ONEMAIN HOLDINGS, INC., 10-Q filed on 5/1/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 23, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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 $0.01 per share  
Trading Symbol OMF  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   119,808,695
Entity Central Index Key 0001584207  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
OMFC    
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-06155  
Entity Registrant Name ONEMAIN FINANCE CORPORATION  
Entity Incorporation, State or Country Code IN  
Entity Tax Identification Number 35-0416090  
Entity Address, Address Line One 601 N.W. Second Street  
Entity Address, City or Town Evansville  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 47708  
City Area Code 812  
Local Phone Number 424-8031  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   10,160,021
Entity Central Index Key 0000025598  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 831 $ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,691 1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023) 21,083 21,349
Unearned insurance premium and claim reserves (749) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023) (2,454) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,880 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023) 599 [1] 534
Goodwill 1,437 1,437
Other intangible assets 259 260
Other assets 1,211 1,232
Total assets 23,908 24,294
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023) 19,520 19,813
Insurance claims and policyholder liabilities 597 615
Deferred and accrued taxes 34 9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023) 543 671
Total liabilities 20,694 21,108
Contingencies (Note 12)
Shareholders’ equity:    
Common stock, par value $0.00000001 per share; 2,000 shares authorized, 120 and 120 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1 1
Additional paid-in capital 1,718 1,715
Accumulated other comprehensive loss (91) (87)
Retained earnings 2,318 2,285
Treasury stock, at cost; 15 and 15 shares at March 31, 2024 and December 31, 2023, respectively (732) (728)
Total shareholders’ equity 3,214 3,186
Total liabilities and shareholders’ equity $ 23,908 $ 24,294
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investment securities, fair value $ 1,618 $ 1,647
Investment securities, amortized cost basis 1,743 1,765
Net finance receivables 21,083 21,349
Financing receivable, allowance for credit loss 2,454 2,480
Restricted cash and restricted cash equivalents 599 [1] 534
Long-term debt 19,520 19,813
Other liabilities $ 543 $ 671
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 119,877,252 119,757,277
Common stock, shares outstanding (in shares) 119,877,252 119,757,277
Treasury stock at cost (in shares) 15,475,531 15,383,804
Consolidated VIEs    
Net finance receivables $ 12,641 $ 12,780
Financing receivable, allowance for credit loss 1,429 1,428
Restricted cash and restricted cash equivalents 576 523
Long-term debt 11,420 11,579
Other liabilities $ 26 $ 26
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Interest income $ 1,173 $ 1,094
Interest expense 277 239
Net interest income 896 855
Provision for finance receivable losses 431 385
Net interest income after provision for finance receivable losses 465 470
Other revenues:    
Insurance 112 111
Investment 32 25
Gain on sales of finance receivables 6 17
Other 30 24
Total other revenues 180 177
Other expenses:    
Salaries and benefits 224 212
Other operating expenses 167 153
Insurance policy benefits and claims 50 47
Total other expenses 441 412
Income before income taxes 204 235
Income taxes 49 56
Net income $ 155 $ 179
Weighted average number of shares outstanding:    
Basic (in shares) 119,829,174 120,765,661
Diluted (in shares) 120,244,669 120,969,891
Earnings per share:    
Basic (in dollars per share) $ 1.29 $ 1.48
Diluted (in dollars per share) $ 1.29 $ 1.48
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 155 $ 179
Other comprehensive income (loss):    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (8) 24
Foreign currency translation adjustments (4) 0
Changes in discount rate for insurance claims and policyholder liabilities 7 4
Other 0 (3)
Income tax effect:    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 2 (5)
Foreign currency translation adjustments 1 0
Changes in discount rate for insurance claims and policyholder liabilities (2) (1)
Other comprehensive income (loss), net of tax (4) 19
Comprehensive income $ 151 $ 198
v3.24.1.u1
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($)
$ in Millions
Total
Net impact of adoption of ASU 2022-02
 [1]
Cumulative Effect, Period Of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Net impact of adoption of ASU 2022-02
 [1]
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2022 $ 3,015 $ 12 $ 3,027 $ 1 $ 1 $ 1,689 $ 1,689 $ (127) $ (127) $ 2,119 $ 12 $ 2,131 $ (667) $ (667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Common stock repurchased (27)                       (27)  
Treasury stock issued 1                       1  
Share-based compensation expense, net of forfeitures 12         12                
Withholding tax on share-based compensation (8)         (8)                
Other comprehensive income (loss) 19             19            
Cash dividends [2] (122)                 (122)        
Net income 179                 179        
Balance at end of period at Mar. 31, 2023 3,081     1   1,693   (108)   2,188     (693)  
Balance at beginning of period at Dec. 31, 2023 3,186     1   1,715   (87)   2,285     (728)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Common stock repurchased (5)                       (5)  
Treasury stock issued 1                       1  
Share-based compensation expense, net of forfeitures 11         11                
Withholding tax on share-based compensation (8)         (8)                
Other comprehensive income (loss) (4)             (4)            
Cash dividends [2] (122)                 (122)        
Net income 155                 155        
Balance at end of period at Mar. 31, 2024 $ 3,214     $ 1   $ 1,718   $ (91)   $ 2,318     $ (732)  
[1]
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.
[2]
(a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.
v3.24.1.u1
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 1.00 $ 1.00
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]    
Net income $ 155 $ 179
Reconciling adjustments:    
Provision for finance receivable losses 431 385
Depreciation and amortization 66 61
Deferred income tax charge 15 9
Share-based compensation expense, net of forfeitures 11 12
Gain on sales of finance receivables (6) (17)
Other (1) (1)
Cash flows due to changes in other assets and other liabilities (113) (66)
Net cash provided by operating activities 558 562
Cash flows from investing activities    
Net principal originations and purchases of finance receivables (345) (432)
Proceeds from sales of finance receivables 117 200
Available-for-sale securities purchased (64) (44)
Available-for-sale securities called, sold, and matured 78 88
Other securities purchased (4) (2)
Other securities called, sold, and matured 5 2
Other, net (20) (16)
Net cash used for investing activities (233) (204)
Cash flows from financing activities    
Proceeds from issuance and borrowings of long-term debt, net of issuance costs   843
Payments for debt issuance costs (6)  
Repayments of long-term debt 303 928
Cash dividends (122) (123)
Common stock repurchased (5) (27)
Treasury stock issued 1 1
Withholding tax on share-based compensation (8) (8)
Net cash used for financing activities (443) (242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (118) 116
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,548 959
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,430 1,075
Supplemental cash flow information    
Cash and cash equivalents 831 544
Restricted cash and restricted cash equivalents [1] 599 531
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 1,430 $ 1,075
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - OMFC - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 831 $ 1,014
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,691 1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023) 21,083 21,349
Unearned insurance premium and claim reserves (749) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023) (2,454) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,880 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023) 599 [1] 534
Goodwill 1,437 1,437
Other intangible assets 259 260
Other assets 1,211 1,232
Total assets 23,908 24,294
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023) 19,520 19,813
Insurance claims and policyholder liabilities 597 615
Deferred and accrued taxes 34 9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023) 543 671
Total liabilities 20,694 21,108
Contingencies (Note 12)
Shareholders’ equity:    
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at March 31, 2024 and December 31, 2023 1 1
Additional paid-in capital 1,718 1,715
Accumulated other comprehensive loss (91) (87)
Retained earnings 2,318 2,285
Total shareholders’ equity 3,214 3,186
Total liabilities and shareholders’ equity 23,908 24,294
Consolidated VIEs    
Assets    
Cash and cash equivalents 3 2
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023) 12,641 12,780
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023) (1,429) (1,428)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023) 576 523
Other assets 36 32
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023) 11,420 11,579
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023) 26 26
OMFC    
Assets    
Cash and cash equivalents 812 1,011
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2024, respectively, and $1.6 billion and $1.8 billion in 2023, respectively) 1,691 1,719
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023) 21,083 21,349
Unearned insurance premium and claim reserves (749) (771)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023) (2,454) (2,480)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,880 18,098
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023) 599 [2] 534
Goodwill 1,437 1,437
Other intangible assets 259 260
Other assets 1,211 1,230
Total assets 23,889 24,289
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023) 19,520 19,813
Insurance claims and policyholder liabilities 597 615
Deferred and accrued taxes 35 9
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023) 543 672
Total liabilities 20,695 21,109
Contingencies (Note 12)
Shareholders’ equity:    
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued and outstanding at March 31, 2024 and December 31, 2023 5 5
Additional paid-in capital 1,962 1,959
Accumulated other comprehensive loss (91) (87)
Retained earnings 1,318 1,303
Total shareholders’ equity 3,194 3,180
Total liabilities and shareholders’ equity 23,889 24,289
OMFC | Consolidated VIEs    
Assets    
Net finance receivables (includes loans of consolidated VIEs of $12.6 billion in 2024 and $12.8 billion in 2023) 12,600 12,800
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.4 billion in 2024 and 2023) (1,400) (1,400)
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $576 million in 2024 and $523 million in 2023) 576 523
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $11.4 billion in 2024 and $11.6 billion in 2023) 11,400 11,600
Other liabilities (includes other liabilities of consolidated VIEs of $26 million in 2024 and 2023) $ 26 $ 26
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
[2]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - OMFC - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investment securities, fair value $ 1,618 $ 1,647
Investment securities, amortized cost basis 1,743 1,765
Net finance receivables 21,083 21,349
Financing receivable, allowance for credit loss 2,454 2,480
Restricted cash and restricted cash equivalents 599 [1] 534
Long-term debt 19,520 19,813
Other liabilities $ 543 $ 671
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 119,877,252 119,757,277
Common stock, shares outstanding (in shares) 119,877,252 119,757,277
OMFC    
Investment securities, fair value $ 1,600 $ 1,600
Investment securities, amortized cost basis 1,700 1,800
Net finance receivables 21,083 21,349
Financing receivable, allowance for credit loss 2,454 2,480
Restricted cash and restricted cash equivalents 599 [2] 534
Long-term debt 19,520 19,813
Other liabilities $ 543 $ 672
Common stock, par value (in dollars per share) $ 0.50 $ 0.50
Common stock, shares authorized (in shares) 25,000,000 25,000,000
Common stock, shares issued (in shares) 10,160,021 10,160,021
Common stock, shares outstanding (in shares) 10,160,021 10,160,021
Consolidated VIEs    
Net finance receivables $ 12,641 $ 12,780
Financing receivable, allowance for credit loss 1,429 1,428
Restricted cash and restricted cash equivalents 576 523
Long-term debt 11,420 11,579
Other liabilities 26 26
Consolidated VIEs | OMFC    
Net finance receivables 12,600 12,800
Financing receivable, allowance for credit loss 1,400 1,400
Restricted cash and restricted cash equivalents 576 523
Long-term debt 11,400 11,600
Other liabilities $ 26 $ 26
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
[2]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - OMFC - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income $ 1,173 $ 1,094
Interest expense 277 239
Net interest income 896 855
Provision for finance receivable losses 431 385
Net interest income after provision for finance receivable losses 465 470
Other revenues:    
Insurance 112 111
Investment 32 25
Gain on sales of finance receivables 6 17
Other 30 24
Total other revenues 180 177
Other expenses:    
Salaries and benefits 224 212
Other operating expenses 167 153
Insurance policy benefits and claims 50 47
Total other expenses 441 412
Income before income taxes 204 235
Income taxes 49 56
Net income 155 179
OMFC    
Interest income 1,173 1,094
Interest expense 277 239
Net interest income 896 855
Provision for finance receivable losses 431 385
Net interest income after provision for finance receivable losses 465 470
Other revenues:    
Insurance 112 111
Investment 32 25
Gain on sales of finance receivables 6 17
Other 30 24
Total other revenues 180 177
Other expenses:    
Salaries and benefits 224 212
Other operating expenses 167 153
Insurance policy benefits and claims 50 47
Total other expenses 441 412
Income before income taxes 204 235
Income taxes 49 56
Net income $ 155 $ 179
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - OMFC - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net income $ 155 $ 179
Other comprehensive income (loss):    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (8) 24
Foreign currency translation adjustments (4) 0
Changes in discount rate for insurance claims and policyholder liabilities 7 4
Other 0 (3)
Income tax effect:    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 2 (5)
Foreign currency translation adjustments 1 0
Changes in discount rate for insurance claims and policyholder liabilities (2) (1)
Other comprehensive income (loss), net of tax (4) 19
Comprehensive income 151 198
OMFC    
Net income 155 179
Other comprehensive income (loss):    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (8) 24
Foreign currency translation adjustments (4) 0
Changes in discount rate for insurance claims and policyholder liabilities 7 4
Other 0 (3)
Income tax effect:    
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 2 (5)
Foreign currency translation adjustments 1 0
Changes in discount rate for insurance claims and policyholder liabilities (2) (1)
Other comprehensive income (loss), net of tax (4) 19
Comprehensive income $ 151 $ 198
v3.24.1.u1
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - OMFC - USD ($)
$ in Millions
Total
Net impact of adoption of ASU 2022-02
 [1]
Cumulative Effect, Period Of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Net impact of adoption of ASU 2022-02
 [1]
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
OMFC
Net impact of adoption of ASU 2022-02
 [2]
OMFC
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Common Stock
OMFC
Common Stock
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Additional Paid-in Capital
OMFC
Additional Paid-in Capital
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Accumulated Other Comprehensive Income (Loss)
OMFC
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period Of Adoption, Adjusted Balance
OMFC
Retained Earnings
OMFC
Retained Earnings
Net impact of adoption of ASU 2022-02
 [2]
OMFC
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2022 $ 3,015 $ 12 $ 3,027 $ 1 $ 1 $ 1,689 $ 1,689 $ (127) $ (127) $ 2,119 $ 12 $ 2,131 $ 3,004 $ 12 $ 3,016 $ 5 $ 5 $ 1,933 $ 1,933 $ (127) $ (127) $ 1,193 $ 12 $ 1,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Share-based compensation expense, net of forfeitures 12         12             12         12            
Withholding tax on share-based compensation (8)         (8)             (8)         (8)            
Other comprehensive income (loss) 19             19         19             19        
Cash dividends (122) [3]                 (122) [3]     (150)                 (150)    
Net income 179                 179     179                 179    
Balance at end of period at Mar. 31, 2023 3,081     1   1,693   (108)   2,188     3,068     5   1,937   (108)   1,234    
Balance at beginning of period at Dec. 31, 2023 3,186     1   1,715   (87)   2,285     3,180     5   1,959   (87)   1,303    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Share-based compensation expense, net of forfeitures 11         11             11         11            
Withholding tax on share-based compensation (8)         (8)             (8)         (8)            
Other comprehensive income (loss) (4)             (4)         (4)             (4)        
Cash dividends (122) [3]                 (122) [3]     (140)                 (140)    
Net income 155                 155     155                 155    
Balance at end of period at Mar. 31, 2024 $ 3,214     $ 1   $ 1,718   $ (91)   $ 2,318     $ 3,194     $ 5   $ 1,962   $ (91)   $ 1,318    
[1]
(b) As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.
[2]
* As a result of the adoption of ASU 2022-02, we recorded a one-time cumulative increase to retained earnings, net of tax. See Note 3 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.
[3]
(a) Cash dividends declared were $1.00 per share during the three months ended March 31, 2024 and 2023.
v3.24.1.u1
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) (Parenthetical) - OMFC - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 1.00 $ 1.00
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - OMFC - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]    
Net income $ 155 $ 179
Reconciling adjustments:    
Provision for finance receivable losses 431 385
Depreciation and amortization 66 61
Deferred income tax charge 15 9
Share-based compensation expense, net of forfeitures 11 12
Gain on sales of finance receivables (6) (17)
Other (1) (1)
Cash flows due to changes in other assets and other liabilities (113) (66)
Net cash provided by operating activities 558 562
Cash flows from investing activities    
Net principal originations and purchases of finance receivables (345) (432)
Proceeds from sales of finance receivables 117 200
Available-for-sale securities purchased (64) (44)
Available-for-sale securities called, sold, and matured 78 88
Other securities purchased (4) (2)
Other securities called, sold, and matured 5 2
Other, net (20) (16)
Net cash used for investing activities (233) (204)
Cash flows from financing activities    
Proceeds from issuance and borrowings of long-term debt, net of issuance costs   843
Payments for debt issuance costs (6)  
Repayments and repurchases of long-term debt (303) (928)
Cash dividends (122) (123)
Withholding tax on share-based compensation (8) (8)
Net cash used for financing activities (443) (242)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (118) 116
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,548 959
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,430 1,075
Supplemental cash flow information    
Cash and cash equivalents 831 544
Restricted cash and restricted cash equivalents [1] 599 531
Total cash and cash equivalents and restricted cash and restricted cash equivalents 1,430 1,075
OMFC    
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]    
Net income 155 179
Reconciling adjustments:    
Provision for finance receivable losses 431 385
Depreciation and amortization 66 61
Deferred income tax charge 15 9
Share-based compensation expense, net of forfeitures 11 12
Gain on sales of finance receivables (6) (17)
Other (1) (1)
Cash flows due to changes in other assets and other liabilities (114) (66)
Net cash provided by operating activities 557 562
Cash flows from investing activities    
Net principal originations and purchases of finance receivables (345) (432)
Proceeds from sales of finance receivables 117 200
Available-for-sale securities purchased (64) (44)
Available-for-sale securities called, sold, and matured 78 88
Other securities purchased (4) (2)
Other securities called, sold, and matured 5 2
Other, net (21) (16)
Net cash used for investing activities (234) (204)
Cash flows from financing activities    
Proceeds from issuance and borrowings of long-term debt, net of issuance costs   843
Payments for debt issuance costs (6)  
Repayments and repurchases of long-term debt (303) (928)
Cash dividends (140) (152)
Withholding tax on share-based compensation (8) (8)
Net cash used for financing activities (457) (245)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents (134) 113
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 1,545 951
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period 1,411 1,064
Supplemental cash flow information    
Cash and cash equivalents 812 533
Restricted cash and restricted cash equivalents [2] 599 531
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 1,411 $ 1,064
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
[2]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation
1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) 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 wholly owned subsidiaries, 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 except for the new accounting pronouncements subsequently adopted and disclosed in Note 2. To conform to the 2024 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.
v3.24.1.u1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
v3.24.1.u1
Finance Receivables
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Finance Receivables
3. Finance Receivables

Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Auto finance includes automobile retail installment contracts originated through our dealership network. Auto finance receivables are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)Personal Loans
Auto Finance
Total Consumer Loans
Credit CardsTotal
March 31, 2024
Gross finance receivables *$19,575 $843 $20,418 $377 $20,795 
Unearned fees
(217)(16)(233)— (233)
Accrued finance charges and fees310 8 318 — 318 
Deferred origination costs186 8 194 9 203 
Total$19,854 $843 $20,697 $386 $21,083 
December 31, 2023
Gross finance receivables *$19,977 $744 $20,721 $322 $21,043 
Unearned fees
(223)(13)(236)— (236)
Accrued finance charges and fees326 7 333 — 333 
Deferred origination costs194 7 201 8 209 
Total$20,274 $745 $21,019 $330 $21,349 
* Consumer 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 unpaid principal balance, billed interest, and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than two years, in which we agreed to sell a remaining total of $630 million gross receivables 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 revenues in our condensed consolidated statements of operations. We sold $110 million and $180 million of gross finance receivables during the three months ended March 31, 2024 and 2023, respectively. The gain on the sales were $6 million and $17 million during the three months ended March 31, 2024 and 2023, 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 consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer 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 $41 million and $37 million during the three months ended March 31, 2024 and 2023, respectively. For auto finance, reversed net accrued finance charges were immaterial during the three months ended March 31, 2024 and 2023.
Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans and auto finance loans were immaterial during the three months ended March 31, 2024 and 2023. All consumer 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 180 days contractually past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed were immaterial during the three months ended March 31, 2024 and 2023.

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

(dollars in millions)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$2,212 $8,615 $4,822 $2,089 $622 $368 $18,728 
30-59 days past due2 118 111 61 19 15 326 
60-89 days past due— 80 76 41 12 10 219 
Total performing2,214 8,813 5,009 2,191 653 393 19,273 
Nonperforming (Nonaccrual)
90+ days past due— 183 221 118 34 25 581 
Total$2,214 $8,996 $5,230 $2,309 $687 $418 $19,854 
Gross charge-offs *
$— $115 $223 $119 $33 $23 $513 
* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$9,759 $5,527 $2,454 $776 $376 $114 $19,006 
30-59 days past due113 153 88 27 16 7 404 
60-89 days past due74 104 59 17 10 4 268 
Total performing9,946 5,784 2,601 820 402 125 19,678 
Nonperforming (Nonaccrual)
90+ days past due125 259 143 40 21 8 596 
Total$10,071 $6,043 $2,744 $860 $423 $133 $20,274 
Gross charge-offs *
$— $136 $198 $59 $34 $14 $441 
* Represents gross charge-offs for the three months ended March 31, 2023.
The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$163 $441 $181 $30 $1 $— $816 
30-59 days past due— 5 5 1 — — 11 
60-89 days past due— 3 2 1 — — 6 
Total performing163 449 188 32 1 — 833 
Nonperforming (Nonaccrual)
90+ days past due— 4 5 1 — — 10 
Total$163 $453 $193 $33 $1 $— $843 
Gross charge-offs *
$— $3 $5 $1 $— $— $9 
* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$480 $203 $34 $2 $— $— $719 
30-59 days past due4 6 2 — — — 12 
60-89 days past due2 3 — — — — 5 
Total performing486 212 36 2 — — 736 
Nonperforming (Nonaccrual)
90+ days past due3 5 1 — — — 9 
Total$489 $217 $37 $2 $— $— $745 
Gross charge-offs *
$— $3 $1 $— $— $— $4 
* Represents gross charge-offs for the three months ended March 31, 2023.

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)March 31, 2024December 31, 2023
Current
$343 $297 
30-59 days past due
10 9 
60-89 days past due
9 7 
90+ days past due
24 17 
Total
$386 $330 

There were no credit cards that were converted to term loans at March 31, 2024 or December 31, 2023.

UNFUNDED LENDING COMMITMENTS

Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $263 million and $223 million at March 31, 2024 and December 31, 2023, respectively.
MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable. The following tables below represent information regarding modified finance receivables to borrowers experiencing financial difficulty on or after January 1, 2023, the effective date of ASU 2022-02.

