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Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Short-Term Borrowings The following table presents the composition of our short-term borrowings portfolio.
|  | March 31, 2024 |  | December 31, 2023
($ in millions) |  | Unsecured |  | Secured (a) |  | Total |  | Unsecured |  | Secured (a) |  | Total
Federal Home Loan Bank |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,550 |  |  | $ | 2,550 |
Securities sold under agreements to repurchase |  | — |  |  | — |  |  | — |  |  | — |  |  | 747 |  |  | 747 |
Total short-term borrowings |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,297 |  |  | $ | 3,297 |
(a)Refer to the section below titled Long-Term Debt for further details on assets restricted as collateral for payment of the related debt. We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest. We had no securities sold under agreements to repurchase as of March 31, 2024. Refer to Note 7 and Note 22 for further details. The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract. As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed. Daily mark-to-market collateral management is designed to limit this risk to the initial margin. However, should a counterparty declare bankruptcy or become insolvent, we may incur additional delays and costs. In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements. At March 31, 2024, we did not place or receive any collateral related to repurchase agreements. At December 31, 2023, we received cash collateral of $6 million and non-cash collateral of $1 million related to repurchase agreements. Long-Term Debt The following table presents the composition of our long-term debt portfolio.
|  | March 31, 2024 |  | December 31, 2023
($ in millions) |  | Unsecured |  | Secured |  | Total |  | Unsecured |  | Secured |  | Total
Long-term debt (a) |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 1,934 |  |  | $ | 2,640 |  |  | $ | 4,574 |  |  | $ | 1,409 |  |  | $ | 2,931 |  |  | $ | 4,340 |
Due after one year |  | 8,628 |  |  | 3,809 |  |  | 12,437 |  |  | 9,015 |  |  | 4,215 |  |  | 13,230 |
Total long-term debt (b) |  | $ | 10,562 |  |  | $ | 6,449 |  |  | $ | 17,011 |  |  | $ | 10,424 |  |  | $ | 7,146 |  |  | $ | 17,570 |
(a)Includes basis adjustments related to the application of hedge accounting. Refer to Note 19 for additional information. (b)Includes advances from the FHLB of Pittsburgh of $5.1 billion and $5.6 billion at March 31, 2024, and December 31, 2023, respectively. The following table presents the scheduled remaining maturity of long-term debt at March 31, 2024, assuming no early redemptions will occur. The amounts below include adjustments to the carrying value resulting from the application of hedge accounting. The actual payment of secured debt may vary based on the payment activity of the related pledged assets.
($ in millions) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and thereafter |  | Total
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | 1,477 |  |  | $ | 2,483 |  |  | $ | 152 |  |  | $ | 1,536 |  |  | $ | 867 |  |  | $ | 4,861 |  |  | $ | 11,376 |
Original issue discount |  | (52) |  |  | (74) |  |  | (82) |  |  | (94) |  |  | (107) |  |  | (405) |  |  | (814) |
Total unsecured |  | 1,425 |  |  | 2,409 |  |  | 70 |  |  | 1,442 |  |  | 760 |  |  | 4,456 |  |  | 10,562 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,220 |  |  | 1,907 |  |  | 1,731 |  |  | 357 |  |  | 225 |  |  | 9 |  |  | 6,449 |
Total long-term debt |  | $ | 3,645 |  |  | $ | 4,316 |  |  | $ | 1,801 |  |  | $ | 1,799 |  |  | $ | 985 |  |  | $ | 4,465 |  |  | $ | 17,011 |
The following table summarizes assets restricted as collateral for the payment of the related debt obligation.
($ in millions) |  | March 31, 2024 |  | December 31, 2023 |  |
Consumer automotive finance receivables |  | $ | 39,815 |  |  |  |  | $ | 40,805 |  |  |
Consumer mortgage finance receivables |  | 18,478 |  |  |  |  | 18,703 |  |  |
Commercial finance receivables |  | 6,000 |  |  |  |  | 5,968 |  |  |
Investment securities (amortized cost of $3,017 and $4,030) (a) |  | 3,165 |  |  |  |  | 4,036 |  |  |
Total assets restricted as collateral (b) (c) (d) |  | $ | 67,458 |  |  |  |  | $ | 69,512 |  |  |
Secured debt (e) |  | $ | 6,449 |  |  |  |  | $ | 10,443 |  |  |
(a)A portion of the restricted investment securities at December 31, 2023, was restricted under repurchase agreements. Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements. (b)All restricted assets are those of Ally Bank. (c)Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $27.6 billion and $27.9 billion at March 31, 2024, and December 31, 2023, respectively. These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities. Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $33.9 billion and $34.0 billion at March 31, 2024, and December 31, 2023, respectively. These assets were composed of consumer automotive finance receivables and loans. Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries. (d)Excludes restricted cash and cash reserves for securitization trusts recorded within other assets on the Condensed Consolidated Balance Sheet. Refer to Note 11 for additional information. (e)Includes $3.3 billion of short-term borrowings at December 31, 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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