Ally Bank 2012 Annual Report Download - page 184
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182
Nonrecurring Fair Value
We may be required to measure certain assets and liabilities at fair value from time to time. These periodic fair value measures typically
result from the application of lower-of-cost or fair value accounting or certain impairment measures. These items would constitute
nonrecurring fair value measures.
The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
Nonrecurring
fair value measurements
Lower-of-
cost
or
fair value
or valuation
reserve
allowance
Total loss
included in
earnings for
the year
endedDecember 31, 2012 ($ in millions) Level 1 Level 2 Level 3 Total
Assets
Commercial finance receivables and loans, net (a)
Automotive $ — $ — $ 108 $ 108 $ (19) n/m (b)
Other — — 23 23 (7) n/m (b)
Total commercial finance receivables and loans, net — — 131 131 (26) n/m (b)
Other assets
Repossessed and foreclosed assets (c) — — 3 3 (2) n/m (b)
Cost basis investment in ResCap (d) — — — — — (442)
Total assets $ — $ — $ 134 $ 134 $ (28) $ (442)
n/m = not meaningful
(a) Represents the portion of the portfolio specifically impaired during 2012. The related valuation allowance represents the cumulative adjustment to fair
value of those specific receivables.
(b) 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.
(c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
(d) Represents the impairment of our investment in ResCap during 2012. Refer to Note 1 for additional information related to ResCap.
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K