The period-end carrying value of finance receivables modified during the period were as follows:
Three Months Ended March 31,
20242023
(dollars in millions)Personal Loans
Auto
 Finance
Personal Loans
Auto
 Finance
 
Interest rate reduction and term extension$156$5$125 $1
Interest rate reduction and principal forgiveness119—96 —
Total modifications to borrowers experiencing financial difficulties$275$5$221$1
Modifications as a percent of net finance receivables by class
1.38 %0.56 %1.15 %0.33 %

The financial effect of modifications made during the period were as follows:
Three Months Ended March 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
 
Net finance receivables 
Weighted-average interest rate reduction17.56 %11.16 %21.38 %12.56 %
Weighted-average term extension (months)25281920
Principal/interest forgiveness$11$—$11 $—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
March 31, 2024*March 31, 2023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$611 $7 $158 $1 
30-59 days past due
55 1 27 — 
60-89 days past due44 — 14 — 
90+ days past due
105 1 22 — 
Total
$815 $9 $221 $1 
* Excludes $55 million of personal loan receivables and $1 million of auto finance receivables that were modified and subsequently charged off within the previous 12 months.
The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default were as follows:
Three Months Ended March 31, 2024
(dollars in millions)
Personal
Loans
Auto
 Finance
Interest rate reduction and term extension$44 $1 
Interest rate reduction and principal forgiveness16 — 
Total *
$60 $1 
*    There were no modified finance receivables for which there was a default during the three months ended March 31, 2023 to cause the modified finance receivable to be considered nonperforming (90 days or more past due).
v3.24.1.u1
Allowance for Finance Receivable Losses
 3 Months Ended
Mar. 31, 2024
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 finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime 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 methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At March 31, 2024, 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, 2024 was driven by a seasonal decline in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of 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:

(dollars in millions)
Consumer Loans
Credit CardsTotal
Three Months Ended March 31, 2024  
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses406 25 431 
Charge-offs(522)(12)(534)
Recoveries77 — 77 
Balance at end of period$2,376 $78 $2,454 
Three Months Ended March 31, 2023  
Balance at beginning of period$2,290 $21 $2,311 
Impact of adoption of ASU 2022-02 *
(16)— (16)
Provision for finance receivable losses
377 8 385 
Charge-offs(445)(6)(451)
Recoveries69 — 69 
Balance at end of period$2,275 $23 $2,298 
*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.
v3.24.1.u1
Investment Securities
 3 Months Ended
Mar. 31, 2024
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/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
March 31, 2024*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$19 $— $(1)$18 
Obligations of states, municipalities, and political subdivisions
72 — (6)66 
Commercial paper
21 — — 21 
Non-U.S. government and government sponsored entities
161 — (7)154 
Corporate debt
1,149 4 (83)1,070 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
204 — (24)180 
CMBS
36 — (3)33 
CDO/ABS
81 — (5)76 
Total$1,743 $4 $(129)$1,618 
December 31, 2023*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$18 $— $(1)$17 
 Obligations of states, municipalities, and political subdivisions
72 — (6)66 
Commercial paper14 — — 14 
Non-U.S. government and government sponsored entities172 1 (6)167 
Corporate debt1,160 4 (79)1,085 
Mortgage-backed, asset-backed, and collateralized:
RMBS202 — (22)180 
CMBS36 — (3)33 
CDO/ABS91 — (6)85 
Total$1,765 $5 $(123)$1,647 
*    The allowance for credit losses related to our investment securities as of March 31, 2024 and 2023 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of March 31, 2024 and December 31, 2023. There were no material amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2024 and 2023.
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 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses *
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
March 31, 2024      
U.S. government and government sponsored entities
$4 $— $11 $(1)$15 $(1)
Obligations of states, municipalities, and political subdivisions
2 — 61 (6)63 (6)
Commercial paper
21 — — — 21 — 
Non-U.S. government and government sponsored entities
26 — 96 (7)122 (7)
Corporate debt60 — 885 (83)945 (83)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (24)157 (24)
CMBS— — 33 (3)33 (3)
CDO/ABS4 — 54 (5)58 (5)
Total$122 $— $1,292 $(129)$1,414 $(129)
December 31, 2023
      
U.S. government and government sponsored entities
$1 $— $11 $(1)$12 $(1)
Obligations of states, municipalities, and political subdivisions
2 — 62 (6)64 (6)
Commercial paper
14 — — — 14 — 
Non-U.S. government and government sponsored entities
22 — 97 (6)119 (6)
Corporate debt15 — 925 (79)940 (79)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (22)157 (22)
CMBS2 — 32 (3)34 (3)
CDO/ABS1 — 62 (6)63 (6)
Total$62 $— $1,341 $(123)$1,403 $(123)
*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.

On a lot basis, we had 2,036 and 1,984 investment securities in an unrealized loss position at March 31, 2024 and December 31, 2023, 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, as of March 31, 2024, 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, 2024, 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, 2024 and 2023, 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, 2024 and 2023.

The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2024 and 2023 totaled $19 million and $26 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2024 and 2023.
Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2024 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$156 $157 
Due after 1 year through 5 years575 598 
Due after 5 years through 10 years476 529 
Due after 10 years122 138 
Mortgage-backed, asset-backed, and collateralized securities289 321 
Total$1,618 $1,743 

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 $512 million and $524 million at March 31, 2024 and December 31, 2023, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:
(dollars in millions)March 31, 2024December 31, 2023
Fixed maturity other securities: 
Bonds$22 $22 
Preferred stock
15 16 
Common stock
36 34 
Total $73 $72 

Net unrealized gains and losses on other securities held were immaterial for the three months ended March 31, 2024 and 2023. Net realized gains and losses on other securities sold or redeemed were immaterial for the three months ended March 31, 2024 and 2023.

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 Other revenue - investment.
v3.24.1.u1
Long-term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt
6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:
Senior Debt
(dollars in millions)SecuritizationsPrivate Secured Term FundingRevolving
Conduit
Facilities		Unsecured
Notes (a)		Junior
Subordinated
Debt (a)		Total
Interest rates (b)
0.87%-7.52%
6.35%
6.81 %
3.50%-9.00%
7.33 %
Remainder of 2024$— $— $— $— $— $— 
2025— — — 1,110 — 1,110 
2026— — — 1,600 — 1,600 
2027— — — 750 — 750 
2028— — — 1,350 — 1,350 
2029-2067— — — 3,182 350 3,532 
Secured (c)11,112 350 1 — — 11,463 
Total principal maturities$11,112 $350 $1 $7,992 $350 $19,805 
Total carrying amount$11,069 $350 $1 $7,928 $172 $19,520 
Debt issuance costs (d)(39)— — (60)— (99)
(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, 2024.
(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities 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. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, 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, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.


UNSECURED CORPORATE REVOLVER

At March 31, 2024, the total maximum borrowing capacity of our unsecured corporate revolver was $1.3 billion. The corporate revolver has a five-year term beginning October 25, 2021, during which draws and repayments may occur. Any outstanding principal balance is due and payable on October 25, 2026. At March 31, 2024, no amounts were drawn under this facility.
v3.24.1.u1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2024
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 condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.

See Note 2 and Note 9 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 condensed consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities when 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, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)March 31, 2024December 31, 2023
Assets  
Cash and cash equivalents$3 $2 
Net finance receivables12,641 12,780 
Allowance for finance receivable losses1,429 1,428 
Restricted cash and restricted cash equivalents576 523 
Other assets36 32 
Liabilities  
Long-term debt$11,420 $11,579 
Other liabilities27 27 

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 $138 million and $101 million during the three months ended March 31, 2024 and 2023, respectively.

SECURITIZED BORROWINGS

Each of our outstanding securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes.

CREDIT CARD REVOLVING VFN FACILITIES

We have transferred credit card gross finance receivables to a master trust, OneMain Financial Credit Card Trust (“OMFCT”), and we continue to service and administer the credit cards. As of March 31, 2024, OMFCT was the issuing entity for two credit card revolving VFN facilities by way of certain indenture supplements and note purchase agreements with a total maximum borrowing capacity of $300 million. Each credit card revolving VFN facility has a revolving period during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to six years as of March 31, 2024. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.
PRIVATE SECURED TERM FUNDING

At March 31, 2024, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our consumer loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period, at the expiration of which the outstanding principal amount is due and payable.

REVOLVING CONDUIT FACILITIES
We had access to 16 revolving conduit facilities with a total maximum borrowing capacity of $6.4 billion as of March 31, 2024. 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 nine years as of March 31, 2024. Amounts drawn on these facilities are collateralized by our consumer loans.
v3.24.1.u1
Insurance
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Insurance
8. Insurance

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts:
At or for the
Three Months Ended March 31,
(dollars in millions)20242023
Balance at beginning of period$108 $93 
Less reinsurance recoverables(3)(3)
Net balance at beginning of period105 90 
Additions for losses and loss adjustment expenses incurred to:
Current year52 42 
Prior years *
(5)(1)
Total47 41 
Reductions for losses and loss adjustment expenses paid related to:
Current year(15)(12)
Prior years(32)(27)
Total(47)(39)
Net balance at end of period105 92 
Plus reinsurance recoverables3 3 
Balance at end of period$108 $95 
*    At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period. At March 31, 2023, there was a redundancy in the prior years’ net reserves, due to favorable development of credit disability claims during the period.

LIABILITY FOR FUTURE POLICY BENEFITS

The present value of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
 Whole Life		Accidental Death and Disability ProtectionTerm and
 Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$217 $41 $252 $48 
Effect of cumulative changes in discount rate assumptions (beginning of period)(5)— (8)— 
Beginning balance at original discount rate212 41 244 48 
Effect of actual variances from expected experience(8)— (2)— 
Adjusted balance at beginning of period204 41 242 48 
Interest accretion3 — 6 — 
Net premiums collected(7)(1)(7)(2)
Ending balance at original discount rate200 40 241 46 
Effect of changes in discount rate assumptions— (1)5 — 
Balance at ending of period$200 $39 $246 $46 
The present value of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$435 $113 $483 $126 
Effect of cumulative changes in discount rate assumptions (beginning of period)(12)—(17)(1)
Beginning balance at original discount rate423113466125
Effect of actual variances from expected experience(9)(1)1(1)
Adjusted balance at beginning of period414112467124
Net issuances1—1—
Interest accretion5193
Benefit payments(13)(4)(16)(4)
Ending balance at original discount rate407109461123
Effect of changes in discount rate assumptions3(2)12—
Balance at ending of period$410 $107 $473 $123 

The net liability for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits$210 $68 $227 $77 
Deferred profit liability13511554
Total net liability for future policy benefits$223 $119 $242 $131 

The weighted-average duration of the liability for future policy benefits was 8 years at March 31, 2024 and March 31, 2023.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:
At or for the
Three Months Ended March 31,
(dollars in millions)20242023
Term and whole life$223 $242 
Accidental death and disability protection119 131 
Other*255 242 
Total$597 $615 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.
The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted$411 $142 $466 $159 
Discounted293 101 326 114 
Expected future benefit payments:
Undiscounted582 162 670 181 
Discounted410 107 473 123 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments$13 $5 $11 $5 
Interest accretion$3 $1 $3 $3 

The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Three Months Ended March 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.37 %0.01 %0.39 %0.01 %
Actual0.38 %0.01 %0.31 %0.01 %
Lapses:
Expected4.68 %1.96 %3.18 %2.24 %
Actual3.35 %2.51 %1.67 %0.34 %

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.28 %4.87 %5.26 %4.86 %
Current discount rate5.33 %5.35 %5.07 %5.06 %
v3.24.1.u1
Capital Stock and Earnings Per Share (OMH Only)
 3 Months Ended
Mar. 31, 2024
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.

Changes in OMH shares of common stock issued and outstanding were as follows:
Three Months Ended March 31,
20242023
Balance at beginning of period119,757,277 121,042,125 
Common stock issued 211,702 207,403 
Common stock repurchased(108,685)(683,384)
Treasury stock issued16,958 21,070 
Balance at end of period119,877,252 120,587,214 


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)20242023
 
Numerator (basic and diluted):  
Net income$155 $179 
Denominator:  
Weighted average number of shares outstanding (basic)119,829,174 120,765,661 
Effect of dilutive securities *415,495 204,230 
Weighted average number of shares outstanding (diluted)120,244,669 120,969,891 
Earnings per share:  
Basic$1.29 $1.48 
Diluted$1.29 $1.48 
* We have excluded weighted-average unvested restricted stock units totaling 728,403 and 1,543,976 for the three months ended March 31, 2024 and 2023, 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.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
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
Gains (Losses)
Available-for-Sale Securities (a)		Retirement
Plan Liabilities
Adjustments		Foreign
Currency
Translation
Adjustments		Changes in discount rate for insurance claims and policyholder liabilitiesOther (b)Total
Accumulated
Other
Comprehensive
Income (Loss)
Three Months Ended
March 31, 2024		    
Balance at beginning of period$(93)$(8)$(2)$(5)$21 $(87)
Other comprehensive income (loss) before reclassifications
(6)— (3)5 — (4)
Balance at end of period$(99)$(8)$(5)$— $21 $(91)
Three Months Ended
March 31, 2023		    
Balance at beginning of period$(131)$(8)$(5)$(8)$25 $(127)
Other comprehensive income (loss) before reclassifications
19 — — 3 (3)19 
Balance at end of period$(112)$(8)$(5)$(5)$22 $(108)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2024 and 2023.
(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, 2024 and 2023.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
11. Income Taxes

We had a net deferred tax asset of $463 million and $477 million at March 31, 2024 and December 31, 2023, respectively.

