Company Quick10K Filing
Quick10K
Springleaf Finance
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-15 Other Events
8-K 2019-02-20 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-08-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-22 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-05-09 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-08 Enter Agreement, Off-BS Arrangement, Exhibits
PSN Parsons 3,392
GBNK Guaranty Bancorp 879
TMDX Transmedics 505
CTT Catchmark Timber Trust 479
BRTI Blackridge Technology 19
ACUR Acura Pharmaceuticals 5
TEAR Tearlab 3
SKAS Saker Aviation Services 0
BKGMF Bankguam Holding 0
TWX Time Warner 0
SLFC 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibit Index.
EX-31.1 sfc-20190930exhibit311.htm
EX-31.2 sfc-20190930exhibit312.htm
EX-32.1 sfc-20190930exhibit321.htm

Springleaf Finance Earnings 2019-09-30

SLFC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31Q320190000025598P3YP1YP1Y00000.50.52500000025000000101600211016002110160021101600210.06940.08250.02310.0563P3Y000000000000000444000000356000000750000000085000000009200000000001400000015000000047900000042700000000 0000025598 2019-01-01 2019-09-30 0000025598 2019-10-28 0000025598 2019-09-30 0000025598 2018-12-31 0000025598 us-gaap:ConsumerLoanMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:ConsumerLoanMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 2019-07-01 2019-09-30 0000025598 2018-07-01 2018-09-30 0000025598 2018-01-01 2018-09-30 0000025598 us-gaap:RetainedEarningsMember 2017-12-31 0000025598 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000025598 2018-06-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000025598 us-gaap:RetainedEarningsMember 2019-09-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000025598 us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000025598 us-gaap:CommonStockMember 2018-06-30 0000025598 us-gaap:CommonStockMember 2019-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000025598 us-gaap:RetainedEarningsMember 2018-06-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000025598 us-gaap:RetainedEarningsMember 2018-09-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember 2018-07-01 2018-09-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000025598 2018-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000025598 us-gaap:CommonStockMember 2017-12-31 0000025598 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000025598 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000025598 us-gaap:RetainedEarningsMember 2018-12-31 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000025598 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000025598 omf:SpringleafConsumerLoanHoldingCompanyMember srt:AffiliatedEntityMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000025598 us-gaap:RetainedEarningsMember 2019-06-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000025598 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000025598 us-gaap:CommonStockMember 2019-06-30 0000025598 omf:SpringleafConsumerLoanHoldingCompanyMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0000025598 us-gaap:CommonStockMember 2018-09-30 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000025598 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000025598 2019-06-30 0000025598 2017-12-31 0000025598 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000025598 omf:SpringleafConsumerLoanHoldingCompanyMember srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0000025598 omf:OneMainGeneralServicesCorporationMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0000025598 omf:OneMainMember omf:ApolloVrdeGroupMember 2019-01-01 2019-09-30 0000025598 omf:OneMainMember omf:AffiliatesOfFortressOrAIGMember 2018-01-01 2018-03-31 0000025598 us-gaap:MajorityShareholderMember 2019-09-30 0000025598 srt:MinimumMember srt:ScenarioForecastMember us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 2020-01-01 0000025598 srt:MaximumMember srt:ScenarioForecastMember us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 2020-01-01 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-09-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2017-12-31 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-07-01 2018-09-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-01-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember 2018-07-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember 2019-07-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember 2018-01-01 2018-09-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-06-30 0000025598 us-gaap:ConsumerLoanMember 2019-01-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember 2018-09-30 0000025598 us-gaap:ConsumerLoanMember 2019-09-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-09-30 0000025598 us-gaap:ConsumerLoanMember 2019-06-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-06-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-01-01 2019-09-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2018-12-31 0000025598 us-gaap:ConsumerLoanMember 2018-06-30 0000025598 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-07-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember 2017-12-31 0000025598 us-gaap:ConsumerLoanMember 2018-12-31 0000025598 us-gaap:ConsumerLoanMember us-gaap:PrincipalForgivenessMember 2018-07-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:ContractualInterestRateReductionMember 2019-01-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:PrincipalForgivenessMember 2018-01-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:ContractualInterestRateReductionMember 2019-07-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:PrincipalForgivenessMember 2019-01-01 2019-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:ContractualInterestRateReductionMember 2018-07-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:ContractualInterestRateReductionMember 2018-01-01 2018-09-30 0000025598 