þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2015 or
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
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38-0572512
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Title of each class
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Common Stock, par value $0.01 per share
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Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A
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8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting)
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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•
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Permitted Activities
— The Gramm-Leach-Bliley Act of 1999 (GLB Act) amended the BHC Act by providing a new regulatory framework applicable to “financial holding companies,” which are bank holding companies that meet certain qualifications and elect FHC status. FHCs are generally permitted to engage in a broader range of financial and related activities than those that are permissible for BHCs, in particular, securities, insurance, and merchant banking activities. The FRB supervises, examines, and regulates FHCs, as it does all BHCs. However, insurance and securities activities conducted by a FHC or its nonbank subsidiaries are also regulated by functional regulators. Our election to become a FHC under the BHC Act was approved by the FRB and became effective on December 20, 2013. Ally's status as a FHC allows us to continue all existing insurance activities, as well as our SmartAuction vehicle remarketing services for third parties. To maintain its status as a FHC, Ally and its bank subsidiary, Ally Bank, must remain “well-capitalized” and “well-managed,” as defined under applicable law. Refer to
Note 21
to the Consolidated Financial Statements for additional information. See also “Basel Capital Frameworks” below. Under the BHC Act, Ally generally may not, directly or indirectly, acquire more than 5% of any class of voting shares of any nonaffiliated bank or BHC without first obtaining FRB approval.
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•
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Dodd-Frank Wall Street Reform and Consumer Protection Act
— On July 21, 2010, the President of the United States signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act represents a significant overhaul of many aspects of the regulation of the financial services industry, addressing, among other things, systemic risk, capital adequacy, deposit insurance assessments, consumer financial protection, derivatives, restrictions on an insured bank’s transactions with its affiliates, lending limits, and mortgage-lending practices. A number of provisions in the Dodd-Frank Act have entered into effect while others will become effective at a later date after a rulemaking process is completed. While U.S. regulators have finalized many regulations to implement various provisions of the Dodd-Frank Act, they plan to propose or finalize additional implementing regulations in the future.
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•
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subject Ally to enhanced prudential standards, oversight, and scrutiny as a result of being a BHC with $50 billion or more in total consolidated assets (a large BHC);
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•
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have increased the levels of capital and liquidity with which Ally must operate and affect how it plans capital and liquidity levels;
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•
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subject Ally to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees paid by Ally Bank to the FDIC;
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•
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require Ally to provide to the FRB and FDIC an annual plan for its rapid and orderly resolution in the event of material financial distress;
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•
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subject Ally to regulation and examination by the Consumer Financial Protection Bureau (CFPB), which has very broad rule-making, examination, and enforcement authorities; and
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•
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subject derivatives that Ally enters into for hedging, risk management and other purposes to a comprehensive new regulatory regime which, when fully implemented, will require central clearing and execution on designated markets or execution facilities for certain standardized derivatives and impose margin, documentation, trade reporting, and other new requirements.
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•
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Enhanced Prudential Standards
— In February 2014, the FRB issued a final rule to implement certain enhanced prudential standards under the Dodd-Frank Act for large bank holding companies such as Ally. The final rule generally became effective on January 1, 2015. Among other things, the final rule requires Ally to maintain a buffer of unencumbered highly liquid assets to meet projected net cash outflows for 30 days over the range of liquidity stress scenarios used in internal stress tests and to comply with a number of risk management and governance requirements, including liquidity risk management standards. The Federal Reserve has stated that it will issue, at a later date, final rules to implement certain other enhanced prudential standards under the Dodd-Frank Act for large bank holding companies, including single counterparty credit limits and an early remediation framework.
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•
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Liquidity Coverage Ratio Requirements
— To complement the above-mentioned internal liquidity stress testing and liquidity buffer requirements, the FRB and other U.S. banking regulators issued a final rule in September 2014 to implement the Basel III liquidity coverage ratio (LCR) requirements for large bank holding companies. The LCR was developed by the Basel Committee on Banking Supervision (Basel Committee) to ensure banking organizations maintain an amount of high-quality liquid assets that is no less than 100 percent of their total net cash outflows arising from significant stress over a prospective 30 calendar-day period. The U.S. LCR rule is more stringent in certain respects compared to the Basel Committee’s version of the LCR, and includes a generally narrower definition of debt and equity securities that qualify as high-quality liquid assets and a two-year phase-in period that began on January 1, 2015, and ends on January 1, 2017. A simpler, less stringent U.S. LCR requirement (Modified LCR) applies to depository institution holding companies with $50 billion or more in total consolidated assets that are not covered by the LCR. The Modified LCR requires depository institution holding companies to calculate their Modified LCR on a monthly basis beginning January 1, 2016, subject to a transition period (phased-in implementation with a minimum ratio of 90% in 2016 and 100% in 2017 and beyond). Because Ally’s total assets are less than $250 billion but greater than $50 billion, and because it has immaterial foreign exposure, Ally is subject to the requirements of the Modified LCR.
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•
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Capital Adequacy Requirements
— Ally and Ally Bank are subject to various capital adequacy requirements as established under FRB and FDIC regulations. Refer to
Note 21
to the Consolidated Financial Statements for additional information. See also “Basel Capital Frameworks” below.
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•
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Capital Planning and Stress Tests
— Pursuant to the Dodd-Frank Act, the FRB has adopted capital planning and stress test requirements for large bank holding companies, including Ally, which form part of the FRB's Comprehensive Capital Analysis and Review (CCAR) process. Under the FRB's capital plan rule, Ally must submit an annual capital plan to the FRB, taking into account the results of stress tests conducted by Ally based on scenarios prescribed by the FRB. The capital plan must include a description of all planned capital actions over a nine-quarter planning horizon, including any issuance of a debt or equity capital instrument, any capital distribution, and any similar action that the FRB determines could have an impact on Ally's consolidated capital. The capital plan must also include a discussion of how Ally will maintain capital above the U.S. Basel III minimum regulatory capital ratios for each period over the nine-quarter planning horizon, and serve as a source of strength to Ally Bank. The FRB will either object to Ally's capital plan, in whole or in part, or provide a notice of non-objection. If the FRB objects to the capital plan, or if certain material events occur after approval of the plan, Ally must submit a revised capital plan within 30 days. In addition, even with an approved capital plan, Ally must seek the approval of the FRB before making a capital distribution if, among other factors, Ally would not meet its regulatory capital requirements after making the proposed capital distribution.
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•
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Limitations on Bank and Bank Holding Company Dividends and Capital Distributions
— Utah law (and, in certain instances, federal law) places restrictions and limitations on dividends or other distributions payable by our banking subsidiary, Ally Bank, to Ally. Under the FRB’s capital plan rule, an objection to a large BHC's capital plan generally prohibits it from paying dividends or making certain other capital distributions without specific FRB non-objection to such action. Even if a large BHC receives a non-objection to its capital plan, it may not pay a dividend or make certain other capital distributions without FRB approval under certain circumstances (e.g., where the BHC would not meet certain minimum regulatory capital ratios after giving effect to the
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•
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Transactions with Affiliates
— Certain transactions between Ally Bank and any of its nonbank “affiliates,” including but not limited to Ally, are subject to federal statutory and regulatory restrictions. Pursuant to these restrictions, unless otherwise exempted, “covered transactions” including Ally Bank's extensions of credit to and asset purchases from its nonbank affiliates, generally (1) are limited to 10% of Ally Bank's capital stock and surplus with respect to transactions with any individual affiliate, with an aggregate limit of 20% of Ally Bank's capital stock and surplus for all affiliates and all such transactions; (2) in the case of certain credit transactions, are subject to stringent collateralization requirements; (3) in the case of asset purchases by Ally Bank, may not involve the purchase of any asset deemed to be a “low quality asset” under federal banking guidelines; and (4) must be conducted in accordance with safe-and-sound banking practices (collectively, the Affiliate Transaction Restrictions). In addition, transactions between Ally Bank and a nonbank affiliate generally must be on market terms and conditions.
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•
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Source of Strength
— Pursuant to the Federal Deposit Insurance Act, as amended by the Dodd-Frank Act, FRB policy and regulations, and the Parent Company Agreement and the Capital and Liquidity Maintenance Agreement described in
Note 21
to the Consolidated Financial Statements, Ally is required to act as a source of financial and managerial strength to Ally Bank and is required to commit necessary capital and liquidity to support Ally Bank. This support may be required at inopportune times for Ally.
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•
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Single Point of Entry Resolution Authority
— Under the Dodd-Frank Act, certain financial institutions, including BHCs such as Ally, are eligible to be subjected to a new FDIC-administered resolution regime called orderly liquidation authority, an alternative to bankruptcy. The FDIC’s orderly liquidation authority became effective in July 2010, with implementing regulations adopted thereafter in stages, with some rulemakings still to come. If Ally were to become insolvent and be placed into receivership under the orderly liquidation authority, the FDIC would be appointed as receiver, giving the FDIC considerable rights and powers that it must exercise with the goal of liquidating and winding up Ally, including the ability to assign assets and liabilities without the need for creditor consent or prior court review and the ability of the FDIC to differentiate and determine priority among creditors. In December 2013, the FDIC released its proposed Single Point of Entry strategy for resolution of a systemically important financial institution under the orderly liquidation authority. The FDIC’s release outlines how it would use its powers under the orderly liquidation authority to resolve a systemically important financial institution by placing its top-tier U.S. holding company in receivership and keeping its operating subsidiaries open and out of insolvency proceedings by transferring the operating subsidiaries to a new bridge holding company, recapitalizing the operating subsidiaries, and imposing losses on the shareholders and creditors of the holding company in receivership according to their statutory order of priority.
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•
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Enforcement Authority
— The FDIC and FRB have broad authority to issue orders to banks and bank holding companies to cease and desist from unsafe or unsound banking practices and from violations of laws, rules, regulations, or conditions imposed in writing by the banking agencies. The FDIC and FRB also are empowered to require affirmative actions to correct any violation or practice; issue administrative orders that can be judicially enforced; direct increases in capital; limit dividends and distributions; restrict growth; assess civil money penalties against institutions or individuals who violate any laws, regulations, orders, or written
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•
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Mortgage Operations
— Our mortgage business is subject to extensive federal, state, and local laws, rules, and regulations, in addition to judicial and administrative decisions that impose requirements and restrictions on this business. The mortgage business is also subject to examination by the Federal Housing Commissioner to assure compliance with Federal Housing Administration regulations, policies, and procedures. The federal, state, and local laws, rules, and regulations to which our mortgage business is subject, among other things, impose licensing obligations and financial requirements; limit the interest rates, finance charges, and other fees that can be charged; regulate the use of credit reports and the reporting of credit information; impose underwriting requirements; regulate marketing techniques and practices; require the safeguarding of nonpublic information about customers; and regulate servicing practices, including the assessment, collection, foreclosure, claims handling, and investment and interest payments on escrow accounts.
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•
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Automotive Lending Business
— The CFPB has focused on the area of automotive finance, particularly with respect to indirect financing arrangements and fair lending compliance. In March 2013, the CFPB provided guidance about compliance with the fair lending requirements of the Equal Credit Opportunity Act and its implementing regulations for indirect automotive finance companies that permit dealers to charge annual percentage rates to consumers in excess of buy rates used by the finance company to calculate the price paid to acquire an assignment of the retail installment sale contract. In December 2013, Ally Financial Inc. and Ally Bank entered into Consent Orders issued by the CFPB and the U.S. Department of Justice (DOJ) pertaining to the allegation of disparate impact in the automotive finance business. For further information, refer to
Note 30
to the Consolidated Financial Statements.
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•
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Privacy
— The GLB Act imposes additional obligations on us to safeguard the information we maintain on our customers, requires us to provide notice of our privacy practices, and permits customers to “opt-out” of information sharing with unaffiliated parties. The U.S. banking regulators and the Federal Trade Commission have issued regulations that establish obligations to safeguard information. In addition, several states have enacted even more stringent privacy and safeguarding legislation. If a variety of inconsistent state privacy rules or requirements are enacted, our compliance costs could increase substantially.
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•
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Volcker Rule
— On December 10, 2013, the U.S. Commodity Futures Trading Commission, FDIC, Federal Reserve Board, Office of the Comptroller of the Currency and the SEC issued final rules to implement the Volcker Rule required by the Dodd-Frank Act. The Volcker Rule prohibits an insured depository institution and its affiliates from (1) engaging in “proprietary trading” and (2) investing in or sponsoring certain types of funds (covered funds) subject to certain limited exceptions. The final rules contain exemptions for market-making, hedging, underwriting, trading in U.S. government and agency obligations and also permit certain ownership interests in certain types of funds to be retained. They also permit the offering and sponsoring of funds under certain conditions. The final rules extend the conformance period to July 21, 2015, and in December of 2014 the Federal Reserve Board issued an order to extend the relevant conformance date for certain covered funds activities to July 21, 2016. The final Volcker Rule regulations impose significant compliance and reporting obligations on banking entities. The impact of the Volcker Rule will not be material to Ally’s business operations.
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•
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Fair Credit Reporting Act
— The Fair Credit Reporting Act regulates the use of credit reports and the reporting of information to credit reporting agencies, and also provides a national legal standard for lenders to share information with affiliates and certain third parties and to provide firm offers of credit to consumers. In late 2003, the Fair and Accurate Credit Transactions Act was enacted, making this preemption of conflicting state and local law permanent. The Fair Credit Reporting Act was also amended to place further restrictions on the use of information shared between affiliates, to provide new disclosures to consumers when risk-based pricing is used in the credit decision, and to help protect consumers from identity theft. All of these provisions impose additional regulatory and compliance costs on us and reduce the effectiveness of our marketing programs.
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•
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Truth in Lending Act
— The Truth in Lending Act (TILA), as amended, and Regulation Z, which implements TILA, requires lenders to provide borrowers with uniform, understandable information concerning terms and conditions in certain credit transactions. These rules apply to Ally and its subsidiaries in transactions in which they extend credit to consumers and require, in the case of certain mortgage and automotive financing transactions, conspicuous disclosure of the finance charge and annual percentage rate, if any. In addition, if an advertisement for credit states specific credit terms, Regulation Z requires that such advertisement state only those terms that actually are or will be arranged or offered by the creditor. The CFPB has recently issued substantial amendments to the mortgage requirements under Regulation Z, and additional changes are likely in the future. Amendments to Regulation Z and Regulation X, which implements the Real Estate Settlement Procedures Act, require new integrated mortgage loan disclosures to be provided for applications received on or after October 3, 2015. Failure to comply with TILA can result in liability for damages as well as criminal and civil penalties.
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•
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Sarbanes-Oxley Act
— The Sarbanes-Oxley Act of 2002 implemented a broad range of corporate governance and accounting measures designed to promote honesty and transparency in corporate America. The principal provisions of the act include, among other things, (1) the creation of an independent accounting oversight board; (2) auditor independence provisions that restrict non-audit services that accountants may provide to their audit clients; (3) additional corporate governance and responsibility measures including the requirement that the principal executive and financial officers certify financial statements; (4) the potential forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer's securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement; (5) an increase in the oversight of and enhancement of certain requirements relating to audit committees and how they interact with the independent auditors; (6) requirements that audit committee members must be independent and are barred from accepting consulting, advisory, or other compensatory fees from the issuer; (7) requirements that companies disclose whether at least one member of the audit committee is a “financial expert” (as defined by the Securities and Exchange Commission (SEC)) and, if not, why the audit committee does not have a financial expert; (8) a prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions, on nonpreferential terms and in compliance with other bank regulatory requirements; (9) disclosure of a code of ethics; (10) requirements that management assess the effectiveness of internal control over financial reporting and that the Independent Registered Public Accounting firm attest to the assessment; and (11) a range of enhanced penalties for fraud and other violations.
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•
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USA PATRIOT Act/Anti-Money-Laundering Requirements
— In 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) was signed into law. Title III of the USA PATRIOT Act amends the Bank Secrecy Act and contains provisions designed to detect and prevent the use of the U.S. financial system for money laundering and terrorist financing activities. The Bank Secrecy Act, as amended by the USA PATRIOT Act, requires BHCs, banks, and certain other financial companies to undertake activities including maintaining an anti-money-laundering program, verifying the identity of clients, monitoring for and reporting on suspicious transactions, reporting on cash transactions exceeding specified thresholds, and responding to requests for information by regulatory authorities and law
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•
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Community Reinvestment Act
— Under the Community Reinvestment Act (CRA), a bank has a continuing and affirmative obligation, consistent with the safe-and-sound operation of the institution, to help meet the credit needs of its entire community, including low- and moderate-income persons and neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions. However, institutions are rated on their performance in meeting the needs of their communities. Failure by Ally Bank to maintain a "satisfactory" or better rating under the CRA may adversely affect Ally's ability to make acquisitions and engage in new activities, and in the event of such a rating, the FRB must prohibit the FHC and its subsidiaries from engaging in any additional activities other than those permissible for bank holding companies that are not FHCs.
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•
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subject Ally to enhanced prudential standards, oversight, and scrutiny as a result of being a BHC with $50 billion or more in total consolidated assets (a large BHC);
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•
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have increased the levels of capital and liquidity with which Ally must operate and affect how it plans capital and liquidity levels;
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•
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subject Ally to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees paid by Ally Bank to the FDIC;
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•
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require Ally to provide to the FRB and FDIC an annual plan for its rapid and orderly resolution in the event of material financial distress;
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•
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subject Ally to regulation and examination by the CFPB, which has very broad rule-making, examination, and enforcement authorities; and
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•
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subject derivatives that Ally enters into for hedging, risk management and other purposes to a comprehensive new regulatory regime which, when fully implemented, will require central clearing and execution on designated markets or execution facilities for certain standardized derivatives and impose margin, documentation, trade reporting and other new requirements.
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•
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will increase our cost of funds;
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•
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may reduce our consumer automotive financing volume by influencing customers to pay cash for, as opposed to financing, vehicle purchases or not to buy new vehicles;
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•
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may lead to increased consumer delinquencies;
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•
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may negatively impact our ability to remarket off-lease vehicles; and
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•
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will generally reduce the value of automotive financing and mortgage loans and contracts and retained interests and fixed income securities held in our investment portfolio.
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•
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Limiting the liability of our directors, and providing indemnification to our directors and officers; and
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•
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Limiting the ability of our stockholders to call and bring business before special meetings.
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(
$ per share
)
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High
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Low
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||||
Year ended December 31, 2015
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||||
First Quarter
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$
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24.00
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$
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18.63
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Second Quarter
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$
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23.83
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|
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$
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19.90
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Third Quarter
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$
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23.24
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$
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19.77
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Fourth Quarter
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$
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21.21
|
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$
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18.19
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Year ended December 31, 2014
|
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||||
Second Quarter (April 10, 2014, through June 30, 2014)
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$
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25.30
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|
$
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23.24
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Third Quarter
|
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$
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25.01
|
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$
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22.42
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Fourth Quarter
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$
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24.14
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$
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19.42
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Plan Category
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(1)
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
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(2)
Weighted-average exercise price of outstanding options, warrants and rights
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(3)
Number of securities remaining available for further issuance under equity compensation plans (excluding securities reflected in column (1)) (b)
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Equity compensation plans approved by security holders
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6,609,067
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—
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29,229,001
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Total
|
6,609,067
|
—
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29,229,001
|
(a)
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Includes deferred stock units and restricted stock units outstanding under the
2015
Incentive Compensation Plan and deferred stock units outstanding under the
2015
Non-Employee Directors Equity Compensation Plan.
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(b)
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Includes 25,148,267 securities available for issuance under the plans identified in (a) above and 4,080,734 securities available for issuance under Ally's Employee Stock Purchase Plan, of which 6,609,067 securities are subject to purchase during the current purchase period (determined as of
December 31, 2015
).
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Three months ended December 31, 2015
|
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Total number of shares repurchased
|
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Weighted-average price paid per share
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|||
October 2015
|
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2,664
|
|
|
$
|
21.68
|
|
November 2015
|
|
1,390
|
|
|
19.97
|
|
|
December 2015
|
|
4,028
|
|
|
19.68
|
|
|
Total
|
|
8,082
|
|
|
$
|
20.39
|
|
Year ended December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Total financing revenue and other interest income
|
$
|
8,397
|
|
|
$
|
8,391
|
|
|
$
|
8,093
|
|
|
$
|
7,342
|
|
|
$
|
6,671
|
|
Interest expense
|
2,429
|
|
|
2,783
|
|
|
3,319
|
|
|
4,052
|
|
|
4,606
|
|
|||||
Depreciation expense on operating lease assets
|
2,249
|
|
|
2,233
|
|
|
1,995
|
|
|
1,399
|
|
|
941
|
|
|||||
Net financing revenue
|
3,719
|
|
|
3,375
|
|
|
2,779
|
|
|
1,891
|
|
|
1,124
|
|
|||||
Total other revenue
|
1,142
|
|
|
1,276
|
|
|
1,484
|
|
|
2,574
|
|
|
2,288
|
|
|||||
Total net revenue
|
4,861
|
|
|
4,651
|
|
|
4,263
|
|
|
4,465
|
|
|
3,412
|
|
|||||
Provision for loan losses
|
707
|
|
|
457
|
|
|
501
|
|
|
329
|
|
|
161
|
|
|||||
Total noninterest expense
|
2,761
|
|
|
2,948
|
|
|
3,405
|
|
|
3,622
|
|
|
3,428
|
|
|||||
Income (loss) from continuing operations before income tax expense (benefit)
|
1,393
|
|
|
1,246
|
|
|
357
|
|
|
514
|
|
|
(177
|
)
|
|||||
Income tax expense (benefit) from continuing operations
|
496
|
|
|
321
|
|
|
(59
|
)
|
|
(856
|
)
|
|
42
|
|
|||||
Net income (loss) from continuing operations
|
897
|
|
|
925
|
|
|
416
|
|
|
1,370
|
|
|
(219
|
)
|
|||||
Income (loss) from discontinued operations, net of tax
|
392
|
|
|
225
|
|
|
(55
|
)
|
|
(174
|
)
|
|
62
|
|
|||||
Net income (loss)
|
$
|
1,289
|
|
|
$
|
1,150
|
|
|
$
|
361
|
|
|
$
|
1,196
|
|
|
$
|
(157
|
)
|
Basic and diluted earnings per common share (a)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income from continuing operations
|
$
|
(3.47
|
)
|
|
$
|
1.36
|
|
|
$
|
(1.51
|
)
|
|
$
|
1.38
|
|
|
$
|
(2.38
|
)
|
Net (loss) income
|
(2.66
|
)
|
|
1.83
|
|
|
(1.64
|
)
|
|
0.96
|
|
|
(2.23
|
)
|
|||||
Market price per common share
|
|
|
|
|
|
|
|
|
|
||||||||||
High closing
|
$
|
23.88
|
|
|
$
|
25.21
|
|
|
|
|
|
|
|
||||||
Low closing
|
18.33
|
|
|
20.12
|
|
|
|
|
|
|
|
||||||||
Period end closing
|
18.64
|
|
|
23.62
|
|
|
|
|
|
|
|
(a)
|
The calculation for basic and diluted earnings per common share for the year ended
December 31, 2015
, includes preferred stock dividends recognized in connection with the redemption of the Series G Preferred Stock and the repurchase of the Series A Preferred Stock. These dividends represent an additional return to preferred shareholders calculated as the excess consideration paid over the carrying amount derecognized. Refer to
Note 18
to the
Consolidated Financial Statements
for additional preferred stock information.
|
Year ended December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Selected period-end balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
158,581
|
|
|
$
|
151,631
|
|
|
$
|
150,908
|
|
|
$
|
181,978
|
|
|
$
|
183,543
|
|
Long-term debt
|
$
|
66,234
|
|
|
$
|
66,380
|
|
|
$
|
69,230
|
|
|
$
|
74,223
|
|
|
$
|
92,406
|
|
Preferred stock
|
$
|
696
|
|
|
$
|
1,255
|
|
|
$
|
1,255
|
|
|
$
|
6,940
|
|
|
$
|
6,940
|
|
Total equity
|
$
|
13,439
|
|
|
$
|
15,399
|
|
|
$
|
14,208
|
|
|
$
|
19,898
|
|
|
$
|
19,280
|
|
Financial ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (a)
|
0.84
|
%
|
|
0.77
|
%
|
|
0.23
|
%
|
|
0.65
|
%
|
|
(0.09
|
)%
|
|||||
Return on average equity (a)
|
8.69
|
%
|
|
7.77
|
%
|
|
1.92
|
%
|
|
6.32
|
%
|
|
(0.78
|
)%
|
|||||
Return on average tangible common equity
(non-GAAP)
(b)
|
(9.56
|
)%
|
|
6.52
|
%
|
|
(5.42
|
)%
|
|
3.20
|
%
|
|
(7.38
|
)%
|
|||||
Equity to assets (a)
|
9.65
|
%
|
|
9.86
|
%
|
|
12.02
|
%
|
|
10.32
|
%
|
|
11.14
|
%
|
|||||
Net interest spread (a)(c)
|
2.45
|
%
|
|
2.28
|
%
|
|
1.75
|
%
|
|
1.16
|
%
|
|
0.67
|
%
|
|||||
Net yield on interest-earning assets (a)(d)
|
2.57
|
%
|
|
2.41
|
%
|
|
2.03
|
%
|
|
1.40
|
%
|
|
0.92
|
%
|
(a)
|
The ratios were based on average assets and average equity using a combination of monthly and daily average methodologies.
|
(b)
|
Return on average tangible common equity (ROTCE) is a non-GAAP measure. It is computed as net income available to common shareholders under accounting principles generally accepted in the United States of America (GAAP) and includes preferred dividends and premiums paid, divided by a two-period average of tangible common equity (non-GAAP). Tangible common equity is calculated as average total shareholder's equity, $14,419 million, $14,804 million, $17,053 million, $19,734 million, and $19,930 million at December 31, 2015, 2014, 2013, 2012, and 2011 respectively, less preferred stock, $976 million, $1,255 million, $1,255 million, $1,255 million, and $1,271 million at December 31, 2015, 2014, 2013, 2012, and 2011, respectively, and less goodwill, $27 million, $27 million, $276 million, $521 million, and $522 million at December 31, 2015, 2014, 2013, 2012, and 2011, respectively. Other companies may define or calculate this measure differently. We believe this measure is useful to investors, analysts, and banking regulators because, by removing the effect of preferred stock and goodwill from shareholder’s equity, it allows investors, analysts, and banking regulators to more easily compare our return on equity to other companies in the industry who present a similar measure. We also believe that removing preferred stock and goodwill from shareholder’s equity, and including the impact of preferred dividends and premiums paid in net income is a more relevant measure of the return on our common shareholders' equity.
|
(c)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities, excluding discontinued operations for the periods shown.
|
(d)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
Under Basel III (a)
|
|
Under Basel I (b)
|
|||||||||||||||||
|
Transitional
|
|
Fully Phased-in
|
|
December 31,
|
|||||||||||||||
($ in millions)
|
December 31, 2015
|
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||
Common Equity Tier 1 capital ratio (c)
|
9.21
|
%
|
|
8.74
|
%
|
|
9.64
|
%
|
8.84
|
%
|
6.98
|
%
|
7.51
|
%
|
||||||
Tier 1 capital ratio
|
11.10
|
%
|
|
11.06
|
%
|
|
12.55
|
%
|
11.79
|
%
|
13.13
|
%
|
13.65
|
%
|
||||||
Total capital ratio
|
12.52
|
%
|
|
12.47
|
%
|
|
13.24
|
%
|
12.76
|
%
|
14.07
|
%
|
14.69
|
%
|
||||||
Tier 1 leverage (to adjusted quarterly average assets) (d)
|
9.73
|
%
|
|
9.73
|
%
|
|
10.94
|
%
|
10.23
|
%
|
11.16
|
%
|
11.45
|
%
|
||||||
Total equity
|
$
|
13,439
|
|
|
$
|
13,439
|
|
|
$
|
15,399
|
|
$
|
14,208
|
|
$
|
19,898
|
|
$
|
19,280
|
|
Preferred stock
|
(696
|
)
|
|
(696
|
)
|
|
(1,255
|
)
|
(1,255
|
)
|
(6,940
|
)
|
(6,940
|
)
|
||||||
Goodwill and certain other intangibles
|
(27
|
)
|
|
(27
|
)
|
|
(27
|
)
|
(27
|
)
|
(494
|
)
|
(493
|
)
|
||||||
Deferred tax assets arising from net operating loss and tax credit carryforwards (e)
|
(392
|
)
|
|
(980
|
)
|
|
(1,310
|
)
|
(1,639
|
)
|
(1,445
|
)
|
—
|
|
||||||
Other adjustments
|
183
|
|
|
183
|
|
|
(219
|
)
|
79
|
|
(270
|
)
|
(262
|
)
|
||||||
Common Equity Tier 1 capital (non-GAAP) (c)
|
12,507
|
|
|
11,919
|
|
|
12,588
|
|
11,366
|
|
10,749
|
|
11,585
|
|
||||||
Preferred stock
|
696
|
|
|
696
|
|
|
1,255
|
|
1,255
|
|
6,940
|
|
6,940
|
|
||||||
Trust preferred securities
|
2,520
|
|
|
2,520
|
|
|
2,546
|
|
2,544
|
|
2,543
|
|
2,542
|
|
||||||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(588
|
)
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Other adjustments
|
(58
|
)
|
|
(58
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Tier 1 capital
|
15,077
|
|
|
15,077
|
|
|
16,389
|
|
15,165
|
|
20,232
|
|
21,067
|
|
||||||
Qualifying subordinated debt and other instruments qualifying as Tier 2
|
932
|
|
|
932
|
|
|
237
|
|
271
|
|
251
|
|
235
|
|
||||||
Qualifying allowance for credit losses
|
1,054
|
|
|
1,054
|
|
|
1,054
|
|
1,208
|
|
1,378
|
|
1,505
|
|
||||||
Other adjustments
|
(58
|
)
|
|
(58
|
)
|
|
(386
|
)
|
(239
|
)
|
(192
|
)
|
(143
|
)
|
||||||
Total capital
|
$
|
17,005
|
|
|
$
|
17,005
|
|
|
$
|
17,294
|
|
$
|
16,405
|
|
$
|
21,669
|
|
$
|
22,664
|
|
Risk-weighted assets (f)
|
$
|
135,844
|
|
|
$
|
136,354
|
|
|
$
|
130,590
|
|
$
|
128,575
|
|
$
|
154,038
|
|
$
|
154,319
|
|
(a)
|
U.S. Basel III became effective for us on January 1, 2015, subject to transitional provisions primarily related to deductions and adjustments impacting Common Equity Tier 1 capital and Tier 1 capital.
|
(b)
|
Capital ratios as of and prior to December 31, 2014, are presented under the U.S. Basel I capital framework.
|
(c)
|
Common Equity Tier 1 Capital generally consists of common stock (plus any related surplus and net of any treasury stock), retained earnings, accumulated other comprehensive income, and minority interests in the common equity of consolidated subsidiaries, together subject to certain adjustments and deductions. At December 31, 2015, the capital ratio presented reflects the Tier 1 common equity ratio, the closest analogue under U.S. Basel I to the Common Equity Tier 1 capital ratio introduced by U.S. Basel III. We consider various measures when evaluating capital utilization and adequacy, including the Common Equity Tier 1 Capital ratio. Because GAAP does not include capital ratio measures, we believe there are no comparable GAAP financial measures to these ratios. Common Equity Tier 1 Capital is not formally defined by GAAP and, therefore, is considered to be a non-GAAP financial measure. We believe the Common Equity Tier 1 Capital measure is important because we believe investors, analysts, and banking regulators may assess our capital adequacy using this ratio. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry.
|
(d)
|
Tier 1 leverage equals Tier 1 capital divided by adjusted quarterly average total assets (which reflects adjustments for disallowed goodwill, certain intangible assets, and disallowed deferred tax assets).
|
(e)
|
Contains disallowed deferred tax assets under Basel I and Basel III as applicable.
|
(f)
|
Risk-weighted assets are defined by regulation and are determined by allocating assets and specified off-balance sheet financial instruments into various risk categories.
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014
% change
|
|
Favorable/
(unfavorable) 2014-2013
% change
|
||||||
Total net revenue (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Dealer Financial Services
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive Finance operations
|
|
$
|
3,664
|
|
|
$
|
3,585
|
|
|
$
|
3,427
|
|
|
2
|
|
5
|
Insurance operations
|
|
1,090
|
|
|
1,185
|
|
|
1,253
|
|
|
(8)
|
|
(5)
|
|||
Mortgage operations
|
|
159
|
|
|
60
|
|
|
76
|
|
|
165
|
|
(21)
|
|||
Corporate and Other
|
|
(52
|
)
|
|
(179
|
)
|
|
(493
|
)
|
|
71
|
|
64
|
|||
Total
|
|
$
|
4,861
|
|
|
$
|
4,651
|
|
|
$
|
4,263
|
|
|
5
|
|
9
|
Income (loss) from continuing operations before income tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
||||||
Dealer Financial Services
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive Finance operations
|
|
$
|
1,335
|
|
|
$
|
1,429
|
|
|
$
|
1,178
|
|
|
(7)
|
|
21
|
Insurance operations
|
|
211
|
|
|
197
|
|
|
254
|
|
|
7
|
|
(22)
|
|||
Mortgage operations
|
|
90
|
|
|
59
|
|
|
(261
|
)
|
|
53
|
|
123
|
|||
Corporate and Other
|
|
(243
|
)
|
|
(439
|
)
|
|
(814
|
)
|
|
45
|
|
46
|
|||
Total
|
|
$
|
1,393
|
|
|
$
|
1,246
|
|
|
$
|
357
|
|
|
12
|
|
n/m
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014
% change
|
|
Favorable/
(unfavorable) 2014-2013
% change
|
||||||
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Total financing revenue and other interest income
|
|
$
|
8,397
|
|
|
$
|
8,391
|
|
|
$
|
8,093
|
|
|
—
|
|
4
|
Total interest expense
|
|
2,429
|
|
|
2,783
|
|
|
3,319
|
|
|
13
|
|
16
|
|||
Depreciation expense on operating lease assets
|
|
2,249
|
|
|
2,233
|
|
|
1,995
|
|
|
(1)
|
|
(12)
|
|||
Net financing revenue
|
|
3,719
|
|
|
3,375
|
|
|
2,779
|
|
|
10
|
|
21
|
|||
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Servicing fees
|
|
45
|
|
|
31
|
|
|
(87
|
)
|
|
45
|
|
136
|
|||
Insurance premiums and service revenue earned
|
|
940
|
|
|
979
|
|
|
1,012
|
|
|
(4)
|
|
(3)
|
|||
Gain on mortgage and automotive loans, net
|
|
45
|
|
|
7
|
|
|
55
|
|
|
n/m
|
|
(87)
|
|||
Loss on extinguishment of debt
|
|
(357
|
)
|
|
(202
|
)
|
|
(59
|
)
|
|
(77)
|
|
n/m
|
|||
Other gain on investments, net
|
|
155
|
|
|
181
|
|
|
180
|
|
|
(14)
|
|
1
|
|||
Other income, net of losses
|
|
314
|
|
|
280
|
|
|
383
|
|
|
12
|
|
(27)
|
|||
Total other revenue
|
|
1,142
|
|
|
1,276
|
|
|
1,484
|
|
|
(11)
|
|
(14)
|
|||
Total net revenue
|
|
4,861
|
|
|
4,651
|
|
|
4,263
|
|
|
5
|
|
9
|
|||
Provision for loan losses
|
|
707
|
|
|
457
|
|
|
501
|
|
|
(55)
|
|
9
|
|||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
963
|
|
|
947
|
|
|
1,019
|
|
|
(2)
|
|
7
|
|||
Insurance losses and loss adjustment expenses
|
|
293
|
|
|
410
|
|
|
405
|
|
|
29
|
|
(1)
|
|||
Other operating expenses
|
|
1,505
|
|
|
1,591
|
|
|
1,981
|
|
|
5
|
|
20
|
|||
Total noninterest expense
|
|
2,761
|
|
|
2,948
|
|
|
3,405
|
|
|
6
|
|
13
|
|||
Income from continuing operations before income tax expense (benefit)
|
|
1,393
|
|
|
1,246
|
|
|
357
|
|
|
12
|
|
n/m
|
|||
Income tax expense (benefit) from continuing operations
|
|
496
|
|
|
321
|
|
|
(59
|
)
|
|
(55)
|
|
n/m
|
|||
Net income from continuing operations
|
|
$
|
897
|
|
|
$
|
925
|
|
|
$
|
416
|
|
|
(3)
|
|
122
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014 % change |
|
Favorable/
(unfavorable)
2014-2013 % change |
||||||
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer
|
|
$
|
3,230
|
|
|
$
|
3,046
|
|
|
$
|
3,004
|
|
|
6
|
|
1
|
Commercial
|
|
939
|
|
|
1,024
|
|
|
1,061
|
|
|
(8)
|
|
(3)
|
|||
Loans held-for-sale
|
|
34
|
|
|
—
|
|
|
—
|
|
|
n/m
|
|
—
|
|||
Operating leases
|
|
3,398
|
|
|
3,558
|
|
|
3,209
|
|
|
(4)
|
|
11
|
|||
Other interest income
|
|
8
|
|
|
10
|
|
|
22
|
|
|
(20)
|
|
(55)
|
|||
Total financing revenue and other interest income
|
|
7,609
|
|
|
7,638
|
|
|
7,296
|
|
|
—
|
|
5
|
|||
Interest expense
|
|
1,931
|
|
|
2,084
|
|
|
2,142
|
|
|
7
|
|
3
|
|||
Depreciation expense on operating lease assets
|
|
2,249
|
|
|
2,233
|
|
|
1,995
|
|
|
(1)
|
|
(12)
|
|||
Net financing revenue
|
|
3,429
|
|
|
3,321
|
|
|
3,159
|
|
|
3
|
|
5
|
|||
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Servicing fees
|
|
45
|
|
|
31
|
|
|
58
|
|
|
45
|
|
(47)
|
|||
(Loss) gain on automotive loans, net
|
|
(23
|
)
|
|
10
|
|
|
—
|
|
|
n/m
|
|
n/m
|
|||
Other income
|
|
213
|
|
|
223
|
|
|
210
|
|
|
(4)
|
|
6
|
|||
Total other revenue
|
|
235
|
|
|
264
|
|
|
268
|
|
|
(11)
|
|
(1)
|
|||
Total net revenue
|
|
3,664
|
|
|
3,585
|
|
|
3,427
|
|
|
2
|
|
5
|
|||
Provision for loan losses
|
|
696
|
|
|
542
|
|
|
494
|
|
|
(28)
|
|
(10)
|
|||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
489
|
|
|
454
|
|
|
450
|
|
|
(8)
|
|
(1)
|
|||
Other operating expenses
|
|
1,144
|
|
|
1,160
|
|
|
1,305
|
|
|
1
|
|
11
|
|||
Total noninterest expense
|
|
1,633
|
|
|
1,614
|
|
|
1,755
|
|
|
(1)
|
|
8
|
|||
Income from continuing operations before income tax expense
|
|
$
|
1,335
|
|
|
$
|
1,429
|
|
|
$
|
1,178
|
|
|
(7)
|
|
21
|
Total assets
|
|
$
|
115,636
|
|
|
$
|
113,188
|
|
|
$
|
109,312
|
|
|
2
|
|
4
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014 % change |
|
Favorable/
(unfavorable) 2014-2013 % change |
||||||
Net operating lease revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating lease revenue
|
|
$
|
3,398
|
|
|
$
|
3,558
|
|
|
$
|
3,209
|
|
|
(4)
|
|
11
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation expense on operating lease assets (excluding remarketing gains)
|
|
2,600
|
|
|
2,666
|
|
|
2,327
|
|
|
2
|
|
(15)
|
|||
Remarketing gains
|
|
(351
|
)
|
|
(433
|
)
|
|
(332
|
)
|
|
(19)
|
|
30
|
|||
Total depreciation expense on operating lease assets
|
|
2,249
|
|
|
2,233
|
|
|
1,995
|
|
|
(1)
|
|
(12)
|
|||
Total net operating lease revenue
|
|
$
|
1,149
|
|
|
$
|
1,325
|
|
|
$
|
1,214
|
|
|
(13)
|
|
9
|
(a)
|
Represents Ally's internal credit score, incorporating numerous borrower and structure attributes including: FICO® score; severity and aging of delinquency; number of credit inquiries; loan-to-value ratio; and payment-to-income ratio.
|
(b)
|
Simple weighted average rate at which Ally purchases a retail loan contract from a dealer.
|
(c)
|
Projected Net Average Annualized Loss Rate.
|
Year ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit Tier
|
|
Volume
( $ in billions ) |
|
% Share of Volume
|
|
Average Buy Rate
|
|
NAALR
|
|
Average FICO®
|
|||||
S
|
|
$
|
9.7
|
|
|
33
|
|
2.66
|
%
|
|
(0.11
|
)%
|
|
777
|
|
A
|
|
11.0
|
|
|
37
|
|
4.57
|
%
|
|
(0.68
|
)%
|
|
688
|
|
|
B
|
|
6.1
|
|
|
21
|
|
8.04
|
%
|
|
(1.78
|
)%
|
|
647
|
|
|
C
|
|
2.4
|
|
|
8
|
|
11.88
|
%
|
|
(2.61
|
)%
|
|
611
|
|
|
D
|
|
0.4
|
|
|
1
|
|
16.30
|
%
|
|
(3.81
|
)%
|
|
575
|
|
|
Total
|
|
$
|
29.6
|
|
|
100
|
|
5.46
|
%
|
|
(1.00
|
)%
|
|
700
|
|
Year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit Tier
|
|
Volume
( $ in billions ) |
|
% Share of Volume
|
|
Average Buy Rate
|
|
NAALR
|
|
Average FICO®
|
|||||
S
|
|
$
|
8.8
|
|
|
33
|
|
2.83
|
%
|
|
(0.10
|
)%
|
|
777
|
|
A
|
|
8.5
|
|
|
32
|
|
4.49
|
%
|
|
(0.64
|
)%
|
|
694
|
|
|
B
|
|
6.4
|
|
|
24
|
|
7.67
|
%
|
|
(1.60
|
)%
|
|
649
|
|
|
C
|
|
2.6
|
|
|
10
|
|
11.47
|
%
|
|
(2.49
|
)%
|
|
611
|
|
|
D
|
|
0.4
|
|
|
1
|
|
16.17
|
%
|
|
(3.82
|
)%
|
|
574
|
|
|
Total
|
|
$
|
26.7
|
|
|
100
|
|
5.64
|
%
|
|
(1.00
|
)%
|
|
699
|
|
|
Consumer automotive
financing originations |
|
% Share of
Ally originations |
|||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||
New retail standard
|
|
$
|
19,220
|
|
|
$
|
13,913
|
|
|
$
|
12,059
|
|
|
47
|
|
34
|
|
32
|
Used
|
|
14,842
|
|
|
11,714
|
|
|
9,874
|
|
|
36
|
|
28
|
|
26
|
|||
Lease
|
|
4,702
|
|
|
11,332
|
|
|
10,591
|
|
|
11
|
|
28
|
|
29
|
|||
New retail subvented
|
|
2,244
|
|
|
3,992
|
|
|
4,806
|
|
|
6
|
|
10
|
|
13
|
|||
Total consumer automotive financing originations (a)(b)
|
|
$
|
41,008
|
|
|
$
|
40,951
|
|
|
$
|
37,330
|
|
|
100
|
|
100
|
|
100
|
(a)
|
Includes CSG originations of $3.8 billion, $3.8 billion, and $3.1 billion for the years ended
December 31, 2015
, 2014, and 2013, respectively, and RV originations of $514 million, $461 million, and $471 million for the years ended
December 31, 2015
, 2014, and 2013, respectively.
|
(b)
|
On September 16, 2015, we entered into agreements with Mitsubishi Motors Credit of America, Inc. (MMCA) affiliates providing us the beneficial interest in MMCA’s consumer loan and lease portfolio, which included $0.6 billion of retail and lease contracts. These assets have been excluded from the amounts presented.
|
|
Consumer automotive
financing originations |
|
% Share of
Ally originations |
|||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||
Growth
|
|
$
|
12,748
|
|
|
$
|
8,323
|
|
|
$
|
5,737
|
|
|
31
|
|
20
|
|
15
|
GM
|
|
18,666
|
|
|
25,847
|
|
|
24,213
|
|
|
46
|
|
63
|
|
65
|
|||
Chrysler
|
|
9,594
|
|
|
6,781
|
|
|
7,380
|
|
|
23
|
|
17
|
|
20
|
|||
Total consumer automotive financing originations (a)
|
|
$
|
41,008
|
|
|
$
|
40,951
|
|
|
$
|
37,330
|
|
|
100
|
|
100
|
|
100
|
(a)
|
Excludes consumer loans and leases purchased from MMCA of $0.6 billion.
|
Year ended December 31,
|
|
2015
|
|
2014
|
|
2013
|
|||
0-71
|
|
21
|
%
|
|
26
|
%
|
|
28
|
%
|
72-75
|
|
68
|
|
|
72
|
|
|
70
|
|
76+
|
|
11
|
|
|
2
|
|
|
2
|
|
Total retail originations (a)
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(a)
|
Excludes RV loans.
|
Year ended December 31,
|
|
2015
|
|
2014
|
|
2013
|
|||
740 +
|
|
26
|
%
|
|
35
|
%
|
|
36
|
%
|
739-660
|
|
34
|
|
|
34
|
|
|
34
|
|
659-620
|
|
22
|
|
|
17
|
|
|
17
|
|
619-540
|
|
12
|
|
|
8
|
|
|
8
|
|
< 540
|
|
1
|
|
|
1
|
|
|
1
|
|
Unscored (a)
|
|
5
|
|
|
5
|
|
|
4
|
|
Total consumer automotive financing originations
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(a)
|
Unscored are primarily CSG contracts with entities that have no FICO® Score.
|
•
|
Sale to dealer
— After the lessee declines an option to purchase the off-lease vehicle, the dealer who accepts the returned off-lease vehicle has the opportunity to purchase the vehicle directly from us at a price we define.
|
•
|
Internet auctions
— Once the lessee and dealer decline their options to purchase, we offer off-lease vehicles to dealers and certain other third parties through our proprietary internet site (SmartAuction). This internet sales program maximizes the net sales proceeds from off-lease vehicles by reducing the time between vehicle return and ultimate disposition, reducing holding costs, and broadening the number of prospective buyers. We use the internet auction ourselves, and also maintain the internet auction site and administer the auction process for third party use. We earn a service fee for every third party vehicle sold through SmartAuction. In
2015
, approximately
357,000
vehicles were sold through the internet site.
|
•
|
Physical auctions
— We dispose of our off-lease vehicles not purchased at termination by the lease consumer or dealer or sold on an internet auction through traditional manufacturer-sponsored auctions. We are responsible for handling decisions at the auction including arranging for inspections, authorizing repairs and reconditioning, and determining whether bids received at auction should be accepted.
|
|
|
Average balance
|
|
% Share of
manufacturer franchise dealer inventory
|
||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||
GM new vehicles (a)
|
|
$
|
15,050
|
|
|
$
|
16,736
|
|
|
$
|
15,650
|
|
|
63
|
|
64
|
|
67
|
Chrysler new vehicles (a)
|
|
8,356
|
|
|
7,658
|
|
|
6,885
|
|
|
44
|
|
45
|
|
50
|
|||
Growth new vehicles
|
|
3,580
|
|
|
3,039
|
|
|
2,637
|
|
|
|
|
|
|
|
|||
Used vehicles
|
|
3,478
|
|
|
3,129
|
|
|
3,044
|
|
|
|
|
|
|
|
|||
Total commercial wholesale finance receivables
|
|
$
|
30,464
|
|
|
$
|
30,562
|
|
|
$
|
28,216
|
|
|
|
|
|
|
|
(a)
|
Share of manufacturer franchise dealer inventory based on a 13-point average of dealer inventory.