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, 2024 was 24.1%, compared to 24.0% for the same period in 2023. The effective tax rate for the three months ended March 31, 2024 and 2023 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 2017 to 2021. Management believes it has adequately provided for taxes for such years.

Our gross unrecognized tax benefits, including related interest and penalties, totaled $11 million at March 31, 2024 and December 31, 2023. 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 condensed consolidated financial statements.
v3.24.1.u1
Contingencies
 3 Months Ended
Mar. 31, 2024
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. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution or other penalties, including injunctive relief that may result in restrictions on our business. 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 condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.

For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.

For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.
v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information
13. Segment Information

At March 31, 2024, 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 2 and Note 17 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 condensed consolidated financial statement amounts.
(dollars in millions)Consumer
and
Insurance		OtherSegment to
GAAP
Adjustment		Consolidated
Total
Three Months Ended March 31, 2024  
Interest income$1,172 $1 $— $1,173 
Interest expense276 1 — 277 
Provision for finance receivable losses
431 — — 431 
Net interest income after provision for finance receivable losses
465 — — 465 
Other revenues178 2 — 180 
Other expenses440 2 (1)441 
Income (loss) before income tax expense (benefit)
$203 $— $1 $204 
Assets$22,672 $18 $1,218 $23,908 
Three Months Ended March 31, 2023
Interest income$1,092 $1 $1 $1,094 
Interest expense238 — 1 239 
Provision for finance receivable losses
385 — — 385 
Net interest income after provision for finance receivable losses
469 1 — 470 
Other revenues176 1 — 177 
Other expenses409 3 — 412 
Income before income tax expense
$236 $(1)$— $235 
Assets$21,199 $30 $1,214 $22,443 
v3.24.1.u1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
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 2 and Note 18 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 UsingTotal
Fair
Value		Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2024
Assets
Cash and cash equivalents$807 $24 $— $831 $831 
Investment securities55 1,633 3 1,691 1,691 
Net finance receivables, less allowance for finance receivable losses
— — 20,293 20,293 18,629 
Restricted cash and restricted cash equivalents 596 3 — 599 599 
Other assets *
— — 39 39 28 
Liabilities
Long-term debt $— $19,224 $— $19,224 $19,520 
December 31, 2023
Assets
Cash and cash equivalents$1,014 $— $— $1,014 $1,014 
Investment securities54 1,662 3 1,719 1,719 
Net finance receivables, less allowance for finance receivable losses
— — 20,490 20,490 18,869 
Restricted cash and restricted cash equivalents 534 — — 534 534 
Other assets *
— — 40 40 29 
Liabilities
Long-term debt$— $19,457 $— $19,457 $19,813 
*Other assets at March 31, 2024 and December 31, 2023 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 UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2024    
Assets    
Cash equivalents in mutual funds$99 $— $— $99 
Cash equivalents in securities— 24 — 24 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 18 — 18 
Obligations of states, municipalities, and political subdivisions
— 66 — 66 
Commercial paper— 21 — 21 
Non-U.S. government and government sponsored entities— 154 — 154 
Corporate debt6 1,063 1 1,070 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 76 — 76 
Total available-for-sale securities6 1,611 1 1,618 
Other securities   
Bonds:   
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock15 — — 15 
Common stock34 — 2 36 
Total other securities49 22 2 73 
Total investment securities55 1,633 3 1,691 
Restricted cash equivalents in mutual funds580 — — 580 
Restricted cash equivalents in securities— 3 — 3 
Total$734 $1,660 $3 $2,397 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2023    
Assets    
Cash equivalents in mutual funds$97 $— $— $97 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 17 — 17 
Obligations of states, municipalities, and political subdivisions
— 66 — 66 
Commercial paper
— 14 — 14 
Non-U.S. government and government sponsored entities— 167 — 167 
Corporate debt6 1,078 1 1,085 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 85 — 85 
Total available-for-sale securities6 1,640 1 1,647 
Other securities   
Bonds:    
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock16 — — 16 
Common stock32 — 2 34 
Total other securities48 22 2 72 
Total investment securities54 1,662 3 1,719 
Restricted cash equivalents in mutual funds525 — — 525 
Total$676 $1,662 $3 $2,341 

Due to the insignificant activity within the Level 3 assets during the three months ended March 31, 2024 and 2023, 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, 2024 and 2023.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

See Note 18 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.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
15. Subsequent Events

On April 1, 2024, we completed our previously announced acquisition of all of the outstanding common stock of Foursight Capital LLC (“Foursight”), a wholly owned subsidiary of Jefferies Financial Group, Inc. Foursight is an automobile finance company that purchases and services automobile retail installment contracts. Contracts are sourced through an extensive network of auto dealers. As of March 31, 2024, Foursight had approximately $900 million of auto loan receivables. We are currently in the process of completing the purchase accounting, which will be disclosed in subsequent filings.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income $ 155 $ 179
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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.
CONSOLIDATION The statements include the accounts of OMH, its wholly owned subsidiaries, 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.
USE OF 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. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.
ACCOUNTING PRONUNCEMENTS TO BE ADOPTED
ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Segment Reporting

In November of 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires annual and interim disclosure of significant segment expenses and other segment items. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a retrospective basis to all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our segment disclosures.

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard on our income tax disclosures.

We do not believe that any accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
v3.24.1.u1
Finance Receivables (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of components of net finance receivables by type
Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)Personal Loans
Auto Finance
Total Consumer Loans
Credit CardsTotal
March 31, 2024
Gross finance receivables *$19,575 $843 $20,418 $377 $20,795 
Unearned fees
(217)(16)(233)— (233)
Accrued finance charges and fees310 8 318 — 318 
Deferred origination costs186 8 194 9 203 
Total$19,854 $843 $20,697 $386 $21,083 
December 31, 2023
Gross finance receivables *$19,977 $744 $20,721 $322 $21,043 
Unearned fees
(223)(13)(236)— (236)
Accrued finance charges and fees326 7 333 — 333 
Deferred origination costs194 7 201 8 209 
Total$20,274 $745 $21,019 $330 $21,349 
* Consumer 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 unpaid principal balance, billed interest, and fees.
Summary of net finance receivables by type and by days delinquent
The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$2,212 $8,615 $4,822 $2,089 $622 $368 $18,728 
30-59 days past due2 118 111 61 19 15 326 
60-89 days past due— 80 76 41 12 10 219 
Total performing2,214 8,813 5,009 2,191 653 393 19,273 
Nonperforming (Nonaccrual)
90+ days past due— 183 221 118 34 25 581 
Total$2,214 $8,996 $5,230 $2,309 $687 $418 $19,854 
Gross charge-offs *
$— $115 $223 $119 $33 $23 $513 
* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$9,759 $5,527 $2,454 $776 $376 $114 $19,006 
30-59 days past due113 153 88 27 16 7 404 
60-89 days past due74 104 59 17 10 4 268 
Total performing9,946 5,784 2,601 820 402 125 19,678 
Nonperforming (Nonaccrual)
90+ days past due125 259 143 40 21 8 596 
Total$10,071 $6,043 $2,744 $860 $423 $133 $20,274 
Gross charge-offs *
$— $136 $198 $59 $34 $14 $441 
* Represents gross charge-offs for the three months ended March 31, 2023.
The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)20242023202220212020PriorTotal
March 31, 2024
Performing
Current$163 $441 $181 $30 $1 $— $816 
30-59 days past due— 5 5 1 — — 11 
60-89 days past due— 3 2 1 — — 6 
Total performing163 449 188 32 1 — 833 
Nonperforming (Nonaccrual)
90+ days past due— 4 5 1 — — 10 
Total$163 $453 $193 $33 $1 $— $843 
Gross charge-offs *
$— $3 $5 $1 $— $— $9 
* Represents gross charge-offs for the three months ended March 31, 2024.

(dollars in millions)20232022202120202019PriorTotal
December 31, 2023
Performing
Current$480 $203 $34 $2 $— $— $719 
30-59 days past due4 6 2 — — — 12 
60-89 days past due2 3 — — — — 5 
Total performing486 212 36 2 — — 736 
Nonperforming (Nonaccrual)
90+ days past due3 5 1 — — — 9 
Total$489 $217 $37 $2 $— $— $745 
Gross charge-offs *
$— $3 $1 $— $— $— $4 
* Represents gross charge-offs for the three months ended March 31, 2023.

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)March 31, 2024December 31, 2023
Current
$343 $297 
30-59 days past due
10 9 
60-89 days past due
9 7 
90+ days past due
24 17 
Total
$386 $330 
Schedule of information regarding Modified Finance Receivables
The period-end carrying value of finance receivables modified during the period were as follows:
Three Months Ended March 31,
20242023
(dollars in millions)Personal Loans
Auto
 Finance
Personal Loans
Auto
 Finance
 
Interest rate reduction and term extension$156$5$125 $1
Interest rate reduction and principal forgiveness119—96 —
Total modifications to borrowers experiencing financial difficulties$275$5$221$1
Modifications as a percent of net finance receivables by class
1.38 %0.56 %1.15 %0.33 %

The financial effect of modifications made during the period were as follows:
Three Months Ended March 31,
20242023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
 
Net finance receivables 
Weighted-average interest rate reduction17.56 %11.16 %21.38 %12.56 %
Weighted-average term extension (months)25281920
Principal/interest forgiveness$11$—$11 $—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
March 31, 2024*March 31, 2023
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$611 $7 $158 $1 
30-59 days past due
55 1 27 — 
60-89 days past due44 — 14 — 
90+ days past due
105 1 22 — 
Total
$815 $9 $221 $1 
* Excludes $55 million of personal loan receivables and $1 million of auto finance receivables that were modified and subsequently charged off within the previous 12 months.
The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default were as follows:
Three Months Ended March 31, 2024
(dollars in millions)
Personal
Loans
Auto
 Finance
Interest rate reduction and term extension$44 $1 
Interest rate reduction and principal forgiveness16 — 
Total *
$60 $1 
*    There were no modified finance receivables for which there was a default during the three months ended March 31, 2023 to cause the modified finance receivable to be considered nonperforming (90 days or more past due).
v3.24.1.u1
Allowance for Finance Receivable Losses (Tables)
 3 Months Ended
Mar. 31, 2024
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:

(dollars in millions)
Consumer Loans
Credit CardsTotal
Three Months Ended March 31, 2024  
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses406 25 431 
Charge-offs(522)(12)(534)
Recoveries77 — 77 
Balance at end of period$2,376 $78 $2,454 
Three Months Ended March 31, 2023  
Balance at beginning of period$2,290 $21 $2,311 
Impact of adoption of ASU 2022-02 *
(16)— (16)
Provision for finance receivable losses
377 8 385 
Charge-offs(445)(6)(451)
Recoveries69 — 69 
Balance at end of period$2,275 $23 $2,298 
*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 3, 4, and 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 of our Annual Report for additional information on the adoption of ASU 2022-02.
v3.24.1.u1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
March 31, 2024*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$19 $— $(1)$18 
Obligations of states, municipalities, and political subdivisions
72 — (6)66 
Commercial paper
21 — — 21 
Non-U.S. government and government sponsored entities
161 — (7)154 
Corporate debt
1,149 4 (83)1,070 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
204 — (24)180 
CMBS
36 — (3)33 
CDO/ABS
81 — (5)76 
Total$1,743 $4 $(129)$1,618 
December 31, 2023*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$18 $— $(1)$17 
 Obligations of states, municipalities, and political subdivisions
72 — (6)66 
Commercial paper14 — — 14 
Non-U.S. government and government sponsored entities172 1 (6)167 
Corporate debt1,160 4 (79)1,085 
Mortgage-backed, asset-backed, and collateralized:
RMBS202 — (22)180 
CMBS36 — (3)33 
CDO/ABS91 — (6)85 
Total$1,765 $5 $(123)$1,647 
*    The allowance for credit losses related to our investment securities as of March 31, 2024 and 2023 was immaterial.
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 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses *
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
March 31, 2024      
U.S. government and government sponsored entities
$4 $— $11 $(1)$15 $(1)
Obligations of states, municipalities, and political subdivisions
2 — 61 (6)63 (6)
Commercial paper
21 — — — 21 — 
Non-U.S. government and government sponsored entities
26 — 96 (7)122 (7)
Corporate debt60 — 885 (83)945 (83)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (24)157 (24)
CMBS— — 33 (3)33 (3)
CDO/ABS4 — 54 (5)58 (5)
Total$122 $— $1,292 $(129)$1,414 $(129)
December 31, 2023
      
