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Held-for-sale Operations | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Held-for-sale Operations | Held-for-sale Operations On December 31, 2023, we committed to sell Ally Lending, a component of our Corporate and Other segment. We closed the sale of Ally Lending on March 1, 2024. For all periods presented, the operating results for our held-for-sale operations are presented within continuing operations in the Condensed Consolidated Statement of Comprehensive (Loss) Income. Additionally, the assets and liabilities of our held-for-sale operations are presented separately on the Condensed Consolidated Balance Sheet as of December 31, 2023. In connection with the classification of the operations as held-for-sale, the disposal group was measured at lower-of-cost or fair value. First, the finance receivables and loans were classified as held-for-sale and measured at the lower-of-cost or fair value, which resulted in a benefit of $16 million to our provision for credit losses during the year ended December 31, 2023. Next, the remaining assets and liabilities of the disposal group were measured at the lower-of-cost or fair value. The fair value was determined based on the sales agreement with the third-party purchaser, which is a Level 2 fair value input. The carrying value exceeded the fair value of the assets and liabilities of the disposal group, which resulted in a goodwill impairment charge of $149 million during the year ended December 31, 2023. In total, we recognized a net pretax loss of $133 million for the year ended December 31, 2023, in connection with classification of the operations as held-for-sale. During the three months ended March 31, 2024, we recognized an additional pretax loss of $7 million in connection with the sale of Ally Lending. This pretax loss relates to activity from January 1, 2024, through the March 1, 2024, closing date. The assets and liabilities of operations held-for-sale are summarized below.
($ in millions) |  |  | December 31, 2023
Assets |  |  |
Loans held-for-sale, net |  |  | $ | 1,940 |
Other assets (a) |  |  | 35 |
Total assets |  |  | $ | 1,975 |
Liabilities |  |  |
Accrued expenses and other liabilities (b) |  |  | $ | 17 |
Total liabilities |  |  | $ | 17 |
(a)Primarily includes accrued interest and fees of $25 million, goodwill of $4 million, and property and equipment of $4 million at December 31, 2023. (b)Includes $5 million for reserves for unfunded lending commitments at December 31, 2023. Nonrecurring Fair Value The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at December 31, 2023. The disposal group was sold on March 1, 2024. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.
|  | Nonrecurring fair value measurements |  | Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments |  | Total gain (loss) included in earnings |
December 31, 2023 ($ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-sale, net |  | $ | — |  |  | $ | 1,940 |  |  | $ | — |  |  | $ | 1,940 |  |  | $ | — |  |  | n/m | (a)
Other assets (b) |  | — |  |  | 35 |  |  | — |  |  | 35 |  |  | (149) |  |  | n/m | (a)
Total assets |  | $ | — |  |  | $ | 1,975 |  |  | $ | — |  |  | $ | 1,975 |  |  | $ | (149) |  |  | n/m |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | n/m | (a)
Total liabilities |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | n/m |
n/m = not meaningful (a)We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. (b)Includes a $149 million impairment of goodwill at Ally Lending. At the time of impairment, the fair value of goodwill at Ally Lending was classified as Level 2 under the fair value hierarchy.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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