OneMain (OMF) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 19, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		134,477,096
Entity Central Index Key	0001584207
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
OMFC
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 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
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 1,301	$ 2,272
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.9 billion and $1.8 billion in 2021, respectively, and $1.8 billion and $1.7 billion in 2020, respectively)	1,951	1,922
Net finance receivables (includes loans of consolidated VIEs of $8.2 billion in 2021 and $8.8 billion in 2020)	17,564	18,084
Unearned insurance premium and claim reserves	(719)	(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.0 billion in 2021 and $1.1 billion in 2020)	(2,062)	(2,269)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,783	15,044
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $553 million in 2021 and $441 million in 2020)	571	451
Goodwill	1,422	1,422
Other intangible assets	296	306
Other assets	961	1,054
Total assets	21,285	22,471
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $7.4 billion in 2021 and $7.8 billion in 2020)	16,789	17,800
Insurance claims and policyholder liabilities	614	621
Deferred and accrued taxes	90	45
Other liabilities	484	564
Total liabilities	17,977	19,030
Contingencies (Note 12)
Shareholders’ equity:
Common stock	1	1
Additional paid-in capital	1,657	1,655
Accumulated other comprehensive income	80	94
Retained earnings	1,570	1,691
Total shareholders’ equity	3,308	3,441
Total liabilities and shareholders’ equity	21,285	22,471
OMFC
Assets
Cash and cash equivalents	1,301	2,272
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.9 billion and $1.8 billion in 2021, respectively, and $1.8 billion and $1.7 billion in 2020, respectively)	1,951	1,922
Net finance receivables (includes loans of consolidated VIEs of $8.2 billion in 2021 and $8.8 billion in 2020)	17,564	18,084
Unearned insurance premium and claim reserves	(719)	(771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.0 billion in 2021 and $1.1 billion in 2020)	(2,062)	(2,269)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses	14,783	15,044
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $553 million in 2021 and $441 million in 2020)	571	451
Goodwill	1,422	1,422
Other intangible assets	296	306
Other assets	961	1,054
Total assets	21,285	22,471
Liabilities and Shareholders’ Equity
Long-term debt (includes debt of consolidated VIEs of $7.4 billion in 2021 and $7.8 billion in 2020)	16,789	17,800
Insurance claims and policyholder liabilities	614	621
Deferred and accrued taxes	92	47
Other liabilities	484	563
Total liabilities	17,979	19,031
Contingencies (Note 12)
Shareholders’ equity:
Common stock	5	5
Additional paid-in capital	1,901	1,899
Accumulated other comprehensive income	80	94
Retained earnings	1,320	1,442
Total shareholders’ equity	3,306	3,440
Total liabilities and shareholders’ equity	$ 21,285	$ 22,471

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investment securities, fair value	$ 1,867	$ 1,847
Investment, amortized cost basis	1,791	1,728
Net finance receivables	17,564	18,084
Financing receivable, allowance for credit loss	2,062	2,269
Restricted cash and restricted cash equivalents	571	451
Long-term debt	16,789	17,800
Other liabilities	$ 484	$ 564
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 and outstanding	134,477,096	134,341,724
Common stock, shares outstanding (in shares)	134,477,096	134,341,724
OMFC
Investment securities, fair value	$ 1,900	$ 1,800
Investment, amortized cost basis	1,800	1,700
Net finance receivables	17,564	18,084
Financing receivable, allowance for credit loss	2,062	2,269
Restricted cash and restricted cash equivalents	571	451
Long-term debt	16,789	17,800
Other liabilities	$ 484	$ 563
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 and outstanding	10,160,021	10,160,021
Common stock, shares outstanding (in shares)	10,160,021	10,160,021
Consolidated VIEs
Net finance receivables	$ 8,219	$ 8,772
Financing receivable, allowance for credit loss	955	1,085
Restricted cash and restricted cash equivalents	553	441
Long-term debt	7,394	7,789
Other liabilities	14	15
Consolidated VIEs | OMFC
Net finance receivables	8,200	8,800
Financing receivable, allowance for credit loss	1,000	1,100
Restricted cash and restricted cash equivalents	553	441
Long-term debt	7,400	7,800
Other liabilities	$ 14	$ 15

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income	$ 1,060	$ 1,106
Interest expense	235	255
Net interest income	825	851
Provision for finance receivable losses	(2)	531
Net interest income after provision for finance receivable losses	827	320
Other revenues:
Insurance	107	117
Investment	17	9
Net loss on repurchases and repayments of debt	(47)	0
Other	14	15
Total other revenues	91	141
Other expenses:
Salaries and benefits	189	199
Other operating expenses	150	151
Insurance policy benefits and claims	33	68
Total other expenses	372	418
Income (loss) before income tax expense (benefit)	546	43
Income tax expense (benefit)	133	11
Net income	$ 413	$ 32
Weighted average number of shares outstanding:
Basic (in shares)	134,405,368	135,909,100
Diluted (in shares)	134,807,165	136,138,677
Earnings per share:
Basic (in dollars per share)	$ 3.07	$ 0.24
Diluted (in dollars per share)	$ 3.06	$ 0.24
OMFC
Interest income	$ 1,060	$ 1,106
Interest expense	235	255
Net interest income	825	851
Provision for finance receivable losses	(2)	531
Net interest income after provision for finance receivable losses	827	320
Other revenues:
Insurance	107	117
Investment	17	9
Net loss on repurchases and repayments of debt	(47)	0
Other	14	15
Total other revenues	91	141
Other expenses:
Salaries and benefits	189	199
Other operating expenses	150	151
Insurance policy benefits and claims	33	68
Total other expenses	372	418
Income (loss) before income tax expense (benefit)	546	43
Income tax expense (benefit)	133	11
Net income	$ 413	$ 32

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 413	$ 32
Other comprehensive loss:
Net change in unrealized losses on non-credit impaired available-for-sale securities	(43)	(55)
Foreign currency translation adjustments	2	(10)
Other	23	0
Income tax effect:
Net change in unrealized losses on non-credit impaired available-for-sale securities	10	13
Foreign currency translation adjustments	0	2
Other	(6)	0
Other comprehensive loss, net of tax	(14)	(50)
Comprehensive income (loss)	399	(18)
OMFC
Net income	413	32
Other comprehensive loss:
Net change in unrealized losses on non-credit impaired available-for-sale securities	(43)	(55)
Foreign currency translation adjustments	2	(10)
Other	23	0
Income tax effect:
Net change in unrealized losses on non-credit impaired available-for-sale securities	10	13
Foreign currency translation adjustments	0	2
Other	(6)	0
Other comprehensive loss, net of tax	(14)	(50)
Comprehensive income (loss)	$ 399	$ (18)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($) $ in Millions	Total		Net impact of adoption of ASU 2016-13	[1]	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	OMFCNet impact of adoption of ASU 2016-13	[2]	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 EarningsNet impact of adoption of ASU 2016-13	[2]	OMFCRetained EarningsBalance post-adoption
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	$ (828)		$ 3,497	$ 5	$ 5	$ 1,888	$ 1,888	$ 44	$ 44	$ 2,388	$ (828)		$ 1,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased and retired	(45)							(45)
Share-based compensation expense, net of forfeitures	7							7									7						7
Withholding tax on share-based compensation	(6)							(6)									(6)						(6)
Other comprehensive loss	(50)									(50)							(50)								(50)
Cash dividends	(388)	[3]										(388)	[3]				(433)										(433)
Net income	32											32					32										32
Balance at end of period at Mar. 31, 2020	3,052					1		1,645		(6)		1,412					3,047				5		1,889		(6)		1,159
Balance at beginning of period at Dec. 31, 2020	3,441					1		1,655		94		1,691					3,440				5		1,899		94		1,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense, net of forfeitures	7							7									7						7
Withholding tax on share-based compensation	(5)							(5)									(5)						(5)
Other comprehensive loss	(14)									(14)							(14)								(14)
Cash dividends	(534)	[3]										(534)	[3]				(535)										(535)
Net income	413											413					413										413
Balance at end of period at Mar. 31, 2021	$ 3,308					$ 1		$ 1,657		$ 80		$ 1,570					$ 3,306				$ 5		$ 1,901		$ 80		$ 1,320
[1]	As a result of the adoption of ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments , on January 1, 2020, we recorded a one-time cumulative reduction to retained earnings, net of tax. See Note 4 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2016-13.
[2]	As a result of the adoption of ASU 2016-13, on January 1, 2020, we recorded a one-time cumulative reduction to retained earnings, net of tax. See Note 4 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2016-13.
[3]	Cash dividends declared were $3.95 per share and $2.83 per share during the three months ended March 31, 2021 and 2020, respectively.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 3.95	$ 2.83