U.S. government and government sponsored entities
$1 $— $11 $(1)$12 $(1)
Obligations of states, municipalities, and political subdivisions
2 — 62 (6)64 (6)
Commercial paper
14 — — — 14 — 
Non-U.S. government and government sponsored entities
22 — 97 (6)119 (6)
Corporate debt15 — 925 (79)940 (79)
Mortgage-backed, asset-backed, and collateralized:
RMBS5 — 152 (22)157 (22)
CMBS2 — 32 (3)34 (3)
CDO/ABS1 — 62 (6)63 (6)
Total$62 $— $1,341 $(123)$1,403 $(123)
*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.
Schedule of contractual maturities of fixed-maturity available-for-sale securities
Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2024 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$156 $157 
Due after 1 year through 5 years575 598 
Due after 5 years through 10 years476 529 
Due after 10 years122 138 
Mortgage-backed, asset-backed, and collateralized securities289 321 
Total$1,618 $1,743 
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, 2024December 31, 2023
Fixed maturity other securities: 
Bonds$22 $22 
Preferred stock
15 16 
Common stock
36 34 
Total $73 $72 
v3.24.1.u1
Long-term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of principal maturities of long-term debt
Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:
Senior Debt
(dollars in millions)SecuritizationsPrivate Secured Term FundingRevolving
Conduit
Facilities		Unsecured
Notes (a)		Junior
Subordinated
Debt (a)		Total
Interest rates (b)
0.87%-7.52%
6.35%
6.81 %
3.50%-9.00%
7.33 %
Remainder of 2024$— $— $— $— $— $— 
2025— — — 1,110 — 1,110 
2026— — — 1,600 — 1,600 
2027— — — 750 — 750 
2028— — — 1,350 — 1,350 
2029-2067— — — 3,182 350 3,532 
Secured (c)11,112 350 1 — — 11,463 
Total principal maturities$11,112 $350 $1 $7,992 $350 $19,805 
Total carrying amount$11,069 $350 $1 $7,928 $172 $19,520 
Debt issuance costs (d)(39)— — (60)— (99)
(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, 2024.
(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities 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. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, 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, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.
v3.24.1.u1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2024
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, private secured term funding, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)March 31, 2024December 31, 2023
Assets  
Cash and cash equivalents$3 $2 
Net finance receivables12,641 12,780 
Allowance for finance receivable losses1,429 1,428 
Restricted cash and restricted cash equivalents576 523 
Other assets36 32 
Liabilities  
Long-term debt$11,420 $11,579 
Other liabilities27 27 
v3.24.1.u1
Insurance (Tables)
 3 Months Ended
Mar. 31, 2024
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) on our short-duration insurance contracts:
At or for the
Three Months Ended March 31,
(dollars in millions)20242023
Balance at beginning of period$108 $93 
Less reinsurance recoverables(3)(3)
Net balance at beginning of period105 90 
Additions for losses and loss adjustment expenses incurred to:
Current year52 42 
Prior years *
(5)(1)
Total47 41 
Reductions for losses and loss adjustment expenses paid related to:
Current year(15)(12)
Prior years(32)(27)
Total(47)(39)
Net balance at end of period105 92 
Plus reinsurance recoverables3 3 
Balance at end of period$108 $95 
*    At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period. At March 31, 2023, there was a redundancy in the prior years’ net reserves, due to favorable development of credit disability claims during the period.
Liability for Future Policy Benefit, Activity
The present value of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
 Whole Life		Accidental Death and Disability ProtectionTerm and
 Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$217 $41 $252 $48 
Effect of cumulative changes in discount rate assumptions (beginning of period)(5)— (8)— 
Beginning balance at original discount rate212 41 244 48 
Effect of actual variances from expected experience(8)— (2)— 
Adjusted balance at beginning of period204 41 242 48 
Interest accretion3 — 6 — 
Net premiums collected(7)(1)(7)(2)
Ending balance at original discount rate200 40 241 46 
Effect of changes in discount rate assumptions— (1)5 — 
Balance at ending of period$200 $39 $246 $46 
The present value of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$435 $113 $483 $126 
Effect of cumulative changes in discount rate assumptions (beginning of period)(12)—(17)(1)
Beginning balance at original discount rate423113466125
Effect of actual variances from expected experience(9)(1)1(1)
Adjusted balance at beginning of period414112467124
Net issuances1—1—
Interest accretion5193
Benefit payments(13)(4)(16)(4)
Ending balance at original discount rate407109461123
Effect of changes in discount rate assumptions3(2)12—
Balance at ending of period$410 $107 $473 $123 

The net liability for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits$210 $68 $227 $77 
Deferred profit liability13511554
Total net liability for future policy benefits$223 $119 $242 $131 
The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:
At or for the
Three Months Ended March 31,
(dollars in millions)20242023
Term and whole life$223 $242 
Accidental death and disability protection119 131 
Other*255 242 
Total$597 $615 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.
The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted$411 $142 $466 $159 
Discounted293 101 326 114 
Expected future benefit payments:
Undiscounted582 162 670 181 
Discounted410 107 473 123 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:
At or for the
Three Months Ended March 31,
20242023
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments$13 $5 $11 $5 
Interest accretion$3 $1 $3 $3 
The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.28 %4.87 %5.26 %4.86 %
Current discount rate5.33 %5.35 %5.07 %5.06 %
Fair Value Measurement Inputs and Valuation Techniques
The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Three Months Ended March 31,
20242023
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.37 %0.01 %0.39 %0.01 %
Actual0.38 %0.01 %0.31 %0.01 %
Lapses:
Expected4.68 %1.96 %3.18 %2.24 %
Actual3.35 %2.51 %1.67 %0.34 %
v3.24.1.u1
Capital Stock and Earnings Per Share (OMH Only) (Tables)
 3 Months Ended
Mar. 31, 2024
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,
20242023
Balance at beginning of period119,757,277 121,042,125 
Common stock issued 211,702 207,403 
Common stock repurchased(108,685)(683,384)
Treasury stock issued16,958 21,070 
Balance at end of period119,877,252 120,587,214 
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)20242023
 
