Ally Bank 2014 Annual Report Download - page 146
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
134
Statement of Income and Comprehensive Income Presentation
The following table summarizes the location and amounts of gains and losses on derivative instruments reported in our Consolidated
Statement of Income.
Year ended December 31, ($ in millions)2014 2013 2012
Derivatives qualifying for hedge accounting
Gain (loss) recognized in earnings on derivatives
Interest rate contracts
Interest and fees on finance receivables and loans (a) $15
$7$—
Interest on long-term debt (b) 199 (389) 164
Gain (loss) recognized in earnings on hedged items (c)
Interest rate contracts
Interest and fees on finance receivables and loans 34 2—
Interest on long-term debt (185) 402 (193)
Total derivatives qualifying for hedge accounting 63 22 (29)
Economic derivatives
(Loss) gain recognized in earnings on derivatives
Interest rate contracts
Servicing asset valuation and hedge activities, net —(112) 556
Loss on mortgage and automotive loans, net —(37) (5)
Other income, net of losses (d) (37) 14 (18)
Total interest rate contracts (37) (135) 533
Foreign exchange contracts (e)
Interest on long-term debt (172) 94 (39)
Other income, net of losses 12 24 (48)
Total foreign exchange contracts (160) 118 (87)
Equity contracts
Compensation and benefits expense (5) ——
Total equity contracts (5) ——
(Loss) gain recognized in earnings on derivatives $ (139) $ 5 $ 417
(a) Amounts exclude losses related to interest for qualifying accounting hedges of portfolios of retail automotive loans held-for-investment of $61 million and
$9 million for the years ended December 31, 2014 and 2013, respectively. These losses are primarily offset by the fixed coupon receipts on the consumer
automotive loans held-for-investment.
(b) Amounts exclude gains related to interest for qualifying accounting hedges of debt, which are primarily offset by the fixed coupon payment on the long-
term debt. The gains were $112 million, $131 million, and $119 million for the years ended December 31, 2014, 2013, and 2012, respectively.
(c) Amounts exclude gains related to amortization of deferred basis adjustments on the de-designated hedged item of $155 million, $247 million, and $226
million for the years ended December 31, 2014, 2013, and 2012, respectively.
(d) Amounts in 2012 include other income from derivatives held for trading purposes entered into by our broker-dealer.
(e) Amounts exclude gains and losses related to the revaluation of the related foreign-denominated debt or receivable. Gains of $165 million, losses of $117
million, and gains of $87 million, were recognized for the years ended December 31, 2014, 2013, and 2012, respectively.