1076 | ||||
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0600 | |||||
Capital to risk-weighted assets, amount | $ 19,990 | $ 20,055 | ||||
Capital to risk-weighted assets, ratio | 0.1270 | 0.1241 | ||||
Capital to risk weighted assets, well-capitalized minimum | 0.1000 | |||||
Tier one leverage to adjusted quarterly average assets, amount | $ 17,370 | $ 17,392 | ||||
Tier one leverage to adjusted quarterly average assets, ratio | 0.0885 | 0.0867 | ||||
Accounting Standards Update 2016-13 | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Deferred reduction to Common Equity Tier 1 Capital from CECL | $ 296 | |||||
Ally Financial Inc | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | |
Ally Financial Inc | Forecast | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Minimum capital conservation buffer | 0.026 | |||||
Ally Bank | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Common equity tier one capital ratio, minimum | 0.0450 | |||||
Tier one capital to risk-weighted assets, required minimum | 0.0600 | |||||
Capital to risk-weighted assets, required minimum | 0.0800 | |||||
Tier one leverage ratio, minimum | 0.0400 | |||||
Common equity tier one capital | $ 17,578 | $ 17,217 | ||||
Common equity tier one capital ratio | 0.1181 | 0.1124 | ||||
Common equity tier one capital, well capitalized minimum | 0.0650 | |||||
Tier one capital to risk-weighted assets, amount | $ 17,578 | $ 17,217 | ||||
Tier one capital to risk-weighted assets, ratio | 0.1181 | 0.1124 | ||||
Tier one capital to risk-weighted assets, well-capitalized minimum | 0.0800 | |||||
Capital to risk-weighted assets, amount | $ 19,455 | $ 19,144 | ||||
Capital to risk-weighted assets, ratio | 0.1307 | 0.1250 | ||||
Capital to risk weighted assets, well-capitalized minimum | 0.1000 | |||||
Tier one leverage to adjusted quarterly average assets, amount | $ 17,578 | $ 17,217 | ||||
Tier one leverage to adjusted quarterly average assets, ratio | 0.0947 | 0.0907 | ||||
Tier one leverage to adjusted quarterly average assets, well-capitalized minimum | 0.0500 |
Regulatory Capital and Other _4
Regulatory Capital and Other Regulatory Matters - Schedule of Common Share Repurchases (Details) | 3 Months Ended | 6 Months Ended | 96 Months Ended | ||||||||||||||
Jul. 15, 2024 $ / shares | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 $ / shares shares | Jun. 30, 2024 USD ($) $ / shares shares | Oct. 01, 2024 | Jul. 31, 2023 | Feb. 28, 2023 USD ($) | Dec. 31, 2022 shares | Aug. 31, 2022 | Jun. 30, 2016 shares | ||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | ||||||||||||||
Stock repurchased during period, value | $ 1,000,000 | $ 29,000,000 | $ 4,000,000 | $ 0 | $ 2,000,000 | $ 27,000,000 | |||||||||||
Stock repurchased during period, number of shares (in share) | shares | 13,000 | 781,000 | 145,000 | 5,000 | 58,000 | 836,000 | |||||||||||
Common stock, shares outstanding (in shares) | shares | 304,655,610 | 303,978,000 | 302,459,258 | 301,630,000 | 301,619,000 | 300,821,000 | 304,655,610 | 301,619,000 | 304,655,610 | 299,324,000 | 484,000,000 | ||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||||||
Common stock, share reduction | 37% | ||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | [1] | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 | ||||||||||||
Credit-Linked Notes | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Proceeds from issuance of subordinated long-term debt | $ 330,000,000 | $ 330,000,000 | $ 330,000,000 | ||||||||||||||
Automotive | Credit-Linked Notes | Consumer | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Debt instrument, reference portfolio amount | $ 3,000,000,000 | $ 3,000,000,000 | $ 3,000,000,000 | ||||||||||||||
Subsequent event | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Cash dividends declared per common share (in dollars per share) | $ / shares | $ 0.30 | ||||||||||||||||
Ally Financial Inc | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Minimum capital conservation buffer | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | 0.025 | |||||||||
Ally Financial Inc | Forecast | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Minimum capital conservation buffer | 0.026 | ||||||||||||||||
Unsecured debt | |||||||||||||||||
Accelerated Share Repurchases [Line Items] | |||||||||||||||||
Proceeds from issuance of subordinated long-term debt | $ 500,000,000 | ||||||||||||||||
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral placed with counterparties | $ 1 | $ 6 |
Noncash collateral placed with counterparties | 481 | 642 |
Cash collateral received from counterparties | $ 6 | $ 31 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Fair Value Amounts of Derivative Instruments Reported on our Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
receivable position | $ 8 | $ 33 |
payable position | 7 | 17 |
Notional amount | 38,490 | 44,468 |
Credit derivative, maximum exposure, undiscounted | 17 | 29 |
Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 5 | 31 |
payable position | 1 | 6 |
Notional amount | 36,861 | 42,251 |
Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 3 | 2 |
payable position | 6 | 11 |
Notional amount | 1,629 | 2,217 |
Interest rate contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 3 | 2 |
payable position | 0 | 0 |
Notional amount | 1,251 | 2,158 |
Swaps | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 30,450 | 35,835 |