Numerator (basic and diluted):  
Net income$155 $179 
Denominator:  
Weighted average number of shares outstanding (basic)119,829,174 120,765,661 
Effect of dilutive securities *415,495 204,230 
Weighted average number of shares outstanding (diluted)120,244,669 120,969,891 
Earnings per share:  
Basic$1.29 $1.48 
Diluted$1.29 $1.48 
* We have excluded weighted-average unvested restricted stock units totaling 728,403 and 1,543,976 for the three months ended March 31, 2024 and 2023, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Changes, net of tax, in accumulated other comprehensive income (loss)
Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:
(dollars in millions)Unrealized
Gains (Losses)
Available-for-Sale Securities (a)		Retirement
Plan Liabilities
Adjustments		Foreign
Currency
Translation
Adjustments		Changes in discount rate for insurance claims and policyholder liabilitiesOther (b)Total
Accumulated
Other
Comprehensive
Income (Loss)
Three Months Ended
March 31, 2024		    
Balance at beginning of period$(93)$(8)$(2)$(5)$21 $(87)
Other comprehensive income (loss) before reclassifications
(6)— (3)5 — (4)
Balance at end of period$(99)$(8)$(5)$— $21 $(91)
Three Months Ended
March 31, 2023		    
Balance at beginning of period$(131)$(8)$(5)$(8)$25 $(127)
Other comprehensive income (loss) before reclassifications
19 — — 3 (3)19 
Balance at end of period$(112)$(8)$(5)$(5)$22 $(108)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2024 and 2023.
(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, 2024 and 2023.
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
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 condensed consolidated financial statement amounts.
(dollars in millions)Consumer
and
Insurance		OtherSegment to
GAAP
Adjustment		Consolidated
Total
Three Months Ended March 31, 2024  
Interest income$1,172 $1 $— $1,173 
Interest expense276 1 — 277 
Provision for finance receivable losses
431 — — 431 
Net interest income after provision for finance receivable losses
465 — — 465 
Other revenues178 2 — 180 
Other expenses440 2 (1)441 
Income (loss) before income tax expense (benefit)
$203 $— $1 $204 
Assets$22,672 $18 $1,218 $23,908 
Three Months Ended March 31, 2023
Interest income$1,092 $1 $1 $1,094 
Interest expense238 — 1 239 
Provision for finance receivable losses
385 — — 385 
Net interest income after provision for finance receivable losses
469 1 — 470 
Other revenues176 1 — 177 
Other expenses409 3 — 412 
Income before income tax expense
$236 $(1)$— $235 
Assets$21,199 $30 $1,214 $22,443 
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 UsingTotal
Fair
Value		Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2024
Assets
Cash and cash equivalents$807 $24 $— $831 $831 
Investment securities55 1,633 3 1,691 1,691 
Net finance receivables, less allowance for finance receivable losses
— — 20,293 20,293 18,629 
Restricted cash and restricted cash equivalents 596 3 — 599 599 
Other assets *
— — 39 39 28 
Liabilities
Long-term debt $— $19,224 $— $19,224 $19,520 
December 31, 2023
Assets
Cash and cash equivalents$1,014 $— $— $1,014 $1,014 
Investment securities54 1,662 3 1,719 1,719 
Net finance receivables, less allowance for finance receivable losses
— — 20,490 20,490 18,869 
Restricted cash and restricted cash equivalents 534 — — 534 534 
Other assets *
— — 40 40 29 
Liabilities
Long-term debt$— $19,457 $— $19,457 $19,813 
*Other assets at March 31, 2024 and December 31, 2023 primarily consists of finance receivables held for sale.
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 UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2024    
Assets    
Cash equivalents in mutual funds$99 $— $— $99 
Cash equivalents in securities— 24 — 24 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 18 — 18 
Obligations of states, municipalities, and political subdivisions
— 66 — 66 
Commercial paper— 21 — 21 
Non-U.S. government and government sponsored entities— 154 — 154 
Corporate debt6 1,063 1 1,070 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 76 — 76 
Total available-for-sale securities6 1,611 1 1,618 
Other securities   
Bonds:   
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock15 — — 15 
Common stock34 — 2 36 
Total other securities49 22 2 73 
Total investment securities55 1,633 3 1,691 
Restricted cash equivalents in mutual funds580 — — 580 
Restricted cash equivalents in securities— 3 — 3 
Total$734 $1,660 $3 $2,397 
Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2023    
Assets    
Cash equivalents in mutual funds$97 $— $— $97 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 17 — 17 
Obligations of states, municipalities, and political subdivisions
— 66 — 66 
Commercial paper
— 14 — 14 
Non-U.S. government and government sponsored entities— 167 — 167 
Corporate debt6 1,078 1 1,085 
RMBS— 180 — 180 
CMBS— 33 — 33 
CDO/ABS— 85 — 85 
Total available-for-sale securities6 1,640 1 1,647 
Other securities   
Bonds:    
Corporate debt— 4 — 4 
CDO/ABS— 18 — 18 
Total bonds— 22 — 22 
Preferred stock16 — — 16 
Common stock32 — 2 34 
Total other securities48 22 2 72 
Total investment securities54 1,662 3 1,719 
Restricted cash equivalents in mutual funds525 — — 525 
Total$676 $1,662 $3 $2,341 
v3.24.1.u1
Finance Receivables - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Whole loan sale flow agreement, loans sold $ 630,000,000    
Proceeds from sale of gross finance receivables 110,000,000 $ 180,000,000  
Gain on sale of financing receivables 6,000,000 17,000,000  
Unused credit card lines $ 263,000,000   $ 223,000,000
Credit Cards      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 180 days    
Minimum | Auto Finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 3 years    
Minimum | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 3 years    
Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Whole loan sale flow agreement, commitment period 2 years    
Maximum | Auto Finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 6 years    
Maximum | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Finance receivables, original term 6 years    
Unlikely to be Collected Financing Receivable | Total Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 60 days    
Nonperforming (Nonaccrual) | Total Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Threshold period past due 90 days    
Interest income $ 0 0  
Nonperforming (Nonaccrual) | Auto Finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Reversal of net accrued finance charges and fees 0 0  
Interest income 0 0  
Nonperforming (Nonaccrual) | Personal Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Reversal of net accrued finance charges and fees $ 41,000,000 37,000,000  
Nonperforming (Nonaccrual) | Credit Cards      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Reversal of net accrued finance charges and fees   $ 0  
v3.24.1.u1
Finance Receivables - Net Finance Receivables by Type (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables $ 20,795 $ 21,043
Unearned fees (233) (236)
Accrued finance charges and fees 318 333
Deferred origination costs 203 209
Financing Receivable, Total 21,083 21,349
Total Consumer Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 20,418 20,721
Unearned fees (233) (236)
Accrued finance charges and fees 318 333
Deferred origination costs 194 201
Financing Receivable, Total 20,697 21,019
Personal Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 19,575 19,977
Unearned fees (217) (223)
Accrued finance charges and fees 310 326
Deferred origination costs 186 194
Financing Receivable, Total 19,854 20,274
Auto Finance    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 843 744
Unearned fees (16) (13)
Accrued finance charges and fees 8 7
Deferred origination costs 8 7
Financing Receivable, Total 843 745
Credit Cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross finance receivables 377 322
Unearned fees 0 0
Accrued finance charges and fees 0 0
Deferred origination costs 9 8
Financing Receivable, Total $ 386 $ 330
v3.24.1.u1
Finance Receivables - Delinquent and Nonperforming Finance Receivables, by Year of Origination (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Financing Receivable By Year Originated      
Financing Receivable, Total $ 21,083   $ 21,349
Gross charge-offs *      
Financing Receivable, Gross Charge-Offs 534 $ 451  
Personal Loans      
Financing Receivable By Year Originated      
Year One 2,214   10,071
Prior Year Two 8,996   6,043
Prior Year Three 5,230   2,744
Prior Year Four 2,309   860
Prior Year Five 687   423
Prior Year Six 418   133
Financing Receivable, Total 19,854   20,274
Gross charge-offs *      
Year One 0 0  
Prior Year Two 115 136  
Prior Year Three 223 198  
Prior Year Four 119 59  
Prior Year Five 33 34  
Prior Year Six 23 14  
Financing Receivable, Gross Charge-Offs 513 $ 441  
Auto Finance      
Financing Receivable By Year Originated      
Year One 163   489
Prior Year Two 453   217
Prior Year Three 193   37
Prior Year Four 33   2
Prior Year Five 1   0
Prior Year Six 0   0
Financing Receivable, Total 843   745
Gross charge-offs *      
Year One 0   0
Prior Year Two 3   3
Prior Year Three 5   1
Prior Year Four 1   0
Prior Year Five 0   0
Prior Year Six 0   0
Financing Receivable, Gross Charge-Offs 9   4
Performing | Personal Loans      
Financing Receivable By Year Originated      
Year One 2,214   9,946
Prior Year Two 8,813   5,784
Prior Year Three 5,009   2,601
Prior Year Four 2,191   820
Prior Year Five 653   402
Prior Year Six 393   125
Financing Receivable, Total 19,273   19,678
Performing | Auto Finance      
Financing Receivable By Year Originated      
Year One 163   486
Prior Year Two 449   212
Prior Year Three 188   36
Prior Year Four 32   2
Prior Year Five 1   0
Prior Year Six 0   0
Financing Receivable, Total 833   736
Performing | Current | Personal Loans      
Financing Receivable By Year Originated      
Year One 2,212   9,759
Prior Year Two 8,615   5,527
Prior Year Three 4,822   2,454
Prior Year Four 2,089   776
Prior Year Five 622   376
Prior Year Six 368   114
Financing Receivable, Total 18,728   19,006
Performing | Current | Auto Finance      
Financing Receivable By Year Originated      
Year One 163   480
Prior Year Two 441   203
Prior Year Three 181   34
Prior Year Four 30   2
Prior Year Five 1   0
Prior Year Six 0   0
Financing Receivable, Total 816   719
Performing | 30-59 days past due | Personal Loans      
Financing Receivable By Year Originated      
Year One 2   113
Prior Year Two 118   153
Prior Year Three 111   88
Prior Year Four 61   27
Prior Year Five 19   16
Prior Year Six 15   7
Financing Receivable, Total 326   404
Performing | 30-59 days past due | Auto Finance      
Financing Receivable By Year Originated      
Year One 0   4
Prior Year Two 5   6
Prior Year Three 5   2
Prior Year Four 1   0
Prior Year Five 0   0
Prior Year Six 0   0
Financing Receivable, Total 11   12
Performing | 60-89 days past due | Personal Loans      
Financing Receivable By Year Originated      
Year One 0   74
Prior Year Two 80   104
Prior Year Three 76   59
Prior Year Four 41   17
Prior Year Five 12   10
Prior Year Six 10   4
Financing Receivable, Total 219   268
Performing | 60-89 days past due | Auto Finance      
Financing Receivable By Year Originated      
Year One 0   2
Prior Year Two 3   3
Prior Year Three 2   0
Prior Year Four 1   0
Prior Year Five 0   0
Prior Year Six 0   0
Financing Receivable, Total 6   5
Nonperforming (Nonaccrual) | 90+ days past due | Personal Loans      
Financing Receivable By Year Originated      
Year One 0   125
Prior Year Two 183   259
Prior Year Three 221   143
Prior Year Four 118   40
Prior Year Five 34   21
Prior Year Six 25   8
Financing Receivable, Total 581   596
Nonperforming (Nonaccrual) | 90+ days past due | Auto Finance      
Financing Receivable By Year Originated      
Year One 0   3
Prior Year Two 4   5
Prior Year Three 5   1
Prior Year Four 1   0
Prior Year Five 0   0
Prior Year Six 0   0
Financing Receivable, Total $ 10   $ 9
v3.24.1.u1
Finance Receivables - Summary of Credit Cards by Number of Days Delinquent (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Delinquency by finance receivables type    
Net finance receivables $ 21,083 $ 21,349
Credit Cards    
Delinquency by finance receivables type    
Net finance receivables 386 330
Credit Cards | Current    
Delinquency by finance receivables type    
Net finance receivables 343 297
Credit Cards | 30-59 days past due    
Delinquency by finance receivables type    
Net finance receivables 10 9
Credit Cards | 60-89 days past due    
Delinquency by finance receivables type    
Net finance receivables 9 7
Credit Cards | 90+ days past due    
Delinquency by finance receivables type    
Net finance receivables $ 24 $ 17
v3.24.1.u1
Finance Receivables - Modified Financing Receivables To Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties $ 275 $ 221
Modifications as a percent of net finance receivables by class 1.38% 1.15%
Personal Loans | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties $ 156 $ 125
Personal Loans | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties 119 96
Auto Finance    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties $ 5 $ 1
Modifications as a percent of net finance receivables by class 0.56% 0.33%
Auto Finance | Interest rate reduction and term extension    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties $ 5 $ 1
Auto Finance | Interest rate reduction and principal forgiveness    
Financing Receivable, Modified [Line Items]    
Modifications to borrowers experiencing financial difficulties $ 0 $ 0
v3.24.1.u1
Finance Receivables - Modified Financing Receivables Financial Effects (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Weighted-average interest rate reduction 17.56% 21.38%
Weighted-average term extension (months) 25 months 19 months
Principal/interest forgiveness $ 11 $ 11
Auto Finance    
Financing Receivable, Modified [Line Items]    
Weighted-average interest rate reduction 11.16% 12.56%
Weighted-average term extension (months) 28 months 20 months
Principal/interest forgiveness $ 0 $ 0
v3.24.1.u1
Finance Receivables - Modified Financing Receivables Days Delinquent (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables $ 815 $ 221
Finance receivables subsequently charged off 55  
Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 9 1
Finance receivables subsequently charged off 1  
Current | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 611 158
Current | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 7 1
30-59 days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 55 27
30-59 days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 1 0
60-89 days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 44 14
60-89 days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 0 0
90+ days past due | Personal Loans    
Financing Receivable, Modified [Line Items]    
Modified financing receivables 105 22
90+ days past due | Auto Finance    
Financing Receivable, Modified [Line Items]    
Modified financing receivables $ 1 $ 0
v3.24.1.u1
