Ally Bank 2014 Annual Report Download - page 119

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
107
The following table presents gross gains and losses realized upon the sales of available-for-sale securities and other-than-temporary
impairment.
Year ended December 31, ($ in millions) 2014 2013 2012
Gross realized gains $ 209 $ 221 $ 241
Gross realized losses (14) (21) (34)
Other-than-temporary impairment (14) (20) (61)
Other gain on investments, net $ 181 $ 180 $ 146
Certain available-for-sale securities were sold at a loss in 2014, 2013, and 2012 as a result of market conditions within these respective
periods (e.g., a downgrade in the rating of a debt security), in accordance with our risk management policies and practices. The table below
summarizes available-for-sale securities in an unrealized loss position in accumulated other comprehensive income. Based on the
methodology that was applied to these securities, we believe that the unrealized losses relate to factors other than credit losses in the current
market environment. As of December 31, 2014, we did not have the intent to sell the debt securities with an unrealized loss position in
accumulated other comprehensive income, and it is not more likely than not that we will be required to sell these securities before recovery of
their amortized cost basis. As of December 31, 2014, we had the ability and intent to hold equity securities with an unrealized loss position in
accumulated other comprehensive income, and it is not more likely than not that we will be required to sell these securities before recovery of
their amortized cost basis. As a result, we believe that the securities with an unrealized loss position in accumulated other comprehensive
income are not considered to be other-than-temporarily impaired at December 31, 2014. Refer to Note 1 for additional information related to
investment securities and our methodology for evaluating potential other-than-temporary impairments.
2014 2013
Less than 12 months 12 months or longer Less than 12 months 12 months or longer
December 31, ($ in millions)
Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal
agencies $ 297 $ (3) $ 859 $ (15) $ 1,405 $ (69) $ — $ —
U.S. States and political
subdivisions 50 — — — 212 (1) — —
Foreign government ———— 114 (3) — —
Mortgage-backed 1,172 (10) 3,098 (116) 7,503 (388) 100 (10)
Asset-backed 819 (3) 8 — 407 (3) 1 —
Corporate debt 132 (2) 11 — 310 (6) 3 —
Total temporarily impaired debt
securities 2,470 (18) 3,976 (131) 9,951 (470) 104 (10)
Temporarily impaired equity
securities 231 (24) 40 (10) 167 (12) 100 (16)
Total temporarily impaired
available-for-sale securities $ 2,701 $ (42) $ 4,016 $ (141) $ 10,118 $ (482) $ 204 $ (26)
7. Loans Held-for-Sale, Net
The composition of loans held-for-sale, net, was as follows.
December 31, ($ in millions)2014 2013
Consumer automotive $ 1,515 $—
Consumer mortgage 452 16
Commercial and industrial — Other 36 19
Total loans held-for-sale $ 2,003 $35