OneMain (OMF) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 23, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36129
Entity Registrant Name	ONEMAIN HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3379612
Entity Address, Address Line One	601 N.W. Second Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47708
City Area Code	812
Local Phone Number	424-8031
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OMF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		134,322,410
Entity Central Index Key	0001584207
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
OMFC
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-06155
Entity Registrant Name	ONEMAIN FINANCE CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0416090
Entity Address, Address Line One	601 N.W. Second Street
Entity Address, City or Town	Evansville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47708
City Area Code	812
Local Phone Number	424-8031
Entity Information, Former Legal or Registered Name	SPRINGLEAF FINANCE CORPORATION
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,160,021
Entity Central Index Key	0000025598
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 2,740	$ 1,227
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and amortized cost basis of $1.7 billion in 2020)	1,862	1,884
Net finance receivables (includes loans of consolidated VIEs of $8.9 billion in 2020 and $8.4 billion in 2019)	17,721	18,389
Unearned insurance premium and claim reserves	(791)	(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.1 billion in 2020 and $340 million in 2019)	(2,324)	(829)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,606	16,767
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $459 million in 2020 and $400 million in 2019)	487	405
Goodwill	1,422	1,422
Other intangible assets	324	343
Other assets	1,067	769
Total assets	22,508	22,817
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $7.8 billion in 2020 and $7.6 billion in 2019)	18,010	17,212
Insurance claims and policyholder liabilities	630	649
Deferred and accrued taxes	124	34
Other liabilities	573	592
Total liabilities	19,337	18,487
Contingencies (Note 14)
Shareholders’ equity:
Common stock	1	1
Additional paid-in capital	1,648	1,689
Accumulated other comprehensive income	65	44
Retained earnings	1,457	2,596
Total shareholders’ equity	3,171	4,330
Total liabilities and shareholders’ equity	22,508	22,817
Fair Value	1,791	1,798
OMFC
Assets
Cash and cash equivalents	2,740	1,227
Investment securities (includes available-for-sale securities with a fair value of $1.8 billion and amortized cost basis of $1.7 billion in 2020)	1,862	1,884
Net finance receivables (includes loans of consolidated VIEs of $8.9 billion in 2020 and $8.4 billion in 2019)	17,721	18,389
Unearned insurance premium and claim reserves	(791)	(793)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.1 billion in 2020 and $340 million in 2019)	(2,324)	(829)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,606	16,767
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $459 million in 2020 and $400 million in 2019)	487	405
Goodwill	1,422	1,422
Other intangible assets	324	343
Other assets	1,066	768
Total assets	22,507	22,816
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $7.8 billion in 2020 and $7.6 billion in 2019)	18,010	17,212
Insurance claims and policyholder liabilities	630	649
Deferred and accrued taxes	125	35
Other liabilities	572	595
Total liabilities	19,337	18,491
Contingencies (Note 14)
Shareholders’ equity:
Common stock	5	5
Additional paid-in capital	1,892	1,888
Accumulated other comprehensive income	65	44
Retained earnings	1,208	2,388
Total shareholders’ equity	3,170	4,325
Total liabilities and shareholders’ equity	22,507	$ 22,816
Fair Value	$ 1,800

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Investment, amortized cost basis	$ 1,705	$ 1,745
Fair Value	1,791	1,798
Net finance receivables	17,721	18,389
Financing receivable, allowance for credit loss	2,324	829
Restricted cash and restricted cash equivalents	487	405
Long-term debt	18,010	17,212
Other liabilities	$ 573	$ 592
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	134,319,171	136,101,156
Common stock, shares outstanding (in shares)	134,319,171	136,101,156
Finance receivable - Personal loan
Net finance receivables	$ 17,721	$ 18,389
Financing receivable, allowance for credit loss	2,324	829
OMFC
Investment, amortized cost basis	1,700
Fair Value	1,800
Net finance receivables	17,721	18,389
Financing receivable, allowance for credit loss	2,324	829
Restricted cash and restricted cash equivalents	487	405
Long-term debt	18,010	17,212
Other liabilities	$ 572	$ 595
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,160,021	10,160,021
Common stock, shares outstanding (in shares)	10,160,021	10,160,021
Consolidated VIEs
Financing receivable, allowance for credit loss	$ 1,132	$ 340
Restricted cash and restricted cash equivalents	459	400
Long-term debt	7,835	7,643
Other liabilities	15	14
Consolidated VIEs | Finance receivable - Personal loan
Net finance receivables	8,877	8,428
Consolidated VIEs | OMFC
Financing receivable, allowance for credit loss	1,100	340
Restricted cash and restricted cash equivalents	459	400
Long-term debt	7,800	7,600
Other liabilities	15	14
Consolidated VIEs | OMFC | Finance receivable - Personal loan
Net finance receivables	$ 8,900	$ 8,400

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest income	$ 1,077	$ 1,000	$ 2,184	$ 1,955
Interest expense	271	238	527	473
Net interest income	806	762	1,657	1,482
Provision for finance receivable losses	423	268	954	554
Net interest income after provision for finance receivable losses	383	494	703	928
Other revenues:
Insurance	109	114	226	224
Investment	29	24	38	50
Net loss on repurchase and repayment of debt	0	(12)	0	(33)
Net gain on sale of real estate loans	0	0	0	3
Other	10	30	25	60
Total other revenues	148	156	289	304
Other expenses:
Salaries and benefits	184	204	383	404
Other operating expenses	139	140	291	276
Insurance policy benefits and claims	90	50	157	94
Total other expenses	413	394	831	774
Income (loss) before income tax expense (benefit)	118	256	161	458
Income tax expense (benefit)	29	62	40	112
Net income	$ 89	$ 194	$ 121	$ 346
Weighted average number of shares outstanding:
Basic (in shares)	134,316,252	136,083,993	135,112,676	136,043,221
Diluted (in shares)	134,379,576	136,248,813	135,260,396	136,220,274
Earnings per share:
Basic (in dollars per share)	$ 0.66	$ 1.43	$ 0.90	$ 2.54
Diluted (in dollars per share)	$ 0.66	$ 1.42	$ 0.90	$ 2.54
OMFC
Interest income	$ 1,077	$ 1,000	$ 2,184	$ 1,955
Interest expense	271	238	527	473
Net interest income	806	762	1,657	1,482
Provision for finance receivable losses	423	268	954	554
Net interest income after provision for finance receivable losses	383	494	703	928
Other revenues:
Insurance	109	114	226	224
Investment	29	24	38	50
Net loss on repurchase and repayment of debt	0	(12)	0	(33)
Net gain on sale of real estate loans	0	0	0	3
Other	10	34	25	68
Total other revenues	148	160	289	312
Other expenses:
Salaries and benefits	184	204	383	404
Other operating expenses	139	140	291	276
Insurance policy benefits and claims	90	50	157	94
Total other expenses	413	394	831	774
Income (loss) before income tax expense (benefit)	118	260	161	466
Income tax expense (benefit)	29	63	40	113
Net income	$ 89	$ 197	$ 121	$ 353

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 89	$ 194	$ 121	$ 346
Other comprehensive income:
Net change in unrealized gains on non-credit impaired available-for-sale securities	87	36	32	75
Foreign currency translation adjustments	5	2	(5)	5
Income tax effect:
Net change in unrealized gains on non-credit impaired available-for-sale securities	(20)	(8)	(7)	(17)
Foreign currency translation adjustments	(1)	0	1	(1)
Other comprehensive income, net of tax	71	30	21	62
Comprehensive income	160	224	142	408
OMFC
Net income	89	197	121	353
Other comprehensive income:
Net change in unrealized gains on non-credit impaired available-for-sale securities	87	36	32	75
Foreign currency translation adjustments	5	2	(5)	5
Income tax effect:
Net change in unrealized gains on non-credit impaired available-for-sale securities	(20)	(8)	(7)	(17)
Retirement plan liability adjustments	0	0	0	(1)
Foreign currency translation adjustments	(1)	0	1	0
Other comprehensive income, net of tax	71	30	21	62
Comprehensive income	$ 160	$ 227	$ 142	$ 415

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Millions	Total		Net impact of adoption of ASU 2016-13	Balance post-adoption	Common Stock	Common StockBalance post-adoption	Additional Paid-in Capital	Additional Paid-in CapitalBalance post-adoption	Total Accumulated Other Comprehensive Income (Loss)	Total Accumulated Other Comprehensive Income (Loss)Balance post-adoption	Retained Earnings		Retained EarningsNet impact of adoption of ASU 2016-13	[1]	Retained EarningsBalance post-adoption	OMFC	OMFCBalance post-adoption	OMFCCommon Stock	OMFCCommon StockBalance post-adoption	OMFCAdditional Paid-in Capital	OMFCAdditional Paid-in CapitalBalance post-adoption	OMFCTotal Accumulated Other Comprehensive Income (Loss)	OMFCTotal Accumulated Other Comprehensive Income (Loss)Balance post-adoption	OMFCRetained Earnings	OMFCRetained EarningsBalance post-adoption	SMHCOMFC	SMHCOMFCAdditional Paid-in Capital
Balance at beginning of period at Dec. 31, 2018	$ 3,799				$ 1		$ 1,681		$ (34)		$ 2,151					$ 4,021		$ 5		$ 2,110		$ (34)		$ 1,940
Increase (Decrease) in Stockholders' Equity
Contribution of SCHC to OMFC from SFI																										$ 34	$ 34
Share-based compensation expense, net of forfeitures	7						7									7				7
Withholding tax on share-based compensation	(5)						(5)									(5)				(5)
Other comprehensive income (loss)	62								62							62						62
Cash dividends	(68)	[1]									(68)	[1]				(68)								(68)
Net income	346										346					353								353
Balance at end of period at Jun. 30, 2019	$ 4,141				1		1,683		28		2,429					4,404		5		2,146		28		2,225
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.50
Balance at beginning of period at Dec. 31, 2018	$ 3,799				1		1,681		(34)		2,151					4,021		5		2,110		(34)		1,940
Balance at end of period at Dec. 31, 2019	$ 4,330		$ (828)	$ 3,502	1	$ 1	1,689	$ 1,689	44	$ 44	2,596		$ (828)		$ 1,768	4,325	$ 3,497	5	$ 5	1,888	$ 1,888	44	$ 44	2,388	$ 1,560
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance at beginning of period at Mar. 31, 2019	$ 3,950				1		1,682		(2)		2,269					4,210		5		2,145		(2)		2,062
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense, net of forfeitures	1						1									1				1
Other comprehensive income (loss)	30								30							30						30
Cash dividends	(34)	[1]									(34)	[1]				(34)								(34)
Net income	194										194					197								197
Balance at end of period at Jun. 30, 2019	$ 4,141				1		1,683		28		2,429					4,404		5		2,146		28		2,225
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.25
Balance at beginning of period at Dec. 31, 2019	$ 4,330		$ (828)	$ 3,502	1	$ 1	1,689	$ 1,689	44	$ 44	2,596		$ (828)		$ 1,768	4,325	$ 3,497	5	$ 5	1,888	$ 1,888	44	$ 44	2,388	$ 1,560
Increase (Decrease) in Stockholders' Equity
Common stock repurchased and retired	(45)						(45)
Share-based compensation expense, net of forfeitures	10						10									10				10
Withholding tax on share-based compensation	(6)						(6)									(6)				(6)
Other comprehensive income (loss)	21								21							21						21
Cash dividends	(432)	[1]									(432)	[1]				(473)								(473)
Net income	121										121					121								121
Balance at end of period at Jun. 30, 2020	$ 3,171				1		1,648		65		1,457					3,170		5		1,892		65		1,208
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 3.16
Balance at beginning of period at Mar. 31, 2020	$ 3,052				1		1,645		(6)		1,412					3,047		5		1,889		(6)		1,159
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense, net of forfeitures	3						3									3				3
Other comprehensive income (loss)	71								71							71						71
Cash dividends	(44)	[1]									(44)	[1]				(40)								(40)
Net income	89										89					89								89
Balance at end of period at Jun. 30, 2020	$ 3,171				$ 1		$ 1,648		$ 65		$ 1,457					$ 3,170		$ 5		$ 1,892		$ 65		$ 1,208
Increase (Decrease) in Stockholders' Equity
Dividends declared (in dollars per share)	$ 0.33
[1]	Cash dividends declared were $0.33 per share and $0.25 per share during the three months ended June 30, 2020 and 2019, respectively, and $3.16 per share and $0.50 per share during the six months ended June 30, 2020 and 2019, respectively.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income	$ 121	$ 346
Reconciling adjustments:
Provision for finance receivable losses	954	554
Depreciation and amortization	130	138
Deferred income tax charge (benefit)	(69)	21
Net loss on repurchase and repayment of debt	0	33
Share-based compensation expense, net of forfeitures	10	7
Other	5	(10)
Cash flows due to changes in other assets and other liabilities	53	56
Net cash provided by operating activities	1,204	1,145
Cash flows from investing activities
Net principal collections (originations) of finance receivables held for investment and held for sale	64	(1,400)
Proceeds on sale of finance receivables held for sale originated as held for investment	0	19
Available-for-sale securities purchased	(207)	(317)
Available-for-sale securities called, sold, and matured	262	336
Other securities purchased	(6)	(5)
Other securities called, sold, and matured	8	15
Other, net	(15)	5
Net cash provided by (used for) investing activities	106	(1,347)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of commissions	5,456	3,159
Repayment of long-term debt	(4,689)	(2,856)
Cash dividends	(431)	(68)
Common stock repurchased and retired	(45)	0
Withholding tax on share-based compensation	(6)	(5)
Net cash provided by (used in) financing activities	285	230
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	1,595	28
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,632	1,178
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	3,227	1,206
Supplemental cash flow information
Total cash and cash equivalents and restricted cash and restricted cash equivalents	3,227	1,206
Cash paid for amounts included in the measurement of operating lease liabilities	29	29
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations	22	177
Non-cash contribution of SCLH	0	22
OMFC
Cash flows from operating activities
Net income	121	353
Reconciling adjustments:
Provision for finance receivable losses	954	554
Depreciation and amortization	130	138
Deferred income tax charge (benefit)	(69)	19
Net loss on repurchase and repayment of debt	0	33
Share-based compensation expense, net of forfeitures	10	7
Other	5	(10)
Cash flows due to changes in other assets and other liabilities	49	60
Net cash provided by operating activities	1,200	1,154
Cash flows from investing activities
Net principal collections (originations) of finance receivables held for investment and held for sale	64	(1,400)
Proceeds on sale of finance receivables held for sale originated as held for investment	0	19
Cash advances on intercompany notes receivables	0	(3)
Proceeds from repayments of principal on intercompany note to parent	0	3
Available-for-sale securities purchased	(207)	(317)
Available-for-sale securities called, sold, and matured	262	336
Other securities purchased	(6)	(5)
Other securities called, sold, and matured	8	15
Other, net	(15)	5
Net cash provided by (used for) investing activities	106	(1,347)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of commissions	5,456	3,159
Repayment of long-term debt	(4,689)	(2,856)
Cash dividends	(45)
Payments on intercompany note payable	0	(6)
Withholding tax on share-based compensation	(6)	(5)
Net cash provided by (used in) financing activities	289	236
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	1,595	43
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	1,632	1,162
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	3,227	1,205
Supplemental cash flow information
Total cash and cash equivalents and restricted cash and restricted cash equivalents	3,227	1,205
Cash paid for amounts included in the measurement of operating lease liabilities	29	29
Supplemental non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations	22	177
SCLH | OMFC
Cash flows from financing activities
Cash contribution of related party	0	12
OMH | OMFC
Cash flows from financing activities
Cash dividends	$ (472)	$ (68)

