Ally Bank 2014 Annual Report Download - page 115

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
103
Select Insurance Operations
During the first quarter of 2013, we completed the sale of our U.K.-based operations. During the second quarter of 2013, we sold our
Mexican insurance business, ABA Seguros.
Select Automotive Finance Operations
During the fourth quarter of 2012, we committed to sell our automotive finance operations in Europe and Latin America to General
Motors Financial Company, Inc. (GMF). On the same date, we entered into an agreement with GMF to sell our 40% interest in a motor
vehicle finance joint venture in China. During the second quarter of 2013, we completed the sale of our operations in Europe and the majority
of Latin America. The transaction included European operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria,
Belgium, France and the Netherlands, and Latin America operations in Mexico, Chile, and Colombia. During the fourth quarter of 2013, we
completed the sale of our Latin American operations in Brazil. As of December 31, 2014, our interest in the motor vehicle finance joint
venture in China was the only remaining component of the disposal group not yet sold. No impairment was recognized to present the
operations at the lower-of-cost or fair value. The sale of the joint venture in China was completed on January 2, 2015. Refer to Note 32 for
additional information on the sale of our joint venture interest in China.
During the first quarter of 2012, we sold our Venezuela operations. During the first quarter of 2013, we sold our Canadian automotive
finance operations, Ally Credit Canada Limited and ResMor Trust.
Select Corporate and Other Operations
During the fourth quarter of 2012 and second quarter of 2014, we ceased operations at our Corporate Finance Group's European and
Canadian operations. respectively, and classified these businesses as discontinued.
Select Financial Information
Select financial information of discontinued operations is summarized below. The pretax income or loss, including direct costs to
transact a sale, 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) 2014 2013 2012
Select Mortgage operations
Total net revenue $— $ — $ 439
Pretax loss including direct costs to transact a sale (a) (b) (4) (1,741) (1,282)
Tax benefit (c) (87) (592) (443)
Select Insurance operations
Total net revenue $— $ 190 $ 625
Pretax income including direct costs to transact a sale (a) 6319 (d) 86
Tax expense (benefit) (c) 6(14) 53
Select Automotive Finance operations
Total net revenue $ 123 $ 572 $ 1,503
Pretax income including direct costs to transact a sale (a) 129 660 (e) 786
Tax expense (benefit) (c) 7(101) 235
Select Corporate and Other operations
Total net revenue $— $—$11
Pretax income 23 —83
Tax expense 3—2
(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.