Ally Bank 2012 Annual Report Download - page 193

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Condensed Consolidating Statements of Income and Comprehensive Income
Year ended December 31, 2012 ($ in millions) Parent Guarantors Nonguarantors Consolidating adjustments Ally consolidated
Financing revenue and other interest income
Interest and fees on finance receivables and loans $ 852 $ — $ 3,751 $ — $ 4,603
Interest and fees on finance receivables and loans — intercompany 116 — 22 (138) —
Interest on loans held-for-sale 15 — 140 — 155
Interest on trading assets — — 13 — 13
Interest and dividends on available-for-sale investment securities — — 292 — 292
Interest-bearing cash 16 — 10 — 26
Interest-bearing cash — intercompany — — 16 (16) —
Operating leases 232 — 2,147 — 2,379
Total financing revenue and other interest income 1,231 — 6,391 (154) 7,468
Interest expense
Interest on deposits 58 — 586 — 644
Interest on short-term borrowings 60 — 30 — 90
Interest on long-term debt 2,688 — 795 (17) 3,466
Interest on intercompany debt (1) 1 132 (132) —
Total interest expense 2,805 1 1,543 (149) 4,200
Depreciation expense on operating lease assets 113 — 1,286 — 1,399
Net financing (loss) revenue (1,687) (1) 3,562 (5) 1,869
Dividends from subsidiaries
Nonbank subsidiaries 1,074 448 — (1,522) —
Other revenue
Servicing fees 191 — 510 — 701
Servicing asset valuation and hedge activities, net — — (8) — (8)
Total servicing income, net 191 — 502 — 693
Insurance premiums and service revenue earned — — 1,059 — 1,059
(Loss) gain on mortgage and automotive loans, net (2) — 534 — 532
Loss on extinguishment of debt — — (148) — (148)
Other gain on investments, net — — 146 — 146
Other income, net of losses 173 474 1,290 (1,190) 747
Total other revenue 362 474 3,383 (1,190) 3,029
Total net (loss) revenue (251) 921 6,945 (2,717) 4,898
Provision for loan losses 81 — 248 — 329
Noninterest expense
Compensation and benefits expense 760 473 608 (476) 1,365
Insurance losses and loss adjustment expenses — — 461 — 461
Other operating expenses 1,128 1 3,083 (714) 3,498
Total noninterest expense 1,888 474 4,152 (1,190) 5,324
(Loss) income from continuing operations before income tax
benefit and undistributed income of subsidiaries (2,220) 447 2,545 (1,527) (755)
Income tax benefit from continuing operations (172) — (1,112) — (1,284)
Net (loss) income from continuing operations (2,048) 447 3,657 (1,527) 529
Income (loss) from discontinued operations, net of tax 119 (93) 641 — 667
Undistributed income of subsidiaries
Bank subsidiary 859 859 — (1,718) —
Nonbank subsidiaries 2,266 (105) — (2,161) —
Net income $ 1,196 $ 1,108 $ 4,298 $ (5,406) $ 1,196
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K