us-gaap:ConsumerLoanMember us-gaap:PrincipalForgivenessMember 2019-07-01 2019-09-30 0000025598 omf:OtherReceivablesMember 2018-01-01 2018-09-30 0000025598 omf:OtherReceivablesMember 2019-01-01 2019-09-30 0000025598 omf:OtherReceivablesMember 2019-07-01 2019-09-30 0000025598 omf:OtherReceivablesMember 2018-07-01 2018-09-30 0000025598 us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2019-09-30 0000025598 us-gaap:NonperformingFinancingReceivableMember 2019-09-30 0000025598 srt:MaximumMember us-gaap:ConsumerLoanMember 2019-01-01 2019-09-30 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2019-09-30 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember omf:FinancingReceivables90To179DaysPastDueMember 2019-09-30 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-09-30 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember omf:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember 2019-09-30 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-09-30 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember omf:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember 2018-12-31 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2018-12-31 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember omf:FinancingReceivables90To179DaysPastDueMember 2018-12-31 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2019-09-30 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2018-12-31 0000025598 us-gaap:PerformingFinancingReceivableMember us-gaap:ConsumerLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2019-09-30 0000025598 us-gaap:NonperformingFinancingReceivableMember us-gaap:ConsumerLoanMember 2018-12-31 0000025598 srt:MinimumMember us-gaap:ConsumerLoanMember 2019-01-01 2019-09-30 0000025598 omf:OtherReceivablesMember 2019-09-30 0000025598 omf:OtherReceivablesMember 2017-12-31 0000025598 omf:OtherReceivablesMember 2018-06-30 0000025598 omf:OtherReceivablesMember 2018-09-30 0000025598 omf:OtherReceivablesMember 2018-12-31 0000025598 omf:OtherReceivablesMember 2019-06-30 0000025598 us-gaap:ConsumerLoanMember 2018-01-01 2018-12-31 0000025598 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember us-gaap:ConsumerLoanMember 2019-09-30 0000025598 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember us-gaap:ConsumerLoanMember 2018-12-31 0000025598 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember omf:February2019RealEstateLoanSaleMember 2019-02-28 0000025598 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember omf:February2019RealEstateLoanSaleMember 2019-02-01 2019-02-28 0000025598 us-gaap:ConsumerLoanMember 2018-09-30 2018-09-30 0000025598 us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:CollateralizedDebtObligationsMember 2018-12-31 0000025598 us-gaap:CollateralizedDebtObligationsMember 2019-09-30 0000025598 us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:ForeignGovernmentDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0000025598 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000025598 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000025598 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000025598 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:PreferredStockMember 2018-12-31 0000025598 us-gaap:AssetBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:PreferredStockMember 2019-09-30 0000025598 us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:AssetBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:CommonStockMember 2019-09-30 0000025598 omf:CertificatesofDepositandCommercialPaperMember 2018-12-31 0000025598 omf:CertificatesofDepositandCommercialPaperMember 2019-09-30 0000025598 us-gaap:CorporateDebtSecuritiesMember 2018-07-01 2018-09-30 0000025598 us-gaap:CorporateDebtSecuritiesMember 2019-07-01 2019-09-30 0000025598 us-gaap:CorporateDebtSecuritiesMember 2019-01-01 2019-09-30 0000025598 us-gaap:CorporateDebtSecuritiesMember 2018-01-01 2018-09-30 0000025598 omf:SpringleafConsumerLoanHoldingCompanyMember srt:AffiliatedEntityMember 2019-01-01 2019-01-01 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2018-12-31 0000025598 srt:AffiliatedEntityMember 2018-12-31 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2018-07-01 2018-09-30 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-07-01 2019-09-30 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-07-01 0000025598 omf:SpringleafFinanceIncMember omf:AdditionalNotesReceivableMember srt:AffiliatedEntityMember 2018-12-31 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-07-01 2019-07-01 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-09-23 2019-09-23 0000025598 omf:SpringleafFinanceIncMember srt:AffiliatedEntityMember 2019-09-30 0000025598 omf:SpringleafFinanceIncMember omf:AdditionalNotesReceivableMember srt:AffiliatedEntityMember 2019-09-30 0000025598 us-gaap:JuniorSubordinatedDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000025598 us-gaap:JuniorSubordinatedDebtMember 2019-09-30 0000025598 omf:SeniorNotes5.25PercentDue2019Member us-gaap:SeniorNotesMember 2019-01-01 2019-09-30 0000025598 omf:SeniorNotes6.00PercentDue2020Member us-gaap:SeniorNotesMember 2019-01-01 2019-09-30 0000025598 omf:SeniorNotes6.125PercentDue2024Member us-gaap:SeniorNotesMember 2019-07-02 0000025598 omf:SeniorNotes6.625PercentDue2028Member us-gaap:SeniorNotesMember 2019-05-09 0000025598 omf:SeniorNotes6.00PercentDue2020Member us-gaap:SeniorNotesMember 2019-03-15 0000025598 omf:SeniorNotes5.25PercentDue2019Member us-gaap:SeniorNotesMember 2019-02-22 0000025598 omf:SeniorNotes6.125PercentDue2024Member us-gaap:SeniorNotesMember 2019-02-22 0000025598 omf:SeniorNotes5.25PercentDue2019Member us-gaap:SeniorNotesMember 2019-03-25 2019-03-25 0000025598 omf:SeniorNotes6.00PercentDue2020Member us-gaap:SeniorNotesMember 2019-04-15 2019-04-15 0000025598 us-gaap:OtherAssetsMember us-gaap:RevolvingCreditFacilityMember 2019-09-30 0000025598 omf:SecuritizationMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 