Ally Bank 2014 Annual Report Download - page 117
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
105
5. Other Operating Expenses
Details of other operating expenses were as follows.
Year ended December 31, ($ in millions) 2014 2013 2012
Insurance commissions $ 374 $ 370 $ 382
Technology and communications 334 346 317
Lease and loan administration 122 173 325
Advertising and marketing 111 136 145
Professional services 100 176 149
Regulatory and licensing fees 87 116 118
Vehicle remarketing and repossession 83 60 52
Premises and equipment depreciation 81 81 76
Occupancy 47 44 50
Provision for legal and regulatory settlements (a) 4105 6
Mortgage representation and warranty obligation, net (10) 104 171
Other 258 270 271
Total other operating expenses $ 1,591 $ 1,981 $ 2,062
(a) Results for the year ended December 31, 2013 include a $98 million settlement charge related to Consent Orders issued by the Consumer Financial
Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) pertaining to the allegation of disparate impact in the automotive finance business.
Refer to Note 30 for additional details.
6. Investment Securities
Our portfolio of securities includes bonds, equity securities, ABS, MBS, interests in securitization trusts, and other investments. The
cost, fair value, and gross unrealized gains and losses on available-for-sale securities were as follows.
2014 2013
Amortized
cost
Gross unrealized Fair
value
Amortized
cost
Gross unrealized Fair
valueDecember 31, ($ in millions) gains losses gains losses
Available-for-sale securities
Debt securities
U.S. Treasury and federal
agencies $ 1,195 $ 1 $ (18) $ 1,178 $ 1,495 $ 1 $ (69) $ 1,427
U.S. States and political
subdivisions 389 17 — 406 316 — (1) 315
Foreign government 224 8 — 232 287 4 (3) 288
Mortgage-backed residential (a) 10,431 119 (125) 10,425 11,131 49 (398) 10,782
Mortgage-backed commercial 254 — (1) 253 39—— 39
Asset-backed 1,989 5 (3) 1,991 2,207 15 (3) 2,219
Corporate debt 734 14 (2) 746 1,052 23 (6) 1,069
Total debt securities 15,216 164 (149) 15,231 16,527 92 (480) 16,139
Equity securities 891 49 (34) 906 898 74 (28) 944
Total available-for-sale
securities (b) $ 16,107 $ 213 $ (183) $ 16,137 $ 17,425 $ 166 $ (508) $ 17,083
(a) Residential MBS include agency-backed bonds totaling $7,557 million and $8,266 million at December 31, 2014, and December 31, 2013, respectively.
(b) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled
$15 million and $15 million at December 31, 2014, and December 31, 2013, respectively.