Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	Apr. 29, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Trading Symbol	ECPG
Entity Registrant Name	ENCORE CAPITAL GROUP INC
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		25,707,533

Condensed Consolidated Statements of Financial Condition (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 196,389	$ 126,213
Investment in receivable portfolios, net	1,904,030	1,590,249
Deferred court costs, net	42,679	41,219
Receivables secured by property tax liens, net	209,455	212,814
Property and equipment, net	55,879	55,783
Other assets	181,697	154,783
Goodwill	844,567	504,213
Total assets(1)	3,434,696	2,685,274
Liabilities:
Accounts payable and accrued liabilities	124,803	137,272
Debt	2,612,133	1,850,431
Other liabilities	99,469	95,100
Total liabilities(1)	2,836,405	2,082,803
Commitments and contingencies
Redeemable noncontrolling interest	26,434	26,564
Redeemable equity component of convertible senior notes	11,176	0
Stockholders' equity:
Convertible preferred stock, $.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value, 50,000 shares authorized, 25,681 shares and 25,457 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	257	255
Additional paid-in capital	132,290	171,819
Accumulated earnings	417,808	394,628
Accumulated other comprehensive gain	6,932	5,195
Total Encore Capital Group, Inc. stockholders’ equity	557,287	571,897
Noncontrolling interest	3,394	4,010
Total stockholders’ equity	560,681	575,907
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$ 3,434,696	$ 2,685,274

Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	25,749,000	25,457,000
Common stock, shares outstanding	25,749,000	25,457,000
Total assets	$ 3,434,696	$ 2,685,274
Cash and cash equivalents	196,389	126,213
Investment in receivable portfolios, net	1,904,030	1,590,249
Property and equipment, net	55,879	55,783
Other assets	181,697	154,783
Goodwill	844,567	504,213
Total liabilities	2,836,405	2,082,803
Accounts payable and accrued liabilities	124,803	137,272
Other liabilities	99,469	95,100
Debt	2,612,133	1,850,431
Janus Holdings [Member]
Total assets	1,857,406	1,106,538
Cash and cash equivalents	95,109	62,403
Investment in receivable portfolios, net	954,147	620,312
Deferred court costs, net	854	0
Property and equipment, net	15,034	13,755
Other assets	78,812	33,772
Goodwill	713,450	376,296
Total liabilities	1,647,157	895,792
Accounts payable and accrued liabilities	53,817	47,219
Other liabilities	7,081	1,897
Debt	$ 1,586,259	$ 846,676

Condensed Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues
Revenue from receivable portfolios, net	$ 237,568	$ 140,683
Other revenues	11,349	301
Net interest income	4,824	3,602
Total revenues	253,741	144,586
Operating expenses
Salaries and employee benefits	58,137	28,832
Cost of legal collections	49,825	42,258
Other operating expenses	26,423	13,265
Collection agency commissions	8,276	3,329
General and administrative expenses	36,694	16,342
Depreciation and amortization	6,117	1,846
Total operating expenses	185,472	105,872
Income from operations	68,269	38,714
Other (expense) income
Interest expense	(37,962)	(6,854)
Other income	265	159
Total other expense	(37,697)	(6,695)
Income before income taxes	30,572	32,019
Provision for income taxes	(11,742)	(12,571)
Net income	18,830	19,448
Net loss attributable to noncontrolling interest	4,350	0
Net income attributable to Encore Capital Group, Inc. stockholders	$ 23,180	$ 19,448
Earnings (loss) per share attributable to Encore Capital Group, Inc.:
Basic	$ 0.90	$ 0.83
Diluted	$ 0.82	$ 0.80
Weighted average shares outstanding:
Basic	25,749	23,446
Diluted	28,196	24,414

Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 18,830	$ 19,448
Other comprehensive (loss) gain, net of tax:
Unrealized gain on derivative instruments	1,588	620
Unrealized gain (loss) on foreign currency translation	149	(114)
Other comprehensive gain, net of tax	1,737	506
Comprehensive income	20,567	19,954
Comprehensive loss (gain) attributable to noncontrolling interest:
Net loss attributable to noncontrolling interest	4,350	0
Unrealized loss on foreign currency translation	148	0
Comprehensive loss attributable to noncontrolling interests	4,498	0
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 25,065	$ 19,954

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities:
Net income	$ 18,830	$ 19,448
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,117	1,846
Other non-cash interest expense	5,254	1,517
Stock-based compensation expense	4,836	3,001
Deferred income taxes	4,767	207
Excess tax benefit from stock-based payment arrangements	(2,629)	(983)
Reversal of allowances on receivable portfolios, net	(3,230)	(1,006)
Changes in operating assets and liabilities
Deferred court costs and other assets	(15,213)	(1,671)
Prepaid income tax and income taxes payable	3,123	4,314
Accounts payable, accrued liabilities and other liabilities	(24,446)	(2,980)
Net cash (used in) provided by operating activities	(2,591)	23,693
Investing activities:
Cash paid for acquisition, net of cash acquired	(257,726)	0
Purchases of receivable portfolios, net of put-backs	(257,175)	(57,893)
Collections applied to investment in receivable portfolios, net	161,927	130,493
Originations and purchases of receivables secured by tax liens	(19,123)	(27,446)
Collections applied to receivables secured by tax liens	22,085	11,812
Purchases of property and equipment	(2,978)	(2,315)
Net cash (used in) provided by investing activities	(352,990)	54,651
Financing activities:
Payment of loan costs	(14,222)	(2,340)
Proceeds from credit facilities	457,266	33,741
Repayment of credit facilities	(447,045)	(91,800)
Proceeds from senior secured notes	288,645	0
Repayment of senior secured notes	(3,750)	(2,500)
Proceeds from issuance of convertible senior notes	161,000	0
Proceeds from issuance of preferred equity certificates	18,864	0
Repayment of preferred equity certificates	(4,537)	0
Purchases of convertible hedge instruments	(33,576)	0
Proceeds from exercise of stock options	1,214	846
Taxes paid related to net share settlement of equity awards	(5,244)	(2,872)
Excess tax benefit from stock-based payment arrangements	2,629	983
Other, net	(391)	(2,008)
Net cash provided by financing activities	420,853	(65,950)
Net increase (decrease) in cash and cash equivalents	65,272	12,394
Effect of exchange rate changes on cash	4,904	0
Cash and cash equivalents, beginning of period	126,213	17,510
Cash and cash equivalents, end of period	196,389	29,904
Supplemental disclosures of cash flow information:
Cash paid for interest	41,130	5,485
Cash paid for income taxes	6,103	7,520
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease	$ 1,169	$ 674