Swaps | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 1,000 | 2,000 |
Purchased options | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 5 | 31 |
payable position | 0 | 0 |
Notional amount | 6,250 | 6,250 |
Forwards | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 1 | 0 |
payable position | 0 | 0 |
Notional amount | 116 | 70 |
Written options | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 2 | 2 |
payable position | 0 | 0 |
Notional amount | 135 | 88 |
Foreign exchange contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 1 |
Notional amount | 48 | 59 |
Forwards | Total derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 1 | 6 |
Notional amount | 161 | 166 |
Forwards | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 1 |
Notional amount | 48 | 59 |
Total credit risk | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 5 | 10 |
Notional amount | 330 | 0 |
Credit-linked note derivative | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 0 | 0 |
Notional amount | 330 | 0 |
Other credit derivatives | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 5 | 10 |
Equity contracts | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 1 | 0 |
Notional amount | 0 | 0 |
Written options | Total derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
receivable position | 0 | 0 |
payable position | 1 | 0 |
Notional amount | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge | $ 7,030 | $ 7,750 |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | $ 15,713 | $ 16,302 |
Hedged asset, fair value hedge, cumulative increase (decrease) | $ (301) | $ (79) |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Available-for-sale securities (amortized cost of $27,705 and $28,416) | Available-for-sale securities (amortized cost of $27,705 and $28,416) |
Closed portfolio and beneficial interest, last-of-layer, amortized cost | $ 14,300 | $ 14,800 |
Amortized cost | 14,000 | 14,600 |
Basis adjustment for active hedge | (247) | (45) |
Hedged asset, last-of-layer, amount | 11,300 | 11,300 |
Available-for-sale securities | Total derivatives designated as accounting hedges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Basis adjustment for active hedge | (136) | 75 |
Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, fair value hedge | 42,197 | 54,189 |
Hedged asset, fair value hedge, cumulative increase (decrease) | $ (166) | $ (93) |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Finance receivables and loans, net | Finance receivables and loans, net |
Basis adjustment for active hedge | $ (166) | $ (93) |
Hedged asset, last-of-layer, amount | 17,800 | 23,200 |
Closed portfolio, carrying value | 35,100 | 50,000 |
Finance receivables and loans, net | Total derivatives designated as accounting hedges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Basis adjustment for active hedge | (149) | (66) |
Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, fair value hedge, cumulative increase (decrease) | 94 | 100 |
Discontinued hedge | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (145) | (156) |
Basis adjustment for active hedge | (112) | (120) |
Discontinued hedge | Finance receivables and loans, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) | (17) | (27) |
Basis adjustment for active hedge | (17) | (27) |
Discontinued hedge | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged liability, discontinued fair value hedge, cumulative increase (decrease) | $ 94 | $ 100 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Statement of Gains and Losses on Derivative Instruments Reported in Statement of Comprehensive Income (Details) - Total derivatives not designated as accounting hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | $ 8 | $ 0 | $ 14 | $ (3) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 5 | 4 | 10 | 9 |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 1 | (1) | 2 | 0 |
Other credit derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 0 | 0 | 0 | (5) |
Equity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 2 | (3) | 2 | (7) |
Gain on mortgage and automotive loans, net | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 5 | 4 | 10 | 9 |
Other operating expenses | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 1 | (1) | 2 | 0 |
Other income, net of losses | Other credit derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | 0 | 0 | 0 | (5) |
Other income, net of losses | Equity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain (loss) recognized in earnings | $ 2 | $ (3) | $ 2 | $ (7) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Designated as Fair Value Hedges, Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and fees on finance receivables and loans | $ 2,845 | $ 2,721 | $ 5,672 | $ 5,296 |
Interest and dividends on investment securities and other earning assets | 265 | 247 | 531 | 485 |
Interest on long-term debt | 244 | 252 | 492 | 479 |
Loss on cash flow hedges to be recognized within twelve months | 24 | |||
Total derivatives designated as accounting hedges | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total (loss) gain on cash flow hedging relationships | (2) | 5 | (3) | 10 |
Total derivatives designated as accounting hedges | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total (loss) gain on cash flow hedging relationships | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 0 | 0 | 0 | 0 |
