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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2020

OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to

Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION*
(Exact name of registrant as specified in its charter)

Delaware (OneMain Holdings, Inc.)
27-3379612
Indiana (OneMain Finance Corporation)
35-0416090
(State of incorporation)(I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip code)

(812) 424-8031
(Registrant’s telephone number, including area code)

*SPRINGLEAF FINANCE CORPORATION
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOMFNew York Stock Exchange
OneMain Finance Corporation: None


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc.      Yes ☑ No ☐
OneMain Finance Corporation      Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc.      Yes ☑ No ☐
OneMain Finance Corporation      Yes ☑ No ☐




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting companyEmerging growth company
OneMain Finance Corporation:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc.      ☐
OneMain Finance Corporation      ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc.     Yes No ☑
OneMain Finance Corporation     Yes No ☑

At July 23, 2020, there were 134,322,410 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At July 23, 2020, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.

2


TABLE OF CONTENTS
  
 
 
 
 
 
 
  
  

3


Table of Contents
GLOSSARY
Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
2019 Annual Report on Form
10-K
Combined OMH and OMFC Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 14, 2020
30-89 Delinquency rationet finance receivables 30-89 days past due as a percentage of net finance receivables
8.25% Senior Notes due 2020$1.0 billion of 8.25% Senior Notes due 2020 issued by OMFC on April 11, 2016 and guaranteed by OMH
8.875% Senior Notes due 2025$600 million of 8.875% Senior Notes due 2025 issued by OMFC on May 14, 2020 and guaranteed by OMH
ABSasset-backed securities
Accretable yieldthe excess of the cash flows expected to be collected on the purchased credit impaired finance receivables over the discounted cash flows
Adjusted pretax income (loss)a non-GAAP financial measure used by management as a key performance measure of our segment
AETRannual effective tax rate
AHLAmerican Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
ApolloApollo Global Management, LLC and its consolidated subsidiaries
Apollo-Värde Groupan investor group led by funds managed by Apollo and Värde
Apollo-Värde Transactionthe purchase by the Apollo-Värde Group of 54,937,500 shares of OMH common stock from SFH pursuant to the Share Purchase Agreement for an aggregate purchase price of approximately $1.4 billion in cash on June 25, 2018
ASCAccounting Standards Codification
ASUAccounting Standards Update
Average daily debt balanceaverage of debt for each day in the period
Average net receivablesaverage of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) in the period
Base IndentureOMFC Indenture, dated as of December 3, 2014
CARES Act
Coronavirus Aid, Relief, and Economic Security Act signed into law by President Trump on March 27, 2020
C&IConsumer and Insurance
CDOcollateralized debt obligations
CMBScommercial mortgage-backed securities
COVID-19
the global outbreak of a novel strain of coronavirus
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
February 2019 Real Estate Loan SaleOMFC and certain of its subsidiaries sold a portfolio of real estate loans with a carrying value of $16 million, classified in finance receivables held for sale, for aggregate cash proceeds of $19 million on February 5, 2019
FICO scorea credit score created by Fair Isaac Corporation
FortressFortress Investment Group LLC
GAAPgenerally accepted accounting principles in the United States of America
GAPguaranteed asset protection
Gross charge-off ratioannualized gross charge-offs as a percentage of average net receivables
Guaranty Agreementsagreements entered into on December 30, 2013 by OMH whereby it agreed to fully and unconditionally guarantee the payments of principal, premium (if any), and interest on the Other Notes, and the 6.00% Senior Notes due 2020, which were redeemed in full on April 15, 2019
Indenturethe Base Indenture, together with all subsequent Supplemental Indentures
IRSInternal Revenue Service
Junior Subordinated Debenture$350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
MeritMerit Life Insurance Co., a former insurance subsidiary of OMFC. In the fourth quarter of 2019, the Company sold all of the issued and outstanding shares in Merit to a third party
4


Table of Contents
Term or AbbreviationDefinition
Net charge-off ratioannualized net charge-offs as a percentage of average net receivables
Net interest incomeinterest income less interest expense
ODARTOneMain Direct Auto Receivables Trust
OMFCOneMain Finance Corporation (formerly Springleaf Finance Corporation)
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
OneMain AcquisitionAcquisition of OneMain Financial Holdings, LLC from CitiFinancial Credit Company, effective November 1, 2015
Other securitiessecurities for which the fair value option was elected and equity securities. Other securities recognize unrealized gains and losses in investment revenues
Other Notescollectively, the 8.25% Senior Notes due 2023 and the 7.75% Senior Notes due 2021, on a senior unsecured basis, and the Junior Subordinated Debenture, on a junior subordinated basis, issued by OMFC and guaranteed by OMH
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as adjusted pretax income (loss) excluding the change in allowance for finance receivable losses
Recovery ratioannualized recoveries on net charge-offs as a percentage of average net receivables
RMBSresidential mortgage-backed securities
RSAsrestricted stock awards
RSUsrestricted stock units
SCLHSpringleaf Consumer Loan Holding Company
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Segment Accounting Basisa basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
Settlement Agreementa Settlement Agreement with the U.S. Department of Justice entered into by OMH and certain of its subsidiaries on November 13, 2015, in connection with the OneMain Acquisition
SFCSpringleaf Finance Corporation (as of July 1, 2020, SFC has been renamed to OMFC)
SFH Springleaf Financial Holdings, LLC, an entity owned primarily by a private equity fund managed by an affiliate of Fortress that sold 54,937,500 shares of OMH's common stock to the Apollo-Värde Group in the Apollo-Värde Transaction
SFISpringleaf Finance, Inc.
Share Purchase Agreementa share purchase agreement entered into on January 3, 2018, among the Apollo-Värde Group, SFH and the Company to acquire from SFH 54,937,500 shares of OMH's common stock that was issued and outstanding as of such date, representing the entire holdings of OMH's stock beneficially owned by Fortress
SLFTSpringleaf Funding Trust
SMHCSpringleaf Mortgage Holding Company and subsidiaries
SpringCastle Interests Salethe March 31, 2016 sale by SpringCastle Holdings, LLC and Springleaf Acquisition Corporation of the equity interest in the SpringCastle Joint Venture
SpringCastle Portfolioloans the Company previously owned and now services on behalf of a third party
Supplemental Indentures
collectively, the following supplements to the Base Indenture: First Supplemental Indenture, dated as of December 3, 2014; Second Supplemental Indenture, dated as of April 11, 2016; Third Supplemental Indenture, dated as of May 15, 2017; Fourth Supplemental Indenture, dated as of December 8, 2017; Fifth Supplemental Indenture, dated as of March 12, 2018; Sixth Supplemental Indenture, dated as of May 11, 2018; Seventh Supplemental Indenture, dated as of February 22, 2019; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; and Tenth Supplemental Indenture, dated as of May 14, 2020
Tax ActPublic Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivablestroubled debt restructured finance receivables. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties
Tenth Supplemental IndentureTenth Supplemental Indenture, dated as of May 14, 2020, to the Base Indenture
TritonTriton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance chargesthe amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
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Term or AbbreviationDefinition
UPBunpaid principal balance for interest bearing accounts and the gross remaining contractual payments less the unaccreted balance of unearned finance charges for precompute accounts
VärdeVärde Partners, Inc.
VIEsvariable interest entities
Weighted average interest rateannualized interest expense as a percentage of average debt
XBRLeXtensible Business Reporting Language
Yieldannualized finance charges as a percentage of average net receivables

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PART I

Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in millions, except par value amount)June 30,
2020
December 31, 2019
Assets  
Cash and cash equivalents$2,740  $1,227  
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and
    amortized cost basis of $1.7 billion in 2020)
1,862  1,884  
Net finance receivables (includes loans of consolidated VIEs of $8.9 billion in 2020 and $8.4 billion
    in 2019)
17,721  18,389  
Unearned insurance premium and claim reserves(791) (793) 
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.1 billion in
    2020 and $340 million in 2019)
(2,324) (829) 
Net finance receivables, less unearned insurance premium and claim reserves and allowance for
finance receivable losses
14,606  16,767  
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $459 million in 2020 and $400 million in 2019)
487  405  
Goodwill1,422  1,422  
Other intangible assets324  343  
Other assets1,067  769  
Total assets$22,508  $22,817  
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $7.8 billion in 2020 and $7.6 billion in 2019)
$18,010  $17,212  
Insurance claims and policyholder liabilities630  649  
Deferred and accrued taxes124  34  
Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2020 and $14 million
    in 2019)
573  592  
Total liabilities19,337  18,487  
Contingencies (Note 14)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 134,319,171 and 136,101,156 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
1  1  
Additional paid-in capital1,648  1,689  
Accumulated other comprehensive income65  44  
Retained earnings1,457  2,596  
Total shareholders’ equity3,171  4,330  
Total liabilities and shareholders’ equity$22,508  $22,817  

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions, except per share amounts)2020201920202019
Interest income$1,077  $1,000  $2,184  $1,955  
Interest expense271  238  527  473  
Net interest income806  762  1,657  1,482  
Provision for finance receivable losses423  268  954  554  
Net interest income after provision for finance receivable losses383  494  703  928  
Other revenues:    
Insurance109  114  226  224  
Investment29  24  38  50  
Net loss on repurchase and repayment of debt   (12)   (33) 
Net gain on sale of real estate loans      3  
Other10  30  25  60  
Total other revenues148  156  289  304  
Other expenses:    
Salaries and benefits184  204  383  404  
Other operating expenses139  140  291  276  
Insurance policy benefits and claims90  50  157  94  
Total other expenses413  394  831  774  
Income before income taxes118  256  161  458  
Income taxes29  62  40  112  
Net income$89  $194  $121  $346  
Share Data:    
Weighted average number of shares outstanding:     
Basic134,316,252  136,083,993  135,112,676  136,043,221  
Diluted134,379,576  136,248,813  135,260,396  136,220,274  
Earnings per share:    
Basic$0.66  $1.43  $0.90  $2.54  
Diluted$0.66  $1.42  $0.90  $2.54  

