Ally Bank 2011 Annual Report Download - page 155

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10−K
($ in millions) Consumer automobile Consumer mortgage Commercial Total
Allowance at January 1, 2010 $ 1,024 $ 640 $ 781 $ 2,445
Cumulative effect of change in accounting principles (a) 222 — — 222
Charge−offs
Domestic (776) (239) (282) (1,297)
Foreign (194) (4) (151) (349)
Total charge−offs (970) (243) (433) (1,646)
Recoveries
Domestic 319 26 18 363
Foreign 71 1 13 85
Total recoveries 390 27 31 448
Net charge−offs (580) (216) (402) (1,198)
Provision for loan losses 304 164 (26) 442
Discontinued operations — — (4) (4)
Other — (8) (26) (34)
Allowance at December 31, 2010 $ 970 $ 580 $ 323 $ 1,873
Allowance for loan losses
Individually evaluated for impairment $ — $ 100 $ 127 $ 227
Collectively evaluated for impairment 970 480 196 1,646
Loans acquired with deteriorated credit quality 20 — — 20
Finance receivables and loans at historical cost
Ending balance 51,254 10,748 39,396 101,398
Individually evaluated for impairment — 487 1,308 1,795
Collectively evaluated for impairment 51,254 10,261 38,088 99,603
Loans acquired with deteriorated credit quality 170 — — 170
(a) Effect of change in accounting principle due to adoption of ASU 2009−17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.
The following table presents information about significant sales of finance receivables and loans recorded at historical cost and transfers of finance
receivables and loans from held−for−investment to held−for−sale.
December 31, ($ in millions) 2011
Consumer automobile $ 3,279
Consumer mortgage 107
Commercial 34
Total sales and transfers $ 3,420
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