omf:UnsecuredNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 srt:MaximumMember omf:SecuritizationMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 srt:MaximumMember omf:UnsecuredNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 srt:MinimumMember omf:UnsecuredNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 srt:MinimumMember omf:SecuritizationMember us-gaap:SeniorNotesMember 2019-09-30 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-09-30 0000025598 srt:MaximumMember us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-07-01 2019-09-30 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-07-01 2018-09-30 0000025598 us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000025598 srt:MaximumMember 2019-01-01 2019-09-30 0000025598 us-gaap:OtherAssetsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:AllowanceForLoanAndLeaseLossesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:OtherLiabilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:CashAndCashEquivalentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:CashAndCashEquivalentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 omf:LoansandLeasesReceivableNetofDeferredIncomeMember us-gaap:ConsumerLoanMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 us-gaap:OtherAssetsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 omf:RestrictedCashandCashEquivalentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 omf:RestrictedCashandCashEquivalentsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:OtherLiabilitiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 omf:LoansandLeasesReceivableNetofDeferredIncomeMember us-gaap:ConsumerLoanMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000025598 us-gaap:AllowanceForLoanAndLeaseLossesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000025598 srt:MinimumMember us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000025598 srt:MinimumMember 2019-01-01 2019-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2019-07-01 2019-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-09-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-09-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-07-01 2018-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2019-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2018-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-07-01 2019-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-09-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-07-01 2018-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-09-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-06-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2018-07-01 2018-09-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-07-01 2019-09-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-06-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-09-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0000025598 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0000025598 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0000025598 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000025598 srt:MaximumMember 2019-09-30 0000025598 srt:MinimumMember 2019-09-30 0000025598 2018-01-01 2018-12-31 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2019-01-01 2019-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2019-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2019-01-01 2019-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2019-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2019-07-01 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2019-07-01 2019-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2019-07-01 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2019-07-01 2019-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2018-01-01 2018-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2018-01-01 2018-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2018-01-01 2018-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2018-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2018-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2018-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2018-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:AcquisitionsAndServicingSegmentMember 2018-07-01 2018-09-30 0000025598 us-gaap:MaterialReconcilingItemsMember 2018-07-01 2018-09-30 0000025598 us-gaap:OperatingSegmentsMember omf:ConsumerAndInsuranceSegmentMember 2018-07-01 2018-09-30 0000025598 us-gaap:CorporateNonSegmentMember 2018-07-01 2018-09-30 0000025598 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member 2019-09-30 0000025598 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000025598 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member 2019-09-30 0000025598 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member 2018-12-31 0000025598 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000025598 us-gaap:FairValueInputsLevel1Member 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember omf:NonUSgovernmentandgovernmentsponsoredentitiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:OtherLongTermInvestmentsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommonStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CollateralizedDebtObligationsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PreferredStockMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:BondsMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0000025598 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember omf:CertificatesofDepositandCommercialPaperMember 2019-09-30 0000025598 us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-09-30 0000025598 us-gaap:FairValueMeasurementsNonrecurringMember 2018-07-01 2018-09-30 0000025598 us-gaap:FairValueMeasurementsNonrecurringMember 2019-07-01 2019-09-30 0000025598 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-09-30 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares omf:account omf:segment omf:investment omf:facility

