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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 September 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)

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 October 22, 2020, there were 134,325,845 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At October 22, 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 SFC (now known as 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, guaranteed by OMH and redeemed in full on July 29, 2020
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 and 8.25% Senior Notes due 2020, which were redeemed in full on April 15, 2019 and July 29, 2020, respectively
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
4


Table of Contents
Term or AbbreviationDefinition
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
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
SFCSpringleaf Finance Corporation (effective 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)September 30,
2020
December 31, 2019
Assets  
Cash and cash equivalents$1,944 $1,227 
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and an
    amortized cost basis of $1.7 billion in 2020)
1,882 1,884 
Net finance receivables (includes loans of consolidated VIEs of $9.4 billion in 2020 and $8.4 billion
    in 2019)
17,817 18,389 
Unearned insurance premium and claim reserves(778)(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.2 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
14,715 16,767 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $479 million in 2020 and $400 million in 2019)
497 405 
Goodwill1,422 1,422 
Other intangible assets315 343 
Other assets1,082 769 
Total assets$21,857 $22,817 
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $8.4 billion in 2020 and $7.6 billion in 2019)
$17,531 $17,212 
Insurance claims and policyholder liabilities620 649 
Deferred and accrued taxes55 34 
Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2020 and $14 million
    in 2019)
528 592 
Total liabilities18,734 18,487 
Contingencies (Note 14)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 134,323,013 and 136,101,156 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
1 1 
Additional paid-in capital1,651 1,689 
Accumulated other comprehensive income79 44 
Retained earnings1,392 2,596 
Total shareholders’ equity3,123 4,330 
Total liabilities and shareholders’ equity$21,857 $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
September 30,
Nine Months Ended
September 30,
(dollars in millions, except per share amounts)2020201920202019
Interest income$1,089 $1,065 $3,273 $3,020 
Interest expense255 244 781 717 
Net interest income834 821 2,492 2,303 
Provision for finance receivable losses231 282 1,186 836 
Net interest income after provision for finance receivable losses603 539 1,306 1,467 
Other revenues:    
Insurance109 117 334 341 
Investment17 21 56 71 
Net loss on repurchase and repayment of debt (38)(2)(38)(35)
Net gain on sale of real estate loans   3 
Other13 20 38 80 
Total other revenues101 156 390 460 
Other expenses:    
Salaries and benefits186 205 568 609 
Other operating expenses134 146 425 422 
Insurance policy benefits and claims43 47 201 141 
Total other expenses363 398 1,194 1,172 
Income before income taxes341 297 502 755 
Income taxes91 49 131 161 
Net income$250 $248 $371 $594 
Share Data:    
Weighted average number of shares outstanding:     
Basic134,321,929 136,095,481 134,847,170 136,060,832 
Diluted134,507,549 136,376,051 134,999,487 136,272,391 
Earnings per share:    
Basic$1.86 $1.82 $2.75 $4.36 
Diluted$1.86 $1.82 $2.75 $4.36 

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
September 30,
Nine Months Ended
September 30,
(dollars in millions)2020201920202019
   
Net income$250 $248 $371 $594 
Other comprehensive income:    
Net change in unrealized gains on non-credit impaired available-for-sale securities16 14 49 90 
Foreign currency translation adjustments2 (1)(3)3 
Income tax effect:    
Net change in unrealized gains on non-credit impaired available-for-sale securities(4)(3)(11)(21)
Foreign currency translation adjustments  1  
Other comprehensive income, net of tax, before reclassification adjustments14 10 36 72 
Reclassification adjustments included in net income, net of tax:    
Net realized gains on available-for-sale securities, net of tax   (1) 
Reclassification adjustments included in net income, net of tax  (1) 
Other comprehensive income, net of tax14 10 35 72 
Comprehensive income$264 $258 $406 $666 

