Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | acf | |
Entity Registrant Name | General Motors Financial Company, Inc. | |
Entity Central Index Key | 804269 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 502 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and Cash Equivalents, at Carrying Value | $1,756 | $1,289 |
Loans and Leases Receivable, Net Amount | 23,867 | 10,998 |
Restricted Cash and Investments | 1,371 | 744 |
Property, Plant and Equipment, Net | 124 | 52 |
Property Subject to or Available for Operating Lease, Net | 3,100 | 1,703 |
Deferred Tax Assets, Net | 69 | 107 |
Goodwill | 1,156 | 1,108 |
Intercompany Receivable | 111 | 66 |
Other Assets | 330 | 130 |
Assets | 31,884 | 16,197 |
Liabilities: | ||
Secured Debt | 18,447 | 9,378 |
Unsecured Debt | 5,228 | 1,500 |
Accounts Payable and Accrued Liabilities | 594 | 217 |
Accounts Payable And Accrued Expenses | 594 | 217 |
Deferred Revenue | 157 | 70 |
Deferred Tax Liabilities, Net | 64 | |
Taxes Payable | 126 | 93 |
Intercompany Taxes Payable | 598 | 559 |
Other Liabilities | 153 | 1 |
Accounts Payable, Related Parties | 357 | |
Liabilities | 25,724 | 11,818 |
Shareholder's equity: | ||
Common Stock, Value, Issued | ||
Additional paid-in capital | 4,765 | 3,459 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 27 | -3 |
Retained earnings | 1,368 | 923 |
Stockholders' Equity Attributable to Parent | 6,160 | 4,379 |
Liabilities and Equity | $31,884 | $16,197 |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parentheticals (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock, Shares Authorized | 1,000 | 1,000 |
Entity Common Stock, Shares Outstanding | 502 | 500 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ||||
Financial Services Revenue | $647 | $417 | $1,709 | $1,179 |
Operating Leases, Income Statement, Lease Revenue | 172 | 80 | 415 | 199 |
Other Income | 48 | 17 | 119 | 54 |
Revenues | 867 | 514 | 2,243 | 1,432 |
Costs and expenses | ||||
Salaries, Wages and Officers' Compensation | 123 | 74 | 313 | 218 |
Other Cost and Expense, Operating | 80 | 31 | 189 | 79 |
Operating Expenses | 203 | 105 | 502 | 297 |
Operating Leases, Income Statement, Depreciation Expense on Property Subject to or Held-for-lease | 133 | 56 | 314 | 147 |
Provision for Loan and Lease Losses | 117 | 78 | 311 | 188 |
Interest Expense | 168 | 75 | 414 | 202 |
Business Combination, Acquisition Related Costs | 7 | 29 | ||
Costs and Expenses | 628 | 314 | 1,570 | 834 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 239 | 200 | 673 | 598 |
Income Tax Expense (Benefit) | 78 | 77 | 228 | 226 |
Net Income (Loss) Attributable to Parent | 161 | 123 | 445 | 372 |
Other comprehensive income | ||||
Unrealized (losses) gains on cash flow hedges | -3 | |||
Foreign currency translation adjustment | 95 | 10 | 30 | 9 |
Income tax benefit (provision) | 1 | |||
Other comprehensive (loss) income | 95 | 10 | 30 | 7 |
Comprehensive income | $256 | $133 | $475 | $379 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by (Used in) Operating Activities | $1,154 | $931 |
Cash flows from investing activities: | ||
Payments to Acquire Receivables | -6,321 | -4,354 |
Principal Collection and Recoveries on Receivables | 5,099 | 3,050 |
Payments To Acquire Commercial Lending Receivable | -16,193 | -582 |
Principal Collections and Recoveries on Commercial Lending Receivables | 15,685 | 300 |
Payments to Acquire Leases Held-for-investment | -1,746 | -857 |
Proceeds from Leases Held-for-investment | 142 | 33 |
Payments to Acquire Businesses, Net of Cash Acquired | -2,107 | |
Payments to Acquire Property, Plant, and Equipment | -10 | -11 |
Increase (Decrease) in Restricted Cash and Investments | -74 | 219 |
Payments for (Proceeds from) Other Investing Activities | -22 | 6 |
Net Cash Provided by (Used in) Investing Activities | -5,547 | -2,196 |
Cash flows from financing activities: | ||
Proceeds from Lines of Credit | 11,676 | 6,600 |
Repayments of Lines of Credit | -9,009 | -5,059 |
Proceeds from Issuance of Unsecured Debt | 4,198 | 1,000 |
Repayments of Unsecured Debt | -1,817 | |
Proceeds from Related Party Debt | 1,100 | |
Repayments of Related Party Debt | -1,100 | |
Repayment of acquisition related debt | -1,416 | |
Proceeds from Contributed Capital | 1,300 | |
Payments of Debt Issuance Costs | -69 | -43 |
Extinguishment of Debt, Amount | -1 | |
Net Cash Provided by (Used in) Financing Activities | 4,863 | 2,497 |
Cash and Cash Equivalents, Period Increase (Decrease) | 470 | 1,232 |
Effect of Exchange Rate on Cash and Cash Equivalents | -3 | 2 |
Cash and cash equivalents at beginning of period | 1,289 | 572 |
Cash and cash equivalents at end of period | $1,756 | $1,806 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ||
Summary Of Significant Accounting Policies | ||
Note 1. | Summary of Significant Accounting Policies | |
Acquisition of Ally Financial Inc. ("Ally Financial") International Operations | ||
As further described in Note 2 - "Acquisition of Ally Financial Inc. International Operations," we acquired Ally Financial's auto finance and financial services operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013, and we acquired Ally Financial's auto finance and financial services operations in France and Portugal on June 1, 2013. The aggregate consideration for these acquisitions was $2.6 billion, subject to certain closing adjustments, of which $65 million, which had been withheld as contingent consideration, was paid upon the closing of the acquisition of Ally Financial's Brazilian auto finance and financial services operations on October 1, 2013. In addition to the purchase price, we also funded a $1.5 billion intercompany loan to certain of the entities we acquired in Europe, of which $1.4 billion was used to repay loans from Ally Financial to such European entities. The operations that we have acquired as of September 30, 2013 from Ally Financial are referred to as the "international operations." | ||
The results of operations of the acquired entities since the applicable acquisition dates are included in our financial statements for the three and nine months ended September 30, 2013. Certain amounts previously presented related to the operations that we have acquired as of September 30, 2013 have been and will continue to be updated as a result of the finalization of acquisition accounting adjustments. | ||
On October 1, 2013, we completed the acquisition of Ally Financial's auto finance operations in Brazil for consideration of $611 million, subject to certain closing adjustments. In addition we paid $65 million in contingent consideration related to our previous acquisitions. See Note 16 - "Subsequent Event" for further discussion. Unless otherwise stated herein, the results of operations, financial condition and information reported in these financial statements do not include the financial condition or the results of operations of the Brazil operations. Additionally, we have agreed to acquire Ally Financial's non-controlling 40% equity interest in GMAC-SAIC Automotive Finance Company Limited ("GMAC-SAIC"), which conducts auto finance operations in China. | ||
Basis of Presentation | ||
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and accounts have been eliminated in consolidation. | ||
The interim period condensed consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period financial statements should be read in conjunction with our consolidated financial statements that are included in our Annual Report on Form 10-K ("Form 10-K") filed on February 15, 2013. | ||
The condensed consolidated financial statements as of September 30, 2013, and for the three and nine months ended September 30, 2013 and 2012, are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. | ||
The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the amount of revenue and costs and expenses during the reporting periods. Actual results could differ from those estimates and those differences may be material. These estimates include, among other things, the determination of the allowance for loan losses on finance receivables, estimated recovery value on leased vehicles, goodwill, income taxes and the expected cash flows on pre-acquisition consumer finance receivables. In addition, certain assumptions and judgments were used in the estimated fair value recorded for the international operations acquisition. See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion. | ||
Generally, the financial statements of entities that operate outside of the United States are measured using the local currency as the functional currency. All assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to the foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income/loss. Foreign currency transaction gains or losses are recorded directly to the condensed consolidated statements of income and comprehensive income, regardless of whether such amounts are realized or unrealized. We may enter into foreign currency derivatives to mitigate our exposure to changes in foreign exchange rates. See Note 8 - "Derivative Financial Instruments" for further discussion. | ||
Prior year amounts for leased vehicle income have been reclassified to conform to the current year presentation. Leased vehicle income is now presented separately on the condensed consolidated statements of income and comprehensive income. It was previously included in other income. | ||
Due to the financial statement impact of the international operations acquisition, the presentation convention has been changed from "thousands" to "millions" to simplify the review and analysis of our financial information. Some prior period amounts may not round under the new convention in a manner consistent with our previous presentation. In addition, we have changed the presentation of debt on the condensed consolidated balance sheets to better classify the debt facilities acquired with the international operations. Debt was previously presented in the following captions: credit facilities, securitization notes payable and senior notes, which were the only types of debt we held. The characteristics of the debt acquired with the international operations are more varied; therefore we have simplified the presentation of our debt as "secured" and "unsecured." | ||
Finance Receivables | ||
Our finance receivables are reported in two portfolios: pre-acquisition and post-acquisition. The pre-acquisition finance receivables portfolio is comprised of (i) finance receivables originated in North America prior to the October 1, 2010 merger with General Motors Company ("GM"), all of which were considered to have had deterioration in credit quality, and (ii) finance receivables that were considered to have had deterioration in credit quality that were acquired with the international operations. The pre-acquisition portfolio will decrease over time with the amortization of the acquired receivables. | ||
The post-acquisition finance receivables portfolio is comprised of (i) finance receivables originated in North America since the merger with GM, (ii) finance receivables originated in the international operations since the applicable acquisition dates and (iii) finance receivables that were considered to have had no deterioration in credit quality that were acquired with the international operations. The post-acquisition portfolio is expected to grow over time as we originate new receivables. | ||
Pre-Acquisition Finance Receivables | ||
Following the merger with GM and the acquisition of the international operations, we further divided the pre-acquisition finance receivables into multiple pools based on common risk characteristics. Through acquisition accounting adjustments, the allowance for loan losses that existed at the merger and the acquisition dates was eliminated and the receivables were adjusted to fair value. The pre-acquisition finance receivables were acquired at a discount, which contains two components: a non-accretable difference and an accretable yield. A non-accretable difference is the excess of contractually required payments (undiscounted amount of all uncollected contractual principal and interest payments, both past due and scheduled for the future) over the amount of cash flows, considering the impact of defaults and prepayments, expected to be collected. An accretable yield is the excess of the cash flows, considering the impact of defaults and prepayments, expected to be collected over the initial investment in the loans, which at the acquisition date was fair value. The accretable yield is recorded as finance charge income over the life of the acquired receivables. | ||
Any deterioration in the performance of the pre-acquisition finance receivables from their expected performance will result in an incremental provision for loan losses. Improvements in the performance of the pre-acquisition finance receivables which results in a significant increase in actual or expected cash flows will result first in the reversal of any incremental related allowance for loan losses and then in a transfer of the excess from the non-accretable difference to accretable yield, which will be recorded as finance charge income over the remaining life of the receivables. | ||
Once a pool of loans is assembled, the integrity of the pool is maintained. A loan is removed from a pool only if it is sold (other than to a consolidated VIE), paid in full, or written off. Our policy is to remove a loan individually from a pool based on comparing any amount received upon disposition of the loan or underlying collateral with the contractual amount remaining due. The excess of the contractual amount remaining due over the amount received upon its disposition is absorbed by the non-accretable difference. This removal method assumes that the amount received approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by this removal method is addressed by our quarterly cash flow evaluation process for each pool. For loans that are resolved by payment in full, there is no reduction in the amount of non-accretable difference for the pool because there is no difference between the amount received and the contractual amount of the loan. | ||
Post-Acquisition Finance Receivables and Allowance for Loan Losses | ||
Finance receivables originated in North America since our October 1, 2010 merger with GM and in the international operations since the applicable acquisition dates are carried at amortized cost, net of allowance for loan losses. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover probable credit losses inherent in our finance receivables. | ||
The allowance for loan losses on consumer finance receivables is established systematically based on the determination of the amount of probable credit losses inherent in the finance receivables as of the balance sheet date. We review charge-off experience factors, delinquency reports, historical collection rates, estimates of the value of the underlying collateral, economic trends, such as unemployment rates, and other information in order to make the necessary judgments as to the probable credit losses. We also use historical charge-off experience to determine the loss confirmation period, which is defined as the time between when an event, such as delinquency status, giving rise to a probable credit loss occurs with respect to a specific account and when such account is charged off. This loss confirmation period is applied to the forecasted probable credit losses to determine the amount of losses inherent in finance receivables at the balance sheet date. Assumptions regarding credit losses and loss confirmation periods are reviewed periodically and may be impacted by actual performance of finance receivables and changes in any of the factors discussed above. Should the credit loss assumption or loss confirmation period increase, there would be an increase in the amount of allowance for loan losses required, which would decrease the net carrying value of finance receivables and increase the amount of provision for loan losses. | ||
For the finance receivables acquired with the international operations that were considered to have no deterioration in credit quality, the existing allowance for loan losses was eliminated and the receivables were adjusted to fair value. The purchase discount will accrete to income over the life of the receivables, based on the effective interest method. Provisions for loan losses are charged to operations in amounts equal to net credit losses for the period. Any deterioration in the performance of the acquired receivables will result in an incremental provision for loan losses. | ||
Segment Information | ||
We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We report our business segments based on geographic regions: North America ("North America Segment") and international ("International Segment"). The North America Segment includes our operations in the United States and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 13 - "Segment Reporting." | ||
Related Party Transactions | ||
We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on loan and lease finance products and makes payments to us to cover certain interest payments on commercial loans. At September 30, 2013 and December 31, 2012, we had intercompany receivables from GM in the amount of $111 million and $66 million under various subvention programs. | ||
In addition, we had $52 million and $46 million due at September 30, 2013 and December 31, 2012 in loans outstanding to dealers that are consolidated by GM, in connection with our commercial lending program. Our international operations also provide financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. As of September 30, 2013, $583 million was outstanding under such arrangements, and is included in commercial finance receivables. At September 30, 2013, we also have $357 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | ||
As discussed in Note 11 - "Income Taxes" we have a tax sharing agreement with GM. Under that agreement, we are obligated to pay GM for our share of the consolidated federal and state tax liabilities for taxable income recognized by us in any period beginning on or after October 1, 2010. Payments for the tax years 2010 through 2014 are deferred for four years from their original due date, and the total deferral amount is limited to $1 billion. As of September 30, 2013, we have recorded related party taxes payable to GM in the amount of $598 million. | ||
We have a $600 million line of credit with GM ("GM Related Party Credit Facility"). There were no advances outstanding under the GM Related Party Credit Facility at September 30, 2013 or December 31, 2012. | ||
Recent Accounting Pronouncements | ||
In February 2013, ASU ("2013-02"), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, was issued effective for annual and interim reporting periods beginning after December 15, 2012. The adoption of 2013-02 improves the reporting of reclassifications out of accumulated other comprehensive income. We adopted this ASU effective January 1, 2013, and the adoption did not have an impact on our consolidated financial position, results of operations and cash flows. | ||
In July 2013, ASU ("2013-11"), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists - a consensus of the FASB Emerging Issues Task Force, was issued to eliminate diversity in practice. ASU 2013-11 requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. The adoption of ASU 2013-11 will not have a material effect on our consolidated financial statements because it aligns with our historical presentation. |
Acquisition_of_Businesses_Note
Acquisition of Businesses (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Acquisition of Businesses [Abstract] | ||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Acquisition of Ally Financial Inc. International Operations | |||||||||||||||||||||||
In November 2012, we entered into a definitive agreement with Ally Financial to acquire 100% of the outstanding equity interests in the top level holding companies of its automotive finance and financial services operations in Europe and Latin America and a separate agreement to acquire Ally Financial's non-controlling equity interest in GMAC-SAIC, which conducts auto finance operations in China. | ||||||||||||||||||||||||
On April 1, 2013, we completed the acquisition of Ally Financial's European and Latin American automotive finance operations except for France, Portugal and Brazil, and on June 1, 2013, we completed the acquisition of Ally Financial's automotive finance operations in France and Portugal. The aggregate consideration for these acquisitions was $2.6 billion, subject to certain closing adjustments, of which $65 million, which had been withheld as contingent consideration, was paid upon the closing of the acquisition of Ally Financial's Brazilian auto finance and financial services operations described below. In addition, we repaid debt of $1.4 billion that was assumed as part of the acquisitions. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition dates. | ||||||||||||||||||||||||
On October 1, 2013, we completed the acquisition of Ally Financial's auto finance operations in Brazil for consideration of $611 million, subject to certain closing adjustments. See Note 16 - "Subsequent Event" for further discussion. In addition we paid $65 million in contingent consideration related to our previous acquisitions. | ||||||||||||||||||||||||
Our acquisition of Ally Financial's equity interest in GMAC-SAIC is subject to certain regulatory and other approvals, and is expected to close in 2014. We expect to pay approximately $900 million to close this acquisition, subject to certain closing adjustments. | ||||||||||||||||||||||||
The international operations were formerly a part of General Motors Acceptance Corporation, the former captive finance subsidiary of GM, and due to this longstanding relationship, the majority of the international operations business is related to GM and its dealer network. With the acquisition of the international operations, we have expanded to become a global captive finance company, and expect to realize numerous strategic benefits, including increased finance penetration resulting from a broadened relationship with GM, geographic diversification of our customer base and transition of our business into a full-spectrum credit platform. | ||||||||||||||||||||||||
The acquisition of the international operations has been accounted for as a business combination, whereby the purchase price of the transaction was allocated to the identifiable assets and liabilities assumed based upon their fair values. The estimates of the fair values recorded were determined based on fair value measurement principles (see Note 9 - "Fair Values of Assets and Liabilities" for further discussion) and reflect significant assumptions and judgments. Material valuation inputs for finance receivables included adjustments to monthly principal and interest cash flows for prepayments and credit loss expectations; and discount rates developed based on the relative risk of the cash flows which considered loan type, market rates as of our valuation date, credit loss expectations and capital structure. Material valuation inputs for debt included discount rates developed based on the relative risk of the contractual cash flows, taking into consideration market rates and liquidity expectations for each country. Certain assumptions and judgments that were considered to be appropriate at the applicable acquisition date may prove to be incorrect if market conditions change. | ||||||||||||||||||||||||
The excess of the purchase price over the estimated fair values of the net assets acquired was recorded as goodwill, which is primarily attributed to the value of the incremental GM business expected. The preliminary goodwill amount is $48 million, but is subject to further adjustment pending the closing of our acquisition of the remaining international operations as well as any potential adjustments resulting from the finalization of the valuation of the acquired assets and assumed liabilities. Valuations and assumptions pertaining to income taxes are subject to change as additional information is obtained during the measurement period. We will assign the goodwill to reporting units, which will be determined upon completion of the remaining acquisitions. The goodwill will not be deductible for tax purposes. | ||||||||||||||||||||||||
The following table summarizes the aggregate consideration and the assets acquired and liabilities assumed at the acquisition dates (in millions): | ||||||||||||||||||||||||
Acquired International Operations | ||||||||||||||||||||||||
Cash | $ | 440 | ||||||||||||||||||||||
Restricted cash | 525 | |||||||||||||||||||||||
Finance receivables | 10,969 | |||||||||||||||||||||||
Other assets, including identifiable intangible assets | 263 | |||||||||||||||||||||||
Secured and unsecured debt | (8,926 | ) | ||||||||||||||||||||||
Other liabilities | (722 | ) | ||||||||||||||||||||||
Identifiable net assets acquired | 2,549 | |||||||||||||||||||||||
Goodwill resulting from the acquisitions | 48 | |||||||||||||||||||||||
Aggregate consideration | $ | 2,597 | ||||||||||||||||||||||
The following table provides information related to finance receivables acquired which had no deterioration in credit quality as of the applicable acquisition dates (in millions): | ||||||||||||||||||||||||
Consumer (a) | Commercial | |||||||||||||||||||||||
Contractually required payments receivable | $ | 7,168 | $ | 4,067 | ||||||||||||||||||||
Cash flows not expected to be collected | $ | 152 | $ | 18 | ||||||||||||||||||||
Fair value | $ | 6,378 | $ | 3,990 | ||||||||||||||||||||
_________________ | ||||||||||||||||||||||||
(a) | Certain amounts in this table have been updated as a result of the finalization of acquisition accounting adjustments, including a determination that certain consumer finance receivables acquired should be reclassified from receivables with credit impairment to receivables with no deterioration in credit quality. Accordingly, contractually required payments receivable, cash flows not expected to be collected and fair value of $1.2 billion, $0.1 billion and $1.0 billion were reclassified from consumer finance receivables acquired which had deterioration in credit quality. This reclassification had no material effect on the condensed consolidated balance sheet as of September 30, 2013 or condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013. | |||||||||||||||||||||||
The results of operations of the international operations are included in our results beginning April 1, 2013, except for the results of the operations in Portugal and France, which are included in our results beginning June 1, 2013. The following table summarizes the actual amounts of revenue and earnings of the international operations included in our condensed consolidated financial statements for the three and nine months ended September 30, 2013 and the supplemental pro forma revenue and earnings of the combined entity for the three and nine months ended September 30, 2013 and 2012, as if the acquisitions had occurred on January 1, 2012 (in millions). | ||||||||||||||||||||||||
International Operations Amounts Included in Results | Supplemental Pro Forma - Combined | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | September 30, | ||||||||||||||||||||||
September 30, 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Total revenue | $ | 245 | $ | 493 | $ | 888 | $ | 759 | $ | 2,503 | $ | 2,225 | ||||||||||||
Net income | $ | 50 | $ | 104 | $ | 172 | $ | 157 | $ | 495 | $ | 530 | ||||||||||||
Goodwill_Notes
