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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2022

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to

Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (OneMain Holdings, Inc.)
 27-3379612
Indiana (OneMain Finance Corporation)
 35-0416090
(State of incorporation) (I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip code)

(812) 424-8031
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.01 per share OMF New York Stock Exchange
OneMain Finance Corporation: None



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filer ☑ Accelerated filer
☐
 Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
OneMain Finance Corporation:
Large accelerated filer
☐
Accelerated filer
☐
 Non-accelerated filer ☑
Smaller reporting company
 ☐
Emerging growth company
☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc.                  ☐
OneMain Finance Corporation                  ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc.                 Yes ☐ No ☑
OneMain Finance Corporation                 Yes ☐ No ☑


At October 19, 2022, there were 122,211,896 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At October 19, 2022, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
2

TABLE OF CONTENTS
4
   
 
6
 
7
 
8
 
9
 
 
   
   

3


GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or Abbreviation Definition
30-89 Delinquency ratio net finance receivables 30-89 days past due as a percentage of net finance receivables
ABS asset-backed securities
Adjusted pretax income (loss) a non-GAAP financial measure used by management as a key performance measure of our segment
AETR annual effective tax rate
AHL American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2021, filed with the SEC on February 11, 2022
ASC Accounting Standards Codification
ASU Accounting Standards Update
Average daily debt balance average of debt for each day in the period
Average net receivables average of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) in the period
Base Indenture indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Board the OMH Board of Directors
C&I Consumer and Insurance
CDO collateralized debt obligations
CFPB Consumer Financial Protection Bureau
CMBS commercial mortgage-backed securities
Corporate AMT Corporate Alternative Minimum Tax, as implemented by the Inflation Reduction Act
COVID-19
the global outbreak of a novel strain of coronavirus, including variants thereof
Exchange Act Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FICO a credit score created by Fair Isaac Corporation
GAAP generally accepted accounting principles in the United States of America
GAP guaranteed asset protection
Gross charge-off ratio annualized gross charge-offs as a percentage of average net receivables
Gross finance receivables
the unpaid principal balance of our personal loans. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the principal balance and billed interest and fees
Indenture the Base Indenture, together with all subsequent Supplemental Indentures
IRA Inflation Reduction Act, signed into law on August 16, 2022
Junior Subordinated Debenture $350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
Managed receivables consist of our C&I net finance receivables and finance receivables serviced for our whole loan sale partners
Net charge-off ratio annualized net charge-offs as a percentage of average net receivables
Net interest income interest income less interest expense
NORA Notice and Opportunity to Respond and Advise
ODART OneMain Direct Auto Receivables Trust
OMFC OneMain Finance Corporation
4

Term or Abbreviation Definition
OMFIT OneMain Financial Issuance Trust
OMH OneMain Holdings, Inc.
OneMain OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts consist of credit card accounts that are not charged-off or closed accounts with a zero balance as of period end
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses
Private Secured Term Funding $350 million aggregate principal amount of debt collateralized by our personal loans issued on April 25, 2022
Purchase volume consists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratio annualized recoveries on net charge-offs as a percentage of average net receivables
RMBS residential mortgage-backed securities
SEC U.S. Securities and Exchange Commission
Securities Act Securities Act of 1933, as amended
Segment Accounting Basis a basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolio loans the Company previously owned and now services on behalf of a third party
Supplemental Indentures collectively, the following supplements to the Base Indenture: Fourth Supplemental Indenture, dated as of December 8, 2017; Fifth Supplemental Indenture, dated as of March 12, 2018; Sixth Supplemental Indenture, dated as of May 11, 2018; Seventh Supplemental Indenture, dated as of February 22, 2019; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; and Thirteenth Supplemental Indenture, dated as of August 11, 2021
Tax Act Public Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivables troubled debt restructured finance receivables. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties
Triton Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance charges the amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
Unencumbered loans unencumbered gross finance receivables excluding credit cards
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.25 billion, payable and due on October 25, 2026
Unsecured Notes the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEs variable interest entities
Weighted average interest rate annualized interest expense as a percentage of average debt
XBRL eXtensible Business Reporting Language
Yield annualized finance charges as a percentage of average net receivables
5

