Ally Bank 2012 Annual Report Download - page 126

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During the first quarter of 2012, we completed the sale of our Venezuela operations. During the first quarter of 2011, we completed the
sale of our Ecuador operations. During 2010, we completed the sale of our Argentina and Poland operations and our full-service leasing
operations in Australia, Belgium, France, Poland, and the United Kingdom. We also ceased operations in Australia and Russia and classified
them as discontinued during 2010.
Select Corporate and Other Operations
During the fourth quarter of 2012, we ceased operations at our Commercial Finance operations' European division and classified it as
discontinued.
Select Financial Information
Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to
transact, includes any impairment recognized to present the operations at the lower-of-cost or fair value. Fair value was based on the
estimated sales price, which could differ from the ultimate sales price due to price volatility, changing interest rates, changing foreign-
currency rates, and future economic conditions.
Year ended December 31, ($ in millions) 2012 2011 2010
Select Mortgage operations
Total net revenue (loss) $ 7 $ (4) $ 94
Pretax (loss) income including direct costs to transact a sale (13) (38) 49
Tax (benefit) expense (15) (8) 7
Select Insurance operations
Total net revenue $ 625 $ 710 $ 976
Pretax income including direct costs to transact a sale (a) 86 145 31
Tax expense (b) 53 39 19
Select Automotive Finance operations
Total net revenue $ 1,503 $ 1,690 $ 1,646
Pretax income including direct costs to transact a sale (a) 786 820 698
Tax expense (b) 235 92 17
Select Corporate and Other operations
Total net revenue $ 11 $ 7 $ 22
Pretax income 83 44 3
Tax expense (benefit) 23 (3)
(a) Includes certain treasury and other corporate activity recognized by Corporate and Other.
(b) Includes certain income tax activity recognized by Corporate and Other.
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K