Finance Receivables - Modified Finance Receivables, Nonperforming (Details) - Nonperforming (Nonaccrual)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Personal Loans  
Financing Receivable, Modified [Line Items]  
Modified finance receivables $ 60
Personal Loans | Interest rate reduction and term extension  
Financing Receivable, Modified [Line Items]  
Modified finance receivables 44
Personal Loans | Interest rate reduction and principal forgiveness  
Financing Receivable, Modified [Line Items]  
Modified finance receivables 16
Auto Finance  
Financing Receivable, Modified [Line Items]  
Modified finance receivables 1
Auto Finance | Interest rate reduction and term extension  
Financing Receivable, Modified [Line Items]  
Modified finance receivables 1
Auto Finance | Interest rate reduction and principal forgiveness  
Financing Receivable, Modified [Line Items]  
Modified finance receivables $ 0
v3.24.1.u1
Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Changes in allowance for finance receivable losses      
Balance at beginning of period $ 2,480 $ 2,311 $ 2,311
Provision for finance receivable losses 431 385  
Charge-offs (534) (451)  
Recoveries 77 69  
Balance at end of period 2,454 2,298 2,480
Net impact of adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   (16) (16)
Total Consumer Loans      
Changes in allowance for finance receivable losses      
Balance at beginning of period 2,415 2,290 2,290
Provision for finance receivable losses 406 377  
Charge-offs (522) (445)  
Recoveries 77 69  
Balance at end of period 2,376 2,275 2,415
Total Consumer Loans | Net impact of adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   (16) (16)
Credit Cards      
Changes in allowance for finance receivable losses      
Balance at beginning of period 65 21 21
Provision for finance receivable losses 25 8  
Charge-offs (12) (6)  
Recoveries 0 0  
Balance at end of period $ 78 23 65
Credit Cards | Net impact of adoption of ASU 2022-02      
Changes in allowance for finance receivable losses      
Balance at beginning of period   $ 0 $ 0
v3.24.1.u1
Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost $ 1,743 $ 1,765
Unrealized Gains 4 5
Unrealized Losses (129) (123)
Fair Value 1,618 1,647
U.S. government and government sponsored entities    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 19 18
Unrealized Gains 0 0
Unrealized Losses (1) (1)
Fair Value 18 17
Obligations of states, municipalities, and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 72 72
Unrealized Gains 0 0
Unrealized Losses (6) (6)
Fair Value 66 66
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 21 14
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 21 14
Non-U.S. government and government sponsored entities    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 161 172
Unrealized Gains 0 1
Unrealized Losses (7) (6)
Fair Value 154 167
Corporate debt    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 1,149 1,160
Unrealized Gains 4 4
Unrealized Losses (83) (79)
Fair Value 1,070 1,085
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 204 202
Unrealized Gains 0 0
Unrealized Losses (24) (22)
Fair Value 180 180
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 36 36
Unrealized Gains 0 0
Unrealized Losses (3) (3)
Fair Value 33 33
CDO/ABS    
Debt Securities, Available-for-sale [Line Items]    
Cost/ Amortized Cost 81 91
Unrealized Gains 0 0
Unrealized Losses (5) (6)
Fair Value $ 76 $ 85
v3.24.1.u1
Investment Securities - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
investment
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
investment
Investments, Debt and Equity Securities [Abstract]        
Interest receivable $ 14,000,000     $ 14,000,000
Investment securities in an unrealized loss position | investment 2,036     1,984
Proceeds from sales and redemptions $ 19,000,000 $ 26,000,000    
Securities on deposit with third parties 512,000,000     $ 524,000,000
Net unrealized gains (losses) on other securities held $ 0   $ 0  
v3.24.1.u1
Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value    
Less Than 12 Months $ 122 $ 62
12 Months or Longer 1,292 1,341
Total 1,414 1,403
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (129) (123)
Total (129) (123)
U.S. government and government sponsored entities    
Fair Value    
Less Than 12 Months 4 1
12 Months or Longer 11 11
Total 15 12
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (1) (1)
Total (1) (1)
Obligations of states, municipalities, and political subdivisions    
Fair Value    
Less Than 12 Months 2 2
12 Months or Longer 61 62
Total 63 64
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (6) (6)
Total (6) (6)
Commercial paper    
Fair Value    
Less Than 12 Months 21 14
12 Months or Longer 0 0
Total 21 14
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 26 22
12 Months or Longer 96 97
Total 122 119
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (7) (6)
Total (7) (6)
Corporate debt    
Fair Value    
Less Than 12 Months 60 15
12 Months or Longer 885 925
Total 945 940
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (83) (79)
Total (83) (79)
RMBS    
Fair Value    
Less Than 12 Months 5 5
12 Months or Longer 152 152
Total 157 157
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (24) (22)
Total (24) (22)
CMBS    
Fair Value    
Less Than 12 Months 0 2
12 Months or Longer 33 32
Total 33 34
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (3) (3)
Total (3) (3)
CDO/ABS    
Fair Value    
Less Than 12 Months 4 1
12 Months or Longer 54 62
Total 58 63
Unrealized Losses *    
Less Than 12 Months 0 0
12 Months or Longer (5) (6)
Total $ (5) $ (6)
v3.24.1.u1
Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:    
Due in 1 year or less $ 156  
Due after 1 year through 5 years 575  
Due after 5 years through 10 years 476  
Due after 10 years 122  
Mortgage-backed, asset-backed, and collateralized securities 289  
Fair Value 1,618 $ 1,647
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:    
Due in 1 year or less 157  
Due after 1 year through 5 years 598  
Due after 5 years through 10 years 529  
Due after 10 years 138  
Mortgage-backed, asset-backed, and collateralized securities 321  
Cost/ Amortized Cost $ 1,743 $ 1,765
v3.24.1.u1
Investment Securities - Fair Value of Other Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Bonds $ 22 $ 22
Total 73 72
Preferred stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity securities 15 16
Common stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity securities $ 36 $ 34
v3.24.1.u1
Long-term Debt - Principal Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Principal maturities of long-term debt by type of debt    
Remainder of 2024 $ 0  
2025 1,110  
2026 1,600  
2027 750  
2028 1,350  
2029-2067 3,532  
Secured 11,463  
Total principal maturities 19,805  
Long-term debt 19,520 $ 19,813
Debt issuance costs (99)  
Securitizations    
Principal maturities of long-term debt by type of debt    
Remainder of 2024 0  
2025 0  
2026 0  
2027 0  
2028 0  
2029-2067 0  
Secured 11,112  
Total principal maturities 11,112  
Long-term debt 11,069  
Debt issuance costs $ (39)  
Securitizations | Minimum    
Long-term debt    
Interest rate 0.87%  
Securitizations | Maximum    
Long-term debt    
Interest rate 7.52%  
Private Secured Term Funding    
Principal maturities of long-term debt by type of debt    
Remainder of 2024 $ 0  
2025 0  
2026 0  
2027 0  
2028 0  
2029-2067 0  
Secured 350  
Total principal maturities 350  
Long-term debt 350  
Debt issuance costs $ 0  
Private Secured Term Funding | Minimum    
Long-term debt    
Interest rate 6.35%  
Revolving Conduit Facilities    
Principal maturities of long-term debt by type of debt    
Remainder of 2024 $ 0  
2025 0  
2026 0  
2027 0  
2028 0  
2029-2067 0  
Secured 1  
Total principal maturities 1  
Long-term debt 1  
Debt issuance costs $ 0  
Revolving Conduit Facilities | Minimum    
Long-term debt    
Interest rate 6.81%  
Revolving Conduit Facilities And Unsecured Corporate Revolver    
Principal maturities of long-term debt by type of debt    
Debt issuance costs $ 38  
Unsecured Notes | Unsecured Notes    
Principal maturities of long-term debt by type of debt    
Remainder of 2024 0  
2025 1,110  
2026 1,600  
2027 750  
2028 1,350  
2029-2067 3,182  
Total principal maturities 7,992  
Long-term debt 7,928  
Debt issuance costs $ (60)  
Unsecured Notes | Unsecured Notes | Minimum    
Long-term debt    
Interest rate 3.50%  
Unsecured Notes | Unsecured Notes | Maximum    
Long-term debt    
Interest rate 9.00%  
Junior Subordinated Debt    
Long-term debt    
Interest rate 7.33%  
Principal maturities of long-term debt by type of debt    
Remainder of 2024 $ 0  
2025 0  
2026 0  
2027 0  
2028 0  
2029-2067 350  
Total principal maturities 350  
Long-term debt 172  
Debt issuance costs $ 0  
v3.24.1.u1
Long-term Debt- Narrative (Details) - Revolver - OMFC - USD ($)
Oct. 25, 2021
Mar. 31, 2024
Debt Instrument [Line Items]    
Total borrowing capacity   $ 1,300,000,000
Debt instrument, term 5 years  
Outstanding balance   $ 0
v3.24.1.u1
Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]        
Cash and cash equivalents $ 831 $ 1,014 $ 544  
Net finance receivables 21,083 21,349    
Allowance for finance receivable losses 2,454 2,480 2,298 $ 2,311
Restricted cash and restricted cash equivalents 599 [1] 534 $ 531 [1]  
Other assets 1,211 1,232    
Long-term debt 19,520 19,813    
Consolidated VIEs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 3 2    
Net finance receivables 12,641 12,780    
Allowance for finance receivable losses 1,429 1,428    
Restricted cash and restricted cash equivalents 576 523    
Other assets 36 32    
Long-term debt 11,420 11,579    
Other liabilities $ 27 $ 27    
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Variable Interest Entities - Consolidated VIEs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Variable Interest Entity [Line Items]    
Interest expense $ 277 $ 239
Consolidated VIEs    
Variable Interest Entity [Line Items]    
Interest expense $ 138 $ 101
v3.24.1.u1
Variable Interest Entities - Securitized Borrowings (Details) - Securitizations
 3 Months Ended
Mar. 31, 2024
Minimum  
Debt Instrument [Line Items]  
Debt instrument, term 2 years
Maximum  
Debt Instrument [Line Items]  
Debt instrument, term 7 years
v3.24.1.u1
Variable Interest Entities - Credit Card Revolving VFN Facilities (Details) - Consolidated VIEs
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
vfn_facility
Debt Instrument [Line Items]  
Number of revolving credit card VFN facilities | vfn_facility 2
Revolving Credit Card VFN Facility  
Debt Instrument [Line Items]  
Total borrowing capacity | $ $ 300
Debt instrument, term 6 years
v3.24.1.u1
Variable Interest Entities - Private Secured Term Funding (Details) - Private Secured Term Funding - Consolidated VIEs
 3 Months Ended
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Debt instrument, principal amount $ 350,000,000
Payments required in first 3 years $ 0
Amortization period after first 3 years 1 year
v3.24.1.u1
Variable Interest Entities - Revolving Conduit Facilities (Details) - Consolidated VIEs - Revolving Conduit Facilities
$ in Billions
 3 Months Ended
Mar. 31, 2024
USD ($)
facility
Line of Credit Facility [Line Items]  
Number of conduit facilities | facility 16
Total borrowing capacity | $ $ 6.4
Debt instrument, term 9 years
v3.24.1.u1
Insurance - Changes in the Reserve for Unpaid Claims and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for unpaid claims and claims adjustment expense        
Balance at beginning of period $ 108 $ 93    
Less reinsurance recoverables (3) (3) $ (3) $ (3)
Net balance at beginning of period 105 90    
Additions for losses and loss adjustment expenses incurred to:        
Current year 52 42    
Prior years (5) (1)    
Total 47 41    
Reductions for losses and loss adjustment expenses paid related to:        
Current year (15) (12)    
Prior years (32) (27)    
Total (47) (39)    
Net balance at end of period 105 92    
Plus reinsurance recoverables 3 3 $ 3 $ 3
Balance at end of period $ 108 $ 95    
v3.24.1.u1
Insurance - Present Value of Expected Net Premium And Future Policy Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Term and Whole Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance at beginning of period $ 217 $ 252    
Effect of changes in discount rate assumptions 0 5 $ 5 $ 8
Beginning balance at original discount rate 212 244    
Effect of actual variances from expected experience     (8) (2)
Adjusted balance at beginning of period     204 242
Interest accretion 3 6    
Net premiums collected (7) (7)    
Ending balance at original discount rate 200 241    
Balance at ending of period 200 246    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance at beginning of period 435 483    
Effect of changes in discount rate assumptions (3) (12) (12) (17)
Beginning balance at original discount rate 423 466    
Effect of actual variances from expected experience     (9) 1
Adjusted balance at beginning of period     414 467
Net issuances 1 1    
Interest accretion 5 9    
Benefit payments (13) (16)    
Ending balance at original discount rate 407 461    
Balance at ending of period 410 473    
Accidental Death and Disability Protection        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance at beginning of period 41 48    
Effect of changes in discount rate assumptions (1) 0 0 0
Beginning balance at original discount rate 41 48    
Effect of actual variances from expected experience     0 0
Adjusted balance at beginning of period     41 48
Interest accretion 0 0    
Net premiums collected (1) (2)    
Ending balance at original discount rate 40 46    
Balance at ending of period 39 46    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance at beginning of period 113 126    
Effect of changes in discount rate assumptions 2 0 0 (1)
Beginning balance at original discount rate 113 125    
Effect of actual variances from expected experience     (1) (1)
Adjusted balance at beginning of period     $ 112 $ 124
Net issuances 0 0    
Interest accretion 1 3    
Benefit payments (4) (4)    
Ending balance at original discount rate 109 123    
Balance at ending of period $ 107 $ 123    
v3.24.1.u1
Insurance - Net Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Term and Whole Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Net liability for future policy benefits $ 210 $ 227
Deferred profit liability 13 15
Total net liability for future policy benefits 223 242
Accidental Death and Disability Protection    
Liability for Future Policy Benefit, Activity [Line Items]    
Net liability for future policy benefits 68 77
Deferred profit liability 51 54
Total net liability for future policy benefits $ 119 $ 131
v3.24.1.u1
Insurance - Additional Information (Details)
Mar. 31, 2024
Mar. 31, 2023
Insurance [Abstract]    
Weighted-average duration of the liability for future policy benefits 8 years 8 years
v3.24.1.u1
Insurance - Reconciliation of Net Liability for Future Policy Benefits To the Consolidated Statements of Financial Position (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Insurance claims and policyholder liabilities $ 597 $ 615 $ 615