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions)2020201920202019
   
Net income$89  $194  $121  $346  
Other comprehensive income:    
Net change in unrealized gains on non-credit impaired available-for-sale securities87  36  32  75  
Foreign currency translation adjustments5  2  (5) 5  
Income tax effect:    
Net change in unrealized gains on non-credit impaired available-for-sale securities(20) (8) (7) (17) 
Foreign currency translation adjustments(1)   1  (1) 
Other comprehensive income, net of tax71  30  21  62  
Comprehensive income$160  $224  $142  $408  

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)Common
Stock
Additional
Paid-in
Capital
Accumulated
Other Comprehensive
Income (Loss)
Retained
Earnings
Total Shareholders’ Equity
Three Months Ended June 30, 2020
Balance, April 1, 2020$1  $1,645  $(6) $1,412  $3,052  
Share-based compensation expense, net of forfeitures
—  3  —  —  3  
Other comprehensive income—  —  71  —  71  
Cash dividends *
—  —  —  (44) (44) 
Net income—  —  —  89  89  
Balance, June 30, 2020$1  $1,648  $65  $1,457  $3,171  
Three Months Ended June 30, 2019
Balance, April 1, 2019$1  $1,682  $(2) $2,269  $3,950  
Share-based compensation expense, net of forfeitures
—  1  —  —  1  
Other comprehensive income
—  —  30  —  30  
Cash dividends *
—  —  —  (34) (34) 
Net income
—  —  —  194  194  
Balance, June 30, 2019$1  $1,683  $28  $2,429  $4,141  
Six Months Ended June 30, 2020
Balance, January 1, 2020 (pre-adoption)$1  $1,689  $44  $2,596  $4,330  
Net impact of adoption of ASU 2016-13 (see Note 3)
—  —  —  (828) (828) 
Balance, January 1, 2020 (post-adoption)1  1,689  44  1,768  3,502  
Common stock repurchased and retired—  (45) —  —  (45) 
Share-based compensation expense, net of forfeitures
—  10  —  —  10  
Withholding tax on share-based compensation
—  (6) —  —  (6) 
Other comprehensive income—  —  21  —  21  
Cash dividends *
—  —  —  (432) (432) 
Net income—  —  —  121  121  
Balance, June 30, 2020$1  $1,648  $65  $1,457  $3,171  
Six Months Ended June 30, 2019
Balance, January 1, 2019$1  $1,681  $(34) $2,151  $3,799  
Share-based compensation expense, net of forfeitures
—  7  —  —  7  
Withholding tax on share-based compensation
—  (5) —  —  (5) 
Other comprehensive income—  —  62  —  62  
Cash dividends *—  —  —  (68) (68) 
Net income—  —  —  346  346  
Balance, June 30, 2019$1  $1,683  $28  $2,429  $4,141  
* Cash dividends declared were $0.33 per share and $0.25 per share during the three months ended June 30, 2020 and 2019, respectively, and $3.16 per share and $0.50 per share during the six months ended June 30, 2020 and 2019, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
(dollars in millions)20202019
Cash flows from operating activities  
Net income$121  $346  
Reconciling adjustments:
Provision for finance receivable losses954  554  
Depreciation and amortization130  138  
Deferred income tax charge (benefit)(69) 21  
Net loss on repurchase and repayment of debt  33  
Share-based compensation expense, net of forfeitures10  7  
Other5  (10) 
Cash flows due to changes in other assets and other liabilities53  56  
Net cash provided by operating activities1,204  1,145  
Cash flows from investing activities  
Net principal collections (originations) of finance receivables held for investment and held for sale64  (1,400) 
Proceeds on sale of finance receivables held for sale originated as held for investment  19  
Available-for-sale securities purchased(207) (317) 
Available-for-sale securities called, sold, and matured262  336  
Other securities purchased(6) (5) 
Other securities called, sold, and matured8  15  
Other, net(15) 5  
Net cash provided by (used for) investing activities106  (1,347) 
Cash flows from financing activities  
Proceeds from issuance of long-term debt, net of commissions5,456  3,159  
Repayment of long-term debt(4,689) (2,856) 
Cash dividends(431) (68) 
Common stock repurchased and retired(45)   
Withholding tax on share-based compensation(6) (5) 
Net cash provided by financing activities285  230  
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents1,595  28  
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,632  1,178  
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$3,227  $1,206  
Supplemental cash flow information
Cash and cash equivalents$2,740  $