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 September 30, 2020
Balance, July 1, 2020$1 $1,648 $65 $1,457 $3,171 
Share-based compensation expense, net of forfeitures
 3   3 
Other comprehensive income  14  14 
Cash dividends *
   (315)(315)
Net income   250 250 
Balance, September 30, 2020$1 $1,651 $79 $1,392 $3,123 
Three Months Ended September 30, 2019
Balance, July 1, 2019$1 $1,683 $28 $2,429 $4,141 
Share-based compensation expense, net of forfeitures
— 3 — — 3 
Other comprehensive income
— — 10 — 10 
Cash dividends *
— — — (308)(308)
Net income
— — — 248 248 
Balance, September 30, 2019$1 $1,686 $38 $2,369 $4,094 
Nine Months Ended September 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
 13   13 
Withholding tax on share-based compensation
 (6)  (6)
Other comprehensive income  35  35 
Cash dividends *
   (747)(747)
Net income   371 371 
Balance, September 30, 2020$1 $1,651 $79 $1,392 $3,123 
Nine Months Ended September 30, 2019
Balance, January 1, 2019$1 $1,681 $(34)$2,151 $3,799 
Share-based compensation expense, net of forfeitures
— 10 — — 10 
Withholding tax on share-based compensation
— (5)— — (5)
Other comprehensive income— — 72 — 72 
Cash dividends *— — — (376)(376)
Net income— — — 594 594 
Balance, September 30, 2019$1 $1,686 $38 $2,369 $4,094 
* Cash dividends declared were $2.33 per share and $2.25 per share during the three months ended September 30, 2020 and 2019, respectively, and $5.49 per share and $2.75 per share during the nine months ended September 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)
Nine Months Ended September 30,
(dollars in millions)20202019
Cash flows from operating activities  
Net income$371 $594 
Reconciling adjustments:
Provision for finance receivable losses1,186 836 
Depreciation and amortization196 203 
Deferred income tax charge (benefit)(72)8 
Net loss on repurchase and repayment of debt38 35 
Share-based compensation expense, net of forfeitures13 10 
Other5 (8)
Cash flows due to changes in other assets and other liabilities(108)51 
Net cash provided by operating activities1,629 1,729 
Cash flows from investing activities  
Net principal originations of finance receivables held for investment and held for sale(278)(2,445)
Proceeds on sale of finance receivables held for sale originated as held for investment 19 
Available-for-sale securities purchased(341)(499)
Available-for-sale securities called, sold, and matured383 457 
Other securities purchased(11)(13)
Other securities called, sold, and matured11 26 
Other, net(21)(1)
Net cash used for investing activities(257)(2,456)
Cash flows from financing activities  
Proceeds from issuance of long-term debt, net of commissions6,445 5,157 
Repayment of long-term debt(6,212)(3,402)
Cash dividends(745)(374)
Common stock repurchased and retired(45) 
Withholding tax on share-based compensation(6)(5)
Net cash provided by (used for) financing activities(563)1,376 
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents809 649 
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$2,441 $1,827 
Supplemental cash flow information
Cash and cash equivalents$1,944 $1,393 
Restricted cash and restricted cash equivalents497 434 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$2,441 $1,827 
Cash paid for amounts included in the measurement of operating lease liabilities$44 $44 
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations$34 $221 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our securitization transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)September 30,
2020
December 31, 2019
Assets
Cash and cash equivalents$1,944 $1,227 
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and an
    amortized cost basis of $1.7 billion in 2020)
1,882 1,884 
Net finance receivables (includes loans of consolidated VIEs of $9.4 billion in 2020 and $8.4 billion
    in 2019)
17,817 18,389 
Unearned insurance premium and claim reserves(778)(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.2 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
14,715 16,767 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $479 million in 2020 and $400 million in 2019)
497 405 
Goodwill1,422 1,422 
Other intangible assets315 343 
Other assets1,081 768 
Total assets$21,856 $22,816 
Liabilities and Shareholder's Equity
Long-term debt (includes debt of consolidated VIEs of $8.4 billion in 2020 and $7.6 billion in 2019)
$17,531 $17,212 
Insurance claims and policyholder liabilities620 649 
Deferred and accrued taxes57 35 
Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2020 and $14 million
    in 2019)
526 595 
Total liabilities18,734 18,491 
Contingencies (Note 14)
Shareholder's equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and
    outstanding at September 30, 2020 and December 31, 2019
5 5 
Additional paid-in capital1,895 1,888 
Accumulated other comprehensive income79 44 
Retained earnings1,143 2,388 
Total shareholder's equity3,122 4,325 
Total liabilities and shareholder's equity$21,856 $22,816 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)2020201920202019
Interest income$1,089 $1,065 $3,273 $3,020 
Interest expense255 247 781 719 
Net interest income834 818 2,492 2,301 
Provision for finance receivable losses231 282 1,186 836 
Net interest income after provision for finance receivable losses603 536 1,306 1,465 
Other revenues:
Insurance109 117 334 341 
Investment17 21 56 71 
Net loss on repurchase and repayment of debt(38)(2)(38)(35)
Net gain on sale of real estate loans   3 
Other13 20 38 88 
Total other revenues101 156 390 468 
Other expenses:
Salaries and benefits186 205 568 609 
Other operating expenses134 145 425 421 
Insurance policy benefits and claims43 47 201 141 
Total other expenses363 397 1,194 1,171 
Income before income taxes341 295 502 762 
Income taxes91 51 131