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014 % change |
|
Favorable/
(unfavorable) 2014-2013 % change |
||||||
Insurance premiums and other income
|
|
|
|
|
|
|
|
|
|
|
||||||
Insurance premiums and service revenue earned
|
|
$
|
940
|
|
|
$
|
979
|
|
|
$
|
1,012
|
|
|
(4)
|
|
(3)
|
Investment income, net (a)
|
|
134
|
|
|
194
|
|
|
227
|
|
|
(31)
|
|
(15)
|
|||
Other income
|
|
16
|
|
|
12
|
|
|
14
|
|
|
33
|
|
(14)
|
|||
Total insurance premiums and other income
|
|
1,090
|
|
|
1,185
|
|
|
1,253
|
|
|
(8)
|
|
(5)
|
|||
Expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Insurance losses and loss adjustment expenses
|
|
293
|
|
|
410
|
|
|
405
|
|
|
29
|
|
(1)
|
|||
Acquisition and underwriting expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
68
|
|
|
63
|
|
|
62
|
|
|
(8)
|
|
(2)
|
|||
Insurance commissions expense
|
|
378
|
|
|
374
|
|
|
370
|
|
|
(1)
|
|
(1)
|
|||
Other expenses
|
|
140
|
|
|
141
|
|
|
162
|
|
|
1
|
|
13
|
|||
Total acquisition and underwriting expense
|
|
586
|
|
|
578
|
|
|
594
|
|
|
(1)
|
|
3
|
|||
Total expense
|
|
879
|
|
|
988
|
|
|
999
|
|
|
11
|
|
1
|
|||
Income from continuing operations before income tax expense (benefit)
|
|
$
|
211
|
|
|
$
|
197
|
|
|
$
|
254
|
|
|
7
|
|
(22)
|
Total assets
|
|
$
|
7,053
|
|
|
$
|
7,190
|
|
|
$
|
7,124
|
|
|
(2)
|
|
1
|
Insurance premiums and service revenue written
|
|
$
|
977
|
|
|
$
|
1,023
|
|
|
$
|
997
|
|
|
(4)
|
|
3
|
Combined ratio (b)
|
|
92.8
|
%
|
|
100.2
|
%
|
|
98.0
|
%
|
|
|
|
|
(a)
|
Includes gain on investments of
$85 million
,
$143 million
, and
$177 million
for the years ended December 31,
2015
,
2014
, and
2013
, respectively; and interest expense of
$50 million
,
$54 million
, and
$64 million
for the years ended December 31,
2015
,
2014
, and
2013
, respectively.
|
(b)
|
Management uses a combined ratio as a primary measure of underwriting profitability. Underwriting profitability is indicated by a combined ratio under 100% and is calculated as the sum of all incurred losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other fee income.
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Vehicle service contracts
|
|
|
|
|
|
|
||||||
New retail
|
|
$
|
436
|
|
|
$
|
422
|
|
|
$
|
421
|
|
Used retail
|
|
485
|
|
|
509
|
|
|
509
|
|
|||
Reinsurance (a)
|
|
(178
|
)
|
|
(152
|
)
|
|
(143
|
)
|
|||
Total vehicle service contracts (b)
|
|
743
|
|
|
779
|
|
|
787
|
|
|||
Wholesale
|
|
169
|
|
|
186
|
|
|
157
|
|
|||
Other finance and insurance (c)
|
|
65
|
|
|
58
|
|
|
53
|
|
|||
Total
|
|
$
|
977
|
|
|
$
|
1,023
|
|
|
$
|
997
|
|
(a)
|
Reinsurance represents the transfer of premiums and risk from an Ally insurance company to a third party insurance company.
|
(b)
|
VSC revenue is earned over the life of the service contract on a basis proportionate to the anticipated cost pattern.
|
(c)
|
Other finance and insurance includes GAP coverage, excess wear and tear, wind-down of Canadian personal lines, and other ancillary products.
|
December 31,
($ in millions)
|
|
2015
|
|
2014
|
||||
Cash
|
|
|
|
|
||||
Noninterest-bearing cash
|
|
$
|
293
|
|
|
$
|
239
|
|
Interest-bearing cash
|
|
995
|
|
|
1,289
|
|
||
Total cash
|
|
1,288
|
|
|
1,528
|
|
||
Available-for-sale securities
|
|
|
|
|
||||
Debt securities
|
|
|
|
|
||||
U.S. Treasury and federal agencies
|
|
269
|
|
|
392
|
|
||
U.S. States and political subdivisions
|
|
698
|
|
|
406
|
|
||
Foreign government
|
|
177
|
|
|
232
|
|
||
Mortgage-backed
|
|
694
|
|
|
1,097
|
|
||
Asset-backed
|
|
6
|
|
|
6
|
|
||
Corporate debt
|
|
1,204
|
|
|
746
|
|
||
Total debt securities
|
|
3,048
|
|
|
2,879
|
|
||
Equity securities
|
|
717
|
|
|
906
|
|
||
Total available-for-sale securities
|
|
3,765
|
|
|
3,785
|
|
||
Total cash and securities
|
|
$
|
5,053
|
|
|
$
|
5,313
|
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014
% change
|
|
Favorable/
(unfavorable) 2014-2013
% change
|
||||||
Net financing revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Total financing revenue and other interest income
|
|
$
|
302
|
|
|
$
|
282
|
|
|
$
|
378
|
|
|
7
|
|
(25)
|
Interest expense
|
|
230
|
|
|
239
|
|
|
302
|
|
|
4
|
|
21
|
|||
Net financing revenue
|
|
72
|
|
|
43
|
|
|
76
|
|
|
67
|
|
(43)
|
|||
Servicing fees
|
|
—
|
|
|
—
|
|
|
68
|
|
|
—
|
|
(100)
|
|||
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
(100)
|
|||
Total servicing loss, net
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
|
—
|
|
(100)
|
|||
Gain on mortgage loans, net
|
|
79
|
|
|
6
|
|
|
55
|
|
|
n/m
|
|
(89)
|
|||
Other income, net of losses
|
|
8
|
|
|
11
|
|
|
90
|
|
|
(27)
|
|
(88)
|
|||
Total other revenue
|
|
87
|
|
|
17
|
|
|
—
|
|
|
n/m
|
|
n/m
|
|||
Total net revenue
|
|
159
|
|
|
60
|
|
|
76
|
|
|
165
|
|
(21)
|
|||
Provision for loan losses
|
|
1
|
|
|
(69
|
)
|
|
13
|
|
|
n/m
|
|
n/m
|
|||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
11
|
|
|
11
|
|
|
39
|
|
|
—
|
|
72
|
|||
Representation and warranty expense
|
|
(13
|
)
|
|
(10
|
)
|
|
104
|
|
|
30
|
|
110
|
|||
Other operating expenses
|
|
70
|
|
|
69
|
|
|
181
|
|
|
(1)
|
|
62
|
|||
Total noninterest expense
|
|
68
|
|
|
70
|
|
|
324
|
|
|
3
|
|
78
|
|||
Income (loss) from continuing operations before income tax expense (benefit)
|
|
$
|
90
|
|
|
$
|
59
|
|
|
$
|
(261
|
)
|
|
53
|
|
123
|
Total assets
|
|
$
|
9,768
|
|
|
$
|
7,884
|
|
|
$
|
8,168
|
|
|
24
|
|
(3)
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
Favorable/
(unfavorable) 2015-2014
% change
|
|
Favorable/
(unfavorable) 2014-2013
% change
|
||||||
Net financing revenue (loss)
|
|
|
|
|
|
|
|
|
|
|
||||||
Total financing revenue and other interest income
|
|
$
|
379
|
|
|
$
|
361
|
|
|
$
|
298
|
|
|
5
|
|
21
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||
Original issue discount amortization
|
|
62
|
|
|
189
|
|
|
262
|
|
|
67
|
|
28
|
|||
Other interest expense
|
|
156
|
|
|
217
|
|
|
549
|
|
|
28
|
|
60
|
|||
Total interest expense
|
|
218
|
|
|
406
|
|
|
811
|
|
|
46
|
|
50
|
|||
Net financing revenue (loss) (a)
|
|
161
|
|
|
(45
|
)
|
|
(513
|
)
|
|
n/m
|
|
91
|
|||
Other (expense) revenue
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss on extinguishment of debt
|
|
(357
|
)
|
|
(202
|
)
|
|
(59
|
)
|
|
(77)
|
|
n/m
|
|||
Other gain on investments, net
|
|
70
|
|
|
38
|
|
|
3
|
|
|
84
|
|
n/m
|
|||
Other income, net of losses
|
|
74
|
|
|
30
|
|
|
76
|
|
|
147
|
|
(61)
|
|||
Total other (expense) revenue
|
|
(213
|
)
|
|
(134
|
)
|
|
20
|
|
|
(59)
|
|
n/m
|
|||
Total net loss
|
|
(52
|
)
|
|
(179
|
)
|
|
(493
|
)
|
|
71
|
|
64
|
|||
Provision for loan losses
|
|
10
|
|
|
(16
|
)
|
|
(6
|
)
|
|
(163)
|
|
n/m
|
|||
Total noninterest expense (b)
|
|
181
|
|
|
276
|
|
|
327
|
|
|
34
|
|
16
|
|||
Loss from continuing operations before income tax (benefit) expense
|
|
$
|
(243
|
)
|
|
$
|
(439
|
)
|
|
$
|
(814
|
)
|
|
45
|
|
46
|
Total assets
|
|
$
|
26,124
|
|
|
$
|
23,369
|
|
|
$
|
26,304
|
|
|
12
|
|
(11)
|
(a)
|
Refer to the table that follows for further details on the components of net financing gain.
|
(b)
|
Includes a reduction of $762 million, $777 million, and $828 million for the years ended
December 31, 2015
,
2014
, and
2013
, respectively, related to the allocation of corporate overhead expenses to other segments. The receiving segments record their allocation of corporate overhead expense within other operating expense.
|
At and for the year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Original issue discount amortization (a)
|
|
$
|
(62
|
)
|
|
$
|
(189
|
)
|
|
$
|
(262
|
)
|
Net impact of the funds transfer pricing methodology
|
|
117
|
|
|
68
|
|
|
(308
|
)
|
|||
Other (including Corporate Finance net financing revenue)
|
|
106
|
|
|
76
|
|
|
57
|
|
|||
Total net financing revenue (loss)
|
|
$
|
161
|
|
|
$
|
(45
|
)
|
|
$
|
(513
|
)
|
Outstanding original issue discount balance
|
|
$
|
1,391
|
|
|
$
|
1,415
|
|
|
$
|
1,589
|
|
(a)
|
Amortization is included as interest on long-term debt in the
Consolidated Statement of Income
.
|
Year ended December 31,
($ in millions)
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021 and thereafter (a)
|
|
Total
|
||||||||||||||
Original issue discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Outstanding balance
|
|
$
|
1,316
|
|
|
$
|
1,229
|
|
|
$
|
1,131
|
|
|
$
|
1,096
|
|
|
$
|
1,061
|
|
|
$
|
—
|
|
|
|
||
Total amortization (b)
|
|
75
|
|
|
87
|
|
|
98
|
|
|
35
|
|
|
35
|
|
|
1,061
|
|
|
$
|
1,391
|
|
(a)
|
The maximum annual scheduled amortization for any individual year is $158 million in 2030.
|
(b)
|
The amortization is included as interest on long-term debt on the
Consolidated Statement of Income
.
|
December 31,
($ in millions)
|
|
2015
|
|
2014
|
||||
Cash
|
|
|
|
|
||||
Noninterest-bearing cash
|
|
$
|
1,829
|
|
|
$
|
1,083
|
|
Interest-bearing cash
|
|
3,232
|
|
|
2,933
|
|
||
Total cash
|
|
5,061
|
|
|
4,016
|
|
||
Available-for-sale securities
|
|
|
|
|
||||
Debt securities
|
|
|
|
|
||||
U.S. Treasury and federal agencies
|
|
1,472
|
|
|
786
|
|
||
U.S. states and political subdivisions
|
|
18
|
|
|
—
|
|
||
Mortgage-backed
|
|
10,153
|
|
|
9,581
|
|
||
Asset-backed
|
|
1,749
|
|
|
1,985
|
|
||
Total debt securities
|
|
13,392
|
|
|
12,352
|
|
||
Total cash and securities
|
|
$
|
18,453
|
|
|
$
|
16,368
|
|
•
|
Credit risk
— The risk of loss arising from the potential failure to receive payments due from an obligor in accordance with contractual obligations.
|
•
|
Lease Residual risk
— The risk of loss arising from the possibility that the actual proceeds realized upon the sale of returned vehicles will be lower than the projection of the values used in establishing the pricing at lease inception.
|
•
|
Market risk
— The risk of loss arising from changes in the fair value of our assets or liabilities (including derivatives) caused by movements in market variables, such as interest rates, foreign-exchange rates, and equity and commodity prices.
|
•
|
Operational risk
— The risk of loss or harm arising from inadequate or failed processes or systems, human factors, or external events. We consider strategic and reputational risk part of operational risk.
|
•
|
Insurance/Underwriting risk
— The risk of loss associated with insured events occurring, the severity of insured events, and the timing of claim payments arising from insured events.
|
•
|
Liquidity risk
— The risk that our financial condition or overall safety and soundness is adversely affected by an inability, or perceived inability, to meet our financial obligations, and to withstand unforeseen liquidity stress events (refer to discussion in the section titled
Liquidity Management, Funding, and Regulatory Capital
within this MD&A).
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Finance receivables and loans
|
|
|
|
|
||||
Automotive Finance operations
|
|
$
|
99,187
|
|
|
$
|
90,592
|
|
Mortgage operations
|
|
9,773
|
|
|
7,474
|
|
||
Corporate and Other
|
|
2,640
|
|
|
1,882
|
|
||
Total finance receivables and loans
|
|
111,600
|
|
|
99,948
|
|
||
Loans held-for-sale
|
|
|
|
|
||||
Automotive Finance operations
|
|
—
|
|
|
1,515
|
|
||
Mortgage operations
|
|
—
|
|
|
452
|
|
||
Corporate and Other
|
|
105
|
|
|
36
|
|
||
Total loans held-for-sale
|
|
105
|
|
|
2,003
|
|
||
Total on-balance sheet loans
|
|
111,705
|
|
|
101,951
|
|
||
Off-balance sheet securitized loans
|
|
|
|
|
||||
Automotive Finance operations (a)
|
|
2,529
|
|
|
2,801
|
|
||
Total off-balance sheet securitized loans
|
|
2,529
|
|
|
2,801
|
|
||
Operating lease assets
|
|
|
|
|
||||
Automotive Finance operations
|
|
16,271
|
|
|
19,510
|
|
||
Total operating lease assets
|
|
16,271
|
|
|
19,510
|
|
||
Total loan and lease exposure
|
|
$
|
130,505
|
|
|
$
|
124,262
|
|
Serviced loans and leases
|
|
|
|
|
||||
Automotive Finance operations (b)
|
|
$
|
119,808
|
|
|
$
|
115,391
|
|
Mortgage operations
|
|
9,773
|
|
|
7,926
|
|
||
Corporate and Other
|
|
2,532
|
|
|
1,347
|
|
||
Total serviced loans and leases
|
|
$
|
132,113
|
|
|
$
|
124,664
|
|
(a)
|
Represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions.
|
(b)
|
Includes $2.3 billion and $887 million of off-balance sheet whole-loan transactions at
December 31, 2015
, and
December 31, 2014
, respectively.
|
•
|
Finance receivables and loans
— Loans that we have the intent and ability to hold for the foreseeable future or until maturity, or loans associated with an on-balance sheet securitization classified as secured borrowing.
Finance receivables and loans are reported at their gross carrying value which includes the principal amount outstanding, net of unamortized deferred fees and costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. We refer to the gross carrying value less the allowance for loan loss as the net carrying value in finance receivables and loans.
We manage the economic risks of these exposures, including credit risk, by adjusting underwriting standards and risk limits, augmenting our servicing and collection activities (including loan modifications and restructurings), and optimizing our product and geographic concentrations. Additionally, we may elect to account for certain mortgage loans at fair value. Changes in the fair value of these loans are recognized in a valuation allowance separate from the allowance for loan losses and were reflected in current period earnings. We use market-based instruments, such as derivatives, to hedge changes in the fair value of these loans.
|
•
|
Loans held-for-sale
— Loans that we do not have the intent and ability to hold for the foreseeable future or until maturity. These loans are recorded on our balance sheet at the lower of their net carrying value or fair market value and are evaluated by portfolio and product type. Changes in the recorded value are recognized in a valuation allowance and reflected in current period earnings. We manage the economic risks of these exposures, including market and credit risks, in various ways including the use of market-based instruments, such as derivatives.
|
•
|
Off-balance sheet securitized loans
— Loans that we transfer off-balance sheet to nonconsolidated variable interest entities. We primarily report this exposure as cash or retained interests (if applicable). Similar to finance receivables and loans, we manage the economic risks of these exposures, including credit risk, through activities including servicing and collections.
|
•
|
Operating lease assets
— The net book value of the automotive assets we lease includes the expected residual values upon remarketing the vehicles at the end of the lease. We are exposed to fluctuations in the expected residual value upon remarketing the vehicle at the end of the lease, and as such at
contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage, seasonality, segment factors, vehicle type, economic indicators, production cycle, automotive manufacturer incentives, and shifts in used vehicle supply. This internally-generated data is compared against third party, independent data for reasonableness
.
Periodically, we revise the projected value of the lease vehicle at termination based on current market conditions and adjust depreciation expense appropriately over the remaining life of the contract. At termination, our actual sales proceeds from remarketing the vehicle may be higher or lower than the estimated residual value resulting in a gain or loss on remarketing recorded through depreciation expense
.
The balance sheet reflects both the lease asset as well as any associated rent receivables. The lease rent receivable is accrued when collection is reasonably assured and presented as a component of other assets. The lease asset is reviewed for impairment in accordance with applicable accounting standards.
|
•
|
Serviced loans and leases
— Loans that we service on behalf of our customers or another financial institution. As such, these loans can be on or off our balance sheet. For our serviced consumer automotive loans, we do not recognize servicing assets or liabilities because we receive a fee that adequately compensates us for the servicing costs.
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more
|
||||||||||||||||||
December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finance receivables and loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans at gross carrying value
|
|
$
|
74,065
|
|
|
$
|
64,043
|
|
|
$
|
603
|
|
|
$
|
563
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Loans at fair value
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total finance receivables and loans
|
|
74,065
|
|
|
64,044
|
|
|
603
|
|
|
563
|
|
|
—
|
|
|
—
|
|
||||||
Loans held-for-sale
|
|
—
|
|
|
1,967
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
||||||
Total consumer loans (b)
|
|
74,065
|
|
|
66,011
|
|
|
603
|
|
|
571
|
|
|
—
|
|
|
—
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finance receivables and loans at gross carrying value
|
|
37,535
|
|
|
35,904
|
|
|
77
|
|
|
82
|
|
|
—
|
|
|
—
|
|
||||||
Loans held-for-sale
|
|
105
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial loans
|
|
37,640
|
|
|
35,940
|
|
|
77
|
|
|
82
|
|
|
—
|
|
|
—
|
|
||||||
Total on-balance sheet loans
|
|
$
|
111,705
|
|
|
$
|
101,951
|
|
|
$
|
680
|
|
|
$
|
653
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
Includes nonaccrual TDR loans of $277 million and $281 million at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(b)
|
Includes outstanding CSG loans of
$6.2 billion
and $5.2 billion at
December 31, 2015
, and
December 31, 2014
, respectively, and RV loans of
$1.5 billion
and $1.2 billion at
December 31, 2015
, and
December 31, 2014
, respectively.
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||
Consumer
|
|
$
|
609
|
|
|
$
|
544
|
|
|
0.9
|
%
|
|
0.8
|
%
|
Commercial
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||
Total finance receivables and loans at gross carrying value
|
|
$
|
609
|
|
|
$
|
537
|
|
|
0.6
|
%
|
|
0.5
|
%
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category.
|
(a)
|
Includes nonaccrual TDR loans of $233 million and $216 million at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(b)
|
Includes $66 million and $35 million of fair value adjustment for loans in hedge accounting relationships at
December 31, 2015
, and
December 31, 2014
, respectively. Refer to
Note 22
to the
Consolidated Financial Statements
for additional information.
|
(c)
|
Includes outstanding CSG loans of $6.2 billion and $5.0 billion at
December 31, 2015
, and
December 31, 2014
, respectively, and RV loans of $1.5 billion and $1.2 billion at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category.
|
(a)
|
Includes $1.2 billion of loans originated as held-for-sale during the first quarter of 2015.
|
|
|
2015 (a)
|
|
2014
|
||||||||
December 31,
|
|
Automotive
|
|
Mortgage
|
|
Automotive
|
|
Mortgage
|
||||
Texas
|
|
13.7
|
%
|
|
6.2
|
%
|
|
13.6
|
%
|
|
6.0
|
%
|
California
|
|
7.3
|
|
|
33.6
|
|
|
6.2
|
|
|
30.8
|
|
Florida
|
|
7.7
|
|
|
4.1
|
|
|
7.3
|
|
|
3.7
|
|
Pennsylvania
|
|
5.0
|
|
|
1.5
|
|
|
5.3
|
|
|
1.6
|
|
Illinois
|
|
4.4
|
|
|
4.1
|
|
|
4.4
|
|
|
4.2
|
|
Georgia
|
|
4.4
|
|
|
2.2
|
|
|
4.2
|
|
|
2.1
|
|
North Carolina
|
|
3.6
|
|
|
1.8
|
|
|
3.5
|
|
|
1.9
|
|
Ohio
|
|
3.7
|
|
|
0.6
|
|
|
3.9
|
|
|
0.6
|
|
New York
|
|
3.5
|
|
|
1.9
|
|
|
4.0
|
|
|
1.9
|
|
Michigan
|
|
3.1
|
|
|
2.4
|
|
|
3.8
|
|
|
3.1
|
|
Other United States
|
|
43.6
|
|
|
41.6
|
|
|
43.8
|
|
|
44.1
|
|
Total consumer loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
December 31, 2015
.
|
|
|
Outstanding
|
|
Nonperforming (a)
|
|
Accruing past due 90 days or more
|
||||||||||||||||||
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automotive
|
|
$
|
31,469
|
|
|
$
|
30,871
|
|
|
$
|
25
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other (b)
|
|
2,640
|
|
|
1,882
|
|
|
44
|
|
|
46
|
|
|
—
|
|
|
—
|
|
||||||
Commercial real estate — Automotive
|
|
3,426
|
|
|
3,151
|
|
|
8
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial finance receivables and loans
|
|
$
|
37,535
|
|
|
$
|
35,904
|
|
|
$
|
77
|
|
|
$
|
82
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
Includes nonaccrual troubled-debt-restructured loans of $44 million and $59 million at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(b)
|
Other commercial primarily includes senior secured commercial lending.
|
|
|
Net charge-offs (recoveries)
|
|
Net charge-off ratios (a)
|
||||||||||
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
||||||
Automotive
|
|
$
|
3
|
|
|
$
|
1
|
|
|
—
|
%
|
|
—
|
%
|
Other
|
|
(3
|
)
|
|
(8
|
)
|
|
(0.1
|
)
|
|
(0.4
|
)
|
||
Total commercial finance receivables and loans
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
—
|
%
|
|
—
|
%
|
(a)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding finance receivables and loans excluding loans measured at fair value and loans held-for-sale during the year for each loan category.
|
December 31,
|
|
2015
|
|
2014
|
||
Texas
|
|
17.7
|
%
|
|
13.8
|
%
|
Florida
|
|
10.0
|
|
|
12.3
|
|
Michigan
|
|
8.9
|
|
|
9.9
|
|
California
|
|
8.7
|
|
|
9.0
|
|
North Carolina
|
|
3.8
|
|
|
3.9
|
|
Virginia
|
|
3.8
|
|
|
4.1
|
|
Georgia
|
|
3.6
|
|
|
3.7
|
|
Pennsylvania
|
|
3.4
|
|
|
3.8
|
|
New York
|
|
3.1
|
|
|
3.9
|
|
Illinois
|
|
2.9
|
|
|
2.7
|
|
Other United States
|
|
34.1
|
|
|
32.9
|
|
Total commercial real estate finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
December 31,
|
|
2015
|
|
2014
|
||
Automotive
|
|
80.5
|
%
|
|
87.3
|
%
|
Manufacturing
|
|
7.8
|
|
|
0.9
|
|
Services
|
|
5.3
|
|
|
2.0
|
|
Other
|
|
6.4
|
|
|
9.8
|
|
Total commercial criticized finance receivables and loans
|
|
100.0
|
%
|
|
100.0
|
%
|
December 31, 2015
(
$ in millions
)
|
Within 1 year (a)
|
|
1-5 years
|
|
After 5 years
|
|
Total (b)
|
||||||||
Commercial and industrial
|
$
|
30,277
|
|
|
$
|
2,803
|
|
|
$
|
1,029
|
|
|
$
|
34,109
|
|
Commercial real estate
|
123
|
|
|
1,754
|
|
|
1,549
|
|
|
3,426
|
|
||||
Total commercial finance receivables and loans
|
$
|
30,400
|
|
|
$
|
4,557
|
|
|
$
|
2,578
|
|
|
$
|
37,535
|
|
Loans at fixed interest rates
|
|
|
$
|
1,654
|
|
|
$
|
1,412
|
|
|
|
||||
Loans at variable interest rates
|
|
|
2,903
|
|
|
1,166
|
|
|
|
||||||
Total commercial finance receivables and loans
|
|
|
$
|
4,557
|
|
|
$
|
2,578
|
|
|
|
(a)
|
Includes loans (e.g., floorplan) with revolving terms.
|
(b)
|
Loan maturities are based on the remaining maturities under contractual terms.
|
(
$ in millions
)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Total consumer
|
|
Commercial
|
|
Total
|
||||||||||
Allowance at January 1, 2015
|
|
$
|
685
|
|
|
$
|
152
|
|
|
$
|
837
|
|
|
$
|
140
|
|
|
$
|
977
|
|
Charge-offs
|
|
(840
|
)
|
|
(48
|
)
|
|
(888
|
)
|
|
(4
|
)
|
|
(892
|
)
|
|||||
Recoveries
|
|
262
|
|
|
17
|
|
|
279
|
|
|
4
|
|
|
283
|
|
|||||
Net charge-offs
|
|
(578
|
)
|
|
(31
|
)
|
|
(609
|
)
|
|
—
|
|
|
(609
|
)
|
|||||
Provision for loan losses
|
|
739
|
|
|
1
|
|
|
740
|
|
|
(33
|
)
|
|
707
|
|
|||||
Other (a)
|
|
(12
|
)
|
|
(8
|
)
|
|
(20
|
)
|
|
(1
|
)
|
|
(21
|
)
|
|||||
Allowance at December 31, 2015
|
|
$
|
834
|
|
|
$
|
114
|
|
|
$
|
948
|
|
|
$
|
106
|
|
|
$
|
1,054
|
|
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2015 (b)
|
|
1.3
|
%
|
|
1.2
|
%
|
|
1.3
|
%
|
|
0.3
|
%
|
|
0.9
|
%
|
|||||
Net charge-offs to average finance receivables and loans outstanding for the year ended December 31, 2015 (b)
|
|
1.0
|
%
|
|
0.4
|
%
|
|
0.9
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|||||
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2015 (b)
|
|
175.7
|
%
|
|
89.0
|
%
|
|
157.2
|
%
|
|
137.4
|
%
|
|
155.0
|
%
|
|||||
Ratio of allowance for loans losses to net charge-offs at December 31, 2015
|
|
1.4
|
|
|
3.7
|
|
|
1.6
|
|
|
—
|
|
|
1.7
|
|
(a)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
(b)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
(
$ in millions
)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Total consumer
|
|
Commercial
|
|
Total
|
||||||||||
Allowance at January 1, 2014
|
|
$
|
673
|
|
|
$
|
389
|
|
|
$
|
1,062
|
|
|
$
|
146
|
|
|
$
|
1,208
|
|
Charge-offs
|
|
(720
|
)
|
|
(51
|
)
|
|
(771
|
)
|
|
(5
|
)
|
|
(776
|
)
|
|||||
Recoveries
|
|
219
|
|
|
8
|
|
|
227
|
|
|
12
|
|
|
239
|
|
|||||
Net charge-offs
|
|
(501
|
)
|
|
(43
|
)
|
|
(544
|
)
|
|
7
|
|
|
(537
|
)
|
|||||
Provision for loan losses
|
|
540
|
|
|
(69
|
)
|
|
471
|
|
|
(14
|
)
|
|
457
|
|
|||||
Other (a)
|
|
(27
|
)
|
|
(125
|
)
|
|
(152
|
)
|
|
1
|
|
|
(151
|
)
|
|||||
Allowance at December 31, 2014
|
|
$
|
685
|
|
|
$
|
152
|
|
|
$
|
837
|
|
|
$
|
140
|
|
|
$
|
977
|
|
Allowance for loan losses to finance receivables and loans outstanding at December 31, 2014 (b)
|
|
1.2
|
%
|
|
2.0
|
%
|
|
1.3
|
%
|
|
0.4
|
%
|
|
1.0
|
%
|
|||||
Net charge-offs to average finance receivables and loans outstanding for the year ended December 31, 2014 (b)
|
|
0.9
|
%
|
|
0.5
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
0.5
|
%
|
|||||
Allowance for loan losses to total nonperforming finance receivables and loans at December 31, 2014 (b)
|
|
177.3
|
%
|
|
86.3
|
%
|
|
148.7
|
%
|
|
169.9
|
%
|
|
151.5
|
%
|
|||||
Ratio of allowance for loans losses to net charge-offs at December 31, 2014
|
|
1.4
|
|
|
3.6
|
|
|
1.5
|
|
|
(19.8
|
)
|
|
1.8
|
|
(a)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
(b)
|
Coverage percentages are based on the allowance for loan losses related to finance receivables and loans excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.
|
|
|
2015
|
|
2014
|
||||||||||||||||
December 31, (
$ in millions
)
|
|
Allowance for loan losses
|
|
Allowance as a % of loans outstanding
|
|
Allowance as a % of total allowance for loan losses
|
|
Allowance for loan losses
|
|
Allowance as a % of loans outstanding
|
|
Allowance as a % of total allowance for loan losses
|
||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer automotive
|
|
$
|
834
|
|
|
1.3
|
%
|
|
79.1
|
%
|
|
$
|
685
|
|
|
1.2
|
%
|
|
70.1
|
%
|
Consumer mortgage
|
|
114
|
|
|
1.2
|
|
|
10.8
|
|
|
152
|
|
|
2.0
|
|
|
15.6
|
|
||
Total consumer loans
|
|
948
|
|
|
1.3
|
|
|
89.9
|
|
|
837
|
|
|
1.3
|
|
|
85.7
|
|
||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Automotive
|
|
29
|
|
|
0.1
|
|
|
2.8
|
|
|
65
|
|
|
0.2
|
|
|
6.7
|
|
||
Other
|
|
53
|
|
|
2.0
|
|
|
5.0
|
|
|
42
|
|
|
2.2
|
|
|
4.2
|
|
||
Commercial real estate — Automotive
|
|
24
|
|
|
0.7
|
|
|
2.3
|
|
|
33
|
|
|
1.0
|
|
|
3.4
|
|
||
Total commercial loans
|
|
106
|
|
|
0.3
|
|
|
10.1
|
|
|
140
|
|
|
0.4
|
|
|
14.3
|
|
||
Total allowance for loan losses
|
|
$
|
1,054
|
|
|
0.9
|
|
|
100.0
|
%
|
|
$
|
977
|
|
|
1.0
|
|
|
100.0
|
%
|
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Consumer
|
|
|
|
|
|
|
||||||
Consumer automotive
|
|
$
|
739
|
|
|
$
|
540
|
|
|
$
|
490
|
|
Consumer mortgage
|
|
1
|
|
|
(69
|
)
|
|
13
|
|
|||
Total consumer loans
|
|
740
|
|
|
471
|
|
|
503
|
|
|||
Commercial
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||
Automotive
|
|
(34
|
)
|
|
(1
|
)
|
|
11
|
|
|||
Other
|
|
10
|
|
|
(16
|
)
|
|
(6
|
)
|
|||
Commercial real estate — Automotive
|
|
(9
|
)
|
|
3
|
|
|
(7
|
)
|
|||
Total commercial loans
|
|
(33
|
)
|
|
(14
|
)
|
|
(2
|
)
|
|||
Total provision for loan losses
|
|
$
|
707
|
|
|
$
|
457
|
|
|
$
|
501
|
|
•
|
Priced residual value projections
— At contract inception, we determine pricing based on the projected residual value of the lease vehicle. This evaluation is primarily based on a proprietary model, which includes variables such as age, expected mileage,
|
•
|
Remarketing abilities
— Our ability to efficiently process and effectively market off-lease vehicles affects the disposal costs and the proceeds realized from vehicle sales. Vehicles can be remarketed through auction (internet and physical), sale to dealer, sale to lessee, and other methods. The results within these channels vary, with physical auction typically resulting in the lowest-priced outcome.
|
•
|
Manufacturer vehicle and marketing programs
— Automotive manufacturers influence lease residual results in the following ways:
|
◦
|
The brand image of automotive manufacturers and consumer demand for their products affect residual risk.
|
◦
|
Automotive manufacturer marketing programs may influence the used vehicle market for those vehicles through programs such as incentives on new vehicles, programs designed to encourage lessees to terminate their leases early in conjunction with the acquisition of a new vehicle (referred to as pull-ahead programs), and special rate used vehicle programs.
|
•
|
Used vehicle market
— We have exposure to changes in used vehicle prices. General economic conditions, used vehicle supply and demand, and new vehicle market prices heavily influence used vehicle prices.
|
Year ended December 31,
|
|
2015
|
|
2014
|
|
2013
|
||||||
Off-lease vehicles terminated (
in units
)
|
|
264,256
|
|
|
296,393
|
|
|
148,587
|
|
|||
Average gain per vehicle (
$ per unit
)
|
|
$
|
1,329
|
|
|
$
|
1,461
|
|
|
$
|
2,237
|
|
Method of vehicle sales
|
|
|
|
|
|
|
||||||
Auction
|
|
|
|
|
|
|
||||||
Internet
|
|
49
|
%
|
|
51
|
%
|
|
40
|
%
|
|||
Physical
|
|
12
|
|
|
10
|
|
|
7
|
|
|||
Sale to dealer, lessee, and other
|
|
39
|
|
|
39
|
|
|
53
|
|
(a)
|
Refer to the section titled
Net Financing Revenue Sensitivity Analysis
for information on the interest rate sensitivity of our financial instruments.
|
|
|
2015
|
|
2014
|
||||||||||
Year ended December 31, (
$ in millions
)
|
|
Instantaneous
|
|
Gradual (a)
|
|
Instantaneous
|
|
Gradual (a)
|
||||||
Change in Interest Rates
|
|
|
|
|
|
|
|
|
||||||
-100 basis points
|
|
$
|
47
|
|
|
$
|
17
|
|
|
$
|
78
|
|
|
n/a
|
+100 basis points
|
|
(109
|
)
|
|
(37
|
)
|
|
(130
|
)
|
|
n/a
|
|||
+200 basis points
|
|
(278
|
)
|
|
(96
|
)
|
|
(215
|
)
|
|
n/a
|
(a)
|
Gradual changes in interest rates are recognized over 12 months.
|
|
|
December 31, 2015
|
||||||
Change in Interest Rates (
$ in millions
)
|
|
Instantaneous
|
|
Gradual (a)
|
||||
+100 basis points
|
|
$
|
13
|
|
|
$
|
4
|
|
+200 basis points
|
|
(13
|
)
|
|
(1
|
)
|
(a)
|
Gradual changes in interest rates are recognized over 12 months.
