Ally Bank 2014 Annual Report Download - page 138
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
126
conditions are satisfied. For this purpose, Restricted Payments include, subject to certain exceptions, any dividend payment or distribution of
assets on any common stock or any redemption, purchase, or other acquisition of any shares of common stock.
The following table summarizes information about our Series A and Series G preferred stock.
December 31, 2014 2013
Series A preferred stock (a)
Carrying value ($ in millions) $ 1,021 $ 1,021
Par value (per share) 0.01 0.01
Liquidation preference (per share) 25 25
Number of shares authorized 40,870,560 160,870,560
Number of shares issued and outstanding 40,870,560 40,870,560
Dividend/coupon
Prior to May 15, 2016 8.5% 8.5%
On and after May 15, 2016 three month
LIBOR + 6.243%
three month
LIBOR + 6.243%
Series G preferred stock (b) (c)
Carrying value ($ in millions) $ 234 $ 234
Par value (per share) 0.01 0.01
Liquidation preference (per share) 1,000 1,000
Number of shares authorized 2,576,601 2,576,601
Number of shares issued and outstanding 2,576,601 2,576,601
Dividend/coupon 7% 7%
(a) Nonredeemable prior to May 15, 2016.
(b) Pursuant to a registration rights agreement, we are required to maintain an effective shelf registration statement. In the event we fail to meet this
obligation, we may be required to pay additional interest to the holders of the Series G Preferred Stock.
(c) Redeemable.
19. Accumulated Other Comprehensive (Loss) Income
The following table presents changes, net of tax, in each component of accumulated other comprehensive (loss) income.
($ in millions)
Unrealized
(losses) gains
on
investment
securities (a)
Translation
adjustments
and net
investment
hedges (b)
Cash flow
hedges (b)
Defined
benefit
pension
plans
Accumulated
other
comprehensive
income (loss)
Balance at January 1, 2012 $ (114) $ 352 $ 6 $ (157) $ 87
2012 net change 190 16 (4) 22 224
Balance at December 31, 2012 76 368 2 (135) 311
2013 net change (345) (303) 3 58 (587)
Balance at December 31, 2013 (269) 65 5 (77) (276)
2014 net change 248 (29) 2 (11) 210
Balance at December 31, 2014 $ (21) $ 36 $ 7 $ (88) $ (66)
(a) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.
(b) For additional information on derivative instruments and hedging activities, refer to Note 22.