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

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

(dollars in millions, except par value amount) September 30, 2022 December 31, 2021
Assets    
Cash and cash equivalents $ 536  $ 541 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion and $1.9 billion in 2022, respectively, and $1.9 billion and $1.8 billion in 2021, respectively)
 1,747  1,992 
Net finance receivables (includes loans of consolidated VIEs of $10.1 billion in 2022 and $8.8 billion in 2021)
 19,752  19,212 
Unearned insurance premium and claim reserves (747) (761)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.1 billion in 2022 and $910 million in 2021)
 (2,255) (2,095)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 16,750  16,356 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $472 million in 2022 and $466 million in 2021)
 483  476 
Goodwill 1,437  1,437 
Other intangible assets 272  274 
Other assets 1,116  1,003 
Total assets $ 22,341  $ 22,079 
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $9.2 billion in 2022 and $8.0 billion in 2021)
 $ 18,202  $ 17,750 
Insurance claims and policyholder liabilities 600  621 
Deferred and accrued taxes 5  1 
Other liabilities (includes other liabilities of consolidated VIEs of $18 million in 2022 and $13 million in 2021)
 522  614 
Total liabilities 19,329  18,986 
Contingencies (Note 12)
Shareholders’ equity:    
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 122,618,748 and 127,809,640 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
 1  1 
Additional paid-in capital 1,685  1,672 
Accumulated other comprehensive income (loss) (125) 61 
Retained earnings 2,063  1,727 
Treasury stock, at cost; 12,214,566 and 6,712,923 shares at September 30, 2022 and December 31, 2021, respectively
 (612) (368)
Total shareholders’ equity 3,012  3,093 
Total liabilities and shareholders’ equity $ 22,341  $ 22,079 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
6

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollars in millions, except per share amounts) 2022 2021 2022 2021
Interest income $ 1,118  $ 1,113  $ 3,313  $ 3,244 
Interest expense 223  237  661  703 
Net interest income 895  876  2,652  2,541 
Provision for finance receivable losses 421  226  998  356 
Net interest income after provision for finance receivable losses 474  650  1,654  2,185 
Other revenues:        
Insurance 111  109  334  323 
Investment 16  14  40  47 
Gain on sales of finance receivables 17  15  50  30 
Net gain (loss) on repurchases and repayments of debt 2  (1) (26) (49)
Other 24  18  62  45 
Total other revenues 170  155  460  396 
Other expenses:        
Salaries and benefits 212  229  621  613 
Other operating expenses 151  155  451  457 
Insurance policy benefits and claims 31  45  116  125 
Total other expenses 394  429  1,188  1,195 
Income before income taxes 250  376  926  1,386 
Income taxes 62  88  228  335 
Net income $ 188  $ 288  $ 698  $ 1,051 
Share Data:        
Weighted average number of shares outstanding:        
Basic 123,352,522  132,487,234  124,989,263  133,709,146 
Diluted 123,568,620  132,924,333  125,243,206  134,096,382 
Earnings per share:        
Basic $ 1.52  $ 2.17  $ 5.58  $ 7.86 
Diluted $ 1.52  $ 2.17  $ 5.57  $ 7.84 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
7

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollars in millions) 2022 2021 2022 2021
     
