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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 March 31, 2021

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 April 19, 2021, there were 134,477,096 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At April 19, 2021, 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
30-89 Delinquency rationet finance receivables 30-89 days past due as a percentage of net finance receivables
ABSasset-backed securities
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
Annual Reportthe Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2020, filed with the SEC on February 9, 2021
AOCIAccumulated other comprehensive income (loss)
ApolloApollo Global Management, LLC and its consolidated subsidiaries
Apollo-Värde Groupan investor group led by funds managed by Apollo and Värde
ARPAAmerican Rescue Plan Act of 2021 signed into law on March 11, 2021
ASCAccounting Standards Codification
ASUAccounting Standards Update
ASU 2016-13
the accounting standard issued by FASB in June of 2016, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments
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
CAAConsolidated Appropriations Act of 2021 signed into law on December 27, 2020
CARES ActCoronavirus Aid, Relief, and Economic Security Act signed into law 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
FICO scorea credit score created by Fair Isaac Corporation
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
Gross finance receivables
the unpaid principal balance of our personal loans. For precompute loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges
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
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
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)
4


Table of Contents
Term or AbbreviationDefinition
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
OneMainOneMain Financial Holdings, LLC, collectively with its subsidiaries
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Other Notescollectively, the 8.25% Senior Notes due 2023, 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
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 was renamed to OMFC)
SpringCastle Portfolioloans the Company previously owned and now services on behalf of a third party
SpringleafOMH and its subsidiaries (other than OneMain)
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
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
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

5


Table of Contents
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)March 31, 2021December 31, 2020
Assets  
Cash and cash equivalents$1,301 $2,272 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost
    basis of $1.9 billion and $1.8 billion in 2021, respectively, and $1.8 billion and $1.7 billion
    in 2020, respectively)
1,951 1,922 
Net finance receivables (includes loans of consolidated VIEs of $8.2 billion in 2021 and $8.8 billion
    in 2020)
17,564 18,084 
Unearned insurance premium and claim reserves(719)(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.0 billion in
    2021 and $1.1 billion in 2020)
(2,062)(2,269)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for
    finance receivable losses
14,783 15,044 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $553 million in 2021 and $441 million in 2020)
571 451 
Goodwill1,422 1,422 
Other intangible assets296 306 
Other assets961 1,054 
Total assets$21,285 $22,471 
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $7.4 billion in 2021 and $7.8 billion in 2020)
$16,789 $17,800 
Insurance claims and policyholder liabilities614 621 
Deferred and accrued taxes90 45 
Other liabilities (includes other liabilities of consolidated VIEs of $14 million in 2021 and $15 million
    in 2020)
484 564 
Total liabilities17,977 19,030 
Contingencies (Note 12)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 134,477,096 and 134,341,724 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
1 1 
Additional paid-in capital1,657 1,655 
Accumulated other comprehensive income80 94 
Retained earnings1,570 1,691 
Total shareholders’ equity3,308 3,441 
Total liabilities and shareholders’ equity$21,285 $22,471 

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
March 31,
(dollars in millions, except per share amounts)20212020
Interest income$1,060 $1,106 
Interest expense235 255 
Net interest income825 851 
Provision for finance receivable losses(2)531 
Net interest income after provision for finance receivable losses827 320 
Other revenues:  
Insurance107 117 
Investment17 9 
Net loss on repurchases and repayments of debt (47) 
Other14 15 
Total other revenues91 141 
Other expenses:  
Salaries and benefits189 199 
Other operating expenses150 151 
Insurance policy benefits and claims33 68 
Total other expenses372 418 
Income before income taxes546 43 
Income taxes133 11 
Net income$413 $32 
Share Data:  
Weighted average number of shares outstanding:   
Basic134,405,368 135,909,100 
Diluted134,807,165 136,138,677 
Earnings per share:  
Basic$3.07 $0.24 
Diluted$3.06 $0.24 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20212020
  
Net income$413 $32 
Other comprehensive loss:  
Net change in unrealized losses on non-credit impaired available-for-sale securities(43)(55)
Foreign currency translation adjustments2 (10)
Other23  
Income tax effect:  
Net change in unrealized losses on non-credit impaired available-for-sale securities10 13 
Foreign currency translation adjustments 2 
Other(6) 
Other comprehensive loss, net of tax(14)(50)
Comprehensive income (loss)$399 $(18)