Term and Whole Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Total net liability for future policy benefits 223   242
Accidental Death and Disability Protection      
Liability for Future Policy Benefit, Activity [Line Items]      
Total net liability for future policy benefits 119   131
Other      
Liability for Future Policy Benefit, Activity [Line Items]      
Other $ 255   $ 242
v3.24.1.u1
Insurance - Undiscounted and Discounted Expected Gross Premiums And Expected Future Benefits (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Term and Whole Life    
Expected future gross premiums:    
Undiscounted $ 411 $ 466
Discounted 293 326
Expected future benefit payments:    
Undiscounted 582 670
Discounted 410 473
Accidental Death and Disability Protection    
Expected future gross premiums:    
Undiscounted 142 159
Discounted 101 114
Expected future benefit payments:    
Undiscounted 162 181
Discounted $ 107 $ 123
v3.24.1.u1
Insurance - Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Term and Whole Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums or assessments $ 13 $ 11
Interest accretion 3 3
Accidental Death and Disability Protection    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums or assessments 5 5
Interest accretion $ 1 $ 3
v3.24.1.u1
Insurance - Actuarial Assumptions (Details)
Mar. 31, 2024
Mar. 31, 2023
Measurement Input, Mortality Rate, Expected | Term and Whole Life    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0037 0.0039
Measurement Input, Mortality Rate, Expected | Accidental Death and Disability Protection    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0001 0.0001
Measurement Input, Mortality Rate, Actual | Term and Whole Life    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0038 0.0031
Measurement Input, Mortality Rate, Actual | Accidental Death and Disability Protection    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0001 0.0001
Measurement Input, Lapses, Expected | Term and Whole Life    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0468 0.0318
Measurement Input, Lapses, Expected | Accidental Death and Disability Protection    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0196 0.0224
Measurement Input, Lapses, Actual | Term and Whole Life    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0335 0.0167
Measurement Input, Lapses, Actual | Accidental Death and Disability Protection    
Market Risk Benefit [Line Items]    
Market risk benefit, measurement input 0.0251 0.0034
v3.24.1.u1
Insurance - Weighted-Average Interest Rates for the Liability of Future Policy Benefits (Details)
Mar. 31, 2024
Mar. 31, 2023
Term and Whole Life    
Additional Liability, Long-Duration Insurance [Line Items]    
Interest accretion rate 5.28% 5.26%
Current discount rate 5.33% 5.07%
Accidental Death and Disability Protection    
Additional Liability, Long-Duration Insurance [Line Items]    
Interest accretion rate 4.87% 4.86%
Current discount rate 5.35% 5.06%
v3.24.1.u1
Capital Stock and Earnings Per Share (OMH Only) - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
class
OMH  
Class of Stock [Line Items]  
Number of classes of authorized stock 2
v3.24.1.u1
Capital Stock and Earnings Per Share (OMH Only) - Changes in Shares Issued and Outstanding (Details) - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 119,757,277 121,042,125
Common stock issued (in shares) 211,702 207,403
Common stock repurchased (in shares) (108,685) (683,384)
Treasury stock issued (in shares) 16,958 21,070
Ending balance (in shares) 119,877,252 120,587,214
v3.24.1.u1
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, 2024
Mar. 31, 2023
Numerator (basic and diluted):    
Net income $ 155 $ 179
Denominator:    
Weighted average number of shares outstanding (basic) (in shares) 119,829,174 120,765,661
Effect of dilutive securities (in shares) 415,495 204,230
Weighted average number of shares outstanding (diluted) (in shares) 120,244,669 120,969,891
Earnings per share:    
Basic (in dollars per share) $ 1.29 $ 1.48
Diluted (in dollars per share) $ 1.29 $ 1.48
Restricted stock units    
Earnings per share:    
Shares excluded in the diluted earnings per share calculation (in shares) 728,403 1,543,976
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period $ 3,186 $ 3,015
Other comprehensive income (loss) before reclassifications (4) 19
Balance at end of period 3,214 3,081
Unrealized Gains (Losses) Available-for-Sale Securities    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period (93) (131)
Other comprehensive income (loss) before reclassifications (6) 19
Balance at end of period (99) (112)
Retirement Plan Liabilities Adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period (8) (8)
Other comprehensive income (loss) before reclassifications 0 0
Balance at end of period (8) (8)
Foreign Currency Translation Adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period (2) (5)
Other comprehensive income (loss) before reclassifications (3) 0
Balance at end of period (5) (5)
Changes in discount rate for insurance claims and policyholder liabilities    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period (5) (8)
Other comprehensive income (loss) before reclassifications 5 3
Balance at end of period 0 (5)
Other    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period 21 25
Other comprehensive income (loss) before reclassifications 0 (3)
Balance at end of period 21 22
Accumulated Other Comprehensive Income (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance at beginning of period (87) (127)
Balance at end of period $ (91) $ (108)
v3.24.1.u1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Net deferred tax asset $ 463   $ 477
Effective tax rate 24.10% 24.00%  
Unrecognized tax benefits $ 11   $ 11
v3.24.1.u1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.24.1.u1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Interest income $ 1,173 $ 1,094  
Interest expense 277 239  
Provision for finance receivable losses 431 385  
Net interest income after provision for finance receivable losses 465 470  
Other revenues 180 177  
Other expenses 441 412  
Income before income taxes 204 235  
Total assets 23,908 22,443 $ 24,294
Consumer and Insurance | Consumer and Insurance      
Segment Reporting Information [Line Items]      
Interest income 1,172 1,092  
Interest expense 276 238  
Provision for finance receivable losses 431 385  
Net interest income after provision for finance receivable losses 465 469  
Other revenues 178 176  
Other expenses 440 409  
Income before income taxes 203 236  
Total assets 22,672 21,199  
Other      
Segment Reporting Information [Line Items]      
Interest income 1 1  
Interest expense 1 0  
Provision for finance receivable losses 0 0  
Net interest income after provision for finance receivable losses 0 1  
Other revenues 2 1  
Other expenses 2 3  
Income before income taxes 0 (1)  
Total assets 18 30  
Segment to GAAP Adjustment      
Segment Reporting Information [Line Items]      
Interest income 0 1  
Interest expense 0 1  
Provision for finance receivable losses 0 0  
Net interest income after provision for finance receivable losses 0 0  
Other revenues 0 0  
Other expenses (1) 0  
Income before income taxes 1 0  
Total assets $ 1,218 $ 1,214  
v3.24.1.u1
Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
 [1]
Assets      
Restricted cash and restricted cash equivalents $ 599 [1] $ 534 $ 531
Total Fair Value      
Assets      
Cash and cash equivalents 831 1,014  
Investment securities 1,691 1,719  
Net finance receivables, less allowance for finance receivable losses 20,293 20,490  
Restricted cash and restricted cash equivalents 599 534  
Other assets 39 40  
Liabilities      
Long-term debt 19,224 19,457  
Total Carrying Value      
Assets      
Cash and cash equivalents 831 1,014  
Investment securities 1,691 1,719  
Net finance receivables, less allowance for finance receivable losses 18,629 18,869  
Restricted cash and restricted cash equivalents 599 534  
Other assets 28 29  
Liabilities      
Long-term debt 19,520 19,813  
Level 1      
Assets      
Cash and cash equivalents 807 1,014  
Investment securities 55 54  
Net finance receivables, less allowance for finance receivable losses 0 0  
Restricted cash and restricted cash equivalents 596 534  
Other assets 0 0  
Liabilities      
Long-term debt 0 0  
Level 2      
Assets      
Cash and cash equivalents 24 0  
Investment securities 1,633 1,662  
Net finance receivables, less allowance for finance receivable losses 0 0  
Restricted cash and restricted cash equivalents 3 0  
Other assets 0 0  
Liabilities      
Long-term debt 19,224 19,457  
Level 3      
Assets      
Cash and cash equivalents 0 0  
Investment securities 3 3  
Net finance receivables, less allowance for finance receivable losses 20,293 20,490  
Restricted cash and restricted cash equivalents 0 0  
Other assets 39 40  
Liabilities      
Long-term debt $ 0 $ 0  
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
 [1]
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities $ 1,618 $ 1,647  
Other securities 73 72  
Restricted cash and restricted cash equivalents 599 [1] 534 $ 531
U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 18 17  
Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 66 66  
Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 21 14  
Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 154 167  
Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,070 1,085  
RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 180 180  
CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 33 33  
CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 76 85  
Level 1      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 55 54  
Restricted cash and restricted cash equivalents 596 534  
Level 2      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 1,633 1,662  
Restricted cash and restricted cash equivalents 3 0  
Level 3      
Investments, Debt and Equity Securities [Abstract]      
Total investment securities 3 3  
Restricted cash and restricted cash equivalents 0 0  
Fair Value, Measurements, Recurring      
Assets      
Cash equivalents in mutual funds 99 97  
Cash equivalents in securities 24    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,618 1,647  
Other securities 73 72  
Total investment securities 1,691 1,719  
Restricted cash equivalents in mutual funds 580 525  
Restricted cash and restricted cash equivalents 3    
Total 2,397 2,341  
Fair Value, Measurements, Recurring | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 22 22  
Fair Value, Measurements, Recurring | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 18 17  
Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 66 66  
Fair Value, Measurements, Recurring | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 21 14  
Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 154 167  
Fair Value, Measurements, Recurring | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,070 1,085  
Other securities 4 4  
Fair Value, Measurements, Recurring | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 180 180  
Fair Value, Measurements, Recurring | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 33 33  
Fair Value, Measurements, Recurring | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 76 85  
Other securities 18 18  
Fair Value, Measurements, Recurring | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 15 16  
Fair Value, Measurements, Recurring | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 36 34  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Cash equivalents in mutual funds 99 97  
Cash equivalents in securities 0    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 6 6  
Other securities 49 48  
Total investment securities 55 54  
Restricted cash equivalents in mutual funds 580 525  
Restricted cash and restricted cash equivalents 0    
Total 734 676  
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  
Fair Value, Measurements, Recurring | Level 1 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 6 6  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 1 | Preferred stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 15 16  
Fair Value, Measurements, Recurring | Level 1 | Common stock      
Investments, Debt and Equity Securities [Abstract]      
Other securities 34 32  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Cash equivalents in mutual funds 0 0  
Cash equivalents in securities 24    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,611 1,640  
Other securities 22 22  
Total investment securities 1,633 1,662  
Restricted cash equivalents in mutual funds 0 0  
Total 1,660 1,662  
Fair Value, Measurements, Recurring | Level 2 | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 22 22  
Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 18 17  
Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 66 66  
Fair Value, Measurements, Recurring | Level 2 | Commercial paper      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 21 14  
Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 154 167  
Fair Value, Measurements, Recurring | Level 2 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1,063 1,078  
Other securities 4 4  
Fair Value, Measurements, Recurring | Level 2 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 180 180  
Fair Value, Measurements, Recurring | Level 2 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 33 33  
Fair Value, Measurements, Recurring | Level 2 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 76 85  
Other securities 18 18  
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    
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1 1  
Other securities 2 2  
Total investment securities 3 3  
Restricted cash equivalents in mutual funds 0 0  
Restricted cash and restricted cash equivalents 0    
Total 3 3  
Fair Value, Measurements, Recurring | Level 3 | Total bonds      
Investments, Debt and Equity Securities [Abstract]      
Other securities 0 0  
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  
Fair Value, Measurements, Recurring | Level 3 | Corporate debt      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 1 1  
Other securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | RMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | CMBS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Fair Value, Measurements, Recurring | Level 3 | CDO/ABS      
Investments, Debt and Equity Securities [Abstract]      
Available-for-sale securities 0 0  
Other securities 0 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 $ 2 $ 2  
[1]
Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.
v3.24.1.u1
Subsequent Events (Details) - USD ($)
$ in Millions
Apr. 01, 2024
Mar. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]      
Net finance receivables   $ 21,083 $ 21,349
Auto Finance      
Subsequent Event [Line Items]      
Net finance receivables   $ 843 $ 745
Subsequent Event | Foursight Capital LLC | Auto Finance      
Subsequent Event [Line Items]      
Net finance receivables $ 900    
v3.24.1.u1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2022-02 [Member]