 
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, 2019
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 001-06155

SPRINGLEAF FINANCE CORPORATION
(Exact name of registrant as specified in its charter)

Indiana
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 Act: 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. 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). 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.
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

At October 28, 2019, there were 10,160,021 shares of the registrant’s common stock, $0.50 par value, outstanding.
 



TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2




Table of Contents






GLOSSARY
Terms and abbreviations used in this report are defined below.
Term or Abbreviation
 
Definition
 
 
 
2018 Annual Report on Form
10-K
 
Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 15, 2019
30-89 Delinquency ratio
 
net finance receivables 30-89 days past due as a percentage of net finance receivables
5.25% SFC Notes due 2019
 
$700 million of 5.25% Senior Notes due 2019 issued by SFC on December 3, 2014, guaranteed by OMH and redeemed in full on March 25, 2019
6.00% SFC Notes due 2020
 
$300 million of 6.00% Senior Notes due 2020 issued by SFC on May 29, 2013, guaranteed by OMH and redeemed in full on April 15, 2019
6.125% SFC Notes due 2024
 
$1.0 billion of 6.125% Senior Notes due 2024 issued by SFC on February 22, 2019 and $300 million of 6.125% Senior Notes due 2024 issued by SFC on July 2, 2019 and, in each case, guaranteed by OMH
6.625% SFC Notes due 2028
 
$800 million of 6.625% Senior Notes due 2028 issued by SFC on May 9, 2019 and guaranteed by OMH
ABS
 
asset-backed securities
Accretable yield
 
the 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 segments
AHL
 
American Health and Life Insurance Company, an insurance subsidiary of OneMain
AIG
 
AIG Capital Corporation, a subsidiary of American International Group, Inc.
AIG Share Sale Transaction
 
sale by SFH of 4,179,678 shares of OMH common stock pursuant to an Underwriting Agreement entered into February 21, 2018 among OMH, SFH and Morgan Stanley & Co. LLC
AOCI
 
Accumulated other comprehensive income (loss)
Apollo
 
Apollo Global Management, LLC and its consolidated subsidiaries
Apollo-Värde Group
 
an investor group led by funds managed by Apollo and Värde
Apollo-Värde Transaction
 
the 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
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
Average daily debt balance
 
average of debt for each day in the period
Average net receivables
 
average of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) in the period
CDO
 
collateralized debt obligations
CMBS
 
commercial mortgage-backed securities
Exchange Act
 
Securities Exchange Act of 1934, as amended
FASB
 
Financial Accounting Standards Board
February 2019 Real Estate Loan Sale
 
SFC 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 score
 
a credit score created by Fair Isaac Corporation
Fortress
 
Fortress Investment Group LLC
Fortress Acquisition
 
transaction by which FCFI Acquisition LLC, an affiliate of Fortress, acquired an 80% economic interest of the sole stockholder of SFC for a cash purchase price of $119 million, effective November 30, 2010
Fortress Transaction
 
the distributions by SFH to Fortress resulting from the Apollo-Värde Transaction
GAAP
 
generally accepted accounting principles in the United States of America
Gross charge-off ratio
 
annualized gross charge-offs as a percentage of average net receivables
Indenture
 
the SFC Base Indenture, together with all subsequent Supplemental Indentures
Independence
 
Independence Holdings, LLC

3




Table of Contents






Term or Abbreviation
 
Definition
 
 
 
IRS
 
Internal 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
LIBOR
 
London Interbank Offered Rate
Merit
 
Merit Life Insurance Co., an insurance subsidiary of SFC
Net charge-off ratio
 
annualized net charge-offs as a percentage of average net receivables
Net interest income
 
interest income less interest expense
OCLI
 
OneMain Consumer Loan, Inc, direct subsidiary of SCLH
ODART
 
OneMain Direct Auto Receivables Trust
OGSC
 
OneMain General Services Corporation, successor to Springleaf General Services Corporation and SFMC
OMFIT
 
OneMain Financial Issuance Trust
OMH
 
OneMain Holdings, Inc.
OneMain
 
OneMain Financial Holdings, LLC, collectively with its subsidiaries
OneMain Acquisition
 
Acquisition of OneMain from CitiFinancial Credit Company, effective November 1, 2015
Other securities
 
securities for which the fair value option was elected and equity securities. Other Securities recognize unrealized gains and losses in investment revenues
Other SFC Notes
 
collectively, 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
Recovery ratio
 
annualized recoveries on net charge-offs as a percentage of average net receivables
Retail sales finance portfolio
 
collectively, retail sales finance contracts and revolving retail accounts
RMBS
 
residential mortgage-backed securities
Sale of SpringCastle interests
 
the March 31, 2016 sale by SpringCastle Holdings, LLC and Springleaf Acquisition Corporation of the equity interest in the SpringCastle Joint Venture
SCLH
 
Springleaf Consumer Loan Holding Company
SEC
 
U.S. Securities and Exchange Commission
Securities Act
 
Securities Act of 1933, as amended
Segment Accounting Basis
 
a basis used to report the operating results of our segments, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
Settlement Agreement
 
a 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
SFC
 
Springleaf Finance Corporation
SFC Base Indenture
 
Indenture, dated as of December 3, 2014
SFC Eighth Supplemental Indenture
 
Eighth Supplemental Indenture, dated as of May 9, 2019, to the SFC Base Indenture
SFC Guaranty Agreements
 
agreements 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
SFC Senior Notes Indentures
 
the SFC Base Indenture as supplemented by the SFC First Supplemental Indenture, the SFC Second Supplemental Indenture, the SFC Third Supplemental Indenture, the SFC Fourth Supplemental Indenture, the SFC Fifth Supplemental Indenture, the SFC Sixth Supplemental Indenture, the SFC Seventh Supplemental Indenture and the SFC Eighth Supplemental Indenture
SFC Seventh Supplemental Indenture
 
Seventh Supplemental Indenture, dated as of February 22, 2019, to the SFC Base Indenture
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
SFI
 