Goodwill (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill Disclosure [Text Block] | Goodwill | |||||||||||||||
The following table summarizes the changes in the carrying amounts of goodwill (in millions): | ||||||||||||||||
Year Ended | ||||||||||||||||
Nine Months Ended September 30, 2013 | December 31, 2012 | |||||||||||||||
North America | International | Total | North | |||||||||||||
America | ||||||||||||||||
Balance at beginning of period | $ | 1,108 | $ | $ | 1,108 | $ | 1,108 | |||||||||
International operations acquisition(a) | 48 | 48 | ||||||||||||||
Balance at end of period | $ | 1,108 | $ | 48 | $ | 1,156 | $ | 1,108 | ||||||||
_________________ | ||||||||||||||||
(a) | See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion. |
Finance_Receivables
Finance Receivables | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Finance Receivables [abstract] | ||||||||||||||||||||||
Financing Receivables [Text Block] | Finance Receivables | |||||||||||||||||||||
Below is information about finance receivables that have been divided into two portfolios: pre-acquisition and post-acquisition. See Note 1 - "Summary of Significant Accounting Policies." | ||||||||||||||||||||||
The total finance receivables portfolio consists of the following (in millions): | ||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
North America | International | Total | North | |||||||||||||||||||
America | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance | $ | 1,154 | $ | 445 | $ | 1,599 | $ | 2,162 | ||||||||||||||
Pre-acquisition consumer finance receivables - carrying value | $ | 1,028 | $ | 424 | $ | 1,452 | $ | 1,958 | ||||||||||||||
Post-acquisition consumer finance receivables, net of fees | 10,313 | 7,352 | 17,665 | 8,831 | ||||||||||||||||||
11,341 | 7,776 | 19,117 | 10,789 | |||||||||||||||||||
Less: allowance for loan losses | (453 | ) | (14 | ) | (467 | ) | (345 | ) | ||||||||||||||
Total consumer finance receivables, net | 10,888 | 7,762 | 18,650 | 10,444 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 1,355 | 3,812 | 5,167 | 560 | ||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | 2 | 77 | 79 | |||||||||||||||||||
Less: allowance for loan losses - collective | (12 | ) | (13 | ) | (25 | ) | (6 | ) | ||||||||||||||
Less: allowance for loan losses - specific | (1 | ) | (3 | ) | (4 | ) | ||||||||||||||||
Total commercial finance receivables, net | 1,344 | 3,873 | 5,217 | 554 | ||||||||||||||||||
Total finance receivables, net | $ | 12,232 | $ | 11,635 | $ | 23,867 | $ | 10,998 | ||||||||||||||
Consumer Finance Receivables | ||||||||||||||||||||||
Pre-acquisition Consumer Finance Receivables | ||||||||||||||||||||||
Following is a summary of activity in our pre-acquisition consumer finance receivables portfolio (in millions): | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance, beginning of period | $ | 2,162 | $ | $ | 2,162 | $ | 4,366 | |||||||||||||||
Pre-acquisition consumer finance receivables - carrying value, beginning of period | $ | 1,958 | $ | $ | 1,958 | $ | 4,027 | |||||||||||||||
International operations acquisition | 601 | 601 | ||||||||||||||||||||
Principal collections and other | (885 | ) | (192 | ) | (1,077 | ) | (1,532 | ) | ||||||||||||||
Change in carrying value adjustment | (45 | ) | 8 | (37 | ) | (145 | ) | |||||||||||||||
Foreign currency translation | 7 | 7 | ||||||||||||||||||||
Balance at end of period | $ | 1,028 | $ | 424 | $ | 1,452 | $ | 2,350 | ||||||||||||||
The following table provides information related to the credit-impaired consumer finance receivables acquired with the international operations on the applicable acquisition dates (in millions): | ||||||||||||||||||||||
Contractually required payments receivable (a) | $ | 799 | ||||||||||||||||||||
Cash flows expected to be collected (a) | $ | 728 | ||||||||||||||||||||
Fair value (a) | $ | 601 | ||||||||||||||||||||
_________________ | ||||||||||||||||||||||
(a) | Certain amounts in this table have been updated as a result of the finalization of acquisition accounting adjustments, including a determination that certain consumer finance receivables should be reclassified from receivables with credit impairment to receivables with no deterioration in credit quality. Accordingly, contractually required payments receivable, cash flows expected to be collected and fair value of $1.2 billion, $1.1 billion and $1.0 billion were reclassified to consumer finance receivables acquired which had no deterioration in credit quality. This reclassification had no material effect on the condensed consolidated balance sheet as of September 30, 2013 or condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013. | |||||||||||||||||||||
We review our pre-acquisition portfolio for differences between contractual cash flows and the cash flows expected to be collected to determine if the difference is attributable, at least in part, to credit quality. During the nine months ended September 30, 2013 and 2012, as a result of improvements in the credit performance of the pre-acquisition portfolio, expected cash flows increased by $73 million and $170 million. We transferred the amount of excess cash flows from the non-accretable difference to accretable yield. This excess will be amortized through finance charge income over the remaining life of the portfolio. | ||||||||||||||||||||||
A summary of the activity in the accretable yield on the pre-acquisition consumer finance receivables portfolios is as follows (in millions): | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 298 | $ | 96 | $ | 394 | $ | 628 | ||||||||||||||
Accretion of accretable yield | (65 | ) | (20 | ) | (85 | ) | (123 | ) | ||||||||||||||
Transfer from non-accretable difference | 19 | 19 | ||||||||||||||||||||
Foreign currency translation | 1 | 1 | ||||||||||||||||||||
Balance at end of period | $ | 233 | $ | 96 | $ | 329 | $ | 505 | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 404 | $ | $ | 404 | $ | 737 | |||||||||||||||
International operations acquisition | 127 | 127 | ||||||||||||||||||||
Accretion of accretable yield | (225 | ) | (44 | ) | (269 | ) | (402 | ) | ||||||||||||||
Transfer from non-accretable difference | 54 | 19 | 73 | 170 | ||||||||||||||||||
Foreign currency translation | (6 | ) | (6 | ) | ||||||||||||||||||
Balance at end of period | $ | 233 | $ | 96 | $ | 329 | $ | 505 | ||||||||||||||
Post-acquisition Consumer Finance Receivables | ||||||||||||||||||||||
Consumer finance contracts are purchased by us from auto dealers without recourse, and accordingly, the dealer has no liability to us if the consumer defaults on the contract. Depending upon the contract structure and consumer credit attributes, we may pay dealers a participation fee or we may charge dealers a non-refundable acquisition fee when purchasing individual finance contracts. We also have subvention programs with GM and other new vehicle manufacturers, under which the manufacturers provide us cash payments in order for us to offer lower interest rates on consumer finance contracts we purchase. We record the amortization of participation fees and subvention and accretion of acquisition fees to finance charge income using the effective interest method. | ||||||||||||||||||||||
Following is a summary of activity in our post-acquisition consumer finance receivables portfolio (in millions): | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Post-acquisition consumer finance receivables, net of fees - beginning of period | $ | 8,831 | $ | $ | 8,831 | $ | 5,314 | |||||||||||||||
International operations acquisition | 6,378 | 6,378 | ||||||||||||||||||||
Loans purchased | 3,980 | 2,350 | 6,330 | 4,363 | ||||||||||||||||||
Charge-offs | (401 | ) | (18 | ) | (419 | ) | (186 | ) | ||||||||||||||
Principal collections and other | (2,097 | ) | (1,579 | ) | (3,676 | ) | (1,236 | ) | ||||||||||||||
Foreign currency translation | 221 | 221 | ||||||||||||||||||||
Balance at end of period | $ | 10,313 | $ | 7,352 | $ | 17,665 | $ | 8,255 | ||||||||||||||
A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | ||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 415 | $ | 8 | $ | 423 | $ | 249 | ||||||||||||||
Provision for loan losses | 107 | 9 | 116 | 78 | ||||||||||||||||||
Charge-offs | (153 | ) | (18 | ) | (171 | ) | (82 | ) | ||||||||||||||
Recoveries | 84 | 15 | 99 | 46 | ||||||||||||||||||
Balance at end of period | $ | 453 | $ | 14 | $ | 467 | $ | 291 | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 345 | $ | $ | 345 | $ | 179 | |||||||||||||||
Provision for loan losses | 276 | 17 | 293 | 188 | ||||||||||||||||||
Charge-offs | (401 | ) | (18 | ) | (419 | ) | (186 | ) | ||||||||||||||
Recoveries | 233 | 15 | 248 | 110 | ||||||||||||||||||
Balance at end of period | $ | 453 | $ | 14 | $ | 467 | $ | 291 | ||||||||||||||
Consumer Credit Quality | ||||||||||||||||||||||
We use proprietary scoring systems in the underwriting process that measure the credit quality of the receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO score), and contract characteristics. In addition to our proprietary scoring system, we consider other individual consumer factors, such as employment history, financial stability, and capacity to pay. At the time of loan origination, substantially all of our international consumers have prime credit scores. In the North America Segment, however, our consumer finance receivables are predominantly sub-prime. A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | ||||||||||||||||||||||
September 30, 2013 | Percent | December 31, 2012 | Percent | |||||||||||||||||||
FICO Score less than 540 | $ | 3,444 | 30 | % | $ | 3,011 | 27.4 | % | ||||||||||||||
FICO Score 540 to 599 | 5,389 | 47 | 5,014 | 45.6 | ||||||||||||||||||
FICO Score 600 to 659 | 2,333 | 20.4 | 2,513 | 22.9 | ||||||||||||||||||
FICO Score 660 and greater | 301 | 2.6 | 455 | 4.1 | ||||||||||||||||||
Balance at end of period(a) | $ | 11,467 | 100 | % | $ | 10,993 | 100 | % | ||||||||||||||
_________________ | ||||||||||||||||||||||
(a) | Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. | |||||||||||||||||||||
We review the credit quality of our consumer finance receivables based on consumer payment activity. A consumer account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Consumer finance receivables are collateralized by vehicle titles and we have the right to repossess the vehicle in the event the consumer defaults on the payment terms of the contract. The following is a summary of the contractual amounts of consumer finance receivables, which is not materially different than recorded investment, that are (i) more than 30 days delinquent, not yet in repossession, and (ii) in repossession, but not yet charged off (dollars in millions): | ||||||||||||||||||||||
September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | Percent of Contractual Amount Due | |||||||||||||||||
31 - 60 days | $ | 690 | $ | 49 | $ | 739 | 3.8 | % | $ | 561 | 5.2 | % | ||||||||||
Greater - than 60 days | 247 | 44 | 291 | 1.5 | 204 | 1.9 | ||||||||||||||||
937 | 93 | 1,030 | 5.3 | 765 | 7.1 | |||||||||||||||||
In repossession | 41 | 4 | 45 | 0.3 | 38 | 0.3 | ||||||||||||||||
$ | 978 | $ | 97 | $ | 1,075 | 5.6 | % | $ | 803 | 7.4 | % | |||||||||||
The accrual of finance charge income has been suspended on $550 million and $503 million of consumer finance receivables (based on contractual amount due) as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||
Impaired Finance Receivables - Troubled Debt Restructurings ("TDRs") | ||||||||||||||||||||||
Consumer finance receivables that become classified as TDRs are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. The financial effects of the accounts that become classified as TDRs result in an impairment charge recorded as part of the provision for loan losses. Accounts that become classified as TDRs because of a payment deferral still accrue interest at the contractual rate and an additional fee is collected (where permitted) at each time of deferral and recorded as a reduction of accrued interest. No interest or fees are forgiven on a payment deferral to a customer and therefore, there are no additional financial effects of deferred loans becoming classified as TDRs. Accounts in Chapter 13 bankruptcy would have already been placed on non-accrual; therefore, there are no additional financial effects from these loans becoming classified as TDRs. As of September 30, 2013, the outstanding balance of consumer finance receivables in the International Segment determined to be TDRs was insignificant; therefore, the following information is presented with regard to the TDRs in the North America Segment only. | ||||||||||||||||||||||
The outstanding recorded investment for consumer finance receivables that are considered to be TDRs and the related allowance is presented below (in millions): | ||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Outstanding recorded investment | $ | 633 | $ | 228 | ||||||||||||||||||
Less: allowance for loan losses | (88 | ) | (32 | ) | ||||||||||||||||||
Outstanding recorded investment, net of allowance | $ | 545 | $ | 196 | ||||||||||||||||||
Unpaid principal balance | $ | 642 | $ | 232 | ||||||||||||||||||
Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Additional information about loans classified as TDRs is presented below (in millions): | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Average recorded investment | $ | 552 | $ | 91 | $ | 417 | $ | 70 | ||||||||||||||
Interest income recognized | $ | 20 | $ | 3 | $ | 45 | $ | 4 | ||||||||||||||
The following table provides information on the recorded investment of consumer loans at the time they became classified as TDRs (dollars in millions): | ||||||||||||||||||||||
September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Number of Accounts | Amount | Number of Accounts | Amount | |||||||||||||||||||
Three months | 11,364 | $ | 204 | 4,148 | $ | 77 | ||||||||||||||||
Nine months | 27,302 | $ | 478 | 6,857 | $ | 129 | ||||||||||||||||
A redefault is when an account meets the requirements for evaluation under our charge-off policy (See Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements in our Form 10-K for additional information). | ||||||||||||||||||||||
The unpaid principal balance, net of recoveries, of loans that redefaulted during the reporting period and were within 12 months or less of being modified as a TDR were $9 million and $15 million for the three and nine months ended September 30, 2013. | ||||||||||||||||||||||
Commercial Finance Receivables | ||||||||||||||||||||||
Following is a summary of activity in our commercial finance receivables portfolio (in millions): | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 560 | $ | $ | 560 | $ | ||||||||||||||||
International operations acquisition | 3,990 | 3,990 | ||||||||||||||||||||
Loans funded | 3,919 | 12,280 | 16,199 | 584 | ||||||||||||||||||
Principal collections and other | (3,122 | ) | (12,509 | ) | (15,631 | ) | (300 | ) | ||||||||||||||
Foreign currency translation | 128 | 128 | ||||||||||||||||||||
Balance at end of period | $ | 1,357 | $ | 3,889 | $ | 5,246 | $ | 284 | ||||||||||||||
A summary of the activity in the allowance for commercial loan losses is as follows (in millions): | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||
Balance at beginning of period | $ | 12 | $ | 12 | $ | 24 | ||||||||||||||||
Provision for loan losses | 1 | 1 | ||||||||||||||||||||
Recoveries | 4 | 4 | ||||||||||||||||||||
Balance at end of period | $ | 13 | $ | 16 | $ | 29 | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||
Balance at beginning of period | $ | 6 | $ | $ | 6 | |||||||||||||||||
Provision for loan losses | 7 | 11 | 18 | |||||||||||||||||||
Recoveries | 5 | 5 | ||||||||||||||||||||
Balance at end of period | $ | 13 | $ | 16 | $ | 29 | ||||||||||||||||
Commercial Credit Quality | ||||||||||||||||||||||
We extend wholesale credit to dealers primarily in the form of approved lines of credit to purchase new vehicles as well as used vehicles. Each commercial lending request is evaluated, taking into consideration the borrower's financial condition and the underlying collateral for the loan. | ||||||||||||||||||||||
We use a proprietary model to assign each dealer a risk rating. This model uses historical performance data to identify key factors about a dealer that we consider significant in predicting a dealer's ability to meet its financial obligations. We also consider numerous other financial and qualitative factors including capitalization and leverage, liquidity and cash flow, profitability and credit history. | ||||||||||||||||||||||
We regularly review our model to confirm the continued business significance and statistical predictability of the factors and update the model to incorporate new factors or other information that improves its statistical predictability. In addition, we verify the existence of the assets collateralizing the receivables by physical audits of vehicle inventories, which are performed with increased frequency for higher risk (i.e., Groups III, IV, V and VI) dealers. We perform a credit review of each dealer at least annually and adjust the dealer's risk rating, if necessary. | ||||||||||||||||||||||
Performance of our commercial finance receivables is evaluated based on our internal dealer risk rating analysis, as payment for wholesale receivables is generally not required until the dealer has sold the vehicle inventory. Wholesale and dealer loan receivables with the same dealer customer share the same risk rating. | ||||||||||||||||||||||
A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | ||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Group I - | Dealers with strong to superior financial metrics | $ | 442 | $ | 99 | |||||||||||||||||
Group II - | Dealers with fair to favorable financial metrics | 1,243 | 278 | |||||||||||||||||||
Group III - | Dealers with marginal to weak financial metrics | 1,701 | 171 | |||||||||||||||||||
Group IV - | Dealers with poor financial metrics | 1,210 | 12 | |||||||||||||||||||
Group V - | Dealers warranting special mention due to potential weaknesses | 458 | ||||||||||||||||||||
Group VI - | Dealers with loans classified as substandard, doubtful or impaired | 192 | ||||||||||||||||||||
Balance at end of period | $ | 5,246 | $ | 560 | ||||||||||||||||||
The credit lines for Group VI dealers are suspended and no further funding is extended to these dealers. | ||||||||||||||||||||||
At September 30, 2013, 99.7% of our commercial finance receivables were current with respect to payment status. | ||||||||||||||||||||||
Impaired Commercial Finance Receivables | ||||||||||||||||||||||
We consider a loan impaired when based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The amount of impairment is based on expected proceeds, including the estimated amount of future cash flows and/or the fair value of underlying collateral, compared to the recorded investment of the loan. A specific allowance for losses is established in the amount of any measured impairment. | ||||||||||||||||||||||
Commercial finance receivables classified as TDRs are assessed for impairment and included in our allowance for credit losses based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. For receivables where foreclosure is probable, the fair value of the collateral is used to estimate the specific impairment. At September 30, 2013 and December 31, 2012, there were no outstanding commercial finance receivables classified as TDRs. |
Leased_Vehicles
Leased Vehicles | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||
Leased Vehicles | Our operating lease program is offered primarily in the North America Segment. As of September 30, 2013, the amount of leased vehicles accounted for as operating leases in the International Segment is insignificant; therefore, the following information regarding our leased vehicles is presented on a consolidated basis. | ||||||||||||||||||||||||
Following is a summary of our leased vehicles (in millions): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Leased vehicles | $ | 4,240 | $ | 2,283 | |||||||||||||||||||||
Manufacturer incentives | (593 | ) | (307 | ) | |||||||||||||||||||||
3,647 | 1,976 | ||||||||||||||||||||||||
Less: accumulated depreciation | (547 | ) | (273 | ) | |||||||||||||||||||||
Leased vehicles, net | $ | 3,100 | $ | 1,703 | |||||||||||||||||||||
A summary of the changes in our leased vehicles is as follows (in millions): | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 1,976 | $ | 887 | |||||||||||||||||||||
International operations acquisition | 9 | ||||||||||||||||||||||||
Leased vehicles purchased | 2,180 | 1,077 | |||||||||||||||||||||||
Leased vehicles returned - end of term | (192 | ) | (43 | ) | |||||||||||||||||||||
Leased vehicles returned - default | (16 | ) | (4 | ) | |||||||||||||||||||||
Manufacturer incentives | (288 | ) | (149 | ) | |||||||||||||||||||||
Foreign currency translation | (22 | ) | 18 | ||||||||||||||||||||||
Balance at end of period | $ | 3,647 | $ | 1,786 | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, our Canadian subsidiary was servicing $375 million and $625 million of leased vehicles for a third party. | |||||||||||||||||||||||||
The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions): | |||||||||||||||||||||||||
Years Ending December 31, | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
Minimum rental payments under operating leases | $ | 149 | $ | 545 | $ | 428 | $ | 186 | $ | 20 | $ | 2 | |||||||||||||
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Debt | ||||||||||||||||||||||||||||
Debt consists of the following (in millions): | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
North America | International | Total | North | ||||||||||||||||||||||||||
America | |||||||||||||||||||||||||||||
Secured | |||||||||||||||||||||||||||||
Revolving credit facilities | $ | 1,337 | $ | 4,753 | $ | 6,090 | $ | 354 | |||||||||||||||||||||
Securitization notes payable | 10,470 | 1,887 | 12,357 | 9,024 | |||||||||||||||||||||||||
Total secured | $ | 11,807 | $ | 6,640 | $ | 18,447 | $ | 9,378 | |||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||
Bank lines | $ | $ | 1,228 | $ | 1,228 | $ | |||||||||||||||||||||||
Senior notes | 4,000 | 4,000 | 1,500 | ||||||||||||||||||||||||||
Total unsecured | $ | 4,000 | $ | 1,228 | $ | 5,228 | $ | 1,500 | |||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||||||
Secured debt consists of securitization notes payable and other asset-secured credit facilities. The revolving secured debt facilities have revolving periods ranging from one to three years. At the end of the revolving period, if the facilities are not renewed, the debt will amortize over periods ranging up to six years. Most of the secured debt was issued by variable interest entities, as further discussed in Note 7 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and leases. | |||||||||||||||||||||||||||||
In connection with our merger with GM, we recorded an acquisition accounting premium that is being amortized against interest expense over the expected term of the securitization notes payable outstanding at the merger date. Amortization for the nine months ended September 30, 2013 and 2012 was $9 million and $26 million. At September 30, 2013, unamortized acquisition accounting premium of $1 million is included in secured debt. In connection with our acquisition of the international operations, we recorded an acquisition accounting discount that will amortize to interest expense over the expected term of the secured credit facilities outstanding at the applicable acquisition date. Accretion for the nine months ended September 30, 2013 was $6 million. At September 30, 2013, remaining acquisition accounting discount of $32 million is included in secured debt. | |||||||||||||||||||||||||||||
Interest rates on the secured debt in the North America Segment are primarily fixed, ranging from 0.98% to 5.86% at September 30, 2013 and 0.62% to 12.84% at September 30, 2012. Interest rates on the secured debt in the International Segment are primarily floating, ranging from 0.90% to 7.70% at September 30, 2013. In the nine months ended September 30, 2013 we entered into two revolving credit facilities secured by commercial finance receivables for a commitment of $1.3 billion in aggregate. The facilities each have a one-year revolving period and have interest rates of 0.7% and 1.3% as of September 30, 2013. In the nine months ended September 30, 2013 we also issued securitization notes payable of $4.7 billion, with a weighted-average interest rate of 1.6% maturing on various dates through 2021. At September 30, 2013 revolving credit facilities and securitization notes payable acquired with the international operations acquisition had balances outstanding of $4.8 billion and $1.9 billion. Issuance costs on the secured debt of $51 million as of September 30, 2013 and $31 million as of December 31, 2012 are included in other assets on the condensed consolidated balance sheets, and are amortized to interest expense over the expected term of the secured debt. | |||||||||||||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||||||||
Unsecured debt consists primarily of bank lines, which were assumed in the acquisition of the international operations, and senior unsecured notes. The terms of our unsecured bank lines range up to three years. If not renewed, any balance outstanding under these bank lines is either immediately due in full or else will amortize over a defined period. Interest rates on unsecured bank lines ranged from 0.50% to 9.00% at September 30, 2013. | |||||||||||||||||||||||||||||
In May 2013, we issued $2.5 billion in aggregate principal amount of senior notes at rates ranging from 2.75% to 4.25%, and due between November 2016 and November 2023. Proceeds from the senior notes were used for the acquisition and funding support of the international operations, and are also used to support our overall growth. At September 30, 2013, we had $4.0 billion of senior notes that mature from 2016 through 2023 and have interest rates that range from 2.75% to 6.75%. All of our senior notes may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices as set forth in the indentures that govern the senior notes plus accrued and unpaid interest and liquidated damages, if any, to the redemption date. In addition, if a change of control occurs, as that term is defined in the indentures that govern the senior notes, prior to us being rated "investment grade" by at least two of three listed rating agencies, the holders of senior notes will have the right, subject to certain conditions, to require us to repurchase their senior notes at a purchase price equal to 101% of the aggregate principal amount of senior notes repurchased plus accrued and unpaid interest and liquidated damages, if any, as of the date of repurchase. The senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of the senior notes. See Note 17 - "Guarantor Consolidating Financial Statements" for further discussion. | |||||||||||||||||||||||||||||
The indentures that govern the senior notes provide for customary events of default, including nonpayment, failure to comply with covenants or other agreements in the indentures, if any subsidiary guarantee shall cease to be in full force and effect or any guarantor shall deny or disaffirm its obligations under its subsidiary guarantee, and certain events of bankruptcy or insolvency. If any event of default occurs and is continuing with respect to a series of senior notes, the trustee or the holders of at least 25% in principal amount of the then outstanding senior notes of such series may declare all of the senior notes of such series to be due and payable immediately. | |||||||||||||||||||||||||||||
The following table presents the expected scheduled principal and interest payments under our contractual debt obligations (in millions): | |||||||||||||||||||||||||||||
Years Ending December 31, | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||||||
Secured debt | $ | 3,672 | $ | 6,334 | $ | 4,239 | $ | 2,686 | $ | 1,217 | $ | 299 | $ | 18,447 | |||||||||||||||
Unsecured debt | 724 | 306 | 166 | 1,032 | 1,000 | 2,000 | 5,228 | ||||||||||||||||||||||
Interest | 152 | 451 | 308 | 211 | 143 | 196 | 1,461 | ||||||||||||||||||||||
$ | 4,548 | $ | 7,091 | $ | 4,713 | $ | 3,929 | $ | 2,360 | $ | 2,495 | $ | 25,136 | ||||||||||||||||
As of September 30, 2013, we were in compliance with all covenants in our secured and unsecured debt. |
Variable_Interest_Entities_Not
Variable Interest Entities (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Variable interest entities [Text Block] | Variable Interest Entities | |||||||
We use special-purpose entities ("SPEs") that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to finance receivables and leasing related assets transferred by us to the VIEs (securitized assets). | ||||||||
The transfers of the securitized assets to the SPEs are considered to be sales for legal purposes. However, the securitized assets and the related debt, accounted for as secured borrowings, remain on our condensed consolidated balance sheets as discussed below. Except for the acquisition accounting adjustments, which are not recorded at the SPE trusts, we recognize finance charge income, leased vehicle income and other income on the securitized assets and interest expense on the secured debt issued by the special-purpose entities. We also maintain an allowance for estimated probable credit losses on the securitized assets to cover estimated incurred credit losses using a methodology consistent with that used for our non-securitized asset portfolio. | ||||||||
We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the SPEs because (i) our servicing responsibilities for the securitized assets give us the power to direct the activities that most significantly impact the performance of the VIEs and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. Therefore, the assets and liabilities of the VIEs are included in our condensed consolidated balance sheets. | ||||||||
The following table summarizes the assets and liabilities related to our consolidated VIEs (in millions): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Restricted cash | $ | 1,350 | $ | 744 | ||||
VIE securitized assets | $ | 21,761 | $ | 10,442 | ||||
VIE liabilities | $ | 18,147 | $ | 9,378 | ||||
Restricted cash represents collections from the underlying securitized assets and certain reserve accounts held as credit enhancement on securitizations for the benefit of the noteholders. Cash pledged to support the secured borrowings is deposited to a restricted cash account, which is invested in highly liquid securities with original maturities of 90 days or less. | ||||||||
The assets of the VIEs and the restricted cash held by us serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities we provide as the servicer. We are not required and do not currently intend to provide additional financial support to these VIEs. While these subsidiaries are included in our condensed consolidated financial statements, these subsidiaries are separate legal entities and their assets are legally owned by them and not available to our creditors. | ||||||||
In addition, we entered into interest rate swaps and caps with certain SPEs that issue variable rate debt against fixed rate securitized assets. Under the terms of these swaps, the SPEs are obligated to pay us a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the SPEs to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate securitized assets, as required to maintain ratings on such securitizations. See Note 8 - "Derivative Financial Instruments" for further discussion. |
Derivative_Financial_Instrumen
Derivative Financial Instruments And Hedging Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||||||||
Derivative Financial Instruments And Hedging Activities | Derivative Financial Instruments | |||||||
Derivative swap and cap agreements consist of the following (in millions): | ||||||||
September 30, 2013 | ||||||||
Notional | Fair Value(a) | |||||||
Assets | ||||||||
Interest rate swaps | $ | 2,786 | $ | 8 | ||||
Interest rate caps | 1,631 | 5 | ||||||
Foreign exchange swaps(b) | 1,500 | 1 | ||||||
Total assets(c) | 5,917 | 14 | ||||||
Liabilities | ||||||||
Interest rate swaps | 4,012 | 16 | ||||||
Interest rate caps | 1,442 | 6 | ||||||
Foreign exchange swaps(b) | 2,034 | 19 | ||||||
Total liabilities(d) | $ | 7,488 | $ | 41 | ||||
_________________ | ||||||||
(a) | See Note 9 - "Fair Values of Assets and Liabilities" for further discussion of fair value disclosure related to the derivatives. | |||||||
(b) | The foreign exchange swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €610 million , £432 million and 182kr million have been translated to USD) and (ii) a cross-currency swap for a securitization in the International Segment. | |||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | |||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | |||||||
At December 31, 2012, we had derivative assets and liabilities with notional amounts of $775 million, which had an insignificant fair value. | ||||||||
Generally, we purchase interest rate cap agreements to limit floating rate exposures on our revolving secured debt. We utilize interest rate swap agreements to convert floating rate exposures on our revolving debt, or on securities issued in securitization transactions to fixed rates, thereby hedging the variability in interest expense paid. | ||||||||
In connection with the closing of the acquisition of the international operations from Ally Financial, we provided loans denominated in foreign currencies (euro, British pound and Swedish krona) to acquired entities for the equivalent of $1.5 billion. We purchase foreign exchange swaps to hedge against any valuation change in the loans due to changes in foreign exchange rates. | ||||||||
The following table summarizes the location and amount of gains and losses on derivative instruments reported in our condensed consolidated statement of income and comprehensive income (in millions): | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, 2013 | ||||||||
Gain recognized in interest expense | ||||||||
Interest rate contracts | $ | 5 | $ | 2 | ||||
Loss recognized in operating expenses | ||||||||
Foreign exchange swaps(a) | $ | (99 | ) | $ | (111 | ) | ||
_________________ | ||||||||
(a) | These losses are substantially offset by translation gains (included in operating expenses) related to the foreign currency-denominated loans described above. | |||||||
The gain/loss amounts recognized in interest expense for the three and nine months ended September 30, 2012 were insignificant. | ||||||||
Under the terms of our derivative financial instruments, we are required to pledge certain funds to be held in restricted cash accounts as collateral for the outstanding derivative transactions. As of September 30, 2013 and December 31, 2012, these restricted cash accounts totaled $48 million and $4 million, and are included in other assets on the condensed consolidated balance sheets. |
Fair_Values_Of_Assets_And_Liab
Fair Values Of Assets And Liabilities | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Values Of Assets And Liabilities [abstract] | |||||||||||||||||||
Fair Value Of Financial Instruments | Fair Values of Assets and Liabilities | ||||||||||||||||||
See Note 12 - "Fair Values of Assets and Liabilities" to the consolidated financial statements in our Form 10-K for further discussion of valuation techniques and fair value measurement levels. The fair value of our foreign exchange swaps use observable quoted prices for inputs and are considered Level 2 financial instruments. | |||||||||||||||||||
Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions): | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||
Quoted | Significant | Significant | Assets/ | ||||||||||||||||
Prices In | Other | Unobservable | Liabilities | ||||||||||||||||
Active | Observable | Inputs | At Fair | ||||||||||||||||
Markets For | Inputs | Value | |||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
Assets | |||||||||||||||||||
Money market funds(i)(a) | $ | 1,439 | $ | $ | $ | 1,439 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Interest rate swaps(iii) | 8 | 8 | |||||||||||||||||
Interest rate caps(i) | 5 | 5 | |||||||||||||||||
Foreign exchange swaps(i) | 1 | 1 | |||||||||||||||||
Total assets | $ | 1,439 | $ | 6 | $ | 8 | $ | 1,453 | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Interest rate swaps(iii) | $ | $ | $ | 16 | $ | 16 | |||||||||||||
Interest rate caps(i) | 6 | 6 | |||||||||||||||||
Foreign exchange swaps(i) | 19 | 19 | |||||||||||||||||
Total liabilities | $ | $ | 25 | $ | 16 | $ | 41 | ||||||||||||
_________________ | |||||||||||||||||||
(a) | Excludes cash in banks of $1.7 billion. | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Level 1 | |||||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Assets / Liabilities At Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||
Money market funds(i)(a) | $ | 1,830 | $ | 1,830 | |||||||||||||||
_________________ | |||||||||||||||||||
(a) | Excludes cash in banks of $228 million. | ||||||||||||||||||
The fair value of interest rate cap and swap assets and liabilities at December 31, 2012 was insignificant. | |||||||||||||||||||
The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Balance at beginning of period | $ | 7 | $ | (20 | ) | $ | $ | ||||||||||||
Total realized and unrealized gains included in earnings | 2 | 1 | 4 | (4 | ) | ||||||||||||||
Purchases | 7 | (19 | ) | ||||||||||||||||
Settlements | (3 | ) | 7 | (5 | ) | 10 | |||||||||||||
Foreign currency translation | 2 | (4 | ) | 2 | (3 | ) | |||||||||||||
Balance at end of period | $ | 8 | $ | (16 | ) | $ | 8 | $ | (16 | ) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Balance at beginning of period | $ | $ | $ | 2 | $ | (6 | ) | ||||||||||||
Settlements | (2 | ) | 6 | ||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||
Note 12. | Fair Value of Financial Instruments | ||||||||||||||||||
Fair values are based on estimates using present value or other valuation techniques in cases where quoted market prices are not available. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments and those differences may be material. Disclosures about fair value of financial instruments exclude certain financial instruments and all non-financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of our company. | |||||||||||||||||||
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (dollars in millions): | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 1,756 | $ | 1,756 | $ | 1,289 | $ | 1,289 | |||||||||
Finance receivables, net | (b) | 3 | $ | 23,867 | $ | 24,001 | $ | 10,998 | $ | 11,313 | |||||||||
Restricted cash - secured debt | (a) | 1 | $ | 1,330 | $ | 1,330 | $ | 729 | $ | 729 | |||||||||
Restricted cash - unsecured debt | (a) | 1 | $ | 41 | $ | 41 | $ | 15 | $ | 15 | |||||||||
Restricted cash - other | (a) | 1 | $ | 57 | $ | 57 | $ | 24 | $ | 24 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 8 | $ | 8 | |||||||||||||
Interest rate cap agreements purchased | (d) | 2 | $ | 5 | $ | 5 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 1 | $ | 1 | |||||||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (e) | 2 | $ | 11,807 | $ | 11,884 | $ | 9,378 | $ | 9,526 | |||||||||
International | (f) | 2 | $ | 4,543 | $ | 4,563 | |||||||||||||
International | (g) | 3 | $ | 2,097 | $ | 2,108 | |||||||||||||
Unsecured debt | |||||||||||||||||||
North America | (h) | 2 | $ | 4,000 | $ | 4,011 | $ | 1,500 | $ | 1,620 | |||||||||
International | (i) | 2 | $ | 899 | $ | 899 | |||||||||||||
International | (g) | 3 | $ | 329 | $ | 329 | |||||||||||||
Interest rate swap agreements | (c) | 3 | $ | 16 | $ | 16 | |||||||||||||
Interest rate cap agreements sold | (d) | 2 | $ | 6 | $ | 6 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 19 | $ | 19 | |||||||||||||
_________________ | |||||||||||||||||||
(a) | The carrying value of cash and cash equivalents and restricted cash is considered to be a reasonable estimate of fair value since these investments bear interest at market rates and have maturities of less than 90 days. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Substantially all commercial finance receivables either have variable interest rates and maturities of one year or less, or were acquired or funded within the last year. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(d) | The fair values of the interest rate cap agreements and foreign exchange swap agreements are based on quoted market prices. | ||||||||||||||||||
(e) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(f) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(g) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. These instruments were presented with level 2 valuations in the prior period. | ||||||||||||||||||
(h) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(i) | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
The fair value of our consumer finance receivables is based on observable and unobservable inputs within a cash flow model. Those unobservable inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables which is the basis for the calculation of the series of cash flows that derive the fair value of the portfolio. For the North America Segment, the series of cash flows is calculated and discounted using a weighted average cost of capital using unobservable debt and equity percentages, an unobservable cost of equity and an observable cost of debt based on companies with a similar credit rating and maturity profile. For the International Segment, the series of cash flows is calculated and discounted using current interest rates. Macroeconomic factors could affect the credit performance of our portfolio and therefore could potentially impact the assumptions used in our cash flow model. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies [abstract] | ||
Commitments And Contingencies | ||
Note 10. | Commitments and Contingencies | |
Guarantees of Indebtedness | ||
The payments of principal and interest on our senior notes are guaranteed by AFSI. As of September 30, 2013 and December 31, 2012, the par value of our senior notes was $4.0 billion and $1.5 billion. See Note 17 - "Guarantor Consolidating Financial Statements" for further discussion. | ||
Other Administrative Tax Matters | ||
We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time. | ||
In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to us and could require us to make expenditures for which we estimate the aggregate risk to be a range of up to $32 million. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | ||
Note 11. | Income Taxes | |
For interim income tax reporting we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. | ||
We had gross unrecognized tax benefits of $82 million and $53 million at September 30, 2013 and December 31, 2012. The amounts of net unrecognized tax benefits that, if recognized, would affect the effective tax rate are $55 million and $28 million at September 30, 2013 and December 31, 2012. The increase in the gross unrecognized tax benefits is primarily due to the acquisition of the international operations. See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion on the acquisition. | ||
At September 30, 2013, we believe that it is reasonably possible that the gross unrecognized tax benefits could decrease by $5 million to $13 million in the next twelve months due to settlements or the expiration of statutes of limitations. We continually evaluate expiring statutes of limitations, audits, proposed settlements, changes in tax laws and new authoritative rulings. | ||
We recognize accrued interest and penalties associated with uncertain tax positions as a component of the income tax provision. As of September 30, 2013, accrued interest and penalties associated with uncertain tax positions were $17 million and $16 million. During the nine months ended September 30, 2013, we released $11 million in interest associated with uncertain tax positions. The interest release is primarily a result of the completion of an IRS audit as discussed below. | ||
We have open tax years ranging from 2005 to 2012 with various U.S. federal, state and non-U.S. tax jurisdictions. Certain of our tax returns are currently under examination in these various tax jurisdictions. Since October 1, 2010, we have been included in GM's consolidated U.S. federal income tax returns. Similarly, we also file unitary, combined or consolidated state and local tax returns with GM in certain jurisdictions. We continue to file separate returns in those state, local and foreign taxing jurisdictions where filing a separate return is required. Prior to October 1, 2010, we filed income tax returns with the U.S. federal government and with various state, local and foreign jurisdictions. Our federal income tax returns for fiscal 2006 through 2010 were audited by the IRS and previously submitted to the Congressional Joint Committee on Taxation ("JCT") for review. Pursuant to a notice dated April 10, 2013, the JCT completed its review and took no exception to the conclusions reached by the IRS. The completion of the JCT review is reflected in the September 30, 2013 financial statements. | ||
For taxable income recognized by us in any period beginning on or after October 1, 2010, we are obligated to pay GM for our share of the consolidated federal and state tax liabilities. Likewise, GM is obligated to reimburse us for the tax effects of net operating losses to the extent such losses could be carried back as if we had filed separate income tax returns. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. Under our tax sharing arrangement with GM, amended effective April 1, 2013, payments for the tax years 2010 through 2014 are deferred for four years from their original due date, with the first payment due December 15, 2014. The total amount of deferral cannot exceed $1.0 billion. Any difference between the amounts paid under our tax sharing arrangement with GM and our separate return basis used for financial reporting purposes is reported in our condensed consolidated financial statements as additional paid-in capital. As of September 30, 2013, a cumulative difference of $1 million between the amounts to be paid under our tax sharing arrangement with GM and our separate return basis used for financial reporting purposes was reported in our condensed consolidated financial statements through additional paid-in capital. As of September 30, 2013, we have recorded related party taxes payable to GM in the amount of $598 million, representing the tax effects of income earned subsequent to the merger with GM. | ||
Our effective income tax rate was 32.8% and 33.9% for the three and nine months ended September 30, 2013. Our effective income tax rate was 38.2% and 37.8% for the three and nine months ended September 30, 2012. The decrease in the effective income tax rate is primarily related to the settlement of the IRS audit as well as the acquisition of the international operations, which resulted in income in jurisdictions with lower tax rates and other permanent differences; these decreases were offset by the tax effects of certain non-deductible transaction costs. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Fair Value Of Financial Instruments | Fair Values of Assets and Liabilities | ||||||||||||||||||
See Note 12 - "Fair Values of Assets and Liabilities" to the consolidated financial statements in our Form 10-K for further discussion of valuation techniques and fair value measurement levels. The fair value of our foreign exchange swaps use observable quoted prices for inputs and are considered Level 2 financial instruments. | |||||||||||||||||||
Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions): | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||
Quoted | Significant | Significant | Assets/ | ||||||||||||||||
Prices In | Other | Unobservable | Liabilities | ||||||||||||||||
Active | Observable | Inputs | At Fair | ||||||||||||||||
Markets For | Inputs | Value | |||||||||||||||||
Identical | |||||||||||||||||||
Assets | |||||||||||||||||||
Assets | |||||||||||||||||||
Money market funds(i)(a) | $ | 1,439 | $ | $ | $ | 1,439 | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Interest rate swaps(iii) | 8 | 8 | |||||||||||||||||
Interest rate caps(i) | 5 | 5 | |||||||||||||||||
Foreign exchange swaps(i) | 1 | 1 | |||||||||||||||||
Total assets | $ | 1,439 | $ | 6 | $ | 8 | $ | 1,453 | |||||||||||
Liabilities | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Interest rate swaps(iii) | $ | $ | $ | 16 | $ | 16 | |||||||||||||
Interest rate caps(i) | 6 | 6 | |||||||||||||||||
Foreign exchange swaps(i) | 19 | 19 | |||||||||||||||||
Total liabilities | $ | $ | 25 | $ | 16 | $ | 41 | ||||||||||||
_________________ | |||||||||||||||||||
(a) | Excludes cash in banks of $1.7 billion. | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Level 1 | |||||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Assets / Liabilities At Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||
Money market funds(i)(a) | $ | 1,830 | $ | 1,830 | |||||||||||||||
_________________ | |||||||||||||||||||
(a) | Excludes cash in banks of $228 million. | ||||||||||||||||||
The fair value of interest rate cap and swap assets and liabilities at December 31, 2012 was insignificant. | |||||||||||||||||||
The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Balance at beginning of period | $ | 7 | $ | (20 | ) | $ | $ | ||||||||||||
Total realized and unrealized gains included in earnings | 2 | 1 | 4 | (4 | ) | ||||||||||||||
Purchases | 7 | (19 | ) | ||||||||||||||||
Settlements | (3 | ) | 7 | (5 | ) | 10 | |||||||||||||
Foreign currency translation | 2 | (4 | ) | 2 | (3 | ) | |||||||||||||
Balance at end of period | $ | 8 | $ | (16 | ) | $ | 8 | $ | (16 | ) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Balance at beginning of period | $ | $ | $ | 2 | $ | (6 | ) | ||||||||||||
Settlements | (2 | ) | 6 | ||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||
Note 12. | Fair Value of Financial Instruments | ||||||||||||||||||
Fair values are based on estimates using present value or other valuation techniques in cases where quoted market prices are not available. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments and those differences may be material. Disclosures about fair value of financial instruments exclude certain financial instruments and all non-financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of our company. | |||||||||||||||||||
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (dollars in millions): | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 1,756 | $ | 1,756 | $ | 1,289 | $ | 1,289 | |||||||||
Finance receivables, net | (b) | 3 | $ | 23,867 | $ | 24,001 | $ | 10,998 | $ | 11,313 | |||||||||
Restricted cash - secured debt | (a) | 1 | $ | 1,330 | $ | 1,330 | $ | 729 | $ | 729 | |||||||||
Restricted cash - unsecured debt | (a) | 1 | $ | 41 | $ | 41 | $ | 15 | $ | 15 | |||||||||
Restricted cash - other | (a) | 1 | $ | 57 | $ | 57 | $ | 24 | $ | 24 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 8 | $ | 8 | |||||||||||||
Interest rate cap agreements purchased | (d) | 2 | $ | 5 | $ | 5 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 1 | $ | 1 | |||||||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (e) | 2 | $ | 11,807 | $ | 11,884 | $ | 9,378 | $ | 9,526 | |||||||||
International | (f) | 2 | $ | 4,543 | $ | 4,563 | |||||||||||||
International | (g) | 3 | $ | 2,097 | $ | 2,108 | |||||||||||||
Unsecured debt | |||||||||||||||||||
North America | (h) | 2 | $ | 4,000 | $ | 4,011 | $ | 1,500 | $ | 1,620 | |||||||||
International | (i) | 2 | $ | 899 | $ | 899 | |||||||||||||
International | (g) | 3 | $ | 329 | $ | 329 | |||||||||||||
Interest rate swap agreements | (c) | 3 | $ | 16 | $ | 16 | |||||||||||||
Interest rate cap agreements sold | (d) | 2 | $ | 6 | $ | 6 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 19 | $ | 19 | |||||||||||||
_________________ | |||||||||||||||||||
(a) | The carrying value of cash and cash equivalents and restricted cash is considered to be a reasonable estimate of fair value since these investments bear interest at market rates and have maturities of less than 90 days. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Substantially all commercial finance receivables either have variable interest rates and maturities of one year or less, or were acquired or funded within the last year. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(d) | The fair values of the interest rate cap agreements and foreign exchange swap agreements are based on quoted market prices. | ||||||||||||||||||
(e) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(f) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(g) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. These instruments were presented with level 2 valuations in the prior period. | ||||||||||||||||||
(h) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(i) | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
The fair value of our consumer finance receivables is based on observable and unobservable inputs within a cash flow model. Those unobservable inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables which is the basis for the calculation of the series of cash flows that derive the fair value of the portfolio. For the North America Segment, the series of cash flows is calculated and discounted using a weighted average cost of capital using unobservable debt and equity percentages, an unobservable cost of equity and an observable cost of debt based on companies with a similar credit rating and maturity profile. For the International Segment, the series of cash flows is calculated and discounted using current interest rates. Macroeconomic factors could affect the credit performance of our portfolio and therefore could potentially impact the assumptions used in our cash flow model. |
Segments_Notes
Segments (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting | |||||||||||||||||||
We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in reporting segments based on geographic regions: the North America Segment (consisting of operations in the United States and Canada) and the International Segment (consisting of operations in all other countries). Our chief operating decision maker evaluates the operating results and performance of our business based on these reporting segments. The management of each segment is responsible for executing our strategies. | ||||||||||||||||||||
For segment reporting purposes only, interest expense related to the senior unsecured notes has been allocated based on targeted leverage for each segment. Interest expense on senior debt in excess of the targeted overall leverage is reflected in the “Corporate” column below. In addition, the interest revenue on $1.5 billion in intercompany loans provided to the international operations is presented as revenue in the “Corporate” column below. | ||||||||||||||||||||
All inter-segment balances and transactions have been eliminated. | ||||||||||||||||||||
Key operating data for our reporting segments were as follows (in millions): | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
North | International | Corporate | Eliminations | Total | ||||||||||||||||
America | ||||||||||||||||||||
Total revenue | $ | 622 | $ | 245 | $ | 13 | $ | (13 | ) | $ | 867 | |||||||||
Operating expenses, including leased vehicle expenses | 246 | 90 | 336 | |||||||||||||||||
Provision for credit losses | 108 | 9 | 117 | |||||||||||||||||
Interest expense | 93 | 76 | 12 | (13 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | 7 | 7 | ||||||||||||||||||
Income before income taxes | $ | 175 | $ | 63 | $ | 1 | $ | $ | 239 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
North | International | Corporate | Eliminations | Total | ||||||||||||||||
America | ||||||||||||||||||||
Total revenue | $ | 1,750 | $ | 493 | $ | 28 | $ | (28 | ) | $ | 2,243 | |||||||||
Operating expenses, including leased vehicle expenses | 637 | 179 | 816 | |||||||||||||||||
Provision for credit losses | 283 | 28 | 311 | |||||||||||||||||
Interest expense | 266 | 157 | 19 | (28 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | 29 | 29 | ||||||||||||||||||
Income before income taxes | $ | 564 | $ | 100 | $ | 9 | $ | $ | 673 | |||||||||||
September 30, 2013 | ||||||||||||||||||||
North | International | Total | ||||||||||||||||||
America | ||||||||||||||||||||
Finance receivables, net | $ | 12,232 | $ | 11,635 | $ | 23,867 | ||||||||||||||
Total assets | $ | 18,970 | $ | 12,914 | $ | 31,884 | ||||||||||||||
Disclosure_of_AOCI_Notes
Disclosure of AOCI (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income | |||||||
A summary of changes in accumulated other comprehensive income is as follows (in millions): | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Unrealized gains on cash flow hedges: | ||||||||
Balance at beginning of period | $ | $ | 2 | |||||
Reclassification into earnings, in interest expense, net of taxes | (2 | ) | ||||||
Balance at end of period | ||||||||
Foreign currency translation adjustment: | ||||||||
Balance at beginning of period | (3 | ) | (9 | ) | ||||
Translation gain | 30 | 9 | ||||||
Balance at end of period | 27 | |||||||
Total accumulated other comprehensive income | $ | 27 | $ | |||||
Regulatory_Capital_and_Other_R
Regulatory Capital and Other Regulatory Matters (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Regulatory Capital and Other Regulatory Matters |
The International Segment includes the operations of certain stand-alone entities that operate in local markets as either banks or regulated finance companies and are subject to regulatory restrictions. These regulatory restrictions, among other things, require that these entities meet certain minimum capital requirements and may restrict dividend distributions and ownership of certain assets. | |
Total assets of our regulated international banks and finance companies were approximately $7.3 billion at September 30, 2013. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||
Subsequent Events [Text Block] | Subsequent Event | ||||||||||||||||
On October 1, 2013, we completed the acquisition of Ally Financial's auto finance operations in Brazil. We paid $611 million, subject to certain closing adjustments, to acquire this business. | |||||||||||||||||
We will record the fair value of the assets acquired and liabilities assumed on October 1, 2013, the date we obtained control of the operations, and include the results of their operations and cash flows in our condensed consolidated financial statements from that date forward. | |||||||||||||||||
The following table summarizes certain pro forma financial information for us and the acquired entities that closed on October 1, 2013, had these acquisitions occurred on January 1, 2012 (in millions): | |||||||||||||||||
Supplemental Pro Forma - Combined | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total revenue | $ | 1,059 | $ | 697 | $ | 2,818 | $ | 1,992 | |||||||||
Net income | $ | 188 | $ | 141 | $ | 524 | $ | 397 | |||||||||
It is not possible to reasonably estimate the nature and amount of any potential goodwill or the value of identifiable intangible assets at this time because the valuation of the assets acquired and liabilities assumed was not completed at the date of the issuance of our condensed consolidated financial statements. |
Guarantor_Consolidating_Financ
Guarantor Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Guarantor Consolidating Financial Statements [abstract] | ||||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Text Block] | Guarantor Consolidating Financial Statements | |||||||||||||||||||
The payment of principal and interest on senior notes is currently guaranteed solely by AFSI (the "Guarantor") and none of our other subsidiaries (the "Non-Guarantor Subsidiaries"). The separate financial statements of the Guarantor are not included herein because the Guarantor is a 100% owned consolidated subsidiary and is unconditionally liable for the obligations represented by the senior notes. | ||||||||||||||||||||
The consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries, (iv) an elimination column for adjustments to arrive at the information for the parent company and our subsidiaries on a consolidated basis and (v) the parent company and our subsidiaries on a consolidated basis as of September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | 1,250 | $ | 506 | $ | $ | 1,756 | ||||||||||||
Finance receivables, net | 926 | 22,941 | 23,867 | |||||||||||||||||
Restricted cash | 1,371 | 1,371 | ||||||||||||||||||
Property and equipment, net | 4 | 120 | 124 | |||||||||||||||||
Leased vehicles, net | 3,100 | 3,100 | ||||||||||||||||||
Deferred income taxes | 3 | 66 | 69 | |||||||||||||||||
Goodwill | 1,095 | 61 | 1,156 | |||||||||||||||||
Related party receivables | 36 | 75 | 111 | |||||||||||||||||
Other assets | 76 | 56 | 202 | (4 | ) | 330 | ||||||||||||||
Due from affiliates | 4,259 | 863 | (5,122 | ) | ||||||||||||||||
Investment in affiliates | 6,345 | 2,990 | (9,335 | ) | ||||||||||||||||
Total assets | $ | 11,814 | $ | 6,089 | $ | 28,442 | $ | (14,461 | ) | $ | 31,884 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | $ | $ | 18,447 | $ | $ | 18,447 | |||||||||||||
Unsecured debt | 4,000 | 1,228 | 5,228 | |||||||||||||||||
Accounts payable and accrued expenses | 141 | 162 | 295 | (4 | ) | 594 | ||||||||||||||
Deferred income | 157 | 157 | ||||||||||||||||||
Deferred taxes liabilities | (28 | ) | 164 | (72 | ) | 64 | ||||||||||||||
Taxes payable | 79 | 47 | 126 | |||||||||||||||||
Related party taxes payable | 598 | 598 | ||||||||||||||||||
Other liabilities | 9 | 144 | 153 | |||||||||||||||||
Related party payables | 1 | 356 | 357 | |||||||||||||||||
Due to affiliates | 863 | 2,179 | 2,080 | (5,122 | ) | |||||||||||||||
Total liabilities | 5,654 | 2,514 | 22,682 | (5,126 | ) | 25,724 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | 801 | (801 | ) | |||||||||||||||||
Additional paid-in capital | 4,765 | 79 | 2,864 | (2,943 | ) | 4,765 | ||||||||||||||
Accumulated other comprehensive income | 27 | 10 | 47 | (57 | ) | 27 | ||||||||||||||
Retained earnings | 1,368 | 3,486 | 2,048 | (5,534 | ) | 1,368 | ||||||||||||||
Total shareholder's equity | 6,160 | 3,575 | 5,760 | (9,335 | ) | 6,160 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 11,814 | $ | 6,089 | $ | 28,442 | $ | (14,461 | ) | $ | 31,884 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | 1,252 | $ | 37 | $ | $ | 1,289 | ||||||||||||
Finance receivables, net | 1,558 | 9,440 | 10,998 | |||||||||||||||||
Restricted cash | 744 | 744 | ||||||||||||||||||
Property and equipment, net | 4 | 48 | 52 | |||||||||||||||||
Leased vehicles, net | 1,703 | 1,703 | ||||||||||||||||||
Deferred income taxes | 39 | (28 | ) | 96 | 107 | |||||||||||||||
Goodwill | 1,095 | 13 | 1,108 | |||||||||||||||||
Related party receivables | 66 | 66 | ||||||||||||||||||
Other assets | 14 | 18 | 98 | 130 | ||||||||||||||||
Due from affiliates | 2,063 | (2,063 | ) | |||||||||||||||||
Investment in affiliates | 3,274 | 2,193 | (5,467 | ) | ||||||||||||||||
Total assets | $ | 6,551 | $ | 4,997 | $ | 12,179 | $ | (7,530 | ) | $ | 16,197 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | $ | $ | 9,378 | $ | $ | 9,378 | |||||||||||||
Unsecured debt | 1,500 | 1,500 | ||||||||||||||||||
Accounts payable and accrued expenses | 22 | 90 | 105 | 217 | ||||||||||||||||
Deferred income | 70 | 70 | ||||||||||||||||||
Taxes payable | 91 | 4 | (2 | ) | 93 | |||||||||||||||
Related party taxes payable | 559 | 559 | ||||||||||||||||||
Other liabilities | 1 | 1 | ||||||||||||||||||
Due to affiliates | 1,669 | 394 | (2,063 | ) | ||||||||||||||||
Total liabilities | 2,172 | 1,763 | 9,946 | (2,063 | ) | 11,818 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | 570 | (570 | ) | |||||||||||||||||
Additional paid-in capital | 3,459 | 79 | 123 | (202 | ) | 3,459 | ||||||||||||||
Accumulated other comprehensive (loss) income | (3 | ) | (11 | ) | 13 | (2 | ) | (3 | ) | |||||||||||
Retained earnings | 923 | 3,166 | 1,527 | (4,693 | ) | 923 | ||||||||||||||
Total shareholder's equity | 4,379 | 3,234 | 2,233 | (5,467 | ) | 4,379 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 6,551 | $ | 4,997 | $ | 12,179 | $ | (7,530 | ) | $ | 16,197 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 37 | $ | 610 | $ | $ | 647 | ||||||||||||
Leased vehicle income | 172 | 172 | ||||||||||||||||||
Other income | 42 | 85 | 100 | (179 | ) | 48 | ||||||||||||||
Equity in income of affiliates | 113 | 123 | (236 | ) | ||||||||||||||||
155 | 245 | 882 | (415 | ) | 867 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 56 | 67 | 123 | |||||||||||||||||
Other operating expenses | (74 | ) | 42 | 112 | 80 | |||||||||||||||
Total operating expenses | (74 | ) | 98 | 179 | 203 | |||||||||||||||
Leased vehicle expenses | 133 | 133 | ||||||||||||||||||
Provision for loan losses | 53 | 64 | 117 | |||||||||||||||||
Interest expense | 57 | 54 | 236 | (179 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | 7 | 7 | ||||||||||||||||||
(17 | ) | 205 | 619 | (179 | ) | 628 | ||||||||||||||
Income before income taxes | 172 | 40 | 263 | (236 | ) | 239 | ||||||||||||||
Income tax (benefit) provision | 11 | (25 | ) | 92 | 78 | |||||||||||||||
Net income | $ | 161 | $ | 65 | $ | 171 | $ | (236 | ) | $ | 161 | |||||||||
Comprehensive income | $ | 256 | $ | 79 | $ | 266 | $ | (345 | ) | $ | 256 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 43 | $ | 374 | $ | $ | 417 | ||||||||||||
Leased vehicle income | 80 | 80 | ||||||||||||||||||
Other income | 11 | 39 | 51 | (84 | ) | 17 | ||||||||||||||
Equity in income of affiliates | 131 | 148 | (279 | ) | ||||||||||||||||
142 | 230 | 505 | (363 | ) | 514 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 51 | 23 | 74 | |||||||||||||||||
Other operating expenses | 4 | (23 | ) | 50 | 31 | |||||||||||||||
Total operating expenses | 4 | 28 | 73 | 105 | ||||||||||||||||
Leased vehicle expenses | 56 | 56 | ||||||||||||||||||
Provision for loan losses | 44 | 34 | 78 | |||||||||||||||||
Interest expense | 17 | 34 | 108 | (84 | ) | 75 | ||||||||||||||
21 | 106 | 271 | (84 | ) | 314 | |||||||||||||||
Income before income taxes | 121 | 124 | 234 | (279 | ) | 200 | ||||||||||||||
Income tax (benefit) provision | (2 | ) | (6 | ) | 85 | 77 | ||||||||||||||
Net income | $ | 123 | $ | 130 | $ | 149 | $ | (279 | ) | $ | 123 | |||||||||
Comprehensive income | $ | 133 | $ | 130 | $ | 169 | $ | (299 | ) | $ | 133 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 106 | $ | 1,603 | $ | $ | 1,709 | ||||||||||||
Leased vehicle income | 415 | 415 | ||||||||||||||||||
Other income | 91 | 209 | 228 | (409 | ) | 119 | ||||||||||||||
Equity in income of affiliates | 413 | 427 | (840 | ) | ||||||||||||||||
504 | 742 | 2,246 | (1,249 | ) | 2,243 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 158 | 155 | 313 | |||||||||||||||||
Other operating expenses | (76 | ) | (7 | ) | 272 | 189 | ||||||||||||||
Total operating expenses | (76 | ) | 151 | 427 | 502 | |||||||||||||||
Leased vehicle expenses | 314 | 314 | ||||||||||||||||||
Provision for loan losses | 180 | 131 | 311 | |||||||||||||||||
Interest expense | 128 | 143 | 552 | (409 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | 29 | 29 | ||||||||||||||||||
52 | 474 | 1,453 | (409 | ) | 1,570 | |||||||||||||||
Income before income taxes | 452 | 268 | 793 | (840 | ) | 673 | ||||||||||||||
Income tax (benefit) provision | 7 | (52 | ) | 273 | 228 | |||||||||||||||
Net income | $ | 445 | $ | 320 | $ | 520 | $ | (840 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 475 | $ | 341 | $ | 553 | $ | (894 | ) | $ | 475 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 111 | $ | 1,068 | $ | $ | 1,179 | ||||||||||||
Leased vehicle income | 199 | 199 | ||||||||||||||||||
Other income | 33 | 149 | 205 | (333 | ) | 54 | ||||||||||||||
Equity in income of affiliates | 390 | 467 | (857 | ) | ||||||||||||||||
423 | 727 | 1,472 | (1,190 | ) | 1,432 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 147 | 71 | 218 | |||||||||||||||||
Other operating expenses | 12 | (79 | ) | 146 | 79 | |||||||||||||||
Total operating expenses | 12 | 68 | 217 | 297 | ||||||||||||||||
Leased vehicle expenses | 147 | 147 | ||||||||||||||||||
Provision for loan losses | 171 | 17 | 188 | |||||||||||||||||
Interest expense | 45 | 134 | 356 | (333 | ) | 202 | ||||||||||||||
57 | 373 | 737 | (333 | ) | 834 | |||||||||||||||
Income before income taxes | 366 | 354 | 735 | (857 | ) | 598 | ||||||||||||||
Income tax (benefit) provision | (6 | ) | (34 | ) | 266 | 226 | ||||||||||||||
Net income | $ | 372 | $ | 388 | $ | 469 | $ | (857 | ) | $ | 372 | |||||||||
Comprehensive income | $ | 379 | $ | 388 | $ | 487 | $ | (875 | ) | $ | 379 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 106 | $ | 286 | $ | 762 | $ | $ | 1,154 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | (3,971 | ) | (6,557 | ) | 4,207 | (6,321 | ) | |||||||||||||
Principal collections and recoveries on consumer finance receivables | 5,099 | 5,099 | ||||||||||||||||||
Proceeds from sale of consumer finance receivables, net | 4,207 | (4,207 | ) | |||||||||||||||||
Funding of commercial finance receivables, net | (3,395 | ) | (15,391 | ) | 2,593 | (16,193 | ) | |||||||||||||
Collections of commercial finance receivables | 1,069 | 14,616 | 15,685 | |||||||||||||||||
Proceeds from sale of commercial finance receivables, net | 2,593 | (2,593 | ) | |||||||||||||||||
Purchases of leased vehicles, net | (1,746 | ) | (1,746 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | 142 | 142 | ||||||||||||||||||
Acquisition of international operations, net of cash on hand | (2,547 | ) | (863 | ) | 440 | 863 | (2,107 | ) | ||||||||||||
Purchases of property and equipment | (1 | ) | (9 | ) | (10 | ) | ||||||||||||||
Change in restricted cash | (74 | ) | (74 | ) | ||||||||||||||||
Change in other assets | (44 | ) | 22 | (22 | ) | |||||||||||||||
Net change in investment in affiliates | (29 | ) | (350 | ) | 379 | |||||||||||||||
Net cash used in investing activities | (2,576 | ) | (755 | ) | (3,458 | ) | 1,242 | (5,547 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | 11,676 | 11,676 | ||||||||||||||||||
Payments on secured debt | (9,009 | ) | (9,009 | ) | ||||||||||||||||
Borrowings and issuance of unsecured debt | 2,500 | 1,698 | 4,198 | |||||||||||||||||
Payments on unsecured debt | (1,817 | ) | (1,817 | ) | ||||||||||||||||
Borrowings on related party line of credit | 1,100 | 1,100 | ||||||||||||||||||
Payments on related party line of credit | (1,100 | ) | (1,100 | ) | ||||||||||||||||
Repayment of debt to Ally Financial | (1,416 | ) | (1,416 | ) | ||||||||||||||||
Capital contribution from parent | 1,300 | 382 | (382 | ) | 1,300 | |||||||||||||||
Debt issuance costs | (29 | ) | (40 | ) | (69 | ) | ||||||||||||||
Net change in due from/due to affiliates | (1,301 | ) | 467 | 1,697 | (863 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 2,470 | 467 | 3,171 | (1,245 | ) | 4,863 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2 | ) | 475 | (3 | ) | 470 | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6 | ) | 3 | (3 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 1,252 | 37 | 1,289 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | 1,250 | $ | 506 | $ | $ | 1,756 | ||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 236 | $ | 166 | $ | 529 | $ | $ | 931 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | (4,354 | ) | (4,116 | ) | 4,116 | (4,354 | ) | |||||||||||||
Principal collections and recoveries on consumer finance receivables | 3,050 | 3,050 | ||||||||||||||||||
Proceeds from sale of consumer finance receivables, net | 4,116 | (4,116 | ) | |||||||||||||||||
Funding of commercial finance receivables, net | (582 | ) | (582 | ) | ||||||||||||||||
Collections of commercial finance receivables | 300 | 300 | ||||||||||||||||||
Purchases of leased vehicles, net | (857 | ) | (857 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | 33 | 33 | ||||||||||||||||||
Purchases of property and equipment | (2 | ) | (9 | ) | (11 | ) | ||||||||||||||
Change in restricted cash | 219 | 219 | ||||||||||||||||||
Change in other assets | (21 | ) | 29 | (2 | ) | 6 | ||||||||||||||
Net change in investment in affiliates | 2,177 | (2,177 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 1,684 | (1,682 | ) | (2,177 | ) | (2,196 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | 6,600 | 6,600 | ||||||||||||||||||
Payments on secured debt | (5,059 | ) | (5,059 | ) | ||||||||||||||||
Borrowings and issuance of unsecured debt | 1,000 | 1,000 | ||||||||||||||||||
Debt issuance costs | (12 | ) | (31 | ) | (43 | ) | ||||||||||||||
Retirement of debt | (1 | ) | (1 | ) | ||||||||||||||||
Net capital contribution to subsidiaries | (2,187 | ) | 2,187 | |||||||||||||||||
Net change in due from/due to affiliates | (1,202 | ) | (608 | ) | 1,810 | |||||||||||||||
Net cash (used in) provided by financing activities | (215 | ) | (608 | ) | 1,133 | 2,187 | 2,497 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,242 | (20 | ) | 10 | 1,232 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 12 | (10 | ) | 2 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 500 | 72 | 572 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | 1,742 | $ | 64 | $ | $ | 1,806 | ||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | Acquisition of Ally Financial Inc. ("Ally Financial") International Operations |
As further described in Note 2 - "Acquisition of Ally Financial Inc. International Operations," we acquired Ally Financial's auto finance and financial services operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Greece, Spain, Chile, Colombia and Mexico on April 1, 2013, and we acquired Ally Financial's auto finance and financial services operations in France and Portugal on June 1, 2013. The aggregate consideration for these acquisitions was $2.6 billion, subject to certain closing adjustments, of which $65 million, which had been withheld as contingent consideration, was paid upon the closing of the acquisition of Ally Financial's Brazilian auto finance and financial services operations on October 1, 2013. In addition to the purchase price, we also funded a $1.5 billion intercompany loan to certain of the entities we acquired in Europe, of which $1.4 billion was used to repay loans from Ally Financial to such European entities. The operations that we have acquired as of September 30, 2013 from Ally Financial are referred to as the "international operations." | |
The results of operations of the acquired entities since the applicable acquisition dates are included in our financial statements for the three and nine months ended September 30, 2013. Certain amounts previously presented related to the operations that we have acquired as of September 30, 2013 have been and will continue to be updated as a result of the finalization of acquisition accounting adjustments. | |
On October 1, 2013, we completed the acquisition of Ally Financial's auto finance operations in Brazil for consideration of $611 million, subject to certain closing adjustments. In addition we paid $65 million in contingent consideration related to our previous acquisitions. See Note 16 - "Subsequent Event" for further discussion. Unless otherwise stated herein, the results of operations, financial condition and information reported in these financial statements do not include the financial condition or the results of operations of the Brazil operations. | |
Business Presentation, Policy | Basis of Presentation |
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and accounts have been eliminated in consolidation. | |
The interim period condensed consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period financial statements should be read in conjunction with our consolidated financial statements that are included in our Annual Report on Form 10-K ("Form 10-K") filed on February 15, 2013. | |
The condensed consolidated financial statements as of September 30, 2013, and for the three and nine months ended September 30, 2013 and 2012, are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. | |
The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the amount of revenue and costs and expenses during the reporting periods. Actual results could differ from those estimates and those differences may be material. These estimates include, among other things, the determination of the allowance for loan losses on finance receivables, estimated recovery value on leased vehicles, goodwill, income taxes and the expected cash flows on pre-acquisition consumer finance receivables. In addition, certain assumptions and judgments were used in the estimated fair value recorded for the international operations acquisition. See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion. | |
Generally, the financial statements of entities that operate outside of the United States are measured using the local currency as the functional currency. All assets and liabilities of the foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and the results of operations and cash flows are determined using approximate weighted average exchange rates for the period. Translation adjustments are related to the foreign subsidiaries using local currency as their functional currency and are reported as a separate component of accumulated other comprehensive income/loss. Foreign currency transaction gains or losses are recorded directly to the condensed consolidated statements of income and comprehensive income, regardless of whether such amounts are realized or unrealized. We may enter into foreign currency derivatives to mitigate our exposure to changes in foreign exchange rates. See Note 8 - "Derivative Financial Instruments" for further discussion. | |
Prior year amounts for leased vehicle income have been reclassified to conform to the current year presentation. Leased vehicle income is now presented separately on the condensed consolidated statements of income and comprehensive income. It was previously included in other income. | |
Due to the financial statement impact of the international operations acquisition, the presentation convention has been changed from "thousands" to "millions" to simplify the review and analysis of our financial information. Some prior period amounts may not round under the new convention in a manner consistent with our previous presentation. In addition, we have changed the presentation of debt on the condensed consolidated balance sheets to better classify the debt facilities acquired with the international operations. Debt was previously presented in the following captions: credit facilities, securitization notes payable and senior notes, which were the only types of debt we held. The characteristics of the debt acquired with the international operations are more varied; therefore we have simplified the presentation of our debt as "secured" and "unsecured." | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Finance Receivables |
Our finance receivables are reported in two portfolios: pre-acquisition and post-acquisition. The pre-acquisition finance receivables portfolio is comprised of (i) finance receivables originated in North America prior to the October 1, 2010 merger with General Motors Company ("GM"), all of which were considered to have had deterioration in credit quality, and (ii) finance receivables that were considered to have had deterioration in credit quality that were acquired with the international operations. The pre-acquisition portfolio will decrease over time with the amortization of the acquired receivables. | |
The post-acquisition finance receivables portfolio is comprised of (i) finance receivables originated in North America since the merger with GM, (ii) finance receivables originated in the international operations since the applicable acquisition dates and (iii) finance receivables that were considered to have had no deterioration in credit quality that were acquired with the international operations. The post-acquisition portfolio is expected to grow over time as we originate new receivables. | |
Pre-Acquisition Finance Receivables | |
Following the merger with GM and the acquisition of the international operations, we further divided the pre-acquisition finance receivables into multiple pools based on common risk characteristics. Through acquisition accounting adjustments, the allowance for loan losses that existed at the merger and the acquisition dates was eliminated and the receivables were adjusted to fair value. The pre-acquisition finance receivables were acquired at a discount, which contains two components: a non-accretable difference and an accretable yield. A non-accretable difference is the excess of contractually required payments (undiscounted amount of all uncollected contractual principal and interest payments, both past due and scheduled for the future) over the amount of cash flows, considering the impact of defaults and prepayments, expected to be collected. An accretable yield is the excess of the cash flows, considering the impact of defaults and prepayments, expected to be collected over the initial investment in the loans, which at the acquisition date was fair value. The accretable yield is recorded as finance charge income over the life of the acquired receivables. | |
Any deterioration in the performance of the pre-acquisition finance receivables from their expected performance will result in an incremental provision for loan losses. Improvements in the performance of the pre-acquisition finance receivables which results in a significant increase in actual or expected cash flows will result first in the reversal of any incremental related allowance for loan losses and then in a transfer of the excess from the non-accretable difference to accretable yield, which will be recorded as finance charge income over the remaining life of the receivables. | |
Once a pool of loans is assembled, the integrity of the pool is maintained. A loan is removed from a pool only if it is sold (other than to a consolidated VIE), paid in full, or written off. Our policy is to remove a loan individually from a pool based on comparing any amount received upon disposition of the loan or underlying collateral with the contractual amount remaining due. The excess of the contractual amount remaining due over the amount received upon its disposition is absorbed by the non-accretable difference. This removal method assumes that the amount received approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by this removal method is addressed by our quarterly cash flow evaluation process for each pool. For loans that are resolved by payment in full, there is no reduction in the amount of non-accretable difference for the pool because there is no difference between the amount received and the contractual amount of the loan. | |
Post-Acquisition Finance Receivables and Allowance for Loan Losses | |
Finance receivables originated in North America since our October 1, 2010 merger with GM and in the international operations since the applicable acquisition dates are carried at amortized cost, net of allowance for loan losses. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover probable credit losses inherent in our finance receivables. | |
The allowance for loan losses on consumer finance receivables is established systematically based on the determination of the amount of probable credit losses inherent in the finance receivables as of the balance sheet date. We review charge-off experience factors, delinquency reports, historical collection rates, estimates of the value of the underlying collateral, economic trends, such as unemployment rates, and other information in order to make the necessary judgments as to the probable credit losses. We also use historical charge-off experience to determine the loss confirmation period, which is defined as the time between when an event, such as delinquency status, giving rise to a probable credit loss occurs with respect to a specific account and when such account is charged off. This loss confirmation period is applied to the forecasted probable credit losses to determine the amount of losses inherent in finance receivables at the balance sheet date. Assumptions regarding credit losses and loss confirmation periods are reviewed periodically and may be impacted by actual performance of finance receivables and changes in any of the factors discussed above. Should the credit loss assumption or loss confirmation period increase, there would be an increase in the amount of allowance for loan losses required, which would decrease the net carrying value of finance receivables and increase the amount of provision for loan losses. | |
For the finance receivables acquired with the international operations that were considered to have no deterioration in credit quality, the existing allowance for loan losses was eliminated and the receivables were adjusted to fair value. The purchase discount will accrete to income over the life of the receivables, based on the effective interest method. Provisions for loan losses are charged to operations in amounts equal to net credit losses for the period. Any deterioration in the performance of the acquired receivables will result in an incremental provision for loan losses. | |
Segment Reporting, Policy [Policy Text Block] | Segment Information |
We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We report our business segments based on geographic regions: North America ("North America Segment") and international ("International Segment"). The North America Segment includes our operations in the United States and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 13 - "Segment Reporting." | |
Related Party Transaction [Policy Text Block] | Related Party Transactions |
We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on loan and lease finance products and makes payments to us to cover certain interest payments on commercial loans. At September 30, 2013 and December 31, 2012, we had intercompany receivables from GM in the amount of $111 million and $66 million under various subvention programs. | |
In addition, we had $52 million and $46 million due at September 30, 2013 and December 31, 2012 in loans outstanding to dealers that are consolidated by GM, in connection with our commercial lending program. Our international operations also provide financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. As of September 30, 2013, $583 million was outstanding under such arrangements, and is included in commercial finance receivables. At September 30, 2013, we also have $357 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | |
As discussed in Note 11 - "Income Taxes" we have a tax sharing agreement with GM. Under that agreement, we are obligated to pay GM for our share of the consolidated federal and state tax liabilities for taxable income recognized by us in any period beginning on or after October 1, 2010. Payments for the tax years 2010 through 2014 are deferred for four years from their original due date, and the total deferral amount is limited to $1 billion. As of September 30, 2013, we have recorded related party taxes payable to GM in the amount of $598 million. | |
We have a $600 million line of credit with GM ("GM Related Party Credit Facility"). There were no advances outstanding under the GM Related Party Credit Facility at September 30, 2013 or December 31, 2012. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In February 2013, ASU ("2013-02"), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, was issued effective for annual and interim reporting periods beginning after December 15, 2012. The adoption of 2013-02 improves the reporting of reclassifications out of accumulated other comprehensive income. We adopted this ASU effective January 1, 2013, and the adoption did not have an impact on our consolidated financial position, results of operations and cash flows. | |
In July 2013, ASU ("2013-11"), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists - a consensus of the FASB Emerging Issues Task Force, was issued to eliminate diversity in practice. ASU 2013-11 requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. The adoption of ASU 2013-11 will not have a material effect on our consolidated financial statements because it aligns with our historical presentation. |
Acquisition_of_Businesses_Tabl
Acquisition of Businesses (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Contractually Required Payments Receivable [Table Text Block] | The following table provides information related to finance receivables acquired which had no deterioration in credit quality as of the applicable acquisition dates (in millions): | |||||||||||||||||||||||
Consumer (a) | Commercial | |||||||||||||||||||||||
Contractually required payments receivable | $ | 7,168 | $ | 4,067 | ||||||||||||||||||||
Cash flows not expected to be collected | $ | 152 | $ | 18 | ||||||||||||||||||||
Fair value | $ | 6,378 | $ | 3,990 | ||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | esults of operations of the international operations are included in our results beginning April 1, 2013, except for the results of the operations in Portugal and France, which are included in our results beginning June 1, 2013. The following table summarizes the actual amounts of revenue and earnings of the international operations included in our condensed consolidated financial statements for the three and nine months ended September 30, 2013 and the supplemental pro forma revenue and earnings of the combined entity for the three and nine months ended September 30, 2013 and 2012, as if the acquisitions had occurred on January 1, 2012 (in millions). | |||||||||||||||||||||||
International Operations Amounts Included in Results | Supplemental Pro Forma - Combined | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | September 30, | ||||||||||||||||||||||
September 30, 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Total revenue | $ | 245 | $ | 493 | $ | 888 | $ | 759 | $ | 2,503 | $ | 2,225 | ||||||||||||
Net income | $ | 50 | $ | 104 | $ | 172 | $ | 157 | $ | 495 | $ | 530 | ||||||||||||
Ally FInancial [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the aggregate consideration and the assets acquired and liabilities assumed at the acquisition dates (in millions): | |||||||||||||||||||||||
Acquired International Operations | ||||||||||||||||||||||||
Cash | $ | 440 | ||||||||||||||||||||||
Restricted cash | 525 | |||||||||||||||||||||||
Finance receivables | 10,969 | |||||||||||||||||||||||
Other assets, including identifiable intangible assets | 263 | |||||||||||||||||||||||
Secured and unsecured debt | (8,926 | ) | ||||||||||||||||||||||
Other liabilities | (722 | ) | ||||||||||||||||||||||
Identifiable net assets acquired | 2,549 | |||||||||||||||||||||||
Goodwill resulting from the acquisitions | 48 | |||||||||||||||||||||||
Aggregate consideration | $ | 2,597 | ||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following table summarizes the changes in the carrying amounts of goodwill (in millions): | |||||||||||||||
Year Ended | ||||||||||||||||
Nine Months Ended September 30, 2013 | December 31, 2012 | |||||||||||||||
North America | International | Total | North | |||||||||||||
America | ||||||||||||||||
Balance at beginning of period | $ | 1,108 | $ | $ | 1,108 | $ | 1,108 | |||||||||
International operations acquisition(a) | 48 | 48 | ||||||||||||||
Balance at end of period | $ | 1,108 | $ | 48 | $ | 1,156 | $ | 1,108 | ||||||||
_________________ | ||||||||||||||||
(a) | See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion. |
Finance_Receivables_Finance_Re
Finance Receivables Finance Receivables (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||||||||||
Allowance for Loan Losses - Commercial Loans [Table Text Block] | A summary of the activity in the allowance for commercial loan losses is as follows (in millions): | |||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||
Balance at beginning of period | $ | 12 | $ | 12 | $ | 24 | ||||||||||||||||
Provision for loan losses | 1 | 1 | ||||||||||||||||||||
Recoveries | 4 | 4 | ||||||||||||||||||||
Balance at end of period | $ | 13 | $ | 16 | $ | 29 | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||
Balance at beginning of period | $ | 6 | $ | $ | 6 | |||||||||||||||||
Provision for loan losses | 7 | 11 | 18 | |||||||||||||||||||
Recoveries | 5 | 5 | ||||||||||||||||||||
Balance at end of period | $ | 13 | $ | 16 | $ | 29 | ||||||||||||||||
Financing Receivable Credit Quality Indicators for Commercial Lending [Table Text Block] | A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Group I - | Dealers with strong to superior financial metrics | $ | 442 | $ | 99 | |||||||||||||||||
Group II - | Dealers with fair to favorable financial metrics | 1,243 | 278 | |||||||||||||||||||
Group III - | Dealers with marginal to weak financial metrics | 1,701 | 171 | |||||||||||||||||||
Group IV - | Dealers with poor financial metrics | 1,210 | 12 | |||||||||||||||||||
Group V - | Dealers warranting special mention due to potential weaknesses | 458 | ||||||||||||||||||||
Group VI - | Dealers with loans classified as substandard, doubtful or impaired | 192 | ||||||||||||||||||||
Balance at end of period | $ | 5,246 | $ | 560 | ||||||||||||||||||
Credit Impaired Finance Receivables [Table Text Block] | The following table provides information related to the credit-impaired consumer finance receivables acquired with the international operations on the applicable acquisition dates (in millions): | |||||||||||||||||||||
Contractually required payments receivable (a) | $ | 799 | ||||||||||||||||||||
Cash flows expected to be collected (a) | $ | 728 | ||||||||||||||||||||
Fair value (a) | $ | 601 | ||||||||||||||||||||
Finance Receivables Summary - Post Acquisition Receivables [Table Text Block] | Following is a summary of activity in our post-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Post-acquisition consumer finance receivables, net of fees - beginning of period | $ | 8,831 | $ | $ | 8,831 | $ | 5,314 | |||||||||||||||
International operations acquisition | 6,378 | 6,378 | ||||||||||||||||||||
Loans purchased | 3,980 | 2,350 | 6,330 | 4,363 | ||||||||||||||||||
Charge-offs | (401 | ) | (18 | ) | (419 | ) | (186 | ) | ||||||||||||||
Principal collections and other | (2,097 | ) | (1,579 | ) | (3,676 | ) | (1,236 | ) | ||||||||||||||
Foreign currency translation | 221 | 221 | ||||||||||||||||||||
Balance at end of period | $ | 10,313 | $ | 7,352 | $ | 17,665 | $ | 8,255 | ||||||||||||||
Finance Receivables Summary - Post-acquisition - Commercial [Table Text Block] | Following is a summary of activity in our commercial finance receivables portfolio (in millions): | |||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 560 | $ | $ | 560 | $ | ||||||||||||||||
International operations acquisition | 3,990 | 3,990 | ||||||||||||||||||||
Loans funded | 3,919 | 12,280 | 16,199 | 584 | ||||||||||||||||||
Principal collections and other | (3,122 | ) | (12,509 | ) | (15,631 | ) | (300 | ) | ||||||||||||||
Foreign currency translation | 128 | 128 | ||||||||||||||||||||
Balance at end of period | $ | 1,357 | $ | 3,889 | $ | 5,246 | $ | 284 | ||||||||||||||
Finance receivables, net [Table Text Block] | inance receivables portfolio consists of the following (in millions): | |||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
North America | International | Total | North | |||||||||||||||||||
America | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance | $ | 1,154 | $ | 445 | $ | 1,599 | $ | 2,162 | ||||||||||||||
Pre-acquisition consumer finance receivables - carrying value | $ | 1,028 | $ | 424 | $ | 1,452 | $ | 1,958 | ||||||||||||||
Post-acquisition consumer finance receivables, net of fees | 10,313 | 7,352 | 17,665 | 8,831 | ||||||||||||||||||
11,341 | 7,776 | 19,117 | 10,789 | |||||||||||||||||||
Less: allowance for loan losses | (453 | ) | (14 | ) | (467 | ) | (345 | ) | ||||||||||||||
Total consumer finance receivables, net | 10,888 | 7,762 | 18,650 | 10,444 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 1,355 | 3,812 | 5,167 | 560 | ||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | 2 | 77 | 79 | |||||||||||||||||||
Less: allowance for loan losses - collective | (12 | ) | (13 | ) | (25 | ) | (6 | ) | ||||||||||||||
Less: allowance for loan losses - specific | (1 | ) | (3 | ) | (4 | ) | ||||||||||||||||
Total commercial finance receivables, net | 1,344 | 3,873 | 5,217 | 554 | ||||||||||||||||||
Total finance receivables, net | $ | 12,232 | $ | 11,635 | $ | 23,867 | $ | 10,998 | ||||||||||||||
Finance Receivables Summary [Table Text Block] | Following is a summary of activity in our pre-acquisition consumer finance receivables portfolio (in millions): | |||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Pre-acquisition consumer finance receivables - outstanding balance, beginning of period | $ | 2,162 | $ | $ | 2,162 | $ | 4,366 | |||||||||||||||
Pre-acquisition consumer finance receivables - carrying value, beginning of period | $ | 1,958 | $ | $ | 1,958 | $ | 4,027 | |||||||||||||||
International operations acquisition | 601 | 601 | ||||||||||||||||||||
Principal collections and other | (885 | ) | (192 | ) | (1,077 | ) | (1,532 | ) | ||||||||||||||
Change in carrying value adjustment | (45 | ) | 8 | (37 | ) | (145 | ) | |||||||||||||||
Foreign currency translation | 7 | 7 | ||||||||||||||||||||
Balance at end of period | $ | 1,028 | $ | 424 | $ | 1,452 | $ | 2,350 | ||||||||||||||
Accretable Yield [Table Text Block] | A summary of the activity in the accretable yield on the pre-acquisition consumer finance receivables portfolios is as follows (in millions): | |||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 298 | $ | 96 | $ | 394 | $ | 628 | ||||||||||||||
Accretion of accretable yield | (65 | ) | (20 | ) | (85 | ) | (123 | ) | ||||||||||||||
Transfer from non-accretable difference | 19 | 19 | ||||||||||||||||||||
Foreign currency translation | 1 | 1 | ||||||||||||||||||||
Balance at end of period | $ | 233 | $ | 96 | $ | 329 | $ | 505 | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 404 | $ | $ | 404 | $ | 737 | |||||||||||||||
International operations acquisition | 127 | 127 | ||||||||||||||||||||
Accretion of accretable yield | (225 | ) | (44 | ) | (269 | ) | (402 | ) | ||||||||||||||
Transfer from non-accretable difference | 54 | 19 | 73 | 170 | ||||||||||||||||||
Foreign currency translation | (6 | ) | (6 | ) | ||||||||||||||||||
Balance at end of period | $ | 233 | $ | 96 | $ | 329 | $ | 505 | ||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | |||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 415 | $ | 8 | $ | 423 | $ | 249 | ||||||||||||||
Provision for loan losses | 107 | 9 | 116 | 78 | ||||||||||||||||||
Charge-offs | (153 | ) | (18 | ) | (171 | ) | (82 | ) | ||||||||||||||
Recoveries | 84 | 15 | 99 | 46 | ||||||||||||||||||
Balance at end of period | $ | 453 | $ | 14 | $ | 467 | $ | 291 | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | North America | |||||||||||||||||||
Balance at beginning of period | $ | 345 | $ | $ | 345 | $ | 179 | |||||||||||||||
Provision for loan losses | 276 | 17 | 293 | 188 | ||||||||||||||||||
Charge-offs | (401 | ) | (18 | ) | (419 | ) | (186 | ) | ||||||||||||||
Recoveries | 233 | 15 | 248 | 110 | ||||||||||||||||||
Balance at end of period | $ | 453 | $ | 14 | $ | 467 | $ | 291 | ||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | |||||||||||||||||||||
September 30, 2013 | Percent | December 31, 2012 | Percent | |||||||||||||||||||
FICO Score less than 540 | $ | 3,444 | 30 | % | $ | 3,011 | 27.4 | % | ||||||||||||||
FICO Score 540 to 599 | 5,389 | 47 | 5,014 | 45.6 | ||||||||||||||||||
FICO Score 600 to 659 | 2,333 | 20.4 | 2,513 | 22.9 | ||||||||||||||||||
FICO Score 660 and greater | 301 | 2.6 | 455 | 4.1 | ||||||||||||||||||
Balance at end of period(a) | $ | 11,467 | 100 | % | $ | 10,993 | 100 | % | ||||||||||||||
_________________ | ||||||||||||||||||||||
(a) | Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. | |||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | A consumer account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Consumer finance receivables are collateralized by vehicle titles and we have the right to repossess the vehicle in the event the consumer defaults on the payment terms of the contract. The following is a summary of the contractual amounts of consumer finance receivables, which is not materially different than recorded investment, that are (i) more than 30 days delinquent, not yet in repossession, and (ii) in repossession, but not yet charged off (dollars in millions): | |||||||||||||||||||||
September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | Percent of Contractual Amount Due | |||||||||||||||||
31 - 60 days | $ | 690 | $ | 49 | $ | 739 | 3.8 | % | $ | 561 | 5.2 | % | ||||||||||
Greater - than 60 days | 247 | 44 | 291 | 1.5 | 204 | 1.9 | ||||||||||||||||
937 | 93 | 1,030 | 5.3 | 765 | 7.1 | |||||||||||||||||
In repossession | 41 | 4 | 45 | 0.3 | 38 | 0.3 | ||||||||||||||||
$ | 978 | $ | 97 | $ | 1,075 | 5.6 | % | $ | 803 | 7.4 | % | |||||||||||
Finance_Receivables_Troubled_D
Finance Receivables Troubled Debt Restructurings - Outstanding Balance (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The outstanding recorded investment for consumer finance receivables that are considered to be TDRs and the related allowance is presented below (in millions): | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Outstanding recorded investment | $ | 633 | $ | 228 | ||||||||||||
Less: allowance for loan losses | (88 | ) | (32 | ) | ||||||||||||
Outstanding recorded investment, net of allowance | $ | 545 | $ | 196 | ||||||||||||
Unpaid principal balance | $ | 642 | $ | 232 | ||||||||||||
Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Additional information about loans classified as TDRs is presented below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Average recorded investment | $ | 552 | $ | 91 | $ | 417 | $ | 70 | ||||||||
Interest income recognized | $ | 20 | $ | 3 | $ | 45 | $ | 4 | ||||||||
The following table provides information on the recorded investment of consumer loans at the time they became classified as TDRs (dollars in millions): | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Number of Accounts | Amount | Number of Accounts | Amount | |||||||||||||
Three months | 11,364 | $ | 204 | 4,148 | $ | 77 | ||||||||||
Nine months | 27,302 | $ | 478 | 6,857 | $ | 129 | ||||||||||
Finance_Receivables_Amounts_En
Finance Receivables Amounts Entering TDR Status (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The outstanding recorded investment for consumer finance receivables that are considered to be TDRs and the related allowance is presented below (in millions): | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Outstanding recorded investment | $ | 633 | $ | 228 | ||||||||||||
Less: allowance for loan losses | (88 | ) | (32 | ) | ||||||||||||
Outstanding recorded investment, net of allowance | $ | 545 | $ | 196 | ||||||||||||
Unpaid principal balance | $ | 642 | $ | 232 | ||||||||||||
Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Additional information about loans classified as TDRs is presented below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Average recorded investment | $ | 552 | $ | 91 | $ | 417 | $ | 70 | ||||||||
Interest income recognized | $ | 20 | $ | 3 | $ | 45 | $ | 4 | ||||||||
The following table provides information on the recorded investment of consumer loans at the time they became classified as TDRs (dollars in millions): | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Number of Accounts | Amount | Number of Accounts | Amount | |||||||||||||
Three months | 11,364 | $ | 204 | 4,148 | $ | 77 | ||||||||||
Nine months | 27,302 | $ | 478 | 6,857 | $ | 129 | ||||||||||
Leased_Vehicles_Tables
Leased Vehicles (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
LEASED VEHICLES [Abstract] | |||||||||||||||||||||||||
Leased Vehicles, Net [Table Text Block] | Our operating lease program is offered primarily in the North America Segment. As of September 30, 2013, the amount of leased vehicles accounted for as operating leases in the International Segment is insignificant; therefore, the following information regarding our leased vehicles is presented on a consolidated basis. | ||||||||||||||||||||||||
Following is a summary of our leased vehicles (in millions): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Leased vehicles | $ | 4,240 | $ | 2,283 | |||||||||||||||||||||
Manufacturer incentives | (593 | ) | (307 | ) | |||||||||||||||||||||
3,647 | 1,976 | ||||||||||||||||||||||||
Less: accumulated depreciation | (547 | ) | (273 | ) | |||||||||||||||||||||
Leased vehicles, net | $ | 3,100 | $ | 1,703 | |||||||||||||||||||||
Leased Vehicles Summary [Table Text Block] | A summary of the changes in our leased vehicles is as follows (in millions): | ||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 1,976 | $ | 887 | |||||||||||||||||||||
International operations acquisition | 9 | ||||||||||||||||||||||||
Leased vehicles purchased | 2,180 | 1,077 | |||||||||||||||||||||||
Leased vehicles returned - end of term | (192 | ) | (43 | ) | |||||||||||||||||||||
Leased vehicles returned - default | (16 | ) | (4 | ) | |||||||||||||||||||||
Manufacturer incentives | (288 | ) | (149 | ) | |||||||||||||||||||||
Foreign currency translation | (22 | ) | 18 | ||||||||||||||||||||||
Balance at end of period | $ | 3,647 | $ | 1,786 | |||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions): | ||||||||||||||||||||||||
Years Ending December 31, | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
Minimum rental payments under operating leases | $ | 149 | $ | 545 | $ | 428 | $ | 186 | $ | 20 | $ | 2 | |||||||||||||
Debt_Debt_Tables
Debt Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
CREDIT FACILITIES SUMMARY [Abstract] | |||||||||||||||||||||||||||||
Short Term and Long Term Debt [Table Text Block] | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
North America | International | Total | North | ||||||||||||||||||||||||||
America | |||||||||||||||||||||||||||||
Secured | |||||||||||||||||||||||||||||
Revolving credit facilities | $ | 1,337 | $ | 4,753 | $ | 6,090 | $ | 354 | |||||||||||||||||||||
Securitization notes payable | 10,470 | 1,887 | 12,357 | 9,024 | |||||||||||||||||||||||||
Total secured | $ | 11,807 | $ | 6,640 | $ | 18,447 | $ | 9,378 | |||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||
Bank lines | $ | $ | 1,228 | $ | 1,228 | $ | |||||||||||||||||||||||
Senior notes | 4,000 | 4,000 | 1,500 | ||||||||||||||||||||||||||
Total unsecured | $ | 4,000 | $ | 1,228 | $ | 5,228 | $ | 1,500 | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the expected scheduled principal and interest payments under our contractual debt obligations (in millions): | ||||||||||||||||||||||||||||
Years Ending December 31, | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||||||
Secured debt | $ | 3,672 | $ | 6,334 | $ | 4,239 | $ | 2,686 | $ | 1,217 | $ | 299 | $ | 18,447 | |||||||||||||||
Unsecured debt | 724 | 306 | 166 | 1,032 | 1,000 | 2,000 | 5,228 | ||||||||||||||||||||||
Interest | 152 | 451 | 308 | 211 | 143 | 196 | 1,461 | ||||||||||||||||||||||
$ | 4,548 | $ | 7,091 | $ | 4,713 | $ | 3,929 | $ | 2,360 | $ | 2,495 | $ | 25,136 | ||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Restricted cash | $ | 1,350 | $ | 744 | ||||
VIE securitized assets | $ | 21,761 | $ | 10,442 | ||||
VIE liabilities | $ | 18,147 | $ | 9,378 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments And Hedging Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | Derivative swap and cap agreements consist of the following (in millions): | |||||||
September 30, 2013 | ||||||||
Notional | Fair Value(a) | |||||||
Assets | ||||||||
Interest rate swaps | $ | 2,786 | $ | 8 | ||||
Interest rate caps | 1,631 | 5 | ||||||
Foreign exchange swaps(b) | 1,500 | 1 | ||||||
Total assets(c) | 5,917 | 14 | ||||||
Liabilities | ||||||||
Interest rate swaps | 4,012 | 16 | ||||||
Interest rate caps | 1,442 | 6 | ||||||
Foreign exchange swaps(b) | 2,034 | 19 | ||||||
Total liabilities(d) | $ | 7,488 | $ | 41 | ||||
_________________ | ||||||||
(a) | See Note 9 - "Fair Values of Assets and Liabilities" for further discussion of fair value disclosure related to the derivatives. | |||||||
(b) | The foreign exchange swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €610 million , £432 million and 182kr million have been translated to USD) and (ii) a cross-currency swap for a securitization in the International Segment. | |||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | |||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | |||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table summarizes the location and amount of gains and losses on derivative instruments reported in our condensed consolidated statement of income and comprehensive income (in millions): | |||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, 2013 | ||||||||
Gain recognized in interest expense | ||||||||
Interest rate contracts | $ | 5 | $ | 2 | ||||
Loss recognized in operating expenses | ||||||||
Foreign exchange swaps(a) | $ | (99 | ) | $ | (111 | ) |
Fair_Values_Of_Assets_And_Liab1
Fair Values Of Assets And Liabilities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities itemized below were measured at fair value on a recurring basis, using either the market approach (i), the cost approach (ii) or the income approach (iii) (in millions): | |||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted | Significant | Significant | Assets/ | |||||||||||||
Prices In | Other | Unobservable | Liabilities | |||||||||||||
Active | Observable | Inputs | At Fair | |||||||||||||
Markets For | Inputs | Value | ||||||||||||||
Identical | ||||||||||||||||
Assets | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds(i)(a) | $ | 1,439 | $ | $ | $ | 1,439 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps(iii) | 8 | 8 | ||||||||||||||
Interest rate caps(i) | 5 | 5 | ||||||||||||||
Foreign exchange swaps(i) | 1 | 1 | ||||||||||||||
Total assets | $ | 1,439 | $ | 6 | $ | 8 | $ | 1,453 | ||||||||
Liabilities | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaps(iii) | $ | $ | $ | 16 | $ | 16 | ||||||||||
Interest rate caps(i) | 6 | 6 | ||||||||||||||
Foreign exchange swaps(i) | 19 | 19 | ||||||||||||||
Total liabilities | $ | $ | 25 | $ | 16 | $ | 41 | |||||||||
_________________ | ||||||||||||||||
(a) | Excludes cash in banks of $1.7 billion. | |||||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | ||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Assets / Liabilities At Fair Value | |||||||||||||||
Assets | ||||||||||||||||
Money market funds(i)(a) | $ | 1,830 | $ | 1,830 | ||||||||||||
_________________ | ||||||||||||||||
(a) | Excludes cash in banks of $228 million. | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The tables below present a reconciliation for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Balance at beginning of period | $ | 7 | $ | (20 | ) | $ | $ | |||||||||
Total realized and unrealized gains included in earnings | 2 | 1 | 4 | (4 | ) | |||||||||||
Purchases | 7 | (19 | ) | |||||||||||||
Settlements | (3 | ) | 7 | (5 | ) | 10 | ||||||||||
Foreign currency translation | 2 | (4 | ) | 2 | (3 | ) | ||||||||||
Balance at end of period | $ | 8 | $ | (16 | ) | $ | 8 | $ | (16 | ) | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Balance at beginning of period | $ | $ | $ | 2 | $ | (6 | ) | |||||||||
Settlements | (2 | ) | 6 | |||||||||||||
Balance at end of period | $ | $ | $ | $ | ||||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (dollars in millions): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 1,756 | $ | 1,756 | $ | 1,289 | $ | 1,289 | |||||||||
Finance receivables, net | (b) | 3 | $ | 23,867 | $ | 24,001 | $ | 10,998 | $ | 11,313 | |||||||||
Restricted cash - secured debt | (a) | 1 | $ | 1,330 | $ | 1,330 | $ | 729 | $ | 729 | |||||||||
Restricted cash - unsecured debt | (a) | 1 | $ | 41 | $ | 41 | $ | 15 | $ | 15 | |||||||||
Restricted cash - other | (a) | 1 | $ | 57 | $ | 57 | $ | 24 | $ | 24 | |||||||||
Interest rate swap agreements | (c) | 3 | $ | 8 | $ | 8 | |||||||||||||
Interest rate cap agreements purchased | (d) | 2 | $ | 5 | $ | 5 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 1 | $ | 1 | |||||||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (e) | 2 | $ | 11,807 | $ | 11,884 | $ | 9,378 | $ | 9,526 | |||||||||
International | (f) | 2 | $ | 4,543 | $ | 4,563 | |||||||||||||
International | (g) | 3 | $ | 2,097 | $ | 2,108 | |||||||||||||
Unsecured debt | |||||||||||||||||||
North America | (h) | 2 | $ | 4,000 | $ | 4,011 | $ | 1,500 | $ | 1,620 | |||||||||
International | (i) | 2 | $ | 899 | $ | 899 | |||||||||||||
International | (g) | 3 | $ | 329 | $ | 329 | |||||||||||||
Interest rate swap agreements | (c) | 3 | $ | 16 | $ | 16 | |||||||||||||
Interest rate cap agreements sold | (d) | 2 | $ | 6 | $ | 6 | |||||||||||||
Foreign exchange swap agreements | (d) | 2 | $ | 19 | $ | 19 | |||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Key operating data for our reporting segments were as follows (in millions): | |||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
North | International | Corporate | Eliminations | Total | ||||||||||||||||
America | ||||||||||||||||||||
Total revenue | $ | 622 | $ | 245 | $ | 13 | $ | (13 | ) | $ | 867 | |||||||||
Operating expenses, including leased vehicle expenses | 246 | 90 | 336 | |||||||||||||||||
Provision for credit losses | 108 | 9 | 117 | |||||||||||||||||
Interest expense | 93 | 76 | 12 | (13 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | 7 | 7 | ||||||||||||||||||
Income before income taxes | $ | 175 | $ | 63 | $ | 1 | $ | $ | 239 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
North | International | Corporate | Eliminations | Total | ||||||||||||||||
America | ||||||||||||||||||||
Total revenue | $ | 1,750 | $ | 493 | $ | 28 | $ | (28 | ) | $ | 2,243 | |||||||||
Operating expenses, including leased vehicle expenses | 637 | 179 | 816 | |||||||||||||||||
Provision for credit losses | 283 | 28 | 311 | |||||||||||||||||
Interest expense | 266 | 157 | 19 | (28 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | 29 | 29 | ||||||||||||||||||
Income before income taxes | $ | 564 | $ | 100 | $ | 9 | $ | $ | 673 | |||||||||||
September 30, 2013 | ||||||||||||||||||||
North | International | Total | ||||||||||||||||||
America | ||||||||||||||||||||
Finance receivables, net | $ | 12,232 | $ | 11,635 | $ | 23,867 | ||||||||||||||
Total assets | $ | 18,970 | $ | 12,914 | $ | 31,884 | ||||||||||||||
Disclosure_of_AOCI_Tables
Disclosure of AOCI (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | A summary of changes in accumulated other comprehensive income is as follows (in millions): | |||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Unrealized gains on cash flow hedges: | ||||||||
Balance at beginning of period | $ | $ | 2 | |||||
Reclassification into earnings, in interest expense, net of taxes | (2 | ) | ||||||
Balance at end of period | ||||||||
Foreign currency translation adjustment: | ||||||||
Balance at beginning of period | (3 | ) | (9 | ) | ||||
Translation gain | 30 | 9 | ||||||
Balance at end of period | 27 | |||||||
Total accumulated other comprehensive income | $ | 27 | $ | |||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||
Schedule of Subsequent Events [Table Text Block] | The following table summarizes certain pro forma financial information for us and the acquired entities that closed on October 1, 2013, had these acquisitions occurred on January 1, 2012 (in millions): | ||||||||||||||||
Supplemental Pro Forma - Combined | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total revenue | $ | 1,059 | $ | 697 | $ | 2,818 | $ | 1,992 | |||||||||
Net income | $ | 188 | $ | 141 | $ | 524 | $ | 397 | |||||||||
Guarantor_Consolidating_Financ1
Guarantor Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | 1,250 | $ | 506 | $ | $ | 1,756 | ||||||||||||
Finance receivables, net | 926 | 22,941 | 23,867 | |||||||||||||||||
Restricted cash | 1,371 | 1,371 | ||||||||||||||||||
Property and equipment, net | 4 | 120 | 124 | |||||||||||||||||
Leased vehicles, net | 3,100 | 3,100 | ||||||||||||||||||
Deferred income taxes | 3 | 66 | 69 | |||||||||||||||||
Goodwill | 1,095 | 61 | 1,156 | |||||||||||||||||
Related party receivables | 36 | 75 | 111 | |||||||||||||||||
Other assets | 76 | 56 | 202 | (4 | ) | 330 | ||||||||||||||
Due from affiliates | 4,259 | 863 | (5,122 | ) | ||||||||||||||||
Investment in affiliates | 6,345 | 2,990 | (9,335 | ) | ||||||||||||||||
Total assets | $ | 11,814 | $ | 6,089 | $ | 28,442 | $ | (14,461 | ) | $ | 31,884 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | $ | $ | 18,447 | $ | $ | 18,447 | |||||||||||||
Unsecured debt | 4,000 | 1,228 | 5,228 | |||||||||||||||||
Accounts payable and accrued expenses | 141 | 162 | 295 | (4 | ) | 594 | ||||||||||||||
Deferred income | 157 | 157 | ||||||||||||||||||
Deferred taxes liabilities | (28 | ) | 164 | (72 | ) | 64 | ||||||||||||||
Taxes payable | 79 | 47 | 126 | |||||||||||||||||
Related party taxes payable | 598 | 598 | ||||||||||||||||||
Other liabilities | 9 | 144 | 153 | |||||||||||||||||
Related party payables | 1 | 356 | 357 | |||||||||||||||||
Due to affiliates | 863 | 2,179 | 2,080 | (5,122 | ) | |||||||||||||||
Total liabilities | 5,654 | 2,514 | 22,682 | (5,126 | ) | 25,724 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | 801 | (801 | ) | |||||||||||||||||
Additional paid-in capital | 4,765 | 79 | 2,864 | (2,943 | ) | 4,765 | ||||||||||||||
Accumulated other comprehensive income | 27 | 10 | 47 | (57 | ) | 27 | ||||||||||||||
Retained earnings | 1,368 | 3,486 | 2,048 | (5,534 | ) | 1,368 | ||||||||||||||
Total shareholder's equity | 6,160 | 3,575 | 5,760 | (9,335 | ) | 6,160 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 11,814 | $ | 6,089 | $ | 28,442 | $ | (14,461 | ) | $ | 31,884 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | 1,252 | $ | 37 | $ | $ | 1,289 | ||||||||||||
Finance receivables, net | 1,558 | 9,440 | 10,998 | |||||||||||||||||
Restricted cash | 744 | 744 | ||||||||||||||||||
Property and equipment, net | 4 | 48 | 52 | |||||||||||||||||
Leased vehicles, net | 1,703 | 1,703 | ||||||||||||||||||
Deferred income taxes | 39 | (28 | ) | 96 | 107 | |||||||||||||||
Goodwill | 1,095 | 13 | 1,108 | |||||||||||||||||
Related party receivables | 66 | 66 | ||||||||||||||||||
Other assets | 14 | 18 | 98 | 130 | ||||||||||||||||
Due from affiliates | 2,063 | (2,063 | ) | |||||||||||||||||
Investment in affiliates | 3,274 | 2,193 | (5,467 | ) | ||||||||||||||||
Total assets | $ | 6,551 | $ | 4,997 | $ | 12,179 | $ | (7,530 | ) | $ | 16,197 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | $ | $ | 9,378 | $ | $ | 9,378 | |||||||||||||
Unsecured debt | 1,500 | 1,500 | ||||||||||||||||||
Accounts payable and accrued expenses | 22 | 90 | 105 | 217 | ||||||||||||||||
Deferred income | 70 | 70 | ||||||||||||||||||
Taxes payable | 91 | 4 | (2 | ) | 93 | |||||||||||||||
Related party taxes payable | 559 | 559 | ||||||||||||||||||
Other liabilities | 1 | 1 | ||||||||||||||||||
Due to affiliates | 1,669 | 394 | (2,063 | ) | ||||||||||||||||
Total liabilities | 2,172 | 1,763 | 9,946 | (2,063 | ) | 11,818 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | 570 | (570 | ) | |||||||||||||||||
Additional paid-in capital | 3,459 | 79 | 123 | (202 | ) | 3,459 | ||||||||||||||
Accumulated other comprehensive (loss) income | (3 | ) | (11 | ) | 13 | (2 | ) | (3 | ) | |||||||||||
Retained earnings | 923 | 3,166 | 1,527 | (4,693 | ) | 923 | ||||||||||||||
Total shareholder's equity | 4,379 | 3,234 | 2,233 | (5,467 | ) | 4,379 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 6,551 | $ | 4,997 | $ | 12,179 | $ | (7,530 | ) | $ | 16,197 | |||||||||
Condensed Income Statement [Table Text Block] | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 37 | $ | 610 | $ | $ | 647 | ||||||||||||
Leased vehicle income | 172 | 172 | ||||||||||||||||||
Other income | 42 | 85 | 100 | (179 | ) | 48 | ||||||||||||||
Equity in income of affiliates | 113 | 123 | (236 | ) | ||||||||||||||||
155 | 245 | 882 | (415 | ) | 867 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 56 | 67 | 123 | |||||||||||||||||
Other operating expenses | (74 | ) | 42 | 112 | 80 | |||||||||||||||
Total operating expenses | (74 | ) | 98 | 179 | 203 | |||||||||||||||
Leased vehicle expenses | 133 | 133 | ||||||||||||||||||
Provision for loan losses | 53 | 64 | 117 | |||||||||||||||||
Interest expense | 57 | 54 | 236 | (179 | ) | 168 | ||||||||||||||
Acquisition and integration expenses | 7 | 7 | ||||||||||||||||||
(17 | ) | 205 | 619 | (179 | ) | 628 | ||||||||||||||
Income before income taxes | 172 | 40 | 263 | (236 | ) | 239 | ||||||||||||||
Income tax (benefit) provision | 11 | (25 | ) | 92 | 78 | |||||||||||||||
Net income | $ | 161 | $ | 65 | $ | 171 | $ | (236 | ) | $ | 161 | |||||||||
Comprehensive income | $ | 256 | $ | 79 | $ | 266 | $ | (345 | ) | $ | 256 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 43 | $ | 374 | $ | $ | 417 | ||||||||||||
Leased vehicle income | 80 | 80 | ||||||||||||||||||
Other income | 11 | 39 | 51 | (84 | ) | 17 | ||||||||||||||
Equity in income of affiliates | 131 | 148 | (279 | ) | ||||||||||||||||
142 | 230 | 505 | (363 | ) | 514 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 51 | 23 | 74 | |||||||||||||||||
Other operating expenses | 4 | (23 | ) | 50 | 31 | |||||||||||||||
Total operating expenses | 4 | 28 | 73 | 105 | ||||||||||||||||
Leased vehicle expenses | 56 | 56 | ||||||||||||||||||
Provision for loan losses | 44 | 34 | 78 | |||||||||||||||||
Interest expense | 17 | 34 | 108 | (84 | ) | 75 | ||||||||||||||
21 | 106 | 271 | (84 | ) | 314 | |||||||||||||||
Income before income taxes | 121 | 124 | 234 | (279 | ) | 200 | ||||||||||||||
Income tax (benefit) provision | (2 | ) | (6 | ) | 85 | 77 | ||||||||||||||
Net income | $ | 123 | $ | 130 | $ | 149 | $ | (279 | ) | $ | 123 | |||||||||
Comprehensive income | $ | 133 | $ | 130 | $ | 169 | $ | (299 | ) | $ | 133 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 106 | $ | 1,603 | $ | $ | 1,709 | ||||||||||||
Leased vehicle income | 415 | 415 | ||||||||||||||||||
Other income | 91 | 209 | 228 | (409 | ) | 119 | ||||||||||||||
Equity in income of affiliates | 413 | 427 | (840 | ) | ||||||||||||||||
504 | 742 | 2,246 | (1,249 | ) | 2,243 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 158 | 155 | 313 | |||||||||||||||||
Other operating expenses | (76 | ) | (7 | ) | 272 | 189 | ||||||||||||||
Total operating expenses | (76 | ) | 151 | 427 | 502 | |||||||||||||||
Leased vehicle expenses | 314 | 314 | ||||||||||||||||||
Provision for loan losses | 180 | 131 | 311 | |||||||||||||||||
Interest expense | 128 | 143 | 552 | (409 | ) | 414 | ||||||||||||||
Acquisition and integration expenses | 29 | 29 | ||||||||||||||||||
52 | 474 | 1,453 | (409 | ) | 1,570 | |||||||||||||||
Income before income taxes | 452 | 268 | 793 | (840 | ) | 673 | ||||||||||||||
Income tax (benefit) provision | 7 | (52 | ) | 273 | 228 | |||||||||||||||
Net income | $ | 445 | $ | 320 | $ | 520 | $ | (840 | ) | $ | 445 | |||||||||
Comprehensive income | $ | 475 | $ | 341 | $ | 553 | $ | (894 | ) | $ | 475 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | $ | 111 | $ | 1,068 | $ | $ | 1,179 | ||||||||||||
Leased vehicle income | 199 | 199 | ||||||||||||||||||
Other income | 33 | 149 | 205 | (333 | ) | 54 | ||||||||||||||
Equity in income of affiliates | 390 | 467 | (857 | ) | ||||||||||||||||
423 | 727 | 1,472 | (1,190 | ) | 1,432 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | 147 | 71 | 218 | |||||||||||||||||
Other operating expenses | 12 | (79 | ) | 146 | 79 | |||||||||||||||
Total operating expenses | 12 | 68 | 217 | 297 | ||||||||||||||||
Leased vehicle expenses | 147 | 147 | ||||||||||||||||||
Provision for loan losses | 171 | 17 | 188 | |||||||||||||||||
Interest expense | 45 | 134 | 356 | (333 | ) | 202 | ||||||||||||||
57 | 373 | 737 | (333 | ) | 834 | |||||||||||||||
Income before income taxes | 366 | 354 | 735 | (857 | ) | 598 | ||||||||||||||
Income tax (benefit) provision | (6 | ) | (34 | ) | 266 | 226 | ||||||||||||||
Net income | $ | 372 | $ | 388 | $ | 469 | $ | (857 | ) | $ | 372 | |||||||||
Comprehensive income | $ | 379 | $ | 388 | $ | 487 | $ | (875 | ) | $ | 379 | |||||||||
Condensed Cash Flow Statement [Table Text Block] | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 106 | $ | 286 | $ | 762 | $ | $ | 1,154 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | (3,971 | ) | (6,557 | ) | 4,207 | (6,321 | ) | |||||||||||||
Principal collections and recoveries on consumer finance receivables | 5,099 | 5,099 | ||||||||||||||||||
Proceeds from sale of consumer finance receivables, net | 4,207 | (4,207 | ) | |||||||||||||||||
Funding of commercial finance receivables, net | (3,395 | ) | (15,391 | ) | 2,593 | (16,193 | ) | |||||||||||||
Collections of commercial finance receivables | 1,069 | 14,616 | 15,685 | |||||||||||||||||
Proceeds from sale of commercial finance receivables, net | 2,593 | (2,593 | ) | |||||||||||||||||
Purchases of leased vehicles, net | (1,746 | ) | (1,746 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | 142 | 142 | ||||||||||||||||||
Acquisition of international operations, net of cash on hand | (2,547 | ) | (863 | ) | 440 | 863 | (2,107 | ) | ||||||||||||
Purchases of property and equipment | (1 | ) | (9 | ) | (10 | ) | ||||||||||||||
Change in restricted cash | (74 | ) | (74 | ) | ||||||||||||||||
Change in other assets | (44 | ) | 22 | (22 | ) | |||||||||||||||
Net change in investment in affiliates | (29 | ) | (350 | ) | 379 | |||||||||||||||
Net cash used in investing activities | (2,576 | ) | (755 | ) | (3,458 | ) | 1,242 | (5,547 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | 11,676 | 11,676 | ||||||||||||||||||
Payments on secured debt | (9,009 | ) | (9,009 | ) | ||||||||||||||||
Borrowings and issuance of unsecured debt | 2,500 | 1,698 | 4,198 | |||||||||||||||||
Payments on unsecured debt | (1,817 | ) | (1,817 | ) | ||||||||||||||||
Borrowings on related party line of credit | 1,100 | 1,100 | ||||||||||||||||||
Payments on related party line of credit | (1,100 | ) | (1,100 | ) | ||||||||||||||||
Repayment of debt to Ally Financial | (1,416 | ) | (1,416 | ) | ||||||||||||||||
Capital contribution from parent | 1,300 | 382 | (382 | ) | 1,300 | |||||||||||||||
Debt issuance costs | (29 | ) | (40 | ) | (69 | ) | ||||||||||||||
Net change in due from/due to affiliates | (1,301 | ) | 467 | 1,697 | (863 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 2,470 | 467 | 3,171 | (1,245 | ) | 4,863 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2 | ) | 475 | (3 | ) | 470 | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6 | ) | 3 | (3 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 1,252 | 37 | 1,289 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | 1,250 | $ | 506 | $ | $ | 1,756 | ||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 236 | $ | 166 | $ | 529 | $ | $ | 931 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | (4,354 | ) | (4,116 | ) | 4,116 | (4,354 | ) | |||||||||||||
Principal collections and recoveries on consumer finance receivables | 3,050 | 3,050 | ||||||||||||||||||
Proceeds from sale of consumer finance receivables, net | 4,116 | (4,116 | ) | |||||||||||||||||
Funding of commercial finance receivables, net | (582 | ) | (582 | ) | ||||||||||||||||
Collections of commercial finance receivables | 300 | 300 | ||||||||||||||||||
Purchases of leased vehicles, net | (857 | ) | (857 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | 33 | 33 | ||||||||||||||||||
Purchases of property and equipment | (2 | ) | (9 | ) | (11 | ) | ||||||||||||||
Change in restricted cash | 219 | 219 | ||||||||||||||||||
Change in other assets | (21 | ) | 29 | (2 | ) | 6 | ||||||||||||||
Net change in investment in affiliates | 2,177 | (2,177 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 1,684 | (1,682 | ) | (2,177 | ) | (2,196 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings and issuance of secured debt | 6,600 | 6,600 | ||||||||||||||||||
Payments on secured debt | (5,059 | ) | (5,059 | ) | ||||||||||||||||
Borrowings and issuance of unsecured debt | 1,000 | 1,000 | ||||||||||||||||||
Debt issuance costs | (12 | ) | (31 | ) | (43 | ) | ||||||||||||||
Retirement of debt | (1 | ) | (1 | ) | ||||||||||||||||
Net capital contribution to subsidiaries | (2,187 | ) | 2,187 | |||||||||||||||||
Net change in due from/due to affiliates | (1,202 | ) | (608 | ) | 1,810 | |||||||||||||||
Net cash (used in) provided by financing activities | (215 | ) | (608 | ) | 1,133 | 2,187 | 2,497 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,242 | (20 | ) | 10 | 1,232 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 12 | (10 | ) | 2 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 500 | 72 | 572 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | 1,742 | $ | 64 | $ | $ | 1,806 | ||||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
Foreign Exchange Contract [Member] | Subsequent Event [Member] | Maximum [Member] | |||
Derivative Financial Instruments, Liabilities [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Payments to Acquire Businesses, Gross | $2,600,000,000 | $611,000,000 | |||
Other Payments to Acquire Businesses | 65,000,000 | ||||
Business Combination, Contingent Consideration, Liability | 900,000,000 | ||||
Derivative, Notional Amount | 775,000,000 | 1,500,000,000 | |||
Debt of Subsidiary, Assumed and Repaid as part of Acquisition | 1,400,000,000 | ||||
Repayment of acquisition related debt | 1,416,000,000 | ||||
Intercompany Subvention Receivable | 111,000,000 | 66,000,000 | |||
Intercompany Receivable - Commercial Lending | 52,000,000 | 46,000,000 | |||
Intercompany Receivables - Wholesale financing | 583,000,000 | ||||
Intercompany Receivable - Commercial Receivables | 357,000,000 | ||||
Deferred Tax Liabilities, Net | 64,000,000 | 1,000,000,000 | |||
Intercompany Taxes Payable | 598,000,000 | 559,000,000 | |||
Line of Credit Facilities - GM Related Party Facility | $600,000,000 |
Acquisition_of_Businesses_Deta
Acquisition of Businesses (Details) (USD $) | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
Ally FInancial [Member] | Subsequent Event [Member] | Restatement Adjustment [Member] | |||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $2,600,000,000 | ||||
Other Payments to Acquire Businesses | 65,000,000 | ||||
Debt of Subsidiary, Assumed and Repaid as part of Acquisition | 1,400,000,000 | ||||
Payments to Acquire Businesses, Gross | 2,600,000,000 | 611,000,000 | |||
Business Combination, Contingent Consideration, Liability | 900,000,000 | ||||
Goodwill | 1,156,000,000 | 1,108,000,000 | 48,000,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Consumer, Contractually Required Payments Receivable at Acquisition | 1,200,000,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Consumer, Cash Flows Expected to be Collected at Acquisition | 100,000,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Consumer, at Acquisition, at Fair Value | $1,000,000,000 |
Acquisition_of_Businesses_Purc
Acquisition of Businesses Purchase Price Allocation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents | $1,350 | $744 |
Goodwill | 1,156 | 1,108 |
Ally FInancial [Member] | ||
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents | 440 | |
Restricted Cash and Cash Equivalents | 525 | |
Business Combination, Acquired Receivables, Fair Value | 10,969 | |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | 263 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | -8,926 | |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -722 | |
Identifiable net assets acquired | 2,549 | |
Goodwill | 48 | |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $2,597 |
Acquisition_of_Businesses_Cont
Acquisition of Businesses Contractually Required Payments Receivable (Details) (USD $) | Sep. 30, 2013 | |
In Millions, unless otherwise specified | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $799 | [1] |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 601 | [1] |
Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 7,168 | [2] |
Cash Flows Not Expected To Be Collected, Acquisition | 152 | [2] |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 6,378 | [2] |
Commercial Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 4,067 | |
Cash Flows Not Expected To Be Collected, Acquisition | 18 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $3,990 | |
[1] | (a)Certain amounts in this table have been updated as a result of the finalization of acquisition accounting adjustments, including a determination that certain consumer finance receivables should be reclassified from receivables with credit impairment to receivables with no deterioration in credit quality. Accordingly, contractually required payments receivable, cash flows expected to be collected and fair value of $1.2 billion, $1.1 billion and $1.0 billion were reclassified to consumer finance receivables acquired which had no deterioration in credit quality. This reclassification had no material effect on the condensed consolidated balance sheet as of September 30, 2013 or condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013. | |
[2] | (a)Certain amounts in this table have been updated as a result of the finalization of acquisition accounting adjustments, including a determination that certain consumer finance receivables acquired should be reclassified from receivables with credit impairment to receivables with no deterioration in credit quality. Accordingly, contractually required payments receivable, cash flows not expected to be collected and fair value of $1.2 billion, $0.1 billion and $1.0 billion were reclassified from consumer finance receivables acquired which had deterioration in credit quality. This reclassification had no material effect on the condensed consolidated balance sheet as of September 30, 2013 or condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013. |
Acquisition_of_Businesses_Pro_
Acquisition of Businesses Pro Forma Table - Acquisition (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition, Pro Forma Revenue | $888 | $759 | $2,503 | $2,225 |
Business Acquisition, Pro Forma Net Income (Loss) | 172 | 157 | 495 | 530 |
International [Member] | ||||
Business Acquisition, Pro Forma Revenue | 245 | 493 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $50 | $104 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | ||
North America [Member] | North America [Member] | North America [Member] | International [Member] | |||||
Goodwill [Line Items] | ||||||||
Goodwill | $1,156 | $1,108 | $1,108 | $1,108 | $1,108 | $48 | ||
Goodwill, Acquired During Period | $48 | [1] | $48 | [1] | ||||
[1] | See Note 2 - "Acquisition of Ally Financial Inc. International Operations" for further discussion. |
Finance_Receivables_Finance_Re1
Finance Receivables Finance Receivables (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Consumer Loan [Member] | Consumer Loan [Member] | Commercial Loan [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Pre-Acquisition Portfolio [Member] | Restatement Adjustment [Member] | ||||
North America [Member] | North America [Member] | Rate | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | |||||
North America [Member] | North America [Member] | North America [Member] | North America [Member] | International [Member] | International [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Consumer, Contractually Required Payments Receivable at Acquisition | $1,200,000,000 | ||||||||||||||
Cash Flows Not Expected To Be Collected, Acquisition | 1,100,000,000 | ||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Consumer, at Acquisition, at Fair Value | 1,000,000,000 | ||||||||||||||
Percentage of Current Finance Receivable | 99.70% | ||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 73,000,000 | 170,000,000 | 19,000,000 | 73,000,000 | 54,000,000 | 170,000,000 | 19,000,000 | 19,000,000 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 550,000,000 | 550,000,000 | 503,000,000 | ||||||||||||
Troubled Debt Restructurings - Subsequent Default | $9,000,000 | $15,000,000 |
Finance_Receivables_Finance_Re2
Finance Receivables Finance Receivables, net (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
In Millions, unless otherwise specified | ||||||
Finance Receivables, net [Line Items] | ||||||
Financing Receivable, Gross | $11,467 | [1] | $10,993 | [1] | ||
Notes, Loans and Financing Receivable, Net | 23,867 | 10,998 | ||||
Loans and Leases Receivable, Net Amount | 23,867 | 10,998 | ||||
North America [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | 12,232 | |||||
International [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | 11,635 | |||||
Commercial Loan [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 560 | |||||
Financing Receivable, Gross | 5,246 | 560 | ||||
Allowance for Notes, Loans and Financing Receivable | -29 | -24 | -6 | |||
Notes, Loans and Financing Receivable, Net | 5,217 | |||||
Financing Receivable, Collectively Evaluated for Impairment | 5,167 | |||||
Financing Receivable, Individually Evaluated for Impairment | 79 | |||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -25 | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -4 | |||||
Loans and Leases Receivable, Net Amount | 5,246 | |||||
Commercial Loan [Member] | North America [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 560 | |||||
Allowance for Notes, Loans and Financing Receivable | -13 | -12 | -6 | |||
Notes, Loans and Financing Receivable, Net | 1,344 | 554 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,355 | 560 | ||||
Financing Receivable, Individually Evaluated for Impairment | 2 | |||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -12 | -6 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -1 | |||||
Loans and Leases Receivable, Net Amount | 1,357 | 284 | ||||
Commercial Loan [Member] | International [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Allowance for Notes, Loans and Financing Receivable | -16 | -12 | ||||
Notes, Loans and Financing Receivable, Net | 3,873 | |||||
