Ally Bank 2014 Annual Report Download - page 162

Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K
150
Condensed Consolidating Statements of Comprehensive Income
Year ended December 31, 2014 ($ in millions) Parent Guarantors Nonguarantors
Consolidating
adjustments
Ally
consolidated
Financing revenue and other interest income
Interest and fees on finance receivables and loans $ (14) $ — $ 4,471 $ — $ 4,457
Interest and fees on finance receivables and loans — intercompany 37 — 82 (119) —
Interest on loans held-for-sale —— 1 — 1
Interest and dividends on available-for-sale investment securities — — 367 — 367
Interest-bearing cash 1— 7 — 8
Interest-bearing cash — intercompany —— 6 (6)—
Operating leases 269 — 3,289 — 3,558
Total financing revenue and other interest income 293 — 8,223 (125) 8,391
Interest expense
Interest on deposits 15 — 649 — 664
Interest on short-term borrowings 43 — 9 — 52
Interest on long-term debt 1,492 — 575 — 2,067
Interest on intercompany debt 88 — 37 (125) —
Total interest expense 1,638 — 1,270 (125) 2,783
Depreciation expense on operating lease assets 161 — 2,072 — 2,233
Net financing (loss) revenue (1,506) — 4,881 — 3,375
Dividends from subsidiaries
Bank subsidiaries 1,800 1,800 — (3,600) —
Nonbank subsidiaries 651 — — (651) —
Other revenue
Servicing fees 1,071 — 792 (1,832) 31
Servicing asset valuation and hedge activities, net —— — ——
Total servicing income, net 1,071 — 792 (1,832) 31
Insurance premiums and service revenue earned — — 979 — 979
(Loss) gain on mortgage and automotive loans, net (5) — 12 — 7
Loss on extinguishment of debt (202) — — — (202)
Other gain on investments, net — — 181 — 181
Other income, net of losses 208 — 507 (435) 280
Total other revenue 1,072 — 2,471 (2,267) 1,276
Total net revenue 2,017 1,800 7,352 (6,518) 4,651
Provision for loan losses 250 — 207 — 457
Noninterest expense
Compensation and benefits expense 586 — 793 (432) 947
Insurance losses and loss adjustment expenses — — 410 — 410
Other operating expenses 1,267 — 2,159 (1,835) 1,591
Total noninterest expense 1,853 — 3,362 (2,267) 2,948
(Loss) income from continuing operations before income tax
(benefit) expense and undistributed (loss) income of
subsidiaries (86) 1,800 3,783 (4,251) 1,246
Income tax (benefit) expense from continuing operations (457) — 778 — 321
Net income from continuing operations 371 1,800 3,005 (4,251) 925
Income from discontinued operations, net of tax 193 — 32 — 225
Undistributed (loss) income of subsidiaries
Bank subsidiary (680) (680) — 1,360 —
Nonbank subsidiaries 1,266 (1) — (1,265) —
Net income 1,150 1,119 3,037 (4,156) 1,150
Other comprehensive income, net of tax 210 188 212 (400) 210
Comprehensive income $ 1,360 $ 1,307 $ 3,249 $ (4,556) $ 1,360