Business and Basis of Presentat

Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	1. Business and Basis of Presentation OneMain Holdings, Inc. (“OMH”), and its wholly-owned direct subsidiary, OneMain Finance Corporation (“OMFC”) (formerly known as Springleaf Finance Corporation (“SFC”)) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses. Prior to the completion of the merger described below, OMH’s direct subsidiary was Springleaf Finance, Inc. (“SFI”). Effective July 1, 2020, SFC was renamed to OMFC. The name change did not affect OMFC’s legal entity structure, nor did it have an impact on OMH’s or OMFC’s financial statements. Although the name change was not effective until July 1, 2020, OMFC is used in this report, including references to past transactions and arrangements occurring prior to the name change. On September 20, 2019, OMFC entered into a merger agreement with its direct parent, SFI, to merge SFI with and into OMFC, with OMFC as the surviving entity. The merger was effective in OMFC's condensed consolidated financial statements as of July 1, 2019. As a result of the merger with SFI, OMFC became a wholly-owned direct subsidiary of OMH. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “we,” “us,” or “our.” The information in this Quarterly Report on Form 10-Q is equally applicable to OMH and OMFC, except where otherwise indicated. At June 30, 2020, the Apollo-Värde Group owned approximately 40.9% of OMH’s common stock. 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 variable interest entities (“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 2020 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 2019 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 3 below.

Reconciliation of OneMain Finan

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results	2. Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC. OMFC disclosures relate only to itself and not to any other company. Except where otherwise indicated, and excluding certain insignificant cash and non-cash transactions at the OMH level, these notes relate to the condensed consolidated financial statements for both companies, OMH and OMFC. In addition to certain intercompany payable and receivable amounts between the entities, the following is a reconciliation of the condensed consolidated balance sheets and results of our condensed consolidated statements of operations of OMFC to OMH: June 30, 2020 December 31, 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other assets $ 1,067 $ 1,066 $ 1 $ 769 $ 768 $ 1 Deferred and accrued taxes 124 125 (1) 34 35 (1) Other liabilities 573 572 1 592 595 (3) Total shareholders' equity (a) 3,171 3,170 1 4,330 4,325 5 Three Months Ended June 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other revenues (b) $ 10 $ 10 $ — $ 30 $ 34 $ (4) Income before income taxes 118 118 — 256 260 (4) Income taxes 29 29 — 62 63 (1) Net Income 89 89 — 194 197 (3) Six Months Ended June 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other revenues (b) $ 25 $ 25 $ — $ 60 $ 68 $ (8) Income before income taxes 161 161 — 458 466 (8) Income taxes 40 40 — 112 113 (1) Net Income 121 121 — 346 353 (7) (a) The differences between total shareholders’ equity in the periods ended June 30, 2020 and December 31, 2019 were due to historical differences in results of operations of the companies and differences in equity awards. (b) Other revenues include the interest income on notes receivables from parent, which were notes from SFI held by OMFC and Springleaf Mortgage Holding Company and subsidiaries (“SMHC”), a wholly-owned direct subsidiary of OMFC. See Note 1 and below for further discussion of the merger between SFI and OMFC. The following transactions are related to OMFC and have no impact on OMH's condensed consolidated financial results. Merger of SFI into OMFC On September 20, 2019, OMFC entered into a merger agreement with its direct parent SFI, to merge SFI with and into OMFC, with OMFC as the surviving entity. The merger was effective in OMFC's condensed consolidated financial statements as of July 1, 2019. In conjunction with the merger, the net deficiency of SFI, after elimination of its investment in OMFC, was absorbed by OMFC resulting in an equity reduction of $408 million to OMFC, which included the elimination of the intercompany notes and receivables between OMFC and SFI, as discussed below. The net deficiency of SFI included an intercompany note payable plus accrued interest of $166 million from SFI to OMH, which OMFC assumed through the merger. On September 23, 2019, OMFC repaid SFI’s note to OMH. Concurrently, OMH paid $22 million in other payables due to OMFC and made an equity contribution of $144 million to OMFC. The transactions noted above resulted in a net $264 million reduction to OMFC's equity. OMFC's Notes Receivable from Parent As a result of the merger between SFI and OMFC, described in Note 1 and above, a $232 million note receivable from SFI to OMFC was dissolved effective July 1, 2019. Additionally, OMFC assumed a $28 million note payable from SFI to SMHC, a wholly-owned subsidiary of OMFC, and OMFC subsequently paid off the note on September 23, 2019. For the three and six months ended June 30, 2019, interest income on these notes totaled $3 million and $7 million, respectively, which we report in other revenues. Springleaf Consumer Loan Holding Company (“SCLH”) Contribution On March 10, 2019, all of the outstanding capital stock of SCLH, a subsidiary of SFI, was contributed to OMFC and SCLH became a wholly-owned direct subsidiary of OMFC. The contribution was effective as of January 1, 2019 and increased OMFC’s total shareholder’s equity and total assets by $34 million and $53 million, respectively. The contribution is presented prospectively because it is deemed to be a contribution of net assets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements ACCOUNTING PRONOUNCEMENTS RECENTLY 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 are 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 previously required. The new approach requires entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability. The expected credit loss model requires 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 our loan portfolio, mix of secured and unsecured loans, credit quality, and the economic environment at that time. In addition, the ASU developed a new accounting treatment for purchased financial assets with credit deterioration. 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. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-13 We adopted the amendments of these ASUs as of January 1, 2020. Upon adoption, we recorded an increase to the allowance for finance receivable losses of $1.12 billion, an increase to deferred tax assets of $0.28 billion, and a corresponding one-time cumulative reduction to retained earnings, net of tax, of $0.83 billion in the consolidated balance sheet as of January 1, 2020. The adoption of this ASU, as it relates to available-for-sale debt securities, did not have a material impact on the consolidated financial statements as of January 1, 2020. As a result of the adoption of ASU 2016-13, several of our significant accounting policies have changed to reflect the requirements of the new standard. See below for these updated significant accounting policies as of January 1, 2020. Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies solely on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning. Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss. Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in “Other assets.” We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in investment revenue. See Notes 4, 5, and 7 for additional information on the adoption of ASU 2016-13. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED 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. Under current guidance, this ASU will become effective for us beginning January 1, 2022. In July of 2020, the FASB proposed a one-year deferral of this ASU to become effective for public entities for fiscal years beginning January 1, 2023. 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. Currently, we are engaging various vendors to assess a software solution to meet the new accounting and disclosure requirements of the ASU. 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, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.

Finance Receivables

Finance Receivables	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Our finance receivables consist of personal loans, which are non-revolving, with a fixed-rate, fixed terms generally between three Net finance receivables consist of our total portfolio of personal loans. Components of our personal loans were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Gross receivables * $ 17,521 $ 18,195 Unearned points and fees (224) (242) Accrued finance charges 284 289 Deferred origination costs 140 147 Total $ 17,721 $ 18,389 * Gross receivables equal the unpaid principal balance (“UPB”) except for the following: • Finance receivables purchased as a performing receivable — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase to reflect the finance receivable balance at its initial fair value; • Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts established prior to the adoption of ASU 2016-13; and • Purchased credit deteriorated finance receivables — gross receivables equal the UPB and any remaining unearned discount established at the time of the adoption of ASU 2016-13 on January 1, 2020. CREDIT QUALITY INDICATOR We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. When finance receivables are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and we transfer collection of these accounts to our centralized operations. At 90 days or more contractually past due, we consider our finance receivables to be nonperforming. We stop accruing finance charges and reverse finance charges previously accrued on nonperforming loans. We reversed net accrued finance charges of $22 million and $50 million during the three and six months ended June 30, 2020, respectively. Finance charges recognized from the contractual interest portion of payments received on nonaccrual finance receivables totaled $4 million and $8 million during the three and six months ended June 30, 2020, respectively. All loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses. The following is a summary of our personal loans held for investment by the year of origination and number of days delinquent, our key credit quality indicator, at June 30, 2020: (dollars in millions) 2020 2019 2018 2017 2016 Prior Total Performing Current $ 4,273 $ 8,224 $ 3,035 $ 1,064 $ 334 $ 167 $ 17,097 30-59 days past due 15 84 40 17 7 5 168 60-89 days past due 9 59 31 13 5 4 121 Total performing 4,297 8,367 3,106 1,094 346 176 17,386 Nonperforming (Nonaccrual) 90-179 days past due 7 178 88 34 12 8 327 180 days or more past due — 5 2 1 — — 8 Total nonperforming 7 183 90 35 12 8 335 Total $ 4,304 $ 8,550 $ 3,196 $ 1,129 $ 358 $ 184 $ 17,721 The following is a summary of our personal loans held for investment by number of days delinquent at December 31, 2019, which is prior to the adoption of ASU 2016-13 on January 1, 2020 and continues to be reported under ASC 310, Receivables : (dollars in millions) Total Performing Current $ 17,550 30-59 days past due 272 60-89 days past due 181 Total performing 18,003 Nonperforming 90-179 days past due 377 180 days or more past due 9 Total nonperforming 386 Total $ 18,389 PURCHASED CREDIT IMPAIRED FINANCE RECEIVABLES ASU 2016-13 superseded the accounting for purchased credit impaired finance receivables with purchase credit deteriorated finance receivables. As a result, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 million on January 1, 2020. Due to the adoption of ASU 2016-13, the following disclosures related to purchase credit impaired finance receivables are no longer applicable for reporting periods beginning in 2020. We previously reported the carrying amount of our purchased credit impaired personal loans in net finance receivables, less allowance for finance receivable losses, and our purchased credit impaired real estate loans in finance receivables held for sale as discussed below. At December 31, 2019, finance receivables held for sale, reported in “Other assets,” totaled $64 million, which include purchased credit impaired real estate loans, as well as TDR real estate loans. See Note 6 for further information on our finance receivables held for sale. Information regarding purchased credit impaired finance receivables were as follows: (dollars in millions) December 31, 2019 Personal Loans Carrying amount, net of allowance $ 40 Outstanding balance (a) 74 Allowance for purchased credit impaired finance receivable losses (b) — Real Estate Loans - Held for Sale Carrying amount $ 19 Outstanding balance (a) 35 (a) Outstanding balance is defined as the UPB of the loans with a net carrying amount. (b) The allowance for purchased credit impaired finance receivable losses reflects the carrying value of the purchased credit impaired loans held for investment exceeding the present value of the expected cash flows. As indicated above, no allowance was required as of December 31, 2019. Changes in accretable yield for purchased credit impaired finance receivables were as follows: (dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Personal Loans Balance at beginning of period $ 34 $ 39 Accretion (4) (9) Reclassifications from nonaccretable difference * 16 16 Balance at end of period $ 46 $ 46 Real Estate Loans - Held for Sale Balance at beginning of period $ 23 $ 27 Accretion — (1) Transfer due to finance receivables sold — (3) Balance at end of period $ 23 $ 23 * Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows. TDR FINANCE RECEIVABLES Information regarding TDR finance receivables were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Personal Loans TDR gross receivables (a) $ 700 $ 655 TDR net receivables (b) 702 658 Allowance for TDR finance receivable losses 321 272 Real Estate Loans - Held for Sale TDR gross receivables (a) $ 50 $ 52 TDR net receivables (b) 50 53 (a) TDR gross receivables — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase if previously purchased as a performing receivable. (b) TDR net receivables — TDR gross receivables net of unearned points and fees, accrued finance charges, and deferred origination costs. TDR average net receivables and finance charges recognized on TDR finance receivables for our personal loans that are held for investment and our real estate loans that are held for sale were as follows: (dollars in millions) Personal Real Estate Loans Total Three Months Ended June 30, 2020 TDR average net receivables $ 698 $ 51 $ 749 TDR finance charges recognized 13 — 13 Three Months Ended June 30, 2019 TDR average net receivables $ 527 $ 58 $ 585 TDR finance charges recognized 12 1 13 Six Months Ended June 30, 2020 TDR average net receivables $ 687 $ 51 $ 738 TDR finance charges recognized 25 1 26 Six Months Ended June 30, 2019 TDR average net receivables $ 502 $ 61 $ 563 TDR finance charges recognized 23 2 25 Information regarding the new volume of the TDR finance receivables held for investment were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Pre-modification TDR net finance receivables $ 129 $ 124 $ 287 $ 244 Post-modification TDR net finance receivables: Rate reduction 75 85 175 170 Other * 54 39 112 74 Total post-modification TDR net finance receivables $ 129 $ 124 $ 287 $ 244 Number of TDR accounts 17,381 18,307 39,199 36,813 * “Other” modifications primarily include potential principal and interest forgiveness contingent on future payment performance by the borrower under the modified terms. New volume of TDR finance receivables held for sale are not included in the table above as they were immaterial for the three and six months ended June 30, 2020 and 2019. Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table. Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans TDR net finance receivables * $ 26 $ 21 $ 57 $ 40 Number of TDR accounts 3,787 3,171 8,339 6,096 * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. Real estate loans held for sale that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) were immaterial for the three and six months ended June 30, 2020 and 2019.

Allowance for Finance Receivabl

Allowance for Finance Receivable Losses	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Allowance for Finance Receivable Losses	5. Allowance for Finance Receivable Losses We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the estimated lifetime expected credit losses on our finance receivables, pursuant to the adoption of ASU 2016-13 on January 1, 2020. Prior to the adoption of ASU 2016-13, we estimated and recorded an allowance for finance receivable losses to cover estimated incurred losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions. See Note 3 for additional information regarding our policy for allowance for finance receivable losses. Our current methodology to estimate expected credit losses used the most recent macroeconomic forecasts, which incorporated the projected impacts of the global outbreak of a novel strain of coronavirus (“COVID-19”) on the U.S. economy. Our forecast leveraged economic projections from an industry leading forecast provider. We also incorporated estimated impacts from known government stimulus measures , the involuntary unemployment insurance coverage of our portfolio, and our borrower assistance efforts. At June 30, 2020, our economic forecast used a reasonable and supportable period of 12 months. The increase in our allowance for finance receivable losses for the three and six months ended June 30, 2020 was largely due to these economic considerations offset by a release in our reserves as a result of the decline in our net finance receivables in the period. Changes in the allowance for finance receivable losses were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Balance at beginning of period $ 2,182 $ 733 $ 829 $ 731 Impact of adoption of ASU 2016-13 * — — 1,118 — Provision for finance receivable losses 423 268 954 554 Charge-offs (321) (290) (657) (601) Recoveries 40 33 80 60 Balance at end of period $ 2,324 $ 744 $ 2,324 $ 744 * As a result of the adoption of ASU 2016-13 on January 1, 2020, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3 and 4 for additional information on the adoption of ASU 2016-13. The allowance for finance receivable losses and net finance receivables by impairment method were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Allowance for finance receivable losses: Collectively evaluated for impairment $ 2,003 $ 557 Purchased credit impaired finance receivables * — — TDR finance receivables 321 272 Total $ 2,324 $ 829 Finance receivables: Collectively evaluated for impairment $ 17,019 $ 17,691 Purchased credit impaired finance receivables * — 40 TDR finance receivables 702 658 Total $ 17,721 $ 18,389 Allowance for finance receivable losses as a percentage of finance receivables 13.12 % 4.51 % * As a result of the adoption of ASU 2016-13 on January 1, 2020, the accounting for purchased credit impaired finance receivables was superseded with purchase credit deteriorated finance receivables which are collectively evaluated for impairment. See Notes 3 and 4 for additional information on the adoption of ASU 2016-3.

Finance Receivables Held for Sa

Finance Receivables Held for Sale	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Finance Receivables Held for Sale	6. Finance Receivables Held for Sale We reported finance receivables held for sale, included within “Other assets,” of $59 million at June 30, 2020 and $64 million at December 31, 2019, which consist entirely of real estate loans, and are carried at the lower of cost or fair value, applied on an aggregate basis. In February 2019, we sold a portfolio of real estate loans with a carrying value of $16 million for aggregate cash proceeds of $19 million and recorded a net gain in other revenues of $3 million (“February 2019 Real Estate Loan Sale”). After the recognition of the February 2019 Real Estate Loan Sale, the carrying value of the remaining loans classified in finance receivables held for sale exceeded their fair value and, accordingly, we marked the remaining loans to fair value and recorded an impairment in other revenue of $3 million.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	7. Investment Securities AVAILABLE-FOR-SALE SECURITIES Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows: (dollars in millions) Cost/ Unrealized Unrealized Fair June 30, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 84 5 — 89 Commercial paper 31 — — 31 Non-U.S. government and government sponsored entities 134 8 — 142 Corporate debt 1,087 72 (7) 1,152 Mortgage-backed, asset-backed, and collateralized: RMBS 209 8 — 217 CMBS 63 2 (1) 64 CDO/ABS 85 1 (2) 84 Total $ 1,705 $ 96 $ (10) $ 1,791 * The allowance for credit losses related to our investment securities was immaterial as of June 30, 2020. (dollars in millions) Cost/ Unrealized Unrealized Fair December 31, 2019* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 91 2 (1) 92 Commercial paper 91 — — 91 Non-U.S. government and government sponsored entities 144 3 — 147 Corporate debt 1,054 45 (1) 1,098 Mortgage-backed, asset-backed, and collateralized: RMBS 214 3 — 217 CMBS 56 1 — 57 CDO/ABS 84 1 — 85 Total $ 1,745 $ 55 $ (2) $ 1,798 * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities . As of June 30, 2020, interest receivables reported in “Other assets” totaled $12 million, and no amounts were reversed from investment revenue for available-for-sale securities. Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows: Less Than 12 Months 12 Months or Longer Total (dollars in millions) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2020 Non-U.S. government and government sponsored entities $ 2 $ — $ — $ — $ 2 $ — Corporate debt 112 (7) 3 — 115 (7) Mortgage-backed, asset-backed, and collateralized: RMBS 2 — — — 2 — CMBS 18 (1) — — 18 (1) CDO/ABS 32 (2) — — 32 (2) Total $ 166 $ (10) $ 3 $ — $ 169 $ (10) December 31, 2019* U.S. government and government sponsored entities $ — $ — $ 3 $ — $ 3 $ — Obligations of states, municipalities, and political subdivisions 29 (1) 4 — 33 (1) Commercial paper 76 — — — 76 — Non-U.S. government and government sponsored entities 19 — 14 — 33 — Corporate debt 63 (1) 13 — 76 (1) Mortgage-backed, asset-backed, and collateralized: RMBS 45 — — — 45 — CMBS 15 — 7 — 22 — CDO/ABS 14 — — — 14 — Total $ 261 $ (2) $ 41 $ — $ 302 $ (2) * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities . On a lot basis, we had 256 and 398 investment securities in an unrealized loss position at June 30, 2020 and December 31, 2019, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, at June 30, 2020, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of June 30, 2020, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost. We continue to monitor unrealized loss positions for potential credit impairments. During the three and six months ended June 30, 2020, credit impairments were immaterial related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and six months ended June 30, 2020. Prior to the adoption of ASU 2016-13, other-than-temporary impairment losses, primarily on corporate debt, in investment revenues were immaterial during the three and six months ended June 30, 2019. There were no material additions or reductions in the cumulative amount of credit losses (recognized in earnings) on other-than-temporarily impaired available-for-sale securities during the three and six months ended June 30, 2019. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2020 totaled $47 million and $105 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2019 totaled $180 million and $209 million, respectively. The net realized gains and losses were immaterial during the three and six months ended June 30, 2020 and 2019. Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2020 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 137 $ 136 Due after 1 year through 5 years 611 581 Due after 5 years through 10 years 509 475 Due after 10 years 169 156 Mortgage-backed, asset-backed, and collateralized securities 365 357 Total $ 1,791 $ 1,705 Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies. The fair value of securities on deposit with third parties totaled $620 million and $633 million at June 30, 2020 and December 31, 2019, respectively. OTHER SECURITIES The fair value of other securities by type was as follows: (dollars in millions) June 30, 2020 December 31, 2019 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 20 24 Mortgage-backed, asset-backed, and collateralized bonds 15 15 Total bonds 36 40 Preferred stock * 13 19 Common stock * 22 26 Other long-term investments — 1 Total $ 71 $ 86 * We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments. Net unrealized gains on other securities held were $6 million for the three months ended June 30, 2020. Net unrealized gains on other securities held were immaterial for the three months ended June 30, 2019. We recognized $7 million in unrealized losses and $5 million in unrealized gains on other securities for the six months ended June 30, 2020 and 2019, respectively. There were no net realized gains and losses on other securities sold or redeemed for the three and six months ended June 30, 2020 and 2019. Other securities include equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in investment revenue.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	8. Long-term Debt Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at June 30, 2020 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.98%-6.94% 5.38%-8.88% 2.97 % Remainder of 2020 $ — $ 999 $ — $ 999 2021 — 644 — 644 2022 — 1,000 — 1,000 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025-2067 — 4,995 350 5,345 Securitizations (c) 7,867 — — 7,867 Total principal maturities $ 7,867 $ 10,113 $ 350 $ 18,330 Total carrying amount $ 7,835 $ 10,003 $ 172 $ 18,010 Debt issuance costs (d) (29) (86) — (115) (a) Pursuant to the Base Indenture, the Supplemental Indentures and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions. (b) The interest rates shown are the range of contractual rates in effect at June 30, 2020. (c) Securitizations are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At June 30, 2020, there were no amounts drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities. (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $29 million at June 30, 2020 and are reported in “Other assets.” 8.875% SENIOR NOTES DUE 2025 OFFERING On May 14, 2020, OMFC issued a total of $600 million aggregate principal amount of 8.875% Senior Notes due 2025 (the “8.875% Senior Notes due 2025”) under the Base Indenture, as supplemented by the Tenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. REDEMPTION OF 8.25% SENIOR NOTES DUE 2020 On June 29, 2020, OMFC issued a notice of full redemption of its 8.25% Senior Notes due 2020. On July 29, 2020, OMFC paid an aggregate amount of $1.0 billion, inclusive of accrued interest and premiums, to complete the redemption. In connection with the redemption, we will recognize approximately $35 million of net loss on repurchases and repayments of debt in the third quarter of 2020.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	9. Variable Interest Entities CONSOLIDATED VIES We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as secured borrowings. See Note 3 and Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K for more detail regarding VIEs. We parenthetically disclose on our consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities if its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Assets Cash and cash equivalents $ 3 $ 4 Finance receivables - Personal loans 8,877 8,428 Allowance for finance receivable losses 1,132 340 Restricted cash and restricted cash equivalents 459 400 Other assets 29 29 Liabilities Long-term debt $ 7,835 $ 7,643 Other liabilities 15 15 Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $90 million and $172 million during the three and six months ended June 30, 2020, respectively, compared to $82 million and $164 million during the three and six months ended June 30, 2019, respectively. SECURITIZED BORROWINGS Each of our securitizations contains a revolving period ranging from one REVOLVING CONDUIT FACILITIES We had access to 14 revolving conduit facilities with a total maximum borrowing capacity of $7.1 billion as of June 30, 2020. Our conduit facilities contain revolving periods during which time no principal payments are required, but may be made without penalty followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to ten years as of June 30, 2020. Amounts drawn on these facilities are collateralized by our personal loans.

Insurance

Insurance	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Insurance	10. Insurance Changes in the reserve for unpaid claims and loss adjustment expenses (not considering reinsurance recoverable): At or for the (dollars in millions) 2020 2019 Balance at beginning of period $ 117 $ 117 Less reinsurance recoverables (4) (4) Net balance at beginning of period 113 113 Additions for losses and loss adjustment expenses incurred to: Current year 174 111 Prior years * (11) (15) Total 163 96 Reductions for losses and loss adjustment expenses paid related to: Current year (58) (50) Prior years (47) (48) Total (105) (98) Net balance at end of period 171 111 Plus reinsurance recoverables 3 3 Balance at end of period $ 174 $ 114

Capital Stock and Earnings Per

Capital Stock and Earnings Per Share (OMH Only)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Capital Stock and Earnings Per Share (OMH Only)	11. Capital Stock and Earnings Per Share (OMH Only) CAPITAL STOCK OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance. During the first quarter of 2020, the OMH Board of Directors approved a stock repurchase program, which allowed us to repurchase up to $200 million of OMH’s outstanding common stock with no stated expiration. On March 20, 2020, OMH temporarily suspended its stock repurchase program. OMH retains the right to reinstate the stock repurchase program as circumstances change. Prior to the suspension of the program, OMH repurchased and retired 2,031,698 shares of its common stock with an average price paid per share of $22.30, for an aggregate total of approximately $45 million, including commissions and fees. The aggregate purchase price in excess of the par value of the repurchased OMH common stock is recorded as a reduction to additional paid-in-capital. To provide funding for the OMH stock repurchase and retirement program, the OMFC Board of Directors authorized multiple dividend payments in the aggregate amount of $45 million. Changes in OMH shares of common stock issued and outstanding were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance at beginning of period 134,309,707 136,082,463 136,101,156 135,832,278 Common shares issued 9,464 6,954 249,713 257,139 Common shares retired — — (2,031,698) — Balance at end of period 134,319,171 136,089,417 134,319,171 136,089,417 EARNINGS PER SHARE (OMH ONLY) The computation of earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2020 2019 2020 2019 Numerator (basic and diluted): Net income $ 89 $ 194 $ 121 $ 346 Denominator: Weighted average number of shares outstanding (basic) 134,316,252 136,083,993 135,112,676 136,043,221 Effect of dilutive securities * 63,324 164,820 147,720 177,053 Weighted average number of shares outstanding (diluted) 134,379,576 136,248,813 135,260,396 136,220,274 Earnings per share: Basic $ 0.66 $ 1.43 $ 0.90 $ 2.54 Diluted $ 0.66 $ 1.42 $ 0.90 $ 2.54 * We have excluded weighted-average unvested restricted stock units totaling 483,644 and 247,990 for the three months ended June 30, 2020 and 2019, respectively, and 304,866 and 353,292 for the six months ended June 30, 2020 and 2019, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	12. Accumulated Other Comprehensive Income (Loss) Changes, net of tax, in accumulated other comprehensive income (loss) were as follows: (dollars in millions) Unrealized Retirement Foreign Total Three Months Ended June 30, 2020 Balance at beginning of period $ (1) $ 3 $ (8) $ (6) Other comprehensive income before reclassifications 67 — 4 71 Balance at end of period $ 66 $ 3 $ (4) $ 65 Three Months Ended June 30, 2019 Balance at beginning of period $ 2 $ (3) $ (1) $ (2) Other comprehensive income before reclassifications 28 — 2 30 Balance at end of period $ 30 $ (3) $ 1 $ 28 Six Months Ended June 30, 2020 Balance at beginning of period $ 41 $ 3 $ — $ 44 Other comprehensive income (loss) before reclassifications 25 — (4) 21 Balance at end of period $ 66 $ 3 $ (4) $ 65 Six Months Ended June 30, 2019 Balance at beginning of period $ (28) $ (3) $ (3) $ (34) Other comprehensive income before reclassifications 58 — 4 62 Balance at end of period $ 30 $ (3) $ 1 $ 28 * There were immaterial amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and six months ended June 30, 2020. Reclassification adjustments from accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three and six months ended June 30, 2020 and 2019.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes We had a net deferred tax asset of $441 million and $104 million at June 30, 2020 and December 31, 2019, respectively. The increase in our net deferred tax asset of $337 million was primarily due to the tax effect of the increase in the allowance for finance receivable losses from both the adoption of ASU 2016-13 and the current period activity. See Note 5 for further information on the increase in allowance. The increase was partly offset by favorable mark-to-market valuation of our receivables. We follow the guidance of ASC 740, Income Taxes , for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur. Our estimates may need to be further adjusted throughout the year as the effects of the COVID-19 pandemic plays out in the economic and financial markets, and as a result, our AETR may significantly change in the remaining period of 2020. The effective tax rate for the six months ended June 30, 2020 was 24.6%, compared to 24.5% for the same period in 2019. The effective tax rates for the six months ended June 30, 2020 and 2019 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes. We are currently under examination of our U.S. federal tax returns for the years 2014 to 2016 by the IRS. We are also under examination by various states for the years 2011 to 2018. Management believes it has adequately provided for taxes for such years. Our gross unrecognized tax benefits, including related interest and penalties, totaled $12 million at June 30, 2020 and at December 31, 2019. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our consolidated financial statements. On March 27, 2020, the Coronarvirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, and technical corrections to tax depreciation methods for qualified improvement property. We do not anticipate the CARES Act will have a material impact on our consolidated financial statements. We will continue to monitor legislative developments related to the COVID-19 pandemic.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	14. Contingencies LEGAL CONTINGENCIES In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims. We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss. For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action. For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our consolidated financial statements as a whole.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	15. Segment Information At June 30, 2020, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of (i) our liquidating SpringCastle Portfolio servicing activity and (ii) our non-originating legacy operations, which primarily include our liquidating real estate loans. The accounting policies of the C&I segment are the same as those disclosed in Note 3 and Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K. The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts. (dollars in millions) Consumer Other Segment to Consolidated Three Months Ended June 30, 2020 Interest income $ 1,074 $ 1 $ 2 $ 1,077 Interest expense 266 1 4 271 Provision for finance receivable losses 422 — 1 423 Net interest income after provision for finance receivable losses 386 — (3) 383 Other revenues 144 4 — 148 Other expenses 402 5 6 413 Income (loss) before income tax expense (benefit) $ 128 $ (1) $ (9) $ 118 Three Months Ended June 30, 2019 Interest income $ 999 $ 2 $ (1) $ 1,000 Interest expense 232 1 5 238 Provision for finance receivable losses 263 — 5 268 Net interest income after provision for finance receivable losses 504 1 (11) 494 Other revenues 144 12 — 156 Other expenses 378 10 6 394 Income before income tax expense $ 270 $ 3 $ (17) $ 256 (dollars in millions) Consumer Other Segment to Consolidated At or for the Six Months Ended June 30, 2020 Interest income $ 2,174 $ 3 $ 7 $ 2,184 Interest expense 515 2 10 527 Provision for finance receivable losses 952 — 2 954 Net interest income after provision for finance receivable losses 707 1 (5) 703 Other revenues 281 9 (1) 289 Other expenses 809 12 10 831 Income (loss) before income tax expense (benefit) $ 179 $ (2) $ (16) $ 161 Assets $ 20,389 $ 70 $ 2,049 $ 22,508 At or for the Six Months Ended June 30, 2019 Interest income $ 1,953 $ 5 $ (3) $ 1,955 Interest expense 462 3 8 473 Provision for finance receivable losses 539 — 15 554 Net interest income after provision for finance receivable losses 952 2 (26) 928 Other revenues * 290 21 (7) 304 Other expenses 740 23 11 774 Income before income tax expense $ 502 $ — $ (44) $ 458 Assets $ 18,872 $ 87 $ 2,058 $ 21,017 * Other revenues in Other include the gain on the February 2019 Real Estate Loan Sale as well as the impairment adjustments on the remaining loans in held for sale in 2019.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	16. Fair Value Measurements The accounting policies of our Fair Value Measurements are the same as those disclosed in Note 3 and Note 20 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K. The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Fair Value Measurements Using Total Total (dollars in millions) Level 1 Level 2 Level 3 June 30, 2020 Assets Cash and cash equivalents $ 2,740 $ — $ — $ 2,740 $ 2,740 Investment securities 39 1,819 4 1,862 1,862 Net finance receivables, less allowance for finance receivable losses — — 17,914 17,914 15,397 Restricted cash and restricted cash equivalents 487 — — 487 487 Other assets * — — 67 67 67 Liabilities Long-term debt $ — $ 18,584 $ — $ 18,584 $ 18,010 December 31, 2019 Assets Cash and cash equivalents $ 1,159 $ 68 $ — $ 1,227 $ 1,227 Investment securities 45 1,835 4 1,884 1,884 Net finance receivables, less allowance for finance receivable losses — — 19,319 19,319 17,560 Restricted cash and restricted cash equivalents 405 — — 405 405 Other assets * — — 84 84 74 Liabilities Long-term debt $ — $ 18,509 $ — $ 18,509 $ 17,212 * Other assets at June 30, 2020 and December 31, 2019 includes finance receivables held for sale and miscellaneous receivables related to our liquidating loan portfolios. FAIR VALUE MEASUREMENTS — RECURRING BASIS The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value: Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 June 30, 2020 Assets Cash equivalents in mutual funds $ 2,622 $ — $ — $ 2,622 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 89 — 89 Commercial paper — 31 — 31 Non-U.S. government and government sponsored entities — 142 — 142 Corporate debt 4 1,145 3 1,152 RMBS — 217 — 217 CMBS — 64 — 64 CDO/ABS — 84 — 84 Total available-for-sale securities 4 1,784 3 1,791 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 19 1 20 RMBS — 1 — 1 CDO/ABS — 14 — 14 Total bonds — 35 1 36 Preferred stock 13 — — 13 Common stock 22 — — 22 Total other securities 35 35 1 71 Total investment securities 39 1,819 4 1,862 Restricted cash equivalents in mutual funds 474 — — 474 Total $ 3,135 $ 1,819 $ 4 $ 4,958 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2019 Assets Cash equivalents in mutual funds $ 775 $ — $ — $ 775 Cash equivalents in securities — 68 — 68 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 91 — 91 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,093 — 1,098 RMBS — 217 — 217 CMBS — 57 — 57 CDO/ABS — 85 — 85 Total available-for-sale securities 5 1,793 — 1,798 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 23 1 24 RMBS — 1 — 1 CDO/ABS — 12 2 14 Total bonds — 37 3 40 Preferred stock 14 5 — 19 Common stock 26 — — 26 Other long-term investments — — 1 1 Total other securities 40 42 4 86 Total investment securities 45 1,835 4 1,884 Restricted cash equivalents in mutual funds 403 — — 403 Total $ 1,223 $ 1,903 $ 4 $ 3,130 Due to the insignificant activity within the Level 3 assets during the three and six months ended June 30, 2020 and 2019, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs. FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial for the three and six months ended June 30, 2020 and 2019. FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS See Note 20 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2019 Annual Report on Form 10-K for information regarding our methods and assumptions used to estimate fair value.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATIONWe 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.
CONSOLIDATION	The statements include the accounts of OMH, its subsidiaries (all of which are wholly-owned), and variable interest entities (“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.
ESTIMATES	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.
RECLASSIFICATIONS	To conform to the 2020 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements.
ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED AND ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED	ACCOUNTING PRONOUNCEMENTS RECENTLY 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 are 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 previously required. The new approach requires entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability. The expected credit loss model requires 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 our loan portfolio, mix of secured and unsecured loans, credit quality, and the economic environment at that time. In addition, the ASU developed a new accounting treatment for purchased financial assets with credit deterioration. 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. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-13 We adopted the amendments of these ASUs as of January 1, 2020. Upon adoption, we recorded an increase to the allowance for finance receivable losses of $1.12 billion, an increase to deferred tax assets of $0.28 billion, and a corresponding one-time cumulative reduction to retained earnings, net of tax, of $0.83 billion in the consolidated balance sheet as of January 1, 2020. The adoption of this ASU, as it relates to available-for-sale debt securities, did not have a material impact on the consolidated financial statements as of January 1, 2020. As a result of the adoption of ASU 2016-13, several of our significant accounting policies have changed to reflect the requirements of the new standard. See below for these updated significant accounting policies as of January 1, 2020. Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies solely on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning. Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss. Interest receivables on our investment securities are excluded from the amortized cost and fair value and are recorded in “Other assets.” We have elected not to measure an allowance on interest receivables due to our policy to reverse interest receivable at the time collectability is uncertain. The reversal of interest receivable is recorded in investment revenue. See Notes 4, 5, and 7 for additional information on the adoption of ASU 2016-13. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED 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. Under current guidance, this ASU will become effective for us beginning January 1, 2022. In July of 2020, the FASB proposed a one-year deferral of this ASU to become effective for public entities for fiscal years beginning January 1, 2023. 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. Currently, we are engaging various vendors to assess a software solution to meet the new accounting and disclosure requirements of the ASU. 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, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
Allowance for Finance Receivable Losses	Allowance for Finance Receivable Losses We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment. We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our finance receivable portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our finance receivables are primarily segmented in the loss model by contractual delinquency status. Other attributes in the model include collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies solely on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates and bankruptcy filings. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Renewals are a significant piece of our new volume and are considered a terminal event of the previous loan. We have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors, such as recent portfolio, industry, and other economic trends, and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning.
Impairments on Investment Securities	Impairments on Investment Securities: Available-for-sale. We evaluate our available-for-sale securities on an individual basis to identify any instances where the fair value of the investment security is below its amortized cost. For these securities, we then evaluate whether an impairment exists if any of the following conditions are present: • we intend to sell the security; • it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; or • we do not expect to recover the security’s entire amortized cost basis (even if we do not intend to sell the security). If we intend to sell an impaired investment security or we will likely be required to sell the security before recovery of its amortized cost basis less any current period credit loss, we recognize the impairment as a direct write-down in investment revenues equal to the difference between the investment security’s amortized cost and its fair value at the balance sheet date. Once the impairment is recorded, we adjust the investment security to a new amortized cost basis equal to the previous amortized cost basis less the impairment write-down recognized in the current period. In determining whether a credit loss exists, we compare our best estimate of the present value of the cash flows expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an allowance for credit losses is recorded, not to exceed the total unrealized loss on the security. The cash flows expected to be collected are determined by assessing all available information, including issuer default rate, ratings changes and adverse conditions related to the industry sector, financial condition of issuer, credit enhancements, collateral default rates, and other relevant criteria. Management considers factors such as our investment strategy, liquidity requirements, overall business plans, and recovery periods for securities in previous periods of broad market declines. If a credit loss exists with respect to an investment in a security (i.e., we do not expect to recover the entire amortized cost basis of the security), we would be unable to assert that we will recover our amortized cost basis even if we do not intend to sell the security. Therefore, in these situations, a credit impairment is considered to have occurred. If a credit impairment exists, but we do not intend to sell the security and we will likely not be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is bifurcated as: (i) the estimated amount relating to credit loss; and (ii) the amount relating to non-credit related factors. We recognize the estimated credit loss as an allowance on the balance sheet in investment securities, with a corresponding loss in investment revenues, and the non-credit loss amount in accumulated other comprehensive income or loss. For investment securities in which a credit impairment was recorded through an allowance, we record subsequent increases and decreases in the allowance for credit losses as credit loss expense or reversal of credit loss expense in investment revenues. We will not reverse a previously recorded allowance to an amount below zero. We recognize subsequent increases and decreases in the fair value of our available-for-sale securities from non-credit related factors in accumulated other comprehensive income or loss.

Reconciliation of OneMain Fin_2

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Reconciliation of consolidated balance sheets and results of consolidated statements of operations of SFC to OMH	In addition to certain intercompany payable and receivable amounts between the entities, the following is a reconciliation of the condensed consolidated balance sheets and results of our condensed consolidated statements of operations of OMFC to OMH: June 30, 2020 December 31, 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other assets $ 1,067 $ 1,066 $ 1 $ 769 $ 768 $ 1 Deferred and accrued taxes 124 125 (1) 34 35 (1) Other liabilities 573 572 1 592 595 (3) Total shareholders' equity (a) 3,171 3,170 1 4,330 4,325 5 Three Months Ended June 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other revenues (b) $ 10 $ 10 $ — $ 30 $ 34 $ (4) Income before income taxes 118 118 — 256 260 (4) Income taxes 29 29 — 62 63 (1) Net Income 89 89 — 194 197 (3) Six Months Ended June 30, 2020 2019 (dollars in millions) OMH OMFC Difference OMH OMFC Difference Other revenues (b) $ 25 $ 25 $ — $ 60 $ 68 $ (8) Income before income taxes 161 161 — 458 466 (8) Income taxes 40 40 — 112 113 (1) Net Income 121 121 — 346 353 (7) (a) The differences between total shareholders’ equity in the periods ended June 30, 2020 and December 31, 2019 were due to historical differences in results of operations of the companies and differences in equity awards. (b) Other revenues include the interest income on notes receivables from parent, which were notes from SFI held by OMFC and Springleaf Mortgage Holding Company and subsidiaries (“SMHC”), a wholly-owned direct subsidiary of OMFC. See Note 1 and below for further discussion of the merger between SFI and OMFC.

Finance Receivables (Tables)

Finance Receivables (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of components of net finance receivables by type	Components of our personal loans were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Gross receivables * $ 17,521 $ 18,195 Unearned points and fees (224) (242) Accrued finance charges 284 289 Deferred origination costs 140 147 Total $ 17,721 $ 18,389 * Gross receivables equal the unpaid principal balance (“UPB”) except for the following: • Finance receivables purchased as a performing receivable — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase to reflect the finance receivable balance at its initial fair value; • Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts established prior to the adoption of ASU 2016-13; and • Purchased credit deteriorated finance receivables — gross receivables equal the UPB and any remaining unearned discount established at the time of the adoption of ASU 2016-13 on January 1, 2020.
Summary of net finance receivables by type and by days delinquent	The following is a summary of our personal loans held for investment by the year of origination and number of days delinquent, our key credit quality indicator, at June 30, 2020: (dollars in millions) 2020 2019 2018 2017 2016 Prior Total Performing Current $ 4,273 $ 8,224 $ 3,035 $ 1,064 $ 334 $ 167 $ 17,097 30-59 days past due 15 84 40 17 7 5 168 60-89 days past due 9 59 31 13 5 4 121 Total performing 4,297 8,367 3,106 1,094 346 176 17,386 Nonperforming (Nonaccrual) 90-179 days past due 7 178 88 34 12 8 327 180 days or more past due — 5 2 1 — — 8 Total nonperforming 7 183 90 35 12 8 335 Total $ 4,304 $ 8,550 $ 3,196 $ 1,129 $ 358 $ 184 $ 17,721 The following is a summary of our personal loans held for investment by number of days delinquent at December 31, 2019, which is prior to the adoption of ASU 2016-13 on January 1, 2020 and continues to be reported under ASC 310, Receivables : (dollars in millions) Total Performing Current $ 17,550 30-59 days past due 272 60-89 days past due 181 Total performing 18,003 Nonperforming 90-179 days past due 377 180 days or more past due 9 Total nonperforming 386 Total $ 18,389
Schedule of purchased credit impaired finance receivables held for investment	Information regarding purchased credit impaired finance receivables were as follows: (dollars in millions) December 31, 2019 Personal Loans Carrying amount, net of allowance $ 40 Outstanding balance (a) 74 Allowance for purchased credit impaired finance receivable losses (b) — Real Estate Loans - Held for Sale Carrying amount $ 19 Outstanding balance (a) 35 (a) Outstanding balance is defined as the UPB of the loans with a net carrying amount. (b) The allowance for purchased credit impaired finance receivable losses reflects the carrying value of the purchased credit impaired loans held for investment exceeding the present value of the expected cash flows. As indicated above, no allowance was required as of December 31, 2019.
Changes in accretable yield for purchased credit impaired finance receivables held for investment and held for sale	Changes in accretable yield for purchased credit impaired finance receivables were as follows: (dollars in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Personal Loans Balance at beginning of period $ 34 $ 39 Accretion (4) (9) Reclassifications from nonaccretable difference * 16 16 Balance at end of period $ 46 $ 46 Real Estate Loans - Held for Sale Balance at beginning of period $ 23 $ 27 Accretion — (1) Transfer due to finance receivables sold — (3) Balance at end of period $ 23 $ 23 * Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows.
Schedule of information regarding TDR finance receivables	Information regarding TDR finance receivables were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Personal Loans TDR gross receivables (a) $ 700 $ 655 TDR net receivables (b) 702 658 Allowance for TDR finance receivable losses 321 272 Real Estate Loans - Held for Sale TDR gross receivables (a) $ 50 $ 52 TDR net receivables (b) 50 53 (a) TDR gross receivables — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase if previously purchased as a performing receivable. (b) TDR net receivables — TDR gross receivables net of unearned points and fees, accrued finance charges, and deferred origination costs.
TDR average net receivables held for investment and held for sale and finance charges recognized on TDR finance receivables held for investment and held for sale	TDR average net receivables and finance charges recognized on TDR finance receivables for our personal loans that are held for investment and our real estate loans that are held for sale were as follows: (dollars in millions) Personal Real Estate Loans Total Three Months Ended June 30, 2020 TDR average net receivables $ 698 $ 51 $ 749 TDR finance charges recognized 13 — 13 Three Months Ended June 30, 2019 TDR average net receivables $ 527 $ 58 $ 585 TDR finance charges recognized 12 1 13 Six Months Ended June 30, 2020 TDR average net receivables $ 687 $ 51 $ 738 TDR finance charges recognized 25 1 26 Six Months Ended June 30, 2019 TDR average net receivables $ 502 $ 61 $ 563 TDR finance charges recognized 23 2 25
Schedule of new volume of the TDR finance receivables held for investment and held for sale	Information regarding the new volume of the TDR finance receivables held for investment were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Pre-modification TDR net finance receivables $ 129 $ 124 $ 287 $ 244 Post-modification TDR net finance receivables: Rate reduction 75 85 175 170 Other * 54 39 112 74 Total post-modification TDR net finance receivables $ 129 $ 124 $ 287 $ 244 Number of TDR accounts 17,381 18,307 39,199 36,813 * “Other” modifications primarily include potential principal and interest forgiveness contingent on future payment performance by the borrower under the modified terms.
Net finance receivables that were modified as TDR finance receivables defaulted within the previous 12 months nonperforming	Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table. Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans TDR net finance receivables * $ 26 $ 21 $ 57 $ 40 Number of TDR accounts 3,787 3,171 8,339 6,096 * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.

Allowance for Finance Receiva_2

Allowance for Finance Receivable Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of changes in the allowance for finance receivable losses by finance receivable type	Changes in the allowance for finance receivable losses were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2020 2019 2020 2019 Personal Loans Balance at beginning of period $ 2,182 $ 733 $ 829 $ 731 Impact of adoption of ASU 2016-13 * — — 1,118 — Provision for finance receivable losses 423 268 954 554 Charge-offs (321) (290) (657) (601) Recoveries 40 33 80 60 Balance at end of period $ 2,324 $ 744 $ 2,324 $ 744 * As a result of the adoption of ASU 2016-13 on January 1, 2020, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3 and 4
Schedule of allowance for finance receivable losses and net finance receivables by type and by impairment method	The allowance for finance receivable losses and net finance receivables by impairment method were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Allowance for finance receivable losses: Collectively evaluated for impairment $ 2,003 $ 557 Purchased credit impaired finance receivables * — — TDR finance receivables 321 272 Total $ 2,324 $ 829 Finance receivables: Collectively evaluated for impairment $ 17,019 $ 17,691 Purchased credit impaired finance receivables * — 40 TDR finance receivables 702 658 Total $ 17,721 $ 18,389 Allowance for finance receivable losses as a percentage of finance receivables 13.12 % 4.51 % * As a result of the adoption of ASU 2016-13 on January 1, 2020, the accounting for purchased credit impaired finance receivables was superseded with purchase credit deteriorated finance receivables which are collectively evaluated for impairment. See Notes 3 and 4 for additional information on the adoption of ASU 2016-3.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of the cost/amortized cost, unrealized gains and losses, and fair value of available-for-sale securities by type	Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows: (dollars in millions) Cost/ Unrealized Unrealized Fair June 30, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 84 5 — 89 Commercial paper 31 — — 31 Non-U.S. government and government sponsored entities 134 8 — 142 Corporate debt 1,087 72 (7) 1,152 Mortgage-backed, asset-backed, and collateralized: RMBS 209 8 — 217 CMBS 63 2 (1) 64 CDO/ABS 85 1 (2) 84 Total $ 1,705 $ 96 $ (10) $ 1,791 * The allowance for credit losses related to our investment securities was immaterial as of June 30, 2020. (dollars in millions) Cost/ Unrealized Unrealized Fair December 31, 2019* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 91 2 (1) 92 Commercial paper 91 — — 91 Non-U.S. government and government sponsored entities 144 3 — 147 Corporate debt 1,054 45 (1) 1,098 Mortgage-backed, asset-backed, and collateralized: RMBS 214 3 — 217 CMBS 56 1 — 57 CDO/ABS 84 1 — 85 Total $ 1,745 $ 55 $ (2) $ 1,798 * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities .
Schedule of fair value and unrealized losses on investment securities by type and length of time in a continuous unrealized loss position	Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows: Less Than 12 Months 12 Months or Longer Total (dollars in millions) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2020 Non-U.S. government and government sponsored entities $ 2 $ — $ — $ — $ 2 $ — Corporate debt 112 (7) 3 — 115 (7) Mortgage-backed, asset-backed, and collateralized: RMBS 2 — — — 2 — CMBS 18 (1) — — 18 (1) CDO/ABS 32 (2) — — 32 (2) Total $ 166 $ (10) $ 3 $ — $ 169 $ (10) December 31, 2019* U.S. government and government sponsored entities $ — $ — $ 3 $ — $ 3 $ — Obligations of states, municipalities, and political subdivisions 29 (1) 4 — 33 (1) Commercial paper 76 — — — 76 — Non-U.S. government and government sponsored entities 19 — 14 — 33 — Corporate debt 63 (1) 13 — 76 (1) Mortgage-backed, asset-backed, and collateralized: RMBS 45 — — — 45 — CMBS 15 — 7 — 22 — CDO/ABS 14 — — — 14 — Total $ 261 $ (2) $ 41 $ — $ 302 $ (2) * The balances reported as of December 31, 2019 are not subject to the adoption of ASU 2016-13 on January 1, 2020 and continue to be reported under ASC 320, Investments – Debt and Equity Securities .
Schedule of contractual maturities of fixed-maturity available-for-sale securities	Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2020 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 137 $ 136 Due after 1 year through 5 years 611 581 Due after 5 years through 10 years 509 475 Due after 10 years 169 156 Mortgage-backed, asset-backed, and collateralized securities 365 357 Total $ 1,791 $ 1,705
Schedule of fair value of other securities by type	The fair value of other securities by type was as follows: (dollars in millions) June 30, 2020 December 31, 2019 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 20 24 Mortgage-backed, asset-backed, and collateralized bonds 15 15 Total bonds 36 40 Preferred stock * 13 19 Common stock * 22 26 Other long-term investments — 1 Total $ 71 $ 86 * We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments.

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of principal maturities of long-term debt	Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at June 30, 2020 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.98%-6.94% 5.38%-8.88% 2.97 % Remainder of 2020 $ — $ 999 $ — $ 999 2021 — 644 — 644 2022 — 1,000 — 1,000 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025-2067 — 4,995 350 5,345 Securitizations (c) 7,867 — — 7,867 Total principal maturities $ 7,867 $ 10,113 $ 350 $ 18,330 Total carrying amount $ 7,835 $ 10,003 $ 172 $ 18,010 Debt issuance costs (d) (29) (86) — (115) (a) Pursuant to the Base Indenture, the Supplemental Indentures and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions. (b) The interest rates shown are the range of contractual rates in effect at June 30, 2020. (c) Securitizations are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At June 30, 2020, there were no amounts drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities. (d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $29 million at June 30, 2020 and are reported in “Other assets.”

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Carrying amounts of consolidated VIE assets and liabilities	The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows: (dollars in millions) June 30, 2020 December 31, 2019 Assets Cash and cash equivalents $ 3 $ 4 Finance receivables - Personal loans 8,877 8,428 Allowance for finance receivable losses 1,132 340 Restricted cash and restricted cash equivalents 459 400 Other assets 29 29 Liabilities Long-term debt $ 7,835 $ 7,643 Other liabilities 15 15

Insurance (Tables)

Insurance (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Changes in the reserve for unpaid claims and loss adjustment expenses	Changes in the reserve for unpaid claims and loss adjustment expenses (not considering reinsurance recoverable): At or for the (dollars in millions) 2020 2019 Balance at beginning of period $ 117 $ 117 Less reinsurance recoverables (4) (4) Net balance at beginning of period 113 113 Additions for losses and loss adjustment expenses incurred to: Current year 174 111 Prior years * (11) (15) Total 163 96 Reductions for losses and loss adjustment expenses paid related to: Current year (58) (50) Prior years (47) (48) Total (105) (98) Net balance at end of period 171 111 Plus reinsurance recoverables 3 3 Balance at end of period $ 174 $ 114

Capital Stock and Earnings Pe_2

Capital Stock and Earnings Per Share (OMH Only) (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of changes in shares issued and outstanding	Changes in OMH shares of common stock issued and outstanding were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance at beginning of period 134,309,707 136,082,463 136,101,156 135,832,278 Common shares issued 9,464 6,954 249,713 257,139 Common shares retired — — (2,031,698) — Balance at end of period 134,319,171 136,089,417 134,319,171 136,089,417
Computation of earnings per share	The computation of earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2020 2019 2020 2019 Numerator (basic and diluted): Net income $ 89 $ 194 $ 121 $ 346 Denominator: Weighted average number of shares outstanding (basic) 134,316,252 136,083,993 135,112,676 136,043,221 Effect of dilutive securities * 63,324 164,820 147,720 177,053 Weighted average number of shares outstanding (diluted) 134,379,576 136,248,813 135,260,396 136,220,274 Earnings per share: Basic $ 0.66 $ 1.43 $ 0.90 $ 2.54 Diluted $ 0.66 $ 1.42 $ 0.90 $ 2.54

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Changes, net of tax, in accumulated other comprehensive income (loss)	Changes, net of tax, in accumulated other comprehensive income (loss) were as follows: (dollars in millions) Unrealized Retirement Foreign Total Three Months Ended June 30, 2020 Balance at beginning of period $ (1) $ 3 $ (8) $ (6) Other comprehensive income before reclassifications 67 — 4 71 Balance at end of period $ 66 $ 3 $ (4) $ 65 Three Months Ended June 30, 2019 Balance at beginning of period $ 2 $ (3) $ (1) $ (2) Other comprehensive income before reclassifications 28 — 2 30 Balance at end of period $ 30 $ (3) $ 1 $ 28 Six Months Ended June 30, 2020 Balance at beginning of period $ 41 $ 3 $ — $ 44 Other comprehensive income (loss) before reclassifications 25 — (4) 21 Balance at end of period $ 66 $ 3 $ (4) $ 65 Six Months Ended June 30, 2019 Balance at beginning of period $ (28) $ (3) $ (3) $ (34) Other comprehensive income before reclassifications 58 — 4 62 Balance at end of period $ 30 $ (3) $ 1 $ 28 * There were immaterial amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and six months ended June 30, 2020.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Information about the Company's segments	The following tables present information about C&I and Other, as well as reconciliations to the consolidated financial statement amounts. (dollars in millions) Consumer Other Segment to Consolidated Three Months Ended June 30, 2020 Interest income $ 1,074 $ 1 $ 2 $ 1,077 Interest expense 266 1 4 271 Provision for finance receivable losses 422 — 1 423 Net interest income after provision for finance receivable losses 386 — (3) 383 Other revenues 144 4 — 148 Other expenses 402 5 6 413 Income (loss) before income tax expense (benefit) $ 128 $ (1) $ (9) $ 118 Three Months Ended June 30, 2019 Interest income $ 999 $ 2 $ (1) $ 1,000 Interest expense 232 1 5 238 Provision for finance receivable losses 263 — 5 268 Net interest income after provision for finance receivable losses 504 1 (11) 494 Other revenues 144 12 — 156 Other expenses 378 10 6 394 Income before income tax expense $ 270 $ 3 $ (17) $ 256 (dollars in millions) Consumer Other Segment to Consolidated At or for the Six Months Ended June 30, 2020 Interest income $ 2,174 $ 3 $ 7 $ 2,184 Interest expense 515 2 10 527 Provision for finance receivable losses 952 — 2 954 Net interest income after provision for finance receivable losses 707 1 (5) 703 Other revenues 281 9 (1) 289 Other expenses 809 12 10 831 Income (loss) before income tax expense (benefit) $ 179 $ (2) $ (16) $ 161 Assets $ 20,389 $ 70 $ 2,049 $ 22,508 At or for the Six Months Ended June 30, 2019 Interest income $ 1,953 $ 5 $ (3) $ 1,955 Interest expense 462 3 8 473 Provision for finance receivable losses 539 — 15 554 Net interest income after provision for finance receivable losses 952 2 (26) 928 Other revenues * 290 21 (7) 304 Other expenses 740 23 11 774 Income before income tax expense $ 502 $ — $ (44) $ 458 Assets $ 18,872 $ 87 $ 2,058 $ 21,017 * Other revenues in Other include the gain on the February 2019 Real Estate Loan Sale as well as the impairment adjustments on the remaining loans in held for sale in 2019.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of fair values and carrying values of financial instruments and fair value hierarchy based on the level of inputs utilized to determine such fair value	The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Fair Value Measurements Using Total Total (dollars in millions) Level 1 Level 2 Level 3 June 30, 2020 Assets Cash and cash equivalents $ 2,740 $ — $ — $ 2,740 $ 2,740 Investment securities 39 1,819 4 1,862 1,862 Net finance receivables, less allowance for finance receivable losses — — 17,914 17,914 15,397 Restricted cash and restricted cash equivalents 487 — — 487 487 Other assets * — — 67 67 67 Liabilities Long-term debt $ — $ 18,584 $ — $ 18,584 $ 18,010 December 31, 2019 Assets Cash and cash equivalents $ 1,159 $ 68 $ — $ 1,227 $ 1,227 Investment securities 45 1,835 4 1,884 1,884 Net finance receivables, less allowance for finance receivable losses — — 19,319 19,319 17,560 Restricted cash and restricted cash equivalents 405 — — 405 405 Other assets * — — 84 84 74 Liabilities Long-term debt $ — $ 18,509 $ — $ 18,509 $ 17,212 * Other assets at June 30, 2020 and December 31, 2019 includes finance receivables held for sale and miscellaneous receivables related to our liquidating loan portfolios.
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value: Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 June 30, 2020 Assets Cash equivalents in mutual funds $ 2,622 $ — $ — $ 2,622 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 89 — 89 Commercial paper — 31 — 31 Non-U.S. government and government sponsored entities — 142 — 142 Corporate debt 4 1,145 3 1,152 RMBS — 217 — 217 CMBS — 64 — 64 CDO/ABS — 84 — 84 Total available-for-sale securities 4 1,784 3 1,791 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 19 1 20 RMBS — 1 — 1 CDO/ABS — 14 — 14 Total bonds — 35 1 36 Preferred stock 13 — — 13 Common stock 22 — — 22 Total other securities 35 35 1 71 Total investment securities 39 1,819 4 1,862 Restricted cash equivalents in mutual funds 474 — — 474 Total $ 3,135 $ 1,819 $ 4 $ 4,958 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2019 Assets Cash equivalents in mutual funds $ 775 $ — $ — $ 775 Cash equivalents in securities — 68 — 68 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 91 — 91 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,093 — 1,098 RMBS — 217 — 217 CMBS — 57 — 57 CDO/ABS — 85 — 85 Total available-for-sale securities 5 1,793 — 1,798 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 23 1 24 RMBS — 1 — 1 CDO/ABS — 12 2 14 Total bonds — 37 3 40 Preferred stock 14 5 — 19 Common stock 26 — — 26 Other long-term investments — — 1 1 Total other securities 40 42 4 86 Total investment securities 45 1,835 4 1,884 Restricted cash equivalents in mutual funds 403 — — 403 Total $ 1,223 $ 1,903 $ 4 $ 3,130

Business and Basis of Present_2

Business and Basis of Presentation (Details)	Jun. 30, 2020
Majority Shareholder
Schedule of Equity Method Investments [Line Items]
Ownership percentage by Initial Stockholder	40.90%

Reconciliation of OneMain Fin_3

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results - Reconciliation of SFC to OMH (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Other assets	$ 1,067		$ 1,067			$ 769
Deferred and accrued taxes	124		124			34
Other liabilities	573		573			592
Total shareholders' equity	3,171	$ 4,141	3,171	$ 4,141	$ 3,052	4,330	$ 3,950	$ 3,799
Consolidated Statements of Operations
Other revenue	10	30	25	60
Income before income taxes	118	256	161	458
Income taxes	29	62	40	112
Net income	89	194	121	346
OMFC
Consolidated Balance Sheets
Other assets	1,066		1,066			768
Deferred and accrued taxes	125		125			35
Other liabilities	572		572			595
Total shareholders' equity	3,170	4,404	3,170	4,404	$ 3,047	4,325	$ 4,210	$ 4,021
Consolidated Statements of Operations
Other revenue	10	34	25	68
Income before income taxes	118	260	161	466
Income taxes	29	63	40	113
Net income	89	197	121	353
Difference
Consolidated Balance Sheets
Other assets	1		1			1
Deferred and accrued taxes	(1)		(1)			(1)
Other liabilities	1		1			(3)
Total shareholders' equity	1		1			$ 5
Consolidated Statements of Operations
Other revenue	0	(4)	0	(8)
Income before income taxes	0	(4)	0	(8)
Income taxes	0	(1)	0	(1)
Net income	$ 0	$ (3)	$ 0	$ (7)

Reconciliation of OneMain Fin_4

Reconciliation of OneMain Finance Corporation Results to OneMain Holdings, Inc. Results - Additional Information (Details) - USD ($) $ in Millions	Sep. 23, 2019	Jul. 01, 2019	Jan. 01, 2019	Sep. 23, 2019	Jun. 30, 2019	Jun. 30, 2019
Affiliated Entity | OMFC
Business Acquisition [Line Items]
Equity reduction		$ 408		$ 264
Accrued interest	$ 22	166		$ 22
Equity contribution	$ 144
Affiliated Entity | SFI | OMFC
Business Acquisition [Line Items]
Notes receivable from parent		232
Interest income on notes receivable					$ 3	$ 7
Affiliated Entity | SFI | SMHC
Business Acquisition [Line Items]
Notes receivable from parent		$ 28
SMHC | OMFC
Business Acquisition [Line Items]
Contribution of SCHC to OMFC from SFI			$ 34			$ 34
Proceeds from contributions from parent			$ 53

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)payment	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Financing receivable, allowance for credit loss	$ 2,324	$ 829
Retained earnings	$ 3,171	4,330	$ 3,052		$ 4,141	$ 3,950	$ 3,799
Number of consecutive payments missed to reverse finance charges | payment	4
One-time cumulative effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing receivable, allowance for credit loss		1,118		$ 1,120
Deferred tax assets				280
Retained earnings		$ (828)		$ 830

Finance Receivables - Additiona

Finance Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	$ 17,721	$ 17,721			$ 18,389
Financing receivable, allowance for credit loss	2,324	2,324			829
Finance receivables held for sale	$ 59	$ 59			64
ASU 2016-13 | Purchased credit impaired finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables				$ 15
Financing receivable, allowance for credit loss				$ 15
Unlikely to be Collected Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	60 days	60 days
Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	90 days	90 days
Reversal of net accrued finance charges	$ 22	$ 50
Finance charges recognized from the contractual interest portion of payments received on nonaccrual finance receivables	4	8
Finance receivable - Personal loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	17,721	17,721			18,389
Financing receivable, allowance for credit loss	2,324	2,324	$ 2,182		829	$ 744	$ 733	$ 731
Finance receivable - Personal loan | Purchased credit impaired finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net finance receivables	$ 0	$ 0			$ 40
Finance receivable - Personal loan | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term		3 years
Finance receivable - Personal loan | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term		6 years

Finance Receivables - Net Finan

Finance Receivables - Net Finance Receivables by Type (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing receivable general information
Total	$ 17,721	$ 18,389
Finance receivable - Personal loan
Financing receivable general information
Gross receivables	17,521	18,195
Unearned points and fees	(224)	(242)
Accrued finance charges	284	289
Deferred origination costs	140	147
Total	$ 17,721	$ 18,389

Finance Receivables - Delinquen

Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Delinquency by finance receivables type
Total	$ 17,721	$ 18,389
Finance receivable - Personal loan
Delinquency by finance receivables type
2020	4,304
2019	8,550
2018	3,196
2017	1,129
2016	358
Prior	184
Total	17,721	18,389
Finance receivable - Personal loan | Performing
Delinquency by finance receivables type
2020	4,297
2019	8,367
2018	3,106
2017	1,094
2016	346
Prior	176
Total	17,386	18,003
Finance receivable - Personal loan | Performing | Current
Delinquency by finance receivables type
2020	4,273
2019	8,224
2018	3,035
2017	1,064
2016	334
Prior	167
Total	17,097
Finance receivable - Personal loan | Performing | 30-59 days past due
Delinquency by finance receivables type
2020	15
2019	84
2018	40
2017	17
2016	7
Prior	5
Total	168
Finance receivable - Personal loan | Performing | 60-89 days past due
Delinquency by finance receivables type
2020	9
2019	59
2018	31
2017	13
2016	5
Prior	4
Total	121
Finance receivable - Personal loan | Nonperforming
Delinquency by finance receivables type
2020	7
2019	183
2018	90
2017	35
2016	12
Prior	8
Total	335	$ 386
Finance receivable - Personal loan | Nonperforming | 90-179 days past due
Delinquency by finance receivables type
2020	7
2019	178
2018	88
2017	34
2016	12
Prior	8
Total	327
Finance receivable - Personal loan | Nonperforming | 180 days or more past due
Delinquency by finance receivables type
2020	0
2019	5
2018	2
2017	1
2016	0
Prior	0
Total	$ 8

Finance Receivables - Delinqu_2

Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Number of Days Deliquent (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Delinquency by finance receivables type
Total	$ 17,721	$ 18,389
Finance receivable - Personal loan
Delinquency by finance receivables type
Total	17,721	18,389
Finance receivable - Personal loan | Performing
Delinquency by finance receivables type
Current		17,550
Total	17,386	18,003
Finance receivable - Personal loan | Performing | 30-59 days past due
Delinquency by finance receivables type
Past due		272
Total	168
Finance receivable - Personal loan | Performing | 60-89 days past due
Delinquency by finance receivables type
Past due		181
Total	121
Finance receivable - Personal loan | Nonperforming
Delinquency by finance receivables type
Total	335	386
Finance receivable - Personal loan | Nonperforming | 90-179 days past due
Delinquency by finance receivables type
Past due		377
Total	327
Finance receivable - Personal loan | Nonperforming | 180 days or more past due
Delinquency by finance receivables type
Past due		$ 9
Total	$ 8

Finance Receivables - Purchased

Finance Receivables - Purchased Credit Impaired Finance Receivables HFI (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Real Estate Loans - Held for Sale
Financing Receivable, Impaired [Line Items]
Carrying amount, net of allowance		$ 19
Outstanding balance		35
Finance receivable - Personal loan
Financing Receivable, Impaired [Line Items]
Carrying amount, net of allowance		40
Outstanding balance		74
Allowance for purchased credit impaired finance receivable losses	$ 0	$ 0

Finance Receivables - Changes i

Finance Receivables - Changes in Accretable Yield For Purchased Credit Impaired HFI and HFS (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Real Estate Loans - Held for Sale
Changes in accretable yield for purchased credit impaired finance receivables
Balance at beginning of period	$ 23	$ 27
Accretion	0	(1)
Transfer due to finance receivables sold	0	(3)
Balance at end of period	23	23
Finance receivable - Personal loan
Changes in accretable yield for purchased credit impaired finance receivables
Balance at beginning of period	34	39
Accretion	(4)	(9)
Reclassifications from nonaccretable difference	16	16
Balance at end of period	$ 46	$ 46

Finance Receivables - TDR Finan

Finance Receivables - TDR Finance Receivable HFI and HFS (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Real Estate Loans - Held for Sale
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR gross receivables, held for sale	$ 50	$ 52
TDR net receivables, held for sale	50	53
Finance receivable - Personal loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR gross receivables, personal loans	700	655
TDR net receivables, personal loans	702	658
Allowance for TDR finance receivable losses	$ 321	$ 272

Finance Receivables - TDR Avera

Finance Receivables - TDR Average Net Receivables HFI and HFS and Finance Charges Recognized (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	$ 749	$ 585	$ 738	$ 563
TDR finance charges recognized	13	13	26	25
Personal Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	698	527	687	502
TDR finance charges recognized	13	12	25	23
Other Receivables
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR average net receivables	51	58	51	61
TDR finance charges recognized	$ 0	$ 1	$ 1	$ 2

Finance Receivables - New Volum

Finance Receivables - New Volume of TDR HFI & HFS Finance Receivables (Details) - Personal Loans $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)account	Jun. 30, 2019USD ($)account	Jun. 30, 2020USD ($)account	Jun. 30, 2019USD ($)account
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification TDR net finance receivables	$ 129	$ 124	$ 287	$ 244
Total post-modification TDR net finance receivables	$ 129	$ 124	$ 287	$ 244
Number of TDR accounts | account	17,381	18,307	39,199	36,813
Rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 75	$ 85	$ 175	$ 170
Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 54	$ 39	$ 112	$ 74

Finance Receivables - Modified

Finance Receivables - Modified as TDR - Non Performing Finance Receivables (Details) - Personal Loans $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)account	Jun. 30, 2019USD ($)account	Jun. 30, 2020USD ($)account	Jun. 30, 2019USD ($)account
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDR net finance receivables | $	$ 26	$ 21	$ 57	$ 40
Number of TDR accounts | account	3,787	3,171	8,339	6,096

Allowance for Finance Receiva_3

Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Changes in allowance for finance receivable losses
Balance at beginning of period			$ 829
Provision for finance receivable losses	$ 423	$ 268	954	$ 554
Balance at end of period	2,324		2,324		$ 829
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Net impact of adoption of ASU 2016-13
Changes in allowance for finance receivable losses
Balance at beginning of period			1,118
Balance at end of period					$ 1,118
Personal Loans
Changes in allowance for finance receivable losses
Balance at beginning of period	2,182	733	829	731	731
Provision for finance receivable losses	423	268	954	554
Charge-offs	(321)	(290)	(657)	(601)
Recoveries	40	33	80	60
Balance at end of period	$ 2,324	$ 744	$ 2,324	$ 744	$ 829

Allowance for Finance Receiva_4

Allowance for Finance Receivable Losses - By Type and Impairment Method (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Allowance for finance receivable losses:
Total	$ 2,324	$ 829
Finance receivables:
Net finance receivables	17,721	18,389
Finance receivable - Personal loan
Allowance for finance receivable losses:
Collectively evaluated for impairment	2,003	557
Purchased credit impaired finance receivables *	0	0
TDR finance receivables	321	272
Total	2,324	829	$ 2,182	$ 744	$ 733	$ 731
Finance receivables:
Collectively evaluated for impairment	17,019	17,691
TDR finance receivables	702	658
Net finance receivables	$ 17,721	$ 18,389
Allowance for finance receivable losses as a percentage of finance receivables	13.12%	4.51%
Finance receivable - Personal loan | Purchased credit impaired finance receivables
Finance receivables:
Net finance receivables	$ 0	$ 40

Finance Receivables Held for _2

Finance Receivables Held for Sale (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables held for sale		$ 59		$ 64
Aggregate cash proceeds from sale of real estate loans		$ 0	$ 19
February 2019 Real Estate Loan Sale | Disposed of by Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 16
Aggregate cash proceeds from sale of real estate loans	19
Net gain in other revenues	3
Impairment in other revenue	$ 3

Investment Securities - Cost_Am

Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 1,705	$ 1,745
Unrealized Gains	96	55
Unrealized Losses	(10)	(2)
Fair Value	1,791	1,798
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	12	11
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	12	11
Obligations of states, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	84	91
Unrealized Gains	5	2
Unrealized Losses	0	(1)
Fair Value	89	92
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	31	91
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	31	91
Non-U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	134	144
Unrealized Gains	8	3
Unrealized Losses	0
Fair Value	142	147
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,087	1,054
Unrealized Gains	72	45
Unrealized Losses	(7)	(1)
Fair Value	1,152	1,098
RMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	209	214
Unrealized Gains	8	3
Unrealized Losses	0	0
Fair Value	217	217
CMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	63	56
Unrealized Gains	2	1
Unrealized Losses	(1)
Fair Value	64	57
CDO/ABS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	85	84
Unrealized Gains	1	1
Unrealized Losses	(2)	0
Fair Value	$ 84	$ 85

Investment Securities - Additio

Investment Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)investment	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)investment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 12,000,000		$ 12,000,000
Investment securities in an unrealized loss position | investment	256		256		398
Proceeds from sales and redemptions	$ 47,000,000	$ 180,000,000	$ 105,000,000	$ 209,000,000
Fair value of securities on deposit	620,000,000		620,000,000		$ 633,000,000
Net unrealized gains (losses) on other securities sold or redeemed	6,000,000		(7,000,000)	5,000,000
Net realized gain and losses on other securities sold	$ 0	$ 0	$ 0	$ 0

Investment Securities - Fair Va

Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Less Than 12 Months	$ 166	$ 261
12 Months or Longer	3	41
Total	169	302
Unrealized Losses
Less Than 12 Months	(10)	(2)
12 Months or Longer	0	0
Total	(10)	(2)
U.S. government and government sponsored entities
Fair Value
Less Than 12 Months		0
12 Months or Longer		3
Total		3
Unrealized Losses
Less Than 12 Months		0
12 Months or Longer		0
Total		0
Obligations of states, municipalities, and political subdivisions
Fair Value
Less Than 12 Months		29
12 Months or Longer		4
Total		33
Unrealized Losses
Less Than 12 Months		(1)
12 Months or Longer		0
Total		(1)
Commercial paper
Fair Value
Less Than 12 Months		76
12 Months or Longer		0
Total		76
Unrealized Losses
Less Than 12 Months		0
12 Months or Longer		0
Total		0
Non-U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	2	19
12 Months or Longer	0	14
Total	2	33
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Corporate debt
Fair Value
Less Than 12 Months	112	63
12 Months or Longer	3	13
Total	115	76
Unrealized Losses
Less Than 12 Months	(7)	(1)
12 Months or Longer	0	0
Total	(7)	(1)
RMBS
Fair Value
Less Than 12 Months	2	45
12 Months or Longer	0	0
Total	2	45
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
CMBS
Fair Value
Less Than 12 Months	18	15
12 Months or Longer	0	7
Total	18	22
Unrealized Losses
Less Than 12 Months	(1)	0
12 Months or Longer	0	0
Total	(1)	0
CDO/ABS
Fair Value
Less Than 12 Months	32	14
12 Months or Longer	0	0
Total	32	14
Unrealized Losses
Less Than 12 Months	(2)	0
12 Months or Longer	0	0
Total	$ (2)	$ 0

Investment Securities - Contrac

Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$ 137
Due after 1 year through 5 years	611
Due after 5 years through 10 years	509
Due after 10 years	169
Mortgage-backed, asset-backed, and collateralized securities	365
Total	1,791	$ 1,798
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	136
Due after 1 year through 5 years	581
Due after 5 years through 10 years	475
Due after 10 years	156
Mortgage-backed, asset-backed, and collateralized securities	357
Cost/ Amortized Cost	$ 1,705	$ 1,745

Investment Securities - Fair _2

Investment Securities - Fair Value of Other Securities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Bonds	$ 36	$ 40
Other long-term investments	0	1
Total	71	86
Non-U.S. government and government sponsored entities
Debt and Equity Securities, FV-NI [Line Items]
Bonds	1	1
Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Bonds	20	24
Mortgage-backed, asset-backed, and collateralized bonds
Debt and Equity Securities, FV-NI [Line Items]
Bonds	15	15
Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	13	19
Common stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 22	$ 26

