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Held-for-sale Operations | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Held-for-sale Operations | Held-for-sale Operations On January 20, 2025, we formally approved our commitment to divest our credit card operations, Ally Credit Card, and entered a definitive agreement with CardWorks, Inc. Ally Credit Card is a component of our Corporate and Other segment. As of March 31, 2025, the assets and liabilities of Ally Credit Card were transferred to assets and liabilities of operations held-for-sale on the Condensed Consolidated Balance Sheet and the related operating results have been presented within continuing operations in the Condensed Consolidated Statement of Comprehensive Income (Loss) for all periods presented. On April 1, 2025, we closed the sale of Ally Credit Card. In connection with the classification of the operations as held-for-sale as of March 31, 2025, the disposal group was measured at the lower-of-cost or fair value. First, the finance receivables and loans, along with the remaining assets and liabilities, were classified as held-for-sale and 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. Next, the carrying value of the disposal group was compared to fair value, which resulted in a goodwill impairment charge. Lastly, we recorded a valuation allowance on other assets related to estimated selling expenses. As a result, we recognized a net pretax loss of $8 million during the three months ended March 31, 2025, which was comprised of a benefit of $306 million to our provision for credit losses, offset by a $2 million asset impairment related to Ally Credit Card branded plastics, a goodwill impairment charge of $305 million, and a valuation allowance on other assets of $7 million. Additionally, we recognized a $118 million goodwill impairment charge during the fourth quarter of 2024, when we began exploring strategic alternatives for Ally Credit Card, which resulted in a triggering event for goodwill impairment purposes. The assets and liabilities of operations held-for-sale are summarized below.
($ in millions) | March 31, 2025 |  |
Assets |  |  |
Loans held-for-sale, net | $ | 2,248 |  |  |
Other assets (a) | 192 |  |  |
Total assets | $ | 2,440 |  |  |
Liabilities |  |  |
Accrued expenses and other liabilities | $ | 35 |  |  |
Total liabilities | $ | 35 |  |  |
(a)Primarily includes goodwill of $56 million, intangible assets of $51 million, cash in transit of $51 million, and accrued unbilled interest receivable of $20 million at March 31, 2025. Nonrecurring Fair Value The following table displays assets and liabilities of our held-for-sale operations measured at fair value on a nonrecurring basis and held at March 31, 2025. The disposal group was sold on April 1, 2025. Refer to Note 21 for descriptions of valuation methodologies used to measure material assets at fair value and details of the valuation models, key inputs to these models, and significant assumptions used.
|  | Nonrecurring fair value measurements |  | Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments |  | Total gain (loss) included in earnings |
March 31, 2025 ($ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-sale, net |  | $ | — |  |  | $ | 2,248 |  |  | $ | — |  |  | $ | 2,248 |  |  | $ | — |  |  | n/m | (a)
Other assets (b) (c) |  | — |  |  | 199 |  |  | — |  |  | 199 |  |  | (307) |  |  | (7) |  | (d)
Total assets |  | $ | — |  |  | $ | 2,447 |  |  | $ | — |  |  | $ | 2,447 |  |  | $ | (307) |  |  | $ | (7) |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | n/m | (a)
Total liabilities |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | 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 $305 million impairment of goodwill at Ally Credit Card. At the time of impairment, the fair value of goodwill was classified as Level 2 under the fair value hierarchy. (c)Includes a $2 million impairment of other assets related to Ally Credit Card branded plastics acquired by the purchaser. At the time of impairment, the fair value of other assets was classified as Level 2 under the fair value hierarchy. (d)Represents estimated costs to sell related to the transaction.

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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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