|
December 31, 2015
($ in millions)
|
|
Ally Bank
|
|
Parent Company (nonbank) (a)
|
||||
Unencumbered highly liquid U.S. federal government and U.S. agency securities
|
|
$
|
5,479
|
|
|
$
|
2,862
|
|
Liquid cash and equivalents
|
|
3,801
|
|
|
2,519
|
|
||
Committed funding facilities (b)
|
|
|
|
|
||||
Outstanding
|
|
3,757
|
|
|
16,914
|
|
||
Unused capacity (c)
|
|
3
|
|
|
251
|
|
||
Total capacity
|
|
3,760
|
|
|
17,165
|
|
||
Intercompany loan (d)
|
|
(600
|
)
|
|
600
|
|
||
Total available liquidity
|
|
$
|
8,683
|
|
|
$
|
6,232
|
|
(a)
|
Parent company liquidity is defined as our consolidated operations less Ally Bank and the regulated subsidiaries of Ally Insurance's holding company.
|
(b)
|
Committed funding facilities include both consolidated and nonconsolidated facilities.
|
(c)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities.
|
(d)
|
To optimize cash and secured facility capacity between entities, the parent company lends cash to Ally Bank on occasion under an intercompany loan agreement. Amounts outstanding on this loan are repayable to the parent company upon demand, subject to a five day notice period.
|
($ in millions)
|
4th Quarter 2015
|
3rd Quarter 2015
|
2nd Quarter 2015
|
1st Quarter 2015
|
4th Quarter 2014
|
3rd Quarter 2014
|
2nd Quarter 2014
|
1st Quarter 2014
|
||||||||||||||||
Number of retail accounts
|
1,969,562
|
|
1,931,380
|
|
1,874,632
|
|
1,818,770
|
|
1,731,105
|
|
1,698,585
|
|
1,641,327
|
|
1,589,441
|
|
||||||||
Deposits
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
$
|
55,437
|
|
$
|
53,502
|
|
$
|
51,750
|
|
$
|
50,633
|
|
$
|
47,954
|
|
$
|
46,718
|
|
$
|
45,934
|
|
$
|
45,193
|
|
Brokered
|
10,723
|
|
10,180
|
|
9,844
|
|
9,835
|
|
9,866
|
|
9,673
|
|
9,665
|
|
9,662
|
|
||||||||
Other (a)
|
89
|
|
91
|
|
89
|
|
79
|
|
64
|
|
73
|
|
75
|
|
70
|
|
||||||||
Total deposits
|
$
|
66,249
|
|
$
|
63,773
|
|
$
|
61,683
|
|
$
|
60,547
|
|
$
|
57,884
|
|
$
|
56,464
|
|
$
|
55,674
|
|
$
|
54,925
|
|
(a)
|
Other deposits include mortgage escrow and other deposits (excluding intercompany deposits).
|
•
|
Ally Financial Inc. closed, renewed, increased, and/or extended
$19.9 billion
in credit facilities. The automotive credit facility renewal amount includes the March 2015 refinancing of
$12.5 billion
in credit facilities at both the parent company and Ally Bank with a syndicate of
eighteen
lenders. The
$12.5 billion
capacity is secured by retail, lease, and dealer floorplan automotive assets and is allocated to two separate facilities; one is a
$9.25 billion
facility which is available to the parent company, while the other is a
$3.25 billion
facility available to Ally Bank. Both facilities mature in March 2017.
|
•
|
Ally Financial Inc. continued to access the public and private term asset-backed securitization markets raising
$8.3 billion
, with
$3.9 billion
and
$4.4 billion
raised by Ally Bank and the parent company, respectively. Included in Ally Bank's funding for
2015
is
one
off-balance sheet securitization backed by retail automotive loans, which raised
$1.0 billion
. In addition, Ally Bank raised
$2.5 billion
related to
three
whole-loan sales comprised of retail automotive loans, approximately
$500 million
of which is considered an off-balance sheet credit facility and included in the total credit facility closures, renewals, increases, and extensions noted above.
|
•
|
Ally Financial Inc. accessed the unsecured debt capital markets during
2015
and raised
$5.4 billion
.
|
•
|
In January 2016, Ally Bank raised $795 million through a public securitization backed by retail automotive loans.
|
December 31,
($ in millions)
|
|
Bank
|
|
Parent
|
|
Total
|
|
%
|
||||||
2015
|
|
|
|
|
|
|
|
|
||||||
Secured financings
|
|
$
|
24,790
|
|
|
$
|
25,129
|
|
|
$
|
49,919
|
|
|
36
|
Institutional term debt
|
|
—
|
|
|
20,235
|
|
|
20,235
|
|
|
14
|
|||
Retail debt programs (a)
|
|
—
|
|
|
3,850
|
|
|
3,850
|
|
|
3
|
|||
Total debt (b)
|
|
24,790
|
|
|
49,214
|
|
|
74,004
|
|
|
53
|
|||
Deposits (c)
|
|
66,249
|
|
|
229
|
|
|
66,478
|
|
|
47
|
|||
Total on-balance sheet funding
|
|
$
|
91,039
|
|
|
$
|
49,443
|
|
|
$
|
140,482
|
|
|
100
|
2014
|
|
|
|
|
|
|
|
|
||||||
Secured financings
|
|
$
|
27,104
|
|
|
$
|
20,717
|
|
|
$
|
47,821
|
|
|
36
|
Institutional term debt
|
|
—
|
|
|
21,499
|
|
|
21,499
|
|
|
17
|
|||
Retail debt programs (a)
|
|
—
|
|
|
3,670
|
|
|
3,670
|
|
|
3
|
|||
Total debt (b)
|
|
27,104
|
|
|
45,886
|
|
|
72,990
|
|
|
56
|
|||
Deposits (c)
|
|
57,884
|
|
|
319
|
|
|
58,203
|
|
|
44
|
|||
Total on-balance sheet funding
|
|
$
|
84,988
|
|
|
$
|
46,205
|
|
|
$
|
131,193
|
|
|
100
|
(a)
|
Includes
$397 million
and
$332 million
of Retail Term Notes at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(b)
|
Excludes fair value adjustment as described in
Note 25
to the
Consolidated Financial Statements
.
|
(c)
|
Bank deposits include retail, brokered, mortgage escrow, and other deposits. Parent deposits include dealer deposits. Intercompany deposits are not included.
|
Rating agency
|
|
Short-term
|
|
Senior unsecured debt
|
|
Outlook
|
|
Date of last action
|
Fitch
|
|
B
|
|
BB+
|
|
Stable
|
|
April 8, 2015 (a)
|
Moody’s
|
|
Not Prime
|
|
Ba3
|
|
Stable
|
|
October 20, 2015 (b)
|
S&P
|
|
B
|
|
BB+
|
|
Positive
|
|
October 21, 2015 (c)
|
DBRS
|
|
R-4
|
|
BB (High)
|
|
Positive
|
|
May 18, 2015 (d)
|
(a)
|
Fitch affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and maintained a Stable outlook on April 8, 2015.
|
(b)
|
Moody's upgraded our senior unsecured debt rating to Ba3 from B1, affirmed our short-term rating of Not Prime, and changed the outlook to Stable on October 20, 2015.
|
(c)
|
Standard & Poor's affirmed our senior unsecured debt rating of BB+, affirmed our short-term rating of B, and changed the outlook from Stable to Positive on October 21, 2015.
|
(d)
|
DBRS upgraded our senior unsecured debt rating to BB (High) from BB, confirmed our short-term rating of R-4, and maintained a Positive trend on all ratings on May 18, 2015.
|
December 31, 2015
($ in millions)
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Contractually obligated payments due by period
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
||||||||||
Total (a)
|
$
|
67,462
|
|
|
$
|
11,384
|
|
|
$
|
32,451
|
|
|
$
|
13,096
|
|
|
$
|
10,531
|
|
Scheduled interest payments for fixed-rate long-term debt
|
18,930
|
|
|
1,782
|
|
|
2,883
|
|
|
2,031
|
|
|
12,234
|
|
|||||
Estimated interest payments for variable-rate long-term debt (b)
|
742
|
|
|
254
|
|
|
339
|
|
|
121
|
|
|
28
|
|
|||||
Estimated net payments under interest rate swap agreements (b)
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||
Lease commitments
|
263
|
|
|
39
|
|
|
65
|
|
|
60
|
|
|
99
|
|
|||||
Purchase obligations
|
101
|
|
|
47
|
|
|
51
|
|
|
3
|
|
|
—
|
|
|||||
Bank certificates of deposit
|
29,796
|
|
|
16,317
|
|
|
11,886
|
|
|
1,593
|
|
|
—
|
|
|||||
Total contractually obligated payments due by period
|
$
|
117,333
|
|
|
$
|
29,823
|
|
|
$
|
47,675
|
|
|
$
|
16,904
|
|
|
$
|
22,931
|
|
Total other commitments by expiration period
|
|
|
|
|
|
|
|
|
|
||||||||||
Lending commitments
|
$
|
2,132
|
|
|
$
|
741
|
|
|
$
|
194
|
|
|
$
|
631
|
|
|
$
|
566
|
|
(a)
|
Total long-term debt amount reflects the remaining principal obligation and excludes original issue discount of
$1.4 billion
and fair value adjustments of
$331 million
related to fixed-rate debt designated as a hedged item.
|
(b)
|
Estimate utilized a forecasted variable interest model, when available, or the applicable variable interest rate as of the most recent reset date prior to
December 31, 2015
. For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
Average balance (a)
|
|
Interest income/Interest expense
|
|
Yield/rate
|
|
Average balance (a)
|
|
Interest income/Interest expense
|
|
Yield/rate
|
|
Average balance (a)
|
|
Interest income/Interest expense
|
|
Yield/rate
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing cash and cash equivalents
|
|
$
|
3,702
|
|
|
$
|
8
|
|
|
0.22
|
%
|
|
$
|
4,328
|
|
|
$
|
8
|
|
|
0.18
|
%
|
|
$
|
6,412
|
|
|
$
|
10
|
|
|
0.16
|
%
|
Federal funds sold and securities purchased under resale agreements
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Investment securities (b)
|
|
16,702
|
|
|
356
|
|
|
2.13
|
|
|
15,729
|
|
|
347
|
|
|
2.21
|
|
|
15,195
|
|
|
300
|
|
|
1.97
|
|
||||||
Loans held-for-sale, net
|
|
884
|
|
|
40
|
|
|
4.52
|
|
|
16
|
|
|
1
|
|
|
6.25
|
|
|
600
|
|
|
20
|
|
|
3.33
|
|
||||||
Finance receivables and loans, net (c) (d)
|
|
104,294
|
|
|
4,570
|
|
|
4.38
|
|
|
100,148
|
|
|
4,457
|
|
|
4.45
|
|
|
97,467
|
|
|
4,529
|
|
|
4.65
|
|
||||||
Investment in operating leases, net (e)
|
|
18,058
|
|
|
1,149
|
|
|
6.36
|
|
|
18,789
|
|
|
1,325
|
|
|
7.05
|
|
|
16,028
|
|
|
1,214
|
|
|
7.57
|
|
||||||
Total interest-earning assets
|
|
143,642
|
|
|
6,123
|
|
|
4.26
|
|
|
139,010
|
|
|
6,138
|
|
|
4.42
|
|
|
135,702
|
|
|
6,073
|
|
|
4.48
|
|
||||||
Noninterest-bearing cash and cash equivalents
|
|
1,522
|
|
|
|
|
|
|
1,610
|
|
|
|
|
|
|
1,628
|
|
|
|
|
|
||||||||||||
Other assets (f)
|
|
9,508
|
|
|
|
|
|
|
10,675
|
|
|
|
|
|
|
19,975
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(985
|
)
|
|
|
|
|
|
(1,173
|
)
|
|
|
|
|
|
(1,192
|
)
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
153,687
|
|
|
|
|
|
|
$
|
150,122
|
|
|
|
|
|
|
$
|
156,113
|
|
|
|
|
|
|||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposit liabilities
|
|
$
|
62,086
|
|
|
$
|
718
|
|
|
1.16
|
%
|
|
$
|
55,838
|
|
|
$
|
664
|
|
|
1.19
|
%
|
|
$
|
50,163
|
|
|
$
|
654
|
|
|
1.30
|
%
|
Short-term borrowings
|
|
6,289
|
|
|
49
|
|
|
0.78
|
|
|
6,308
|
|
|
52
|
|
|
0.82
|
|
|
4,858
|
|
|
63
|
|
|
1.30
|
|
||||||
Long-term debt (d)
|
|
66,100
|
|
|
1,662
|
|
|
2.51
|
|
|
67,881
|
|
|
2,067
|
|
|
3.05
|
|
|
66,336
|
|
|
2,602
|
|
|
3.92
|
|
||||||
Total interest-bearing liabilities
|
|
134,475
|
|
|
2,429
|
|
|
1.81
|
|
|
130,027
|
|
|
2,783
|
|
|
2.14
|
|
|
121,357
|
|
|
3,319
|
|
|
2.73
|
|
||||||
Noninterest-bearing deposit liabilities
|
|
85
|
|
|
|
|
|
|
69
|
|
|
|
|
|
|
536
|
|
|
|
|
|
||||||||||||
Total funding sources (f)
|
|
134,560
|
|
|
2,429
|
|
|
1.81
|
|
|
130,096
|
|
|
2,783
|
|
|
2.14
|
|
|
121,893
|
|
|
3,319
|
|
|
2.72
|
|
||||||
Other liabilities (f)
|
|
4,302
|
|
|
|
|
|
|
5,231
|
|
|
|
|
|
|
15,448
|
|
|
|
|
|
||||||||||||
Total liabilities
|
|
138,862
|
|
|
|
|
|
|
135,327
|
|
|
|
|
|
|
137,341
|
|
|
|
|
|
||||||||||||
Total equity
|
|
14,825
|
|
|
|
|
|
|
14,795
|
|
|
|
|
|
|
18,772
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
|
$
|
153,687
|
|
|
|
|
|
|
$
|
150,122
|
|
|
|
|
|
|
$
|
156,113
|
|
|
|
|
|
|||||||||
Net financing revenue
|
|
|
|
$
|
3,694
|
|
|
|
|
|
|
$
|
3,355
|
|
|
|
|
|
|
$
|
2,754
|
|
|
|
|||||||||
Net interest spread (g)
|
|
|
|
|
|
2.45
|
%
|
|
|
|
|
|
2.28
|
%
|
|
|
|
|
|
1.75
|
%
|
||||||||||||
Net yield on interest-earning assets (h)
|
|
|
|
|
|
2.57
|
%
|
|
|
|
|
|
2.41
|
%
|
|
|
|
|
|
2.03
|
%
|
(a)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
(b)
|
Excludes equity investments with an average balance of
$941 million
,
$865 million
, and
$995 million
at
December 31, 2015
,
2014
, and
2013
, respectively, and related income on equity investments of
$25 million
,
$20 million
, and
$25 million
during the years ended
December 31, 2015
,
2014
, and
2013
, respectively. Yields on available-for-sale debt securities are based on fair value as opposed to amortized cost.
|
(c)
|
Nonperforming finance receivables and loans are included in the average balances. For information on our accounting policies regarding nonperforming status, refer to
Note 1
to the
Consolidated Financial Statements
.
|
(d)
|
Includes the effects of derivative financial instruments designated as hedges.
|
(e)
|
Includes gains on sale of
$351 million
,
$433 million
, and
$332 million
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively. Excluding these gains, the annualized yield would be
4.42%
,
4.75%
, and
5.50%
at
December 31, 2015
,
2014
, and
2013
, respectively.
|
(f)
|
Includes average balances of discontinued operations for the years ended December 31, 2014, and
2013
.
|
(g)
|
Net interest spread represents the difference between the rate on total interest-earning assets and the rate on total interest-bearing liabilities.
|
(h)
|
Net yield on interest-earning assets represents net financing revenue as a percentage of total interest-earning assets.
|
|
|
2015 vs 2014
Increase (decrease) due to (a) |
|
2014 vs 2013
Increase (decrease) due to (a) |
||||||||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
Volume
|
|
Yield/rate
|
|
Total
|
|
Volume
|
|
Yield/rate
|
|
Total
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
Investment securities
|
|
20
|
|
|
(11
|
)
|
|
9
|
|
|
11
|
|
|
36
|
|
|
47
|
|
||||||
Loans held-for-sale, net
|
|
39
|
|
|
—
|
|
|
39
|
|
|
(29
|
)
|
|
10
|
|
|
(19
|
)
|
||||||
Finance receivables and loans, net
|
|
184
|
|
|
(71
|
)
|
|
113
|
|
|
122
|
|
|
(194
|
)
|
|
(72
|
)
|
||||||
Investment in operating leases, net
|
|
(51
|
)
|
|
(125
|
)
|
|
(176
|
)
|
|
199
|
|
|
(88
|
)
|
|
111
|
|
||||||
Total interest-earning assets
|
|
$
|
192
|
|
|
$
|
(207
|
)
|
|
$
|
(15
|
)
|
|
$
|
299
|
|
|
$
|
(234
|
)
|
|
$
|
65
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposit liabilities
|
|
$
|
72
|
|
|
$
|
(18
|
)
|
|
$
|
54
|
|
|
$
|
70
|
|
|
$
|
(60
|
)
|
|
$
|
10
|
|
Short-term borrowings
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
16
|
|
|
(27
|
)
|
|
(11
|
)
|
||||||
Long-term debt
|
|
(53
|
)
|
|
(352
|
)
|
|
(405
|
)
|
|
60
|
|
|
(595
|
)
|
|
(535
|
)
|
||||||
Total interest-bearing liabilities
|
|
$
|
19
|
|
|
$
|
(373
|
)
|
|
$
|
(354
|
)
|
|
$
|
146
|
|
|
$
|
(682
|
)
|
|
$
|
(536
|
)
|
Net financing revenue
|
|
$
|
173
|
|
|
$
|
166
|
|
|
$
|
339
|
|
|
$
|
153
|
|
|
$
|
448
|
|
|
$
|
601
|
|
(a)
|
Changes in interest not solely due to volume or yield/rate are allocated in proportion to the absolute dollar amount of change in volume and yield/rate.
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer automotive
|
$
|
64,292
|
|
|
$
|
56,570
|
|
|
$
|
56,417
|
|
|
$
|
53,715
|
|
|
$
|
63,459
|
|
Consumer mortgage
|
9,773
|
|
|
7,474
|
|
|
8,444
|
|
|
9,821
|
|
|
10,828
|
|
|||||
Total consumer
|
74,065
|
|
|
64,044
|
|
|
64,861
|
|
|
63,536
|
|
|
74,287
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive (a)
|
31,469
|
|
|
30,871
|
|
|
30,948
|
|
|
30,270
|
|
|
34,817
|
|
|||||
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,911
|
|
|||||
Other
|
2,640
|
|
|
1,882
|
|
|
1,664
|
|
|
2,697
|
|
|
1,241
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
3,426
|
|
|
3,151
|
|
|
2,855
|
|
|
2,552
|
|
|
2,485
|
|
|||||
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||
Total commercial loans
|
37,535
|
|
|
35,904
|
|
|
35,467
|
|
|
35,519
|
|
|
40,468
|
|
|||||
Total finance receivables and loans
|
$
|
111,600
|
|
|
$
|
99,948
|
|
|
$
|
100,328
|
|
|
$
|
99,055
|
|
|
$
|
114,755
|
|
Loans held-for-sale
|
$
|
105
|
|
|
$
|
2,003
|
|
|
$
|
35
|
|
|
$
|
2,576
|
|
|
$
|
8,557
|
|
(a)
|
Includes notes receivable from GM of $529 million at December 31, 2011.
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer automotive
|
$
|
475
|
|
|
$
|
386
|
|
|
$
|
329
|
|
|
$
|
260
|
|
|
$
|
228
|
|
Consumer mortgage
|
128
|
|
|
177
|
|
|
192
|
|
|
382
|
|
|
549
|
|
|||||
Total consumer (a)
|
603
|
|
|
563
|
|
|
521
|
|
|
642
|
|
|
777
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
25
|
|
|
32
|
|
|
116
|
|
|
146
|
|
|
223
|
|
|||||
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
44
|
|
|
46
|
|
|
74
|
|
|
33
|
|
|
37
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
8
|
|
|
4
|
|
|
14
|
|
|
37
|
|
|
67
|
|
|||||
Mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|||||
Total commercial (b)
|
77
|
|
|
82
|
|
|
204
|
|
|
216
|
|
|
339
|
|
|||||
Total nonperforming finance receivables and loans
|
680
|
|
|
645
|
|
|
725
|
|
|
858
|
|
|
1,116
|
|
|||||
Foreclosed properties
|
10
|
|
|
10
|
|
|
10
|
|
|
8
|
|
|
82
|
|
|||||
Repossessed assets (c)
|
122
|
|
|
90
|
|
|
101
|
|
|
62
|
|
|
56
|
|
|||||
Total nonperforming assets
|
$
|
812
|
|
|
$
|
745
|
|
|
$
|
836
|
|
|
$
|
928
|
|
|
$
|
1,254
|
|
Loans held-for-sale
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
25
|
|
|
$
|
2,820
|
|
(a)
|
Interest revenue that would have been accrued on total consumer finance receivables and loans at original contractual rates was $51 million during the year ended December 31, 2015. Interest income recorded for these loans was $19 million during the year ended December 31, 2015.
|
(b)
|
Interest revenue that would have been accrued on total commercial finance receivables and loans at original contractual rates was $8 million during the year ended December 31, 2015. Interest income recorded for these loans was $5 million during the year ended December 31, 2015.
|
(c)
|
Repossessed assets exclude $8 million, $7 million, $7 million, $3 million, and $3 million of repossessed operating lease assets at December 31, 2015, December 31, 2014, 2013, 2012, and 2011, respectively.
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Consumer automotive
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Consumer mortgage
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||
Total accruing finance receivables and loans past due 90 days or more (a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
4
|
|
Loans held-for-sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73
|
|
(a)
|
There were no commercial on-balance sheet accruing loans past due 90 days or more as of December 31, 2015, 2014, 2013, 2012, and 2011.
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Balance at January 1,
|
$
|
977
|
|
|
$
|
1,208
|
|
|
$
|
1,170
|
|
|
$
|
1,503
|
|
|
$
|
1,873
|
|
Charge-offs
|
(892
|
)
|
|
(776
|
)
|
|
(737
|
)
|
|
(776
|
)
|
|
(880
|
)
|
|||||
Recoveries
|
283
|
|
|
239
|
|
|
265
|
|
|
302
|
|
|
327
|
|
|||||
Net charge-offs
|
(609
|
)
|
|
(537
|
)
|
|
(472
|
)
|
|
(474
|
)
|
|
(553
|
)
|
|||||
Provision for loan losses
|
707
|
|
|
457
|
|
|
501
|
|
|
329
|
|
|
161
|
|
|||||
Other (a)
|
(21
|
)
|
|
(151
|
)
|
|
9
|
|
|
(188
|
)
|
|
22
|
|
|||||
Balance at December 31,
|
$
|
1,054
|
|
|
$
|
977
|
|
|
$
|
1,208
|
|
|
$
|
1,170
|
|
|
$
|
1,503
|
|
(a)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale. Also includes provision for loan losses relating to discontinued operations of $65 million and $58 million for the years ended December 31, 2012, and 2011, respectively.
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||
December 31, (
$ in millions
)
|
Amount
|
% of total
|
|
Amount
|
% of total
|
|
Amount
|
% of total
|
|
Amount
|
% of total
|
|
Amount
|
% of total
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer automotive
|
$
|
834
|
|
79.1
|
|
$
|
685
|
|
70.1
|
|
$
|
673
|
|
55.7
|
|
$
|
575
|
|
49.2
|
|
$
|
766
|
|
51.0
|
Consumer mortgage
|
114
|
|
10.8
|
|
152
|
|
15.6
|
|
389
|
|
32.2
|
|
452
|
|
38.6
|
|
516
|
|
34.3
|
|||||
Total consumer loans
|
948
|
|
89.9
|
|
837
|
|
85.7
|
|
1,062
|
|
87.9
|
|
1,027
|
|
87.8
|
|
1,282
|
|
85.3
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
29
|
|
2.8
|
|
65
|
|
6.7
|
|
67
|
|
5.6
|
|
55
|
|
4.7
|
|
110
|
|
7.3
|
|||||
Mortgage
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
0.7
|
|||||
Other
|
53
|
|
5.0
|
|
42
|
|
4.2
|
|
50
|
|
4.1
|
|
48
|
|
4.1
|
|
53
|
|
3.6
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
24
|
|
2.3
|
|
33
|
|
3.4
|
|
29
|
|
2.4
|
|
40
|
|
3.4
|
|
42
|
|
2.8
|
|||||
Mortgage
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
0.3
|
|||||
Total commercial loans
|
106
|
|
10.1
|
|
140
|
|
14.3
|
|
146
|
|
12.1
|
|
143
|
|
12.2
|
|
221
|
|
14.7
|
|||||
Total allowance for loan losses
|
$
|
1,054
|
|
100.0
|
|
$
|
977
|
|
100.0
|
|
$
|
1,208
|
|
100.0
|
|
$
|
1,170
|
|
100.0
|
|
$
|
1,503
|
|
100.0
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
Year
ended December 31,
($ in millions)
|
Average balance (a)
|
|
Average deposit rate
|
|
Average balance (a)
|
|
Average deposit rate
|
|
Average balance (a)
|
|
Average deposit rate
|
|||||||||
Domestic deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing deposits
|
$
|
85
|
|
|
—
|
%
|
|
$
|
69
|
|
|
—
|
%
|
|
$
|
536
|
|
|
—
|
%
|
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Savings and money market checking accounts
|
31,608
|
|
|
0.91
|
|
|
24,296
|
|
|
0.82
|
|
|
18,223
|
|
|
0.83
|
|
|||
Certificates of deposit
|
30,212
|
|
|
1.39
|
|
|
31,153
|
|
|
1.44
|
|
|
31,266
|
|
|
1.53
|
|
|||
Dealer deposits
|
266
|
|
|
3.73
|
|
|
389
|
|
|
3.79
|
|
|
674
|
|
|
3.74
|
|
|||
Total domestic deposit liabilities
|
$
|
62,171
|
|
|
1.15
|
%
|
|
$
|
55,907
|
|
|
1.19
|
%
|
|
$
|
50,699
|
|
|
1.29
|
%
|
(a)
|
Average balances are calculated using a combination of monthly and daily average methodologies.
|
December 31, 2015
($ in millions)
|
Three months or less
|
|
Over three months through six months
|
|
Over six months through twelve months
|
|
Over twelve months
|
|
Total
|
||||||||||
Certificates of deposit ($100,000 or more)
|
$
|
1,922
|
|
|
$
|
1,849
|
|
|
$
|
3,164
|
|
|
$
|
4,618
|
|
|
$
|
11,553
|
|
/
S
/ J
EFFREY
J. B
ROWN
|
|
/
S
/ C
HRISTOPHER
A. H
ALMY
|
Jeffrey J. Brown
|
|
Christopher A. Halmy
|
Chief Executive Officer
|
|
Chief Financial Officer
|
February 24, 2016
|
|
February 24, 2016
|
/
S
/ D
ELOITTE
& T
OUCHE
LLP
|
|
Deloitte & Touche LLP
|
|
|
|
Detroit, Michigan
|
|
February 24, 2016
|
|
/
S
/ D
ELOITTE
& T
OUCHE
LLP
|
|
Deloitte & Touche LLP
|
|
|
|
Detroit, Michigan
|
|
February 24, 2016
|
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Financing revenue and other interest income
|
|
|
|
|
|
|
||||||
Interest and fees on finance receivables and loans
|
|
$
|
4,570
|
|
|
$
|
4,457
|
|
|
$
|
4,529
|
|
Interest on loans held-for-sale
|
|
40
|
|
|
1
|
|
|
20
|
|
|||
Interest and dividends on available-for-sale investment securities
|
|
381
|
|
|
367
|
|
|
325
|
|
|||
Interest on cash and cash equivalents
|
|
8
|
|
|
8
|
|
|
10
|
|
|||
Operating leases
|
|
3,398
|
|
|
3,558
|
|
|
3,209
|
|
|||
Total financing revenue and other interest income
|
|
8,397
|
|
|
8,391
|
|
|
8,093
|
|
|||
Interest expense
|
|
|
|
|
|
|
||||||
Interest on deposits
|
|
718
|
|
|
664
|
|
|
654
|
|
|||
Interest on short-term borrowings
|
|
49
|
|
|
52
|
|
|
63
|
|
|||
Interest on long-term debt
|
|
1,662
|
|
|
2,067
|
|
|
2,602
|
|
|||
Total interest expense
|
|
2,429
|
|
|
2,783
|
|
|
3,319
|
|
|||
Net depreciation expense on operating lease assets
|
|
2,249
|
|
|
2,233
|
|
|
1,995
|
|
|||
Net financing revenue
|
|
3,719
|
|
|
3,375
|
|
|
2,779
|
|
|||
Other revenue
|
|
|
|
|
|
|
||||||
Servicing fees
|
|
45
|
|
|
31
|
|
|
126
|
|
|||
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(213
|
)
|
|||
Total servicing income (loss), net
|
|
45
|
|
|
31
|
|
|
(87
|
)
|
|||
Insurance premiums and service revenue earned
|
|
940
|
|
|
979
|
|
|
1,012
|
|
|||
Gain on mortgage and automotive loans, net
|
|
45
|
|
|
7
|
|
|
55
|
|
|||
Loss on extinguishment of debt
|
|
(357
|
)
|
|
(202
|
)
|
|
(59
|
)
|
|||
Other gain on investments, net
|
|
155
|
|
|
181
|
|
|
180
|
|
|||
Other income, net of losses
|
|
314
|
|
|
280
|
|
|
383
|
|
|||
Total other revenue
|
|
1,142
|
|
|
1,276
|
|
|
1,484
|
|
|||
Total net revenue
|
|
4,861
|
|
|
4,651
|
|
|
4,263
|
|
|||
Provision for loan losses
|
|
707
|
|
|
457
|
|
|
501
|
|
|||
Noninterest expense
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
963
|
|
|
947
|
|
|
1,019
|
|
|||
Insurance losses and loss adjustment expenses
|
|
293
|
|
|
410
|
|
|
405
|
|
|||
Other operating expenses
|
|
1,505
|
|
|
1,591
|
|
|
1,981
|
|
|||
Total noninterest expense
|
|
2,761
|
|
|
2,948
|
|
|
3,405
|
|
|||
Income from continuing operations before income tax expense
|
|
1,393
|
|
|
1,246
|
|
|
357
|
|
|||
Income tax expense (benefit) from continuing operations
|
|
496
|
|
|
321
|
|
|
(59
|
)
|
|||
Net income from continuing operations
|
|
897
|
|
|
925
|
|
|
416
|
|
|||
Income (loss) from discontinued operations, net of tax
|
|
392
|
|
|
225
|
|
|
(55
|
)
|
|||
Net income
|
|
$
|
1,289
|
|
|
$
|
1,150
|
|
|
$
|
361
|
|
Year ended December 31, (
in dollars
)
(a)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Basic earnings per common share
|
|
|
|
|
|
|
||||||
Net (loss) income from continuing operations
|
|
$
|
(3.47
|
)
|
|
$
|
1.36
|
|
|
$
|
(1.51
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
0.81
|
|
|
0.47
|
|
|
(0.13
|
)
|
|||
Net (loss) income
|
|
$
|
(2.66
|
)
|
|
$
|
1.83
|
|
|
$
|
(1.64
|
)
|
Diluted earnings per common share
|
|
|
|
|
|
|
||||||
Net (loss) income from continuing operations
|
|
$
|
(3.47
|
)
|
|
$
|
1.36
|
|
|
$
|
(1.51
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
0.81
|
|
|
0.47
|
|
|
(0.13
|
)
|
|||
Net (loss) income
|
|
$
|
(2.66
|
)
|
|
$
|
1.83
|
|
|
$
|
(1.64
|
)
|
(a)
|
Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
|
Year ended December 31
, ($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
$
|
1,289
|
|
|
$
|
1,150
|
|
|
$
|
361
|
|
Other comprehensive (loss) income, net of tax
|
|
|
|
|
|
||||||
Unrealized (losses) gains on investment securities
|
|
|
|
|
|
||||||
Net unrealized (losses) gains arising during the period
|
(39
|
)
|
|
415
|
|
|
(159
|
)
|
|||
Less: Net realized gains reclassified to net income
|
99
|
|
|
167
|
|
|
186
|
|
|||
Net change
|
(138
|
)
|
|
248
|
|
|
(345
|
)
|
|||
Translation adjustments
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(26
|
)
|
|
(17
|
)
|
|
(80
|
)
|
|||
Less: Net realized gains reclassified to net income
|
22
|
|
|
20
|
|
|
429
|
|
|||
Net change
|
(48
|
)
|
|
(37
|
)
|
|
(509
|
)
|
|||
Net investment hedges
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
18
|
|
|
8
|
|
|
37
|
|
|||
Less: Net realized losses reclassified to net income
|
(3
|
)
|
|
—
|
|
|
(169
|
)
|
|||
Net change
|
21
|
|
|
8
|
|
|
206
|
|
|||
Translation adjustments and net investment hedges, net change
|
(27
|
)
|
|
(29
|
)
|
|
(303
|
)
|
|||
Cash flow hedges
|
|
|
|
|
|
||||||
Net unrealized gains (losses) arising during the period
|
1
|
|
|
2
|
|
|
(1
|
)
|
|||
Less: Net realized losses reclassified to net income
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Net change
|
1
|
|
|
2
|
|
|
3
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
||||||
Net unrealized (losses) gains arising during the period
|
—
|
|
|
(15
|
)
|
|
18
|
|
|||
Less: Net realized gains (losses) reclassified to net income
|
1
|
|
|
(4
|
)
|
|
(40
|
)
|
|||
Net change
|
(1
|
)
|
|
(11
|
)
|
|
58
|
|
|||
Other comprehensive (loss) income, net of tax
|
(165
|
)
|
|
210
|
|
|
(587
|
)
|
|||
Comprehensive income (loss)
|
$
|
1,124
|
|
|
$
|
1,360
|
|
|
$
|
(226
|
)
|
December 31,
($ in millions)
|
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
|
||||
Finance receivables and loans, net
|
|
|
|
|
||||
Finance receivables and loans, net of unearned income
|
|
$
|
27,929
|
|
|
$
|
30,081
|
|
Allowance for loan losses
|
|
(196
|
)
|
|
(179
|
)
|
||
Total finance receivables and loans, net
|
|
27,733
|
|
|
29,902
|
|
||
Investment in operating leases, net
|
|
4,791
|
|
|
5,595
|
|
||
Other assets
|
|
1,624
|
|
|
1,964
|
|
||
Total assets
|
|
$
|
34,148
|
|
|
$
|
37,461
|
|
Liabilities
|
|
|
|
|
|
|
||
Long-term debt
|
|
20,267
|
|
|
24,297
|
|
||
Accrued expenses and other liabilities
|
|
22
|
|
|
173
|
|
||
Total liabilities
|
|
$
|
20,289
|
|
|
$
|
24,470
|
|
($ in millions)
|
Common stock and paid-in capital
|
|
Mandatorily convertible preferred stock held by U.S. Department of Treasury
|
|
Preferred stock
|
|
Accumulated deficit
|
|
Accumulated other comprehensive income (loss)
|
|
Treasury stock
|
|
Total equity
|
||||||||||||||
Balance at January 1, 2013
|
$
|
19,668
|
|
|
$
|
5,685
|
|
|
$
|
1,255
|
|
|
$
|
(7,021
|
)
|
|
$
|
311
|
|
|
$
|
—
|
|
|
$
|
19,898
|
|
Net income
|
|
|
|
|
|
|
361
|
|
|
|
|
|
|
361
|
|
||||||||||||
Preferred stock dividends — U.S. Department of Treasury (a)
|
|
|
|
|
|
|
(543
|
)
|
|
|
|
|
|
(543
|
)
|
||||||||||||
Preferred stock dividends
|
|
|
|
|
|
|
(267
|
)
|
|
|
|
|
|
(267
|
)
|
||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
(587
|
)
|
|
|
|
(587
|
)
|
||||||||||
Increase in paid-in capital
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|||||||
Issuance of common stock
|
1,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,270
|
|
|||||||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right
|
|
|
|
(5,685
|
)
|
|
|
|
|
(240
|
)
|
|
|
|
|
|
|
|
(5,925
|
)
|
|||||||
Balance at December 31, 2013
|
$
|
20,939
|
|
|
$
|
—
|
|
|
$
|
1,255
|
|
|
$
|
(7,710
|
)
|
|
$
|
(276
|
)
|
|
$
|
—
|
|
|
$
|
14,208
|
|
Net income
|
|
|
|
|
|
|
1,150
|
|
|
|
|
|
|
1,150
|
|
||||||||||||
Preferred stock dividends
|
|
|
|
|
|
|
(268
|
)
|
|
|
|
|
|
(268
|
)
|
||||||||||||
Share-based compensation
|
99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99
|
|
||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
210
|
|
|
|
|
|
210
|
|
|||||||||||
Balance at December 31, 2014
|
$
|
21,038
|
|
|
$
|
—
|
|
|
$
|
1,255
|
|
|
$
|
(6,828
|
)
|
|
$
|
(66
|
)
|
|
$
|
—
|
|
|
$
|
15,399
|
|
Net income
|
|
|
|
|
|
|
1,289
|
|
|
|
|
|
|
1,289
|
|
||||||||||||
Preferred stock dividends
|
|
|
|
|
|
|
(2,571
|
)
|
(b)
|
|
|
|
|
(2,571
|
)
|
||||||||||||
Series A preferred stock repurchase
|
|
|
|
|
|
|
(325
|
)
|
|
|
|
|
|
|
|
(325
|
)
|
||||||||||
Series G preferred stock redemption
|
|
|
|
|
|
|
(234
|
)
|
|
|
|
|
|
|
|
(234
|
)
|
||||||||||
Share-based compensation
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
(165
|
)
|
|
|
|
(165
|
)
|
|||||||||
Share repurchases related to employee stock-based compensation awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16
|
)
|
|
(16
|
)
|
|||||||||
Balance at December 31, 2015
|
$
|
21,100
|
|
|
$
|
—
|
|
|
$
|
696
|
|
|
$
|
(8,110
|
)
|
|
$
|
(231
|
)
|
|
$
|
(16
|
)
|
|
$
|
13,439
|
|
(a)
|
Includes
$8 million
of preferred stock dividends paid to the U.S. Department of Treasury related to the period from November 15, 2013, through November 20, 2013.
|
(b)
|
Preferred stock dividends include
$2,364 million
recognized in connection with the redemption of the Series G Preferred Stock and the repurchase of the Series A Preferred Stock. These dividends represent an additional return to preferred shareholders calculated as the excess consideration paid over the carrying amount derecognized. Refer to
Note 18
for additional preferred stock information.
