Ally Bank 2014 Annual Report Download - page 118

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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
106
The maturity distribution of available-for-sale debt securities outstanding is summarized in the following tables. Prepayments may cause
actual maturities to differ from scheduled maturities.
Total
Due in one year
or less
Due after one
year through
five years
Due after five
years through
ten years
Due after ten
years (a)
($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield
December 31, 2014
Fair value of available-for-sale debt
securities (b)
U.S. Treasury and federal agencies $ 1,178 1.5% $ 7 3.0% $ 677 1.2% $ 494 1.9% $ — —%
U.S. States and political
subdivisions 406 3.7 34 1.9 12 2.1 106 3.0 254 4.3
Foreign government 232 2.7 — — 128 2.5 104 2.9 — —
Mortgage-backed residential 10,425 2.6 34 3.1 58 2.1 — — 10,333 2.6
Mortgage-backed commercial 253 1.5 — — 30 1.8 — — 223 1.4
Asset-backed 1,991 1.9 — — 1,311 1.9 463 2.0 217 2.2
Corporate debt 746 3.2 33 3.1 460 2.7 216 3.8 37 5.6
Total available-for-sale debt
securities $ 15,231 2.5 $ 108 2.7 $ 2,676 1.9 $ 1,383 2.4 $ 11,064 2.6
Amortized cost of available-for-sale
debt securities $ 15,216 $ 108 $ 2,674 $ 1,374 $ 11,060
December 31, 2013
Fair value of available-for-sale debt
securities (b)
U.S. Treasury and federal agencies $ 1,427 1.3 % $ 9 3.0 % $ 766 1.2 % $ 652 1.3 % $ — — %
U.S. States and political
subdivisions 315 3.3 39 1.3 10 0.6 102 2.6 164 4.3
Foreign government 288 2.7 18 2.7 105 2.4 164 2.9 1 2.7
Mortgage-backed residential 10,782 2.7 — — 90 2.1 3 4.2 10,689 2.7
Mortgage-backed commercial 39 1.3 — — — — — — 39 1.3
Asset-backed 2,219 2.0 76 2.4 1,483 1.9 491 1.9 169 2.7
Corporate debt 1,069 4.1 24 3.4 547 3.0 430 5.3 68 5.7
Total available-for-sale debt
securities $ 16,139 2.5 $ 166 2.3 $ 3,001 1.9 $ 1,842 2.5 $ 11,130 2.7
Amortized cost of available-for-sale
debt securities $ 16,527 $ 165 $ 3,000 $ 1,882 $ 11,480
(a) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or
prepayment options.
(b) Yields on tax-exempt obligations are computed on a tax-equivalent basis.
The balances of cash equivalents were $2.0 billion and $2.4 billion at December 31, 2014, and December 31, 2013, respectively, and
were composed primarily of money market accounts and short-term securities, including U.S. Treasury bills.
The following table presents interest and dividends on available-for-sale securities.
Year ended December 31, ($ in millions) 2014 2013 2012
Taxable interest $ 336 $ 297 $ 262
Taxable dividends 20 25 30
Interest and dividends exempt from U.S. federal income tax 11 3—
Interest and dividends on available-for-sale securities $ 367 $ 325 $ 292