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
Balance, January 1, 2021$1 $1,655 $94 $1,691 $3,441 
Share-based compensation expense, net of forfeitures
 7   7 
Withholding tax on share-based compensation
 (5)  (5)
Other comprehensive loss  (14) (14)
Cash dividends (a)
   (534)(534)
Net income   413 413 
Balance, March 31, 2021$1 $1,657 $80 $1,570 $3,308 
Balance, January 1, 2020 (pre-adoption)$1 $1,689 $44 $2,596 $4,330 
Net impact of adoption of ASU 2016-13 (b)
— — — (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
— 7 — — 7 
Withholding tax on share-based compensation
— (6)— — (6)
Other comprehensive loss
— — (50)— (50)
Cash dividends (a)
— — — (388)(388)
Net income
— — — 32 32 
Balance, March 31, 2020$1 $1,645 $(6)$1,412 $3,052 
(a) Cash dividends declared were $3.95 per share and $2.83 per share during the three months ended March 31, 2021 and 2020, respectively.

(b) As a result of the adoption of ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, on January 1, 2020, we recorded a one-time cumulative reduction to retained earnings, net of tax. See Note 4 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2016-13.

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)
Three Months Ended
March 31,
(dollars in millions)20212020
Cash flows from operating activities  
Net income$413 $32 
Reconciling adjustments:
Provision for finance receivable losses(2)531 
Depreciation and amortization61 64 
Deferred income tax charge (benefit)59 (36)
Net loss on repurchases and repayments of debt47  
Share-based compensation expense, net of forfeitures7 7 
Other(6)12 
Cash flows due to changes in other assets and other liabilities(23)(45)
Net cash provided by operating activities556 565 
Cash flows from investing activities  
Net principal collections (originations) of finance receivables217 (188)
Available-for-sale securities purchased(146)(132)
Available-for-sale securities called, sold, and matured91 128 
Other securities purchased(688)(4)
Other securities called, sold, and matured681 6 
Other, net43 (6)
Net cash provided by (used for) investing activities198 (196)
Cash flows from financing activities  
Proceeds (expenses) from issuance of long-term debt, net of issuance costs(1)3,547 
Repayment of long-term debt(1,065)(332)
Cash dividends(534)(387)
Common stock repurchased and retired (45)
Withholding tax on share-based compensation(5)(6)
Net cash provided by (used for) financing activities(1,605)2,777 
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents(851)3,146 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period2,723 1,632 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,872 $4,778 
Supplemental cash flow information
Cash and cash equivalents$1,301 $4,203 
Restricted cash and restricted cash equivalents571 575 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,872 $4,778 

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)March 31, 2021December 31, 2020
Assets
Cash and cash equivalents$1,301 $2,272 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost
    basis of $1.9 billion and $1.8 billion in 2021, respectively, and $1.8 billion and $1.7 billion
    in 2020, respectively)
1,951 1,922 
Net finance receivables (includes loans of consolidated VIEs of $8.2 billion in 2021 and $8.8 billion
    in 2020)
17,564 18,084 
Unearned insurance premium and claim reserves(719)(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.0 billion in
    2021 and $1.1 billion in 2020)
(2,062)(2,269)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for
    finance receivable losses
14,783 15,044 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $553 million in 2021 and $441 million in 2020)
571 451 
Goodwill1,422 1,422 
Other intangible assets296 306 
Other assets961 1,054 
Total assets$21,285 $22,471 
Liabilities and Shareholder's Equity
Long-term debt (includes debt of consolidated VIEs of $7.4 billion in 2021 and $7.8 billion in 2020)
$16,789 $17,800 
Insurance claims and policyholder liabilities614 621 
Deferred and accrued taxes92 47 
Other liabilities (includes other liabilities of consolidated VIEs of $14 million in 2021 and $15 million
    in 2020)
484 563 
Total liabilities17,979 19,031 
Contingencies (Note 12)
Shareholder's equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and
    outstanding at March 31, 2021 and December 31, 2020
5 5 
Additional paid-in capital1,901 1,899 
Accumulated other comprehensive income80 94 
Retained earnings1,320 1,442 
Total shareholder's equity3,306 3,440 
Total liabilities and shareholder's equity$21,285 $22,471 