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,289
|
|
|
$
|
1,150
|
|
|
$
|
361
|
|
Reconciliation of net income to net cash provided by operating activities
|
|
|
|
|
|
|
||||||
Depreciation, amortization and accretion, net
|
|
2,801
|
|
|
2,936
|
|
|
2,864
|
|
|||
Changes in fair value of mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
101
|
|
|||
Provision for loan losses
|
|
707
|
|
|
457
|
|
|
570
|
|
|||
Gain on sale of loans, net
|
|
(45
|
)
|
|
(7
|
)
|
|
(55
|
)
|
|||
Net gain on investment securities
|
|
(155
|
)
|
|
(181
|
)
|
|
(182
|
)
|
|||
Loss on extinguishment of debt
|
|
357
|
|
|
202
|
|
|
59
|
|
|||
Originations and purchases of loans originated as held-for-sale
|
|
(1,770
|
)
|
|
—
|
|
|
(6,235
|
)
|
|||
Proceeds from sales and repayments of loans held-for-sale
|
|
1,658
|
|
|
62
|
|
|
8,696
|
|
|||
Impairment and settlement related to Residential Capital, LLC
|
|
—
|
|
|
(150
|
)
|
|
(600
|
)
|
|||
(Gain) loss on sale of subsidiaries and joint ventures, net
|
|
(452
|
)
|
|
7
|
|
|
(666
|
)
|
|||
Net change in
|
|
|
|
|
|
|
||||||
Deferred income taxes
|
|
565
|
|
|
117
|
|
|
(671
|
)
|
|||
Interest payable
|
|
(127
|
)
|
|
(411
|
)
|
|
(39
|
)
|
|||
Other assets
|
|
526
|
|
|
(132
|
)
|
|
2,592
|
|
|||
Other liabilities
|
|
(247
|
)
|
|
(400
|
)
|
|
(3,860
|
)
|
|||
Other, net
|
|
(12
|
)
|
|
(247
|
)
|
|
(434
|
)
|
|||
Net cash provided by operating activities
|
|
5,095
|
|
|
3,403
|
|
|
2,501
|
|
|||
Investing activities
|
|
|
|
|
|
|
||||||
Purchases of available-for-sale securities
|
|
(12,250
|
)
|
|
(5,417
|
)
|
|
(12,304
|
)
|
|||
Proceeds from sales of available-for-sale securities
|
|
6,874
|
|
|
4,260
|
|
|
3,627
|
|
|||
Proceeds from maturities and repayment of available-for-sale securities
|
|
4,255
|
|
|
2,657
|
|
|
5,509
|
|
|||
Net increase in finance receivables and loans
|
|
(13,845
|
)
|
|
(5,024
|
)
|
|
(2,479
|
)
|
|||
Proceeds from sales of finance receivables and loans originated as held-for-investment
|
|
3,197
|
|
|
2,592
|
|
|
—
|
|
|||
Purchases of operating lease assets
|
|
(4,685
|
)
|
|
(9,884
|
)
|
|
(9,196
|
)
|
|||
Disposals of operating lease assets
|
|
5,546
|
|
|
5,860
|
|
|
2,964
|
|
|||
Sale of mortgage servicing rights
|
|
—
|
|
|
—
|
|
|
911
|
|
|||
Proceeds from sale of business units, net (a)
|
|
1,049
|
|
|
47
|
|
|
7,444
|
|
|||
Net change in restricted cash
|
|
264
|
|
|
1,625
|
|
|
(70
|
)
|
|||
Other, net
|
|
(152
|
)
|
|
72
|
|
|
51
|
|
|||
Net cash used in investing activities
|
|
(9,747
|
)
|
|
(3,212
|
)
|
|
(3,543
|
)
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Financing activities
|
|
|
|
|
|
|
||||||
Net change in short-term borrowings
|
|
1,028
|
|
|
(1,494
|
)
|
|
1,591
|
|
|||
Net increase in deposits
|
|
8,247
|
|
|
4,851
|
|
|
5,357
|
|
|||
Proceeds from issuance of long-term debt
|
|
30,665
|
|
|
27,192
|
|
|
27,330
|
|
|||
Repayments of long-term debt
|
|
(31,350
|
)
|
|
(30,426
|
)
|
|
(31,892
|
)
|
|||
Proceeds from issuance of common stock
|
|
—
|
|
|
—
|
|
|
1,270
|
|
|||
Repurchase and redemption of preferred stock
|
|
(559
|
)
|
|
—
|
|
|
—
|
|
|||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right
|
|
—
|
|
|
—
|
|
|
(5,925
|
)
|
|||
Dividends paid
|
|
(2,571
|
)
|
|
(268
|
)
|
|
(810
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
5,460
|
|
|
(145
|
)
|
|
(3,079
|
)
|
|||
Effect of exchange-rate changes on cash and cash equivalents
|
|
(4
|
)
|
|
(1
|
)
|
|
45
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
804
|
|
|
45
|
|
|
(4,076
|
)
|
|||
Adjustment for change in cash and cash equivalents of operations held-for-sale (a) (b)
|
|
—
|
|
|
—
|
|
|
2,094
|
|
|||
Cash and cash equivalents at beginning of year
|
|
5,576
|
|
|
5,531
|
|
|
7,513
|
|
|||
Cash and cash equivalents at end of year
|
|
$
|
6,380
|
|
|
$
|
5,576
|
|
|
$
|
5,531
|
|
Supplemental disclosures
|
|
|
|
|
|
|
||||||
Cash paid for
|
|
|
|
|
|
|
||||||
Interest
|
|
$
|
2,632
|
|
|
$
|
3,090
|
|
|
$
|
3,827
|
|
Income taxes
|
|
96
|
|
|
8
|
|
|
75
|
|
|||
Noncash items
|
|
|
|
|
|
|
||||||
Finance receivables and loans transferred to loans held-for-sale
|
|
1,311
|
|
|
4,631
|
|
|
18
|
|
|||
Other disclosures
|
|
|
|
|
|
|
||||||
Proceeds from sales and repayments of mortgage loans held-for-investment originally designated as held-for-sale
|
|
68
|
|
|
38
|
|
|
51
|
|
(a)
|
The amounts are net of cash and cash equivalents of
$1.6 billion
at December 31, 2013, of business units at the time of disposition.
|
(b)
|
Cash flows of discontinued operations are reflected within operating, investing, and financing activities in the Consolidated Statement of Cash Flows. The cash balance of these operations is reported as assets of operations held-for-sale on the Consolidated Balance Sheet.
|
•
|
Consumer automotive
— Consists of retail automotive financing for new and used vehicles.
|
•
|
Consumer mortgage
— Consists of first mortgage, subordinate-lien mortgages and home equity loans.
|
•
|
Commercial
— Consists of the following classes of finance receivables.
|
•
|
Commercial and Industrial
|
•
|
Automotive
— Consists of financing operations to fund dealer purchases of new and used vehicles through wholesale or floorplan financing. Additional commercial offerings include automotive dealer term loans, revolving lines of credit, and dealer fleet financing.
|
•
|
Other
— Consists of senior secured leveraged cash flow and asset based loans.
|
•
|
Commercial Real Estate
—
Automotive
— Consists of term loans to finance dealership land and buildings.
|
Year ended December 31,
($ in millions)
|
|
2015
|
|
2014
|
|
2013
|
|
||||||
Select Mortgage operations
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Pretax loss including direct costs to transact a sale (a) (b)
|
|
(7
|
)
|
|
(4
|
)
|
|
(1,741
|
)
|
|
|||
Tax benefit (c)
|
|
(3
|
)
|
|
(87
|
)
|
|
(592
|
)
|
|
|||
Select Insurance operations
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
190
|
|
|
Pretax income including direct costs to transact a sale (a)
|
|
3
|
|
|
6
|
|
|
319
|
|
(d)
|
|||
Tax expense (benefit) (c)
|
|
1
|
|
|
6
|
|
|
(14
|
)
|
|
|||
Select Automotive Finance operations
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
|
$
|
—
|
|
|
$
|
123
|
|
|
$
|
572
|
|
|
Pretax income including direct costs to transact a sale (a)
|
|
452
|
|
|
129
|
|
|
660
|
|
(e)
|
|||
Tax expense (benefit) (c)
|
|
80
|
|
|
7
|
|
|
(101
|
)
|
|
|||
Select Corporate and Other operations
|
|
|
|
|
|
|
|
||||||
Total net revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Pretax income
|
|
20
|
|
|
23
|
|
|
—
|
|
|
|||
Tax (benefit) expense
|
|
(2
|
)
|
|
3
|
|
|
—
|
|
|
(a)
|
Includes certain treasury and other corporate activity recognized by Corporate and Other.
|
(b)
|
Includes amounts related to our former ResCap subsidiary.
|
(c)
|
Includes certain income tax activity recognized by Corporate and Other.
|
(d)
|
Includes recognized pretax gain of
$274 million
in connection with the sale of our Mexican insurance business, ABA Seguros.
|
(e)
|
Includes recognized pretax loss of
$488 million
in connection with the sale of our European and Latin American automotive finance operations and pretax gain of
$888 million
in connection with the sale of our Canadian automotive finance operations, Ally Credit Canada Limited and ResMor Trust.
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
Year ended December 31,
($ in millions)
|
Written
|
|
Earned
|
|
Written
|
|
Earned
|
|
Written
|
|
Earned
|
||||||||||||
Insurance premiums
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct
|
$
|
313
|
|
|
$
|
296
|
|
|
$
|
294
|
|
|
$
|
282
|
|
|
$
|
270
|
|
|
$
|
305
|
|
Assumed
|
2
|
|
|
16
|
|
|
43
|
|
|
54
|
|
|
61
|
|
|
58
|
|
||||||
Gross insurance premiums
|
315
|
|
|
312
|
|
|
337
|
|
|
336
|
|
|
331
|
|
|
363
|
|
||||||
Ceded
|
(184
|
)
|
|
(125
|
)
|
|
(156
|
)
|
|
(117
|
)
|
|
(172
|
)
|
|
(120
|
)
|
||||||
Net insurance premiums
|
131
|
|
|
187
|
|
|
181
|
|
|
219
|
|
|
159
|
|
|
243
|
|
||||||
Service revenue
|
846
|
|
|
753
|
|
|
842
|
|
|
760
|
|
|
838
|
|
|
769
|
|
||||||
Insurance premiums and service revenue written and earned
|
$
|
977
|
|
|
$
|
940
|
|
|
$
|
1,023
|
|
|
$
|
979
|
|
|
$
|
997
|
|
|
$
|
1,012
|
|
Year ended December 31,
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Remarketing fees
|
$
|
101
|
|
|
$
|
112
|
|
|
$
|
82
|
|
Late charges and other administrative fees
|
90
|
|
|
88
|
|
|
94
|
|
|||
Income from equity-method investments
|
52
|
|
|
18
|
|
|
15
|
|
|||
Mortgage processing fees and other mortgage income
|
—
|
|
|
—
|
|
|
81
|
|
|||
Fair value adjustment on derivatives (a)
|
(8
|
)
|
|
(31
|
)
|
|
24
|
|
|||
Other, net
|
79
|
|
|
93
|
|
|
87
|
|
|||
Total other income, net of losses
|
$
|
314
|
|
|
$
|
280
|
|
|
$
|
383
|
|
(a)
|
Refer to
Note 22
for a description of derivative instruments and hedging activities.
|
Year ended December 31,
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Insurance commissions
|
$
|
378
|
|
|
$
|
374
|
|
|
$
|
370
|
|
Technology and communications
|
267
|
|
|
334
|
|
|
346
|
|
|||
Lease and loan administration
|
126
|
|
|
122
|
|
|
173
|
|
|||
Advertising and marketing
|
107
|
|
|
111
|
|
|
136
|
|
|||
Professional services
|
93
|
|
|
100
|
|
|
176
|
|
|||
Premises and equipment depreciation
|
82
|
|
|
81
|
|
|
81
|
|
|||
Regulatory and licensing fees
|
79
|
|
|
87
|
|
|
116
|
|
|||
Vehicle remarketing and repossession
|
78
|
|
|
83
|
|
|
60
|
|
|||
Occupancy
|
50
|
|
|
47
|
|
|
44
|
|
|||
Provision for legal and regulatory settlements (a)
|
45
|
|
|
4
|
|
|
105
|
|
|||
Non-income taxes
|
29
|
|
|
40
|
|
|
35
|
|
|||
Mortgage representation and warranty obligation, net
|
(13
|
)
|
|
(10
|
)
|
|
104
|
|
|||
Other
|
184
|
|
|
218
|
|
|
235
|
|
|||
Total other operating expenses
|
$
|
1,505
|
|
|
$
|
1,591
|
|
|
$
|
1,981
|
|
(a)
|
Results for the year ended December 31, 2013, include a
$98 million
settlement charge related to Consent Orders issued by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) pertaining to the allegation of disparate impact in the automotive finance business. Refer to
Note 30
for additional details.
|
|
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
|
Amortized cost
|
|
Gross unrealized
|
|
Fair
value |
||||||||||||||||||||
December 31,
($ in millions)
|
|
gains
|
|
losses
|
|
gains
|
|
losses
|
|
|||||||||||||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury and federal agencies
|
|
$
|
1,760
|
|
|
$
|
—
|
|
|
$
|
(19
|
)
|
|
$
|
1,741
|
|
|
$
|
1,195
|
|
|
$
|
1
|
|
|
$
|
(18
|
)
|
|
$
|
1,178
|
|
U.S. States and political subdivisions
|
|
693
|
|
|
24
|
|
|
(1
|
)
|
|
716
|
|
|
389
|
|
|
17
|
|
|
—
|
|
|
406
|
|
||||||||
Foreign government
|
|
169
|
|
|
8
|
|
|
—
|
|
|
177
|
|
|
224
|
|
|
8
|
|
|
—
|
|
|
232
|
|
||||||||
Mortgage-backed residential (a)
|
|
10,459
|
|
|
52
|
|
|
(145
|
)
|
|
10,366
|
|
|
10,431
|
|
|
119
|
|
|
(125
|
)
|
|
10,425
|
|
||||||||
Mortgage-backed commercial
|
|
486
|
|
|
—
|
|
|
(5
|
)
|
|
481
|
|
|
254
|
|
|
—
|
|
|
(1
|
)
|
|
253
|
|
||||||||
Asset-backed
|
|
1,762
|
|
|
1
|
|
|
(8
|
)
|
|
1,755
|
|
|
1,989
|
|
|
5
|
|
|
(3
|
)
|
|
1,991
|
|
||||||||
Corporate debt
|
|
1,213
|
|
|
8
|
|
|
(17
|
)
|
|
1,204
|
|
|
734
|
|
|
14
|
|
|
(2
|
)
|
|
746
|
|
||||||||
Total debt securities (b) (c)
|
|
16,542
|
|
|
93
|
|
|
(195
|
)
|
|
16,440
|
|
|
15,216
|
|
|
164
|
|
|
(149
|
)
|
|
15,231
|
|
||||||||
Equity securities
|
|
808
|
|
|
3
|
|
|
(94
|
)
|
|
717
|
|
|
891
|
|
|
49
|
|
|
(34
|
)
|
|
906
|
|
||||||||
Total available-for-sale securities
|
|
$
|
17,350
|
|
|
$
|
96
|
|
|
$
|
(289
|
)
|
|
$
|
17,157
|
|
|
$
|
16,107
|
|
|
$
|
213
|
|
|
$
|
(183
|
)
|
|
$
|
16,137
|
|
(a)
|
Residential mortgage-backed securities include agency-backed bonds totaling
$7,544 million
and
$7,557 million
at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(b)
|
Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled
$14 million
and
$15 million
at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(c)
|
Investment securities with a fair value of
$2,506 million
and
$801 million
at
December 31, 2015
, and
December 31, 2014
, were pledged to secure advances from the FHLB, short-term borrowings or repurchase agreements and for other purposes as required by contractual obligation or law. Under these agreements, Ally has granted the counterparty the right to sell or pledge
$745 million
of the underlying investment securities.
|
|
|
Total
|
|
Due in one year or less
|
|
Due after one year through five years
|
|
Due after five years through ten years
|
|
Due after ten years
|
|||||||||||||||||||||||||
($ in millions)
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fair value of available-for-sale debt securities (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Treasury and federal agencies
|
|
$
|
1,741
|
|
|
1.8
|
%
|
|
$
|
6
|
|
|
5.1
|
%
|
|
$
|
510
|
|
|
1.2
|
%
|
|
$
|
1,225
|
|
|
2.1
|
%
|
|
$
|
—
|
|
|
—
|
%
|
U.S. States and political subdivisions
|
|
716
|
|
|
3.2
|
|
|
86
|
|
|
1.3
|
|
|
37
|
|
|
2.2
|
|
|
141
|
|
|
2.8
|
|
|
452
|
|
|
3.7
|
|
|||||
Foreign government
|
|
177
|
|
|
2.6
|
|
|
9
|
|
|
1.9
|
|
|
77
|
|
|
2.8
|
|
|
91
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage-backed residential
|
|
10,366
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
2.1
|
|
|
36
|
|
|
2.5
|
|
|
10,297
|
|
|
2.9
|
|
|||||
Mortgage-backed commercial
|
|
481
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2.7
|
|
|
478
|
|
|
2.0
|
|
|||||
Asset-backed
|
|
1,755
|
|
|
2.3
|
|
|
6
|
|
|
1.4
|
|
|
1,027
|
|
|
2.1
|
|
|
518
|
|
|
2.6
|
|
|
204
|
|
|
2.2
|
|
|||||
Corporate debt
|
|
1,204
|
|
|
2.9
|
|
|
50
|
|
|
3.0
|
|
|
713
|
|
|
2.5
|
|
|
410
|
|
|
3.4
|
|
|
31
|
|
|
5.4
|
|
|||||
Total available-for-sale debt securities
|
|
$
|
16,440
|
|
|
2.7
|
|
|
$
|
157
|
|
|
2.0
|
|
|
$
|
2,397
|
|
|
2.1
|
|
|
$
|
2,424
|
|
|
2.5
|
|
|
$
|
11,462
|
|
|
2.9
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
16,542
|
|
|
|
|
$
|
156
|
|
|
|
|
$
|
2,404
|
|
|
|
|
$
|
2,436
|
|
|
|
|
$
|
11,546
|
|
|
|
|||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fair value of available-for-sale debt securities (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Treasury and federal agencies
|
|
$
|
1,178
|
|
|
1.5
|
%
|
|
$
|
7
|
|
|
3.0
|
%
|
|
$
|
677
|
|
|
1.2
|
%
|
|
$
|
494
|
|
|
1.9
|
%
|
|
$
|
—
|
|
|
—
|
%
|
U.S. States and political subdivisions
|
|
406
|
|
|
3.7
|
|
|
34
|
|
|
1.9
|
|
|
12
|
|
|
2.1
|
|
|
106
|
|
|
3.0
|
|
|
254
|
|
|
4.3
|
|
|||||
Foreign government
|
|
232
|
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
2.5
|
|
|
104
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage-backed residential
|
|
10,425
|
|
|
2.6
|
|
|
34
|
|
|
3.1
|
|
|
58
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
10,333
|
|
|
2.6
|
|
|||||
Mortgage-backed commercial
|
|
253
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|
1.4
|
|
|||||
Asset-backed
|
|
1,991
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
1,311
|
|
|
1.9
|
|
|
463
|
|
|
2.0
|
|
|
217
|
|
|
2.2
|
|
|||||
Corporate debt
|
|
746
|
|
|
3.2
|
|
|
33
|
|
|
3.1
|
|
|
460
|
|
|
2.7
|
|
|
216
|
|
|
3.8
|
|
|
37
|
|
|
5.6
|
|
|||||
Total available-for-sale debt securities
|
|
$
|
15,231
|
|
|
2.5
|
|
|
$
|
108
|
|
|
2.7
|
|
|
$
|
2,676
|
|
|
1.9
|
|
|
$
|
1,383
|
|
|
2.4
|
|
|
$
|
11,064
|
|
|
2.6
|
|
Amortized cost of available-for-sale debt securities
|
|
$
|
15,216
|
|
|
|
|
$
|
108
|
|
|
|
|
$
|
2,674
|
|
|
|
|
$
|
1,374
|
|
|
|
|
$
|
11,060
|
|
|
|
(a)
|
Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value. The effective yield considers the contractual coupon and amortized cost, and excludes expected capital gains and losses.
|
Year ended December 31,
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Taxable interest
|
$
|
340
|
|
|
$
|
336
|
|
|
$
|
297
|
|
Taxable dividends
|
23
|
|
|
20
|
|
|
25
|
|
|||
Interest and dividends exempt from U.S. federal income tax
|
18
|
|
|
11
|
|
|
3
|
|
|||
Interest and dividends on available-for-sale securities
|
$
|
381
|
|
|
$
|
367
|
|
|
$
|
325
|
|
Year ended December 31,
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Gross realized gains
|
$
|
184
|
|
|
$
|
209
|
|
|
$
|
221
|
|
Gross realized losses (a)
|
(15
|
)
|
|
(14
|
)
|
|
(21
|
)
|
|||
Other-than-temporary impairment
|
(14
|
)
|
|
(14
|
)
|
|
(20
|
)
|
|||
Other gain on investments, net
|
$
|
155
|
|
|
$
|
181
|
|
|
$
|
180
|
|
(a)
|
Certain available-for-sale securities were sold at a loss in
2015
,
2014
, and
2013
as a result of market conditions within these respective periods (e.g., a downgrade in the rating of a debt security), in accordance with our risk management policies and practices.
|
|
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or longer
|
|
Less than 12 months
|
|
12 months or longer
|
||||||||||||||||||||||||
December 31,
($ in millions)
|
|
Fair value
|
|
Unrealized loss
|
|
Fair value
|
|
Unrealized loss
|
|
Fair value
|
|
Unrealized loss
|
|
Fair value
|
|
Unrealized loss
|
||||||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury and federal agencies
|
|
$
|
1,553
|
|
|
$
|
(17
|
)
|
|
$
|
173
|
|
|
$
|
(2
|
)
|
|
$
|
297
|
|
|
$
|
(3
|
)
|
|
$
|
859
|
|
|
$
|
(15
|
)
|
U.S. States and political subdivisions
|
|
179
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign government
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed
|
|
4,096
|
|
|
(43
|
)
|
|
2,453
|
|
|
(107
|
)
|
|
1,172
|
|
|
(10
|
)
|
|
3,098
|
|
|
(116
|
)
|
||||||||
Asset-backed
|
|
1,402
|
|
|
(8
|
)
|
|
64
|
|
|
—
|
|
|
819
|
|
|
(3
|
)
|
|
8
|
|
|
—
|
|
||||||||
Corporate debt
|
|
745
|
|
|
(16
|
)
|
|
12
|
|
|
(1
|
)
|
|
132
|
|
|
(2
|
)
|
|
11
|
|
|
—
|
|
||||||||
Total temporarily impaired debt securities
|
|
7,977
|
|
|
(85
|
)
|
|
2,702
|
|
|
(110
|
)
|
|
2,470
|
|
|
(18
|
)
|
|
3,976
|
|
|
(131
|
)
|
||||||||
Temporarily impaired equity securities
|
|
534
|
|
|
(54
|
)
|
|
96
|
|
|
(40
|
)
|
|
231
|
|
|
(24
|
)
|
|
40
|
|
|
(10
|
)
|
||||||||
Total temporarily impaired available-for-sale securities
|
|
$
|
8,511
|
|
|
$
|
(139
|
)
|
|
$
|
2,798
|
|
|
$
|
(150
|
)
|
|
$
|
2,701
|
|
|
$
|
(42
|
)
|
|
$
|
4,016
|
|
|
$
|
(141
|
)
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Consumer automotive
|
|
$
|
—
|
|
|
$
|
1,515
|
|
Consumer mortgage
|
|
—
|
|
|
452
|
|
||
Commercial and industrial — Other
|
|
105
|
|
|
36
|
|
||
Total loans held-for-sale, net
|
|
$
|
105
|
|
|
$
|
2,003
|
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Consumer automotive (a)
|
|
$
|
64,292
|
|
|
$
|
56,570
|
|
Consumer mortgage (b) (c)
|
|
9,773
|
|
|
7,474
|
|
||
Commercial
|
|
|
|
|
||||
Commercial and industrial
|
|
|
|
|
||||
Automotive
|
|
31,469
|
|
|
30,871
|
|
||
Other
|
|
2,640
|
|
|
1,882
|
|
||
Commercial real estate — Automotive
|
|
3,426
|
|
|
3,151
|
|
||
Total commercial
|
|
37,535
|
|
|
35,904
|
|
||
Total finance receivables and loans (d)
|
|
$
|
111,600
|
|
|
$
|
99,948
|
|
(a)
|
Includes
$66 million
and
$35 million
of fair value adjustment for loans in hedge accounting relationships at
December 31, 2015
, and
December 31, 2014
, respectively. Refer to
Note 22
for additional information.
|
(b)
|
Includes loans originated as interest-only mortgage loans of
$985 million
and
$1.2 billion
at
December 31, 2015
, and
December 31, 2014
, respectively,
34%
of which are expected to start principal amortization in 2016,
21%
in 2017,
2%
in 2018,
2%
in 2019, and
3%
thereafter.
|
(c)
|
Includes consumer mortgages at a fair value of
$1 million
at
December 31, 2014
, as a result of fair value option election.
|
(d)
|
Totals include a net increase of
$110 million
at
December 31, 2015
, compared to a net reduction of
$266 million
at
December 31, 2014
, for unearned income, unamortized premiums and discounts, and deferred fees and costs.
|
(
$ in millions
)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Commercial
|
|
Total
|
||||||||
Allowance at January 1, 2015
|
|
$
|
685
|
|
|
$
|
152
|
|
|
$
|
140
|
|
|
$
|
977
|
|
Charge-offs
|
|
(840
|
)
|
|
(48
|
)
|
|
(4
|
)
|
|
(892
|
)
|
||||
Recoveries
|
|
262
|
|
|
17
|
|
|
4
|
|
|
283
|
|
||||
Net charge-offs
|
|
(578
|
)
|
|
(31
|
)
|
|
—
|
|
|
(609
|
)
|
||||
Provision for loan losses
|
|
739
|
|
|
1
|
|
|
(33
|
)
|
|
707
|
|
||||
Other (a)
|
|
(12
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(21
|
)
|
||||
Allowance at December 31, 2015
|
|
$
|
834
|
|
|
$
|
114
|
|
|
$
|
106
|
|
|
$
|
1,054
|
|
Allowance for loan losses at December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
|
$
|
22
|
|
|
$
|
44
|
|
|
$
|
20
|
|
|
$
|
86
|
|
Collectively evaluated for impairment
|
|
812
|
|
|
70
|
|
|
86
|
|
|
968
|
|
||||
Loans acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Finance receivables and loans at gross carrying value
|
|
|
|
|
|
|
|
|
||||||||
Ending balance
|
|
64,292
|
|
|
9,773
|
|
|
37,535
|
|
|
111,600
|
|
||||
Individually evaluated for impairment
|
|
315
|
|
|
266
|
|
|
77
|
|
|
658
|
|
||||
Collectively evaluated for impairment
|
|
63,977
|
|
|
9,507
|
|
|
37,458
|
|
|
110,942
|
|
||||
Loans acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(a)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
(
$ in millions
)
|
|
Consumer automotive
|
|
Consumer mortgage
|
|
Commercial
|
|
Total
|
||||||||
Allowance at January 1, 2014
|
|
$
|
673
|
|
|
$
|
389
|
|
|
$
|
146
|
|
|
$
|
1,208
|
|
Charge-offs
|
|
(720
|
)
|
|
(51
|
)
|
|
(5
|
)
|
|
(776
|
)
|
||||
Recoveries
|
|
219
|
|
|
8
|
|
|
12
|
|
|
239
|
|
||||
Net charge-offs
|
|
(501
|
)
|
|
(43
|
)
|
|
7
|
|
|
(537
|
)
|
||||
Provision for loan losses
|
|
540
|
|
|
(69
|
)
|
|
(14
|
)
|
|
457
|
|
||||
Other (a)
|
|
(27
|
)
|
|
(125
|
)
|
|
1
|
|
|
(151
|
)
|
||||
Allowance at December 31, 2014
|
|
$
|
685
|
|
|
$
|
152
|
|
|
$
|
140
|
|
|
$
|
977
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
|
$
|
23
|
|
|
$
|
62
|
|
|
$
|
21
|
|
|
$
|
106
|
|
Collectively evaluated for impairment
|
|
662
|
|
|
90
|
|
|
119
|
|
|
871
|
|
||||
Loans acquired with deteriorated credit quality
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Finance receivables and loans at gross carrying value
|
|
|
|
|
|
|
|
|
||||||||
Ending balance
|
|
56,570
|
|
|
7,473
|
|
|
35,904
|
|
|
99,947
|
|
||||
Individually evaluated for impairment
|
|
282
|
|
|
336
|
|
|
82
|
|
|
700
|
|
||||
Collectively evaluated for impairment
|
|
56,287
|
|
|
7,137
|
|
|
35,822
|
|
|
99,246
|
|
||||
Loans acquired with deteriorated credit quality
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
(a)
|
Primarily related to the transfer of finance receivables and loans from held-for-investment to held-for-sale.
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Consumer automotive
|
|
$
|
1,237
|
|
|
$
|
4,106
|
|
Consumer mortgage
|
|
78
|
|
|
489
|
|
||
Commercial
|
|
2
|
|
|
36
|
|
||
Total sales and transfers
|
|
$
|
1,317
|
|
|
$
|
4,631
|
|
December 31,
(
$ in millions
)
|
|
2015
|
|
2014
|
||||
Consumer automotive
|
|
$
|
272
|
|
|
$
|
—
|
|
Consumer mortgage
|
|
4,125
|
|
|
857
|
|
||
Total purchases
|
|
$
|
4,397
|
|
|
$
|
857
|
|
December 31, (
$ in millions
)
|
|
30-59 days past due
|
|
60-89 days past due
|
|
90 days or more past due
|
|
Total past due
|
|
Current
|
|
Total finance receivables and loans
|
||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer automotive
|
|
$
|
1,618
|
|
|
$
|
369
|
|
|
$
|
222
|
|
|
$
|
2,209
|
|
|
$
|
62,083
|
|
|
$
|
64,292
|
|
Consumer mortgage
|
|
97
|
|
|
25
|
|
|
83
|
|
|
205
|
|
|
9,568
|
|
|
9,773
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automotive
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,469
|
|
|
31,469
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,640
|
|
|
2,640
|
|
||||||
Commercial real estate — Automotive
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,426
|
|
|
3,426
|
|
||||||
Total commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,535
|
|
|
37,535
|
|
||||||
Total consumer and commercial
|
|
$
|
1,715
|
|
|
$
|
394
|
|
|
$
|
305
|
|
|
$
|
2,414
|
|
|
$
|
109,186
|
|
|
$
|
111,600
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer automotive
|
|
$
|
1,340
|
|
|
$
|
293
|
|
|
$
|
164
|
|
|
$
|
1,797
|
|
|
$
|
54,773
|
|
|
$
|
56,570
|
|
Consumer mortgage
|
|
76
|
|
|
25
|
|
|
124
|
|
|
225
|
|
|
7,248
|
|
|
7,473
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automotive
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
30,862
|
|
|
30,871
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,882
|
|
|
1,882
|
|
||||||
Commercial real estate — Automotive
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,151
|
|
|
3,151
|
|
||||||
Total commercial
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
35,895
|
|
|
35,904
|
|
||||||
Total consumer and commercial
|
|
$
|
1,416
|
|
|
$
|
327
|
|
|
$
|
288
|
|
|
$
|
2,031
|
|
|
$
|
97,916
|
|
|
$
|
99,947
|
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Consumer automotive
|
|
$
|
475
|
|
|
$
|
386
|
|
Consumer mortgage
|
|
128
|
|
|
177
|
|
||
Commercial
|
|
|
|
|
||||
Commercial and industrial
|
|
|
|
|
||||
Automotive
|
|
25
|
|
|
32
|
|
||
Other
|
|
44
|
|
|
46
|
|
||
Commercial real estate — Automotive
|
|
8
|
|
|
4
|
|
||
Total commercial
|
|
77
|
|
|
82
|
|
||
Total consumer and commercial finance receivables and loans
|
|
$
|
680
|
|
|
$
|
645
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
December 31, (
$ in millions
)
|
|
Performing
|
|
Nonperforming
|
|
Total
|
|
Performing
|
|
Nonperforming
|
|
Total
|
||||||||||||
Consumer automotive
|
|
$
|
63,817
|
|
|
$
|
475
|
|
|
$
|
64,292
|
|
|
$
|
56,184
|
|
|
$
|
386
|
|
|
$
|
56,570
|
|
Consumer mortgage
|
|
9,645
|
|
|
128
|
|
|
9,773
|
|
|
7,296
|
|
|
177
|
|
|
7,473
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
December 31, (
$ in millions
)
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
|
Pass
|
|
Criticized (a)
|
|
Total
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automotive
|
|
$
|
29,613
|
|
|
$
|
1,856
|
|
|
$
|
31,469
|
|
|
$
|
29,150
|
|
|
$
|
1,721
|
|
|
$
|
30,871
|
|
Other
|
|
2,122
|
|
|
518
|
|
|
2,640
|
|
|
1,509
|
|
|
373
|
|
|
1,882
|
|
||||||
Commercial real estate — Automotive
|
|
3,265
|
|
|
161
|
|
|
3,426
|
|
|
3,015
|
|
|
136
|
|
|
3,151
|
|
||||||
Total commercial
|
|
$
|
35,000
|
|
|
$
|
2,535
|
|
|
$
|
37,535
|
|
|
$
|
33,674
|
|
|
$
|
2,230
|
|
|
$
|
35,904
|
|
(a)
|
Includes loans classified as special mention, substandard, or doubtful. These classifications are based on regulatory definitions and generally represent loans within our portfolio that have a higher default risk or have already defaulted.
|
December 31, (
$ in millions
)
|
|
Unpaid principal balance
|
|
Gross carrying value
|
|
Impaired with no allowance
|
|
Impaired with an allowance
|
|
Allowance for impaired loans
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer automotive
|
|
$
|
315
|
|
|
$
|
315
|
|
|
$
|
—
|
|
|
$
|
315
|
|
|
$
|
22
|
|
Consumer mortgage
|
|
269
|
|
|
266
|
|
|
64
|
|
|
202
|
|
|
44
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
|
25
|
|
|
25
|
|
|
4
|
|
|
21
|
|
|
3
|
|
|||||
Other
|
|
44
|
|
|
44
|
|
|
—
|
|
|
44
|
|
|
15
|
|
|||||
Commercial real estate — Automotive
|
|
8
|
|
|
8
|
|
|
1
|
|
|
7
|
|
|
2
|
|
|||||
Total commercial
|
|
77
|
|
|
77
|
|
|
5
|
|
|
72
|
|
|
20
|
|
|||||
Total consumer and commercial finance receivables and loans
|
|
$
|
661
|
|
|
$
|
658
|
|
|
$
|
69
|
|
|
$
|
589
|
|
|
$
|
86
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer automotive
|
|
$
|
282
|
|
|
$
|
282
|
|
|
$
|
—
|
|
|
$
|
282
|
|
|
$
|
23
|
|
Consumer mortgage
|
|
340
|
|
|
336
|
|
|
86
|
|
|
250
|
|
|
62
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
|
32
|
|
|
32
|
|
|
4
|
|
|
28
|
|
|
5
|
|
|||||
Other
|
|
46
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|
15
|
|
|||||
Commercial real estate — Automotive
|
|
4
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|||||
Total commercial
|
|
82
|
|
|
82
|
|
|
5
|
|
|
77
|
|
|
21
|
|
|||||
Total consumer and commercial finance receivables and loans
|
|
$
|
704
|
|
|
$
|
700
|
|
|
$
|
91
|
|
|
$
|
609
|
|
|
$
|
106
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
Year ended December 31, (
$ in millions
)
|
|
Average balance
|
|
Interest income
|
|
Average balance
|
|
Interest income
|
|
Average balance
|
|
Interest income
|
||||||||||||
Consumer automotive
|
|
$
|
295
|
|
|
$
|
16
|
|
|
$
|
317
|
|
|
$
|
20
|
|
|
$
|
278
|
|
|
$
|
18
|
|
Consumer mortgage
|
|
280
|
|
|
9
|
|
|
873
|
|
|
12
|
|
|
908
|
|
|
29
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Automotive
|
|
33
|
|
|
1
|
|
|
61
|
|
|
2
|
|
|
152
|
|
|
6
|
|
||||||
Other
|
|
41
|
|
|
3
|
|
|
59
|
|
|
3
|
|
|
72
|
|
|
2
|
|
||||||
Commercial real estate — Automotive
|
|
5
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
29
|
|
|
1
|
|
||||||
Total commercial
|
|
79
|
|
|
4
|
|
|
126
|
|
|
5
|
|
|
253
|
|
|
9
|
|
||||||
Total consumer and commercial finance receivables and loans
|
|
$
|
654
|
|
|
$
|
29
|
|
|
$
|
1,316
|
|
|
$
|
37
|
|
|
$
|
1,439
|
|
|
$
|
56
|
|
|
2015 (a)
|
|
2014
|
||||||||
December 31,
|
Automotive
|
|
Mortgage
|
|
Automotive
|
|
Mortgage
|
||||
Texas
|
13.7
|
%
|
|
6.2
|
%
|
|
13.6
|
%
|
|
6.0
|
%
|
California
|
7.3
|
|
|
33.6
|
|
|
6.2
|
|
|
30.8
|
|
Florida
|
7.7
|
|
|
4.1
|
|
|
7.3
|
|
|
3.7
|
|
Pennsylvania
|
5.0
|
|
|
1.5
|
|
|
5.3
|
|
|
1.6
|
|
Illinois
|
4.4
|
|
|
4.1
|
|
|
4.4
|
|
|
4.2
|
|
Georgia
|
4.4
|
|
|
2.2
|
|
|
4.2
|
|
|
2.1
|
|
North Carolina
|
3.6
|
|
|
1.8
|
|
|
3.5
|
|
|
1.9
|
|
Ohio
|
3.7
|
|
|
0.6
|
|
|
3.9
|
|
|
0.6
|
|
New York
|
3.5
|
|
|
1.9
|
|
|
4.0
|
|
|
1.9
|
|
Michigan
|
3.1
|
|
|
2.4
|
|
|
3.8
|
|
|
3.1
|
|
Other United States
|
43.6
|
|
|
41.6
|
|
|
43.8
|
|
|
44.1
|
|
Total consumer loans
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(a)
|
Presentation is in descending order as a percentage of total consumer finance receivables and loans at
December 31, 2015
.
|
December 31,
|
2015
|
|
2014
|
||
Texas
|
17.7
|
%
|
|
13.8
|
%
|
Florida
|
10.0
|
|
|
12.3
|
|
Michigan
|
8.9
|
|
|
9.9
|
|
California
|
8.7
|
|
|
9.0
|
|
North Carolina
|
3.8
|
|
|
3.9
|
|
Virginia
|
3.8
|
|
|
4.1
|
|
Georgia
|
3.6
|
|
|
3.7
|
|
Pennsylvania
|
3.4
|
|
|
3.8
|
|
New York
|
3.1
|
|
|
3.9
|
|
Illinois
|
2.9
|
|
|
2.7
|
|
Other United States
|
34.1
|
|
|
32.9
|
|
Total commercial real estate finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
December 31,
|
2015
|
|
2014
|
||
Automotive
|
80.5
|
%
|
|
87.3
|
%
|
Manufacturing
|
7.8
|
|
|
0.9
|
|
Services
|
5.3
|
|
|
2.0
|
|
Other
|
6.4
|
|
|
9.8
|
|
Total commercial criticized finance receivables and loans
|
100.0
|
%
|
|
100.0
|
%
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Vehicles
|
|
$
|
20,211
|
|
|
$
|
23,144
|
|
Accumulated depreciation
|
|
(3,940
|
)
|
|
(3,634
|
)
|
||
Investment in operating leases, net
|
|
$
|
16,271
|
|
|
$
|
19,510
|
|
Year ended December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
||||||
Depreciation expense on operating lease assets (excluding remarketing gains)
|
$
|
2,600
|
|
|
$
|
2,666
|
|
|
$
|
2,327
|
|
Remarketing gains
|
(351
|
)
|
|
(433
|
)
|
|
(332
|
)
|
|||
Net depreciation expense on operating lease assets
|
$
|
2,249
|
|
|
$
|
2,233
|
|
|
$
|
1,995
|
|
Year ended December 31, (
$ in millions
)
|
|
||
2016
|
$
|
2,687
|
|
2017
|
1,445
|
|
|
2018
|
406
|
|
|
2019
|
57
|
|
|
2020 and thereafter
|
1
|
|
|
Total
|
$
|
4,596
|
|
December 31, (
$ in millions
)
|
|
Consolidated involvement with VIEs
|
Assets of nonconsolidated VIEs (a)
|
Maximum exposure to loss in nonconsolidated VIEs
|
|||||||||
2015
|
|
|
|
|
|
|
|
||||||
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
Consumer automotive
|
|
$
|
27,967
|
|
(b)
|
|
|
|
|
||||
Commercial automotive
|
|
16,763
|
|
|
|
|
|
|
|||||
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
Consumer automotive
|
|
—
|
|
|
$
|
3,034
|
|
|
$
|
3,034
|
|
(c)
|
|
Commercial other
|
|
210
|
|
(d)
|
—
|
|
(e)
|
493
|
|
(f)
|
|||
Total
|
|
$
|
44,940
|
|
|
$
|
3,034
|
|
|
$
|
3,527
|
|
|
2014
|
|
|
|
|
|
|
|
||||||
On-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
Consumer automotive
|
|
$
|
31,966
|
|
(b)
|
|
|
|
|
||||
Commercial automotive
|
|
18,153
|
|
|
|
|
|
|
|||||
Off-balance sheet variable interest entities
|
|
|
|
|
|
|
|
||||||
Consumer automotive
|
|
—
|
|
|
$
|
2,801
|
|
|
$
|
2,801
|
|
(c)
|
|
Commercial other
|
|
146
|
|
(d)
|
—
|
|
(e)
|
362
|
|
(f)
|
|||
Total
|
|
$
|
50,265
|
|
|
$
|
2,801
|
|
|
$
|
3,163
|
|
|
(a)
|
Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.
|
(b)
|
Includes
$10.6 billion
and
$12.7 billion
of assets which are not encumbered by VIE beneficial interests held by third parties at
December 31, 2015
, and
December 31, 2014
, respectively. Ally or consolidated affiliates hold the interests in these assets which eliminate in consolidation.
|
(c)
|
Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all of the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.
|
(d)
|
Includes
$222 million
and
$164 million
classified as other assets, offset by
$12 million
and
$18 million
classified as accrued expenses and other liabilities at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(e)
|
Includes a VIE for which we have no management oversight and therefore we are not able to provide the total assets of the VIEs.
|
(f)
|
For certain nonconsolidated affordable housing entities, maximum exposure to loss represents the yield we guaranteed investors through long term guarantee contracts. The amount disclosed is based on the unlikely event that the underlying properties cease generating yield to investors and the yield delivered to investors in the form of low income tax housing credits is recaptured. For nonconsolidated equity investments, maximum exposure to loss represents our outstanding investment, additional committed capital, and low income housing tax credits subject to recapture. The amount disclosed is based on the unlikely event that our committed capital is funded, our investments become worthless, and the tax credits previously delivered to us are recaptured. This required disclosure is not an indication of our expected loss.
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
||||
Finance receivables and loans, net
|
|
|
|
||||
Consumer
|
$
|
11,682
|
|
|
$
|
12,594
|
|
Commercial
|
16,247
|
|
|
17,487
|
|
||
Allowance for loan losses
|
(196
|
)
|
|
(179
|
)
|
||
Total finance receivables and loans, net
|
27,733
|
|
|
29,902
|
|
||
Investment in operating leases, net
|
4,791
|
|
|
5,595
|
|
||
Other assets
|
1,624
|
|
|
1,964
|
|
||
Total assets
|
$
|
34,148
|
|
|
$
|
37,461
|
|
Liabilities
|
|
|
|
||||
Long-term debt
|
20,267
|
|
|
24,297
|
|
||
Accrued expenses and other liabilities
|
22
|
|
|
173
|
|
||
Total liabilities
|
$
|
20,289
|
|
|
$
|
24,470
|
|
Year ended December 31, (
$ in millions
)
|
|
Consumer automotive
|
|
Consumer mortgage
|
||||
2015
|
|
|
|
|
||||
Cash proceeds from transfers completed during the period
|
|
$
|
1,551
|
|
|
$
|
—
|
|
Servicing fees
|
|
28
|
|
|
—
|
|
||
2014
|
|
|
|
|
||||
Cash proceeds from transfers completed during the period
|
|
$
|
2,594
|
|
|
$
|
—
|
|
Servicing fees
|
|
11
|
|
|
—
|
|
||
Representations and warranties obligations
|
|
—
|
|
|
(31
|
)
|
||
2013
|
|
|
|
|
||||
Cash proceeds from transfers completed during the period
|
|
$
|
—
|
|
|
$
|
8,676
|
|
Servicing fees
|
|
13
|
|
|
70
|
|
||
Representations and warranties obligations
|
|
—
|
|
|
(66
|
)
|
||
Other cash flows
|
|
—
|
|
|
70
|
|
|
|
Total Amount
|
|
Amount 60 days or more past due
|
|
Net credit losses
|
||||||||||||||||||
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
On-balance sheet loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer automotive
|
|
$
|
64,292
|
|
|
$
|
58,085
|
|
|
$
|
591
|
|
|
$
|
457
|
|
|
$
|
578
|
|
|
$
|
501
|
|
Consumer mortgage
|
|
9,773
|
|
|
7,926
|
|
|
108
|
|
|
151
|
|
|
31
|
|
|
43
|
|
||||||
Commercial automotive
|
|
34,895
|
|
|
34,022
|
|
|
—
|
|
|
9
|
|
|
3
|
|
|
1
|
|
||||||
Commercial other
|
|
2,745
|
|
|
1,918
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(8
|
)
|
||||||
Total on-balance sheet loans
|
|
111,705
|
|
|
101,951
|
|
|
699
|
|
|
617
|
|
|
609
|
|
|
537
|
|
||||||
Off-balance sheet securitization entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer automotive
|
|
2,529
|
|
|
2,801
|
|
|
9
|
|
|
5
|
|
|
5
|
|
|
1
|
|
||||||
Total off-balance sheet securitization entities
|
|
2,529
|
|
|
2,801
|
|
|
9
|
|
|
5
|
|
|
5
|
|
|
1
|
|
||||||
Whole-loan transactions (a)
|
|
2,252
|
|
|
929
|
|
|
13
|
|
|
33
|
|
|
—
|
|
|
6
|
|
||||||
Total
|
|
$
|
116,486
|
|
|
$
|
105,681
|
|
|
$
|
721
|
|
|
$
|
655
|
|
|
$
|
614
|
|
|
$
|
544
|
|
(a)
|
Whole-loan transactions are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors.