Net income $ 188  $ 288  $ 698  $ 1,051 
Other comprehensive income (loss):        
Net change in unrealized losses on non-credit impaired available-for-sale securities (65) (9) (248) (34)
Foreign currency translation adjustments (10) (2) (13) 1 
Other 4  1  24  12 
Income tax effect:        
Net change in unrealized gains on non-credit impaired available-for-sale securities 15  2  57  8 
Foreign currency translation adjustments 2  —  3  — 
Other (1) —  (6) (3)
Other comprehensive loss, net of tax, before reclassification adjustments (55) (8) (183) (16)
Reclassification adjustments included in net income, net of tax:        
Net realized losses on available-for-sale securities, net of tax —  —  (3) (1)
Reclassification adjustments included in net income, net of tax —  —  (3) (1)
Other comprehensive loss, net of tax (55) (8) (186) (17)
Comprehensive income $ 133  $ 280  $ 512  $ 1,034 

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

8

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Treasury Stock Total Shareholders’ Equity
Three Months Ended September 30, 2022
Balance, July 1, 2022 $ 1  $ 1,679  $ (70) $ 1,994  $ (571) $ 3,033 
Common stock repurchased —  —  —  —  (42) (42)
Treasury stock issued —  —  —  (1) 1  — 
Share-based compensation expense, net of forfeitures
 —  8  —  —  —  8 
Withholding tax on share-based compensation
 —  (2) —  —  —  (2)
Other comprehensive loss —  —  (55) —  —  (55)
Cash dividends *
 —  —  —  (118) —  (118)
Net income —  —  —  188  —  188 
Balance, September 30, 2022 $ 1  $ 1,685  $ (125) $ 2,063  $ (612) $ 3,012 
Three Months Ended September 30, 2021
Balance, July 1, 2021 $ 1  $ 1,661  $ 85  $ 1,825  $ (35) $ 3,537 
Common stock repurchased
 —  —  —  —  (141) (141)
Share-based compensation expense, net of forfeitures
 —  4  —  —  —  4 
Other comprehensive loss
 —  —  (8) —  —  (8)
Cash dividends *
 —  —  —  (559) —  (559)
Net income
 —  —  —  288  —  288 
Balance, September 30, 2021 $ 1  $ 1,665  $ 77  $ 1,554  $ (176) $ 3,121 
                                      
* Cash dividends declared were $0.95 per share and $4.20 per share during the three months ended September 30, 2022 and 2021, respectively.
9

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) (Continued)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Treasury Stock Total Shareholders’ Equity
Nine Months Ended September 30, 2022
Balance, January 1, 2022 $ 1  $ 1,672  $ 61  $ 1,727  $ (368) $ 3,093 
Common stock repurchased —  —  —  —  (247) (247)
Treasury stock issued —  —  —  (1) 3  2 
Share-based compensation expense, net of forfeitures
 —  27  —  —  —  27 
Withholding tax on share-based compensation
 —  (14) —  —  —  (14)
Other comprehensive loss —  —  (186) —  —  (186)
Cash dividends *
 —  —  —  (361) —  (361)
Net income —  —  —  698  —  698 
Balance, September 30, 2022 $ 1  $ 1,685  $ (125) $ 2,063  $ (612) $ 3,012 
Nine Months Ended September 30, 2021
Balance, January 1, 2021 $ 1  $ 1,655  $ 94  $ 1,691  $ —  $ 3,441 
Common stock repurchased
 —  —  —  —  (176) (176)
Share-based compensation expense, net of forfeitures
 —  16  —  —  —  16 
Withholding tax on share-based compensation
 —  (6) —  —  —  (6)
Other comprehensive loss —  —  (17) —  —  (17)
Cash dividends * —  —  —  (1,188) —  (1,188)
Net income —  —  —  1,051  —  1,051 
Balance, September 30, 2021 $ 1  $ 1,665  $ 77  $ 1,554  $ (176) $ 3,121 
                                      
* Cash dividends declared were $2.85 per share and $8.85 per share during the nine months ended September 30, 2022 and 2021, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
10