Total (loss) gain on cash flow hedging relationships | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Unsecured debt | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 1 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | (1) |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | (28) | (238) | (233) | (108) |
Change in unrealized gain (loss) on fair value hedging instruments | 28 | 238 | 233 | 108 |
Total derivatives designated as accounting hedges | Hedged available-for-sale securities | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 11 | (39) | (83) | 166 |
Change in unrealized gain (loss) on fair value hedging instruments | (11) | 39 | 83 | (166) |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Fixed-rate automotive loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 0 | 0 | 0 |
Change in unrealized gain (loss) on fair value hedging instruments | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge loss reclassified to earnings | (2) | 5 | (3) | 10 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge loss reclassified to earnings | 0 | 0 | 0 | 0 |
Total derivatives designated as accounting hedges | Hedged variable-rate commercial loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate cash flow hedge loss reclassified to earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Schedule of Interest and Amortization on Derivative Instruments (Details) - Total derivatives designated as accounting hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | $ 69 | $ 197 | $ 156 | $ 369 |
Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 54 | 33 | 108 | 51 |
Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gain on fair value hedging relationships | 3 | 2 | 6 | 5 |
Unsecured debt | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Unsecured debt | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Unsecured debt | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 3 | 2 | 5 | 4 |
Federal Home Loan Bank certificates and obligations | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Federal Home Loan Bank certificates and obligations | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 1 | 1 |
Hedged available-for-sale securities | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Hedged available-for-sale securities | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 5 | 6 | 11 | 11 |
Gain on interest for qualifying hedge | 49 | 27 | 97 | 40 |
Hedged available-for-sale securities | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest and fees on finance receivables and loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 4 | 8 | 9 | 18 |
Gain on interest for qualifying hedge | 65 | 189 | 147 | 351 |
Fixed-rate automotive loans | Interest and dividends on investment securities and other earning assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain on interest for qualifying hedge | 0 | 0 | 0 | 0 |
Fixed-rate automotive loans | Interest on long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on amortization of deferred basis adjustments | 0 | 0 | 0 | 0 |
Gain on interest for qualifying hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments Used in Net Investment Hedge Accounting Relationships (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest rate contracts | Cash flow hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss recognized in other comprehensive (loss) income | $ (1,000,000) | $ (27,000,000) | $ (22,000,000) | $ (28,000,000) |
Foreign exchange contracts | Net investment hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive (loss) income | 2,000,000 | (3,000,000) | 6,000,000 | (3,000,000) |
Amounts excluded from effectiveness testing | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense from continuing operations | $ (37) | $ 74 | $ (23) | $ 142 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 854 | $ 810 |
Total available-for-sale securities | $ 23,200 | $ 24,415 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Finance receivables and loans, net | Finance receivables and loans, net |
Derivative contracts in a receivable position | $ 8 | $ 33 |
Investment in any one industry did not exceed percentage | 13% | 11% |
Carrying amount, equity investments without a readily determinable fair value | $ 92 | $ 102 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 23,200 | 24,415 |
Mortgage loans held-for-sale | 40 | 25 |
Derivative contracts in a receivable position | 8 | 33 |
Total assets | 24,054 | 25,239 |
Total derivative contracts in a payable position | 7 | 17 |
Total liabilities | 7 | 17 |
Fair value, measurements, recurring | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | 7 |
Fair value, measurements, recurring | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 5 | 10 |
Fair value, measurements, recurring | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | |
Fair value, measurements, recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 806 | 766 |
Carrying amount, equity investments without a readily determinable fair value | 48 | 44 |
Fair value, measurements, recurring | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,047 | 2,075 |
Fair value, measurements, recurring | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 622 | 658 |
Fair value, measurements, recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 175 | 183 |
Fair value, measurements, recurring | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 14,336 | 15,384 |
