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Section 1: 10-Q (10-Q)

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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, 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 (Springleaf Finance Corporation)

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

Delaware (OneMain Holdings, Inc.)
27-3379612
Indiana (Springleaf 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
Springleaf 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 ☐
Springleaf 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 ☐
Springleaf 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
Springleaf 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.      ☐
Springleaf 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 ☑
Springleaf Finance Corporation     Yes No ☑

At April 23, 2020, there were 134,317,604 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At April 23, 2020, there were 10,160,021 shares of Springleaf Finance Corporation’s common stock, $0.50 par value, outstanding.

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GLOSSARY
Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
2019 Annual Report on Form
10-K
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
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
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
ContributionOn June 22, 2018, SFC entered into a Contribution Agreement with SFI, a wholly-owned subsidiary of OMH. Pursuant to the Contribution Agreement, Independence Holdings, LLC was contributed by SFI to SFC.
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 SaleSFC 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
Indenturethe SFC 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 SFC under an indenture dated January 22, 2007, by and between SFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
MeritMerit Life Insurance Co., a former insurance subsidiary of SFC. 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
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
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Term or AbbreviationDefinition
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 SFC Notescollectively, SFC’s 8.25% Senior Notes due 2023, and 7.75% Senior Notes due 2021, on a senior unsecured basis, and the Junior Subordinated Debenture, on a junior subordinated basis, issued by SFC 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
SFC Base IndentureIndenture, dated as of December 3, 2014
SFC 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 SFC Notes, and the 6.00% Senior Notes due 2020, which were redeemed in full on April 15, 2019
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 Portfolioloans the Company previously owned and now services on behalf of a third party
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
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)March 31, 2020December 31, 2019
Assets  
Cash and cash equivalents$4,203  $1,227  
Investment securities (includes available-for-sale securities with a fair value and amortized cost basis
    of $1.7 billion in 2020)
1,800  1,884  
Net finance receivables (includes loans of consolidated VIEs of $12.1 billion in 2020 and $8.4 billion
    in 2019)
18,269  18,389  
Unearned insurance premium and claim reserves(797) (793) 
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in
    2020 and $340 million in 2019)
(2,182) (829) 
Net finance receivables, less unearned insurance premium and claim reserves and allowance for
finance receivable losses
15,290  16,767  
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents
    of consolidated VIEs of $567 million in 2020 and $400 million in 2019)
575  405  
Goodwill1,422  1,422  
Other intangible assets334  343  
Other assets1,069  769  
Total assets$24,693  $22,817  
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $10.9 billion in 2020 and $7.6 billion in 2019)
$20,443  $17,212  
Insurance claims and policyholder liabilities633  649  
Deferred and accrued taxes68  34  
Other liabilities (includes other liabilities of consolidated VIEs of $17 million in 2020 and $14 million
    in 2019)
497  592  
Total liabilities21,641  18,487  
Contingencies (Note 14)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 134,309,707 and 136,101,156 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
1  1  
Additional paid-in capital1,645  1,689  
Accumulated other comprehensive income(6) 44  
Retained earnings1,412  2,596  
Total shareholders’ equity3,052  4,330  
Total liabilities and shareholders’ equity$24,693  $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 March 31,
(dollars in millions, except per share amounts)20202019
Interest income$1,106  $956  
Interest expense255  236  
Net interest income851  720  
Provision for finance receivable losses531  286  
Net interest income after provision for finance receivable losses320  434  
Other revenues:  
Insurance117  110  
Investment9  26  
Net loss on repurchase and repayment of debt   (21) 
Net gain on sale of real estate loans  3  
Other15  30  
Total other revenues141  148  
Other expenses:  
Salaries and benefits199  199  
Other operating expenses151  136  
Insurance policy benefits and claims68  45  
Total other expenses418  380  
Income before income taxes43  202  
Income taxes11  50  
Net income$32  $152  
Share Data:  
Weighted average number of shares outstanding:   
Basic135,909,100  136,001,996  
Diluted136,138,677  136,191,283  
Earnings per share:  
Basic$0.24  $1.12  
Diluted$0.24  $1.11  

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)20202019
  
Net income$32  $152  
Other comprehensive income (loss):  
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities(55) 39  
Foreign currency translation adjustments(10) 2  
Income tax effect:  
Net unrealized gains (losses) on non-credit impaired available-for-sale securities13  (9) 
Foreign currency translation adjustments2    
Other comprehensive income (loss), net of tax(50) 32  
Comprehensive income (loss)$(18) $184  