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 19, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 413	$ 32
Reconciling adjustments:
Provision for finance receivable losses	(2)	531
Depreciation and amortization	61	64
Deferred income tax charge (benefit)	59	(36)
Net loss on repurchases and repayments of debt	47	0
Share-based compensation expense, net of forfeitures	7	7
Other	(6)	12
Cash flows due to changes in other assets and other liabilities	(23)	(45)
Net cash provided by operating activities	556	565
Cash flows from investing activities
Net principal collections (originations) of finance receivables	217	(188)
Available-for-sale securities purchased	(146)	(132)
Available-for-sale securities called, sold, and matured	91	128
Other securities purchased	(688)	(4)
Other securities called, sold, and matured	681	6
Other, net	43	(6)
Net cash provided by (used for) investing activities	198	(196)
Cash flows from financing activities
Expenses from issuance of long-term debt, net of issuance costs	(1)
Proceeds from issuance of long-term debt, net of issuance costs		3,547
Repayment of long-term debt	(1,065)	(332)
Cash dividends	(534)	(387)
Common stock repurchased and retired	0	(45)
Withholding tax on share-based compensation	(5)	(6)
Net cash provided by (used for) financing activities	(1,605)	2,777
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(851)	3,146
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	2,723	1,632	$ 1,632
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	1,872	4,778
Supplemental cash flow information
Cash and cash equivalents				$ 1,301	$ 2,272	$ 4,203
Restricted cash and restricted cash equivalents				571	451	575
Total cash and cash equivalents and restricted cash and restricted cash equivalents	1,872	4,778	1,632	1,872	2,723	4,778
OMFC
Cash flows from operating activities
Net income	413	32
Reconciling adjustments:
Provision for finance receivable losses	(2)	531
Depreciation and amortization	61	64
Deferred income tax charge (benefit)	59	(36)
Net loss on repurchases and repayments of debt	47	0
Share-based compensation expense, net of forfeitures	7	7
Other	(6)	12
Cash flows due to changes in other assets and other liabilities	(23)	(45)
Net cash provided by operating activities	556	565
Cash flows from investing activities
Net principal collections (originations) of finance receivables	217	(188)
Available-for-sale securities purchased	(146)	(132)
Available-for-sale securities called, sold, and matured	91	128
Other securities purchased	(688)	(4)
Other securities called, sold, and matured	681	6
Other, net	43	(6)
Net cash provided by (used for) investing activities	198	(196)
Cash flows from financing activities
Expenses from issuance of long-term debt, net of issuance costs	(1)
Proceeds from issuance of long-term debt, net of issuance costs		3,547
Repayment of long-term debt	(1,065)	(332)
Cash dividends	(534)	(432)	(45)
Withholding tax on share-based compensation	(5)	(6)
Net cash provided by (used for) financing activities	(1,605)	2,777
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(851)	3,146
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period	2,723	1,632	1,632
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period	1,872	4,778
Supplemental cash flow information
Cash and cash equivalents				1,301	2,272	4,203
Restricted cash and restricted cash equivalents				571	451	575
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$ 1,872	$ 4,778	$ 1,632	$ 1,872	$ 2,723	$ 4,778

Business and Basis of Operation

Business and Basis of Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Operations	1. Business and Basis of Operations 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. 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. OMFC is used in this report to include references to transactions and arrangements occurring prior to the name change. 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. 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 March 31, 2021, the Apollo-Värde Group owned approximately 34.0% 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements 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. The amendments in this ASU become effective for the Company beginning January 1, 2023, as a result of the FASB issuing a one-year deferral of this ASU for public companies. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We have selected a vendor for a software solution to meet the new accounting and disclosure requirements of the ASU and 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	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Financing Receivables	3. Finance Receivables Our finance receivables consist of personal loans, which are non-revolving, with a fixed-rate, fixed terms generally between three Components of our net finance receivables were as follows: (dollars in millions) March 31, 2021 December 31, 2020 Gross finance receivables * $ 17,363 $ 17,860 Unearned points and fees (210) (225) Accrued finance charges 268 299 Deferred origination costs 143 150 Total $ 17,564 $ 18,084 * Gross finance receivables equal the unpaid principal balance of our personal loans. For precompute loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. 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 $20 million and $28 million during the three months ended March 31, 2021 and 2020, respectively. Finance charges recognized from the contractual interest portion of payments received on nonaccrual finance receivables totaled $4 million during the three months ended March 31, 2021 and 2020. All loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses. The following tables below are a summary of our finance receivables by the year of origination and number of days delinquent, our key credit quality indicator: (dollars in millions) 2021 2020 2019 2018 2017 Prior Total March 31, 2021 Performing Current $ 2,193 $ 7,488 $ 4,860 $ 1,703 $ 500 $ 224 $ 16,968 30-59 days past due 1 62 57 22 9 6 157 60-89 days past due — 47 45 17 6 4 119 Total performing 2,194 7,597 4,962 1,742 515 234 17,244 Nonperforming (Nonaccrual) 90-179 days past due — 103 131 49 18 10 311 180 days or more past due — 2 5 1 1 — 9 Total nonperforming — 105 136 50 19 10 320 Total $ 2,194 $ 7,702 $ 5,098 $ 1,792 $ 534 $ 244 $ 17,564 (dollars in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Performing Current $ 8,659 $ 5,691 $ 2,064 $ 651 $ 184 $ 106 $ 17,355 30-59 days past due 72 106 44 18 6 5 251 60-89 days past due 44 72 28 11 4 3 162 Total performing 8,775 5,869 2,136 680 194 114 17,768 Nonperforming (Nonaccrual) 90-179 days past due 62 154 59 22 8 5 310 180 days or more past due 1 3 1 1 — — 6 Total nonperforming 63 157 60 23 8 5 316 Total $ 8,838 $ 6,026 $ 2,196 $ 703 $ 202 $ 119 $ 18,084 TROUBLED DEBT RESTRUCTURED FINANCE RECEIVABLES Information regarding TDR finance receivables were as follows: (dollars in millions) March 31, 2021 December 31, 2020 TDR gross finance receivables $ 687 $ 689 TDR net finance receivables * 690 691 Allowance for TDR finance receivable losses 311 314 * TDR net finance receivables — TDR gross finance receivables net of unearned points and fees, accrued finance charges, and deferred origination costs. TDR average net finance receivables and finance charges recognized on TDR finance receivables were as follows: Three Months Ended March 31, (dollars in millions) 2021 2020 TDR average net finance receivables $ 691 $ 676 TDR finance charges recognized 13 12 Information regarding the new volume of the TDR finance receivables were as follows: Three Months Ended March 31, (dollars in millions) 2021 2020 Pre-modification TDR net finance receivables $ 116 $ 158 Post-modification TDR net finance receivables: Rate reduction 78 100 Other * 38 58 Total post-modification TDR net finance receivables $ 116 $ 158 Number of TDR accounts 14,508 21,818 * “Other” modifications primarily consist of potential principal and interest forgiveness contingent on future payment performance by the borrower under the modified terms. Finance receivables 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 March 31, (dollars in millions) 2021 2020 TDR net finance receivables * $ 30 $ 31 Number of TDR accounts 4,183 4,552 * Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.