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
On-balance sheet automotive finance loans and leases
|
|
|
|
|
||||
Consumer automotive
|
|
$
|
64,067
|
|
|
$
|
58,085
|
|
Commercial automotive
|
|
34,895
|
|
|
34,022
|
|
||
Operating leases
|
|
15,965
|
|
|
19,510
|
|
||
Other
|
|
72
|
|
|
55
|
|
||
Off-balance sheet automotive finance loans
|
|
|
|
|
||||
Loans sold to third-party investors
|
|
|
|
|
||||
Securitizations
|
|
2,550
|
|
|
2,832
|
|
||
Whole-loan
|
|
2,259
|
|
|
887
|
|
||
Total serviced automotive finance loans and leases
|
|
$
|
119,808
|
|
|
$
|
115,391
|
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
||||
Prepaid reinsurance premiums
|
$
|
382
|
|
|
$
|
326
|
|
Reinsurance recoverable on unpaid losses
|
120
|
|
|
143
|
|
||
Reinsurance recoverable on paid losses
|
18
|
|
|
12
|
|
||
Premiums receivable
|
82
|
|
|
90
|
|
||
Deferred policy acquisition costs
|
1,199
|
|
|
1,124
|
|
||
Total premiums receivable and other insurance assets
|
$
|
1,801
|
|
|
$
|
1,695
|
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Property and equipment at cost
|
|
$
|
691
|
|
|
$
|
775
|
|
Accumulated depreciation
|
|
(456
|
)
|
|
(550
|
)
|
||
Net property and equipment
|
|
235
|
|
|
225
|
|
||
Restricted cash collections for securitization trusts (a)
|
|
2,010
|
|
|
2,221
|
|
||
Net deferred tax assets
|
|
1,369
|
|
|
1,812
|
|
||
Nonmarketable equity investments
|
|
418
|
|
|
271
|
|
||
Cash reserve deposits held-for-securitization trusts (b)
|
|
252
|
|
|
303
|
|
||
Fair value of derivative contracts in receivable position (c)
|
|
233
|
|
|
263
|
|
||
Other accounts receivable
|
|
158
|
|
|
298
|
|
||
Collateral placed with counterparties
|
|
125
|
|
|
236
|
|
||
Restricted cash and cash equivalents
|
|
120
|
|
|
122
|
|
||
Other assets
|
|
1,401
|
|
|
1,354
|
|
||
Total other assets
|
|
$
|
6,321
|
|
|
$
|
7,105
|
|
(a)
|
Represents cash collection from customer payments on securitized receivables. These funds are distributed to investors as payments on the related secured debt.
|
(b)
|
Represents credit enhancement in the form of cash reserves for various securitization transactions.
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Noninterest-bearing deposits
|
|
$
|
89
|
|
|
$
|
64
|
|
Interest-bearing deposits
|
|
|
|
|
||||
Savings and money market checking accounts
|
|
36,386
|
|
|
26,769
|
|
||
Certificates of deposit
|
|
29,774
|
|
|
31,051
|
|
||
Dealer deposits
|
|
229
|
|
|
319
|
|
||
Total deposit liabilities
|
|
$
|
66,478
|
|
|
$
|
58,203
|
|
(
$ in millions
)
|
|
||
Due in 2016
|
$
|
16,313
|
|
Due in 2017
|
8,800
|
|
|
Due in 2018
|
3,068
|
|
|
Due in 2019
|
695
|
|
|
Due in 2020
|
898
|
|
|
Total certificates of deposit
|
$
|
29,774
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
December 31, (
$ in millions
)
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
|
Unsecured
|
|
Secured (a)
|
|
Total
|
||||||||||||
Demand notes
|
|
$
|
3,369
|
|
|
$
|
—
|
|
|
$
|
3,369
|
|
|
$
|
3,338
|
|
|
$
|
—
|
|
|
$
|
3,338
|
|
Federal Home Loan Bank
|
|
—
|
|
|
4,000
|
|
|
4,000
|
|
|
—
|
|
|
2,950
|
|
|
2,950
|
|
||||||
Securities sold under agreements to repurchase
|
|
—
|
|
|
648
|
|
|
648
|
|
|
—
|
|
|
774
|
|
|
774
|
|
||||||
Other
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total short-term borrowings
|
|
$
|
3,453
|
|
|
$
|
4,648
|
|
|
$
|
8,101
|
|
|
$
|
3,338
|
|
|
$
|
3,724
|
|
|
$
|
7,062
|
|
Weighted average interest rate (b)
|
|
|
|
|
|
0.8
|
%
|
|
|
|
|
|
0.8
|
%
|
(a)
|
Refer to
Note 16
for further details on assets restricted as collateral for payment of the related debt.
|
(b)
|
Based on the debt outstanding and the interest rate at December 31 of each year.
|
December 31, (
$ in millions
)
|
Amount
|
|
Interest rate
|
|
Weighted-average interest rate (a)
|
|
Due date range
|
|||
2015
|
|
|
|
|
|
|
|
|||
Unsecured debt
|
|
|
|
|
|
|
|
|||
Fixed rate (b)
|
$
|
17,657
|
|
|
|
|
|
|
|
|
Variable rate
|
375
|
|
|
|
|
|
|
|
||
Trust preferred securities
|
2,600
|
|
|
|
|
|
|
|
||
Fair value adjustment (c)
|
334
|
|
|
|
|
|
|
|
||
Total unsecured debt
|
20,966
|
|
|
0.37 - 8.13%
|
|
5.40
|
%
|
|
2016 - 2049
|
|
Secured debt
|
|
|
|
|
|
|
|
|||
Fixed rate
|
20,511
|
|
|
|
|
|
|
|
||
Variable rate
|
24,760
|
|
|
|
|
|
|
|
||
Fair value adjustment (c)
|
(3
|
)
|
|
|
|
|
|
|
||
Total secured debt (d) (e) (f)
|
45,268
|
|
|
0.48 - 4.06%
|
|
1.18
|
%
|
|
2016 - 2035
|
|
Total long-term debt
|
$
|
66,234
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|||
Unsecured debt
|
|
|
|
|
|
|
|
|||
Fixed rate (b)
|
$
|
18,858
|
|
|
|
|
|
|
|
|
Variable rate
|
374
|
|
|
|
|
|
|
|
||
Trust preferred securities
|
2,598
|
|
|
|
|
|
|
|
||
Fair value adjustment (c)
|
452
|
|
|
|
|
|
|
|
||
Total unsecured debt
|
22,282
|
|
|
0.33 - 8.30%
|
|
5.90
|
%
|
|
2015 - 2049
|
|
Secured debt
|
|
|
|
|
|
|
|
|||
Fixed rate
|
19,793
|
|
|
|
|
|
|
|
||
Variable rate
|
24,305
|
|
|
|
|
|
|
|
||
Total secured debt (d) (e) (f)
|
44,098
|
|
|
0.21 - 4.59%
|
|
0.94
|
%
|
|
2015 - 2023
|
|
Total long-term debt
|
$
|
66,380
|
|
|
|
|
|
|
|
(a)
|
Based on the debt outstanding and the interest rate at December 31 of each year.
|
(b)
|
Includes subordinated debt of
$1.1 billion
and
$296 million
at
December 31, 2015
, and
2014
, respectively.
|
(c)
|
Represents the fair value adjustment associated with the application of hedge accounting on certain of our long-term debt positions. Refer to
Note 22
for additional information.
|
(d)
|
Includes
$20.3 billion
and $
24.3 billion
of VIE secured debt outstanding at
December 31, 2015
, and
2014
, respectively.
|
(e)
|
Includes
$19.9 billion
and
$17.0 billion
of debt outstanding from the Automotive secured revolving credit facilities at
December 31, 2015
, and
2014
, respectively.
|
(f)
|
Includes advances from the FHLB of
$5.4 billion
and
$2.8 billion
at
December 31, 2015
, and
2014
, respectively.
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
December 31, (
$ in millions
)
|
|
Unsecured
|
|
Secured
|
|
Total
|
|
Unsecured
|
|
Secured
|
|
Total
|
||||||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Due within one year
|
|
$
|
1,829
|
|
|
$
|
9,427
|
|
|
$
|
11,256
|
|
|
$
|
4,780
|
|
|
$
|
12,603
|
|
|
$
|
17,383
|
|
Due after one year
|
|
18,803
|
|
|
35,844
|
|
|
54,647
|
|
|
17,050
|
|
|
31,495
|
|
|
48,545
|
|
||||||
Fair value adjustment
|
|
334
|
|
|
(3
|
)
|
|
331
|
|
|
452
|
|
|
—
|
|
|
452
|
|
||||||
Total long-term debt
|
|
$
|
20,966
|
|
|
$
|
45,268
|
|
|
$
|
66,234
|
|
|
$
|
22,282
|
|
|
$
|
44,098
|
|
|
$
|
66,380
|
|
Year ended December 31,
(
$ in millions
)
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021 and thereafter
|
|
Fair value adjustment
|
|
Total
|
||||||||||||||||
Unsecured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term debt
|
|
$
|
1,904
|
|
|
$
|
4,371
|
|
|
$
|
3,702
|
|
|
$
|
1,615
|
|
|
$
|
2,228
|
|
|
$
|
8,203
|
|
|
$
|
334
|
|
|
$
|
22,357
|
|
Original issue discount
|
|
(75
|
)
|
|
(87
|
)
|
|
(98
|
)
|
|
(35
|
)
|
|
(35
|
)
|
|
(1,061
|
)
|
|
—
|
|
|
(1,391
|
)
|
||||||||
Total unsecured
|
|
1,829
|
|
|
4,284
|
|
|
3,604
|
|
|
1,580
|
|
|
2,193
|
|
|
7,142
|
|
|
334
|
|
|
20,966
|
|
||||||||
Secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term debt
|
|
9,427
|
|
|
15,217
|
|
|
9,109
|
|
|
5,823
|
|
|
3,414
|
|
|
2,281
|
|
|
(3
|
)
|
|
45,268
|
|
||||||||
Total long-term debt
|
|
$
|
11,256
|
|
|
$
|
19,501
|
|
|
$
|
12,713
|
|
|
$
|
7,403
|
|
|
$
|
5,607
|
|
|
$
|
9,423
|
|
|
$
|
331
|
|
|
$
|
66,234
|
|
|
|
2015
|
|
2014
|
||||||||||||
December 31, (
$ in millions
)
|
|
Total
|
|
Ally Bank (a)
|
|
Total
|
|
Ally Bank (a)
|
||||||||
Investment securities (b)
|
|
$
|
2,420
|
|
|
$
|
1,761
|
|
|
$
|
786
|
|
|
$
|
786
|
|
Mortgage assets held-for-investment and lending receivables
|
|
9,743
|
|
|
9,743
|
|
|
7,541
|
|
|
7,541
|
|
||||
Consumer automotive finance receivables
|
|
34,324
|
|
|
9,167
|
|
|
33,438
|
|
|
11,263
|
|
||||
Commercial automotive finance receivables
|
|
19,623
|
|
|
19,177
|
|
|
20,605
|
|
|
20,083
|
|
||||
Investment in operating leases, net
|
|
5,539
|
|
|
3,205
|
|
|
6,820
|
|
|
4,672
|
|
||||
Total assets restricted as collateral (c) (d)
|
|
$
|
71,649
|
|
|
$
|
43,053
|
|
|
$
|
69,190
|
|
|
$
|
44,345
|
|
Secured debt
|
|
$
|
49,916
|
|
(e)
|
$
|
24,787
|
|
|
$
|
47,822
|
|
(e)
|
$
|
27,103
|
|
(a)
|
Ally Bank is a component of the total column.
|
(b)
|
Certain investment securities are restricted under repurchase agreements.
Refer to
Note 15
for information on the repurchase agreements.
|
(c)
|
Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling
$14.9 billion
and
$10.7 billion
at
December 31, 2015
, and
2014
, respectively. These assets were composed primarily of consumer mortgage finance receivables and loans, net and investment securities. Ally Bank has access to the Federal Reserve Bank Discount Window. Ally Bank had assets pledged and restricted as collateral to the Federal Reserve Bank totaling
$2.9 billion
and
$3.2 billion
at
December 31, 2015
, and
2014
, respectively. These assets were composed of consumer automotive finance receivables and loans, net and investment in operating leases, net. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its subsidiaries.
|
(d)
|
Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the
Consolidated Balance Sheet
. Refer to
Note 13
for additional information.
|
(e)
|
Includes
$4.6 billion
and
$3.7 billion
of short-term borrowings at
December 31, 2015
, and
2014
, respectively.
|
(a)
|
Funding from committed secured facilities is available on request in the event excess collateral resides in certain facilities or is available to the extent incremental collateral is available and contributed to the facilities.
|
(b)
|
Excludes off-balance sheet credit facility amounts.
|
December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
||||
Accounts payable
|
|
$
|
391
|
|
|
$
|
298
|
|
Employee compensation and benefits
|
|
242
|
|
|
298
|
|
||
Reserves for insurance losses and loss adjustment expenses
|
|
169
|
|
|
208
|
|
||
Fair value of derivative contracts in payable position (a)
|
|
145
|
|
|
252
|
|
||
Deferred revenue
|
|
108
|
|
|
151
|
|
||
Collateral received from counterparties
|
|
82
|
|
|
71
|
|
||
Other liabilities
|
|
408
|
|
|
457
|
|
||
Total accrued expenses and other liabilities
|
|
$
|
1,545
|
|
|
$
|
1,735
|
|
(a)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
Year ended December 31, (
in shares
)
|
2015
|
|
2014
|
|
2013
|
|||
Common stock
|
|
|
|
|
|
|||
Total issued, January 1,
|
480,136,039
|
|
|
479,767,470
|
|
|
412,600,700
|
|
New issuances
|
|
|
|
|
|
|||
Employee benefits and compensation plans
|
2,654,657
|
|
|
368,569
|
|
|
—
|
|
Private placement (a)
|
—
|
|
|
—
|
|
|
67,166,770
|
|
Total issued, December 31,
|
482,790,696
|
|
|
480,136,039
|
|
|
479,767,470
|
|
Total treasury stock, December 31,
|
(810,585
|
)
|
|
(41,148
|
)
|
|
—
|
|
Total outstanding, December 31,
|
481,980,111
|
|
|
480,094,891
|
|
|
479,767,470
|
|
(a)
|
On November 20, 2013, Ally completed its private placement of its common stock for an aggregate price of
$1.3 billion
.
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Series A preferred stock (a)
|
|
|
|
|
||||
Carrying value (
$ in millions
)
|
|
$
|
696
|
|
|
$
|
1,021
|
|
Par value (
per share
)
|
|
0.01
|
|
|
0.01
|
|
||
Liquidation preference (
per share
)
|
|
25
|
|
|
25
|
|
||
Number of shares authorized
|
|
40,870,560
|
|
|
40,870,560
|
|
||
Number of shares issued and outstanding
|
|
27,870,560
|
|
|
40,870,560
|
|
||
Dividend/coupon
|
|
|
|
|
||||
Prior to May 15, 2016
|
|
8.5
|
%
|
|
8.5
|
%
|
||
On and after May 15, 2016
|
|
Three month
LIBOR + 6.243% |
|
|
Three month
LIBOR + 6.243% |
|
||
Series G preferred stock
|
|
|
|
|
||||
Carrying value (
$ in millions
)
|
|
$
|
—
|
|
|
$
|
234
|
|
Par value (
per share
)
|
|
—
|
|
|
0.01
|
|
||
Liquidation preference (
per share
)
|
|
—
|
|
|
1,000
|
|
||
Number of shares authorized
|
|
—
|
|
|
2,576,601
|
|
||
Number of shares issued and outstanding
|
|
—
|
|
|
2,576,601
|
|
||
Dividend/coupon
|
|
—
|
%
|
|
7
|
%
|
(a)
|
Nonredeemable prior to May 15, 2016.
|
(
$ in millions
)
|
Unrealized gains (losses) on investment securities (a)
|
|
Translation adjustments and net investment hedges (b)
|
|
Cash flow hedges (b)
|
|
Defined benefit pension plans
|
|
Accumulated other comprehensive income (loss)
|
||||||||||
Balance at January 1, 2013
|
$
|
76
|
|
|
$
|
368
|
|
|
$
|
2
|
|
|
$
|
(135
|
)
|
|
$
|
311
|
|
2013 net change
|
(345
|
)
|
|
(303
|
)
|
|
3
|
|
|
58
|
|
|
(587
|
)
|
|||||
Balance at December 31, 2013
|
(269
|
)
|
|
65
|
|
|
5
|
|
|
(77
|
)
|
|
(276
|
)
|
|||||
2014 net change
|
248
|
|
|
(29
|
)
|
|
2
|
|
|
(11
|
)
|
|
210
|
|
|||||
Balance at December 31, 2014
|
(21
|
)
|
|
36
|
|
|
7
|
|
|
(88
|
)
|
|
(66
|
)
|
|||||
2015 net change
|
(138
|
)
|
|
(27
|
)
|
|
1
|
|
|
(1
|
)
|
|
(165
|
)
|
|||||
Balance at December 31, 2015
|
$
|
(159
|
)
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
(89
|
)
|
|
$
|
(231
|
)
|
(a)
|
Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
Year ended December 31, 2015
(
$ in millions
)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
Unrealized losses on investment securities
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
$
|
(65
|
)
|
|
$
|
26
|
|
|
$
|
(39
|
)
|
Less: Net realized gains reclassified to income from continuing operations
|
155
|
|
(a)
|
(56
|
)
|
(b)
|
99
|
|
|||
Net change
|
(220
|
)
|
|
82
|
|
|
(138
|
)
|
|||
Translation adjustments
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(39
|
)
|
|
13
|
|
|
(26
|
)
|
|||
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
42
|
|
|
(20
|
)
|
|
22
|
|
|||
Net change
|
(81
|
)
|
|
33
|
|
|
(48
|
)
|
|||
Net investment hedges (c)
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
29
|
|
|
(11
|
)
|
|
18
|
|
|||
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
|||
Net change
|
33
|
|
|
(12
|
)
|
|
21
|
|
|||
Cash flow hedges (c)
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
2
|
|
|
(1
|
)
|
|
1
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
|
|||||
Net unrealized gains (losses) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Less: Net realized gains reclassified to income from continuing operations
|
1
|
|
(d)
|
—
|
|
(b)
|
1
|
|
|||
Net change
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Other comprehensive loss
|
$
|
(267
|
)
|
|
$
|
102
|
|
|
$
|
(165
|
)
|
(a)
|
Includes gains reclassified to other gain on investments, net in our
Consolidated Statement of Income
.
|
(b)
|
Includes amounts reclassified to income tax expense (benefit) from continuing operations in our
Consolidated Statement of Income
.
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(d)
|
Includes gains reclassified to compensation and benefits expense in our Consolidated Statement of Income.
|
Year ended December 31, 2014 (
$ in millions
)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
Unrealized gains on investment securities
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
$
|
557
|
|
|
$
|
(142
|
)
|
|
$
|
415
|
|
Less: Net realized gains reclassified to income from continuing operations
|
181
|
|
(a)
|
(14
|
)
|
(b)
|
167
|
|
|||
Net change
|
376
|
|
|
(128
|
)
|
|
248
|
|
|||
Translation adjustments
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(27
|
)
|
|
10
|
|
|
(17
|
)
|
|||
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
23
|
|
|
(3
|
)
|
|
20
|
|
|||
Net change
|
(50
|
)
|
|
13
|
|
|
(37
|
)
|
|||
Net investment hedges (c)
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
13
|
|
|
(5
|
)
|
|
8
|
|
|||
Cash flow hedges (c)
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
2
|
|
|
—
|
|
|
2
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(24
|
)
|
|
9
|
|
|
(15
|
)
|
|||
Less: Net realized losses reclassified to income from continuing operations
|
(7
|
)
|
(d)
|
3
|
|
(b)
|
(4
|
)
|
|||
Net change
|
(17
|
)
|
|
6
|
|
|
(11
|
)
|
|||
Other comprehensive income
|
$
|
324
|
|
|
$
|
(114
|
)
|
|
$
|
210
|
|
(a)
|
Includes gains reclassified to other gain on investments, net in our
Consolidated Statement of Income
.
|
(b)
|
Includes amounts reclassified to income tax (benefit) expense from continuing operations in our
Consolidated Statement of Income
.
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(d)
|
Includes losses reclassified to compensation and benefits expense in our
Consolidated Statement of Income
.
|
Year ended December 31, 2013 (
$ in millions
)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||
Unrealized losses on investment securities
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
$
|
(333
|
)
|
|
$
|
174
|
|
|
$
|
(159
|
)
|
Less: Net realized gains reclassified to income from continuing operations
|
180
|
|
(a)
|
(2
|
)
|
(b)
|
178
|
|
|||
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
10
|
|
|
(2
|
)
|
|
8
|
|
|||
Net change
|
(523
|
)
|
|
178
|
|
|
(345
|
)
|
|||
Translation adjustments
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(104
|
)
|
|
24
|
|
|
(80
|
)
|
|||
Less: Net realized gains reclassified to income from discontinued operations, net of tax
|
337
|
|
|
92
|
|
|
429
|
|
|||
Net change
|
(441
|
)
|
|
(68
|
)
|
|
(509
|
)
|
|||
Net investment hedges (c)
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
59
|
|
|
(22
|
)
|
|
37
|
|
|||
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(250
|
)
|
|
81
|
|
|
(169
|
)
|
|||
Net change
|
309
|
|
|
(103
|
)
|
|
206
|
|
|||
Cash flow hedges (c)
|
|
|
|
|
|
||||||
Net unrealized losses arising during the period
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Less: Net realized losses reclassified to income from continuing operations
|
(7
|
)
|
(d)
|
3
|
|
(b)
|
(4
|
)
|
|||
Net change
|
6
|
|
|
(3
|
)
|
|
3
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
||||||
Net unrealized gains arising during the period
|
26
|
|
|
(8
|
)
|
|
18
|
|
|||
Less: Net realized losses reclassified to income from continuing operations
|
(2
|
)
|
(e)
|
—
|
|
(b)
|
(2
|
)
|
|||
Less: Net realized losses reclassified to income from discontinued operations, net of tax
|
(49
|
)
|
|
11
|
|
|
(38
|
)
|
|||
Net change
|
77
|
|
|
(19
|
)
|
|
58
|
|
|||
Other comprehensive loss
|
$
|
(572
|
)
|
|
$
|
(15
|
)
|
|
$
|
(587
|
)
|
(a)
|
Includes gains reclassified to other gain on investments, net in our
Consolidated Statement of Income
.
|
(b)
|
Includes amounts reclassified to income tax expense (benefit) from continuing operations in our
Consolidated Statement of Income
.
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(d)
|
Includes losses reclassified to long-term debt in our
Consolidated Statement of Income
.
|
(e)
|
Includes losses reclassified to compensation and benefits expense in our
Consolidated Statement of Income
|
Year ended December 31, (
$ in millions except per share data
) (a)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Net income from continuing operations
|
|
$
|
897
|
|
|
$
|
925
|
|
|
$
|
416
|
|
Preferred stock dividends — U.S. Department of the Treasury
|
|
—
|
|
|
—
|
|
|
(543
|
)
|
|||
Impact of repurchase of mandatorily convertible preferred stock held by U.S. Department of the Treasury and elimination of share adjustment right
|
|
—
|
|
|
—
|
|
|
(240
|
)
|
|||
Preferred stock dividends (b)
|
|
(2,571
|
)
|
|
(268
|
)
|
|
(267
|
)
|
|||
Net (loss) income from continuing operations attributable to common shareholders
|
|
(1,674
|
)
|
|
657
|
|
|
(634
|
)
|
|||
Income (loss) from discontinued operations, net of tax
|
|
392
|
|
|
225
|
|
|
(55
|
)
|
|||
Net (loss) income attributable to common shareholders
|
|
$
|
(1,282
|
)
|
|
$
|
882
|
|
|
$
|
(689
|
)
|
Basic weighted-average common shares outstanding (c)
|
|
482,873,120
|
|
|
481,154,609
|
|
|
420,166,188
|
|
|||
Diluted weighted-average common shares outstanding (c) (d)
|
|
482,873,120
|
|
|
481,933,811
|
|
|
420,166,188
|
|
|||
Basic earnings per common share
|
|
|
|
|
|
|
||||||
Net (loss) income from continuing operations
|
|
$
|
(3.47
|
)
|
|
$
|
1.36
|
|
|
$
|
(1.51
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
0.81
|
|
|
0.47
|
|
|
(0.13
|
)
|
|||
Net (loss) income
|
|
$
|
(2.66
|
)
|
|
$
|
1.83
|
|
|
$
|
(1.64
|
)
|
Diluted earnings per common share
|
|
|
|
|
|
|
||||||
Net (loss) income from continuing operations
|
|
$
|
(3.47
|
)
|
|
$
|
1.36
|
|
|
$
|
(1.51
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
0.81
|
|
|
0.47
|
|
|
(0.13
|
)
|
|||
Net (loss) income
|
|
$
|
(2.66
|
)
|
|
$
|
1.83
|
|
|
$
|
(1.64
|
)
|
(a)
|
Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
|
(b)
|
Preferred stock dividends for the year ended
December 31, 2015
, include
$2,364 million
recognized in connection with the redemption of the Series G Preferred Stock and the repurchase of the Series A Preferred Stock. These dividends represent an additional return to preferred shareholders calculated as the excess consideration paid over the carrying amount derecognized. Refer to
Note 18
for additional preferred stock information.
|
(c)
|
Includes shares related to share-based compensation that vested but were not yet issued for the years ended
December 31, 2015
, and
2014
, respectively.
|
(d)
|
Due to antidilutive effect of the net loss from continuing operations attributable to common shareholders for the years ended
December 31, 2015
, and 2013, respectively, basic weighted-average common shares outstanding were used to calculate basic and diluted earnings per share.
|
|
Under Basel III
|
|
Under Basel I
|
|
|
|
|
||||||||||||
|
December 31, 2015 (a)
|
|
December 31, 2014 (b)
|
|
Required minimum
|
|
Well-capitalized minimum
|
||||||||||||
(
$ in millions
)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|||||||||||
Risk-based capital
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common Equity Tier 1 (to risk-weighted assets) (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ally Financial Inc.
|
$
|
12,507
|
|
|
9.21
|
%
|
|
$
|
12,588
|
|
|
9.64
|
%
|
|
4.50
|
%
|
|
(d)
|
|
Ally Bank
|
16,594
|
|
|
17.05
|
|
|
16,022
|
|
|
16.89
|
|
|
4.50
|
|
|
6.50
|
%
|
||
Tier 1 (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ally Financial Inc.
|
$
|
15,077
|
|
|
11.10
|
%
|
|
$
|
16,389
|
|
|
12.55
|
%
|
|
6.00
|
%
|
|
6.00
|
%
|
Ally Bank
|
16,594
|
|
|
17.05
|
|
|
16,022
|
|
|
16.89
|
|
|
6.00
|
|
|
8.00
|
|
||
Total (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ally Financial Inc.
|
$
|
17,005
|
|
|
12.52
|
%
|
|
$
|
17,294
|
|
|
13.24
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
Ally Bank
|
17,043
|
|
|
17.51
|
|
|
16,468
|
|
|
17.36
|
|
|
8.00
|
|
|
10.00
|
|
||
Tier 1 leverage (to adjusted quarterly average assets) (e)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ally Financial Inc.
|
$
|
15,077
|
|
|
9.73
|
%
|
|
$
|
16,389
|
|
|
10.94
|
%
|
|
4.00
|
%
|
|
(d)
|
|
Ally Bank
|
16,594
|
|
|
15.38
|
|
|
16,022
|
|
|
15.44
|
|
|
15.00
|
|
(f)
|
5.00
|
%
|
(a)
|
U.S. Basel III became effective for us on January 1, 2015, subject to transitional provisions primarily related to deductions and adjustments impacting Common Equity Tier 1 capital and Tier 1 capital.
|
(b)
|
Capital ratios as of December 31, 2014, are presented under the U.S. Basel I capital framework.
|
(c)
|
Previously referred to as Tier 1 Common Equity under the U.S. Basel I capital framework.
|
(d)
|
Currently, there is no ratio component for determining whether a BHC is "well-capitalized."
|
(e)
|
Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.
|
(f)
|
Ally Bank, in accordance with the CLMA, is required to maintain a Tier 1 leverage ratio of at least
15%
.
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
|
Derivative contracts in a
|
|
Notional amount
|
|
Derivative contracts in a
|
|
Notional amount
|
||||||||||||||||
December 31, (
$ in millions
)
|
|
receivable position (a)
|
|
payable position (b)
|
|
receivable position (a)
|
|
payable position (b)
|
|
|||||||||||||||
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Swaps (c) (d) (e)
|
|
$
|
126
|
|
|
$
|
9
|
|
|
$
|
14,151
|
|
|
$
|
118
|
|
|
$
|
7
|
|
|
$
|
18,554
|
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Forwards
|
|
—
|
|
|
1
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
210
|
|
||||||
Total derivatives qualifying for hedge accounting
|
|
126
|
|
|
10
|
|
|
14,340
|
|
|
118
|
|
|
7
|
|
|
18,764
|
|
||||||
Economic hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Swaps
|
|
30
|
|
|
51
|
|
|
6,101
|
|
|
40
|
|
|
65
|
|
|
11,979
|
|
||||||
Futures and forwards
|
|
2
|
|
|
2
|
|
|
1,905
|
|
|
4
|
|
|
2
|
|
|
18,886
|
|
||||||
Written options
|
|
—
|
|
|
72
|
|
|
18,220
|
|
|
—
|
|
|
94
|
|
|
14,823
|
|
||||||
Purchased options
|
|
73
|
|
|
—
|
|
|
18,240
|
|
|
94
|
|
|
—
|
|
|
15,159
|
|
||||||
Total interest rate risk
|
|
105
|
|
|
125
|
|
|
44,466
|
|
|
138
|
|
|
161
|
|
|
60,847
|
|
||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
1,210
|
|
||||||
Futures and forwards
|
|
—
|
|
|
—
|
|
|
278
|
|
|
5
|
|
|
4
|
|
|
304
|
|
||||||
Total foreign exchange risk
|
|
—
|
|
|
—
|
|
|
278
|
|
|
5
|
|
|
78
|
|
|
1,514
|
|
||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Forwards
|
|
—
|
|
|
9
|
|
|
32
|
|
|
—
|
|
|
3
|
|
|
74
|
|
||||||
Written options
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
||||||
Purchased options
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
Total equity risk
|
|
2
|
|
|
10
|
|
|
32
|
|
|
2
|
|
|
6
|
|
|
75
|
|
||||||
Total economic hedges
|
|
107
|
|
|
135
|
|
|
44,776
|
|
|
145
|
|
|
245
|
|
|
62,436
|
|
||||||
Total derivatives
|
|
$
|
233
|
|
|
$
|
145
|
|
|
$
|
59,116
|
|
|
$
|
263
|
|
|
$
|
252
|
|
|
$
|
81,200
|
|
(a)
|
Derivative contracts in a receivable position are classified as other assets on the Consolidated Balance Sheet, and includes accrued interest of
$46 million
and
$50 million
at
December 31, 2015
, and
2014
, respectively.
|
(b)
|
Derivative contracts in a liability position are classified as accrued expenses and other liabilities on the Consolidated Balance Sheet, and includes accrued interest of
$12 million
and
$17 million
at
December 31, 2015
, and
2014
, respectively.
|
(c)
|
Includes fair value hedges consisting of receive-fixed swaps on fixed-rate debt obligations with
$112 million
and
$97 million
in a receivable position,
$3 million
and
$1 million
in a payable position, and a
$6.8 billion
and
$4.7 billion
notional amount at
December 31, 2015
, and
December 31, 2014
, respectively. Of the hedge notional amount at
December 31, 2015
,
$2.6 billion
is associated with debt maturing in five or more years.
|
(d)
|
Other fair value hedges include pay-fixed swaps on portfolios of held-for-investment automotive loan assets with
$13 million
and
$21 million
in a receivable position,
$3 million
and
$6 million
in a payable position, and a
$6.8 billion
and
$13.9 billion
notional amount at
December 31, 2015
, and
December 31, 2014
, respectively.
|
(e)
|
Fair value hedges were executed during the fourth quarter consisting of receive-fixed swaps on fixed-rate secured debt obligations (FHLB Advances) with
$1 million
in a receivable position,
$2 million
in a payable position, and a
$500 million
notional amount at
December 31, 2015
.
|
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Derivatives qualifying for hedge accounting
|
|
|
|
|
|
|
||||||
(Loss) gain recognized in earnings on derivatives
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||
Interest and fees on finance receivables and loans (a)
|
|
$
|
(9
|
)
|
|
$
|
15
|
|
|
$
|
7
|
|
Interest on long-term debt (b) (c)
|
|
35
|
|
|
199
|
|
|
(389
|
)
|
|||
Gain (loss) recognized in earnings on hedged items
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||
Interest and fees on finance receivables and loans (d)
|
|
39
|
|
|
34
|
|
|
2
|
|
|||
Interest on long-term debt (e)
|
|
(30
|
)
|
|
(185
|
)
|
|
402
|
|
|||
Total derivatives qualifying for hedge accounting
|
|
35
|
|
|
63
|
|
|
22
|
|
|||
Economic derivatives
|
|
|
|
|
|
|
||||||
(Loss) gain recognized in earnings on derivatives
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(112
|
)
|
|||
Loss on mortgage and automotive loans, net
|
|
(2
|
)
|
|
—
|
|
|
(37
|
)
|
|||
Other income, net of losses
|
|
(17
|
)
|
|
(37
|
)
|
|
14
|
|
|||
Total interest rate contracts
|
|
(19
|
)
|
|
(37
|
)
|
|
(135
|
)
|
|||
Foreign exchange contracts (f)
|
|
|
|
|
|
|
||||||
Interest on long-term debt
|
|
(139
|
)
|
|
(172
|
)
|
|
94
|
|
|||
Other income, net of losses
|
|
12
|
|
|
12
|
|
|
24
|
|
|||
Total foreign exchange contracts
|
|
(127
|
)
|
|
(160
|
)
|
|
118
|
|
|||
Equity contracts
|
|
|
|
|
|
|
||||||
Compensation and benefits expense
|
|
(10
|
)
|
|
(5
|
)
|
|
—
|
|
|||
Total equity contracts
|
|
(10
|
)
|
|
(5
|
)
|
|
—
|
|
|||
(Loss) gain recognized in earnings on derivatives
|
|
$
|
(121
|
)
|
|
$
|
(139
|
)
|
|
$
|
5
|
|
(a)
|
Amounts exclude losses related to interest for qualifying accounting hedges of portfolios of retail automotive loans held-for-investment, which are primarily offset by the fixed coupon payments of the loans.
