Ally Bank 2012 Annual Report Download - page 156

154
2012 2011
December 31, ($ in millions) Unsecured Secured Total Unsecured Secured Total
Long-term debt
Due within one year $ 1,070 $ 11,503 $ 12,573 $ 11,664 $ 14,521 $ 26,185
Due after one year 31,486 29,408 60,894 30,272 35,279 65,551
Fair value adjustment 1,094 — 1,094 1,149 — 1,149
Total long-term debt $ 33,650 $ 40,911 $ 74,561 $ 43,085 $ 49,800 $ 92,885
The following table presents the scheduled remaining maturity of long-term debt, assuming no early redemptions will occur. The actual
payment of secured debt may vary based on the payment activity of the related pledged assets.
Year ended December 31,
($ in millions) 2013 2014 2015 2016 2017 2018 and
thereafter Fair value adjustment Total
Unsecured
Long-term debt $ 1,331 $ 5,603 $ 5,115 $ 1,971 $ 3,671 $ 16,705 $ 1,094 $ 35,490
Original issue discount (261) (188) (56) (63) (75) (1,197) — (1,840)
Total unsecured 1,070 5,415 5,059 1,908 3,596 15,508 1,094 33,650
Secured
Long-term debt 11,503 13,596 8,567 3,123 3,032 1,090 — 40,911
Total long-term debt $ 12,573 $ 19,011 $ 13,626 $ 5,031 $ 6,628 $ 16,598 $ 1,094 $ 74,561
To achieve the desired balance between fixed- and variable-rate debt, we utilize interest rate swap agreements. The use of these
derivative financial instruments had the effect of synthetically converting $10.2 billion of our fixed-rate debt into variable-rate obligations and
$14.5 billion of our variable-rate debt into fixed-rate obligations at December 31, 2012.
The following summarizes assets restricted as collateral for the payment of the related debt obligation primarily arising from
securitization transactions accounted for as secured borrowings and repurchase agreements.
2012 2011
December 31, ($ in millions) Total Ally Bank (a) Total Ally Bank (a)
Trading assets $ — $ — $ 27 $ —
Investment securities 1,911 1,911 780 780
Loans held-for-sale — — 805 —
Mortgage assets held-for-investment and lending receivables 9,866 9,866 12,197 11,188
Consumer automobile finance receivables 29,557 14,833 33,888 17,320
Commercial automobile finance receivables 19,606 19,606 20,355 14,881
Investment in operating leases, net 6,058 1,691 4,555 431
Mortgage servicing rights — — 1,920 1,286
Other assets 999 272 3,973 1,816
Total assets restricted as collateral (b) $ 67,997 $ 48,179 $ 78,500 $ 47,702
Secured debt (c) $ 45,111 $ 29,162 $ 52,965 $ 25,533
(a) Ally Bank is a component of the total column.
(b) Ally Bank has an advance agreement with the Federal Home Loan Bank of Pittsburgh (FHLB) and had assets pledged to secure borrowings that were
restricted as collateral to the FHLB totaling $12.6 billion and $10.9 billion at December 31, 2012, and 2011, respectively. These assets were composed
primarily of consumer and commercial mortgage finance receivables and loans, net. 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 $1.9 billion and $4.3 billion at December 31, 2012, and
2011, respectively. These assets were composed of consumer mortgage finance receivables and loans, net; consumer automobile finance receivables and
loans, net; and investment securities. 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.
(c) Includes $4.2 billion and $3.2 billion of short-term borrowings at December 31, 2012, and 2011, respectively.
Trust Preferred Securities
On December 30, 2009, we entered into a Securities Purchase and Exchange Agreement with U.S. Department of Treasury (Treasury)
and GMAC Capital Trust I, a Delaware statutory trust (the Trust), which is a finance subsidiary that is wholly owned by Ally. As part of the
agreement, the Trust sold to Treasury 2,540,000 trust preferred securities (TRUPS) issued by the Trust with an aggregate liquidation
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K