Allowance for Finance Receivabl

Allowance for Finance Receivable Losses	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Allowance for Finance Receivable Losses	4. 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. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions. Our current methodology to estimate expected credit losses used the most recent macroeconomic forecasts, which incorporated the projected impacts and expected recovery 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 March 31, 2021, our economic forecast used a reasonable and supportable period of 12 months. The decrease in our allowance for finance receivable losses for the three months ended March 31, 2021 was primarily due to the expectation of improved unemployment and anticipated economic recovery from the COVID-19 pandemic. In the near-term, we may experience further changes to the macroeconomic assumptions within our forecast which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses. Changes in the allowance for finance receivable losses were as follows: Three Months Ended March 31, (dollars in millions) 2021 2020 Balance at beginning of period $ 2,269 $ 829 Impact of adoption of ASU 2016-13 * — 1,118 Provision for finance receivable losses (2) 531 Charge-offs (255) (337) Recoveries 50 41 Balance at end of period $ 2,062 $ 2,182 * 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 and a corresponding cumulative reduction to retained earnings, net of tax. See Note 4 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for additional information on the adoption of ASU 2016-13. The allowance for finance receivable losses and net finance receivables by impairment method were as follows: (dollars in millions) March 31, 2021 December 31, 2020 Allowance for finance receivable losses: Collectively evaluated for impairment $ 1,751 $ 1,955 TDR finance receivables 311 314 Total $ 2,062 $ 2,269 Finance receivables: Collectively evaluated for impairment $ 16,874 $ 17,393 TDR net finance receivables 690 691 Total $ 17,564 $ 18,084 Allowance for finance receivable losses as a percentage of finance receivables 11.74 % 12.55 %

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	5. 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 March 31, 2021* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 85 3 — 88 Commercial paper 49 — — 49 Non-U.S. government and government sponsored entities 141 6 — 147 Corporate debt 1,175 65 (6) 1,234 Mortgage-backed, asset-backed, and collateralized: RMBS 191 5 (1) 195 CMBS 54 2 — 56 CDO/ABS 85 2 — 87 Total $ 1,791 $ 83 $ (7) $ 1,867 December 31, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 87 5 — 92 Commercial paper 28 — — 28 Non-U.S. government and government sponsored entities 137 9 — 146 Corporate debt 1,124 95 (1) 1,218 Mortgage-backed, asset-backed, and collateralized: RMBS 208 7 — 215 CMBS 55 3 — 58 CDO/ABS 77 2 (1) 78 Total $ 1,728 $ 121 $ (2) $ 1,847 * There was no allowance for credit losses related to our investment securities as of March 31, 2021 and December 31, 2020. Interest receivables reported in “Other assets” totaled $13 million and $12 million as of March 31, 2021 and December 31, 2020, respectively. There were no amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2021 and 2020. 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 March 31, 2021 Obligations of states, municipalities, and political subdivisions $ 9 $ — $ — $ — $ 9 $ — Commercial paper 18 — — — 18 — Non-U.S. government and government sponsored entities 12 — 1 — 13 — Corporate debt 174 (5) 22 (1) 196 (6) Mortgage-backed, asset-backed, and collateralized: RMBS 38 (1) — — 38 (1) CMBS 3 — — — 3 — CDO/ABS 23 — 6 — 29 — Total $ 277 $ (6) $ 29 $ (1) $ 306 $ (7) December 31, 2020 Obligations of states, municipalities, and political subdivisions $ 2 $ — $ — $ — $ 2 $ — Commercial paper 19 — — — 19 — Non-U.S. government and government sponsored entities 1 — — — 1 — Corporate debt 45 (1) 8 — 53 (1) Mortgage-backed, asset-backed, and collateralized: CMBS 8 — — — 8 — CDO/ABS 17 (1) — — 17 (1) Total $ 92 $ (2) $ 8 $ — $ 100 $ (2) On a lot basis, we had 368 and 148 investment securities in an unrealized loss position at March 31, 2021 and December 31, 2020, 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 March 31, 2021, 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 March 31, 2021, 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 months ended March 31, 2021 and 2020, there were no material credit impairments 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 months ended March 31, 2021 and 2020. The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2021 and 2020 totaled $67 million and $58 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2021 and 2020. Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2021 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 176 $ 175 Due after 1 year through 5 years 592 561 Due after 5 years through 10 years 593 568 Due after 10 years 168 157 Mortgage-backed, asset-backed, and collateralized securities 338 330 Total $ 1,867 $ 1,791 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 $581 million and $604 million at March 31, 2021 and December 31, 2020, respectively. OTHER SECURITIES The fair value of other securities by type was as follows: (dollars in millions) March 31, 2021 December 31, 2020 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 13 17 Mortgage-backed, asset-backed, and collateralized bonds 23 17 Total bonds 37 35 Preferred stock * 18 13 Common stock * 29 27 Total $ 84 $ 75 * 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 immaterial for the three months ended March 31, 2021. Net unrealized losses on other securities held were $13 million for the three months ended March 31, 2020. Net realized gains and losses on other securities sold or redeemed were immaterial for the three months ended March 31, 2021 and 2020. Other securities primarily consist of 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	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-term Debt	6. Long-term Debt Principal maturities of long-term debt (excluding projected repayments on securitizations by period) by type of debt at March 31, 2021 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.91% - 6.94% 4.00% - 8.88% 1.99 % Remainder of 2021 $ — $ — $ — $ — 2022 — 992 — 992 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025 — 1,835 — 1,835 2026-2067 — 3,999 350 4,349 Securitizations (c) 7,424 — — 7,424 Total principal maturities $ 7,424 $ 9,301 $ 350 $ 17,075 Total carrying amount $ 7,394 $ 9,223 $ 172 $ 16,789 Debt issuance costs (d) $ (27) $ (82) $ — $ (109) (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 March 31, 2021. (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 March 31, 2021, there were no amounts drawn under our revolving conduit facilities. See Note 7 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 $32 million at March 31, 2021 and are reported in “Other assets.” Redemption of 7.75% Senior Notes Due 2021 On December 9, 2020, OMFC issued a notice of full redemption of its 7.75% Senior Notes due 2021. On January 8, 2021, OMFC paid a net aggregate amount of $681 million, inclusive of accrued interest and premiums, to complete the redemption. In connection with the redemption, we recognized $47 million of net loss on repurchases and repayments of debt during the three months ended March 31, 2021.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	7. 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 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report 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) March 31, 2021 December 31, 2020 Assets Cash and cash equivalents $ 2 $ 2 Net finance receivables 8,219 8,772 Allowance for finance receivable losses 955 1,085 Restricted cash and restricted cash equivalents 553 441 Other assets 32 33 Liabilities Long-term debt $ 7,394 $ 7,789 Other liabilities 14 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 $78 million and $81 million during the three months ended March 31, 2021 and 2020, respectively. SECURITIZED BORROWINGS Each of our outstanding securitizations contain a revolving period ranging from two REVOLVING CONDUIT FACILITIES We had access to 13 revolving conduit facilities with a total maximum borrowing capacity of $7.2 billion as of March 31, 2021. 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 March 31, 2021. Amounts drawn on these facilities are collateralized by our personal loans.

Insurance

Insurance	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Insurance	8. Insurance Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables): At or for the (dollars in millions) 2021 2020 Balance at beginning of period $ 148 $ 117 Less reinsurance recoverables (3) (4) Net balance at beginning of period 145 113 Additions for losses and loss adjustment expenses incurred to: Current year 57 77 Prior years * (18) (9) Total 39 68 Reductions for losses and loss adjustment expenses paid related to: Current year (18) (17) Prior years (47) (30) Total (65) (47) Foreign currency translation adjustment — (1) Net balance at end of period 119 133 Plus reinsurance recoverables 3 3 Balance at end of period $ 122 $ 136 * Reflects (i) a redundancy in the prior years’ net reserves of $18 million at March 31, 2021, primarily due to favorable development of credit disability and unemployment claims during the period, and (ii) a redundancy in the prior years’ net reserves of $9 million at March 31, 2020, primarily due to a favorable development of credit life, term life, and credit disability claims during the period.

