Ally Bank 2014 Annual Report Download - page 147
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Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
135
The following table summarizes derivative instruments used in cash flow and net investment hedge accounting relationships.
Year ended December 31, ($ in millions)2014 2013 2012
Cash flow hedges
Interest rate contracts
(Loss) gain reclassified from accumulated other comprehensive income to interest on
long-term debt (a) $ (2) $ (7) $ 1
Loss recorded directly to interest on long-term debt —— (7)
Total interest on long-term debt $ (2) $ (7) $ (6)
Gain (loss) recognized in other comprehensive income $2
$ 6 $ (7)
Net investment hedges
Foreign exchange contracts
Loss reclassified from accumulated other comprehensive income to income (loss) from
discontinued operations, net $—
$ (250) $ (1)
Total loss from discontinued operations, net $—
$ (250) $ (1)
Gain (loss) recognized in other comprehensive income (b) $13
$ 309 $ (270)
(a) The amount represents losses reclassified from other comprehensive income (OCI) into earnings as a result of the discontinuance of hedge accounting
because it is probable that the forecasted transaction will not occur.
(b) The amounts represent the effective portion of net investment hedges. There are offsetting amounts recognized in accumulated other comprehensive
income related to the revaluation of the related net investment in foreign operations. There were losses of $41 million and $582 million, and gains of $285
million for the years ended December 31, 2014, 2013, and 2012, respectively.
23. Income Taxes
The significant components of income tax expense (benefit) from continuing operations were as follows.
Year ended December 31, ($ in millions) 2014 2013 2012
Current income tax (benefit) expense
U.S. federal $ (3) $—$—
Foreign 84 (24)
State and local 5—10
Total current expense (benefit) 10 4 (14)
Deferred income tax expense (benefit)
U.S. federal 270 (67) (663)
Foreign 2(1) 25
State and local 39 5 (204)
Total deferred expense (benefit) 311 (63) (842)
Total income tax expense (benefit) from continuing operations $ 321 $ (59) $ (856)
A reconciliation of income tax expense (benefit) from continuing operations with the amounts at the statutory U.S. federal income tax
rate is shown in the following table.
Year ended December 31, ($ in millions) 2014 2013 2012
Statutory U.S. federal tax expense (benefit) $ 436 $ 125 $ 180
Change in tax resulting from
Effect of valuation allowance change (64) (154) (1,022)
Changes in unrecognized tax benefits (63) (10) (6)
Tax law enactment (39) (44) —
Tax credits (10) (45) (45)
Non-deductible expenses 31 26 12
State and local income taxes, net of federal income tax benefit 48 16 (34)
Other, net (18) 27 59
Total income tax expense (benefit) from continuing operations $ 321 $ (59) $ (856)