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended
September 30,
(dollars in millions) 2022 2021
Cash flows from operating activities    
Net income $ 698  $ 1,051 
Reconciling adjustments:
Provision for finance receivable losses 998  356 
Depreciation and amortization 188  197 
Deferred income tax charge (benefit) (44) 57 
Net loss on repurchases and repayments of debt 26  49 
Share-based compensation expense, net of forfeitures 27  16 
Gain on sales of finance receivables (50) (30)
Other 4  (4)
Cash flows due to changes in other assets and other liabilities (124) (53)
Net cash provided by operating activities 1,723  1,639 
Cash flows from investing activities    
Net principal originations and purchases of finance receivables (2,010) (1,738)
Proceeds from sales of finance receivables 599  361 
Available-for-sale securities purchased (406) (347)
Available-for-sale securities called, sold, and matured 370  294 
Other securities purchased (5) (706)
Other securities called, sold, and matured 11  691 
Other, net (56) (54)
Net cash used for investing activities (1,497) (1,499)
Cash flows from financing activities    
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 4,479  2,168 
Repayments and repurchases of long-term debt (4,080) (2,384)
Cash dividends (364) (1,185)
Common stock repurchased (247) (176)
Treasury stock issued 2  — 
Withholding tax on share-based compensation (14) (6)
Net cash used for financing activities (224) (1,583)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 2  (1,443)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,017  2,723 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period $ 1,019  $ 1,280 
Supplemental cash flow information
Cash and cash equivalents $ 536  $ 821 
Restricted cash and restricted cash equivalents 483  459 
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 1,019  $ 1,280 

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

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
11

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

(dollars in millions, except par value amount) September 30, 2022 December 31, 2021
Assets
Cash and cash equivalents $ 512  $ 510 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.7 billion and $1.9 billion in 2022, respectively, and $1.9 billion and $1.8 billion in 2021, respectively)
 1,747  1,992 
Net finance receivables (includes loans of consolidated VIEs of $10.1 billion  in 2022 and $8.8 billion in 2021)
 19,752  19,212 
Unearned insurance premium and claim reserves (747) (761)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.1 billion in 2022 and $910 million in 2021)
 (2,255) (2,095)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 16,750  16,356 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
    equivalents of consolidated VIEs of $472 million in 2022 and $466 million in 2021)
 483  476 
Goodwill 1,437  1,437 
Other intangible assets 272  274 
Other assets 1,113  1,001 
Total assets $ 22,314  $ 22,046 
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $9.2 billion in 2022 and $8.0 billion in 2021)
 $ 18,202  $ 17,750 
Insurance claims and policyholder liabilities 600  621 
Deferred and accrued taxes 5  1 
Other liabilities (includes other liabilities of consolidated VIEs of $18 million in 2022 and $13 million in 2021)
 522  614 
Total liabilities 19,329  18,986 
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued
    and outstanding at September 30, 2022 and December 31, 2021
 5  5 
Additional paid-in capital 1,929  1,916 
Accumulated other comprehensive income (loss) (125) 61 
Retained earnings 1,176  1,078 
Total shareholder’s equity 2,985  3,060 
Total liabilities and shareholder’s equity $ 22,314  $ 22,046 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
12

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

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollars in millions) 2022 2021 2022 2021
Interest income $ 1,118  $ 1,113  $ 3,313  $ 3,244 
Interest expense 223  237  661  703 
Net interest income 895  876  2,652  2,541 
Provision for finance receivable losses 421  226  998  356 
Net interest income after provision for finance receivable losses 474  650  1,654  2,185 
Other revenues:
Insurance 111  109  334  323 
Investment 16  14  40  47 
Gain on sales of finance receivables 17  15  50  30 
Net gain (loss) on repurchases and repayments of debt 2  (1) (26) (49)
Other 24  18  62  45 
Total other revenues 170  155  460  396 
Other expenses:
Salaries and benefits 212  229  621  613 
Other operating expenses 151  155  451  457 
Insurance policy benefits and claims 31  45  116  125 
Total other expenses 394  429  1,188  1,195 
Income before income taxes 250  376  926  1,386 
Income taxes 62  88  228  335 
Net income $ 188  $ 288  $ 698  $ 1,051 