Springleaf Finance, Inc.
SFMC
 
Springleaf Finance Management Corporation
Share Purchase Agreement
 
a share purchase agreement entered into on January 3, 2018, among the Apollo-Värde Group, SFH and OMH 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
SLFT
 
Springleaf Funding Trust

4




Table of Contents






Term or Abbreviation
 
Definition
 
 
 
SMHC
 
Springleaf Mortgage Holding Company
SpringCastle Joint Venture
 
joint venture among SpringCastle America, LLC, SpringCastle Credit, LLC, SpringCastle Finance, LLC, and SpringCastle Acquisition LLC in which SpringCastle Holdings, LLC previously owned a 47% equity interest in each of SpringCastle America, LLC, SpringCastle Credit, LLC and SpringCastle Finance, LLC and Springleaf Acquisition Corporation previously owned a 47% equity interest in SpringCastle Acquisition LLC
SpringCastle Portfolio
 
loans the Company previously owned and now service on behalf of a third party. On March 31, 2016, the portfolio was sold in connection with the “Sale of SpringCastle interests”
Springleaf
 
SFC and its subsidiaries
Tax Act
 
Public Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivables
 
troubled 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
Triton
 
Triton Insurance Company, an insurance subsidiary of OneMain
UPB
 
unpaid principal balance for interest bearing accounts and the gross remaining contractual payments less the unaccreted balance of unearned finance charges for precompute accounts
Värde
 
Värde Partners, Inc.
VIEs
 
variable interest entities
Weighted average interest rate
 
annualized interest expense as a percentage of average debt

XBRL
 
eXtensible Business Reporting Language
Yield
 
annualized finance charges as a percentage of average net receivables
Yosemite
 
Yosemite Insurance Company, a former insurance subsidiary of SFC. In the third quarter of 2018, the Company sold all of the issued and outstanding shares in Yosemite to a third party


5




Table of Contents






PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.

SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
 
 
 
 
 
(dollars in millions, except par value amount)
 
September 30,
2019
 
December 31,
2018
 
 
 
 
 
Assets
 
 

 
 

Cash and cash equivalents
 
$
1,393

 
$
663

Investment securities
 
1,779

 
1,694

Net finance receivables (includes loans of consolidated VIEs of $9.2 billion in 2019 and $8.5 billion in 2018)
 
17,791

 
16,122

Unearned insurance premium and claim reserves
 
(762
)
 
(662
)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $356 million in 2019 and $444 million in 2018)
 
(798
)
 
(726
)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses
 
16,231

 
14,734

Finance receivables held for sale
 
69

 
103

Notes receivable from parent
 

 
260

Restricted cash and restricted cash equivalents (include restricted cash and restricted cash equivalents of consolidated VIEs of $427 million in 2019 and $479 million in 2018)
 
434

 
499

Goodwill
 
1,422

 
1,422

Other intangible assets
 
352

 
387

Other assets
 
730

 
547

Total assets
 
$
22,410

 
$
20,309

 
 
 
 
 
Liabilities and Shareholder’s Equity
 
 

 
 

Long-term debt (includes debt of consolidated VIEs of $8.2 billion in 2019 and $7.5 billion in 2018)
 
$
17,021

 
$
15,178

Insurance claims and policyholder liabilities
 
646

 
685

Deferred and accrued taxes
 
43

 
42

Other liabilities (includes other liabilities of consolidated VIEs of $15 million in 2019 and $14 million in 2018)
 
611

 
383

Total liabilities
 
18,321

 
16,288

Commitments and contingent liabilities (Note 13)
 


 

 
 
 
 
 
Shareholder’s equity:
 
 

 
 

Common stock, par value $.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at September 30, 2019 and December 31, 2018
 
5

 
5

Additional paid-in capital
 
1,885

 
2,110

Accumulated other comprehensive income (loss)
 
38

 
(34
)
Retained earnings
 
2,161

 
1,940

Total shareholder’s equity
 
4,089

 
4,021

Total liabilities and shareholder’s equity
 
$
22,410

 
$
20,309


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

6




Table of Contents






SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(dollars in millions)
 
2019
 
2018
 
2019
 
2018
 
 
 
 

 
 
 

Interest income:
 
 
 
 
 
 
 
 
Finance charges
 
$
1,062

 
$
927

 
$
3,012

 
$
2,684

Finance receivables held for sale
 
3

 
3

 
8

 
8

Total interest income
 
1,065

 
930

 
3,020

 
2,692

 
 
 
 
 
 
 
 
 
Interest expense
 
247

 
228

 
719

 
648

 
 
 
 
 
 
 
 
 
Net interest income
 
818

 
702

 
2,301

 
2,044

 
 
 
 
 
 
 
 
 
Provision for finance receivable losses
 
282

 
254

 
836

 
766

 
 
 
 
 
 
 
 
 
Net interest income after provision for finance receivable losses
 
536

 
448

 
1,465

 
1,278

 
 
 
 
 
 
 
 
 
Other revenues:
 
 

 
 

 
 

 
 

Insurance
 
117

 
106

 
341

 
318

Investment
 
21

 
18

 
71

 
50

Interest income on notes receivable from parent
 

 
4

 
8

 
14

Net loss on repurchases and repayments of debt
 
(2
)
 

 
(35
)
 
(9
)
Net gain on sale of real estate loans
 

 

 
3

 

Other
 
20

 
12

 
80

 
35

Total other revenues
 
156

 
140

 
468

 
408

 
 
 
 
 
 
 
 
 
Other expenses:
 
 

 
 

 
 

 
 

Salaries and benefits
 
205

 
196

 
609

 
673

Other operating expenses
 
145

 
145

 
421

 
444

Insurance policy benefits and claims
 
47

 
48

 
141

 
144

Total other expenses
 
397

 
389

 
1,171

 
1,261

 
 
 
 
 
 
 
 
 
Income before income taxes
 
295

 
199

 
762

 
425

 
 
 
 
 
 
 
 
 
Income taxes
 
51

 
47

 
165

 
131

 
 
 
 
 
 
 
 
 
Net income
 
$
244

 
$
152

 
$
597

 
$
294


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

7




Table of Contents






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

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(dollars in millions)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net income
 
$
244

 
$
152

 
$
597

 
$
294

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 

 
 

 
 

 
 

Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities, net reclassification adjustments
 
14

 
(3
)
 
90

 
(39
)
Foreign currency translation adjustments
 
(1
)
 
2

 
4

 
(4
)
Income tax effect:
 
 

 
 

 
 

 
 

Net unrealized gains (losses) on non-credit impaired available-for-sale securities
 
(3
)
 
1

 
(21
)
 
7

Retirement plan liability adjustments
 

 

 
(1
)
 
1

Other comprehensive income (loss), net of tax, net reclassification adjustments
 
10

 

 
72

 
(35
)
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
254

 
$
152

 
$
669

 
$
259


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


8




Table of Contents






SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)

(dollars in millions)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other Comprehensive
Income (Loss)
 
Retained
Earnings
 
Total Shareholder’s
Equity
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2019
 
$
5

 
$
2,146

 
$
28

 
$
2,225

 
$
4,404

Share-based compensation expense, net of forfeitures
 

 
3

 

 

 
3

Other comprehensive income
 

 

 
10

 

 
10

Merger of SFI with SFC
 

 
(408
)
 

 

 
(408
)
Cash contribution from OMH
 

 
144

 

 

 
144

Cash dividends
 

 

 

 
(308
)
 
(308
)
Net income
 

 

 

 
244

 
244

Balance, September 30, 2019
 
$
5

 
$
1,885

 
$
38

 
$
2,161

 
$
4,089

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2018
 
$
5

 
$
2,020

 
$
(26
)
 
$
1,621

 
$
3,620

Contribution of OGSC to SFC from SFI
 

 
53

 
5

 

 
58

Share-based compensation expense, net of forfeitures
 

 
4

 

 

 
4

Net income
 

 

 

 
152

 
152

Balance, September 30, 2018
 
$
5

 
$
2,077

 
$
(21
)
 
$
1,773

 
$
3,834

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
 
$
5

 
$
2,110

 
$
(34
)
 
$
1,940

 
$
4,021

Share-based compensation expense, net of forfeitures
 

 
10

 

 

 
10

Withholding tax on share-based compensation
 

 
(5
)
 

 

 
(5
)
Other comprehensive income
 

 

 
72

 

 
72

Contribution of SCLH to SFC from SFI
 

 
34

 

 

 
34

Merger of SFI with SFC
 

 
(408
)
 

 

 
(408
)
Cash contribution from OMH
 

 
144

 

 

 
144

Cash dividends
 

 

 

 
(376
)
 
(376
)
Net income
 

 

 

 
597

 
597

Balance, September 30, 2019
 
$
5

 
$
1,885

 
$
38

 
$
2,161

 
$
4,089

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
 
$
5

 
$
1,909

 
$
6

 
$
1,482

 
$
3,402

Non-cash incentive compensation from SFH
 

 
110

 

 

 
110

Contribution of OGSC to SFC from SFI
 

 
53

 
5

 

 
58

Share-based compensation expense, net of forfeitures
 

 
6

 

 

 
6

Withholding tax on share-based compensation
 

 
(1
)
 

 

 
(1
)
Other comprehensive loss
 

 

 
(35
)
 

 
(35
)
Impact of AOCI reclassification due to the Tax Act
 

 

 
3

 
(3
)
 

Net income
 

 

 

 
294

 
294

Balance, September 30, 2018
 
$
5

 
$
2,077

 
$
(21
)
 
$
1,773

 
$
3,834


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


9




Table of Contents






SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in millions)
 
Nine Months Ended September 30,
 
2019
 
2018
 
 
 
 
 
Cash flows from operating activities
 
 

 
 

Net income
 
$
597

 
$
294

Reconciling adjustments:
 
 
 
 
Provision for finance receivable losses
 
836

 
766

Depreciation and amortization
 
203

 
181

Deferred income tax charge
 
9

 
7

Net loss on repurchases and repayments of debt
 
35

 
9

Non-cash incentive compensation from SFH
 

 
110

Share-based compensation expense, net of forfeitures
 
10

 
6

Other
 
(8
)
 
9

Cash flows due to changes in other assets and other liabilities
 
77

 
(26
)
Net cash provided by operating activities
 
1,759

 
1,356

 
 
 
 
 
Cash flows from investing activities
 
 

 
 

Net principal originations of finance receivables held for investment and held for sale
 
(2,445
)
 
(1,702
)
Proceeds on sales of finance receivables held for sale originated as held for investment
 
19

 

Cash advances on intercompany notes receivable
 
(3
)
 
(32
)
Principal collections on intercompany note receivable
 
3

 
207

Available-for-sale securities purchased
 
(499
)
 
(548
)
Available-for-sale securities called, sold, and matured
 
457

 
438

Other securities purchased
 
(13
)
 
(9
)
Other securities called, sold, and matured
 
26

 
30

Other, net
 
(1
)
 
(18
)
Net cash used for investing activities
 
(2,456
)
 
(1,634
)
 
 
 
 
 
Cash flows from financing activities
 
 

 
 

Proceeds from issuance of long-term debt, net of commissions
 
5,157

 
5,474

Repayment of long-term debt
 
(3,402
)
 
(4,852
)
Cash contribution of OGSC
 

 
11

Cash contribution of SCLH
 
12

 

Cash dividends to OMH
 
(374
)
 

Cash contribution from OMH
 
144

 

Payments on intercompany notes payable
 
(170
)
 
(98
)
Withholding tax on share-based compensation
 
(5
)
 
(1
)
Net cash provided by financing activities
 
1,362

 
534

 
 
 
 
 
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents
 
665

 
256

Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period
 
1,162

 
1,456

Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period
 
$
1,827

 
$
1,712

 
 
 
 
 
Supplemental cash flow information
 
 
 
 
Cash and cash equivalents
 
$
1,393

 
$
1,217

Restricted cash and restricted cash equivalents
 
434

 
495

Total cash and cash equivalents and restricted cash and restricted cash equivalents
 
$
1,827

 
$
1,712

 
 
 
 
 
Cash paid for amounts included in the measurement of operating lease liabilities
 
$
44

 
$

 

(dollars in millions)
 
Nine Months Ended September 30,
 
2019
 
2018
 
 
 
 
 
Supplemental non-cash activities
 
 
 
 
Non-cash contribution of SCLH
 
$
22

 
$

Transfer of net finance receivables held for investment to finance receivables held for sale (prior to deducting allowance for finance receivable losses)
 

 
111

Non-cash merger of SFI with SFC
 
(408
)
 

Non-cash contribution of OGSC
 

 
47

Transfer of finance receivables to real estate owned
 
6

 
5

Right-of-use assets obtained in exchange for operating lease obligations
 
221

 

Net unsettled investment security purchases
 
(8
)
 

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

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

10




Table of Contents






SPRINGLEAF FINANCE CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
September 30, 2019
1. Business and Basis of Presentation

Springleaf Finance Corporation is referred to in this report as “SFC” or, collectively with its subsidiaries, whether directly or indirectly owned, “Springleaf,” the “Company,” “we,” “us,” or “our,” and is a wholly owned subsidiary of OneMain Holding, Inc. (“OMH”).

On September 20, 2019, SFC entered into a merger agreement with its direct parent, Springleaf Finance, Inc. (“SFI”), to merge SFI with and into SFC, with SFC as the surviving entity. The merger was effective in the condensed consolidated financial statements as of July 1, 2019. As a result of the merger with SFI, SFC became a wholly owned direct subsidiary of OMH. See Note 7 for further information regarding the merger.

SFC is a financial services holding company whose subsidiaries engage in the consumer finance and insurance businesses.

At September 30, 2019, the Apollo-Värde Group owned approximately 40.4% of OMH’s common stock.

2018 Share Sale Transactions

As disclosed in Note 21 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, certain executives of the Company had previously been granted incentive units that only provided benefits (in the form of distributions) if Springleaf Financial Holdings, LLC (“SFH”) made distributions to one or more of its common members that exceeded specified threshold amounts. In connection with the Fortress Transaction resulting from the Apollo-Värde Transaction described in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, certain executive officers who were holders of SFH incentive units received a distribution of approximately $106 million in the aggregate from SFH. Although the distribution was not made by the Company or its subsidiaries, in accordance with ASC Topic 710, Compensation-General, we recorded non-cash incentive compensation expense of approximately $106 million, with an equal and offsetting increase to additional paid-in-capital. The impact to the Company was non-cash, equity neutral and not tax deductible.