Capital Stock and Earnings Per

Capital Stock and Earnings Per Share (OMH Only)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Capital Stock and Earnings Per Share (OMH Only)	9. 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 allows 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 March 31, 2021 2020 Balance at beginning of period 134,341,724 136,101,156 Common shares issued 135,372 240,249 Common shares retired — (2,031,698) Balance at end of period 134,477,096 134,309,707 EARNINGS PER SHARE (OMH ONLY) The computation of earnings per share was as follows: Three Months Ended March 31, (dollars in millions, except per share data) 2021 2020 Numerator (basic and diluted): Net income $ 413 $ 32 Denominator: Weighted average number of shares outstanding (basic) 134,405,368 135,909,100 Effect of dilutive securities * 401,797 229,577 Weighted average number of shares outstanding (diluted) 134,807,165 136,138,677 Earnings per share: Basic $ 3.07 $ 0.24 Diluted $ 3.06 $ 0.24 * We have excluded weighted-average unvested restricted stock units totaling 133,004 and 214,752 for the three months ended March 31, 2021 and 2020, 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. Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	10. Accumulated Other Comprehensive Income (Loss) Changes, net of tax, in accumulated other comprehensive income (loss) were as follows: (dollars in millions) Unrealized Retirement Foreign Other (b) Total Three Months Ended March 31, 2021 Balance at beginning of period $ 91 $ 1 $ 2 $ — $ 94 Other comprehensive income (loss) before reclassifications (33) — 2 17 (14) Balance at end of period $ 58 $ 1 $ 4 $ 17 $ 80 Three Months Ended March 31, 2020 Balance at beginning of period $ 41 $ 3 $ — $ — $ 44 Other comprehensive loss before reclassifications (42) — (8) — (50) Balance at end of period $ (1) $ 3 $ (8) $ — $ (6) (a) There were no amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2021 and 2020. (b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges. 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 months ended March 31, 2021 and 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes We had a net deferred tax asset of $349 million and $405 million at March 31, 2021 and December 31, 2020, respectively. The decrease in our net deferred tax asset of $56 million was primarily due to the tax effect of the decrease in the allowance for finance receivable losses and the decrease due to tax amortization of goodwill. 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. The effective tax rate for the three months ended March 31, 2021 was 24.4%, compared to 24.3% for the same period in 2020. The effective tax rate for the three months ended March 31, 2021 and 2020 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes. We are under examination by various states for the years 2014 to 2018. Management believes it has adequately provided for taxes for such years. Our gross unrecognized tax benefits, including related interest and penalties, totaled $10 million at March 31, 2021 and December 31, 2020. 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. During 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the Consolidated Appropriations Act of 2021 (the “CAA”) were signed into law. During 2021, the American Rescue Plan Act of 2021 (the “ARPA”) was signed into law. Among other things, the provisions of these laws relate 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, the CAA, or the ARPA 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	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	12. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	13. Segment Information At March 31, 2021, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and 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 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report. 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 At or for the Three Months Ended March 31, 2021 Interest income $ 1,057 $ 1 $ 2 $ 1,060 Interest expense 233 1 1 235 Provision for finance receivable losses (3) — 1 (2) Net interest income after provision for finance receivable losses 827 — — 827 Other revenues 98 3 (10) 91 Other expenses 358 6 8 372 Income (loss) before income tax expense (benefit) $ 567 $ (3) $ (18) $ 546 Assets $ 19,194 $ 57 $ 2,034 $ 21,285 At or for the Three Months Ended March 31, 2020 Interest income $ 1,101 $ 2 $ 3 $ 1,106 Interest expense 249 1 5 255 Provision for finance receivable losses 530 — 1 531 Net interest income after provision for finance receivable losses 322 1 (3) 320 Other revenues 136 4 1 141 Other expenses 407 6 5 418 Income (loss) before income tax expense (benefit) $ 51 $ (1) $ (7) $ 43 Assets $ 22,570 $ 72 $ 2,051 $ 24,693

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. Fair Value Measurements The accounting policies of our fair value measurements 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 Annual Report. 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 March 31, 2021 Assets Cash and cash equivalents $ 1,298 $ 3 $ — $ 1,301 $ 1,301 Investment securities 52 1,891 8 1,951 1,951 Net finance receivables, less allowance for finance receivable losses — — 18,447 18,447 15,502 Restricted cash and restricted cash equivalents 571 — — 571 571 Other assets * — 3 57 60 60 Liabilities Long-term debt $ — $ 18,082 $ — $ 18,082 $ 16,789 December 31, 2020 Assets Cash and cash equivalents $ 2,255 $ 17 $ — $ 2,272 $ 2,272 Investment securities 44 1,870 8 1,922 1,922 Net finance receivables, less allowance for finance receivable losses — — 18,629 18,629 15,815 Restricted cash and restricted cash equivalents 451 — — 451 451 Other assets * — 2 60 62 62 Liabilities Long-term debt $ — $ 19,426 $ — $ 19,426 $ 17,800 * Other assets at March 31, 2021 and December 31, 2020 primarily consists of finance receivables held for sale. 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 March 31, 2021 Assets Cash equivalents in mutual funds $ 881 $ — $ — $ 881 Cash equivalents in securities — 3 — 3 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 88 — 88 Commercial paper — 49 — 49 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,223 6 1,234 RMBS — 195 — 195 CMBS — 56 — 56 CDO/ABS — 87 — 87 Total available-for-sale securities 5 1,856 6 1,867 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 12 1 13 RMBS — 1 — 1 CDO/ABS — 21 1 22 Total bonds — 35 2 37 Preferred stock 18 — — 18 Common stock 29 — — 29 Total other securities 47 35 2 84 Total investment securities 52 1,891 8 1,951 Restricted cash equivalents in mutual funds 560 — — 560 Total $ 1,493 $ 1,894 $ 8 $ 3,395 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2020 Assets Cash equivalents in mutual funds $ 2,018 $ — $ — $ 2,018 Cash equivalents in securities — 17 — 17 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 28 — 28 Non-U.S. government and government sponsored entities — 146 — 146 Corporate debt 5 1,207 6 1,218 RMBS — 215 — 215 CMBS — 58 — 58 CDO/ABS — 78 — 78 Total available-for-sale securities 5 1,836 6 1,847 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 16 1 17 CDO/ABS — 17 — 17 Total bonds — 34 1 35 Preferred stock 13 — — 13 Common stock 26 — 1 27 Total other securities 39 34 2 75 Total investment securities 44 1,870 8 1,922 Restricted cash equivalents in mutual funds 441 — — 441 Total $ 2,503 $ 1,887 $ 8 $ 4,398 Due to the insignificant activity within the Level 3 assets during the three months ended March 31, 2021 and 2020, 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 during the three months ended March 31, 2021 and 2020. FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS See Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
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.
ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED	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. The amendments in this ASU become effective for the Company beginning January 1, 2023, as a result of the FASB issuing a one-year deferral of this ASU for public companies. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We have selected a vendor for a software solution to meet the new accounting and disclosure requirements of the ASU and 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 (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of components of net finance receivables by type	Components of our net finance receivables were as follows: (dollars in millions) March 31, 2021 December 31, 2020 Gross finance receivables * $ 17,363 $ 17,860 Unearned points and fees (210) (225) Accrued finance charges 268 299 Deferred origination costs 143 150 Total $ 17,564 $ 18,084 * Gross finance receivables equal the unpaid principal balance of our personal loans. For precompute loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges.
Summary of net finance receivables by type and by days delinquent	The following tables below are a summary of our finance receivables by the year of origination and number of days delinquent, our key credit quality indicator: (dollars in millions) 2021 2020 2019 2018 2017 Prior Total March 31, 2021 Performing Current $ 2,193 $ 7,488 $ 4,860 $ 1,703 $ 500 $ 224 $ 16,968 30-59 days past due 1 62 57 22 9 6 157 60-89 days past due — 47 45 17 6 4 119 Total performing 2,194 7,597 4,962 1,742 515 234 17,244 Nonperforming (Nonaccrual) 90-179 days past due — 103 131 49 18 10 311 180 days or more past due — 2 5 1 1 — 9 Total nonperforming — 105 136 50 19 10 320 Total $ 2,194 $ 7,702 $ 5,098 $ 1,792 $ 534 $ 244 $ 17,564 (dollars in millions) 2020 2019 2018 2017 2016 Prior Total December 31, 2020 Performing Current $ 8,659 $ 5,691 $ 2,064 $ 651 $ 184 $ 106 $ 17,355 30-59 days past due 72 106 44 18 6 5 251 60-89 days past due 44 72 28 11 4 3 162 Total performing 8,775 5,869 2,136 680 194 114 17,768 Nonperforming (Nonaccrual) 90-179 days past due 62 154 59 22 8 5 310 180 days or more past due 1 3 1 1 — — 6 Total nonperforming 63 157 60 23 8 5 316 Total $ 8,838 $ 6,026 $ 2,196 $ 703 $ 202 $ 119 $ 18,084
Schedule of information regarding TDR finance receivables	Information regarding TDR finance receivables were as follows: (dollars in millions) March 31, 2021 December 31, 2020 TDR gross finance receivables $ 687 $ 689 TDR net finance receivables * 690 691 Allowance for TDR finance receivable losses 311 314 * TDR net finance receivables — TDR gross finance 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 finance receivables and finance charges recognized on TDR finance receivables were as follows: Three Months Ended March 31, (dollars in millions) 2021 2020 TDR average net finance receivables $ 691 $ 676 TDR finance charges recognized 13 12
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 were as follows: Three Months Ended March 31, (dollars in millions) 2021 2020 Pre-modification TDR net finance receivables $ 116 $ 158 Post-modification TDR net finance receivables: Rate reduction 78 100 Other * 38 58 Total post-modification TDR net finance receivables $ 116 $ 158 Number of TDR accounts 14,508 21,818 * “Other” modifications primarily consist of 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	Finance receivables 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 March 31, (dollars in millions) 2021 2020 TDR net finance receivables * $ 30 $ 31 Number of TDR accounts 4,183 4,552 * 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, (dollars in millions) 2021 2020 Balance at beginning of period $ 2,269 $ 829 Impact of adoption of ASU 2016-13 * — 1,118 Provision for finance receivable losses (2) 531 Charge-offs (255) (337) Recoveries 50 41 Balance at end of period $ 2,062 $ 2,182
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) March 31, 2021 December 31, 2020 Allowance for finance receivable losses: Collectively evaluated for impairment $ 1,751 $ 1,955 TDR finance receivables 311 314 Total $ 2,062 $ 2,269 Finance receivables: Collectively evaluated for impairment $ 16,874 $ 17,393 TDR net finance receivables 690 691 Total $ 17,564 $ 18,084 Allowance for finance receivable losses as a percentage of finance receivables 11.74 % 12.55 %