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
March 31,
(dollars in millions)20212020
Interest income$1,060 $1,106 
Interest expense235 255 
Net interest income825 851 
Provision for finance receivable losses(2)531 
Net interest income after provision for finance receivable losses827 320 
Other revenues:
Insurance107 117 
Investment17 9 
Net loss on repurchases and repayments of debt(47) 
Other14 15 
Total other revenues91 141 
Other expenses:
Salaries and benefits189 199 
Other operating expenses150 151 
Insurance policy benefits and claims33 68 
Total other expenses372 418 
Income before income taxes546 43 
Income taxes133 11 
Net income$413 $32 

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

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20212020
Net income$413 $32 
Other comprehensive loss:
Net change in unrealized losses on non-credit impaired available-for-sale securities(43)(55)
Foreign currency translation adjustments2 (10)
Other23  
Income tax effect:
Net change in unrealized losses on non-credit impaired available-for-sale securities10 13 
Foreign currency translation adjustments 2 
Other(6) 
Other comprehensive loss, net of tax(14)(50)
Comprehensive income (loss)$399 $(18)

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder's Equity (Unaudited)

OneMain Finance Corporation Shareholder's Equity
(dollars in millions)Common
Stock
Additional
Paid-in
Capital
Accumulated
Other Comprehensive
Income (Loss)
Retained
Earnings
Total Shareholder’s Equity
Balance, January 1, 2021$5 $1,899 $94 $1,442 $3,440 
Share-based compensation expense, net of forfeitures 7   7 
Withholding tax on share-based compensation (5)  (5)
Other comprehensive loss  (14) (14)
Cash dividends   (535)(535)
Net income   413 413 
Balance, March 31, 2021$5 $1,901 $80 $1,320 $3,306 
Balance, January 1, 2020 (pre-adoption)$5 $1,888 $44 $2,388 $4,325 
Net impact of adoption of ASU 2016-13 *
— — — (828)(828)
Balance, January 1, 2020 (post-adoption)5 1,888 44 1,560 3,497 
Share-based compensation expense, net of forfeitures— 7 — — 7 
Withholding tax on share-based compensation— (6)— — (6)
Other comprehensive loss— — (50)— (50)
Cash dividends— — — (433)(433)
Net income— — — 32 32 
Balance, March 31, 2020$5 $1,889 $(6)$1,159 $3,047 

* As a result of the adoption of ASU 2016-13, on January 1, 2020, we recorded a one-time cumulative reduction to retained earnings, net of tax. See Note 4 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2016-13.


See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
March 31,
(dollars in millions)20212020
Cash flows from operating activities
Net income$413 $32 
Reconciling adjustments:
Provision for finance receivable losses(2)531 
Depreciation and amortization61 64 
Deferred income tax charge (benefit)59 (36)
Net loss on repurchases and repayments of debt47  
Share-based compensation expense, net of forfeitures7 7 
Other(6)12 
Cash flows due to changes in other assets and other liabilities(23)(45)
Net cash provided by operating activities556 565 
Cash flows from investing activities
Net principal collections (originations) of finance receivables217 (188)
Available-for-sale securities purchased(146)(132)
Available-for-sale securities called, sold, and matured91 128 
Other securities purchased(688)(4)
Other securities called, sold, and matured681 6 
Other, net43 (6)
Net cash provided by (used for) investing activities198 (196)
Cash flows from financing activities
Proceeds (expenses) from issuance of long-term debt, net of issuance costs(1)3,547 
Repayment of long-term debt(1,065)(332)
Cash dividends(534)(432)
Withholding tax on share-based compensation(5)(6)
Net cash provided by (used for) financing activities(1,605)2,777 
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents(851)3,146 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period2,723 1,632 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,872 $4,778 
Supplemental cash flow information
Cash and cash equivalents$1,301 $4,203 
Restricted cash and restricted cash equivalents571 575 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,872 $4,778 

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 HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements