Ally Financial Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Item 8. Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows
| Year ended December 31, ($ in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities | |||
| Net income | $1,020 | $1,714 | $3,060 |
| Reconciliation of net income to net cash provided by operating activities | |||
| Depreciation and amortization | 1,247 | 1,327 | 1,261 |
| Goodwill impairment | 149 | — | — |
| Provision for credit losses | 1,968 | 1,399 | 241 |
| Gain on mortgage and automotive loans, net | (16) | (52) | (87) |
| Other (gain) loss on investments, net | (144) | 120 | (285) |
| Loss on extinguishment of debt | — | — | 136 |
| Originations and purchases of loans held-for-sale | (2,406) | (3,907) | (4,255) |
| Proceeds from sales and repayments of loans held-for-sale | 2,811 | 3,774 | 4,107 |
| Net change in | |||
| Deferred income taxes | (58) | 553 | 120 |
| Interest payable | 450 | 198 | (204) |
| Other assets | (417) | 957 | (302) |
| Other liabilities | (91) | (103) | 356 |
| Other, net | 150 | 267 | (106) |
| Net cash provided by operating activities | 4,663 | 6,247 | 4,042 |
| Investing activities | |||
| Purchases of equity securities | (339) | (539) | (1,346) |
| Proceeds from sales of equity securities | 356 | 846 | 1,508 |
| Purchases of available-for-sale securities | (518) | (6,723) | (21,557) |
| Proceeds from sales of available-for-sale securities | 337 | 820 | 5,745 |
| Proceeds from repayments of available-for-sale securities | 2,057 | 4,276 | 10,724 |
| Purchases of held-to-maturity securities | — | (47) | (292) |
| Proceeds from repayments of held-to-maturity securities | 123 | 154 | 372 |
| Purchases of finance receivables and loans held-for-investment | (4,233) | (7,165) | (6,756) |
| Proceeds from sales of finance receivables and loans initially held-for-investment | 258 | 55 | 376 |
| Originations and repayments of finance receivables and loans held-for-investment and other, net | (5,040) | (7,927) | 2,896 |
| Purchases of operating lease assets | (2,759) | (3,532) | (5,120) |
| Disposals of operating lease assets | 3,122 | 3,023 | 3,438 |
| Acquisitions, net of cash acquired | — | — | (699) |
| Net change in nonmarketable equity investments | (73) | 27 | 56 |
| Other, net | (579) | (531) | (443) |
| Net cash used in investing activities | (7,288) | (17,263) | (11,098) |
| Statement continues on the next page. | |||
| The Notes to the Consolidated Financial Statements are an integral part of these statements. | |||
Consolidated Statement of Cash Flows
| Year ended December 31, ($ in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Financing activities | |||
| Net change in short-term borrowings | 898 | 2,399 | (2,136) |
| Net increase in deposits | 2,342 | 10,703 | 4,511 |
| Proceeds from issuance of long-term debt | 5,705 | 7,125 | 2,997 |
| Repayments of long-term debt | (4,595) | (6,464) | (6,068) |
| Purchases of land and buildings in satisfaction of finance lease liabilities | — | (44) | (391) |
| Repurchases of common stock | (33) | (1,650) | (1,994) |
| Preferred stock issuance | — | — | 2,324 |
| Trust preferred securities redemption | — | — | (2,710) |
| Common stock dividends paid | (368) | (384) | (324) |
| Preferred stock dividends paid | (110) | (110) | (57) |
| Net cash provided by (used in) financing activities | 3,839 | 11,575 | (3,848) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash | 3 | (7) | — |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 1,217 | 552 | (10,904) |
| Cash and cash equivalents and restricted cash at beginning of year | 6,222 | 5,670 | 16,574 |
| Cash and cash equivalents and restricted cash at December 31, | $7,439 | $6,222 | $5,670 |
| Supplemental disclosures | |||
| Cash paid (received) for | |||
| Interest | $6,357 | $2,583 | $2,033 |
| Income taxes | (27) | (425) | 1,292 |
| Noncash items | |||
| Held-to-maturity securities received in consideration for loans sold | 82 | — | — |
| Available-for-sale securities transferred to held-to-maturity securities | 3,644 | — | — |
| Loans held-for-sale transferred to finance receivables and loans held-for-investment | 208 | 120 | 136 |
| Additions of property and equipment | — | — | 46 |
| Deconsolidation of debt related to loans sold | 1,373 | — | — |
| Finance receivables and loans held-for-investment transferred to loans held-for-sale (a) | 3,739 | 23 | 414 |
| Transfer of equity-method investments to equity securities | — | 40 | — |
| Transfer of nonmarketable equity investments to equity securities | 19 | 1 | — |
(a)Includes personal lending finance receivables and loans, net that were transferred to loans held-for-sale, and are included in assets of operations held-for-sale on our Consolidated Balance Sheet at December 31, 2023. Refer to Note 2 for additional information.
The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Consolidated Balance Sheet to the Consolidated Statement of Cash Flows.
| December 31, ($ in millions) | 2023 | 2022 |
|---|---|---|
| Cash and cash equivalents on the Consolidated Balance Sheet | $6,945 | $5,571 |
| Restricted cash included in other assets on the Consolidated Balance Sheet (a) | 494 | 651 |
| Total cash and cash equivalents and restricted cash in the Consolidated Statement of Cash Flows | $7,439 | $6,222 |
(a)Restricted cash balances relate primarily to our securitization arrangements. Refer to Note 13 for additional details describing the nature of restricted cash balances.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.