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 11 $ — $ — $ 11 Obligations of states, municipalities, and political subdivisions 85 3 — 88 Commercial paper 49 — — 49 Non-U.S. government and government sponsored entities 141 6 — 147 Corporate debt 1,175 65 (6) 1,234 Mortgage-backed, asset-backed, and collateralized: RMBS 191 5 (1) 195 CMBS 54 2 — 56 CDO/ABS 85 2 — 87 Total $ 1,791 $ 83 $ (7) $ 1,867 December 31, 2020* Fixed maturity available-for-sale securities: U.S. government and government sponsored entities $ 12 $ — $ — $ 12 Obligations of states, municipalities, and political subdivisions 87 5 — 92 Commercial paper 28 — — 28 Non-U.S. government and government sponsored entities 137 9 — 146 Corporate debt 1,124 95 (1) 1,218 Mortgage-backed, asset-backed, and collateralized: RMBS 208 7 — 215 CMBS 55 3 — 58 CDO/ABS 77 2 (1) 78 Total $ 1,728 $ 121 $ (2) $ 1,847 * There was no allowance for credit losses related to our investment securities as of March 31, 2021 and December 31, 2020.
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 March 31, 2021 Obligations of states, municipalities, and political subdivisions $ 9 $ — $ — $ — $ 9 $ — Commercial paper 18 — — — 18 — Non-U.S. government and government sponsored entities 12 — 1 — 13 — Corporate debt 174 (5) 22 (1) 196 (6) Mortgage-backed, asset-backed, and collateralized: RMBS 38 (1) — — 38 (1) CMBS 3 — — — 3 — CDO/ABS 23 — 6 — 29 — Total $ 277 $ (6) $ 29 $ (1) $ 306 $ (7) December 31, 2020 Obligations of states, municipalities, and political subdivisions $ 2 $ — $ — $ — $ 2 $ — Commercial paper 19 — — — 19 — Non-U.S. government and government sponsored entities 1 — — — 1 — Corporate debt 45 (1) 8 — 53 (1) Mortgage-backed, asset-backed, and collateralized: CMBS 8 — — — 8 — CDO/ABS 17 (1) — — 17 (1) Total $ 92 $ (2) $ 8 $ — $ 100 $ (2)
Schedule of contractual maturities of fixed-maturity available-for-sale securities	Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2021 were as follows: (dollars in millions) Fair Amortized Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: Due in 1 year or less $ 176 $ 175 Due after 1 year through 5 years 592 561 Due after 5 years through 10 years 593 568 Due after 10 years 168 157 Mortgage-backed, asset-backed, and collateralized securities 338 330 Total $ 1,867 $ 1,791
Schedule of fair value of other securities by type	The fair value of other securities by type was as follows: (dollars in millions) March 31, 2021 December 31, 2020 Fixed maturity other securities: Bonds Non-U.S. government and government sponsored entities $ 1 $ 1 Corporate debt 13 17 Mortgage-backed, asset-backed, and collateralized bonds 23 17 Total bonds 37 35 Preferred stock * 18 13 Common stock * 29 27 Total $ 84 $ 75 * 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 were as follows: Senior Debt (dollars in millions) Securitizations Unsecured Junior Total Interest rates (b) 0.91% - 6.94% 4.00% - 8.88% 1.99 % Remainder of 2021 $ — $ — $ — $ — 2022 — 992 — 992 2023 — 1,175 — 1,175 2024 — 1,300 — 1,300 2025 — 1,835 — 1,835 2026-2067 — 3,999 350 4,349 Securitizations (c) 7,424 — — 7,424 Total principal maturities $ 7,424 $ 9,301 $ 350 $ 17,075 Total carrying amount $ 7,394 $ 9,223 $ 172 $ 16,789 Debt issuance costs (d) $ (27) $ (82) $ — $ (109) (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 March 31, 2021. (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 March 31, 2021, there were no amounts drawn under our revolving conduit facilities. See Note 7 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 $32 million at March 31, 2021 and are reported in “Other assets.”

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Assets Cash and cash equivalents $ 2 $ 2 Net finance receivables 8,219 8,772 Allowance for finance receivable losses 955 1,085 Restricted cash and restricted cash equivalents 553 441 Other assets 32 33 Liabilities Long-term debt $ 7,394 $ 7,789 Other liabilities 14 15

Insurance (Tables)

Insurance (Tables)	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Changes in the reserve for unpaid claims and loss adjustment expenses	Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables): At or for the (dollars in millions) 2021 2020 Balance at beginning of period $ 148 $ 117 Less reinsurance recoverables (3) (4) Net balance at beginning of period 145 113 Additions for losses and loss adjustment expenses incurred to: Current year 57 77 Prior years * (18) (9) Total 39 68 Reductions for losses and loss adjustment expenses paid related to: Current year (18) (17) Prior years (47) (30) Total (65) (47) Foreign currency translation adjustment — (1) Net balance at end of period 119 133 Plus reinsurance recoverables 3 3 Balance at end of period $ 122 $ 136 * Reflects (i) a redundancy in the prior years’ net reserves of $18 million at March 31, 2021, primarily due to favorable development of credit disability and unemployment claims during the period, and (ii) a redundancy in the prior years’ net reserves of $9 million at March 31, 2020, primarily due to a favorable development of credit life, term life, and credit disability claims during the period.

Capital Stock and Earnings Pe_2

Capital Stock and Earnings Per Share (OMH Only) (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Balance at beginning of period 134,341,724 136,101,156 Common shares issued 135,372 240,249 Common shares retired — (2,031,698) Balance at end of period 134,477,096 134,309,707
Computation of earnings per share	The computation of earnings per share was as follows: Three Months Ended March 31, (dollars in millions, except per share data) 2021 2020 Numerator (basic and diluted): Net income $ 413 $ 32 Denominator: Weighted average number of shares outstanding (basic) 134,405,368 135,909,100 Effect of dilutive securities * 401,797 229,577 Weighted average number of shares outstanding (diluted) 134,807,165 136,138,677 Earnings per share: Basic $ 3.07 $ 0.24 Diluted $ 3.06 $ 0.24

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
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 Other (b) Total Three Months Ended March 31, 2021 Balance at beginning of period $ 91 $ 1 $ 2 $ — $ 94 Other comprehensive income (loss) before reclassifications (33) — 2 17 (14) Balance at end of period $ 58 $ 1 $ 4 $ 17 $ 80 Three Months Ended March 31, 2020 Balance at beginning of period $ 41 $ 3 $ — $ — $ 44 Other comprehensive loss before reclassifications (42) — (8) — (50) Balance at end of period $ (1) $ 3 $ (8) $ — $ (6) (a) There were no amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2021 and 2020. (b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
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 At or for the Three Months Ended March 31, 2021 Interest income $ 1,057 $ 1 $ 2 $ 1,060 Interest expense 233 1 1 235 Provision for finance receivable losses (3) — 1 (2) Net interest income after provision for finance receivable losses 827 — — 827 Other revenues 98 3 (10) 91 Other expenses 358 6 8 372 Income (loss) before income tax expense (benefit) $ 567 $ (3) $ (18) $ 546 Assets $ 19,194 $ 57 $ 2,034 $ 21,285 At or for the Three Months Ended March 31, 2020 Interest income $ 1,101 $ 2 $ 3 $ 1,106 Interest expense 249 1 5 255 Provision for finance receivable losses 530 — 1 531 Net interest income after provision for finance receivable losses 322 1 (3) 320 Other revenues 136 4 1 141 Other expenses 407 6 5 418 Income (loss) before income tax expense (benefit) $ 51 $ (1) $ (7) $ 43 Assets $ 22,570 $ 72 $ 2,051 $ 24,693

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Assets Cash and cash equivalents $ 1,298 $ 3 $ — $ 1,301 $ 1,301 Investment securities 52 1,891 8 1,951 1,951 Net finance receivables, less allowance for finance receivable losses — — 18,447 18,447 15,502 Restricted cash and restricted cash equivalents 571 — — 571 571 Other assets * — 3 57 60 60 Liabilities Long-term debt $ — $ 18,082 $ — $ 18,082 $ 16,789 December 31, 2020 Assets Cash and cash equivalents $ 2,255 $ 17 $ — $ 2,272 $ 2,272 Investment securities 44 1,870 8 1,922 1,922 Net finance receivables, less allowance for finance receivable losses — — 18,629 18,629 15,815 Restricted cash and restricted cash equivalents 451 — — 451 451 Other assets * — 2 60 62 62 Liabilities Long-term debt $ — $ 19,426 $ — $ 19,426 $ 17,800
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 March 31, 2021 Assets Cash equivalents in mutual funds $ 881 $ — $ — $ 881 Cash equivalents in securities — 3 — 3 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 11 — 11 Obligations of states, municipalities, and political subdivisions — 88 — 88 Commercial paper — 49 — 49 Non-U.S. government and government sponsored entities — 147 — 147 Corporate debt 5 1,223 6 1,234 RMBS — 195 — 195 CMBS — 56 — 56 CDO/ABS — 87 — 87 Total available-for-sale securities 5 1,856 6 1,867 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 12 1 13 RMBS — 1 — 1 CDO/ABS — 21 1 22 Total bonds — 35 2 37 Preferred stock 18 — — 18 Common stock 29 — — 29 Total other securities 47 35 2 84 Total investment securities 52 1,891 8 1,951 Restricted cash equivalents in mutual funds 560 — — 560 Total $ 1,493 $ 1,894 $ 8 $ 3,395 Fair Value Measurements Using Total Carried At Fair Value (dollars in millions) Level 1 Level 2 Level 3 December 31, 2020 Assets Cash equivalents in mutual funds $ 2,018 $ — $ — $ 2,018 Cash equivalents in securities — 17 — 17 Investment securities: Available-for-sale securities U.S. government and government sponsored entities — 12 — 12 Obligations of states, municipalities, and political subdivisions — 92 — 92 Certificates of deposit and commercial paper — 28 — 28 Non-U.S. government and government sponsored entities — 146 — 146 Corporate debt 5 1,207 6 1,218 RMBS — 215 — 215 CMBS — 58 — 58 CDO/ABS — 78 — 78 Total available-for-sale securities 5 1,836 6 1,847 Other securities Bonds: Non-U.S. government and government sponsored entities — 1 — 1 Corporate debt — 16 1 17 CDO/ABS — 17 — 17 Total bonds — 34 1 35 Preferred stock 13 — — 13 Common stock 26 — 1 27 Total other securities 39 34 2 75 Total investment securities 44 1,870 8 1,922 Restricted cash equivalents in mutual funds 441 — — 441 Total $ 2,503 $ 1,887 $ 8 $ 4,398

Business and Basis of Operati_2

Business and Basis of Operations (Details)	Mar. 31, 2021
Majority Shareholder
Schedule of Equity Method Investments [Line Items]
Ownership percentage by Initial Stockholder	34.00%

Finance Receivables - Additiona

Finance Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	3 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, original term	6 years
Unlikely to be Collected Financing Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	60 days
Nonperforming (Nonaccrual)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due	90 days
Reversal of net accrued finance charges	$ 20	$ 28
Interest income	$ 4

Finance Receivables - Net Finan

Finance Receivables - Net Finance Receivables by Type (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Gross receivables	$ 17,363	$ 17,860
Unearned points and fees	(210)	(225)
Accrued finance charges	268	299
Deferred origination costs	143	150
Total	$ 17,564	$ 18,084

Finance Receivables - Delinquen

Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Delinquency by finance receivables type
Year one	$ 2,194	$ 8,838
Year two	7,702	6,026
Year three	5,098	2,196
Year four	1,792	703
Year five	534	202
Prior	244	119
Total	17,564	18,084
Performing
Delinquency by finance receivables type
Year one	2,194	8,775
Year two	7,597	5,869
Year three	4,962	2,136
Year four	1,742	680
Year five	515	194
Prior	234	114
Total	17,244	17,768
Performing | Current
Delinquency by finance receivables type
Year one	2,193	8,659
Year two	7,488	5,691
Year three	4,860	2,064
Year four	1,703	651
Year five	500	184
Prior	224	106
Total	16,968	17,355
Performing | 30-59 days past due
Delinquency by finance receivables type
Year one	1	72
Year two	62	106
Year three	57	44
Year four	22	18
Year five	9	6
Prior	6	5
Total	157	251
Performing | 60-89 days past due
Delinquency by finance receivables type
Year one	0	44
Year two	47	72
Year three	45	28
Year four	17	11
Year five	6	4
Prior	4	3
Total	119	162
Nonperforming (Nonaccrual)
Delinquency by finance receivables type
Year one	0	63
Year two	105	157
Year three	136	60
Year four	50	23
Year five	19	8
Prior	10	5
Total	320	316
Nonperforming (Nonaccrual) | 90-179 days past due
Delinquency by finance receivables type
Year one	0	62
Year two	103	154
Year three	131	59
Year four	49	22
Year five	18	8
Prior	10	5
Total	311	310
Nonperforming (Nonaccrual) | Financing Receivables Equal To Greater Than 180 Days Past Due [Member]
Delinquency by finance receivables type
Year one	0	1
Year two	2	3
Year three	5	1
Year four	1	1
Year five	1	0
Prior	0	0
Total	$ 9	$ 6

Finance Receivables - TDR Finan

Finance Receivables - TDR Finance Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
TDR gross finance receivables	$ 687	$ 689
TDR net finance receivables	690	691
Allowance for TDR finance receivable losses	$ 311	$ 314

Finance Receivables - TDR Avera

Finance Receivables - TDR Average Net Receivables HFI and HFS and Finance Charges Recognized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Receivables [Abstract]
TDR average net finance receivables	$ 691	$ 676
TDR finance charges recognized	$ 13	$ 12

Finance Receivables - New Volum

Finance Receivables - New Volume of TDR HFI & HFS Finance Receivables (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)account	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)account
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification TDR net finance receivables	$ 116		$ 158
Total post-modification TDR net finance receivables	$ 116	$ 158
Number of TDR accounts | account	14,508		21,818
Rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 78		$ 100
Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total post-modification TDR net finance receivables	$ 38		$ 58

Finance Receivables - Modified

Finance Receivables - Modified as TDR - Non Performing Finance Receivables (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)account	Mar. 31, 2020USD ($)account
Receivables [Abstract]
TDR net finance receivables | $	$ 30	$ 31
Number of TDR accounts | account	4,183	4,552

Allowance for Finance Receiva_3

Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in allowance for finance receivable losses
Balance at beginning of period	$ 2,269	$ 829
Provision for finance receivable losses	(2)	531
Charge-offs	(255)	(337)
Recoveries	50	41
Balance at end of period	$ 2,062	2,182
Net impact of adoption of ASU 2016-13
Changes in allowance for finance receivable losses
Balance at beginning of period		$ 1,118

Allowance for Finance Receiva_4

Allowance for Finance Receivable Losses - By Type and Impairment Method (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Allowance for finance receivable losses:
Collectively evaluated for impairment	$ 1,751		$ 1,955
TDR finance receivables	311		314
Total	2,062	$ 2,182	2,269	$ 829
Finance receivables:
Collectively evaluated for impairment	16,874		17,393
TDR finance receivables	690		691
Net finance receivables	$ 17,564		$ 18,084
Allowance for finance receivable losses as a percentage of finance receivables	11.74%	12.55%