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

13

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

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollars in millions) 2022 2021 2022 2021
Net income $ 188  $ 288  $ 698  $ 1,051 
Other comprehensive income (loss):
Net change in unrealized losses on non-credit impaired available-for-sale securities (65) (9) (248) (34)
Foreign currency translation adjustments (10) (2) (13) 1 
Other 4  1  24  12 
Income tax effect:
Net change in unrealized gains on non-credit impaired available-for-sale securities 15  2  57  8 
Foreign currency translation adjustments 2  —  3  — 
Other (1) —  (6) (3)
Other comprehensive loss, net of tax, before reclassification adjustments (55) (8) (183) (16)
Reclassification adjustments included in net income, net of tax:
Net realized losses on available-for-sale securities, net of tax —  —  (3) (1)
Reclassification adjustments included in net income, net of tax —  —  (3) (1)
Other comprehensive loss, net of tax (55) (8) (186) (17)
Comprehensive income $ 133  $ 280  $ 512  $ 1,034 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
14

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

OneMain Finance Corporation Shareholder's Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Total Shareholder’s Equity
Three Months Ended September 30, 2022
Balance, July 1, 2022 $ 5  $ 1,923  $ (70) $ 1,165  $ 3,023 
Share-based compensation expense, net of forfeitures —  8  —  —  8 
Withholding tax on share-based compensation —  (2) —  —  (2)
Other comprehensive loss —  —  (55) —  (55)
Cash dividends —  —  —  (177) (177)
Net income —  —  —  188  188 
Balance, September 30, 2022 $ 5  $ 1,929  $ (125) $ 1,176  $ 2,985 
Three Months Ended September 30, 2021
Balance, July 1, 2021 $ 5  $ 1,905  $ 85  $ 1,535  $ 3,530 
Share-based compensation expense, net of forfeitures —  4  —  —  4 
Other comprehensive loss —  —  (8) —  (8)
Cash dividends —  —  —  (718) (718)
Net income —  —  —  288  288 
Balance, September 30, 2021 $ 5  $ 1,909  $ 77  $ 1,105  $ 3,096 
Nine Months Ended September 30, 2022
Balance, January 1, 2022 $ 5  $ 1,916  $ 61  $ 1,078  $ 3,060 
Share-based compensation expense, net of forfeitures —  27  —  —  27 
Withholding tax on share-based compensation —  (14) —  —  (14)
Other comprehensive loss —  —  (186) —  (186)
Cash dividends —  —  —  (600) (600)
Net income —  —  —  698  698 
Balance, September 30, 2022 $ 5  $ 1,929  $ (125) $ 1,176  $ 2,985 
Nine Months Ended September 30, 2021
Balance, January 1, 2021 $ 5  $ 1,899  $ 94  $ 1,442  $ 3,440 
Share-based compensation expense, net of forfeitures —  16  —  —  16 
Withholding tax on shared-based compensation —  (6) —  —  (6)
Other comprehensive loss —  —  (17) —  (17)
Cash dividends —  —  —  (1,388) (1,388)
Net income —  —  —  1,051  1,051 
Balance, September 30, 2021 $ 5  $ 1,909  $ 77  $ 1,105  $ 3,096 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
15