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Principal maturities of long-term debt by type of debt
Remainder of 2020	$ 999,000,000
2021	644,000,000
2022	1,000,000,000
2023	1,175,000,000
2024	1,300,000,000
2025-2067	5,345,000,000
Total principal maturities	18,330,000,000
Long-term Debt	18,010,000,000	$ 17,212,000,000
Debt issuance costs	(115,000,000)
Consolidated VIEs
Principal maturities of long-term debt by type of debt
Long-term Debt	7,835,000,000	7,643,000,000
Securitizations | Consolidated VIEs
Principal maturities of long-term debt by type of debt
Amounts drawn	0
Securitizations
Principal maturities of long-term debt by type of debt
Securitizations	7,867,000,000
Senior Debt | Securitizations
Principal maturities of long-term debt by type of debt
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	0
2025-2067	0
Securitizations	7,867,000,000
Total principal maturities	7,867,000,000
Long-term Debt	7,835,000,000
Debt issuance costs	(29,000,000)
Debt issuance costs	$ 29,000,000
Senior Debt | Securitizations | Minimum
Long-term debt
Interest rate	0.98%
Senior Debt | Securitizations | Maximum
Long-term debt
Interest rate	6.94%
Senior Debt | Unsecured Notes
Principal maturities of long-term debt by type of debt
Remainder of 2020	$ 999,000,000
2021	644,000,000
2022	1,000,000,000
2023	1,175,000,000
2024	1,300,000,000
2025-2067	4,995,000,000
Total principal maturities	10,113,000,000
Long-term Debt	10,003,000,000
Debt issuance costs	$ (86,000,000)
Senior Debt | Unsecured Notes | Minimum
Long-term debt
Interest rate	5.38%
Senior Debt | Unsecured Notes | Maximum
Long-term debt
Interest rate	8.88%
Junior Subordinated Debt
Principal maturities of long-term debt by type of debt
Remainder of 2020	$ 0
2021	0
2022	0
2023	0
2024	0
2025-2067	350,000,000
Total principal maturities	350,000,000
Long-term Debt	172,000,000
Debt issuance costs	0
OMFC
Principal maturities of long-term debt by type of debt
Long-term Debt	18,010,000,000	17,212,000,000
OMFC | Consolidated VIEs
Principal maturities of long-term debt by type of debt
Long-term Debt	$ 7,800,000,000	$ 7,600,000,000
OMFC | Junior Subordinated Debt
Long-term debt
Effective interest rate	2.97%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ in Millions	Jul. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	May 14, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt			$ 18,010		$ 17,212
8.75% Senior Notes Due 2025 | Senior Debt
Debt Instrument [Line Items]
Interest rate				8.875%
Long-term debt				$ 600
8.25% Senior Notes Due 2020 | Senior Debt
Debt Instrument [Line Items]
Interest rate			8.25%
8.25% Senior Notes Due 2020 | Senior Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 1,000
8.25% Senior Notes Due 2020 | Senior Debt | Forecast
Debt Instrument [Line Items]
Loss on repurchase and repayments of debt		$ 35

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,740		$ 1,227	$ 786
Finance receivables - Personal loans	17,721		18,389
Allowance for finance receivable losses	2,324		829
Restricted cash and restricted cash equivalents	487		405	420
Other assets	1,067		769
Long-term debt	18,010		17,212
Finance receivable - Personal loan
Variable Interest Entity [Line Items]
Finance receivables - Personal loans	17,721		18,389
Allowance for finance receivable losses	2,324	$ 2,182	829	$ 744	$ 733	$ 731
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	3		4
Allowance for finance receivable losses	1,132		340
Restricted cash and restricted cash equivalents	459		400
Other assets	29		29
Long-term debt	7,835		7,643
Other liabilities	15		15
Consolidated VIEs | Finance receivable - Personal loan
Variable Interest Entity [Line Items]
Finance receivables - Personal loans	$ 8,877		$ 8,428

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Variable Interest Entity [Line Items]
Interest expense	$ 271	$ 238	$ 527	$ 473
Consolidated VIEs
Variable Interest Entity [Line Items]
Interest expense	$ 90	$ 82	$ 172	$ 164

Variable Interest Entities - Se

Variable Interest Entities - Securitized Borrowings (Details)	6 Months Ended
	Jun. 30, 2020
Minimum
Debt Instrument [Line Items]
Revolving period	1 year
Maximum
Debt Instrument [Line Items]
Revolving period	7 years

Variable Interest Entities - Re

Variable Interest Entities - Revolving Conduit Facilities (Details)	6 Months Ended
	Jun. 30, 2020USD ($)facility
Maximum
Line of Credit Facility [Line Items]
Revolving period	7 years
Consolidated VIEs | Securitizations
Line of Credit Facility [Line Items]
Number of conduit facilities | facility	14
Total borrowing capacity	$ 7,100,000,000
Amounts drawn	$ 0
Consolidated VIEs | Securitizations | Maximum
Line of Credit Facility [Line Items]
Debt instrument, term	10 years

Insurance (Details)

Insurance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Liability for unpaid claims and claims adjustment expense
Balance at beginning of period	$ 117	$ 117
Less reinsurance recoverables	(3)	(3)	$ (4)	$ (4)
Net balance at beginning of period			113	113
Additions for losses and loss adjustment expenses incurred to:
Current year	174	111
Prior years	(11)	(15)
Total	163	96
Reductions for losses and loss adjustment expenses paid related to:
Current year	(58)	(50)
Prior years	(47)	(48)
Total	(105)	(98)
Net balance at end of period	171	111
Plus reinsurance recoverables	3	3	$ 4	$ 4
Balance at end of period	174	114
Net reserves	$ 11	$ 15

Capital Stock and Earnings Pe_3

Capital Stock and Earnings Per Share (OMH Only) - Additional Information (Details)	Mar. 19, 2020$ / sharesshares	Mar. 19, 2020USD ($)	Jun. 30, 2020USD ($)class	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of authorized stock | class			2
Stock repurchase program					$ 200,000,000
Shares repurchased and retired (in shares) | shares	2,031,698
Shares repurchased average price per share (in usd per share) | $ / shares	$ 22.30
Stock Repurchased and Retired During Period, Value		$ 45,000,000	$ 45,000,000
Payments of dividends			431,000,000	$ 68,000,000
OMFC
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Payments of dividends			$ 45,000,000

Capital Stock and Earnings Pe_4

Capital Stock and Earnings Per Share (OMH Only) - Changes in Shares Issued and Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Beginning balance (in shares)	134,309,707	136,082,463	136,101,156	135,832,278
Common shares issued (in shares)	9,464	6,954	249,713	257,139
Common shares retired (in shares)	0	0	(2,031,698)	0
Ending balance (in shares)	134,319,171	136,089,417	134,319,171	136,089,417

Capital Stock and Earnings Pe_5

Capital Stock and Earnings Per Share (OMH Only) - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator (basic and diluted):
Net income	$ 89	$ 194	$ 121	$ 346
Denominator:
Weighted average number of shares outstanding (basic) (in shares)	134,316,252	136,083,993	135,112,676	136,043,221
Effect of dilutive securities (in shares)	63,324	164,820	147,720	177,053
Weighted average number of shares outstanding (diluted) (in shares)	134,379,576	136,248,813	135,260,396	136,220,274
Earnings per share:
Basic (in dollars per share)	$ 0.66	$ 1.43	$ 0.90	$ 2.54
Diluted (in dollars per share)	$ 0.66	$ 1.42	$ 0.90	$ 2.54
Service-based shares
Earnings per share:
Shares excluded in the diluted earnings per share calculation (in shares)	483,644	247,990	304,866	353,292

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	$ 3,052	$ 3,950	$ 4,330	$ 3,799
Other comprehensive income (loss) before reclassifications	71	30	21	62
Balance at end of period	3,171	4,141	3,171	4,141
Unrealized Gains (Losses) Available-for-Sale Securities *
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(1)	2	41	(28)
Other comprehensive income (loss) before reclassifications	67	28	25	58
Balance at end of period	66	30	66	30
Retirement Plan Liabilities Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	3	(3)	3	(3)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Balance at end of period	3	(3)	3	(3)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(8)	(1)	0	(3)
Other comprehensive income (loss) before reclassifications	4	2	(4)	4
Balance at end of period	(4)	1	(4)	1
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	(6)	(2)	44	(34)
Balance at end of period	$ 65	$ 28	$ 65	$ 28

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 441		$ 104
Increase in net deferred tax asset	$ 337
Effective tax rate	24.60%	24.50%
Unrecognized tax benefits, including related interest and penalties	$ 12		$ 12

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Interest income	$ 1,077	$ 1,000	$ 2,184	$ 1,955
Interest expense	271	238	527	473
Provision for finance receivable losses	423	268	954	554
Net interest income after provision for finance receivable losses	383	494	703	928
Other revenues	148	156	289	304
Other expenses	413	394	831	774
Income (loss) before income tax expense (benefit)	118	256	161	458
Assets	22,508	21,017	22,508	21,017	$ 22,817
Consumer and Insurance | Consumer and Insurance
Segment Reporting Information [Line Items]
Interest income	1,074	999	2,174	1,953
Interest expense	266	232	515	462
Provision for finance receivable losses	422	263	952	539
Net interest income after provision for finance receivable losses	386	504	707	952
Other revenues	144	144	281	290
Other expenses	402	378	809	740
Income (loss) before income tax expense (benefit)	128	270	179	502
Assets	20,389	18,872	20,389	18,872
Other
Segment Reporting Information [Line Items]
Interest income	1	2	3	5
Interest expense	1	1	2	3
Provision for finance receivable losses	0	0	0	0
Net interest income after provision for finance receivable losses	0	1	1	2
Other revenues	4	12	9	21
Other expenses	5	10	12	23
Income (loss) before income tax expense (benefit)	(1)	3	(2)	0
Assets	70	87	70	87
Segment to GAAP Adjustment
Segment Reporting Information [Line Items]
Interest income	2	(1)	7	(3)
Interest expense	4	5	10	8
Provision for finance receivable losses	1	5	2	15
Net interest income after provision for finance receivable losses	(3)	(11)	(5)	(26)
Other revenues	0	0	(1)	(7)
Other expenses	6	6	10	11
Income (loss) before income tax expense (benefit)	(9)	(17)	(16)	(44)
Assets	$ 2,049	$ 2,058	$ 2,049	$ 2,058

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Assets
Restricted cash and restricted cash equivalents	$ 487	$ 405	$ 420
Total Fair Value
Assets
Cash and cash equivalents	2,740	1,227
Investment securities	1,862	1,884
Net finance receivables, less allowance for finance receivable losses	17,914	19,319
Restricted cash and restricted cash equivalents	487	405
Other assets	67	84
Liabilities
Long-term debt	18,584	18,509
Total Carrying Value
Assets
Cash and cash equivalents	2,740	1,227
Investment securities	1,862	1,884
Net finance receivables, less allowance for finance receivable losses	15,397	17,560
Restricted cash and restricted cash equivalents	487	405
Other assets	67	74
Liabilities
Long-term debt	18,010	17,212
Level 1
Assets
Cash and cash equivalents	2,740	1,159
Investment securities	39	45
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	487	405
Other assets	0	0
Liabilities
Long-term debt	0	0
Level 2
Assets
Cash and cash equivalents	0	68
Investment securities	1,819	1,835
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	0	0
Other assets	0	0
Liabilities
Long-term debt	18,584	18,509
Level 3
Assets
Cash and cash equivalents	0	0
Investment securities	4	4
Net finance receivables, less allowance for finance receivable losses	17,914	19,319
Restricted cash and restricted cash equivalents	0	0
Other assets	67	84
Liabilities
Long-term debt	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$ 1,791	$ 1,798
Other securities	71	86
U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	89	92
Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,152	1,098
RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	217	217
CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	64	57
CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	84	85
Level 1
Investments, Debt and Equity Securities [Abstract]
Total investment securities	39	45
Level 2
Investments, Debt and Equity Securities [Abstract]
Total investment securities	1,819	1,835
Level 3
Investments, Debt and Equity Securities [Abstract]
Total investment securities	4	4
Fair Value, Measurements, Recurring
Assets
Cash equivalents in mutual funds	2,622	775
Cash equivalents in securities		68
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,791	1,798
Other securities	71	86
Total investment securities	1,862	1,884
Restricted cash equivalents in mutual funds	474	403
Total	4,958	3,130
Fair Value, Measurements, Recurring | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	36	40
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	89	92
Fair Value, Measurements, Recurring | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	31	91
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	142	147
Other securities	1	1
Fair Value, Measurements, Recurring | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,152	1,098
Other securities	20	24
Fair Value, Measurements, Recurring | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	217	217
Other securities	1	1
Fair Value, Measurements, Recurring | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	64	57
Fair Value, Measurements, Recurring | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	84	85
Other securities	14	14
Fair Value, Measurements, Recurring | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	13	19
Fair Value, Measurements, Recurring | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	22	26
Fair Value, Measurements, Recurring | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		1
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents in mutual funds	2,622	775
Cash equivalents in securities		0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	4	5
Other securities	35	40
Total investment securities	39	45
Restricted cash equivalents in mutual funds	474	403
Total	3,135	1,223
Fair Value, Measurements, Recurring | Level 1 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	4	5
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 1 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	13	14
Fair Value, Measurements, Recurring | Level 1 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	22	26
Fair Value, Measurements, Recurring | Level 1 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		0
Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities		68
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,784	1,793
Other securities	35	42
Total investment securities	1,819	1,835
Restricted cash equivalents in mutual funds	0	0
Total	1,819	1,903
Fair Value, Measurements, Recurring | Level 2 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	35	37
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	12	11
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	89	92
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	31	91
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	142	147
Other securities	1	1
Fair Value, Measurements, Recurring | Level 2 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,145	1,093
Other securities	19	23
Fair Value, Measurements, Recurring | Level 2 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	217	217
Other securities	1	1
Fair Value, Measurements, Recurring | Level 2 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	64	57
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	84	85
Other securities	14	12
Fair Value, Measurements, Recurring | Level 2 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	5
Fair Value, Measurements, Recurring | Level 2 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 2 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		0
Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities		0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	3	0
Other securities	1	4
Total investment securities	4	4
Restricted cash equivalents in mutual funds	0	0
Total	4	4
Fair Value, Measurements, Recurring | Level 3 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	1	3
Fair Value, Measurements, Recurring | Level 3 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	3	0
Other securities	1	1
Fair Value, Measurements, Recurring | Level 3 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring | Level 3 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	0	0
Other securities	0	2
Fair Value, Measurements, Recurring | Level 3 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	$ 0	0
Fair Value, Measurements, Recurring | Level 3 | Other long-term investments
Investments, Debt and Equity Securities [Abstract]
Other securities		$ 1