Investment Securities - Cost_Am

Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 1,791,000,000	$ 1,728,000,000
Unrealized Gains	83,000,000	121,000,000
Unrealized Losses	(7,000,000)	(2,000,000)
Fair Value	1,867,000,000	1,847,000,000
Allowance for credit loss	0	0	$ 0
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	11,000,000	12,000,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	11,000,000	12,000,000
Obligations of states, municipalities, and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	85,000,000	87,000,000
Unrealized Gains	3,000,000	5,000,000
Unrealized Losses	0	0
Fair Value	88,000,000	92,000,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	49,000,000	28,000,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	49,000,000	28,000,000
Non-U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	141,000,000	137,000,000
Unrealized Gains	6,000,000	9,000,000
Unrealized Losses	0	0
Fair Value	147,000,000	146,000,000
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,175,000,000	1,124,000,000
Unrealized Gains	65,000,000	95,000,000
Unrealized Losses	(6,000,000)	(1,000,000)
Fair Value	1,234,000,000	1,218,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	191,000,000	208,000,000
Unrealized Gains	5,000,000	7,000,000
Unrealized Losses	(1,000,000)	0
Fair Value	195,000,000	215,000,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	54,000,000	55,000,000
Unrealized Gains	2,000,000	3,000,000
Unrealized Losses	0	0
Fair Value	56,000,000	58,000,000
CDO/ABS
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	85,000,000	77,000,000
Unrealized Gains	2,000,000	2,000,000
Unrealized Losses	0	(1,000,000)
Fair Value	$ 87,000,000	$ 78,000,000

Investment Securities - Additio

Investment Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)investment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)investment
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 13,000,000		$ 12,000,000
Investment securities in an unrealized loss position | investment	368		148
Proceeds from sales and redemptions	$ 67,000,000	$ 58,000,000
Securities on deposit with third parties	581,000,000		$ 604,000,000
Net unrealized losses on other securities sold or redeemed	$ 0	$ 13,000,000

Investment Securities - Fair Va

Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Less Than 12 Months	$ 277	$ 92
12 Months or Longer	29	8
Total	306	100
Unrealized Losses
Less Than 12 Months	(6)	(2)
12 Months or Longer	(1)	0
Total	(7)	(2)
Obligations of states, municipalities, and political subdivisions
Fair Value
Less Than 12 Months	9	2
12 Months or Longer	0	0
Total	9	2
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Commercial paper
Fair Value
Less Than 12 Months	18	19
12 Months or Longer	0	0
Total	18	19
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
Non-U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	12	1
12 Months or Longer	1	0
Total	13	1
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	174	45
12 Months or Longer	22	8
Total	196	53
Unrealized Losses
Less Than 12 Months	(5)	(1)
12 Months or Longer	(1)	0
Total	(6)	(1)
RMBS
Fair Value
Less Than 12 Months	38
12 Months or Longer	0
Total	38
Unrealized Losses
Less Than 12 Months	(1)
12 Months or Longer	0
Total	(1)
CMBS
Fair Value
Less Than 12 Months	3	8
12 Months or Longer	0	0
Total	3	8
Unrealized Losses
Less Than 12 Months	0	0
12 Months or Longer	0	0
Total	0	0
CDO/ABS
Fair Value
Less Than 12 Months	23	17
12 Months or Longer	6	0
Total	29	17
Unrealized Losses
Less Than 12 Months	0	(1)
12 Months or Longer	0	0
Total	$ 0	$ (1)

Investment Securities - Contrac

Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$ 176
Due after 1 year through 5 years	592
Due after 5 years through 10 years	593
Due after 10 years	168
Mortgage-backed, asset-backed, and collateralized securities	338
Total	1,867	$ 1,847
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	175
Due after 1 year through 5 years	561
Due after 5 years through 10 years	568
Due after 10 years	157
Mortgage-backed, asset-backed, and collateralized securities	330
Cost/ Amortized Cost	$ 1,791	$ 1,728

Investment Securities - Fair _2

Investment Securities - Fair Value of Other Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Bonds	$ 37	$ 35
Total	84	75
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	13	17
Mortgage-backed, asset-backed, and collateralized bonds
Debt and Equity Securities, FV-NI [Line Items]
Bonds	23	17
Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	18	13
Common stock
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 29	$ 27

Long-term Debt - Principal Matu

Long-term Debt - Principal Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Principal maturities of long-term debt by type of debt
Remainder of 2021	$ 0
2022	992
2023	1,175
2024	1,300
2025	1,835
2026-2067	4,349
Securitizations	7,424
Total principal maturities	17,075
Long-term debt	16,789	$ 17,800
Debt issuance costs	(109)
Amounts drawn	0
Senior Debt | Securitizations
Principal maturities of long-term debt by type of debt
Remainder of 2021	0
2022	0
2023	0
2024	0
2025	0
2026-2067	0
Securitizations	7,424
Total principal maturities	7,424
Long-term debt	7,394
Debt issuance costs	(27)
Debt issuance costs	$ 32
Senior Debt | Securitizations | Minimum
Long-term debt
Interest rate	0.91%
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 2021	$ 0
2022	992
2023	1,175
2024	1,300
2025	1,835
2026-2067	3,999
Securitizations	0
Total principal maturities	9,301
Long-term debt	9,223
Debt issuance costs	$ (82)
Senior Debt | Unsecured Notes | Minimum
Long-term debt
Interest rate	4.00%
Senior Debt | Unsecured Notes | Maximum
Long-term debt
Interest rate	8.88%
Junior Subordinated Debt
Long-term debt
Interest rate	1.99%
Principal maturities of long-term debt by type of debt
Remainder of 2021	$ 0
2022	0
2023	0
2024	0
2025	0
2026-2067	350
Securitizations	0
Total principal maturities	350
Long-term debt	172
Debt issuance costs	$ 0

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - OMFC - Senior Debt - 7.75% Senior Notes Due 2021 - USD ($) $ in Millions	Jan. 08, 2021	Mar. 31, 2021	Dec. 09, 2020
Debt Instrument [Line Items]
Interest rate			7.75%
Repayments of debt	$ 681
Loss on repurchase and repayments of debt		$ 47

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 1,301	$ 2,272	$ 4,203
Net finance receivables	17,564	18,084
Allowance for finance receivable losses	2,062	2,269	2,182	$ 829
Restricted cash and restricted cash equivalents	571	451	$ 575
Other assets	961	1,054
Long-term debt	16,789	17,800
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	2	2
Net finance receivables	8,219	8,772
Allowance for finance receivable losses	955	1,085
Restricted cash and restricted cash equivalents	553	441
Other assets	32	33
Long-term debt	7,394	7,789
Other liabilities	$ 14	$ 15

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Variable Interest Entity [Line Items]
Interest expense	$ 235	$ 255
Consolidated VIEs
Variable Interest Entity [Line Items]
Interest expense	$ 78	$ 81

Variable Interest Entities - Se

Variable Interest Entities - Securitized Borrowings (Details)	3 Months Ended
	Mar. 31, 2021
Minimum
Debt Instrument [Line Items]
Revolving period	2 years
Maximum
Debt Instrument [Line Items]
Revolving period	7 years

Variable Interest Entities - Re

Variable Interest Entities - Revolving Conduit Facilities (Details)	3 Months Ended
	Mar. 31, 2021USD ($)facility
Line of Credit Facility [Line Items]
Amounts drawn	$ 0
Consolidated VIEs | Securitizations
Line of Credit Facility [Line Items]
Number of conduit facilities | facility	13
Total borrowing capacity	$ 7,200,000,000
Amounts drawn	$ 0
Consolidated VIEs | Securitizations | Maximum
Line of Credit Facility [Line Items]
Debt instrument, term	10 years

Insurance - Changes in the Rese

Insurance - Changes in the Reserve for Unpaid Claims and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Liability for unpaid claims and claims adjustment expense
Balance at beginning of period	$ 148	$ 117
Less reinsurance recoverables	(3)	(3)	$ (3)	$ (4)
Net balance at beginning of period			145	113
Additions for losses and loss adjustment expenses incurred to:
Current year	57	77
Prior years	(18)	(9)
Total	39	68
Reductions for losses and loss adjustment expenses paid related to:
Current year	(18)	(17)
Prior years	(47)	(30)
Total	(65)	(47)
Foreign currency translation adjustment	0	(1)
Net balance at end of period	119	133
Plus reinsurance recoverables	3	3	$ 3	$ 4
Balance at end of period	$ 122	$ 136