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, 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
—  7  —  —  7  
Withholding tax on share-based compensation
—  (6) —  —  (6) 
Other comprehensive loss—  —  (50) —  (50) 
Cash dividends *
—  —  —  (388) (388) 
Net income—  —  —  32  32  
Balance, March 31, 2020$1  $1,645  $(6) $1,412  $3,052  
Balance, January 1, 2019$1  $1,681  $(34) $2,151  $3,799  
Share-based compensation expense, net of forfeitures
—  6  —  —  6  
Withholding tax on share-based compensation
—  (5) —  —  (5) 
Other comprehensive income—  —  32  —  32  
Cash dividends *—  —  —  (34) (34) 
Net income—  —  —  152  152  
Balance, March 31, 2019$1  $1,682  $(2) $2,269  $3,950  
* Cash dividends declared were $2.83 per share in the first quarter of 2020 and $0.25 per share in the first quarter of 2019.

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)20202019
Cash flows from operating activities  
Net income$32  $152  
Reconciling adjustments:
Provision for finance receivable losses531  286  
Depreciation and amortization64  68  
Deferred income tax charge (benefit)(36) 9  
Net loss on repurchase and repayment of debt  21  
Share-based compensation expense, net of forfeitures7  6  
Other12  (11) 
Cash flows due to changes in other assets and other liabilities(45) 17  
Net cash provided by operating activities565  548  
Cash flows from investing activities  
Net principal originations of finance receivables held for investment and held for sale(188) (290) 
Proceeds on sale of finance receivables held for sale originated as held for investment  19  
Available-for-sale securities purchased(132) (154) 
Available-for-sale securities called, sold, and matured128  103  
Other securities purchased(4)   
Other securities called, sold, and matured6  5  
Other, net(6) 12  
Net cash used for investing activities(196) (305) 
Cash flows from financing activities  
Proceeds from issuance of long-term debt, net of commissions3,547  2,327  
Repayment of long-term debt(332) (1,425) 
Cash dividends(387) (34) 
Common stock repurchased and retired(45)   
Withholding tax on share-based compensation(6) (5) 
Net cash provided by financing activities2,777  863  
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents3,146  1,106  
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$4,778  $2,284  
Supplemental cash flow information
Cash and cash equivalents$4,203  $1,709  
Restricted cash and restricted cash equivalents575  575  
Total cash and cash equivalents and restricted cash and restricted cash equivalents$4,778  $2,284  
Cash paid for amounts included in the measurement of operating lease liabilities$15  $15  
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations$17  $173  

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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SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)March 31, 2020December 31, 2019
Assets
Cash and cash equivalents$4,203  $1,227  
Investment securities (includes available-for-sale securities with a fair value and amortized cost basis
    of $1.7 billion in 2020)
1,800  1,884  
Net finance receivables (includes loans of consolidated VIEs of $12.1 billion in 2020 and $8.4 billion
    in 2019)
18,269  18,389  
Unearned insurance premium and claim reserves(797) (793) 
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in
    2020 and $340 million in 2019)
(2,182) (829) 
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance
receivable losses
15,290  16,767  
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of
    consolidated VIEs of $567 million in 2020 and $400 million in 2019)
575  405  
Goodwill1,422  1,422  
Other intangible assets334  343  
Other assets1,068  768  
Total assets$24,692  $22,816  
Liabilities and Shareholder's Equity
Long-term debt (includes debt of consolidated VIEs of $10.9 billion in 2020 and $7.6 billion in 2019)
$20,443  $17,212  
Insurance claims and policyholder liabilities633  649  
Deferred and accrued taxes69  35  
Other liabilities (includes other liabilities of consolidated VIEs of $17 million in 2020 and $14 million
    in 2019)
500  595  
Total liabilities21,645  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 March 31, 2020 and December 31, 2019
5  5  
Additional paid-in capital1,889  1,888  
Accumulated other comprehensive income(6) 44  
Retained earnings1,159  2,388  
Total shareholder's equity3,047  4,325  
Total liabilities and shareholder's equity$24,692  $22,816  

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

Three Months Ended March 31,
(dollars in millions)20202019
Interest income$1,106  $956  
Interest expense255  236  
Net interest income851  720  
Provision for finance receivable losses531  286  
Net interest income after provision for finance receivable losses320  434  
Other revenues:
Insurance117  110  
Investment9  26  
Net loss on repurchase and repayment of debt  (21) 
Net gain on sale of real estate loans  3  
Other15  34  
Total other revenues141  152  
Other expenses:
Salaries and benefits199  199  
Other operating expenses151  137  
Insurance policy benefits and claims68  45  
Total other expenses