The losses were
$64 million
,
$61 million
, and
$9 million
for the years ended
December 31, 2015
, and
2014
, and
2013
, respectively.
|
(b)
|
Amounts exclude gains related to interest for qualifying accounting hedges of debt, which are primarily offset by the fixed coupon payment on the long-term debt. The gains were
$97 million
,
$112 million
, and
$131 million
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
(c)
|
Amounts exclude gains related to interest for qualifying accounting hedges of secured debt (FHLB Advances), which are primarily offset by the fixed coupon payment on the long-term debt. The gains were
$1 million
for the year ended December 31, 2015.
|
(d)
|
Amounts exclude losses related to amortization of deferred loan basis adjustments on the de-designated hedged item of
$8 million
for the year ended
December 31, 2015
.
|
(e)
|
Amounts exclude gains related to amortization of deferred basis adjustments on the de-designated hedged item of
$73 million
,
$155 million
, and
$247 million
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
(f)
|
Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of
$132 million
, and
$165 million
, and losses of
$117 million
, were recognized for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
Year ended December 31, (
$ in millions
)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flow hedges
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
|
|
|
|
|
||||||
Loss reclassified from accumulated other comprehensive income to interest on long-term debt
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
Total interest on long-term debt
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
Gain recognized in other comprehensive income
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
6
|
|
Net investment hedges
|
|
|
|
|
|
|
||||||
Foreign exchange contracts
|
|
|
|
|
|
|
||||||
Loss reclassified from accumulated other comprehensive income to income (loss) from discontinued operations, net
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(250
|
)
|
Total loss from discontinued operations, net
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(250
|
)
|
Gain recognized in other comprehensive income (a)
|
|
$
|
33
|
|
|
$
|
13
|
|
|
$
|
309
|
|
(a)
|
The amounts represent the effective portion of net investment hedges. There are offsetting amounts recognized in accumulated other comprehensive income related to the revaluation of the related net investment in foreign operations, including the tax impacts of the hedge and related net investment, as disclosed separately in
Note 19
. There were losses of
$59 million
,
$41 million
, and
$582 million
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
Year ended December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
U.S. federal
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
Foreign
|
6
|
|
|
8
|
|
|
4
|
|
|||
State and local
|
3
|
|
|
5
|
|
|
—
|
|
|||
Total current expense
|
9
|
|
|
10
|
|
|
4
|
|
|||
Deferred income tax expense (benefit)
|
|
|
|
|
|
||||||
U.S. federal
|
454
|
|
|
270
|
|
|
(67
|
)
|
|||
Foreign
|
1
|
|
|
2
|
|
|
(1
|
)
|
|||
State and local
|
32
|
|
|
39
|
|
|
5
|
|
|||
Total deferred expense (benefit)
|
487
|
|
|
311
|
|
|
(63
|
)
|
|||
Total income tax expense (benefit) from continuing operations
|
$
|
496
|
|
|
$
|
321
|
|
|
$
|
(59
|
)
|
Year ended December 31, (
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
||||||
Statutory U.S. federal tax expense
|
$
|
488
|
|
|
$
|
436
|
|
|
$
|
125
|
|
Change in tax resulting from
|
|
|
|
|
|
||||||
State and local income taxes, net of federal income tax benefit
|
38
|
|
|
48
|
|
|
16
|
|
|||
Effect of valuation allowance change
|
(26
|
)
|
|
(64
|
)
|
|
(154
|
)
|
|||
Nondeductible expenses
|
14
|
|
|
31
|
|
|
26
|
|
|||
Tax credits
|
(12
|
)
|
|
(10
|
)
|
|
(45
|
)
|
|||
Changes in unrecognized tax benefits
|
(5
|
)
|
|
(63
|
)
|
|
(10
|
)
|
|||
Tax law enactment
|
—
|
|
|
(39
|
)
|
|
(44
|
)
|
|||
Other, net
|
(1
|
)
|
|
(18
|
)
|
|
27
|
|
|||
Total income tax expense (benefit) from continuing operations
|
$
|
496
|
|
|
$
|
321
|
|
|
$
|
(59
|
)
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
||||
Deferred tax assets
|
|
|
|
||||
Tax credit carryforwards
|
$
|
1,941
|
|
|
$
|
1,911
|
|
Tax loss carryforwards
|
950
|
|
|
1,158
|
|
||
Adjustments to loan value
|
311
|
|
|
520
|
|
||
State and local taxes
|
194
|
|
|
227
|
|
||
Unearned insurance premiums
|
141
|
|
|
141
|
|
||
Hedging transactions
|
99
|
|
|
139
|
|
||
Other
|
212
|
|
|
210
|
|
||
Gross deferred tax assets
|
3,848
|
|
|
4,306
|
|
||
Valuation allowance
|
(582
|
)
|
|
(734
|
)
|
||
Deferred tax assets, net of valuation allowance
|
3,266
|
|
|
3,572
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Lease transactions
|
1,273
|
|
|
1,148
|
|
||
Deferred acquisition costs
|
403
|
|
|
378
|
|
||
Debt transactions
|
162
|
|
|
161
|
|
||
Other
|
69
|
|
|
78
|
|
||
Gross deferred tax liabilities
|
1,907
|
|
|
1,765
|
|
||
Net deferred tax assets (a)
|
$
|
1,359
|
|
|
$
|
1,807
|
|
(a)
|
Total net deferred tax assets includes
$1,369 million
of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position and
$10 million
included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position at
December 31, 2015
.
|
(
$ in millions
)
|
|
Deferred Tax Asset/(Liability)
|
|
Valuation Allowance
|
|
Net Deferred Tax Asset/(Liability)
|
|
Years of Expiration
|
||||||
Tax credit carryforwards
|
|
|
|
|
|
|
|
|
||||||
Foreign tax credits
|
|
$
|
1,748
|
|
|
$
|
(472
|
)
|
|
$
|
1,276
|
|
|
2016 - 2025
|
General business credits
|
|
173
|
|
|
—
|
|
|
173
|
|
|
2032 - 2035
|
|||
AMT credits
|
|
20
|
|
|
—
|
|
|
20
|
|
|
n/a
|
|||
Total tax credit carryforwards
|
|
1,941
|
|
|
(472
|
)
|
|
1,469
|
|
|
|
|||
Tax loss carryforwards
|
|
|
|
|
|
|
|
|
||||||
Net operating losses — federal
|
|
950
|
|
|
—
|
|
|
950
|
|
|
2031 - 2033
|
|||
Net operating losses — state
|
|
208
|
|
(a)
|
(77
|
)
|
|
131
|
|
|
2016 - 2035
|
|||
Capital losses — state
|
|
28
|
|
(a)
|
(28
|
)
|
|
—
|
|
|
2016 - 2017
|
|||
Total tax loss carryforwards
|
|
1,186
|
|
|
(105
|
)
|
|
1,081
|
|
|
|
|||
Other deferred tax assets
|
|
721
|
|
|
(5
|
)
|
|
716
|
|
|
n/a
|
|||
Deferred tax assets
|
|
3,848
|
|
|
(582
|
)
|
|
3,266
|
|
|
|
|||
Deferred tax liabilities
|
|
(1,907
|
)
|
|
—
|
|
|
(1,907
|
)
|
|
n/a
|
|||
Net deferred tax assets
|
|
$
|
1,941
|
|
|
$
|
(582
|
)
|
|
$
|
1,359
|
|
|
|
(a)
|
State net operating loss and capital loss carryforwards are included in the state and local taxes total disclosed in our deferred inventory table above.
|
(
$ in millions
)
|
2015
|
|
2014
|
|
2013
|
||||||
Balance at January 1,
|
$
|
191
|
|
|
$
|
262
|
|
|
$
|
102
|
|
Additions based on tax positions related to the current year
|
—
|
|
|
—
|
|
|
174
|
|
|||
Additions for tax positions of prior years
|
7
|
|
|
9
|
|
|
1
|
|
|||
Settlements
|
(10
|
)
|
|
(79
|
)
|
|
(14
|
)
|
|||
Expiration of statute of limitations
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Balance at December 31,
|
$
|
185
|
|
|
$
|
191
|
|
|
$
|
262
|
|
Level 1
|
Inputs are quoted prices in active markets for identical assets or liabilities at the measurement date. Additionally, the entity must have the ability to access the active market, and the quoted prices cannot be adjusted by the entity.
|
Level 2
|
Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
|
Level 3
|
Unobservable inputs are supported by little or no market activity. The unobservable inputs represent management's best assumptions of how market participants would price the assets or liabilities. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation.
|
Transfers
|
Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfer occurred. There were no transfers between any levels for the
year ended
December 31, 2015
.
|
•
|
Available-for-sale securities
— All classes of available-for-sale securities are carried at fair value based on observable market prices, when available. If observable market prices are not available, our valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate and consider recent market transactions, experience with similar securities, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we are required to utilize various significant assumptions including market observable inputs (e.g., forward interest rates) and internally developed inputs (including prepayment speeds, delinquency levels, and credit losses).
|
•
|
Mortgage loans held-for-sale, net
— Certain of our mortgage loans held-for-sale are accounted for at fair value because of fair value option elections. Mortgage loans held-for-sale are typically pooled together and sold into certain exit markets depending on underlying attributes of the loan, such as eligibility with the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or the Government National Mortgage Association (Ginnie Mae) (collectively, the Government-sponsored Enterprises, or GSEs), product type, interest rate, and credit quality. Mortgage loans previously classified as Level 2 were mainly GSE-eligible mortgage loans carried at fair value due to fair value option election, which were valued predominantly using published forward agency prices. It also included any domestic loans where recently negotiated market prices for the loan pool exist with a counterparty (which approximates fair value) or quoted market prices for similar loans are available. These mortgage loans were transferred into Level 3 as of December 31, 2014, based on decreased observability of
|
•
|
Interests retained in financial asset sales
— The interests retained are in securitization trusts and deferred purchase prices on the sale of whole-loans. Due to inactivity in the market, valuations are based on internally developed discounted cash flow models (an income approach) that use a market-based discount rate; therefore, we classified these assets as Level 3. The valuation considers recent market transactions, experience with similar assets, current business conditions, and analysis of the underlying collateral, as available. To estimate cash flows, we utilize various significant assumptions, including market observable inputs (e.g., forward interest rates) and internally developed inputs (e.g., prepayment speeds, delinquency levels, and credit losses).
|
•
|
Derivative instruments
— We enter into a variety of derivative financial instruments as part of our risk management strategies. Certain of these derivatives are exchange traded, such as Eurodollar futures, options of Eurodollar futures, and equity options. To determine the fair value of these instruments, we utilize the quoted market prices for the particular derivative contracts; therefore, we classified these contracts as Level 1.
|
|
|
Recurring fair value measurements
|
||||||||||||||
December 31, 2015
(
$ in millions
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and federal agencies
|
|
$
|
1,469
|
|
|
$
|
272
|
|
|
$
|
—
|
|
|
$
|
1,741
|
|
U.S. State and political subdivisions
|
|
—
|
|
|
716
|
|
|
—
|
|
|
716
|
|
||||
Foreign government
|
|
10
|
|
|
167
|
|
|
—
|
|
|
177
|
|
||||
Mortgage-backed residential
|
|
—
|
|
|
10,366
|
|
|
—
|
|
|
10,366
|
|
||||
Mortgage-backed commercial
|
|
—
|
|
|
481
|
|
|
—
|
|
|
481
|
|
||||
Asset-backed
|
|
—
|
|
|
1,755
|
|
|
—
|
|
|
1,755
|
|
||||
Corporate debt securities
|
|
—
|
|
|
1,204
|
|
|
—
|
|
|
1,204
|
|
||||
Total debt securities
|
|
1,479
|
|
|
14,961
|
|
|
—
|
|
|
16,440
|
|
||||
Equity securities (a)
|
|
717
|
|
|
—
|
|
|
—
|
|
|
717
|
|
||||
Total available-for-sale securities
|
|
2,196
|
|
|
14,961
|
|
|
—
|
|
|
17,157
|
|
||||
Other assets
|
|
|
|
|
|
|
|
|
||||||||
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
||||
Derivative contracts in a receivable position (b)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
2
|
|
|
229
|
|
|
—
|
|
|
231
|
|
||||
Other
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total derivative contracts in a receivable position
|
|
4
|
|
|
229
|
|
|
—
|
|
|
233
|
|
||||
Total assets
|
|
$
|
2,200
|
|
|
$
|
15,190
|
|
|
$
|
40
|
|
|
$
|
17,430
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative contracts in a payable position (b)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
(2
|
)
|
|
$
|
(133
|
)
|
|
$
|
—
|
|
|
$
|
(135
|
)
|
Foreign currency
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Other
|
|
(1
|
)
|
|
(8
|
)
|
|
—
|
|
|
(9
|
)
|
||||
Total derivative contracts in a payable position
|
|
(3
|
)
|
|
(142
|
)
|
|
—
|
|
|
(145
|
)
|
||||
Total liabilities
|
|
$
|
(3
|
)
|
|
$
|
(142
|
)
|
|
$
|
—
|
|
|
$
|
(145
|
)
|
(a)
|
Our investment in any one industry did not exceed
14%
.
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
|
|
Recurring fair value measurements
|
||||||||||||||
December 31, 2014 (
$ in millions
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Investment securities
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and federal agencies
|
|
$
|
217
|
|
|
$
|
961
|
|
|
$
|
—
|
|
|
$
|
1,178
|
|
U.S. State and political subdivisions
|
|
—
|
|
|
406
|
|
|
—
|
|
|
406
|
|
||||
Foreign government
|
|
14
|
|
|
218
|
|
|
—
|
|
|
232
|
|
||||
Mortgage-backed residential
|
|
—
|
|
|
10,425
|
|
|
—
|
|
|
10,425
|
|
||||
Mortgage-backed commercial
|
|
—
|
|
|
253
|
|
|
—
|
|
|
253
|
|
||||
Asset-backed
|
|
—
|
|
|
1,991
|
|
|
—
|
|
|
1,991
|
|
||||
Corporate debt securities
|
|
—
|
|
|
746
|
|
|
—
|
|
|
746
|
|
||||
Total debt securities
|
|
231
|
|
|
15,000
|
|
|
—
|
|
|
15,231
|
|
||||
Equity securities (a)
|
|
906
|
|
|
—
|
|
|
—
|
|
|
906
|
|
||||
Total available-for-sale securities
|
|
1,137
|
|
|
15,000
|
|
|
—
|
|
|
16,137
|
|
||||
Mortgage loans held-for-sale, net (b)
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||
Other assets
|
|
|
|
|
|
|
|
|
||||||||
Interests retained in financial asset sales
|
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
||||
Derivative contracts in a receivable position (c)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
4
|
|
|
252
|
|
|
—
|
|
|
256
|
|
||||
Foreign currency
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Other
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total derivative contracts in a receivable position
|
|
6
|
|
|
257
|
|
|
—
|
|
|
263
|
|
||||
Collateral placed with counterparties (d)
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Total assets
|
|
$
|
1,143
|
|
|
$
|
15,272
|
|
|
$
|
50
|
|
|
$
|
16,465
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative contracts in a payable position (c)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
(2
|
)
|
|
$
|
(166
|
)
|
|
$
|
—
|
|
|
$
|
(168
|
)
|
Foreign currency
|
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
(78
|
)
|
||||
Other
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Total derivative contracts in a payable position
|
|
(4
|
)
|
|
(248
|
)
|
|
—
|
|
|
(252
|
)
|
||||
Total liabilities
|
|
$
|
(4
|
)
|
|
$
|
(248
|
)
|
|
$
|
—
|
|
|
$
|
(252
|
)
|
(a)
|
Our investment in any one industry did not exceed
16%
.
|
(b)
|
Carried at fair value due to fair value option elections.
|
(c)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(d)
|
Represents collateral in the form of investment securities. Cash collateral was excluded.
|
|
Level 3 recurring fair value measurements
|
|||||||||||||||||||||||||||||||||
|
|
Net realized/unrealized gains
|
|
|
|
|
|
|
Fair value at December 31, 2015
|
Net unrealized gains included in earnings still held at December 31, 2015
|
||||||||||||||||||||||||
(
$ in millions
)
|
Fair value at January 1, 2015
|
included in earnings
|
|
included in OCI
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
Transfers into level 3
|
Transfers out of level 3
|
||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans held-for-sale
|
$
|
3
|
|
$
|
1
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(4
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interests retained in financial asset sales
|
47
|
|
9
|
|
(a)
|
—
|
|
—
|
|
—
|
|
26
|
|
(42
|
)
|
—
|
|
—
|
|
40
|
|
—
|
|
|||||||||||
Total assets
|
$
|
50
|
|
$
|
10
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(4
|
)
|
$
|
26
|
|
$
|
(42
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
40
|
|
$
|
—
|
|
(a)
|
Reported as other income, net of losses, in the
Consolidated Statement of Income
.
|
|
Level 3 recurring fair value measurements
|
|||||||||||||||||||||||||||||||||
|
|
Net realized/unrealized gains
|
|
|
|
|
|
|
Fair value at December 31, 2014
|
Net unrealized gains included in earnings still held at December 31, 2014
|
||||||||||||||||||||||||
(
$ in millions
)
|
Fair value at January 1, 2014
|
included in earnings
|
|
included in OCI
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
Transfers into level 3
|
Transfers out of level 3
|
||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans held-for-sale
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
3
|
|
$
|
1
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Interests retained in financial asset sales
|
100
|
|
13
|
|
(a)
|
—
|
|
—
|
|
—
|
|
—
|
|
(66
|
)
|
—
|
|
—
|
|
47
|
|
—
|
|
|||||||||||
Interest rate derivative contracts, net
|
(1
|
)
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
3
|
|
—
|
|
—
|
|
|||||||||||
Total assets
|
$
|
99
|
|
$
|
13
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(68
|
)
|
$
|
3
|
|
$
|
3
|
|
$
|
50
|
|
$
|
1
|
|
(a)
|
Reported as other income, net of losses, in the
Consolidated Statement of Income
.
|
|
|
Nonrecurring fair value measurements
|
|
Lower-of-cost or fair value or valuation reserve allowance
|
|
Total loss included in earnings for the year ended
|
|
||||||||||||||||
December 31, 2015
(
$ in millions
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held-for-sale
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
105
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
n/m
|
(a)
|
Commercial finance receivables and loans, net (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
|
(2
|
)
|
|
n/m
|
(a)
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
|
(15
|
)
|
|
n/m
|
(a)
|
|||||
Commercial real estate — Automotive
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
n/m
|
(a)
|
|||||
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
52
|
|
|
52
|
|
|
(20
|
)
|
|
n/m
|
(a)
|
|||||
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
(3
|
)
|
|
n/m
|
(a)
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
(2
|
)
|
|
n/m
|
(a)
|
|||||
Total assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
172
|
|
|
$
|
172
|
|
|
$
|
(25
|
)
|
|
n/m
|
|
(a)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
(b)
|
Represents the portion of the portfolio specifically impaired during
2015
. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
(c)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
|
Nonrecurring fair value measurements
|
|
Lower-of-cost or fair value or valuation reserve allowance
|
|
Total loss included in earnings for the year ended
|
|
||||||||||||||||
December 31, 2014 (
$ in millions
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held-for-sale
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
n/m
|
(a)
|
Commercial finance receivables and loans, net (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive
|
|
—
|
|
|
—
|
|
|
24
|
|
|
24
|
|
|
(6
|
)
|
|
n/m
|
(a)
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
|
(15
|
)
|
|
n/m
|
(a)
|
|||||
Total commercial finance receivables and loans, net
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
|
(21
|
)
|
|
n/m
|
(a)
|
|||||
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repossessed and foreclosed assets (c)
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
(2
|
)
|
|
n/m
|
(a)
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
n/m
|
(a)
|
|||||
Total assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
102
|
|
|
$
|
(23
|
)
|
|
n/m
|
|
(a)
|
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
|
(b)
|
Represents the portion of the portfolio specifically impaired during
2014
. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
|
(c)
|
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
|
|
|
|
Estimated fair value
|
||||||||||||||||
December 31, (
$ in millions
)
|
Carrying value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held-for-sale, net
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
105
|
|
|
$
|
105
|
|
Finance receivables and loans, net
|
110,546
|
|
|
—
|
|
|
—
|
|
|
110,737
|
|
|
110,737
|
|
|||||
Nonmarketable equity investments
|
418
|
|
|
—
|
|
|
391
|
|
|
42
|
|
|
433
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit liabilities
|
$
|
66,478
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,889
|
|
|
$
|
66,889
|
|
Short-term borrowings
|
8,101
|
|
|
—
|
|
|
—
|
|
|
8,102
|
|
|
8,102
|
|
|||||
Long-term debt
|
66,234
|
|
|
—
|
|
|
23,018
|
|
|
45,157
|
|
|
68,175
|
|
|||||
2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held-for-sale, net
|
$
|
2,003
|
|
|
$
|
—
|
|
|
$
|
485
|
|
|
$
|
1,554
|
|
|
$
|
2,039
|
|
Finance receivables and loans, net
|
98,971
|
|
|
—
|
|
|
—
|
|
|
99,430
|
|
|
99,430
|
|
|||||
Nonmarketable equity investments
|
271
|
|
|
—
|
|
|
246
|
|
|
33
|
|
|
279
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit liabilities
|
$
|
58,203
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,777
|
|
|
$
|
58,777
|
|
Short-term borrowings
|
7,062
|
|
|
—
|
|
|
—
|
|
|
7,063
|
|
|
7,063
|
|
|||||
Long-term debt
|
66,380
|
|
|
—
|
|
|
25,224
|
|
|
44,084
|
|
|
69,308
|
|
•
|
Cash and cash equivalents
— Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. Classified as Level 1 under the fair value hierarchy, cash and cash equivalents generally expose us to limited credit risk and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. As such, the carrying value approximates the fair value of these instruments.
|
•
|
Loans held-for-sale, net
— Loans held-for-sale classified as Level 3 include all loans valued using internally developed valuation models because observable market prices were not available. We based our valuation of automotive loans held-for-sale on internally developed discounted cash flow models (an income approach). These valuation models estimate the exit price we expect to receive in the loan’s principal market, which, depending on characteristics of the loans, may be the whole-loan market or the securitization market. Although we utilize and give priority to market observable inputs, such as interest rates and market spreads within these models, we are typically required to utilize internal inputs, such as prepayment speeds (absolute prepayment model, or ABS), gross loss range by loan segment (percentage of receivable balance lost in the event of default), and credit spreads (the risk premium component added to observed benchmark rate to determine the discount rate used in the discounted cash flow model). While numerous controls exist to calibrate, corroborate, and validate these internal inputs, these internal inputs require the use of judgment and can have a significant impact on the determination of the loan’s value. Accordingly, we classified all automotive loans held-for-sale as Level 3 as of December 31, 2014. Loans held-for-sale classified as Level 2 as of December 31, 2014, represent mortgage TDR loans valued using quoted prices in active markets for similar assets.
|
•
|
Finance receivables and loans, net
— With the exception of mortgage loans held-for-investment, the fair value of finance receivables and loans was based on discounted future cash flows using applicable spreads to approximate current rates applicable to each category of finance receivables and loans (an income approach using Level 3 inputs). The carrying value of commercial receivables in certain markets and certain automotive and other receivables for which interest rates reset on a short-term basis with applicable market indices are assumed to approximate fair value either because of the short-term nature or because of the interest rate adjustment feature. The fair value of commercial receivables in other markets was based on discounted future cash flows using applicable spreads to approximate current rates applicable to similar assets in those markets.
|
•
|
Deposit liabilities
— Deposit liabilities represent certain consumer and brokered bank deposits, mortgage escrow deposits, and dealer deposits.
The fair value of deposits at Level 3 were estimated by discounting projected cash flows based on discount factors derived from the forward interest rate swap curve.
|
•
|
Short-term borrowings and Long-term debt
— Level 2 debt was valued using quoted market prices for similar instruments, when available, or other means for substantiation with observable inputs. Debt valued by discounting projected cash flows using internally derived inputs, such as prepayment speeds and discount rates, was classified as Level 3.
|
•
|
Financial instruments for which carrying value approximates fair value
— Certain financial instruments that are not carried at fair value on the consolidated balance sheet are carried at amounts that approximate fair value primarily due to their short term nature and limited credit risk. These instruments include restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short term receivables and payables.
|
|
|
Gross Amounts of Recognized Assets/(Liabilities)
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Amounts of Assets/(Liabilities) Presented in the Consolidated Balance Sheet
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
|||||||||||||||||
December 31, 2015
(
$ in millions
)
|
|
|
|
|
Financial Instruments
|
|
Collateral
(a) (b) (c)
|
|
Net Amount
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets in net asset positions
|
|
$
|
224
|
|
|
$
|
—
|
|
|
$
|
224
|
|
|
$
|
(69
|
)
|
|
$
|
(67
|
)
|
|
$
|
88
|
|
Derivative assets in net liability positions
|
|
9
|
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
||||||
Total assets (d)
|
|
$
|
233
|
|
|
$
|
—
|
|
|
$
|
233
|
|
|
$
|
(78
|
)
|
|
$
|
(67
|
)
|
|
$
|
88
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities in net liability positions
|
|
$
|
(68
|
)
|
|
$
|
—
|
|
|
$
|
(68
|
)
|
|
$
|
9
|
|
|
$
|
2
|
|
|
$
|
(57
|
)
|
Derivative liabilities in net asset positions
|
|
(69
|
)
|
|
—
|
|
|
(69
|
)
|
|
69
|
|
|
—
|
|
|
—
|
|
||||||
Derivative liabilities with no offsetting arrangements
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
||||||
Total derivative liabilities (d)
|
|
(145
|
)
|
|
—
|
|
|
(145
|
)
|
|
78
|
|
|
2
|
|
|
(65
|
)
|
||||||
Securities sold under agreements to repurchase (e)
|
|
(648
|
)
|
|
—
|
|
|
(648
|
)
|
|
—
|
|
|
648
|
|
|
—
|
|
||||||
Total liabilities
|
|
$
|
(793
|
)
|
|
$
|
—
|
|
|
$
|
(793
|
)
|
|
$
|
78
|
|
|
$
|
650
|
|
|
$
|
(65
|
)
|
(a)
|
Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
|
(b)
|
Amounts disclosed are limited to the financial asset or liability balance and, accordingly, exclude excess collateral received or pledged and noncash collateral received.
$7 million
of noncash derivative collateral pledged to us was excluded at
December 31, 2015
. We do not record such collateral received on our
Consolidated Balance Sheet
unless certain conditions are met.
|
(c)
|
Certain agreements grant us the right to sell or pledge the noncash assets we receive as collateral. Noncash collateral pledged to us where the agreement grants us the right to sell or pledge the underlying assets had a fair value of
$7 million
at
December 31, 2015
. We have not sold or pledged any of the noncash collateral received under these agreements as of
December 31, 2015
.
|
(d)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(e)
|
For additional information on securities sold under agreements to repurchase, refer to
Note 15
.
|
|
|
Gross Amounts of Recognized Assets/(Liabilities)
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Amounts of Assets/(Liabilities) Presented in the Consolidated Balance Sheet
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
|||||||||||||||||
December 31, 2014 (
$ in millions
)
|
|
|
|
|
Financial Instruments
|
|
Collateral (a)
|
|
Net Amount
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets in net asset positions
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
(60
|
)
|
|
$
|
(68
|
)
|
|
$
|
88
|
|
Derivative assets in net liability positions
|
|
47
|
|
|
—
|
|
|
47
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
||||||
Total assets (b)
|
|
$
|
263
|
|
|
$
|
—
|
|
|
$
|
263
|
|
|
$
|
(107
|
)
|
|
$
|
(68
|
)
|
|
$
|
88
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities in net liability positions
|
|
$
|
(188
|
)
|
|
$
|
—
|
|
|
$
|
(188
|
)
|
|
$
|
47
|
|
|
$
|
54
|
|
|
$
|
(87
|
)
|
Derivative liabilities in net asset positions
|
|
(60
|
)
|
|
—
|
|
|
(60
|
)
|
|
60
|
|
|
—
|
|
|
—
|
|
||||||
Derivative liabilities with no offsetting arrangements
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Total derivative liabilities (b)
|
|
(252
|
)
|
|
—
|
|
|
(252
|
)
|
|
107
|
|
|
54
|
|
|
(91
|
)
|
||||||
Securities sold under agreements to repurchase (c)
|
|
(774
|
)
|
|
—
|
|
|
(774
|
)
|
|
—
|
|
|
774
|
|
|
—
|
|
||||||
Total liabilities
|
|
$
|
(1,026
|
)
|
|
$
|
—
|
|
|
$
|
(1,026
|
)
|
|
$
|
107
|
|
|
$
|
828
|
|
|
$
|
(91
|
)
|
(a)
|
Financial collateral received/pledged shown as a balance based on the sum of all net asset and liability positions between Ally and each individual derivative counterparty.
|
(b)
|
For additional information on derivative instruments and hedging activities, refer to
Note 22
.
|
(c)
|
For additional information on securities sold under agreements to repurchase, refer to
Note 15
.
|
Year ended December 31, (
$ in millions
)
|
|
Automotive Finance operations
|
|
Insurance operations
|
|
Mortgage operations
|
|
Corporate and Other (a)
|
|
Consolidated (b)
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net financing revenue
|
|
$
|
3,429
|
|
|
$
|
57
|
|
|
$
|
72
|
|
|
$
|
161
|
|
|
$
|
3,719
|
|
Other revenue (loss)
|
|
235
|
|
|
1,033
|
|
|
87
|
|
|
(213
|
)
|
|
1,142
|
|
|||||
Total net revenue (loss)
|
|
3,664
|
|
|
1,090
|
|
|
159
|
|
|
(52
|
)
|
|
4,861
|
|
|||||
Provision for loan losses
|
|
696
|
|
|
—
|
|
|
1
|
|
|
10
|
|
|
707
|
|
|||||
Total noninterest expense
|
|
1,633
|
|
|
879
|
|
|
68
|
|
|
181
|
|
|
2,761
|
|
|||||
Income (loss) from continuing operations before income tax expense
|
|
$
|
1,335
|
|
|
$
|
211
|
|
|
$
|
90
|
|
|
$
|
(243
|
)
|
|
$
|
1,393
|
|
Total assets
|
|
$
|
115,636
|
|
|
$
|
7,053
|
|
|
$
|
9,768
|
|
|
$
|
26,124
|
|
|
$
|
158,581
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net financing revenue (loss)
|
|
$
|
3,321
|
|
|
$
|
56
|
|
|
$
|
43
|
|
|
$
|
(45
|
)
|
|
$
|
3,375
|
|
Other revenue (loss)
|
|
264
|
|
|
1,129
|
|
|
17
|
|
|
(134
|
)
|
|
1,276
|
|
|||||
Total net revenue (loss)
|
|
3,585
|
|
|
1,185
|
|
|
60
|
|
|
(179
|
)
|
|
4,651
|
|
|||||
Provision for loan losses
|
|
542
|
|
|
—
|
|
|
(69
|
)
|
|
(16
|
)
|
|
457
|
|
|||||
Total noninterest expense
|
|
1,614
|
|
|
988
|
|
|
70
|
|
|
276
|
|
|
2,948
|
|
|||||
Income (loss) from continuing operations before income tax expense
|
|
$
|
1,429
|
|
|
$
|
197
|
|
|
$
|
59
|
|
|
$
|
(439
|
)
|
|
$
|
1,246
|
|
Total assets
|
|
$
|
113,188
|
|
|
$
|
7,190
|
|
|
$
|
7,884
|
|
|
$
|
23,369
|
|
|
$
|
151,631
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net financing revenue (loss)
|
|
$
|
3,159
|
|
|
$
|
57
|
|
|
$
|
76
|
|
|
$
|
(513
|
)
|
|
$
|
2,779
|
|
Other revenue
|
|
268
|
|
|
1,196
|
|
|
—
|
|
|
20
|
|
|
1,484
|
|
|||||
Total net revenue (loss)
|
|
3,427
|
|
|
1,253
|
|
|
76
|
|
|
(493
|
)
|
|
4,263
|
|
|||||
Provision for loan losses
|
|
494
|
|
|
—
|
|
|
13
|
|
|
(6
|
)
|
|
501
|
|
|||||
Total noninterest expense
|
|
1,755
|
|
|
999
|
|
|
324
|
|
|
327
|
|
|
3,405
|
|
|||||
Income (loss) from continuing operations before income tax expense
|
|
$
|
1,178
|
|
|
$
|
254
|
|
|
$
|
(261
|
)
|
|
$
|
(814
|
)
|
|
$
|
357
|
|
Total assets
|
|
$
|
109,312
|
|
|
$
|
7,124
|
|
|
$
|
8,168
|
|
|
$
|
26,304
|
|
|
$
|
150,908
|
|
(a)
|
Total assets for Corporate Finance were
$2.7 billion
,
$1.9 billion
, and
$1.6 billion
at
December 31, 2015
,
2014
, and
2013
, respectively.
|
(b)
|
Net financing revenue after the provision for loan losses totaled
$3.0 billion
,
$2.9 billion
, and
$2.3 billion
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
Year ended December 31,
(
$ in millions
)
|
|
Revenue (a)
|
|
Income (loss) from continuing operations before income tax expense (b)
|
|
Net income (loss) (b)(c)
|
|
Identifiable assets (d)
|
|
Long-lived assets (e)
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Canada
|
|
$
|
98
|
|
|
$
|
47
|
|
|
$
|
35
|
|
|
$
|
514
|
|
|
$
|
—
|
|
Europe
|
|
1
|
|
|
4
|
|
|
27
|
|
|
325
|
|
|
—
|
|
|||||
Latin America
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
28
|
|
|
—
|
|
|||||
Asia-Pacific
|
|
—
|
|
|
—
|
|
|
452
|
|
|
2
|
|
|
—
|
|
|||||
Total foreign (f)
|
|
99
|
|
|
51
|
|
|
512
|
|
|
869
|
|
|
—
|
|
|||||
Total domestic (g)
|
|
4,762
|
|
|
1,342
|
|
|
777
|
|
|
157,685
|
|
|
16,506
|
|
|||||
Total
|
|
$
|
4,861
|
|
|
$
|
1,393
|
|
|
$
|
1,289
|
|
|
$
|
158,554
|
|
|
$
|
16,506
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Canada
|
|
$
|
124
|
|
|
$
|
54
|
|
|
$
|
68
|
|
|
$
|
590
|
|
|
$
|
—
|
|
Europe
|
|
2
|
|
|
—
|
|
|
4
|
|
|
1,636
|
|
|
—
|
|
|||||
Latin America
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
29
|
|
|
—
|
|
|||||
Asia-Pacific
|
|
—
|
|
|
—
|
|
|
122
|
|
|
636
|
|
|
—
|
|
|||||
Total foreign (f)
|
|
126
|
|
|
54
|
|
|
186
|
|
|
2,891
|
|
|
—
|
|
|||||
Total domestic (g)
|
|
4,525
|
|
|
1,192
|
|
|
964
|
|
|
148,713
|
|
|
19,735
|
|
|||||
Total
|
|
$
|
4,651
|
|
|
$
|
1,246
|
|
|
$
|
1,150
|
|
|
$
|
151,604
|
|
|
$
|
19,735
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Canada
|
|
$
|
171
|
|
|
$
|
64
|
|
|
$
|
1,266
|
|
|
$
|
704
|
|
|
$
|
—
|
|
Europe (h)
|
|
(8
|
)
|
|
(18
|
)
|
|
(88
|
)
|
|
1,972
|
|
|
—
|
|
|||||
Latin America
|
|
—
|
|
|
7
|
|
|
300
|
|
|
29
|
|
|
—
|
|
|||||
Asia-Pacific
|
|
1
|
|
|
(2
|
)
|
|
117
|
|
|
520
|
|
|
—
|
|
|||||
Total foreign
|
|
164
|
|
|
51
|
|
|
1,595
|
|
|
3,225
|
|
|
—
|
|
|||||
Total domestic (g)
|
|
4,099
|
|
|
306
|
|
|
(1,234
|
)
|
|
147,656
|
|
|
17,916
|
|
|||||
Total
|
|
$
|
4,263
|
|
|
$
|
357
|
|
|
$
|
361
|
|
|
$
|
150,881
|
|
|
$
|
17,916
|
|
(a)
|
Revenue consists of net financing revenue and total other revenue as presented in our
Consolidated Statement of Income
.
|
(b)
|
The domestic amounts include original discount amortization of
$62 million
,
$189 million
, and
$262 million
for the years ended
December 31, 2015
,
2014
, and
2013
, respectively.
|
(c)
|
Gain (loss) realized on sale of discontinued operations are allocated to the geographic area in which the business operated.
|
(d)
|
Identifiable assets consist of total assets excluding goodwill.
|
(e)
|
Long-lived assets consist of investment in operating leases, net, and net property and equipment.
|
(f)
|
Our foreign operations as of
December 31, 2015
, and
December 31, 2014
, consist of our ongoing Insurance operations in Canada, and our remaining international entities in wind-down.
|
(g)
|
Amounts include eliminations between our domestic and foreign operations.
|
(h)
|
Amounts include eliminations between our foreign operations.
|
Year ended December 31, 2015
(
$ in millions
)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on finance receivables and loans
|
|
$
|
(83
|
)
|
|
$
|
—
|
|
|
$
|
4,653
|
|
|
$
|
—
|
|
|
$
|
4,570
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
17
|
|
|
—
|
|
|
24
|
|
|
(41
|
)
|
|
—
|
|
|||||
Interest on loans held-for-sale
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|||||
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
381
|
|
|
—
|
|
|
381
|
|
|||||
Interest on cash and cash equivalents
|
|
1
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
8
|
|
|||||
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|||||
Operating leases
|
|
9
|
|
|
—
|
|
|
3,389
|
|
|
—
|
|
|
3,398
|
|
|||||
Total financing revenue and other interest income
|
|
(56
|
)
|
|
—
|
|
|
8,502
|
|
|
(49
|
)
|
|
8,397
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
10
|
|
|
—
|
|
|
708
|
|
|
—
|
|
|
718
|
|
|||||
Interest on short-term borrowings
|
|
40
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
49
|
|
|||||
Interest on long-term debt
|
|
1,121
|
|
|
—
|
|
|
541
|
|
|
—
|
|
|
1,662
|
|
|||||
Interest on intercompany debt
|
|
32
|
|
|
—
|
|
|
17
|
|
|
(49
|
)
|
|
—
|
|
|||||
Total interest expense
|
|
1,203
|
|
|
—
|
|
|
1,275
|
|
|
(49
|
)
|
|
2,429
|
|
|||||
Depreciation expense on operating lease assets
|
|
7
|
|
|
—
|
|
|
2,242
|
|
|
—
|
|
|
2,249
|
|
|||||
Net financing (loss) revenue
|
|
(1,266
|
)
|
|
—
|
|
|
4,985
|
|
|
—
|
|
|
3,719
|
|
|||||
Cash dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiaries
|
|
525
|
|
|
525
|
|
|
—
|
|
|
(1,050
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
1,123
|
|
|
—
|
|
|
—
|
|
|
(1,123
|
)
|
|
—
|
|
|||||
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Servicing fees
|
|
1,137
|
|
|
—
|
|
|
834
|
|
|
(1,926
|
)
|
|
45
|
|
|||||
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
940
|
|
|
—
|
|
|
940
|
|
|||||
(Loss) gain on mortgage and automotive loans, net
|
|
(9
|
)
|
|
—
|
|
|
54
|
|
|
—
|
|
|
45
|
|
|||||
Loss on extinguishment of debt
|
|
(355
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(357
|
)
|
|||||
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
155
|
|
|
—
|
|
|
155
|
|
|||||
Other income, net of losses
|
|
236
|
|
|
—
|
|
|
539
|
|
|
(461
|
)
|
|
314
|
|
|||||
Total other revenue
|
|
1,009
|
|
|
—
|
|
|
2,520
|
|
|
(2,387
|
)
|
|
1,142
|
|
|||||
Total net revenue
|
|
1,391
|
|
|
525
|
|
|
7,505
|
|
|
(4,560
|
)
|
|
4,861
|
|
|||||
Provision for loan losses
|
|
157
|
|
|
—
|
|
|
550
|
|
|
—
|
|
|
707
|
|
|||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and benefits expense
|
|
571
|
|
|
—
|
|
|
842
|
|
|
(450
|
)
|
|
963
|
|
|||||
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
293
|
|
|
—
|
|
|
293
|
|
|||||
Other operating expenses
|
|
1,247
|
|
|
—
|
|
|
2,195
|
|
|
(1,937
|
)
|
|
1,505
|
|
|||||
Total noninterest expense
|
|
1,818
|
|
|
—
|
|
|
3,330
|
|
|
(2,387
|
)
|
|
2,761
|
|
|||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
(584
|
)
|
|
525
|
|
|
3,625
|
|
|
(2,173
|
)
|
|
1,393
|
|
|||||
Income tax (benefit) expense from continuing operations
|
|
(267
|
)
|
|
—
|
|
|
763
|
|
|
—
|
|
|
496
|
|
|||||
Net (loss) income from continuing operations
|
|
(317
|
)
|
|
525
|
|
|
2,862
|
|
|
(2,173
|
)
|
|
897
|
|
|||||
Income from discontinued operations, net of tax
|
|
356
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
392
|
|
|||||
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
581
|
|
|
581
|
|
|
—
|
|
|
(1,162
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
669
|
|
|
(1
|
)
|
|
—
|
|
|
(668
|
)
|
|
—
|
|
|||||
Net income
|
|
1,289
|
|
|
1,105
|
|
|
2,898
|
|
|
(4,003
|
)
|
|
1,289
|
|
|||||
Other comprehensive loss, net of tax
|
|
(165
|
)
|
|
(43
|
)
|
|
(172
|
)
|
|
215
|
|
|
(165
|
)
|
|||||
Comprehensive income
|
|
$
|
1,124
|
|
|
$
|
1,062
|
|
|
$
|
2,726
|
|
|
$
|
(3,788
|
)
|
|
$
|
1,124
|
|
Year ended December 31, 2014 (
$ in millions
)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on finance receivables and loans
|
|
$
|
(14
|
)
|
|
$
|
—
|
|
|
$
|
4,471
|
|
|
$
|
—
|
|
|
$
|
4,457
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
37
|
|
|
—
|
|
|
82
|
|
|
(119
|
)
|
|
—
|
|
|||||
Interest on loans held-for-sale
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
367
|
|
|
—
|
|
|
367
|
|
|||||
Interest on cash and cash equivalents
|
|
1
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
8
|
|
|||||
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(6
|
)
|
|
—
|
|
|||||
Operating leases
|
|
269
|
|
|
—
|
|
|
3,289
|
|
|
—
|
|
|
3,558
|
|
|||||
Total financing revenue and other interest income
|
|
293
|
|
|
—
|
|
|
8,223
|
|
|
(125
|
)
|
|
8,391
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
15
|
|
|
—
|
|
|
649
|
|
|
—
|
|
|
664
|
|
|||||
Interest on short-term borrowings
|
|
43
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
52
|
|
|||||
Interest on long-term debt
|
|
1,492
|
|
|
—
|
|
|
575
|
|
|
—
|
|
|
2,067
|
|
|||||
Interest on intercompany debt
|
|
88
|
|
|
—
|
|
|
37
|
|
|
(125
|
)
|
|
—
|
|
|||||
Total interest expense
|
|
1,638
|
|
|
—
|
|
|
1,270
|
|
|
(125
|
)
|
|
2,783
|
|
|||||
Depreciation expense on operating lease assets
|
|
161
|
|
|
—
|
|
|
2,072
|
|
|
—
|
|
|
2,233
|
|
|||||
Net financing (loss) revenue
|
|
(1,506
|
)
|
|
—
|
|
|
4,881
|
|
|
—
|
|
|
3,375
|
|
|||||
Cash dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiaries
|
|
1,800
|
|
|
1,800
|
|
|
—
|
|
|
(3,600
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
651
|
|
|
—
|
|
|
—
|
|
|
(651
|
)
|
|
—
|
|
|||||
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Servicing fees
|
|
1,071
|
|
|
—
|
|
|
792
|
|
|
(1,832
|
)
|
|
31
|
|
|||||
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
979
|
|
|
—
|
|
|
979
|
|
|||||
(Loss) gain on mortgage and automotive loans, net
|
|
(5
|
)
|
|
—
|
|
|
12
|
|
|
—
|
|
|
7
|
|
|||||
Loss on extinguishment of debt
|
|
(202
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202
|
)
|
|||||
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
181
|
|
|||||
Other income, net of losses
|
|
208
|
|
|
—
|
|
|
507
|
|
|
(435
|
)
|
|
280
|
|
|||||
Total other revenue
|
|
1,072
|
|
|
—
|
|
|
2,471
|
|
|
(2,267
|
)
|
|
1,276
|
|
|||||
Total net revenue
|
|
2,017
|
|
|
1,800
|
|
|
7,352
|
|
|
(6,518
|
)
|
|
4,651
|
|
|||||
Provision for loan losses
|
|
250
|
|
|
—
|
|
|
207
|
|
|
—
|
|
|
457
|
|
|||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and benefits expense
|
|
586
|
|
|
—
|
|
|
793
|
|
|
(432
|
)
|
|
947
|
|
|||||
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
410
|
|
|
—
|
|
|
410
|
|
|||||
Other operating expenses
|
|
1,267
|
|
|
—
|
|
|
2,159
|
|
|
(1,835
|
)
|
|
1,591
|
|
|||||
Total noninterest expense
|
|
1,853
|
|
|
—
|
|
|
3,362
|
|
|
(2,267
|
)
|
|
2,948
|
|
|||||
(Loss) income from continuing operations before income tax (benefit) expense and undistributed (loss) income of subsidiaries
|
|
(86
|
)
|
|
1,800
|
|
|
3,783
|
|
|
(4,251
|
)
|
|
1,246
|
|
|||||
Income tax (benefit) expense from continuing operations
|
|
(457
|
)
|
|
—
|
|
|
778
|
|
|
—
|
|
|
321
|
|
|||||
Net income from continuing operations
|
|
371
|
|
|
1,800
|
|
|
3,005
|
|
|
(4,251
|
)
|
|
925
|
|
|||||
Income from discontinued operations, net of tax
|
|
193
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
225
|
|
|||||
Undistributed (loss) income of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
(680
|
)
|
|
(680
|
)
|
|
—
|
|
|
1,360
|
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
1,266
|
|
|
(1
|
)
|
|
—
|
|
|
(1,265
|
)
|
|
—
|
|
|||||
Net income
|
|
1,150
|
|
|
1,119
|
|
|
3,037
|
|
|
(4,156
|
)
|
|
1,150
|
|
|||||
Other comprehensive income, net of tax
|
|
210
|
|
|
188
|
|
|
212
|
|
|
(400
|
)
|
|
210
|
|
|||||
Comprehensive income
|
|
$
|
1,360
|
|
|
$
|
1,307
|
|
|
$
|
3,249
|
|
|
$
|
(4,556
|
)
|
|
$
|
1,360
|
|
Year ended December 31, 2013 (
$ in millions
)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Financing revenue and other interest income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on finance receivables and loans
|
|
$
|
771
|
|
|
$
|
—
|
|
|
$
|
3,758
|
|
|
$
|
—
|
|
|
$
|
4,529
|
|
Interest and fees on finance receivables and loans — intercompany
|
|
59
|
|
|
—
|
|
|
68
|
|
|
(127
|
)
|
|
—
|
|
|||||
Interest on loans held-for-sale
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|||||
Interest and dividends on available-for-sale investment securities
|
|
—
|
|
|
—
|
|
|
325
|
|
|
—
|
|
|
325
|
|
|||||
Interest on cash and cash equivalents
|
|
3
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
10
|
|
|||||
Interest-bearing cash — intercompany
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(7
|
)
|
|
—
|
|
|||||
Operating leases
|
|
500
|
|
|
—
|
|
|
2,709
|
|
|
—
|
|
|
3,209
|
|
|||||
Total financing revenue and other interest income
|
|
1,333
|
|
|
—
|
|
|
6,894
|
|
|
(134
|
)
|
|
8,093
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
25
|
|
|
—
|
|
|
629
|
|
|
—
|
|
|
654
|
|
|||||
Interest on short-term borrowings
|
|
46
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
63
|
|
|||||
Interest on long-term debt
|
|
2,039
|
|
|
—
|
|
|
568
|
|
|
(5
|
)
|
|
2,602
|
|
|||||
Interest on intercompany debt
|
|
66
|
|
|
—
|
|
|
62
|
|
|
(128
|
)
|
|
—
|
|
|||||
Total interest expense
|
|
2,176
|
|
|
—
|
|
|
1,276
|
|
|
(133
|
)
|
|
3,319
|
|
|||||
Depreciation expense on operating lease assets
|
|
369
|
|
|
—
|
|
|
1,626
|
|
|
—
|
|
|
1,995
|
|
|||||
Net financing (loss) revenue
|
|
(1,212
|
)
|
|
—
|
|
|
3,992
|
|
|
(1
|
)
|
|
2,779
|
|
|||||
Cash dividends from subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonbank subsidiaries
|
|
5,732
|
|
|
3,659
|
|
|
—
|
|
|
(9,391
|
)
|
|
—
|
|
|||||
Other revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Servicing fees
|
|
152
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
126
|
|
|||||
Servicing asset valuation and hedge activities, net
|
|
—
|
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
|
(213
|
)
|
|||||
Total servicing income (loss), net
|
|
152
|
|
|
—
|
|
|
(239
|
)
|
|
—
|
|
|
(87
|
)
|
|||||
Insurance premiums and service revenue earned
|
|
—
|
|
|
—
|
|
|
1,012
|
|
|
—
|
|
|
1,012
|
|
|||||
Gain on mortgage and automotive loans, net
|
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
55
|
|
|||||
(Loss) gain on extinguishment of debt
|
|
(61
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(59
|
)
|
|||||
Other gain on investments, net
|
|
—
|
|
|
—
|
|
|
180
|
|
|
—
|
|
|
180
|
|
|||||
Other income, net of losses
|
|
157
|
|
|
—
|
|
|
1,438
|
|
|
(1,212
|
)
|
|
383
|
|
|||||
Total other revenue
|
|
248
|
|
|
—
|
|
|
2,448
|
|
|
(1,212
|
)
|
|
1,484
|
|
|||||
Total net revenue
|
|
4,768
|
|
|
3,659
|
|
|
6,440
|
|
|
(10,604
|
)
|
|
4,263
|
|
|||||
Provision for loan losses
|
|
196
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
501
|
|
|||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and benefits expense
|
|
640
|
|
|
—
|
|
|
821
|
|
|
(442
|
)
|
|
1,019
|
|
|||||
Insurance losses and loss adjustment expenses
|
|
—
|
|
|
—
|
|
|
405
|
|
|
—
|
|
|
405
|
|
|||||
Other operating expenses
|
|
501
|
|
|
—
|
|
|
2,250
|
|
|
(770
|
)
|
|
1,981
|
|
|||||
Total noninterest expense
|
|
1,141
|
|
|
—
|
|
|
3,476
|
|
|
(1,212
|
)
|
|
3,405
|
|
|||||
Income from continuing operations before income tax (benefit) expense and undistributed income (loss) of subsidiaries
|
|
3,431
|
|
|
3,659
|
|
|
2,659
|
|
|
(9,392
|
)
|
|
357
|
|
|||||
Income tax (benefit) expense from continuing operations
|
|
(969
|
)
|
|
—
|
|
|
910
|
|
|
—
|
|
|
(59
|
)
|
|||||
Net income from continuing operations
|
|
4,400
|
|
|
3,659
|
|
|
1,749
|
|
|
(9,392
|
)
|
|
416
|
|
|||||
(Loss) income from discontinued operations, net of tax
|
|
(1,321
|
)
|
|
(19
|
)
|
|
1,284
|
|
|
1
|
|
|
(55
|
)
|
|||||
Undistributed income (loss) of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
883
|
|
|
883
|
|
|
—
|
|
|
(1,766
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
(3,601
|
)
|
|
(2,393
|
)
|
|
—
|
|
|
5,994
|
|
|
—
|
|
|||||
Net income
|
|
361
|
|
|
2,130
|
|
|
3,033
|
|
|
(5,163
|
)
|
|
361
|
|
|||||
Other comprehensive loss, net of tax
|
|
(587
|
)
|
|
(812
|
)
|
|
(873
|
)
|
|
1,685
|
|
|
(587
|
)
|
|||||
Comprehensive (loss) income
|
|
$
|
(226
|
)
|
|
$
|
1,318
|
|
|
$
|
2,160
|
|
|
$
|
(3,478
|
)
|
|
$
|
(226
|
)
|
December 31, 2015
(
$ in millions
)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing
|
|
$
|
1,234
|
|
|
$
|
—
|
|
|
$
|
914
|
|
|
$
|
—
|
|
|
$
|
2,148
|
|
Interest-bearing
|
|
401
|
|
|
—
|
|
|
3,831
|
|
|
—
|
|
|
4,232
|
|
|||||
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
850
|
|
|
(850
|
)
|
|
—
|
|
|||||
Total cash and cash equivalents
|
|
1,635
|
|
|
—
|
|
|
5,595
|
|
|
(850
|
)
|
|
6,380
|
|
|||||
Investment securities
|
|
—
|
|
|
—
|
|
|
17,157
|
|
|
—
|
|
|
17,157
|
|
|||||
Loans held-for-sale, net
|
|
—
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|||||
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Finance receivables and loans, net
|
|
2,636
|
|
|
—
|
|
|
108,964
|
|
|
—
|
|
|
111,600
|
|
|||||
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
600
|
|
|
—
|
|
|
—
|
|
|
(600
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
3,277
|
|
|
—
|
|
|
559
|
|
|
(3,836
|
)
|
|
—
|
|
|||||
Allowance for loan losses
|
|
(72
|
)
|
|
—
|
|
|
(982
|
)
|
|
—
|
|
|
(1,054
|
)
|
|||||
Total finance receivables and loans, net
|
|
6,441
|
|
|
—
|
|
|
108,541
|
|
|
(4,436
|
)
|
|
110,546
|
|
|||||
Investment in operating leases, net
|
|
81
|
|
|
—
|
|
|
16,190
|
|
|
—
|
|
|
16,271
|
|
|||||
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
186
|
|
|
—
|
|
|
—
|
|
|
(186
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
259
|
|
|
—
|
|
|
282
|
|
|
(541
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
16,496
|
|
|
16,496
|
|
|
—
|
|
|
(32,992
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
10,902
|
|
|
11
|
|
|
—
|
|
|
(10,913
|
)
|
|
—
|
|
|||||
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,827
|
|
|
(26
|
)
|
|
1,801
|
|
|||||
Other assets
|
|
4,785
|
|
|
—
|
|
|
4,488
|
|
|
(2,952
|
)
|
|
6,321
|
|
|||||
Total assets
|
|
$
|
40,785
|
|
|
$
|
16,507
|
|
|
$
|
154,185
|
|
|
$
|
(52,896
|
)
|
|
$
|
158,581
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
89
|
|
Interest-bearing
|
|
229
|
|
|
—
|
|
|
66,160
|
|
|
—
|
|
|
66,389
|
|
|||||
Total deposit liabilities
|
|
229
|
|
|
—
|
|
|
66,249
|
|
|
—
|
|
|
66,478
|
|
|||||
Short-term borrowings
|
|
3,453
|
|
|
—
|
|
|
4,648
|
|
|
—
|
|
|
8,101
|
|
|||||
Long-term debt
|
|
21,048
|
|
|
—
|
|
|
45,186
|
|
|
—
|
|
|
66,234
|
|
|||||
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonbank subsidiaries
|
|
1,409
|
|
|
—
|
|
|
3,877
|
|
|
(5,286
|
)
|
|
—
|
|
|||||
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
142
|
|
|
—
|
|
|
—
|
|
|
(142
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
420
|
|
|
—
|
|
|
191
|
|
|
(611
|
)
|
|
—
|
|
|||||
Interest payable
|
|
258
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
350
|
|
|||||
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,434
|
|
|
—
|
|
|
2,434
|
|
|||||
Accrued expenses and other liabilities
|
|
387
|
|
|
82
|
|
|
4,028
|
|
|
(2,952
|
)
|
|
1,545
|
|
|||||
Total liabilities
|
|
27,346
|
|
|
82
|
|
|
126,705
|
|
|
(8,991
|
)
|
|
145,142
|
|
|||||
Total equity
|
|
13,439
|
|
|
16,425
|
|
|
27,480
|
|
|
(43,905
|
)
|
|
13,439
|
|
|||||
Total liabilities and equity
|
|
$
|
40,785
|
|
|
$
|
16,507
|
|
|
$
|
154,185
|
|
|
$
|
(52,896
|
)
|
|
$
|
158,581
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
December 31, 2014 (
$ in millions
)
|
|
Parent (a)
|
|
Guarantors
|
|
Nonguarantors (a)
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing
|
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
362
|
|
|
$
|
—
|
|
|
$
|
1,348
|
|
Interest-bearing
|
|
1,300
|
|
|
—
|
|
|
2,928
|
|
|
—
|
|
|
4,228
|
|
|||||
Interest-bearing — intercompany
|
|
—
|
|
|
—
|
|
|
615
|
|
|
(615
|
)
|
|
—
|
|
|||||
Total cash and cash equivalents
|
|
2,286
|
|
|
—
|
|
|
3,905
|
|
|
(615
|
)
|
|
5,576
|
|
|||||
Investment securities
|
|
—
|
|
|
—
|
|
|
16,137
|
|
|
—
|
|
|
16,137
|
|
|||||
Loans held-for-sale, net
|
|
3
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
2,003
|
|
|||||
Finance receivables and loans, net
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Finance receivables and loans, net
|
|
4,225
|
|
|
—
|
|
|
95,723
|
|
|
—
|
|
|
99,948
|
|
|||||
Intercompany loans to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
625
|
|
|
—
|
|
|
—
|
|
|
(625
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
3,500
|
|
|
—
|
|
|
1,770
|
|
|
(5,270
|
)
|
|
—
|
|
|||||
Allowance for loan losses
|
|
(102
|
)
|
|
—
|
|
|
(875
|
)
|
|
—
|
|
|
(977
|
)
|
|||||
Total finance receivables and loans, net
|
|
8,248
|
|
|
—
|
|
|
96,618
|
|
|
(5,895
|
)
|
|
98,971
|
|
|||||
Investment in operating leases, net
|
|
—
|
|
|
—
|
|
|
19,510
|
|
|
—
|
|
|
19,510
|
|
|||||
Intercompany receivables from
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
219
|
|
|
—
|
|
|
—
|
|
|
(219
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
267
|
|
|
—
|
|
|
393
|
|
|
(660
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
15,967
|
|
|
15,967
|
|
|
—
|
|
|
(31,934
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
11,559
|
|
|
12
|
|
|
—
|
|
|
(11,571
|
)
|
|
—
|
|
|||||
Premiums receivable and other insurance assets
|
|
—
|
|
|
—
|
|
|
1,717
|
|
|
(22
|
)
|
|
1,695
|
|
|||||
Other assets
|
|
4,757
|
|
|
—
|
|
|
4,814
|
|
|
(2,466
|
)
|
|
7,105
|
|
|||||
Assets of operations held-for-sale
|
|
634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
634
|
|
|||||
Total assets
|
|
$
|
43,940
|
|
|
$
|
15,979
|
|
|
$
|
145,094
|
|
|
$
|
(53,382
|
)
|
|
$
|
151,631
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Interest-bearing
|
|
319
|
|
|
—
|
|
|
57,820
|
|
|
—
|
|
|
58,139
|
|
|||||
Total deposit liabilities
|
|
319
|
|
|
—
|
|
|
57,884
|
|
|
—
|
|
|
58,203
|
|
|||||
Short-term borrowings
|
|
3,338
|
|
|
—
|
|
|
3,724
|
|
|
—
|
|
|
7,062
|
|
|||||
Long-term debt
|
|
21,067
|
|
|
—
|
|
|
45,313
|
|
|
—
|
|
|
66,380
|
|
|||||
Intercompany debt to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonbank subsidiaries
|
|
2,385
|
|
|
—
|
|
|
4,125
|
|
|
(6,510
|
)
|
|
—
|
|
|||||
Intercompany payables to
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiary
|
|
94
|
|
|
—
|
|
|
—
|
|
|
(94
|
)
|
|
—
|
|
|||||
Nonbank subsidiaries
|
|
454
|
|
|
—
|
|
|
354
|
|
|
(808
|
)
|
|
—
|
|
|||||
Interest payable
|
|
316
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
477
|
|
|||||
Unearned insurance premiums and service revenue
|
|
—
|
|
|
—
|
|
|
2,375
|
|
|
—
|
|
|
2,375
|
|
|||||
Accrued expenses and other liabilities
|
|
568
|
|
|
82
|
|
|
3,551
|
|
|
(2,466
|
)
|
|
1,735
|
|
|||||
Total liabilities
|
|
28,541
|
|
|
82
|
|
|
117,487
|
|
|
(9,878
|
)
|
|
136,232
|
|
|||||
Total equity
|
|
15,399
|
|
|
15,897
|
|
|
27,607
|
|
|
(43,504
|
)
|
|
15,399
|
|
|||||
Total liabilities and equity
|
|
$
|
43,940
|
|
|
$
|
15,979
|
|
|
$
|
145,094
|
|
|
$
|
(53,382
|
)
|
|
$
|
151,631
|
|
(a)
|
Amounts presented are based upon the legal transfer of the underlying assets to VIEs in order to reflect legal ownership.
|
Year ended December 31, 2015
(
$ in millions
)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
$
|
354
|
|
|
$
|
525
|
|
|
$
|
6,390
|
|
|
$
|
(2,174
|
)
|
|
$
|
5,095
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(12,250
|
)
|
|
—
|
|
|
(12,250
|
)
|
|||||
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
6,874
|
|
|
—
|
|
|
6,874
|
|
|||||
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
4,255
|
|
|
—
|
|
|
4,255
|
|
|||||
Net decrease (increase) in finance receivables and loans
|
|
1,785
|
|
|
—
|
|
|
(15,630
|
)
|
|
—
|
|
|
(13,845
|
)
|
|||||
Proceeds from sales of finance receivables and loans originated as held-for investment
|
|
—
|
|
|
—
|
|
|
3,197
|
|
|
—
|
|
|
3,197
|
|
|||||
Net change in loans — intercompany
|
|
240
|
|
|
—
|
|
|
1,211
|
|
|
(1,451
|
)
|
|
—
|
|
|||||
Purchases of operating lease assets
|
|
(94
|
)
|
|
—
|
|
|
(4,591
|
)
|
|
—
|
|
|
(4,685
|
)
|
|||||
Disposals of operating lease assets
|
|
7
|
|
|
—
|
|
|
5,539
|
|
|
—
|
|
|
5,546
|
|
|||||
Capital contributions to subsidiaries
|
|
(796
|
)
|
|
(1
|
)
|
|
—
|
|
|
797
|
|
|
—
|
|
|||||
Returns of contributed capital
|
|
1,444
|
|
|
—
|
|
|
—
|
|
|
(1,444
|
)
|
|
—
|
|
|||||
Proceeds from sale of business units, net
|
|
1,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,049
|
|
|||||
Net change in restricted cash
|
|
(7
|
)
|
|
—
|
|
|
271
|
|
|
—
|
|
|
264
|
|
|||||
Other, net
|
|
(47
|
)
|
|
—
|
|
|
(105
|
)
|
|
—
|
|
|
(152
|
)
|
|||||
Net cash provided by (used in) investing activities
|
|
3,581
|
|
|
(1
|
)
|
|
(11,229
|
)
|
|
(2,098
|
)
|
|
(9,747
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in short-term borrowings — third party
|
|
115
|
|
|
—
|
|
|
913
|
|
|
—
|
|
|
1,028
|
|
|||||
Net (decrease) increase in deposits
|
|
(91
|
)
|
|
—
|
|
|
8,338
|
|
|
—
|
|
|
8,247
|
|
|||||
Proceeds from issuance of long-term debt — third party
|
|
5,428
|
|
|
—
|
|
|
25,237
|
|
|
—
|
|
|
30,665
|
|
|||||
Repayments of long-term debt — third party
|
|
(5,931
|
)
|
|
—
|
|
|
(25,419
|
)
|
|
—
|
|
|
(31,350
|
)
|
|||||
Net change in debt — intercompany
|
|
(977
|
)
|
|
—
|
|
|
(240
|
)
|
|
1,217
|
|
|
—
|
|
|||||
Repurchase and redemption of preferred stock
|
|
(559
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(559
|
)
|
|||||
Dividends paid — third party
|
|
(2,571
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,571
|
)
|
|||||
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
(525
|
)
|
|
(3,092
|
)
|
|
3,617
|
|
|
—
|
|
|||||
Capital contributions from parent
|
|
—
|
|
|
1
|
|
|
796
|
|
|
(797
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
|
(4,586
|
)
|
|
(524
|
)
|
|
6,533
|
|
|
4,037
|
|
|
5,460
|
|
|||||
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
|
(651
|
)
|
|
—
|
|
|
1,690
|
|
|
(235
|
)
|
|
804
|
|
|||||
Cash and cash equivalents at beginning of year
|
|
2,286
|
|
|
—
|
|
|
3,905
|
|
|
(615
|
)
|
|
5,576
|
|
|||||
Cash and cash equivalents at end of year
|
|
$
|
1,635
|
|
|
$
|
—
|
|
|
$
|
5,595
|
|
|
$
|
(850
|
)
|
|
$
|
6,380
|
|
Year ended December 31, 2014 (
$ in millions
)
|
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating adjustments
|
|
Ally consolidated
|
||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
$
|
330
|
|
|
$
|
1,789
|
|
|
$
|
5,533
|
|
|
$
|
(4,249
|
)
|
|
$
|
3,403
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
(5,417
|
)
|
|
—
|
|
|
(5,417
|
)
|
|||||
Proceeds from sales of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
4,277
|
|
|
(17
|
)
|
|
4,260
|
|
|||||
Proceeds from maturities and repayments of available-for-sale securities
|
|
—
|
|
|
—
|
|
|
2,657
|
|
|
—
|
|
|
2,657
|
|
|||||
Net decrease (increase) in finance receivables and loans
|
|
1,900
|
|
|
—
|
|
|
(6,941
|
)
|
|
17
|
|
|
(5,024
|
)
|
|||||
Proceeds from sales of finance receivables and loans originated as held-for-investment
|
|
—
|
|
|
—
|
|
|
2,592
|
|
|
—
|
|
|
2,592
|
|
|||||
Net change in loans — intercompany
|
|
1,428
|
|
|
—
|
|
|
154
|
|
|
(1,582
|
)
|
|
—
|
|
|||||
Purchases of operating lease assets
|
|
(2,337
|
)
|
|
—
|
|
|
(7,547
|
)
|
|
—
|
|
|
(9,884
|
)
|
|||||
Disposals of operating lease assets
|
|
3,053
|
|
|
—
|
|
|
2,807
|
|
|
—
|
|
|
5,860
|
|
|||||
Capital contributions to subsidiaries
|
|
(1,179
|
)
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
—
|
|
|||||
Returns of contributed capital
|
|
1,422
|
|
|
—
|
|
|
—
|
|
|
(1,422
|
)
|
|
—
|
|
|||||
Proceeds from sale of business units, net
|
|
46
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
47
|
|
|||||
Net change in restricted cash
|
|
—
|
|
|
—
|
|
|
1,625
|
|
|
—
|
|
|
1,625
|
|
|||||
Other, net
|
|
(29
|
)
|
|
—
|
|
|
101
|
|
|
—
|
|
|
72
|
|
|||||
Net cash provided by (used in) investing activities
|
|
4,304
|
|
|
—
|
|
|
(5,691
|
)
|
|
(1,825
|
)
|
|
(3,212
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in short-term borrowings — third party
|
|
113
|
|
|
—
|
|
|
(1,607
|
)
|
|
—
|
|
|
(1,494
|
)
|
|||||
Net (decrease) increase in deposits
|
|
(121
|
)
|
|
—
|
|
|
4,972
|
|
|
—
|
|
|
4,851
|
|
|||||
Proceeds from issuance of long-term debt — third party
|
|
3,132
|
|
|
—
|
|
|
24,060
|
|
|
—
|
|
|
27,192
|
|
|||||
Repayments of long-term debt — third party
|
|
(8,186
|
)
|
|
—
|
|
|
(22,240
|
)
|
|
—
|
|
|
(30,426
|
)
|
|||||
Net change in debt — intercompany
|
|
52
|
|
|
—
|
|
|
(1,428
|
)
|
|
1,376
|
|
|
—
|
|
|||||
Dividends paid — third party
|
|
(268
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(268
|
)
|
|||||
Dividends paid and returns of contributed capital — intercompany
|
|
—
|
|
|
(1,826
|
)
|
|
(3,846
|
)
|
|
5,672
|
|
|
—
|
|
|||||
Capital contributions from parent
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
(1,179
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
|
(5,278
|
)
|
|
(1,826
|
)
|
|
1,090
|
|
|
5,869
|
|
|
(145
|
)
|
|||||
Effect of exchange-rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
|
(644
|
)
|
|
(37
|
)
|
|
931
|
|
|
(205
|
)
|
|
45
|
|
|||||
Cash and cash equivalents at beginning of year
|
|
2,930
|
|
|
37
|
|
|
2,974
|
|
|
(410
|
)
|
|
5,531
|
|
|||||
Cash and cash equivalents at end of year
|
|
$
|
2,286
|
|
|
$
|
—
|
|
|
$
|
3,905
|
|
|
$
|
(615
|
)
|
|
$
|
5,576
|
|
Year ended December 31, 2013 (
$ in millions
)
|
Parent
|
|
Guarantors
|
|
Nonguarantors
|
|
Consolidating
adjustments |
|
Ally
consolidated |
||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
3,015
|
|
|
$
|
3,572
|
|
|
$
|
5,305
|
|
|
$
|
(9,391
|
)
|
|
$
|
2,501
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of available-for-sale securities
|
—
|
|
|
—
|
|
|
(12,304
|
)
|
|
—
|
|
|
(12,304
|
)
|
|||||
Proceeds from sales of available-for-sale securities
|
—
|
|
|
—
|
|
|
3,627
|
|
|
—
|
|
|
3,627
|
|
|||||
Proceeds from maturities and repayments of available-for-sale securities
|
—
|
|
|
—
|
|
|
5,509
|
|
|
—
|
|
|
5,509
|
|
|||||
Net decrease (increase) in finance receivables and loans
|
4,898
|
|
|
79
|
|
|
(7,456
|
)
|
|
—
|
|
|
(2,479
|
)
|
|||||
Net change in loans — intercompany
|
301
|
|
|
251
|
|
|
(1,503
|
)
|
|
951
|
|
|
—
|
|
|||||
Purchases of operating lease assets
|
(1,450
|
)
|
|
—
|
|
|
(7,746
|
)
|
|
—
|
|
|
(9,196
|
)
|
|||||
Disposals of operating lease assets
|
130
|
|
|
—
|
|
|
2,834
|
|
|
—
|
|
|
2,964
|
|
|||||
Capital contributions to subsidiaries
|
(477
|
)
|
|
—
|
|
|
—
|
|
|
477
|
|
|
—
|
|
|||||
Returns of contributed capital
|
1,002
|
|
|
150
|
|
|
—
|
|
|
(1,152
|
)
|
|
—
|
|
|||||
Sales of mortgage servicing rights
|
—
|
|
|
—
|
|
|
911
|
|
|
—
|
|
|
911
|
|
|||||
Proceeds from sale of business unit, net
|
1,799
|
|
|
554
|
|
|
5,091
|
|
|
—
|
|
|
7,444
|
|
|||||
Net change in restricted cash
|
—
|
|
|
(26
|
)
|
|
(44
|
)
|
|
—
|
|
|
(70
|
)
|
|||||
Other, net
|
41
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
51
|
|
|||||
Net cash provided by (used in) investing activities
|
6,244
|
|
|
1,008
|
|
|
(11,071
|
)
|
|
276
|
|
|
(3,543
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Net change in short-term borrowings — third party
|
131
|
|
|
36
|
|
|
1,424
|
|
|
—
|
|
|
1,591
|
|
|||||
Net (decrease) increase in deposits
|
(543
|
)
|
|
—
|
|
|
5,861
|
|
|
39
|
|
|
5,357
|
|
|||||
Proceeds from issuance of long-term debt — third party
|
3,236
|
|
|
—
|
|
|
24,094
|
|
|
—
|
|
|
27,330
|
|
|||||
Repayments of long-term debt — third party
|
(9,468
|
)
|
|
(70
|
)
|
|
(22,354
|
)
|
|
—
|
|
|
(31,892
|
)
|
|||||
Net change in debt — intercompany
|
1,803
|
|
|
(271
|
)
|
|
(624
|
)
|
|
(908
|
)
|
|
—
|
|
|||||
Proceeds from issuance of common stock
|
1,270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,270
|
|
|||||
Repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right
|
(5,925
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,925
|
)
|
|||||
Dividends paid — third party
|
(810
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(810
|
)
|
|||||
Dividends paid and returns of contributed capital — intercompany
|
—
|
|
|
(4,267
|
)
|
|
(6,275
|
)
|
|
10,542
|
|
|
—
|
|
|||||
Capital contributions from parent
|
—
|
|
|
29
|
|
|
448
|
|
|
(477
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
(10,306
|
)
|
|
(4,543
|
)
|
|
2,574
|
|
|
9,196
|
|
|
(3,079
|
)
|
|||||
Effect of exchange-rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(1,047
|
)
|
|
37
|
|
|
(3,147
|
)
|
|
81
|
|
|
(4,076
|
)
|
|||||
Adjustment for change in cash and cash equivalents of operations held-for-sale
|
—
|
|
|
—
|
|
|
2,094
|
|
|
—
|
|
|
2,094
|
|
|||||
Cash and cash equivalents at beginning of year
|
3,977
|
|
|
—
|
|
|
4,027
|
|
|
(491
|
)
|
|
7,513
|
|
|||||
Cash and cash equivalents at end of year
|
$
|
2,930
|
|
|
$
|
37
|
|
|
$
|
2,974
|
|
|
$
|
(410
|
)
|
|
$
|
5,531
|
|
December 31, (
$ in millions
)
|
2015
|
|
2014
|
||||
Commitments to provide capital to investees (a)
|
$
|
132
|
|
|
$
|
66
|
|
Construction-lending commitments (b)
|
197
|
|
|
110
|
|
||
Home equity lines of credit (c)
|
358
|
|
|
371
|
|
||
Unused revolving credit line commitments and other (d)
|
1,445
|
|
|
1,284
|
|
(a)
|
We are committed to contribute capital to certain investees. The fair value of these commitments is considered in the overall valuation of the underlying assets with which they are associated.
|
(b)
|
The fair value of these commitments is considered in the overall valuation of the related assets.
|
(c)
|
We are committed to fund the remaining unused balances on home equity lines of credit.
|
(d)
|
The unused portion of revolving lines of credit reset at prevailing market rates and, as such, approximate market value.
|
(
$ in millions
)
|
First quarter
|
|
Second quarter
|
|
Third quarter
|
|
Fourth quarter
|
||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Net financing revenue
|
$
|
850
|
|
|
$
|
916
|
|
|
$
|
970
|
|
|
$
|
983
|
|
Other revenue
|
243
|
|
|
211
|
|
|
332
|
|
|
356
|
|
||||
Total net revenue
|
1,093
|
|
|
1,127
|
|
|
1,302
|
|
|
1,339
|
|
||||
Provision for loan losses
|
116
|
|
|
140
|
|
|
211
|
|
|
240
|
|
||||
Total noninterest expense
|
695
|
|
|
724
|
|
|
674
|
|
|
668
|
|
||||
Income from continuing operations before income tax expense
|
282
|
|
|
263
|
|
|
417
|
|
|
431
|
|
||||
Income tax expense from continuing operations
|
103
|
|
|
94
|
|
|
144
|
|
|
155
|
|
||||
Net income from continuing operations
|
179
|
|
|
169
|
|
|
273
|
|
|
276
|
|
||||
Income (loss) from discontinued operations, net of tax
|
397
|
|
|
13
|
|
|
(5
|
)
|
|
(13
|
)
|
||||
Net income
|
$
|
576
|
|
|
$
|
182
|
|
|
$
|
268
|
|
|
$
|
263
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
$
|
0.23
|
|
|
$
|
(2.24
|
)
|
|
$
|
0.49
|
|
|
$
|
(1.94
|
)
|
Net income (loss)
|
1.06
|
|
|
(2.22
|
)
|
|
0.48
|
|
|
(1.97
|
)
|
||||
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
$
|
0.23
|
|
|
$
|
(2.24
|
)
|
|
$
|
0.49
|
|
|
$
|
(1.94
|
)
|
Net income (loss)
|
1.06
|
|
|
(2.22
|
)
|
|
0.47
|
|
|
(1.97
|
)
|
||||
2014
|
|
|
|
|
|
|
|
||||||||
Net financing revenue
|
$
|
821
|
|
|
$
|
866
|
|
|
$
|
889
|
|
|
$
|
799
|
|
Other revenue
|
321
|
|
|
365
|
|
|
375
|
|
|
215
|
|
||||
Total net revenue
|
1,142
|
|
|
1,231
|
|
|
1,264
|
|
|
1,014
|
|
||||
Provision for loan losses
|
137
|
|
|
63
|
|
|
102
|
|
|
155
|
|
||||
Total noninterest expense
|
713
|
|
|
821
|
|
|
742
|
|
|
672
|
|
||||
Income from continuing operations before income tax expense
|
292
|
|
|
347
|
|
|
420
|
|
|
187
|
|
||||
Income tax expense from continuing operations
|
94
|
|
|
64
|
|
|
127
|
|
|
36
|
|
||||
Net income from continuing operations
|
198
|
|
|
283
|
|
|
293
|
|
|
151
|
|
||||
Income from discontinued operations, net of tax
|
29
|
|
|
40
|
|
|
130
|
|
|
26
|
|
||||
Net income
|
$
|
227
|
|
|
$
|
323
|
|
|
$
|
423
|
|
|
$
|
177
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
$
|
0.27
|
|
|
$
|
0.45
|
|
|
$
|
0.47
|
|
|
$
|
0.17
|
|
Net income
|
0.33
|
|
|
0.54
|
|
|
0.74
|
|
|
0.23
|
|
||||
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
$
|
0.27
|
|
|
$
|
0.45
|
|
|
$
|
0.47
|
|
|
$
|
0.17
|
|
Net income
|
0.33
|
|
|
0.54
|
|
|
0.74
|
|
|
0.23
|
|
Exhibit
|
Description
|
|
Method of Filing
|
3.1
|
Form of Amended and Restated Certificate of Incorporation
|
|
Filed as Exhibit 3.1 to the Company's Current Report on Form 8-K dated as of March 14, 2014, (File No. 1-3754), incorporated herein by reference.
|
3.2
|
Ally Financial Inc. Bylaws, dated October 27, 2015
|
|
Filed as Exhibit 3.1 to the Company's Quarterly Report for the period ended September 30, 2015, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
|
4.1
|
Form of Indenture dated as of July 1, 1982, between the Company and Bank of New York (Successor Trustee to Morgan Guaranty Trust Company of New York), relating to Debt Securities
|
|
Filed as Exhibit 4(a) to the Company's Registration Statement No. 2-75115, incorporated herein by reference.
|
4.1.1
|
Form of First Supplemental Indenture dated as of April 1, 1986, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(g) to the Company's Registration Statement No. 33-4653, incorporated herein by reference.
|
4.1.2
|
Form of Second Supplemental Indenture dated as of June 15, 1987, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(h) to the Company's Registration Statement No. 33-15236, incorporated herein by reference.
|
4.1.3
|
Form of Third Supplemental Indenture dated as of September 30, 1996, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(i) to the Company's Registration Statement No. 333-33183, incorporated herein by reference.
|
4.1.4
|
Form of Fourth Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(j) to the Company's Registration Statement No. 333-48705, incorporated herein by reference.
|
4.1.5
|
Form of Fifth Supplemental Indenture dated as of September 30, 1998, supplementing the Indenture designated as Exhibit 4.1
|
|
Filed as Exhibit 4(k) to the Company's Registration Statement No. 333-75463, incorporated herein by reference.
|
4.2
|
Form of Indenture dated as of September 24, 1996, between the Company and The Chase Manhattan Bank, Trustee, relating to Term Notes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 333-12023, incorporated herein by reference.
|
4.2.1
|
Form of First Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4(a)(1) to the Company's Registration Statement No. 333-48207, incorporated herein by reference.
|
4.2.2
|
Form of Second Supplemental Indenture dated as of June 20, 2006, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4(a)(2) to the Company's Registration Statement No. 33-136021, incorporated herein by reference.
|
4.2.3
|
Form of Third Supplemental Indenture dated as of August 24, 2012, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4.1.3 to the Company's Registration Statement No. 333-183535, incorporated herein by reference.
|
4.2.4
|
Form of Fourth Supplemental Indenture dated as of August 24, 2012, supplementing the Indenture designated as Exhibit 4.2
|
|
Filed as Exhibit 4.1.4 to the Company's Registration Statement No. 333-183535, incorporated herein by reference.
|
4.3
|
Form of Indenture dated as of October 15, 1985, between the Company and U.S. Bank Trust (Successor Trustee to Comerica Bank), relating to Demand Notes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 2-99057, incorporated herein by reference.
|
4.3.1
|
Form of First Supplemental Indenture dated as of April 1, 1986, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(a) to the Company's Registration Statement No. 33-4661, incorporated herein by reference.
|
4.3.2
|
Form of Second Supplemental Indenture dated as of June 24, 1986, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(b) to the Company's Registration Statement No. 33-6717, incorporated herein by reference.
|
4.3.3
|
Form of Third Supplemental Indenture dated as of February 15, 1987, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(c) to the Company's Registration Statement No. 33-12059, incorporated herein by reference.
|
|
|
|
|
Exhibit
|
Description
|
|
Method of Filing
|
4.3.4
|
Form of Fourth Supplemental Indenture dated as of December 1, 1988, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(d) to the Company's Registration Statement No. 33-26057, incorporated herein by reference.
|
4.3.5
|
Form of Fifth Supplemental Indenture dated as of October 2, 1989, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(e) to the Company's Registration Statement No. 33-31596, incorporated herein by reference.
|
4.3.6
|
Form of Sixth Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(f) to the Company's Registration Statement No. 333-56431, incorporated herein by reference.
|
4.3.7
|
Form of Seventh Supplemental Indenture dated as of June 15, 1998, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4(g) to the Company's Registration Statement No. 333-56431, incorporated herein by reference.
|
4.3.8
|
Form of Eighth Supplemental Indenture dated as of January 4, 2012, supplementing the Indenture designated as Exhibit 4.3
|
|
Filed as Exhibit 4.1.8 to the Company's Registration Statement No. 333-178919, incorporated herein by reference.
|
4.4
|
Form of Indenture dated as of December 1, 1993, between the Company and Citibank, N.A., Trustee, relating to Medium Term Notes
|
|
Filed as Exhibit 4 to the Company's Registration Statement No. 33-51381, incorporated herein by reference.
|
4.4.1
|
Form of First Supplemental Indenture dated as of January 1, 1998, supplementing the Indenture designated as Exhibit 4.4
|
|
Filed as Exhibit 4(a)(1) to the Company's Registration Statement No. 333-59551, incorporated herein by reference.
|
4.5
|
Indenture, dated as of December 31, 2008, between the Company and The Bank of New York Mellon, Trustee
|
|
Filed as Exhibit 4.2 to the Company's Current Report on Form 8-K dated as of January 2, 2009, (File No. 1-3754), incorporated herein by reference.
|
4.6
|
Amended and Restated Indenture, dated March 1, 2011, between the Company and The Bank of New York Mellon, Trustee
|
|
Filed as Exhibit 4.2 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
4.7
|
Form of Guarantee Agreement related to Ally Financial Inc. Senior Unsecured Guaranteed Notes
|
|
Filed as Exhibit 4.10 to the Company's Registration Statement No. 333-193070, incorporated herein by reference.
|
4.8
|
Form of Fixed Rate Senior Unsecured Note
|
|
Filed as Exhibit 4.8 to the Company's Registration Statement No. 333-193070, incorporated herein by reference.
|
4.9
|
Form of Floating Rate Senior Unsecured Note
|
|
Filed as Exhibit 4.9 to the Company's Registration Statement No. 333-193070, incorporated herein by reference.
|
4.10
|
Form of Subordinated Indenture to be entered into between the Company and The Bank of New York Mellon, as Trustee
|
|
Filed as Exhibit 4.11 to the Company's Registration Statement No. 333-193070, incorporated herein by reference.
|
4.11
|
Form of Subordinated Note
|
|
Included in Exhibit 4.10.
|
4.12
|
Second Amended and Restated Declaration of Trust by and between the trustees of each series of GMAC Capital Trust I, Ally Financial Inc., as Sponsor, and by the holders, from time to time, of undivided beneficial interests in the relevant series of GMAC Capital Trust I, dated as of March 1, 2011
|
|
Filed as Exhibit 4.1 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
4.13
|
Series 2 Trust Preferred Securities Guarantee Agreement between Ally Financial Inc. and The Bank of New York Mellon, dated as of March 1, 2011
|
|
Filed as Exhibit 4.3 to the Company's Current Report on Form 8-K dated as of March 4, 2011 (File No. 1-3754), incorporated herein by reference.
|
4.14
|
Indenture, dated as of November 20, 2015, between the Company and The Bank of New York Mellon, Trustee
|
|
Filed as Exhibit 4.1 to the Company's Current Report on Form 8-K dated as of November 20, 2015, (File No. 1-3754), incorporated herein by reference
|
4.15
|
Form of Subordinated Note
|
|
Included in Exhibit 4.14
|
10.1
|
Capital and Liquidity Maintenance Agreement, entered into on October 29, 2010, between Ally Financial Inc., IB Finance Holding Company, LLC, Ally Bank and the Federal Deposit Insurance Corporation
|
|
Filed as Exhibit 10.2 to the Company's Quarterly Report for the period ended September 30, 2010, on Form 10-Q (File No. 1-3754), incorporated herein by reference.
|
|
|
|
|
Exhibit
|
Description
|
|
Method of Filing
|
10.2
|
Form of Ally Financial Inc. 2014 Executive Performance Plan
|
|
Filed as Exhibit 3.5 to the Company's Current Report on Form 8-K dated as of March 14, 2014 (File No. 1-3754), incorporated herein by reference.
|
10.3
|
Form of Ally Financial Inc. 2014 Incentive Compensation Plan
|
|
Filed as Exhibit 3.6 to the Company's Current Report on Form 8-K dated as of March 14, 2014 (File No. 1-3754), incorporated herein by reference.
|
10.4
|
Form of Ally Financial Inc. Employee Stock Purchase Plan
|
|
Filed as Exhibit 3.7 to the Company's Current Report on Form 8-K dated as of March 14, 2014 (File No. 1-3754), incorporated herein by reference.
|
10.5
|
Form of Ally Financial Inc. 2014 Non-Employee Directors Equity Compensation Plan
|
|
Filed as Exhibit 3.8 to the Company's Current Report on Form 8-K dated as of March 14, 2014 (File No. 1-3754), incorporated herein by reference.
|
10.6
|
Ally Financial Inc. Severance Plan, Plan Document and Summary Plan Description, as amended
|
|
Filed herewith.
|
10.7
|
Ally Financial Inc. Non-Employee Directors Deferred Compensation Plan
|
|
Filed herewith.
|
10.8
|
Form of Award Agreement related to the issuance of Performance Stock Units
|
|
Filed herewith.
|
10.9
|
Form of Award Agreement related to the issuance of Restricted Stock Units
|
|
Filed herewith.
|
10.10
|
Form of Award Agreement related to the issuance of Key Contributor Stock Units
|
|
Filed herewith.
|
10.11
|
Form of Award Agreement related to the issuance of an Ally Leader Equity Participation Award
|
|
Filed herewith.
|
10.12
|
Tax Asset Protection Plan dated as of January 10, 2014 between Ally Financial Inc. and Computershare Trust Company, N.A., as Rights Agent
|
|
Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated as of January 13, 2014 (File No. 1-3754) incorporated herein by reference
|
10.13
|
Amendment No. 1 to the Tax Asset Protection Plan, dated February 3, 2015
|
|
Filed as Exhibit 10.18 to the Company's Annual Report for the period ended December 31, 2014, on Form 10-K (File No. 1-3754), incorporated herein by reference.
|
10.14
|
Consent Order, dated December 23, 2013 (Department of Justice)
|
|
Filed as Exhibit 10.34 to the Company's Annual Report for the period ended December 31, 2013, on Form 10-K (File No. 1-3754), incorporated herein by reference.
|
10.15
|
Consent Order, dated December 19, 2013 (Consumer Financial Protection Bureau)
|
|
Filed as Exhibit 10.35 to the Company's Annual Report for the period ended December 31, 2013, on Form 10-K (File No. 1-3754), incorporated herein by reference.
|
10.16
|
Stipulation and Consent to the Issuance of a Consent Order, dated December 19, 2013 (Consumer Financial Protection Bureau)
|
|
Filed as Exhibit 10.36 to the Company's Annual Report for the period ended December 31, 2013, on Form 10-K (File No. 1-3754), incorporated herein by reference.
|
12
|
Computation of Ratio of Earnings to Fixed Charges
|
|
Filed herewith.
|
21
|
Ally Financial Inc. Subsidiaries as of December 31, 2015
|
|
Filed herewith.
|
23.1
|
Consent of Independent Registered Public Accounting Firm
|
|
Filed herewith.
|
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Filed herewith.
|
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Filed herewith.
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350
|
|
Filed herewith.
|
101
|
Interactive Data File
|
|
Filed herewith.
|
|
|
|
|
*
|
Certain confidential portions have been omitted pursuant to a confidential treatment request which has been separately filed with the Securities and Exchange Commission.
|
|
Ally Financial Inc.
|
|
(Registrant)
|
|
|
|
/
S
/
JEFFREY
J
.
B
ROWN
|
|
Jeffrey J. Brown
|
|
Chief Executive Officer
|
/
S
/
J
EFFREY
J
.
B
ROWN
|
|
/
S
/ C
HRISTOPHER
A. H
ALMY
|
Jeffrey J. Brown
|
|
Christopher A. Halmy
|
Chief Executive Officer
|
|
Chief Financial Officer
|
|
|
|
/
S
/
D
AVID
J
.
D
E
B
RUNNER
|
|
|
David J. DeBrunner
|
|
|
Vice President, Chief Accounting Officer, and
Corporate Controller
|
|
|
/
S
/
F
RANKLIN
W
.
H
OBBS
|
|
Franklin W. Hobbs
Ally Chairman
|
|
|
|
/
S
/
K
ENNETH
J
.
B
ACON
|
|
Kenneth J. Bacon
Director
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/
S
/
R
OBERT
T
.
B
LAKELY
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Robert T. Blakely
Director
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/
S
/
M
AUREEN
A
.
B
REAKIRON-
E
VANS
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Maureen A. Breakiron-Evans
Director
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/
S
/
J
EFFREY
J
.
B
ROWN
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Jeffrey J. Brown
Chief Executive Officer and Director
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/
S
/
M
AYREE
C
.
C
LARK
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Mayree C. Clark
Director
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/
S
/
S
TEPHEN
A
.
F
EINBERG
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Stephen A. Feinberg
Director
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/
S
/
K
IM
S
.
F
ENNEBRESQUE
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Kim S. Fennebresque
Director
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/
S
/
M
ARJORIE
M
AGNER
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Marjorie Magner
Director
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/
S
/
J
ACK
J
.
S
TACK
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John J. Stack
Director
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/
S
/
M
ICHAEL
F
.
S
TEIB
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Michael F. Steib
Director
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Page
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Purpose of the Plan
|
4
|
Eligibility and Participation.
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4
|
Qualified Terminations of Employment
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4
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Plan Benefits
|
5
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Participant’s Obligations.
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6
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Tax Matters
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7
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Administration, Amendment and Termination
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7
|
Claims Procedure
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7
|
Other Information
|
7
|
Statement of ERISA Rights.
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8
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Questions Regarding The Plan
|
9
|
Miscellaneous
|
9
|
Appendix: Claims Procedure
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10
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Page
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Claims Procedure
|
7
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Code
|
7
|
Committee
|
4
|
Company
|
4
|
ERISA
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4
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Exempt Person
|
6
|
General Release Document(s)
|
5
|
Level I Participant
|
4
|
Level II Participant
|
4
|
LTECIP
|
4
|
Non-Solicitation Period
|
6
|
Other Severance Plans
|
4
|
Participant
|
4
|
Plan
|
4
|
Qualified Termination of Employment
|
4
|
Severance Pay
|
5
|
SPD
|
4
|
I.
|
PURPOSE OF THE PLAN
|
II.
|
ELIGIBILITY AND PARTICIPATION
|
III.
|
QUALIFIED TERMINATIONS OF EMPLOYMENT
|
1.
|
Elimination of current position, termination associated with the reduction in the total number of employees in the same department performing the same or similar job, or termination associated with a restructuring of different departments which results in the reduction in the total number of employees in the affected departments;
|
2.
|
Substantial change in current duties for which the Participant no longer qualifies;
|
3.
|
Substantial change in current duties which results in a twenty percent (20%) or more reduction in base salary; or
|
4.
|
Declining a geographic transfer to a new position offered to the Participant upon the elimination of current position as an alternative to termination;
provided, however
, that the Participant was offered reimbursement of relocation expenses associated with the transfer in accordance with the Company’s then-current relocation program.
|
1.
|
Loss of temporary employment;
|
2.
|
Termination of employment where an employment or other written agreement provides for severance;
|
3.
|
Death;
|
4.
|
Disability;
|
5.
|
Involuntary termination for cause as determined by the Company in its sole discretion;
|
6.
|
Resignation;
|
7.
|
Retirement;
|
8.
|
An approved Leave of Absence or failure to return from an approved Leave of Absence;
|
9.
|
Transfers from the Company to a Company affiliate;
|
10.
|
The majority of the Company’s assets are sold via an asset purchase agreement or the Company ceases an operation and the same is assumed by another employer, and continued employment is offered with a comparable salary and incentive opportunity (including equity compensation) equal to or greater than 80% of the employee’s current compensation and incentive package with the Company; or
|
11.
|
A termination of employment for which a Participant has executed a release document or has received payment or benefits pursuant to the terms of any other agreement.
|
Band 3 and Band 4
|
Band 2
|
||
Full Years of Unbroken Service
|
Weeks of Pay
|
Full Years of Unbroken Service
|
Weeks of Pay
|
Less than 1
|
4
|
Less than 1
|
8
|
1
|
4
|
1
|
8
|
2
|
4
|
2
|
8
|
3
|
5
|
3
|
8
|
4
|
6
|
4
|
8
|
5
|
9
|
5
|
9
|
6
|
10
|
6
|
10
|
7
|
11
|
7
|
11
|
8
|
12
|
8
|
12
|
9
|
13
|
9
|
13
|
10
|
16
|
10
|
16
|
11
|
17
|
11
|
17
|
12
|
18
|
12
|
18
|
13
|
19
|
13
|
19
|
14
|
20
|
14
|
20
|
15
|
23
|
15
|
23
|
16
|
24
|
16
|
24
|
17
|
25
|
17
|
25
|
18
|
26
|
18
|
26
|
19
|
27
|
19
|
27
|
20 and more
|
35
|
20 and more
|
35
|
•
|
0-4 full years of unbroken service: 26 weeks of pay
|
•
|
5-14 full years of unbroken service: 39 weeks of pay
|
•
|
15 and above full years of unbroken service: 52 weeks of pay
|
1.
|
as such disclosure or use may be required or appropriate in connection with his or her work as an employee of the Company; or
|
2.
|
when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him or her to divulge, disclose or make accessible such information; or
|
3.
|
as to such confidential information that becomes generally known to the public or trade without his or her violation of this Section V-B; or
|
4.
|
to the Participant’s spouse, attorney, and/or his or her personal tax and financial advisors as reasonably necessary or appropriate to advance the Participant’s tax, financial and other personal planning (each an “Exempt Person”);
provided, however
, that any disclosure or use of any trade secret or proprietary or confidential information of the Company by an Exempt Person will be deemed to be a breach of this Section V-B by the Participant.
|
VI.
|
TAX MATTERS
|
X.
|
STATEMENT OF ERISA RIGHTS
|
•
|
Examine, without charge, at the Plan administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series), if any, filed by the plan with the U.S. Department of Labor, and available at the Public Disclosure Room of the Employee Benefits Security Administration.
|
•
|
Obtain upon written request to the Plan administrator copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if any, and updated summary Plan description. The Plan administrator may make a reasonable charge for the copies.
|
•
|
Receive a summary of the Plan’s annual financial report. The Plan administrator is required by law to furnish each participant with a copy of this summary annual report.
|
1.
|
A Participant with an interest in the Plan has the right to file a claim for benefits under the Plan and to appeal any denial of a claim for benefits. Any request for a Plan benefit or to clarify the Participant’s rights to future benefits under the terms of the Plan will be considered to be a claim. (However, this claims procedure does not govern casual inquiries about benefits or the circumstances under which benefits might be paid under the terms of the Plan. Nor does it govern a request for a determination regarding eligibility for coverage except such a determination as is requested or necessary in connection with a claim for benefits.) An authorized representative of the Participant may act on behalf of the Participant in pursuing a benefit claim or appeal of an adverse benefit determination. The individual or individuals responsible for deciding the benefit claim or appeal, as applicable, may require the representative to provide reasonable written proof that the representative has in fact been authorized to act on behalf of the Participant. The Plan requires no fee or other cost for the making of a claim or appealing an adverse benefit determination.
|
2.
|
A claim for benefits will be considered as having been made when submitted in writing by the Participant to the Plan administrator, in care of:
|
3.
|
The Senior Vice President of Total Rewards of the Company, acting on behalf of the Plan administrator, will determine whether, or to what extent, the claim may be allowed or denied under the terms of the Plan. If the claim is wholly or partially denied, the Plan administrator will notify the Participant of the adverse benefit determination within a reasonable period of time, but not later than 90 days after the Plan receives the claim, unless the Plan administrator determines that special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice of the extension will be furnished to the Participant prior to the termination of the initial 90-day period. Such extension may not exceed an additional 90 days from the end of the initial 90-day period. The extension notice will indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision. For the purposes of this paragraph 3, the period of time within which a benefit determination is required to be made will begin at the time a claim is filed in accordance with the Plan’s filing requirements, without regard to whether all the information necessary to make a benefit determination accompanies the filing.
|
4.
|
The plan administrator will provide a Participant with written or electronic notification of any adverse benefit determination. Any electronic notification shall comply with the standards imposed by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv). The notification will set forth, in a manner calculated to be understood by the Participant:
|
(1)
|
The specific reason(s) for the adverse determination;
|
(2)
|
Reference to the specific Plan provisions on which the determination is based;
|
(3)
|
A description of any additional material or information necessary for the Participant to perfect the claim and an explanation of why such material or information is necessary; and
|
(4)
|
A description of the Plan’s appeal (review) procedures and the time limits applicable to such procedures, including a statement of the Participant’s right to bring a civil action under ERISA § 502(a) following an adverse benefit determination on appeal.
|
5.
|
The Participant may appeal an adverse benefit determination to the Senior Vice President of Total Rewards acting on behalf of the Plan administrator. The Senior Vice President of Total Rewards will conduct a full and fair review of each appealed claim and its denial. The Participant will have at least 60 days following receipt of a notification of an adverse benefit determination within which to appeal the determination.
|
6.
|
The appeal of an adverse benefit determination must be made in writing. In connection with making such request, the Participant may submit written comments, documents, records, and other information relating to the claim for benefits. The Participant will be provided, free of charge upon written request, reasonable access to, and copies of, all documents, records and other information relevant (as defined in paragraph (k) below) to the Participant’s claim for benefits. In considering the appeal the Senior Vice President of Total Rewards will take into account all comments, documents, records, and other information submitted by the Participant relating to the claim, without regard to whether such information was submitted or considered in connection with the initial benefit determination.
|
7.
|
The Plan administrator will provide a Participant with written or electronic notification of the Plan’s benefit determination on appeal. Any electronic notification will comply with the standards imposed by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv). In the case of an adverse benefit determination on appeal, the notification will set forth, in a manner calculated to be understood by the Participant:
|
(1)
|
The specific reason(s) for the adverse determination;
|
(2)
|
Reference to the specific Plan provisions on which the benefit determination is based;
|
(3)
|
A statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in paragraph (k) below) to the Participant’s claim for benefits; and
|
(4)
|
A statement of the Participant’s right to bring a civil action under ERISA § 502(a).
|
8.
|
The Participant must exhaust his or her rights to file a claim and to appeal an adverse benefit determination before bringing any civil action to recover benefits due to him or her under the Plan, to enforce his or her rights under the terms of the Plan, or to clarify his or her rights to future benefits under the terms of the Plan.
|
9.
|
The Senior Vice President of Total Rewards will exercise his or her responsibilities and authority under this claims procedure as a fiduciary and, in such capacity, will have the discretionary authority and responsibility (1) to interpret and construe the Plan and any rules or regulations under the Plan, (2) to determine the eligibility of employees to participate in the Plan, and the rights of Participants and former Participants to receive benefits under the Plan, and (3) to make factual determinations in connection with any of the foregoing. The Senior Vice President of Total Rewards may, in his or her discretion, determine to hold a hearing or hearings in carrying out his or her responsibilities and authority under this claims procedure.
|
10.
|
Benefit claim determinations and decisions on appeals will be made in accordance with the Plan. The Plan’s provisions will be applied consistently with respect to similarly situated Participants. The Senior Vice President of Total Rewards will maintain complete records of his or her proceedings in deciding claims and appeals.
|
11.
|
Definitions. For the purposes of this Claims Procedure the following definitions apply:
|
(A)
|
Each non-employee director is eligible to defer Cash Compensation in accordance with the terms of the Plan.
|
(B)
|
Cash Compensation paid to non-employee directors that is eligible for deferral is comprised of:
|
(1)
|
the annual board retainer;
|
(2)
|
committee chair and member retainers; and
|
(3)
|
for the chairperson of the Company’s Board of Directors, the non-executive chairman retainer.
|
(C)
|
Cash Compensation paid to non-employee directors not eligible for deferral includes:
|
(1)
|
meeting fees; and
|
(2)
|
expense reimbursements.
|
(B)
|
For a newly elected non-employee director, the election under the Plan for the remainder of the calendar year in which the non-employee director joins the Board must be made, if at all, within 30 days of his or her election to the Board and, in any event, prior to the month in which any initial Cash Compensation is payable to him or her.
|
(C)
|
Each annual election will include the method by which the value of amounts deferred will be measured and paid in accordance with Sections 6 and 7 below, respectively.
|
(D)
|
An election under this Section 4 will be effective only with respect to Cash Compensation earned after the effective date of the election.
|
(A)
|
Each non-employee director may defer all or any portion of his or her Cash Compensation in accordance with Section 4 above. The notice of deferral election, executed copies of which are made part of the Plan, will include:
|
(1)
|
the percentage (0% to 100% in 25% increments) of his or her Cash Compensation; or
|
(2)
|
the authorization to receive Cash Compensation for the year it is earned when it is earned, it being understood that if the non-employee director submits no election, he or she will also receive Cash Compensation when it is earned.
|
(A)
|
Cash Compensation may be deferred by means of:
|
(1)
|
“
DSUs
” as that term is defined in the Directors Equity Compensation Plan (i.e., a contractual right denominated in fully vested shares of the Company’s common stock); or
|
(B)
|
Cash Compensation deferred in the form of DSUs will be tracked as a quarterly allocation to the non-employee director’s Deferred Compensation Account of DSUs equal to the quotient of (i) all Cash Contribution for the applicable quarter
divided by
(ii) the “
Fair Market Value
” of a “
Share
” (as such terms are defined in the Directors Equity Compensation Plan) on the date of close of the quarter in which the Cash Contribution was earned, with each fractional DSU rounded up to the nearest whole DSU.
|
(C)
|
A non-employee director who has deferred Cash Compensation will not have access to or any interest in the Deferred Compensation Account until it is paid in accordance with Section 7.
|
(A)
|
The Deferred Compensation Account is payable in cash if carried as a market-based account, and in shares of Company common stock if carried as DSUs.
|
(1)
|
in a lump sum within 75 days of the termination of the non-employee director’s service; or
|
(2)
|
in two to five annual installments commencing within 75 days of the termination of the non-employee director’s service and payable annually on or about the anniversary of the first installment until the total of the Deferred Compensation Account is paid.
|
(3)
|
if payable in a lump sum in accordance with Section 7(B)(1) above, in the same manner and at the same time as DSUs awarded to non-employee directors in accordance with the Directors Equity Compensation Plan; or
|
(4)
|
if payable in annual installments in accordance with Section 7(B)(2) above, in tranches based on the number of installments elected by the non-employee director on an annual basis on or about the anniversary of the settlement of the first tranche paid and with each tranche valued as of the anniversary of the valuation date of the first tranche.
|
(D)
|
Cash Compensation deferred in the form of a market-based account per Section 6(A)(2) above will be paid as follows:
|
(1)
|
if payable in one lump sum in accordance with Section 7(B)(1) above, based on the full value of the Deferred Compensation Account as of the date of termination of service; or
|
(2)
|
if payable in annual installments in accordance with Section 7(B)(2) above, based on the quotient of (a) the value of the remainder of the Deferred Compensation Account as of the date of termination of service
divided by
(b) the number of installments remaining in the non-employee director’s election, it being understood that the value of the Deferred Compensation Account used in the numerator of this formula is reduced annually by the installment(s) paid during the prior year but that the remainder of the Deferred Compensation Account will continue to be credited with interest in accordance with the terms of the account provided under Section 6(A)(2).
|
(A)
|
If any non-employee director dies before receiving all Deferred Cash Compensation, the unpaid amount will be paid to his or her “
Beneficiary
” (as defined under the Directors Equity Compensation Plan) in a lump sum as of the date 180 days following the date of the non-employee director’s death.
|
1.
|
You have been granted an Award under the Ally Financial Inc. 2014 Incentive Compensation Plan (the “Plan”). A copy of the Plan is enclosed, or can also be referenced on the EDC website at https://www.worldclassexec.com
under Plan Documents within My Account Info. Capitalized terms not defined in this Award Agreement will have the meaning set forth in the Plan.
|
2.
|
Your Award is granted to you as a matter of separate inducement and is not in lieu of salary or other compensation for your services. By accepting this Award, you consent to any and all Plan amendments, vesting restrictions, and revisions to any other term or condition of this Award Agreement that may be required to comply with federal law or regulation governing compensation, whether such amendments, restrictions, or revisions are applied prospectively or retroactively to this or prior Awards. By accepting this Award, you also acknowledge and agree that it is subject to all of the requirements set forth in the Enterprise Compensation Policy.
|
3.
|
Your Award is initially being made in the form of Performance Stock Units (“PSUs”). Your Award will vest [INSERT PERCENTAGE] on the [___] anniversary of the Grant Date (the “Vesting Date”), subject to your continued employment with the Company or one of its Affiliates through the Vesting Date (or as otherwise set forth herein or in the Plan);
provided
,
that the actual number of PSUs vesting and converting to Shares (such number of PSUs to be within a range of 0% to [INSERT PERCENTAGE] of the number of the Target PSUs (as defined below)) (the “Adjusted PSUs”) shall be determined based on the achievement of the Performance Metrics (as defined in
Exhibit A
attached hereto) during the Performance Period (as defined below). For purposes of this Award Agreement, the “Performance Period” means the period commencing on [INSERT DATE] and ending on [INSERT DATE]. Immediately following the end of the Performance Period, your Adjusted PSUs may, at the discretion of the Company, convert into a number of Shares of Restricted Stock equal to the number of Adjusted PSUs. For the avoidance of doubt, your Adjusted PSUs or Shares of Restricted Stock (as the case may be) will remain subject to your continued employment with the Company and its Affiliates through the Vesting Date and will be forfeited and cancelled if you do not remain employed with the Company and its Affiliates through the Vesting Date, except as otherwise explicitly provided below.
|
4.
|
This Award Agreement will become effective after you have printed, signed, dated one copy of this Award Agreement, and returned the signed copy (all pages) to: Thelma Socia at Ally Financial, e-mail Thelma.socia@ally.com. If you do not accept this Award Agreement within 45 days of notification, [INSERT DATE], you will be deemed to have rejected the Award and this Award Agreement will be null and void and without any further force or effect.
|
5.
|
Subject to requirements of any federal laws or regulations and Ally policy that govern compensation (see paragraph 2 above), and subject to the terms of the Plan and this Agreement, the Company will deliver the Shares earned with respect to the Adjusted PSUs or will remove the restrictions imposed on any Shares of
|
6.
|
If on the Grant Date you are considered a material risk taker, in connection with regulatory guidance and in support of its corporate governance principles, to the extent that any portion of the Award remains unpaid, Ally reserves the right to adjust downward the amount of this Award without your consent to reflect adverse outcomes attributable to inappropriate, excessive, or imprudent risk taking in which you participated and which was the basis for this Award. Your Award is also subject to cancellation, recovery, forfeiture, or repayment consistent with Ally’s recoupment policy contained in the Enterprise Compensation Policy.
|
7.
|
The provisions of this paragraph 7 shall supersede any contrary provisions of Sections 11 and 12 of the Plan with respect to this Award.
|
8.
|
If the Company pays a dividend on Shares prior to the Vesting Date, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held the number of Shares, if any, that are earned and vested as of the Vesting Date, which dividends will be unvested and will vest and be paid to you on the Vesting Date (or such other vesting and settlement date applicable under paragraphs 7(a), (b), (c) or (d) above), subject to the vesting of your Award. No dividends or dividend equivalents will be paid to you with respect to any portion of your Award that is canceled or forfeited. The Company will decide on the form of payment and may pay dividends or dividend equivalents in Shares, in cash or in a combination thereof, subject to applicable law.
|
9.
|
You will have no voting rights with respect to the Shares underlying your Award unless and until you become the record owner of the Shares underlying your Award.
|
10.
|
You may designate a beneficiary using the Beneficiary Designation Form enclosed. If no beneficiary is designated, or if Ally determines that the beneficiary designation is unclear, or that the designated beneficiary cannot be located, any settlement as a result of your death will be made to your estate. The EDC Website may also be used for any subsequent change in your beneficiary designation.
|
11.
|
Notwithstanding anything to the contrary, if any entitlement under this Award is at any time nonqualified deferred compensation subject to the rules under Internal Revenue Code Section 409A and any early settlement date provided above is not consistent with the Section 409A rules, then such entitlement will instead be settled on the scheduled vesting date. By accepting this Award, you understand and acknowledge that your Award is subject to the 409A rules, and agree and accept all risks (including increased taxes and penalties) resulting from Internal Revenue Code Section 409A.
|
12.
|
Except as prohibited by any federal law or regulation that governs compensation (see paragraph 2 above), your Award is subject to and governed by the terms and conditions of this Award Agreement and the Plan.
|
13.
|
By accepting this Award, as evidenced by your signature below, you agree to abide by the terms and conditions of this Award Agreement and the Plan.
|
|
|
|
||
Participant Signature (Required)
|
|
Date (Required)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Last Four Digits of SSN or National ID (Required)
|
|
|
1.
|
You have been granted an Award under the Ally Financial Inc. 2014 Incentive Compensation Plan (the “Plan”). A copy of the Plan is available on the EDC website at https://www.worldclassexec.com under Plan Documents within My Account Info. Capitalized terms not defined in this Award Agreement will have the meaning set forth in the Plan.
|
2.
|
Your Award is granted to you as a matter of separate inducement and is not in lieu of salary or other compensation for your services. By accepting this Award, you consent to any and all Plan amendments, vesting restrictions, and revisions to any other term or condition of this Award Agreement that may be required to comply with federal law or regulation governing compensation, whether such amendments, restrictions, or revisions are applied prospectively or retroactively to this or prior Awards. By accepting this Award, you also acknowledge and agree that it is subject to all of the requirements set forth in the Enterprise Compensation Policy.
|
3.
|
Your Award is being made in the form of Restricted Stock Units. Restricted Stock Units may, at the discretion of the Company, convert into an equal number of Shares of Restricted Stock prior to vesting or settlement. Your Award is comprised of the following:
|
Units
|
Vesting Date
|
Settlement Date
|
[INSERT- PERCENTAGE]
|
[INSERT - DATE]
|
[INSERT - DATE]
|
[INSERT- PERCENTAGE]
|
[INSERT - DATE]
|
[INSERT - DATE]
|
[INSERT- PERCENTAGE]
|
[INSERT - DATE]
|
[INSERT - DATE]
|
4.
|
This Award Agreement will become effective after you have electronically accepted it via the “Deferred Compensation Center” on the Ally HR Portal or by printing, signing, dating one copy of this Award Agreement, and returning the signed copy (all pages) to: Thelma Socia at Ally Financial, e-mail Thelma.socia@ally.com. If you do not accept this Award Agreement within 45 days of notification, [INSERT DATE], you will be deemed to have rejected the Award and this Award Agreement will be null and void and without any further force or effect.
|
5.
|
Subject to requirements of any federal laws or regulations and Ally policy that govern compensation (see paragraph 2 above), your Award will vest and be settled as soon as practical after the date(s) noted above. If and when a change to the vesting date(s) noted above is required, you will be notified in writing.
|
6.
|
If on the Grant Date you are considered a material risk taker, in connection with regulatory guidance and in support of its corporate governance principles, to the extent that any portion of the Award remains unpaid, Ally reserves the right to adjust downward the amount of this Award without your consent to reflect adverse outcomes attributable to inappropriate, excessive, or imprudent risk taking in which you participated and which was the basis for this Award. Your Award is also subject to cancellation, recovery, forfeiture, or repayment consistent with Ally’s recoupment policy contained in the Enterprise Compensation Policy.
|
7.
|
In the event of your Termination of Service during the vesting period of this Award due to Retirement, a termination by the Company without Cause or a Qualifying Termination, Sections 11(c) and 11(d) of the Plan shall not apply to this Award and instead any unvested portion of this Award shall be fully vested as of the date of such Termination of Service and shall be settled on the specified Settlement Date for such portion designated above. Otherwise, Section 11 of the Plan governs the effect of a Termination of Service on your Award, except that for the purposes of this Award the “twenty-four months” shall be substituted and shall apply in lieu of the reference to “twelve months” contained in Section 11 of the Plan.
|
8.
|
Section 12 of the Plan governs the effect of a Change in Control of Ally on your Award, except that for purposes of this Award the “twenty-four months” shall be substituted and shall apply in lieu of the reference to “twelve months” contained in Section 12 of the Plan.
|
9.
|
If the Company pays a dividend on Shares prior to the Vesting Date, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held the number of Shares, if any, that are earned and vested as of the Vesting Date, which dividends will be unvested and will vest and be paid to you on the Vesting Date (or such other vesting and settlement date applicable under this Award), subject to the vesting of your Award. No dividends or dividend equivalents will be paid to you with respect to any portion of your Award that is canceled or forfeited. The Company will decide on the form of payment and may pay dividends or dividend equivalents in Shares, in cash or in a combination thereof, subject to applicable law.
|
10.
|
You may designate a beneficiary using the Beneficiary Designation Form located on the Executive Deferred Compensation (EDC) Website. If no beneficiary is designated, or if Ally determines that the beneficiary designation is unclear, or that the designated beneficiary cannot be located, any settlement as a result of your death will be made to your estate. The EDC Website may also be used for any subsequent change in your beneficiary designation.
|
11.
|
By accepting this Award, you understand and acknowledge that your Award is subject to the rules under Internal Revenue Code Section 409A, and agree and accept all risks (including increased taxes and penalties) resulting from Internal Revenue Code Section 409A.
|
12.
|
Except as prohibited by any federal law or regulation that governs compensation (see paragraph 2 above), your Award is subject to and governed by the terms and conditions of this Award Agreement and the Plan.
|
13.
|
By accepting this Award, as evidenced by your signature below, you agree to abide by the terms and conditions of this Award Agreement and the Plan.
|
|
|
|
||
Participant Signature (Required)
|
|
Date (Required)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Last Four Digits of SSN or National ID (Required)
|
|
|
1.
|
You have been granted a Key Contributor Award under the Ally Financial Inc. 2014 Incentive Compensation Plan (the “Plan”). A copy of the Plan is enclosed, or can also be referenced on the EDC website at https://www.worldclassexec.com under Plan Documents within My Account Info. Capitalized terms not defined in this Award Agreement will have the meaning set forth in the Plan.
|
2.
|
Your Award is granted to you as a matter of separate inducement and is not in lieu of salary or other compensation for your services. By accepting this Award, you consent to any and all Plan amendments, vesting restrictions, and revisions to any other term or condition of this Award Agreement that may be required to comply with federal law or regulation governing compensation, whether such amendments, restrictions, or revisions are applied prospectively or retroactively to this or prior Awards. By accepting this Award, you also acknowledge and agree that it is subject to all of the requirements set forth in the Enterprise Compensation Policy.
|
3.
|
Your Key Contributor Award is being made in the form of Restricted Stock Units. Your Award is comprised of the following:
|
Units
|
Vesting Date
|
Settlement Date
|
[INSERT- Granted award]
|
[INSERT: Date]
|
[INSERT: Date]
|
4.
|
This Award Agreement will become effective after you have electronically accepted it via the “Deferred Compensation Center” on the Ally HR Portal or by printing, signing, dating one copy of this Award Agreement, and returning the signed copy (all pages) to: Thelma Socia at Ally Financial, e-mail Thelma.socia@ally.com. If you do not accept this Award Agreement within 45 days of notification, [INSERT DATE] you will be deemed to have rejected the Award and this Award Agreement will be null and void and without any further force or effect.
|
5.
|
Subject to requirements of any federal laws or regulations and Ally Policy that govern compensation (see paragraph 2 above), your Award will vest and be settled as soon as practical after the date(s) noted above. If and when a change to the vesting date(s) noted above is required, you will be notified in writing.
|
6.
|
If on the Grant Date you are considered a material risk taker, in connection with regulatory guidance and in support of its corporate governance principles, to the extent that any portion of the Award remains unsettled, Ally reserves the right to adjust downward the amount of this Award without your consent to reflect adverse
|
7.
|
In the event of your Termination of Service during the vesting period of this Award due to Retirement, a termination by the Company without Cause or a Qualifying Termination, Sections 11(c) and 11(d) of the Plan shall not apply to this Award and instead any unvested portion of this Award shall be fully vested as of the date such Termination of Service and shall be settled on the specified Settlement Date for such portiondesignated above. Otherwise, Section 11 of the Plan governs the effect of a Termination of Service on your Award.
|
8.
|
Section 12 of the Plan governs the effect of a Change in Control of Ally on your Award, except that for purposes of this Award the “twenty-four months” shall be substituted and shall apply in lieu of the reference to “twelve months” contained in Section 12 of the Plan.
|
9.
|
If the Company pays a dividend on Shares prior to the Vesting Date, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held the number of Shares, if any, that are earned and vested as of the Vesting Date, which dividends will be unvested and will vest and be paid to you on the Vesting Date (or such other vesting and settlement date applicable under this Award), subject to the vesting of your Award. No dividends or dividend equivalents will be paid to you with respect to any portion of your Award that is canceled or forfeited. The Company will decide on the form of payment and may pay dividends or dividend equivalents in Shares, in cash or in a combination thereof, subject to applicable law.
|
10.
|
You may designate a beneficiary using the Beneficiary Designation Form located on the Executive Deferred Compensation (EDC) Website. If no beneficiary is designated, or if Ally determines that the beneficiary designation is unclear, or that the designated beneficiary cannot be located, any settlement as a result of your death will be made to your estate. The EDC Website may also be used for any subsequent change in your beneficiary designation.
|
11.
|
By accepting this Award, you understand and acknowledge that your Award is subject to the rules under Internal Revenue Code Section 409A, and agree and accept all risks (including increased taxes and penalties) resulting from Internal Revenue Code Section 409A.
|
12.
|
Except as prohibited by any federal law or regulation that governs compensation (see paragraph 2 above), your Award is subject to and governed by the terms and conditions of this Award Agreement and the Plan.
|
13.
|
By accepting this Award, as evidenced by your signature below, you agree to abide by the terms and conditions of this Award Agreement and the Plan.
|
|
|
|
||
Participant Signature (Required)
|
|
Date (Required)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Last Four Digits of SSN or National ID (Required)
|
|
|
1.
|
Congratulations! You have been granted an ALEP Award under the Ally Financial Inc. 2014 Incentive Compensation Plan (the “Plan”). A copy of the Plan is enclosed, or can also be referenced on the EDC website at https://www.worldclassexec.com under Plan Documents within My Account Info. Capitalized terms not defined in this Award Agreement will have the meaning set forth in the Plan.
|
2.
|
Your ALEP Award is granted to you as a separate incentive and is not in lieu of salary or other compensation for your services. By accepting this ALEP Award, you consent to any and all Plan amendments, vesting restrictions, and revisions to any other term or condition of this Award Agreement that may be required to comply with federal law or regulation governing compensation, whether such amendments, restrictions, or revisions are applied prospectively or retroactively to this or prior Awards. By accepting this Award, you also acknowledge and agree that it is subject to all of the requirements set forth in the Enterprise Compensation Policy.
|
3.
|
Your Award is being made in the form of Restricted Stock Units. Restricted Stock Units may, at the discretion of the Company, convert into an equal number of Shares of Restricted Stock prior to vesting or settlement. Your Award is comprised of the following:
|
Units
|
Vesting Date
|
Settlement Date
|
[INSERT- PERCENTAGE]
|
[INSERT – DATE]
|
[INSERT – DATE]
|
[INSERT- PERCENTAGE]
|
[INSERT – DATE]
|
[INSERT – DATE]
|
[INSERT- PERCENTAGE]
|
[INSERT – DATE]
|
[INSERT – DATE]
|
[INSERT- PERCENTAGE]
|
[INSERT – DATE]
|
[INSERT – DATE]
|
4.
|
This Award Agreement will become effective by printing, signing, dating one copy of this Award Agreement, and returning the signed copy (all pages) to: Thelma Socia at Ally Financial, e-mail Thelma.socia@ally.com. If you do not accept this Award Agreement within 45 days of notification, [INSERT DATE], you will be deemed to have rejected the ALEP Award and this Award Agreement will be null and void and without any further force or effect.
|
5.
|
Subject to requirements of any federal laws or regulations and Ally policy that govern compensation, your ALEP Award will vest and be settled as soon as practical after the date(s) noted above. If and when a change to the vesting date(s) noted above is required, you will be notified in writing.
|
6.
|
If on the Grant Date you are considered a material risk taker, in connection with regulatory guidance and in support of its corporate governance principles, to the extent that any portion of the ALEP Award remains unpaid, Ally reserves the right to adjust downward the amount of this ALEP Award without your consent to reflect adverse outcomes attributable to inappropriate, excessive, or imprudent risk taking in which you participated and which was the basis for this ALEP Award. Your Award is also subject to cancellation, recovery, forfeiture, or repayment consistent with Ally’s recoupment policy contained in the Enterprise Compensation Policy.
|
7
|
If your employment is terminated due to Retirement, as approved by the Company, or by the Company without Cause during the first year following the Grant Date, the first two tranches (i.e., one-half of the total ALEP Award) of the ALEP Award will continue to vest in accordance with above schedule, but the second two tranches (i.e., one-half of the total ALEP Award) will be forfeited. If your employment is terminated due to Retirement, as approved by the Company, or by the Company without Cause after the first year following the Grant Date, the entire ALEP Award will continue to vest and will be settled in accordance with the above schedule (i.e., no forfeiture). Otherwise, Section 11 of the Plan governs the effect of a Termination of Service on your ALEP Award, except that for purposes of this Award the “twenty-four months” shall be substituted and shall apply in lieu of the reference to “twelve months” contained in Section 11 of the Plan.
|
8.
|
Section 12 of the Plan governs the effect of a Change in Control of Ally on your Award, except that for purposes of this Award the “twenty-four months” shall be substituted and shall apply in lieu of the reference to “twelve months” contained in Section 12 of the Plan.
|
9.
|
If the Company pays a dividend on Shares prior to the Vesting Date, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held the number of Shares, if any, that are earned and vested as of the Vesting Date, which dividends will be unvested and will vest and be paid to you on the Vesting Date (or such other vesting and settlement date applicable under this Award), subject to the vesting of your Award. No dividends or dividend equivalents will be paid to you with respect to any portion of your Award that is canceled or forfeited. The Company will decide on the form of payment and may pay dividends or dividend equivalents in Shares, in cash or in a combination thereof, subject to applicable law.
|
10.
|
You may designate a beneficiary using the Beneficiary Designation Form located on the Executive Deferred Compensation (EDC) Website or using the enclosed form. If no beneficiary is designated, or if Ally determines that the beneficiary designation is unclear or that the designated beneficiary cannot be located, any settlement as a result of your death will be made to your estate. The EDC Website may also be used for any subsequent change in your beneficiary designation.
|
11.
|
By accepting this ALEP Award, you understand and acknowledge that your ALEP Award is subject to the rules under Internal Revenue Code Section 409A, and agree and accept all risks (including increased taxes and penalties) resulting from Internal Revenue Code Section 409A.
|
12.
|
Except as prohibited by any federal law or regulation that governs compensation, your ALEP Award is subject to and governed by the terms and conditions of this Award Agreement and the Plan.
|
13.
|
By accepting this ALEP Award, as evidenced by your signature below, you agree to abide by the terms and conditions of this Award Agreement and the Plan.
|
|
|
|
||
Participant Signature (Required)
|
|
Date (Required)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Last Four Digits of SSN or National ID (Required)
|
|
|
Year ended December 31, (
$ in millions
)
|
2015 (a)
|
2014 (a)
|
2013 (a)
|
2012 (a)
|
2011 (a)
|
|||||||||||
Earnings
|
|
|
|
|
|
|||||||||||
Consolidated net income (loss) from continuing operations
|
$
|
897
|
|
$
|
925
|
|
$
|
416
|
|
$
|
1,370
|
|
$
|
(219
|
)
|
|
Income tax expense (benefit) from continuing operations
|
496
|
|
321
|
|
(59
|
)
|
(856
|
)
|
42
|
|
||||||
Equity-method investee (earnings)
|
(52
|
)
|
(18
|
)
|
(15
|
)
|
(6
|
)
|
(7
|
)
|
||||||
Minority interest expense
|
—
|
|
—
|
|
—
|
|
1
|
|
1
|
|
||||||
Consolidated income (loss) from continuing operations before income taxes, minority interest, and income or loss from equity investees
|
1,341
|
|
1,228
|
|
342
|
|
509
|
|
(183
|
)
|
||||||
Fixed charges
|
2,460
|
|
2,826
|
|
3,344
|
|
4,031
|
|
4,668
|
|
||||||
Earnings available for fixed charges
|
$
|
3,801
|
|
$
|
4,054
|
|
$
|
3,686
|
|
$
|
4,540
|
|
$
|
4,485
|
|
|
Fixed charges
|
|
|
|
|
|
|||||||||||
Interest, discount, and issuance expense on debt
|
$
|
2,443
|
|
$
|
2,810
|
|
$
|
3,330
|
|
$
|
4,014
|
|
$
|
4,652
|
|
|
Portion of rentals representative of the interest factor
|
17
|
|
16
|
|
15
|
|
17
|
|
16
|
|
||||||
Total fixed charges
|
2,460
|
|
2,826
|
|
3,345
|
|
4,031
|
|
4,668
|
|
||||||
Preferred dividend requirements (b)
|
3,991
|
|
361
|
|
1,049
|
|
801
|
|
763
|
|
||||||
Total fixed charges and preferred dividend requirements
|
$
|
6,451
|
|
$
|
3,187
|
|
$
|
4,394
|
|
$
|
4,832
|
|
$
|
5,431
|
|
|
Ratio of earnings to fixed charges (c)
|
1.55
|
|
1.43
|
|
1.10
|
|
1.13
|
|
0.96
|
|
||||||
Ratio of earnings to fixed charges and preferred dividend requirements (d)
|
0.59
|
|
1.27
|
|
0.84
|
|
0.94
|
|
0.83
|
|
(a)
|
During 2013 and 2012, certain disposal groups met the criteria to be presented as discontinued operations. For all periods presented, the operating results for these operations have been removed from continuing operations. We report these businesses separately as discontinued operations in the
Consolidated Financial Statements
. Refer to
Note 2
to the Consolidated Financial Statements for further discussion of our discontinued operations. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations.
|
(b)
|
Amount for
2015
includes a $1,185 million reduction (increase) to retained earnings (accumulated deficit) related to a redemption of our Series G Preferred Stock in April 2015, a $22 million reduction (increase) to retained earnings (accumulated deficit) related to a repurchase of our Series A Preferred Shares in May 2015, and a $1,178 million reduction (increase) to retained earnings (accumulated deficit) related to the redemption of our remaining Series G Preferred Stock in December 2015. Amount for 2013 includes a $240 million reduction to retained earnings (accumulated deficit) related to a repurchase of mandatorily convertible preferred stock held by U.S. Department of Treasury and elimination of share adjustment right on November 20, 2013.
|
(c)
|
The ratio indicates a less than one-to-one coverage for the year ended December 31, 2011. Earnings available for fixed charges for the year ended December 31, 2011 were inadequate to cover fixed charges. The deficient amount at for the ratio was
$183 million
, for the year ended December 31, 2011.
|
(d)
|
The ratio indicates a less than one-to-one coverage for the years ended December 31, 2015, 2013, 2012, and 2011. Earnings available for fixed charges and preferred dividend requirements for the years ended December 31, 2015, 2013, 2012, and 2011, were inadequate to cover total fixed charges and preferred dividend requirements. The deficient amounts for the ratio were
$2,650 million
,
$708 million
,
$292 million
, and
$946 million
for the years ended December 31, 2015, 2013, 2012, and 2011, respectively.
|
Name of subsidiary
|
State or sovereign power of incorporation
|
Ally Financial Inc.
|
Delaware
|
Ally Funding Transferor Exclusive Receivables, LLC
|
Delaware
|
Ally Insurance Holdings, Inc.
|
Delaware
|
Ally Secured Transferor Receivables Aggregator, LLC
|
Delaware
|
Ally Wholesale Enterprises, LLC
|
Delaware
|
Capital Auto Receivables, LLC
|
Delaware
|
IB Finance Holding Company, LLC
|
Delaware
|
Ally Bank
|
Utah
|
Ally Central Originating Lease, LLC
|
Delaware
|
Ally Servicing, LLC
|
Delaware
|
Form S-3:
|
|
No. 333-206284
|
|
No. 333-193070
|
|
No. 333-201057
|
|
No. 333-201205
|
|
|
|
Form S-8:
|
|
No. 333-195172
|
|
/
S
/
D
ELOITTE
& T
OUCHE
LLP
|
Deloitte & Touche LLP
|
Detroit, Michigan
|
February 24, 2016
|
1.
|
I have reviewed this report on Form 10-K of Ally Financial Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/
S
/
J
EFFREY
J
.
B
ROWN
|
|
Jeffrey J. Brown
Chief Executive Officer
|
|
1.
|
I have reviewed this report on Form 10-K of Ally Financial Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/
S
/
C
HRISTOPHER
A
.
H
ALMY
|
|
Christopher A. Halmy
Chief Financial Officer
|
|
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/
S
/ J
EFFREY
J. B
ROWN
|
|
Jeffrey J. Brown
|
|
Chief Executive Officer
|
|
February 24, 2016
|
|
|
|
/
S
/ C
HRISTOPHER
A. H
ALMY
|
|
Christopher A. Halmy
|
|
Chief Financial Officer
|
|
February 24, 2016
|
|