Capital Stock and Earnings Pe_3

Capital Stock and Earnings Per Share (OMH Only) - Additional Information (Details)	Mar. 19, 2020$ / sharesshares	Mar. 31, 2021USD ($)class	Mar. 31, 2020USD ($)	Mar. 19, 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
Common stock repurchased and retired			45,000,000	$ 45,000,000
Payments of dividends		$ 534,000,000	387,000,000
OMFC
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Payments of dividends		$ 534,000,000	$ 432,000,000	$ 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
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	134,341,724	136,101,156
Common shares issued (in shares)	135,372	240,249
Common shares retired (in shares)	0	(2,031,698)
Ending balance (in shares)	134,477,096	134,309,707

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator (basic and diluted):
Net income	$ 413	$ 32
Denominator:
Weighted average number of shares outstanding (basic) (in shares)	134,405,368	135,909,100
Effect of dilutive securities (in shares)	401,797	229,577
Weighted average number of shares outstanding (diluted) (in shares)	134,807,165	136,138,677
Earnings per share:
Basic (in dollars per share)	$ 3.07	$ 0.24
Diluted (in dollars per share)	$ 3.06	$ 0.24
Restricted stock units
Earnings per share:
Shares excluded in the diluted earnings per share calculation (in shares)	133,004	214,752

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	$ 3,441,000,000	$ 4,330,000,000
Other comprehensive income (loss) before reclassifications	(14,000,000)	(50,000,000)
Balance at end of period	3,308,000,000	3,052,000,000
Allowance for credit loss	0	0	$ 0
Unrealized Gains (Losses) Available-for-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	91,000,000	41,000,000
Other comprehensive income (loss) before reclassifications	(33,000,000)	(42,000,000)
Balance at end of period	58,000,000	(1,000,000)
Retirement Plan Liabilities Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	1,000,000	3,000,000
Other comprehensive income (loss) before reclassifications	0	0
Balance at end of period	1,000,000	3,000,000
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	2,000,000	0
Other comprehensive income (loss) before reclassifications	2,000,000	(8,000,000)
Balance at end of period	4,000,000	(8,000,000)
Other Unrealized Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	0	0
Other comprehensive income (loss) before reclassifications	17,000,000	0
Balance at end of period	17,000,000	0
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	94,000,000	44,000,000
Balance at end of period	$ 80,000,000	$ (6,000,000)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net deferred tax asset	$ 349		$ 405
Decrease in net deferred tax asset	$ 56
Effective tax rate	24.40%	24.30%
Unrecognized tax benefits, including related interest and penalties	$ 10		$ 10

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 1,060	$ 1,106
Interest expense	235	255
Provision for finance receivable losses	(2)	531
Net interest income after provision for finance receivable losses	827	320
Other revenues	91	141
Other expenses	372	418
Income (loss) before income tax expense (benefit)	546	43
Assets	21,285	24,693	$ 22,471
Consumer and Insurance | Consumer and Insurance
Segment Reporting Information [Line Items]
Interest income	1,057	1,101
Interest expense	233	249
Provision for finance receivable losses	(3)	530
Net interest income after provision for finance receivable losses	827	322
Other revenues	98	136
Other expenses	358	407
Income (loss) before income tax expense (benefit)	567	51
Assets	19,194	22,570
Other
Segment Reporting Information [Line Items]
Interest income	1	2
Interest expense	1	1
Provision for finance receivable losses	0	0
Net interest income after provision for finance receivable losses	0	1
Other revenues	3	4
Other expenses	6	6
Income (loss) before income tax expense (benefit)	(3)	(1)
Assets	57	72
Segment to GAAP Adjustment
Segment Reporting Information [Line Items]
Interest income	2	3
Interest expense	1	5
Provision for finance receivable losses	1	1
Net interest income after provision for finance receivable losses	0	(3)
Other revenues	(10)	1
Other expenses	8	5
Income (loss) before income tax expense (benefit)	(18)	(7)
Assets	$ 2,034	$ 2,051

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets
Restricted cash and restricted cash equivalents	$ 571	$ 451	$ 575
Total Fair Value
Assets
Cash and cash equivalents	1,301	2,272
Investment securities	1,951	1,922
Net finance receivables, less allowance for finance receivable losses	18,447	18,629
Restricted cash and restricted cash equivalents	571	451
Other assets	60	62
Liabilities
Long-term debt	18,082	19,426
Total Carrying Value
Assets
Cash and cash equivalents	1,301	2,272
Investment securities	1,951	1,922
Net finance receivables, less allowance for finance receivable losses	15,502	15,815
Restricted cash and restricted cash equivalents	571	451
Other assets	60	62
Liabilities
Long-term debt	16,789	17,800
Level 1
Assets
Cash and cash equivalents	1,298	2,255
Investment securities	52	44
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	571	451
Other assets	0	0
Liabilities
Long-term debt	0	0
Level 2
Assets
Cash and cash equivalents	3	17
Investment securities	1,891	1,870
Net finance receivables, less allowance for finance receivable losses	0	0
Restricted cash and restricted cash equivalents	0	0
Other assets	3	2
Liabilities
Long-term debt	18,082	19,426
Level 3
Assets
Cash and cash equivalents	0	0
Investment securities	8	8
Net finance receivables, less allowance for finance receivable losses	18,447	18,629
Restricted cash and restricted cash equivalents	0	0
Other assets	57	60
Liabilities
Long-term debt	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$ 1,867	$ 1,847
Other securities	84	75
U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	11	12
Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	88	92
Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,234	1,218
RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	195	215
CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	56	58
CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	87	78
Level 1
Investments, Debt and Equity Securities [Abstract]
Total investment securities	52	44
Level 2
Investments, Debt and Equity Securities [Abstract]
Total investment securities	1,891	1,870
Level 3
Investments, Debt and Equity Securities [Abstract]
Total investment securities	8	8
Fair Value, Measurements, Recurring
Assets
Cash equivalents in mutual funds	881	2,018
Cash equivalents in securities	3	17
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,867	1,847
Other securities	84	75
Total investment securities	1,951	1,922
Restricted cash equivalents in mutual funds	560	441
Total	3,395	4,398
Fair Value, Measurements, Recurring | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	37	35
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	11	12
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	88	92
Fair Value, Measurements, Recurring | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	49	28
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	147	146
Other securities	1	1
Fair Value, Measurements, Recurring | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,234	1,218
Other securities	13	17
Fair Value, Measurements, Recurring | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	195	215
Other securities	1
Fair Value, Measurements, Recurring | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	56	58
Fair Value, Measurements, Recurring | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	87	78
Other securities	22	17
Fair Value, Measurements, Recurring | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	18	13
Fair Value, Measurements, Recurring | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	29	27
Fair Value, Measurements, Recurring | Level 1
Assets
Cash equivalents in mutual funds	881	2,018
Cash equivalents in securities	0	0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	5	5
Other securities	47	39
Total investment securities	52	44
Restricted cash equivalents in mutual funds	560	441
Total	1,493	2,503
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	5	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
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	18	13
Fair Value, Measurements, Recurring | Level 1 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	29	26
Fair Value, Measurements, Recurring | Level 2
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities	3	17
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,856	1,836
Other securities	35	34
Total investment securities	1,891	1,870
Restricted cash equivalents in mutual funds	0	0
Total	1,894	1,887
Fair Value, Measurements, Recurring | Level 2 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	35	34
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	11	12
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	88	92
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	49	28
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	147	146
Other securities	1	1
Fair Value, Measurements, Recurring | Level 2 | Corporate debt
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	1,223	1,207
Other securities	12	16
Fair Value, Measurements, Recurring | Level 2 | RMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	195	215
Other securities	1
Fair Value, Measurements, Recurring | Level 2 | CMBS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	56	58
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	87	78
Other securities	21	17
Fair Value, Measurements, Recurring | Level 2 | Preferred stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 2 | Common stock
Investments, Debt and Equity Securities [Abstract]
Other securities	0	0
Fair Value, Measurements, Recurring | Level 3
Assets
Cash equivalents in mutual funds	0	0
Cash equivalents in securities	0	0
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	6	6
Other securities	2	2
Total investment securities	8	8
Restricted cash equivalents in mutual funds	0	0
Total	8	8
Fair Value, Measurements, Recurring | Level 3 | Total bonds
Investments, Debt and Equity Securities [Abstract]
Other securities	2	1
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	6	6
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
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	1	0
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	$ 1

Uncategorized Items - omf-20210

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member