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended
September 30,
(dollars in millions) 2022 2021
Cash flows from operating activities
Net income $ 698  $ 1,051 
Reconciling adjustments:
Provision for finance receivable losses 998  356 
Depreciation and amortization 188  197 
Deferred income tax charge (benefit) (44) 57 
Net loss on repurchases and repayments of debt 26  49 
Share-based compensation expense, net of forfeitures 27  16 
Gain on sales of finance receivables (50) (30)
Other 4  (4)
Cash flows due to changes in other assets and other liabilities (124) (50)
Net cash provided by operating activities 1,723  1,642 
Cash flows from investing activities
Net principal originations and purchases of finance receivables (2,010) (1,738)
Proceeds from sales of finance receivables 599  361 
Available-for-sale securities purchased (406) (347)
Available-for-sale securities called, sold, and matured 370  294 
Other securities purchased (5) (706)
Other securities called, sold, and matured 11  691 
Other, net (56) (53)
Net cash used for investing activities (1,497) (1,498)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 4,479  2,168 
Repayments and repurchases of long-term debt (4,080) (2,384)
Cash dividends (602) (1,388)
Withholding tax on share-based compensation (14) (6)
Net cash used for financing activities (217) (1,610)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 9  (1,466)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 986  2,723 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period $ 995  $ 1,257 
Supplemental cash flow information
Cash and cash equivalents $ 512  $ 798 
Restricted cash and restricted cash equivalents 483  459 
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 995  $ 1,257 

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

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
16

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
September 30, 2022


1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

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, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”

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.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report. We follow the same significant accounting policies for our interim reporting. To conform to the 2022 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

17

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. Upon adoption, our assumptions used to measure the liability for future policy benefits will be updated at least annually. The guidance requires the discount rate used to measure the liability to be an upper-medium grade fixed-income instrument yield and updated at each reporting date with changes in the liability due to the discount rate recognized in other comprehensive income. The amendments in this ASU become effective for the Company beginning January 1, 2023 and we have selected the modified retrospective transition method, which requires a transition date of January 1, 2021.

The Company’s cross-functional implementation team continues to make progress in line with the established project plan to ensure we comply with all the amendments in this ASU at the time of adoption. The Company’s long-duration contracts include whole life, term life, accidental death and dismemberment, and disability income protection. We are utilizing an actuarial software solution to meet the new accounting and disclosure requirements and continue to refine the development of the actuarial model and assumptions. After the model has been subject to a parallel testing phase in 2022, the Company will provide further disclosure regarding the estimated impact of the adoption of the ASU on our consolidated financial statements. At the transition date, we expect this ASU will result in an increase to insurance claims and policyholder liabilities that will primarily be driven by the remeasured discount rate, resulting in a reduction to accumulated other comprehensive income, net of tax. We expect this impact would reverse over the transition period as interest rates continue to rise. We expect the impact to retained earnings to be immaterial.

Financial Instruments

In March of 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting for troubled debt restructurings by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendment also requires disclosure of gross charge-offs by year of origination for finance receivables. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. Management will adopt this ASU using the modified retrospective method effective January 1, 2023. We are currently evaluating whether adoption of this ASU will have a material impact 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.
18

3. Finance Receivables

Our finance receivables consist of personal loans and credit cards. Personal loans are non-revolving, with a fixed rate, fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. During the third quarter of 2021, we began offering credit cards. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:
(dollars in millions) Personal Loans Credit Cards Total
September 30, 2022
Gross finance receivables (a) $ 19,428  $ 79  $ 19,507 
Unearned fees
 (223) —  (223)
Accrued finance charges and fees 280  —  280 
Deferred origination costs 188  —  188 
Total $ 19,673  $ 79  $ 19,752 
December 31, 2021
Gross finance receivables (a) $ 18,944  $ 24  $ 18,968 
Unearned fees
 (225) (1) (226)
Accrued finance charges and fees 289  —  289 
Deferred origination costs 179  2  181 
Total $ 19,187  $ 25  $ 19,212 
(a) Personal loan gross finance receivables equal the unpaid principal balance. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the principal balance and billed interest and fees.

