Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of principal maturities of long-term debt

Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at September 30, 2020 were as follows:

	Senior Debt
(dollars in millions)	Securitizations		Unsecured Notes (a)		Junior Subordinated Debt (a)		Total
Interest rates (b)	0.95%-6.94%		5.38%-8.88%		2.03%
Fourth quarter 2020	$	—	$	—	$	—	$	—
2021	—		635		—		635
2022	—		992		—		992
2023	—		1,175		—		1,175
2024	—		1,300		—		1,300
2025-2067	—		4,985		350		5,335
Securitizations (c)	8,401		—		—		8,401
Total principal maturities	$	8,401	$	9,087	$	350	$	17,838
Total carrying amount	$	8,366	$	8,993	$	172	$	17,531
Debt issuance costs (d)	(32)		(80)		—		(112)

(a) Pursuant to the Base Indenture, the Supplemental Indentures and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.

(b) The interest rates shown are the range of contractual rates in effect at September 30, 2020.

(c) Securitizations are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At September 30, 2020, there were no amounts drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities.

(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $31 million at September 30, 2020 and are reported in “Other assets.”