Fair value, measurements, recurring | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 214 | 225 |
Fair value, measurements, recurring | Agency mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,812 | 3,758 |
Fair value, measurements, recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 260 | 332 |
Fair value, measurements, recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,734 | 1,800 |
Fair value, measurements, recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 8 | 33 |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,085 | 2,126 |
Mortgage loans held-for-sale | 0 | 0 |
Derivative contracts in a receivable position | 0 | 0 |
Total assets | 2,891 | 2,891 |
Total derivative contracts in a payable position | 1 | 0 |
Total liabilities | 1 | 0 |
Fair value, measurements, recurring | Level 1 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | |
Fair value, measurements, recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 806 | 765 |
Fair value, measurements, recurring | Level 1 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,047 | 2,075 |
Fair value, measurements, recurring | Level 1 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 38 | 51 |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Agency mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 0 | 0 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 21,104 | 22,280 |
Mortgage loans held-for-sale | 38 | 25 |
Derivative contracts in a receivable position | 6 | 31 |
Total assets | 21,148 | 22,336 |
Total derivative contracts in a payable position | 1 | 7 |
Total liabilities | 1 | 7 |
Fair value, measurements, recurring | Level 2 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 1 | 7 |
Fair value, measurements, recurring | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | |
Fair value, measurements, recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 2 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 611 | 649 |
Fair value, measurements, recurring | Level 2 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 137 | 132 |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 14,336 | 15,384 |
Fair value, measurements, recurring | Level 2 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 214 | 225 |
Fair value, measurements, recurring | Level 2 | Agency mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,812 | 3,758 |
Fair value, measurements, recurring | Level 2 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 260 | 332 |
Fair value, measurements, recurring | Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,734 | 1,800 |
Fair value, measurements, recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | 6 | 31 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 11 | 9 |
Mortgage loans held-for-sale | 2 | 0 |
Derivative contracts in a receivable position | 2 | 2 |
Total assets | 15 | 12 |
Total derivative contracts in a payable position | 5 | 10 |
Total liabilities | 5 | 10 |
Fair value, measurements, recurring | Level 3 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 5 | 10 |
Fair value, measurements, recurring | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative contracts in a payable position | 0 | |
Fair value, measurements, recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 1 |
Fair value, measurements, recurring | Level 3 | U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | U.S. States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 11 | 9 |
Fair value, measurements, recurring | Level 3 | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Mortgage-backed residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Agency mortgage-backed commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 0 | 0 |
Fair value, measurements, recurring | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative contracts in a receivable position | $ 2 | $ 2 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value Measurements - Reconciliation of Level 3 Assets And Liabilities (Details) - Fair value, measurements, recurring - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative liabilities, net of derivative assets | ||||
Liabilities | ||||
Fair value at beginning of the period | $ 8 | $ 42 | $ 8 | $ 39 |
Net realized/unrealized gains | ||||
Included in earnings | (5) | (3) | (9) | (3) |
Included in OCI | 0 | 0 | 0 | 0 |
Purchases and originations | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (5) | (25) | (5) | (25) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 5 | 4 | 9 | 7 |
Fair value at ending of the period | 3 | 18 | 3 | 18 |
Net unrealized gains still held at June 30, | ||||
Included in earnings | (2) | (1) | (7) | (1) |
Included in OCI | 0 | 0 | 0 | 0 |
Equity securities | ||||
Assets | ||||
Fair value at beginning of the period | 0 | 1 | 1 | 1 |
Net realized/unrealized gains | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Purchases and originations | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (1) | 0 |
Fair value at ending of the period | 0 | 1 | 0 | 1 |
Net unrealized gains still held at June 30, | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Available-for-sale securities | ||||
Assets | ||||
Fair value at beginning of the period | 11 | 4 | 9 | 4 |
Net realized/unrealized gains | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Purchases and originations | 0 | 1 | 2 | 1 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at ending of the period | 11 | 5 | 11 | 5 |
Net unrealized gains still held at June 30, | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Mortgage loans held-for-sale | ||||
Assets | ||||
Fair value at beginning of the period | 0 | 0 | 0 | 0 |
Net realized/unrealized gains | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Purchases and originations | 2 | 0 | 2 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at ending of the period | 2 | 0 | 2 | 0 |
Net unrealized gains still held at June 30, | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Finance receivables and loans, net | Consumer Loan | ||||
Assets | ||||
Fair value at beginning of the period | 0 | 2 | 0 | 3 |
Net realized/unrealized gains | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | 0 | 0 | 0 | 0 |
Purchases and originations | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (2) | 0 | (3) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value at ending of the period | 0 | 0 | 0 | 0 |
Net unrealized gains still held at June 30, | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Schedule of Fair_3
Fair Value - Schedule of Fair Value Measurements - Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | $ 316 | $ 400 |
Finance receivables and loans, net | 135,211 | 135,852 |
Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 159 | 375 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | 0 |
Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 231 | 441 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (42) | (43) |
Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 8 | 1 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 6 | 1 |
Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 6 | 10 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (1) | (1) |
Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Level 1 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 1 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 0 | 0 |
Level 2 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 2 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 2 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, net | 159 | 375 |
Level 3 | Assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 231 | 441 |
Level 3 | Nonmarketable equity investments | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 8 | 1 |
Level 3 | Repossessed and foreclosed assets | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 6 | 10 |
Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 58 | 55 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (47) | (43) |
Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 58 | 55 |
Automotive | Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 14 | 6 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | 0 | 0 |
Automotive | Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive | Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Automotive | Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 14 | 6 |
Other | Commercial | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 44 | 49 |
Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments | (47) | (43) |
Other | Commercial | Level 1 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other | Commercial | Level 2 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | 0 | 0 |
Other | Commercial | Level 3 | Nonrecurring fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finance receivables and loans, net | $ 44 | $ 49 |
Fair Value - Schedule of Fair_4
Fair Value - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 4,548 | $ 4,680 |
Loans held-for-sale, net | 316 | 400 |
Finance receivables and loans, net | 135,211 | 135,852 |
Deposit liabilities | 152,154 | 154,666 |
Short-term borrowings | 3,122 | 3,297 |
Long-term debt | 15,979 | 17,570 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,548 | 4,680 |
Loans held-for-sale, net | 276 | 375 |
Finance receivables and loans, net | 135,211 | 135,852 |
FHLB/FRB stock | 705 | 784 |
Deposit liabilities | 48,853 | 55,187 |
Short-term borrowings | 3,122 | 3,297 |
Long-term debt | 15,979 | 17,570 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,503 | 4,729 |
Loans held-for-sale, net | 276 | 375 |
Finance receivables and loans, net | 136,626 | 137,244 |
FHLB/FRB stock | 705 | 784 |
Deposit liabilities | 48,775 | 55,311 |
Short-term borrowings | 3,158 | 3,335 |
Long-term debt | 16,934 | 18,538 |
Estimated fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Estimated fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 4,503 | 4,729 |
Loans held-for-sale, net | 0 | 0 |
Finance receivables and loans, net | 0 | 0 |
FHLB/FRB stock | 705 | 784 |
Deposit liabilities | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 11,916 | 12,789 |
Estimated fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 0 | 0 |
Loans held-for-sale, net | 276 | 375 |
Finance receivables and loans, net | 136,626 | 137,244 |
FHLB/FRB stock | 0 | 0 |
Deposit liabilities | 48,775 | 55,311 |
Short-term borrowings | 3,158 | 3,335 |
Long-term debt | $ 5,018 | $ 5,749 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting [Abstract] | ||
Derivative assets, gross amounts of recognized assets/liabilities | $ 8 | $ 33 |
Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Total assets, net amount | 8 | 33 |
Financial instruments | 0 | 0 |
Gross amounts not offset on the Condensed Consolidated Balance Sheet | (5) | (31) |
Total assets | 3 | 2 |
Derivative liabilities, gross amounts of recognized assets/liabilities | 7 | 17 |
Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Net amounts of assets/liabilities presented on the Condensed Consolidated Balance Sheet | 7 | 17 |
Derivative liabilities, gross amounts not offset on the condensed consolidated balance sheet, financial instruments | 0 | 0 |
Derivative liabilities in net liability positions | (2) | (6) |
Net amount | 5 | 11 |
Securities sold under agreements to repurchase | 1,547 | 747 |
Securities sold under agreements to repurchase - gross amounts offset on the consolidated balance sheet | 0 | 0 |
Securities sold under agreements to repurchase | 1,547 | 747 |
Security sold under agreement to repurchase, gross amounts not offset on the condensed consolidated balance sheet, financial instruments | 0 | 0 |
Security sold under agreement to repurchase, subject to master netting arrangement, collateral, right to reclaim cash not offset | (1,547) | (747) |
Securities sold under agreements to repurchase, offset against collateral, net of not subject to master netting arrangement, policy election | 0 | 0 |
Gross amounts of recognized assets/liabilities | 1,554 | 764 |
Gross amounts offset on the Condensed Consolidated Balance Sheet | 0 | 0 |
Fair value of derivative contracts in payable position | 1,554 | 764 |
Financial instruments | 0 | 0 |
Securities sold under agreements to repurchase, securities loaned, collateral, right to reclaim cash | (1,549) | (753) |
Security sold under agreement to repurchase, and security loaned, including not subject to master netting arrangement, after offset and deduction | 5 | 11 |
Derivative assets with no offsetting arrangements | 3 | 2 |
Derivative liabilities with no offsetting arrangements | $ 5 | $ 10 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) subsegment segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | segment | 4 | ||||
Number of operating subsegments | subsegment | 2 | ||||
Net financing revenue and other interest income | $ 1,495 | $ 1,573 | $ 2,951 | $ 3,175 | |
Other revenue | 505 | 506 | 1,035 | 1,004 | |
Total net revenue | 2,000 | 2,079 | 3,986 | 4,179 | |
Provision for credit losses | 457 | 427 | 964 | 873 | |
Total noninterest expense | 1,286 | 1,249 | 2,594 | 2,515 | |
Income from continuing operations before income tax (benefit) expense | 257 | 403 | 428 | 791 | |
Total assets | 192,531 | 197,241 | 192,531 | 197,241 | $ 196,392 |
Net financing revenue and other interest income after the provision for credit losses | 1,000 | 1,100 | 2,000 | 2,300 | |
Operating Segments | Automotive Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 1,314 | 1,349 | 2,628 | 2,671 | |
Other revenue | 93 | 83 | 190 | 160 | |
Total net revenue | 1,407 | 1,432 | 2,818 | 2,831 | |
Provision for credit losses | 383 | 331 | 831 | 682 | |
Total noninterest expense | 617 | 600 | 1,258 | 1,206 | |
Income from continuing operations before income tax (benefit) expense | 407 | 501 | 729 | 943 | |
Total assets | 115,772 | 113,757 | 115,772 | 113,757 | |
Operating Segments | Insurance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 30 | 29 | 59 | 55 | |
Other revenue | 338 | 337 | 722 | 718 | |
Total net revenue | 368 | 366 | 781 | 773 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Total noninterest expense | 410 | 358 | 753 | 673 | |
Income from continuing operations before income tax (benefit) expense | (42) | 8 | 28 | 100 | |
Total assets | 9,174 | 8,890 | 9,174 | 8,890 | |
Operating Segments | Mortgage Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 53 | 53 | 105 | 107 | |
Other revenue | 5 | 5 | 11 | 9 | |
Total net revenue | 58 | 58 | 116 | 116 | |
Provision for credit losses | (1) | 0 | (1) | (1) | |
Total noninterest expense | 32 | 37 | 65 | 75 | |
Income from continuing operations before income tax (benefit) expense | 27 | 21 | 52 | 42 | |
Total assets | 18,010 | 18,997 | 18,010 | 18,997 | |
Operating Segments | Corporate Finance operations | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | 104 | 92 | 215 | 195 | |
Other revenue | 30 | 28 | 53 | 57 | |
Total net revenue | 134 | 120 | 268 | 252 | |
Provision for credit losses | 3 | 15 | 2 | 30 | |
Total noninterest expense | 33 | 33 | 78 | 78 | |
Income from continuing operations before income tax (benefit) expense | 98 | 72 | 188 | 144 | |
Total assets | 9,869 | 10,190 | 9,869 | 10,190 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net financing revenue and other interest income | (6) | 50 | (56) | 147 | |
Other revenue | 39 | 53 | 59 | 60 | |
Total net revenue | 33 | 103 | 3 | 207 | |
Provision for credit losses | 72 | 81 | 132 | 162 | |
Total noninterest expense | 194 | 221 | 440 | 483 | |
Income from continuing operations before income tax (benefit) expense | (233) | (199) | (569) | (438) | |
Total assets | $ 39,706 | $ 45,407 | $ 39,706 | $ 45,407 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jul. 15, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 26, 2024 | ||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per common share (in dollars per share) | [1] | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 | ||
Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.30 | ||||||
Subsequent event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, face amount | $ 750 | ||||||
[1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. |