WHOLE LOAN SALE TRANSACTIONS

As of September 30, 2022, we have whole loan sale flow agreements with third parties, with remaining terms of less than one year, in which we agreed to sell a combined total of $180 million gross receivables per quarter of newly originated unsecured personal loans along with any associated accrued interest. These unsecured personal loans are derecognized from our balance sheet at the time of sale. We service the personal loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in other revenue. We sold $180 million and $540 million of gross finance receivables during the three and nine months ended September 30, 2022, respectively, and $160 million and $325 million of gross finance receivables during the three and nine months ended September 30, 2021, respectively. The gain on the sales were $17 million and $50 million during the three and nine months ended September 30, 2022, respectively, and $15 million and $30 million during the three and nine months ended September 30, 2021, respectively.


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 personal loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and collection of these accounts is managed by our centralized operations. We consider our personal loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For our personal loans, we reversed net accrued finance charges of $34 million and $88 million during the three and nine months ended September 30, 2022, respectively, and $18 million and $52 million during the three and nine months ended September 30, 2021, respectively.

19

Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans totaled $4 million and $12 million during the three and nine months ended September 30, 2022, respectively, and $2 million and $10 million during the three and nine months ended September 30, 2021, respectively. All personal loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

We accrue finance charges and fees on credit cards until charge-off at approximately 180 days past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed for the three and nine months ended September 30, 2022 and 2021 were immaterial.

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions) 2022 2021 2020 2019 2018 Prior Total
September 30, 2022
Performing
Current $ 8,627  $ 6,034  $ 2,151  $ 1,365  $ 336  $ 133  $ 18,646 
30-59 days past due 88  143  47  32  10  6  326 
60-89 days past due 54  108  34  21  6  4  227 
Total performing 8,769  6,285  2,232  1,418  352  143  19,199 
Nonperforming (Nonaccrual)
90+ days past due 63  258  84  48  14  7  474 
Total $ 8,832  $ 6,543  $ 2,316  $ 1,466  $ 366  $ 150  $ 19,673 

(dollars in millions) 2021 2020 2019 2018 2017 Prior Total
December 31, 2021
Performing
Current $ 10,645  $ 3,935  $ 2,641  $ 814  $ 193  $ 109  $ 18,337 
30-59 days past due 125  74  53  19  6  5  282 
60-89 days past due 81  53  33  11  4  3  185 
Total performing 10,851  4,062  2,727  844  203  117  18,804 
Nonperforming (Nonaccrual)
90+ days past due 125  130  85  28  9  6  383 
Total $ 10,976  $ 4,192  $ 2,812  $ 872  $ 212  $ 123  $ 19,187 

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)
 September 30, 2022 December 31, 2021
Current
 $ 69  $ 25 
30-59 days past due
 3  — 
60-89 days past due
 2  — 
90+ days past due
 5  — 
Total
 $ 79  $ 25 

There were no credit cards that were converted to term loans at September 30, 2022 or December 31, 2021.

20

TROUBLED DEBT RESTRUCTURED FINANCE RECEIVABLES

Information regarding TDR finance receivables were as follows:
(dollars in millions) September 30, 2022 December 31, 2021
 
TDR gross finance receivables $ 797  $ 646 
TDR net finance receivables * 802  650 
Allowance for TDR finance receivable losses 307  270 
*    TDR net finance receivables are TDR gross finance receivables net of unearned fees, accrued finance charges, and deferred origination costs.

There were no credit cards classified as TDR finance receivables at September 30, 2022 or December 31, 2021.

Information regarding the new volume of the TDR finance receivables were as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollars in millions) 2022 2021 2022 2021
Pre-modification TDR net finance receivables $ 245  $ 105  $ 521  $ 332 
Post-modification TDR net finance receivables:
Rate reduction 172  72  342  228 
Other * 73  33  179  104 
Total post-modification TDR net finance receivables $ 245  $ 105  $ 521  $ 332 
Number of TDR accounts 29,448  12,528  63,129  40,727 
*    “Other” modifications primarily consist of loans with both rate reductions and the potential of principal 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
September 30,		 Nine Months Ended
September 30,
(dollars in millions) 2022 2021 2022 2021
TDR net finance receivables *