In addition, in connection with the distributions by SFH to AIG resulting from the AIG Share Sale Transaction described in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, these same executive officers holding the incentive units described above, received a distribution of approximately $4 million in the aggregate from SFH in respect of their incentive interests in SFH. Consistent with the Fortress Transaction, we recorded non-cash incentive compensation expense of approximately $4 million, with an equal and offsetting increase to additional paid-in-capital. Again, the impact to the Company was non-cash, equity neutral, and not tax deductible.

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its subsidiaries (all of which are wholly owned), and VIEs in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date. To conform to the 2019 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Annual Report on Form 10-K. We follow the same significant accounting policies for our interim reporting, except for the new accounting pronouncements subsequently adopted and disclosed in Note 2 below.

11




Table of Contents






2. Recent Accounting Pronouncements


ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED

Leases

In February of 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize a right-of-use asset and a liability for the obligation to make payments on leases with terms greater than 12 months and to disclose information related to the amount, timing and uncertainty of cash flows arising from leases, including various qualitative and quantitative requirements. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-02. We adopted the amendments of these ASUs as of January 1, 2019. See Note 13 for additional information on the adoption of ASU 2016-02.

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Financial Instruments - Credit Losses

In June of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which significantly changes the way that entities will be required to measure credit losses. The new standard requires that the estimated credit loss be based upon an “expected credit loss” approach rather than the “incurred loss” approach currently required. The new approach will require entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable forecasts of collectability. The expected credit loss model will require earlier recognition of credit losses than the incurred loss approach. We expect ongoing changes in the allowance for finance receivable losses will be driven primarily by the growth of the Company’s loan portfolio, mix of secured and unsecured loans, credit quality, and the economic environment at that time.

The ASU also modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring companies to record an allowance for credit impairment rather than write-downs of such assets.

In addition, the ASU requires qualitative and quantitative disclosures that provide information about the allowance and the significant factors that influenced management’s estimate of the allowance.

The ASU will become effective for the Company for fiscal years beginning January 1, 2020. Early adoption is permitted for fiscal years beginning January 1, 2019.

The Company’s cross-functional implementation team continues to make progress in line with the established project plan to ensure we comply with all updates from this ASU at the time of adoption. The Company has performed parallel testing through the third quarter of 2019. We continue to refine our model to estimate the expected credit losses as well as finalize our processes and internal controls in order to comply with this ASU. This ASU will result in an increase to the allowance for finance receivable losses, an increase to deferred tax assets, and a corresponding one-time cumulative reduction to retained earnings, net of tax, in the consolidated balance sheet as of the beginning of the year of adoption. Based on the September 30, 2019 loan portfolio and current expectations of future economic conditions, the Company estimates its allowance for finance receivable losses as a percentage of finance receivables would increase to 10% to 11%. The actual impact will depend on the growth and characteristics of our finance receivables, current economic conditions, as well as our economic and loss forecasts at the time of adoption.

The Company’s implementation team has also been working with our investment advisor to develop a new process to comply with this ASU as it relates to available-for-sale debt securities and the related disclosure requirements. The Company does not expect the adoption of this ASU, as it relates to available-for-sale debt securities, will have a material impact on its consolidated financial statements.

12




Table of Contents






Insurance

In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. The amendments in this ASU become effective for the Company for fiscal years beginning January 1, 2021. In August of 2019, the FASB proposed a one-year deferral of this ASU to become effective for the Company for fiscal years beginning January 1, 2022. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We continue to make progress in evaluating the potential impact of the adoption of the ASU on our consolidated financial statements.

We do not believe that any other accounting pronouncements issued during the nine months ended September 30, 2019, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.


13




Table of Contents






3. Finance Receivables

Our finance receivables consist of personal loans, which are non-revolving, with a fixed-rate, a fixed term of three to six years, and are secured by automobiles, other titled collateral, or are unsecured. Prior to September 30, 2018, our finance receivables also included other receivables, which consist of our liquidating loan portfolios: real estate loans, retail sales finance contracts, and revolving retail accounts. We continue to service or sub-service liquidating real estate loans and retail sales finance contracts. Effective September 30, 2018, our real estate loans were transferred from held for investment to held for sale. See Notes 5, 6 and 7 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for more information about other receivables.

Net finance receivables consist of our total portfolio of personal loans. Components of our personal loans were as follows:
(dollars in millions)
 
September 30,
2019
 
December 31,
2018
 
 
 
 
 
Gross receivables *
 
$
17,615

 
$
15,936

Unearned points and fees
 
(233