Financing Receivable, Collectively Evaluated for Impairment | 3,812 | |||||
Financing Receivable, Individually Evaluated for Impairment | 77 | |||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | -13 | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | -3 | |||||
Loans and Leases Receivable, Net Amount | 3,889 | |||||
Consumer Loan [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,599 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,452 | |||||
Post-Acquisition Finance Receivables, Carrying Value | 17,665 | |||||
Financing Receivable, Gross | 19,117 | |||||
Allowance for Notes, Loans and Financing Receivable | -467 | |||||
Notes, Loans and Financing Receivable, Net | 18,650 | |||||
Loans and Leases Receivable, Net Amount | 17,665 | |||||
Consumer Loan [Member] | North America [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,154 | 2,162 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,028 | 1,958 | ||||
Post-Acquisition Finance Receivables, Carrying Value | 10,313 | 8,831 | ||||
Financing Receivable, Gross | 11,341 | 10,789 | ||||
Allowance for Notes, Loans and Financing Receivable | -453 | -345 | ||||
Notes, Loans and Financing Receivable, Net | 10,888 | 10,444 | ||||
Loans and Leases Receivable, Net Amount | 10,313 | 8,255 | ||||
Consumer Loan [Member] | International [Member] | ||||||
Finance Receivables, net [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 445 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 424 | |||||
Post-Acquisition Finance Receivables, Carrying Value | 7,352 | |||||
Financing Receivable, Gross | 7,776 | |||||
Allowance for Notes, Loans and Financing Receivable | -14 | |||||
Notes, Loans and Financing Receivable, Net | 7,762 | |||||
Loans and Leases Receivable, Net Amount | $7,352 | |||||
[1] | (a)Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. |
Finance_Receivables_Finance_Re3
Finance Receivables Finance Receivables Summary (Details) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Gross | $11,467 | [1] | $10,993 | [1] | ||
Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,599 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,452 | |||||
Financing Receivable, Gross | 19,117 | |||||
Consumer Loan [Member] | North America [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,154 | 2,162 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,028 | 1,958 | ||||
Financing Receivable, Gross | 11,341 | 10,789 | ||||
Consumer Loan [Member] | International [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 445 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 424 | |||||
Financing Receivable, Gross | 7,776 | |||||
Consumer Loan [Member] | Pre-Acquisition Portfolio [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,162 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,958 | |||||
Business Combination, Acquired Receivables, Fair Value | 601 | |||||
Proceeds from Collection of Finance Receivables | -1,077 | |||||
Change in Carrying Value Adjustment | -37 | |||||
Foreign Currency Translation - Finance Receivables | 7 | |||||
Financing Receivable, Gross | 1,452 | |||||
Consumer Loan [Member] | Pre-Acquisition Portfolio [Member] | North America [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,162 | 4,366 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,958 | 4,027 | ||||
Proceeds from Collection of Finance Receivables | -885 | -1,532 | ||||
Change in Carrying Value Adjustment | -45 | -145 | ||||
Financing Receivable, Gross | 1,028 | 2,350 | ||||
Consumer Loan [Member] | Pre-Acquisition Portfolio [Member] | International [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Business Combination, Acquired Receivables, Fair Value | 601 | |||||
Proceeds from Collection of Finance Receivables | -192 | |||||
Change in Carrying Value Adjustment | 8 | |||||
Foreign Currency Translation - Finance Receivables | 7 | |||||
Financing Receivable, Gross | $424 | |||||
[1] | (a)Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. |
Finance_Receivables_Contractua
Finance Receivables Contractually Required Payments Receivable (Details) (USD $) | Sep. 30, 2013 | |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $799 | [1] |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 728 | [1] |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $601 | [1] |
[1] | (a)Certain amounts in this table have been updated as a result of the finalization of acquisition accounting adjustments, including a determination that certain consumer finance receivables should be reclassified from receivables with credit impairment to receivables with no deterioration in credit quality. Accordingly, contractually required payments receivable, cash flows expected to be collected and fair value of $1.2 billion, $1.1 billion and $1.0 billion were reclassified to consumer finance receivables acquired which had no deterioration in credit quality. This reclassification had no material effect on the condensed consolidated balance sheet as of September 30, 2013 or condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013. |
Finance_Receivables_Accretable
Finance Receivables Accretable Yield (Details) (Consumer Loan [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
North America [Member] | ||||||||
Accretable Yield [Line Items] | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $73 | $170 | ||||||
Pre-Acquisition Portfolio [Member] | ||||||||
Accretable Yield [Line Items] | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 329 | 329 | 394 | 404 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 127 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -85 | -269 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 19 | 73 | ||||||
Foreign Currency Translation - Accretable Yield | 1 | -6 | ||||||
Pre-Acquisition Portfolio [Member] | North America [Member] | ||||||||
Accretable Yield [Line Items] | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 233 | 505 | 233 | 505 | 298 | 404 | 628 | 737 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -65 | -123 | -225 | -402 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 54 | 170 | ||||||
Pre-Acquisition Portfolio [Member] | International [Member] | ||||||||
Accretable Yield [Line Items] | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 96 | 96 | 96 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 127 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | -20 | -44 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 19 | 19 | ||||||
Foreign Currency Translation - Accretable Yield | $1 | ($6) |
Finance_Receivables_Activity_i
Finance Receivables Activity in post-acquisition consumer finance receivables portfolio (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | $23,867 | $23,867 | $10,998 | |||
Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 17,665 | 17,665 | ||||
Loans and Leases Receivable, Net Amount | 17,665 | 17,665 | ||||
North America [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | 12,232 | 12,232 | ||||
North America [Member] | Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 10,313 | 10,313 | 8,831 | |||
Loans and Leases Receivable, Net Amount | 10,313 | 8,255 | 10,313 | 8,255 | ||
International [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | 11,635 | 11,635 | ||||
International [Member] | Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 7,352 | 7,352 | ||||
Loans and Leases Receivable, Net Amount | 7,352 | 7,352 | ||||
Post-Acquisition Portfolio [Member] | Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 8,831 | |||||
Business Combination, Acquired Receivables, Fair Value | 6,378 | 6,378 | ||||
Payments to Acquire Loans Receivable | 6,330 | |||||
Financing Receivable, Allowance for Credit Losses, Write-downs | -171 | -419 | ||||
Proceeds from Collection of Finance Receivables | -3,676 | |||||
Finance Receivables - Post Acquisition - Foreign Currency Translation | 221 | |||||
Post-Acquisition Portfolio [Member] | North America [Member] | Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Post-Acquisition Finance Receivables, Carrying Value | 8,831 | 5,314 | ||||
Payments to Acquire Loans Receivable | 3,980 | 4,363 | ||||
Financing Receivable, Allowance for Credit Losses, Write-downs | -153 | -82 | -401 | -186 | ||
Proceeds from Collection of Finance Receivables | -2,097 | -1,236 | ||||
Post-Acquisition Portfolio [Member] | International [Member] | Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Business Combination, Acquired Receivables, Fair Value | 6,378 | 6,378 | ||||
Payments to Acquire Loans Receivable | 2,350 | |||||
Financing Receivable, Allowance for Credit Losses, Write-downs | -18 | -18 | ||||
Proceeds from Collection of Finance Receivables | -1,579 | |||||
Finance Receivables - Post Acquisition - Foreign Currency Translation | $221 |
Finance_Receivables_Allowance_
Finance Receivables Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Consumer Loan [Member] | North America [Member] | North America [Member] | North America [Member] | North America [Member] | International [Member] | International [Member] | International [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | Post-Acquisition Portfolio [Member] | ||||
Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | North America [Member] | North America [Member] | North America [Member] | North America [Member] | International [Member] | International [Member] | |||||||||
Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||||||
Financing Receivable, Allowance for Credit Losses | $467 | $453 | $345 | $14 | $423 | $345 | $415 | $249 | $345 | $179 | $8 | ||||||||
Provision for Loan, Lease, and Other Losses | 117 | 311 | 108 | 283 | 9 | 28 | 116 | 293 | 107 | 78 | 276 | 188 | 9 | 17 | |||||
Financing Receivable, Allowance for Credit Losses, Write-downs | -171 | -419 | -153 | -82 | -401 | -186 | -18 | -18 | |||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 99 | 248 | 84 | 46 | 233 | 110 | 15 | 15 | |||||||||||
Financing Receivable, Allowance for Credit Losses | 467 | 453 | 345 | 14 | 467 | 467 | 453 | 291 | 453 | 291 | 14 | 14 | |||||||
Principal Collection and Recoveries on Receivables | $5,099 | $3,050 |
Finance_Receivables_Credit_Qua
Finance Receivables Credit Quality (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | Rate | Rate | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Finance Receivables Credit Indicator, Percentage | 100.00% | [1] | 100.00% | [1] |
Financing Receivable, Gross | $11,467 | [1] | $10,993 | [1] |
FICO Scores Less Than 540 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Finance Receivables, Carrying Value | 3,444 | 3,011 | ||
Finance Receivables Credit Indicator, Percentage | 30.00% | 27.40% | ||
FICO score 540 to 599 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Finance Receivables, Carrying Value | 5,389 | 5,014 | ||
Finance Receivables Credit Indicator, Percentage | 47.00% | 45.60% | ||
FICO score 600 to 659 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Finance Receivables, Carrying Value | 2,333 | 2,513 | ||
Finance Receivables Credit Indicator, Percentage | 20.40% | 22.90% | ||
FICO score 660 and greater [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Finance Receivables, Carrying Value | 301 | 455 | ||
Finance Receivables Credit Indicator, Percentage | 2.60% | 4.10% | ||
Commercial Loan [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | $5,246 | $560 | ||
[1] | (a)Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. |
Finance_Receivables_Delinquenc
Finance Receivables Delinquency (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Rate | Rate |
31-to-60 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Percent of Contractual Amount Due | 3.80% | 5.20% |
Financing Receivable, Recorded Investment, Past Due | $739 | $561 |
31-to-60 days [Member] | North America [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 690 | |
31-to-60 days [Member] | International [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 49 | |
Greater-than-60 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Percent of Contractual Amount Due | 1.50% | 1.90% |
Financing Receivable, Recorded Investment, Past Due | 291 | 204 |
Greater-than-60 Days [Member] | North America [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 247 | |
Greater-than-60 Days [Member] | International [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 44 | |
Greater-than-30 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Percent of Contractual Amount Due | 5.30% | 7.10% |
Financing Receivable, Recorded Investment, Past Due | 1,030 | 765 |
Greater-than-30 Days [Member] | North America [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 937 | |
Greater-than-30 Days [Member] | International [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 93 | |
Delinquent Contract in Repossession [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Percent of Contractual Amount Due | 0.30% | 0.30% |
Financing Receivable, Recorded Investment, Past Due | 45 | 38 |
Delinquent Contract in Repossession [Member] | North America [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 41 | |
Delinquent Contract in Repossession [Member] | International [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4 | |
Deliquent Contract Past Due Account [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Percent of Contractual Amount Due | 5.60% | 7.40% |
Financing Receivable, Recorded Investment, Past Due | 1,075 | 803 |
Deliquent Contract Past Due Account [Member] | North America [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 978 | |
Deliquent Contract Past Due Account [Member] | International [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $97 |
Finance_Receivables_Troubled_D1
Finance Receivables Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $633 | $633 | $228 | ||
Troubled Debt Restructurings - Number of Loans Entering a Modification Program | 11,364 | 4,148 | 27,302 | 6,857 | |
Principal Collection and Recoveries on Receivables | 5,099 | 3,050 | |||
Impaired Financing Receivable, Average Recorded Investment | 552 | 91 | 417 | 70 | |
Allowance Related to Finance Receivable Modifications | -88 | -88 | -32 | ||
Financing Receivables, Modifications, Recorded Investment, Net of Allowance | 545 | 545 | 196 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 642 | 642 | 232 | ||
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income Earne | 20 | 3 | 45 | 4 | |
Troubled Debt Restructurings - Amount of Loans That Entered a Loan Modification Program | $204 | $77 | $478 | $129 |
Finance_Receivables_Commercial
Finance Receivables Commercial Finance Receivables (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net Amount | $23,867 | $10,998 | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post-Acquisition Finance Receivables, Carrying Value | 560 | ||
Business Combination, Acquired Receivables, Fair Value | 3,990 | ||
Payments to Acquire Loans Receivable | 16,199 | ||
Proceeds from Collection of Finance Receivables | -15,631 | ||
Finance Receivables - Post Acquisition - Foreign Currency Translation | 128 | ||
Loans and Leases Receivable, Net Amount | 5,246 | ||
North America [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net Amount | 12,232 | ||
North America [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post-Acquisition Finance Receivables, Carrying Value | 560 | ||
Payments to Acquire Loans Receivable | 3,919 | 584 | |
Proceeds from Collection of Finance Receivables | -3,122 | -300 | |
Loans and Leases Receivable, Net Amount | 1,357 | 284 | |
International [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net Amount | 11,635 | ||
International [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Business Combination, Acquired Receivables, Fair Value | 3,990 | ||
Payments to Acquire Loans Receivable | 12,280 | ||
Proceeds from Collection of Finance Receivables | -12,509 | ||
Finance Receivables - Post Acquisition - Foreign Currency Translation | 128 | ||
Loans and Leases Receivable, Net Amount | $3,889 |
Finance_Receivables_Activity_i1
Finance Receivables Activity in Allowance for Commercial Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $117 | $311 | ||
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 29 | 29 | 24 | 6 |
Provision for Loan, Lease, and Other Losses | 1 | 18 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | 4 | 5 | ||
North America [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 108 | 283 | ||
North America [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 13 | 13 | 12 | 6 |
Provision for Loan, Lease, and Other Losses | 1 | 7 | ||
International [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 9 | 28 | ||
International [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 16 | 16 | 12 | |
Provision for Loan, Lease, and Other Losses | 11 | |||
Financing Receivable, Allowance for Credit Losses, Recovery | $4 | $5 |
Finance_Receivables_Credit_Ris
Finance Receivables Credit Risk Profile by Dealer grouping of Commercial Finance Receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $11,467 | [1] | $10,993 | [1] |
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 5,246 | 560 | ||
Group 1 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 442 | 99 | ||
Group 2 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,243 | 278 | ||
Group 3 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,701 | 171 | ||
Group 4 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,210 | 12 | ||
Group 5 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 458 | |||
Group 6 [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $192 | |||
[1] | (a)Balance at the end of the period is the sum of pre-acquisition consumer finance receivables-outstanding balance and post-acquisition consumer finance receivables, net of fees for North America Segment. |
Leased_Vehicles_Leased_Vehicle
Leased Vehicles Leased Vehicles (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
LEASED VEHICLES, net [Abstract] | ||
Amount Servicing For Third-Party (Leases) | $375 | $625 |
Leased_Vehicles_Details
Leased Vehicles (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Leased Vehicles, Net [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | $4,240 | $2,283 |
Manufacturing incemtives | -593 | -307 |
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | 3,647 | 1,976 |
Accumulated Depreciation On Leased Vehicles Accounted For As Operating Leases | -547 | -273 |
Property Subject to or Available for Operating Lease, Net | $3,100 | $1,703 |
Leased_Vehicles_Leased_Vehicle1
Leased Vehicles Leased Vehicles Summary (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Successor [Member] | Successor [Member] | Successor [Member] | ||
Leased Vehicles Summary [Line Items] | ||||
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | $1,976 | $887 | $1,976 | |
Leases Acquired - Acquisition | 9 | |||
Leased Vehicles Purchased | 2,180 | 1,077 | ||
Leased Vehicles Returned (End of Term) | -192 | -43 | ||
Leased Vehicles Returned (Default) | -16 | -4 | ||
Manufacturing Incentives | -288 | -149 | ||
Foreign Currency Translation On Leases | -22 | 18 | ||
Leased Vehicles Accounted For Operating Leases Net Of Manufacturing Incentives | $3,647 | $3,647 | $1,786 | $1,976 |
Leased_Vehicles_Minimum_rental
Leased Vehicles Minimum rental payments (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $149 |
Operating Leases, Future Minimum Payments, Due in Two Years | 545 |
Operating Leases, Future Minimum Payments, Due in Three Years | 428 |
Operating Leases, Future Minimum Payments, Due in Four Years | 186 |
Operating Leases, Future Minimum Payments, Due in Five Years | 20 |
Operating Leases, Future Minimum Payments, Due Thereafter | $2 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Line of Credit Facility [Line Items] | |||
Amortization of Purchase Accounting Premium | $9,000,000 | $26,000,000 | |
Deferred Finance Costs, Net | 51,000,000 | 31,000,000 | |
Accretion of Discount | 6,000,000 | ||
Purchase Price Premium, Unamortized | 1,000,000 | ||
Acquisition Accounting Discount - Secured Debt | 32,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | ||
Debt Instrument, Face Amount | 4,000,000,000 | 1,500,000,000 | |
Line of Credit Facility, Amount Outstanding | 4,800,000,000 | 9,378,000,000 | |
Unsecured Debt | 5,228,000,000 | 1,500,000,000 | |
North America [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured Debt | 4,000,000,000 | 1,500,000,000 | |
Senior Notes | 4,000,000,000 | ||
International [Member] | |||
Line of Credit Facility [Line Items] | |||
Original Weighted-Average Interest Rate - Minimum | 0.90% | ||
Original Weighted-Average Interest Rate - Maximum | 7.70% | ||
Unsecured Debt | 1,228,000,000 | ||
Secured Debt [Member] | North America [Member] | |||
Line of Credit Facility [Line Items] | |||
Original Weighted-Average Interest Rate - Minimum | 0.98% | 0.62% | |
Original Weighted-Average Interest Rate - Maximum | 5.86% | 12.84% | |
Securitization Notes Payable [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Face Amount | 4,700,000,000 | ||
Debt, Weighted Average Interest Rate | 1.60% | ||
Debt Instrument Maturity Year | 2021 | ||
Long-term Debt | 1,900,000,000 | ||
Unsecured Debt [Member] | International [Member] | |||
Line of Credit Facility [Line Items] | |||
Original Weighted-Average Interest Rate - Minimum | 0.50% | ||
Original Weighted-Average Interest Rate - Maximum | 9.00% | ||
2013 Senior Notes [Member] | North America [Member] | |||
Line of Credit Facility [Line Items] | |||
Original Weighted-Average Interest Rate - Minimum | 2.75% | ||
Original Weighted-Average Interest Rate - Maximum | 4.25% | ||
Senior Notes | 2,500,000,000 | ||
Senior Notes [Member] | North America [Member] | |||
Line of Credit Facility [Line Items] | |||
Original Weighted-Average Interest Rate - Minimum | 2.75% | ||
Original Weighted-Average Interest Rate - Maximum | 6.75% | ||
Senior Notes [Member] | North America [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured Debt | $4,000,000,000 | ||
Credit Facility One [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.70% | ||
Credit Facility Two [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.30% |
Debt_Short_Term_and_Long_Term_
Debt Short Term and Long Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | $18,447 | $9,378 |
Unsecured Debt | 5,228 | 1,500 |
Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 6,090 | |
Unsecured Debt | 1,228 | |
Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 12,357 | |
Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured Debt | 4,000 | |
North America [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 11,807 | 9,378 |
Unsecured Debt | 4,000 | 1,500 |
North America [Member] | Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 1,337 | 354 |
North America [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 10,470 | 9,024 |
North America [Member] | Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured Debt | 4,000 | 1,500 |
International [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 6,640 | |
Unsecured Debt | 1,228 | |
International [Member] | Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 4,753 | |
Unsecured Debt | 1,228 | |
International [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured Debt | 1,887 | |
International [Member] | Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured Debt |
Debt_Repayments_of_Principal_a
Debt Repayments of Principal and Interest (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Secured Debt | $18,447 | |
Unsecured Debt | 5,228 | 1,500 |
Interest Payable | 1,461 | |
Repayments of Principal and Interest | 25,136 | |
Fiscal 2013 [Member] | ||
Secured Debt | 3,672 | |
Unsecured Debt | 724 | |
Interest Payable | 152 | |
Repayments of Principal and Interest | 4,548 | |
Fiscal 2014 [Member] | ||
Secured Debt | 6,334 | |
Unsecured Debt | 306 | |
Interest Payable | 451 | |
Repayments of Principal and Interest | 7,091 | |
Fiscal 2015 [Member] | ||
Secured Debt | 4,239 | |
Unsecured Debt | 166 | |
Interest Payable | 308 | |
Repayments of Principal and Interest | 4,713 | |
Fiscal 2016 [Member] | ||
Secured Debt | 2,686 | |
Unsecured Debt | 1,032 | |
Interest Payable | 211 | |
Repayments of Principal and Interest | 3,929 | |
Fiscal 2017 [Member] | ||
Secured Debt | 1,217 | |
Unsecured Debt | 1,000 | |
Interest Payable | 143 | |
Repayments of Principal and Interest | 2,360 | |
Thereafter [Member] | ||
Secured Debt | 299 | |
Unsecured Debt | 2,000 | |
Interest Payable | 196 | |
Repayments of Principal and Interest | $2,495 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents | $1,350 | $744 |
Assets Securitized | 21,761 | 10,442 |
Liabilities Securitized | $18,147 | $9,378 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments And Hedging Activities Derivative (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] |
Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
EUR (€) | GBP (£) | SEK | USD ($) | |||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $775 | € 610 | £ 432 | 182 | $1,500 | |
Restricted Cash - Derivative Collateral | $48 | $4 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments And Hedging Activities (Details) (USD $) | Sep. 30, 2013 | |
In Millions, unless otherwise specified | ||
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $5,917 | [1] |
Fair Value Hedge Assets | 14 | [1],[2] |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,786 | |
Fair Value Hedge Assets | 8 | [2] |
Other Assets [Member] | Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,631 | |
Fair Value Hedge Assets | 5 | [2] |
Other Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,500 | [3] |
Fair Value Hedge Assets | 1 | [2],[3] |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 7,488 | [4] |
Fair Value Hedge Liabilities | -41 | [2],[4] |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 4,012 | |
Fair Value Hedge Liabilities | -16 | [2] |
Other Liabilities [Member] | Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 1,442 | |
Fair Value Hedge Liabilities | -6 | [2] |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 2,034 | [3] |
Fair Value Hedge Liabilities | ($19) | [2],[3] |
[1] | Included in other assets on the condensed consolidated balance sheets. | |
[2] | See Note 9 - "Fair Values of Assets and Liabilities" for further discussion of fair value disclosure related to the derivatives. | |
[3] | The foreign exchange swaps relate to (i) intercompany loans denominated in foreign currencies (notional balances on the intercompany loans of €610 million , £432 million and 182kr million have been translated to USD) and (ii) a cross-currency swap for a securitization in the International Segment. | |
[4] | Included in other liabilities on the condensed consolidated balance sheets. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments And Hedging Activities Derivatives Income (Losses) Recognized in Income (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $5 | $2 |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($99) | ($111) |
Fair_Values_Of_Assets_And_Liab2
Fair Values Of Assets And Liabilities Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | $1,439 | [1] | $1,830 | [2] |
Interest Rate Swap Agreements - Assets | 8 | |||
Interest Rate Cap Agreements Purchased | 5 | |||
Investment Foreign Currency, Contract, Amount Purchased | 1 | |||
Assets Fair Value disclosure | 1,453 | |||
Interest Rate Swap Agreements - Liabilities | 16 | |||
Interest Rate Cap Agreements - Sold | 6 | |||
Investment Foreign Currency, Contract, Amount Sold | 19 | |||
Liabilities Fair Value Disclosure | 41 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest Rate Cap Agreements Purchased | 5 | |||
Investment Foreign Currency, Contract, Amount Purchased | 1 | |||
Assets Fair Value disclosure | 6 | |||
Interest Rate Cap Agreements - Sold | 6 | |||
Investment Foreign Currency, Contract, Amount Sold | 19 | |||
Liabilities Fair Value Disclosure | 25 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest Rate Swap Agreements - Assets | 8 | |||
Assets Fair Value disclosure | 8 | |||
Interest Rate Swap Agreements - Liabilities | 16 | |||
Liabilities Fair Value Disclosure | 16 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money Market Funds, at Carrying Value | 1,439 | [1] | 1,830 | [2] |
Assets Fair Value disclosure | $1,439 | |||
[1] | Excludes cash in banks of $1.7 billion. | |||
[2] | Excludes cash in banks of $228 million. |
Fair_Values_Of_Assets_And_Liab3
Fair Values Of Assets And Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount Exluded From Money Market Funds | $1,745 | $228 |
Fair_Values_Of_Assets_And_Liab4
Fair Values Of Assets And Liabilities Level 3 Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $7 | $2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 7 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -3 | -5 | -2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 8 | 8 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -20 | -6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 1 | -4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | -19 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 7 | 10 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ($16) | ($16) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | ||
Debt Instrument, Face Amount | $4,000,000,000 | $1,500,000,000 |
Indirect Tax Contingency | $32,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Rate | Rate | Rate | Rate | ||
Income Taxes [Line Items] | |||||
Unrecognized Tax Benefits | $82,000,000 | $82,000,000 | $53,000,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 55,000,000 | 55,000,000 | 28,000,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 5,000,000 | 5,000,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 13,000,000 | 13,000,000 | |||
Unrecognized Tax Benefits, Additional Interest Accrued | 17,000,000 | ||||
Unrecognized Tax Benefits, Additional Penalties Accrued | 16,000,000 | ||||
Interest released from Uncertain Tax Positions | 11,000,000 | ||||
Income Tax Sharing Agreement With Parent - Maximum Amount | 1,000,000,000 | 1,000,000,000 | |||
Difference Between Amounts Paid Under Tax Sharing Arrangement and for Financial Reporting Purposes | 1,000,000 | 1,000,000 | |||
Intercompany Taxes Payable | $598,000,000 | $598,000,000 | $559,000,000 | ||
Effective Income Tax Rate, Continuing Operations | 32.80% | 37.80% | 33.90% | 38.20% |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes, Loans and Financing Receivable, Net | $23,867,000,000 | $10,998,000,000 | ||
Restricted Cash and Investments | 1,371,000,000 | 744,000,000 | ||
Restricted Cash and Cash Equivalents | 1,350,000,000 | 744,000,000 | ||
Restricted Cash - Derivative Collateral | 48,000,000 | 4,000,000 | ||
Interest Rate Swap Agreements - Assets | 8,000,000 | |||
Interest Rate Cap Agreements Purchased | 5,000,000 | |||
Investment Foreign Currency, Contract, Amount Purchased | 1,000,000 | |||
Secured Debt | 18,447,000,000 | 9,378,000,000 | ||
Unsecured Debt | 5,228,000,000 | 1,500,000,000 | ||
Interest Rate Swap Agreements - Liabilities | 16,000,000 | |||
Interest Rate Cap Agreements - Sold | 6,000,000 | |||
Investment Foreign Currency, Contract, Amount Sold | 19,000,000 | |||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,756,000,000 | 1,289,000,000 | ||
Notes, Loans and Financing Receivable, Net | 23,867,000,000 | 10,998,000,000 | ||
Restricted Cash and Investments | 1,330,000,000 | 729,000,000 | ||
Restricted Cash and Cash Equivalents | 41,000,000 | 15,000,000 | ||
Restricted Cash - Derivative Collateral | 57,000,000 | 24,000,000 | ||
Interest Rate Swap Agreements - Assets | 8,000,000 | |||
Interest Rate Cap Agreements Purchased | 5,000,000 | |||
Investment Foreign Currency, Contract, Amount Purchased | 1,000,000 | |||
Interest Rate Swap Agreements - Liabilities | 16,000,000 | |||
Investment Foreign Currency, Contract, Amount Sold | 19,000,000 | |||
Portion at Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,756,000,000 | [1] | 1,289,000,000 | [1] |
Notes, Loans and Financing Receivable, Net | 24,001,000,000 | [2] | 11,313,000,000 | [2] |
Restricted Cash and Investments | 1,330,000,000 | [1] | 729,000,000 | [1] |
Restricted Cash and Cash Equivalents | 41,000,000 | [1] | 15,000,000 | [1] |
Restricted Cash - Derivative Collateral | 57,000,000 | [1] | 24,000,000 | [1] |
Interest Rate Swap Agreements - Assets | 8,000,000 | [3] | ||
Interest Rate Cap Agreements Purchased | 5,000,000 | [4] | ||
Investment Foreign Currency, Contract, Amount Purchased | 1,000,000 | [4] | ||
Interest Rate Swap Agreements - Liabilities | 16,000,000 | [3] | ||
Interest Rate Cap Agreements - Sold | 6,000,000 | [4] | ||
Investment Foreign Currency, Contract, Amount Sold | 19,000,000 | [4] | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Cap Agreements Purchased | 5,000,000 | |||
Investment Foreign Currency, Contract, Amount Purchased | 1,000,000 | |||
Interest Rate Cap Agreements - Sold | 6,000,000 | |||
Investment Foreign Currency, Contract, Amount Sold | 19,000,000 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Swap Agreements - Assets | 8,000,000 | |||
Interest Rate Swap Agreements - Liabilities | 16,000,000 | |||
North America [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 11,807,000,000 | 9,378,000,000 | ||
Senior Notes | 4,000,000,000 | |||
Unsecured Debt | 4,000,000,000 | 1,500,000,000 | ||
North America [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 11,807,000,000 | |||
Unsecured Debt | 4,000,000,000 | |||
North America [Member] | Secured Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 9,378,000,000 | |||
North America [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 11,884,000,000 | [5] | 9,526,000,000 | [5] |
North America [Member] | Unsecured Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 1,500,000,000 | |||
North America [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 4,011,000,000 | [6] | 1,620,000,000 | [6] |
International [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 6,640,000,000 | |||
Unsecured Debt | 1,228,000,000 | |||
International [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 4,543,000,000 | |||
Unsecured Debt | 899,000,000 | |||
International [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Secured Debt | 2,097,000,000 | |||
Unsecured Debt | 329,000,000 | |||
International [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 4,563,000,000 | [7] | ||
International [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 2,108,000,000 | [8] | ||
International [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 899,000,000 | [9] | ||
International [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | $329,000,000 | [8] | ||
[1] | The carrying value of cash and cash equivalents and restricted cash is considered to be a reasonable estimate of fair value since these investments bear interest at market rates and have maturities of less than 90 days. | |||
[2] | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Substantially all commercial finance receivables either have variable interest rates and maturities of one year or less, or were acquired or funded within the last year. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | |||
[3] | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | |||
[4] | The fair values of the interest rate cap agreements and foreign exchange swap agreements are based on quoted market prices. | |||
[5] | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | |||
[6] | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | |||
[7] | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, carrying value is considered to be a reasonable estimate of fair value. | |||
[8] | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. These instruments were presented with level 2 valuations in the prior period | |||
[9] | The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, carrying value is considered to be a reasonable estimate of fair value. |
Segments_Narrative_Details
Segments Narrative (Details) (USD $) | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
North America [Member] | Foreign Exchange Contract [Member] | ||
Derivative Financial Instruments, Liabilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Senior Notes | $4,000,000,000 | ||
Derivative, Notional Amount | $775,000,000 | $1,500,000,000 |
Segments_Operations_Reporting_
Segments Operations Reporting by Revenue (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Revenues | $867 | $514 | $2,243 | $1,432 |
Operating Expenses | 336 | 816 | ||
Provision for Loan, Lease, and Other Losses | 117 | 311 | ||
Interest Expense | 168 | 75 | 414 | 202 |
Business Combination, Acquisition Related Costs | 7 | 29 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 239 | 200 | 673 | 598 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 622 | 1,750 | ||
Operating Expenses | 246 | 637 | ||
Provision for Loan, Lease, and Other Losses | 108 | 283 | ||
Interest Expense | 93 | 266 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 175 | 564 | ||
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 245 | 493 | ||
Operating Expenses | 90 | 179 | ||
Provision for Loan, Lease, and Other Losses | 9 | 28 | ||
Interest Expense | 76 | 157 | ||
Business Combination, Acquisition Related Costs | 7 | 29 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 63 | 100 | ||
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13 | 28 | ||
Interest Expense | 12 | 19 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 1 | 9 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | -13 | -28 | ||
Interest Expense | ($13) | ($28) |
Segments_Operations_Reporting_1
Segments Operations Reporting by Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Loans and Leases Receivable, Net Amount | $23,867 | $10,998 |
Assets | 31,884 | 16,197 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans and Leases Receivable, Net Amount | 12,232 | |
Assets | 18,970 | |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans and Leases Receivable, Net Amount | 11,635 | |
Assets | $12,914 |
Disclosure_of_AOCI_Details
Disclosure of AOCI (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Successor [Member] | Successor [Member] | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $2 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -2 | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -3 | -9 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 30 | 9 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 27 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $27 | ($3) | $27 |
Regulatory_Capital_and_Other_R1
Regulatory Capital and Other Regulatory Matters (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Assets | $31,884 | $16,197 |
Regulated Operation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Assets | $7,300 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Payments to Acquire Businesses, Gross | $2,600 | $611 |
Subsequent_Events_Supplemental
Subsequent Events Supplemental Pro Forma - Combined (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Subsequent Event [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $888 | $759 | $2,503 | $2,225 |
Business Acquisition, Pro Forma Net Income (Loss) | 172 | 157 | 495 | 530 |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | 1,059 | 697 | 2,818 | 1,992 |
Business Acquisition, Pro Forma Net Income (Loss) | $188 | $141 | $524 | $397 |
Guarantor_Consolidating_Financ2
Guarantor Consolidating Financial Statements Current Period Guarantor Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Guarantor [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $1,756 | $1,289 | $1,806 | $572 |
Notes, Loans and Financing Receivable, Net | 23,867 | 10,998 | ||
Restricted Cash and Investments | 1,371 | 744 | ||
Restricted Cash and Cash Equivalents | 1,350 | 744 | ||
Property, Plant and Equipment, Net | 124 | 52 | ||
Property Subject to or Available for Operating Lease, Net | 3,100 | 1,703 | ||
Deferred Tax Assets, Net | 69 | 107 | ||
Goodwill | 1,156 | 1,108 | ||
Intercompany Receivable | 111 | 66 | ||
Other Assets | 330 | 130 | ||
Due from Affiliates | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||
Assets | 31,884 | 16,197 | ||
Line of Credit Facility, Amount Outstanding | 4,800 | 9,378 | ||
Secured Debt | 18,447 | 9,378 | ||
Securitized Debt Obligation Liability | 5,228 | 1,500 | ||
Accounts Payable And Accrued Expenses | 594 | 217 | ||
Deferred Revenue | 157 | 70 | ||
Deferred Tax Liabilities, Net | 64 | |||
Taxes Payable | 126 | 93 | ||
Intercompany Taxes Payable | 598 | 559 | ||
Derivative Liabilities | 153 | 1 | ||
Accounts Payable, Related Parties | 357 | |||
Due to Affiliate | ||||
Liabilities | 25,724 | 11,818 | ||
Common Stock, Value, Issued | ||||
Additional Paid in Capital, Common Stock | 4,765 | 3,459 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 27 | -3 | ||
Retained Earnings (Accumulated Deficit) | 1,368 | 923 | ||
Stockholders' Equity Attributable to Parent | 6,160 | 4,379 | ||
Liabilities and Equity | 31,884 | 16,197 | ||
Parent Company [Member] | ||||
Guarantor [Line Items] | ||||
Deferred Tax Assets, Net | 3 | 39 | ||
Goodwill | 1,095 | 1,095 | ||
Intercompany Receivable | 36 | 66 | ||
Other Assets | 76 | 14 | ||
Due from Affiliates | 4,259 | 2,063 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 6,345 | 3,274 | ||
Assets | 11,814 | 6,551 | ||
Securitized Debt Obligation Liability | 4,000 | 1,500 | ||
Accounts Payable And Accrued Expenses | 141 | 22 | ||
Deferred Revenue | ||||
Deferred Tax Liabilities, Net | -28 | |||
Taxes Payable | 79 | 91 | ||
Intercompany Taxes Payable | 598 | 559 | ||
Derivative Liabilities | ||||
Accounts Payable, Related Parties | 1 | |||
Due to Affiliate | 863 | |||
Liabilities | 5,654 | 2,172 | ||
Additional Paid in Capital, Common Stock | 4,765 | 3,459 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 27 | -3 | ||
Retained Earnings (Accumulated Deficit) | 1,368 | 923 | ||
Stockholders' Equity Attributable to Parent | 6,160 | 4,379 | ||
Liabilities and Equity | 11,814 | 6,551 | ||
Guarantor Subsidiaries [Member] | ||||
Guarantor [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 1,250 | 1,252 | 1,742 | 500 |
Notes, Loans and Financing Receivable, Net | 926 | 1,558 | ||
Restricted Cash and Investments | ||||
Property, Plant and Equipment, Net | 4 | 4 | ||
Property Subject to or Available for Operating Lease, Net | ||||
Deferred Tax Assets, Net | -28 | |||
Goodwill | ||||
Intercompany Receivable | ||||
Other Assets | 56 | 18 | ||
Due from Affiliates | 863 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,990 | 2,193 | ||
Assets | 6,089 | 4,997 | ||
Accounts Payable And Accrued Expenses | 162 | 90 | ||
Deferred Tax Liabilities, Net | 164 | |||
Taxes Payable | 4 | |||
Derivative Liabilities | 9 | |||
Due to Affiliate | 2,179 | 1,669 | ||
Liabilities | 2,514 | 1,763 | ||
Additional Paid in Capital, Common Stock | 79 | 79 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10 | -11 | ||
Retained Earnings (Accumulated Deficit) | 3,486 | 3,166 | ||
Stockholders' Equity Attributable to Parent | 3,575 | 3,234 | ||
Liabilities and Equity | 6,089 | 4,997 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 506 | 37 | 64 | 72 |
Notes, Loans and Financing Receivable, Net | 22,941 | 9,440 | ||
Restricted Cash and Investments | 1,371 | 744 | ||
Property, Plant and Equipment, Net | 120 | 48 | ||
Property Subject to or Available for Operating Lease, Net | 3,100 | 1,703 | ||
Deferred Tax Assets, Net | 66 | 96 | ||
Goodwill | 61 | 13 | ||
Intercompany Receivable | 75 | |||
Other Assets | 202 | 98 | ||
Due from Affiliates | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||
Assets | 28,442 | 12,179 | ||
Line of Credit Facility, Amount Outstanding | 18,447 | 9,378 | ||
Securitized Debt Obligation Liability | 1,228 | |||
Accounts Payable And Accrued Expenses | 295 | 105 | ||
Deferred Revenue | 157 | 70 | ||
Deferred Tax Liabilities, Net | -72 | |||
Taxes Payable | 47 | -2 | ||
Intercompany Taxes Payable | ||||
Derivative Liabilities | 144 | 1 | ||
Accounts Payable, Related Parties | 356 | |||
Due to Affiliate | 2,080 | 394 | ||
Liabilities | 22,682 | 9,946 | ||
Common Stock, Value, Issued | 801 | 570 | ||
Additional Paid in Capital, Common Stock | 2,864 | 123 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 47 | 13 | ||
Retained Earnings (Accumulated Deficit) | 2,048 | 1,527 | ||
Stockholders' Equity Attributable to Parent | 5,760 | 2,233 | ||
Liabilities and Equity | 28,442 | 12,179 | ||
Consolidation, Eliminations [Member] | ||||
Guarantor [Line Items] | ||||
Intercompany Receivable | ||||
Other Assets | -4 | |||
Due from Affiliates | -5,122 | -2,063 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -9,335 | -5,467 | ||
Assets | -14,461 | -7,530 | ||
Accounts Payable And Accrued Expenses | -4 | |||
Intercompany Taxes Payable | ||||
Due to Affiliate | -5,122 | -2,063 | ||
Liabilities | -5,126 | -2,063 | ||
Common Stock, Value, Issued | -801 | -570 | ||
Additional Paid in Capital, Common Stock | -2,943 | -202 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -57 | -2 | ||
Retained Earnings (Accumulated Deficit) | -5,534 | -4,693 | ||
Stockholders' Equity Attributable to Parent | -9,335 | -5,467 | ||
Liabilities and Equity | ($14,461) | ($7,530) |
Guarantor_Consolidating_Financ3
Guarantor Consolidating Financial Statements Guarantor Income Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantor [Line Items] | ||||
Financial Services Revenue | $647 | $417 | $1,709 | $1,179 |
Operating Leases, Income Statement, Lease Revenue | 172 | 80 | 415 | 199 |
Other Income | 48 | 17 | 119 | 54 |
Equity In Income Of Affiliates | ||||
Revenues | 867 | 514 | 2,243 | 1,432 |
Salaries, Wages and Officers' Compensation | 123 | 74 | 313 | 218 |
Other Cost and Expense, Operating | 80 | 31 | 189 | 79 |
Operating Expenses | 203 | 105 | 502 | 297 |
Operating Leases, Income Statement, Depreciation Expense on Property Subject to or Held-for-lease | 133 | 56 | 314 | 147 |
Provision for Loan and Lease Losses | 117 | 78 | 311 | 188 |
Interest Expense | 168 | 75 | 414 | 202 |
Acquisition Costs, Period Cost | 7 | 29 | ||
Costs and Expenses | 628 | 314 | 1,570 | 834 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 239 | 200 | 673 | 598 |
Income Tax Expense (Benefit) | -78 | -77 | -228 | -226 |
Net Income (Loss) Attributable to Parent | 161 | 123 | 445 | 372 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 256 | 133 | 475 | 379 |
Parent Company [Member] | ||||
Guarantor [Line Items] | ||||
Other Income | 42 | 11 | 91 | 33 |
Equity In Income Of Affiliates | 113 | 131 | 413 | 390 |
Revenues | 155 | 142 | 504 | 423 |
Other Cost and Expense, Operating | -74 | 4 | -76 | 12 |
Operating Expenses | -74 | 4 | -76 | 12 |
Interest Expense | 57 | 17 | 128 | 45 |
Costs and Expenses | -17 | 21 | 52 | 57 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 172 | 121 | 452 | 366 |
Income Tax Expense (Benefit) | -11 | 2 | -7 | 6 |
Net Income (Loss) Attributable to Parent | 161 | 123 | 445 | 372 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 256 | 133 | 475 | 379 |
Guarantor Subsidiaries [Member] | ||||
Guarantor [Line Items] | ||||
Financial Services Revenue | 37 | 43 | 106 | 111 |
Other Income | 85 | 39 | 209 | 149 |
Equity In Income Of Affiliates | 123 | 148 | 427 | 467 |
Revenues | 245 | 230 | 742 | 727 |
Salaries, Wages and Officers' Compensation | 56 | 51 | 158 | 147 |
Other Cost and Expense, Operating | 42 | -23 | -7 | -79 |
Operating Expenses | 98 | 28 | 151 | 68 |
Provision for Loan and Lease Losses | 53 | 44 | 180 | 171 |
Interest Expense | 54 | 34 | 143 | 134 |
Costs and Expenses | 205 | 106 | 474 | 373 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 40 | 124 | 268 | 354 |
Income Tax Expense (Benefit) | 25 | 6 | 52 | 34 |
Net Income (Loss) Attributable to Parent | 65 | 130 | 320 | 388 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 79 | 130 | 341 | 388 |
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor [Line Items] | ||||
Financial Services Revenue | 610 | 374 | 1,603 | 1,068 |
Operating Leases, Income Statement, Lease Revenue | 172 | 80 | 415 | 199 |
Other Income | 100 | 51 | 228 | 205 |
Revenues | 882 | 505 | 2,246 | 1,472 |
Salaries, Wages and Officers' Compensation | 67 | 23 | 155 | 71 |
Other Cost and Expense, Operating | 112 | 50 | 272 | 146 |
Operating Expenses | 179 | 73 | 427 | 217 |
Operating Leases, Income Statement, Depreciation Expense on Property Subject to or Held-for-lease | 133 | 56 | 314 | 147 |
Provision for Loan and Lease Losses | 64 | 34 | 131 | 17 |
Interest Expense | 236 | 108 | 552 | 356 |
Acquisition Costs, Period Cost | 7 | 29 | ||
Costs and Expenses | 619 | 271 | 1,453 | 737 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 263 | 234 | 793 | 735 |
Income Tax Expense (Benefit) | -92 | -85 | -273 | 266 |
Net Income (Loss) Attributable to Parent | 171 | 149 | 520 | 469 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 266 | 169 | 553 | 487 |
Consolidation, Eliminations [Member] | ||||
Guarantor [Line Items] | ||||
Other Income | -179 | -84 | -409 | -333 |
Equity In Income Of Affiliates | -236 | -279 | -840 | -857 |
Revenues | -415 | -363 | -1,249 | -1,190 |
Other Cost and Expense, Operating | ||||
Operating Expenses | ||||
Interest Expense | -179 | -84 | -409 | -333 |
Costs and Expenses | -179 | -84 | -409 | -333 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -236 | -279 | -840 | -857 |
Income Tax Expense (Benefit) | ||||
Net Income (Loss) Attributable to Parent | -236 | -279 | -840 | -857 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($345) | ($299) | ($894) | ($875) |
Guarantor_Consolidating_Financ4
Guarantor Consolidating Financial Statements Guarantor Cash Flow (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Cash Provided by (Used in) Operating Activities | $1,154 | $931 |
Payments to Acquire Receivables | -6,321 | -4,354 |
Principal Collection and Recoveries on Receivables | 5,099 | 3,050 |
Proceeds from sale of consumer finance receivables, net | ||
Payments To Acquire Commercial Lending Receivable | -16,193 | -582 |
Principal Collections and Recoveries on Commercial Lending Receivables | 15,685 | 300 |
Proceeds from sale of commercial finance receivables, net | ||
Payments to Acquire Leases Held-for-investment | -1,746 | -857 |
Proceeds from Leases Held-for-investment | 142 | 33 |
Payments to Acquire Businesses, Net of Cash Acquired | -2,107 | |
Payments to Acquire Property, Plant, and Equipment | -10 | -11 |
Increase (Decrease) in Restricted Cash and Investments | -74 | 219 |
Payments for (Proceeds from) Other Investing Activities | -22 | 6 |
Investment in Affiliates - Net Change | ||
Net Cash Provided by (Used in) Investing Activities | -5,547 | -2,196 |
Proceeds from Lines of Credit | 11,676 | 6,600 |
Repayments of Lines of Credit | -9,009 | -5,059 |
Proceeds from Issuance of Unsecured Debt | 4,198 | 1,000 |
Repayments of Unsecured Debt | -1,817 | |
Proceeds from Related Party Debt | 1,100 | |
Repayments of Related Party Debt | -1,100 | |
Repayment of acquisition related debt | -1,416 | |
Proceeds from Contributed Capital | 1,300 | |
Payments of Debt Issuance Costs | -69 | -43 |
Extinguishment of Debt, Amount | -1 | |
Proceeds from Contributions from Parent | ||
Increase (Decrease) Due from Affiliates | ||
Net Cash Provided by (Used in) Financing Activities | 4,863 | 2,497 |
Cash and Cash Equivalents, Period Increase (Decrease) | 470 | 1,232 |
Effect of Exchange Rate on Cash and Cash Equivalents | -3 | 2 |
Cash and Cash Equivalents, at Carrying Value | 1,756 | 1,806 |
Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities | 286 | 166 |
Payments to Acquire Receivables | -3,971 | -4,354 |
Principal Collection and Recoveries on Receivables | ||
Proceeds from sale of consumer finance receivables, net | 4,207 | 4,116 |
Payments To Acquire Commercial Lending Receivable | -3,395 | -582 |
Principal Collections and Recoveries on Commercial Lending Receivables | 1,069 | 300 |
Proceeds from sale of commercial finance receivables, net | 2,593 | |
Payments to Acquire Businesses, Net of Cash Acquired | -863 | |
Payments to Acquire Property, Plant, and Equipment | -1 | -2 |
Payments for (Proceeds from) Other Investing Activities | -44 | 29 |
Investment in Affiliates - Net Change | -350 | 2,177 |
Net Cash Provided by (Used in) Investing Activities | -755 | 1,684 |
Increase (Decrease) Due from Affiliates | 467 | -608 |
Net Cash Provided by (Used in) Financing Activities | 467 | -608 |
Cash and Cash Equivalents, Period Increase (Decrease) | -2 | 1,242 |
Cash and Cash Equivalents, at Carrying Value | 1,250 | 1,742 |
Non-Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities | 762 | 529 |
Payments to Acquire Receivables | -6,557 | -4,116 |
Principal Collection and Recoveries on Receivables | 5,099 | 3,050 |
Payments To Acquire Commercial Lending Receivable | -15,391 | |
Principal Collections and Recoveries on Commercial Lending Receivables | 14,616 | |
Payments to Acquire Leases Held-for-investment | -1,746 | -857 |
Proceeds from Leases Held-for-investment | 142 | 33 |
Payments to Acquire Businesses, Net of Cash Acquired | 440 | |
Payments to Acquire Property, Plant, and Equipment | -9 | -9 |
Increase (Decrease) in Restricted Cash and Investments | -74 | 219 |
Payments for (Proceeds from) Other Investing Activities | 22 | -2 |
Net Cash Provided by (Used in) Investing Activities | -3,458 | -1,682 |
Proceeds from Lines of Credit | 11,676 | 6,600 |
Repayments of Lines of Credit | -9,009 | -5,059 |
Proceeds from Issuance of Unsecured Debt | 1,698 | |
Repayments of Unsecured Debt | -1,817 | |
Repayment of acquisition related debt | -1,416 | |
Proceeds from Contributed Capital | 382 | |
Payments of Debt Issuance Costs | -40 | -31 |
Proceeds from Contributions from Parent | -2,187 | |
Increase (Decrease) Due from Affiliates | 1,697 | 1,810 |
Net Cash Provided by (Used in) Financing Activities | 3,171 | 1,133 |
Cash and Cash Equivalents, Period Increase (Decrease) | 475 | -20 |
Effect of Exchange Rate on Cash and Cash Equivalents | -6 | 12 |
Cash and Cash Equivalents, at Carrying Value | 506 | 64 |
Consolidation, Eliminations [Member] | ||
Payments to Acquire Receivables | 4,207 | -4,116 |
Proceeds from sale of consumer finance receivables, net | -4,207 | -4,116 |
Payments To Acquire Commercial Lending Receivable | 2,593 | |
Proceeds from sale of commercial finance receivables, net | -2,593 | |
Payments to Acquire Businesses, Net of Cash Acquired | 863 | |
Investment in Affiliates - Net Change | 379 | -2,177 |
Net Cash Provided by (Used in) Investing Activities | 1,242 | -2,177 |
Proceeds from Contributed Capital | -382 | |
Proceeds from Contributions from Parent | 2,187 | |
Increase (Decrease) Due from Affiliates | -863 | |
Net Cash Provided by (Used in) Financing Activities | -1,245 | 2,187 |
Cash and Cash Equivalents, Period Increase (Decrease) | -3 | 10 |
Effect of Exchange Rate on Cash and Cash Equivalents | 3 | -10 |
Parent Company [Member] | ||
Net Cash Provided by (Used in) Operating Activities | 106 | 236 |
Payments to Acquire Businesses, Net of Cash Acquired | -2,547 | |
Payments for (Proceeds from) Other Investing Activities | -21 | |
Investment in Affiliates - Net Change | -29 | |
Net Cash Provided by (Used in) Investing Activities | -2,576 | -21 |
Proceeds from Issuance of Unsecured Debt | 2,500 | 1,000 |
Proceeds from Related Party Debt | 1,100 | |
Repayments of Related Party Debt | -1,100 | |
Proceeds from Contributed Capital | 1,300 | |
Payments of Debt Issuance Costs | -29 | -12 |
Extinguishment of Debt, Amount | -1 | |
Increase (Decrease) Due from Affiliates | -1,301 | -1,202 |
Net Cash Provided by (Used in) Financing Activities | $2,470 | ($215) |