Ownership, Description of Business, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively, the “Company”), is an international specialty finance company providing debt recovery solutions for consumers and property owners across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by partnering with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies, commercial retailers, and telecommunication companies. Defaulted receivables may also include receivables subject to bankruptcy proceedings. Encore, through certain subsidiaries, is a market leader in portfolio purchasing and recovery in the United States. Encore’s subsidiary, Janus Holdings Luxembourg S.a.r.l. (“Janus Holdings”), through its indirectly held United Kingdom-based subsidiary Cabot Credit Management Limited (“Cabot”), is a market leader in debt management in the United Kingdom, historically specializing in higher balance, semi-performing accounts. Cabot’s February 2014 acquisition of Marlin Financial Group Limited (“Marlin”) now also provides Cabot with substantial litigation-enhanced collections capabilities for non-performing accounts. Encore’s majority-owned subsidiary, Refinancia S.A. (“Refinancia”), through its subsidiaries, is a market leader in debt collection and management in Colombia and Peru. In addition, through Encore’s subsidiary, Propel Financial Services, LLC (“Propel”), the Company assists Texas and Nevada property owners who are delinquent on their property taxes by paying these taxes on behalf of the property owners in exchange for payment agreements collateralized by the existing tax liens on the property. Propel also acquires tax liens directly from taxing authorities outside of Texas and Nevada. Portfolio Purchasing and Recovery United States. The Company purchases receivable portfolios based on robust, account-level valuation methods and employs a suite of proprietary statistical and behavioral models across the full extent of its operations. These investments allow the Company to value portfolios accurately (and limit the risk of overpaying), avoid buying portfolios that are incompatible with its methods or goals and precisely align the accounts it purchases with its operational channels to maximize future collections. As a result, the Company has been able to realize significant returns from the receivables it acquires. The Company maintains strong relationships with many of the largest credit and telecommunication providers, and possesses one of the industry’s best collection staff retention rates. The Company uses insights discovered during its purchasing process to build account collection strategies. The Company’s proprietary consumer-level collectability analysis is the primary determinant of whether an account will be actively serviced post-purchase. The Company continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. After the Company’s preliminary analysis, it seeks to collect on only a fraction of the accounts it purchases, through one or more of its collection channels. The channel identification process is analogous to a funneling system, where the Company first differentiates those consumers who it believes are not able to pay from those who are able to pay. Consumers who the Company believes are financially incapable of making any payments, facing extenuating circumstances or hardships (such as medical issues), serving in the military, or currently receiving social security as their only source of income are excluded from the next step of its collection process and are designated as inactive. The remaining pool of accounts in the funnel then receives further evaluation. At that point, the Company analyzes and determines a consumer’s perceived willingness to pay. Based on that analysis, the Company will pursue collections through letters and/or phone calls to its consumers. Despite its efforts to reach consumers and work out a settlement option, only a small number of consumers who are contacted choose to engage with the Company. Those who do are often offered deep discounts on their obligations, or are presented with payment plans that are better suited to meet their daily cash flow needs. The majority of contacted consumers, however, ignore both the Company’s calls and letters, and therefore the Company must then make the difficult decision whether or not to pursue collections through legal means. The Company continually monitors applicable changes to laws governing statutes of limitations and disclosures to consumers. The Company maintains policies, system controls, and processes designed to ensure that accounts past the applicable statute of limitations do not get placed into legal collections. Additionally, in written and verbal communications with consumers, the Company provides disclosures to the consumer that the account is past its applicable statute of limitations and, therefore, the Company will not pursue collections through legal means. United Kingdom. Through Cabot, portfolio receivables are purchased using a proprietary pricing model. This model allows Cabot to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. As a result, Cabot has been able to realize significant returns from the assets it has acquired. Cabot maintains strong relationships with many of the largest financial service providers in the United Kingdom. Cabot also uses insights discovered during its purchasing process to build account collection strategies. Cabot’s proprietary consumer-level collectability analysis is the primary determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. In recent years, Cabot has concentrated on buying portfolios that are defined as semi-performing, in which over 50% of the accounts in a portfolio have made a payment in three of the last four months immediately prior to the portfolio purchase. Cabot will try to establish contact with these consumers, in order to transfer payment arrangements and gauge the willingness of these consumers to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships (such as medical issues or mental incapacity), are managed outside of normal collection routines. The remaining pool of accounts then receives further evaluation. Cabot analyzes and estimates a consumer’s perceived willingness to pay. Based on that analysis, Cabot pursues collections through letters and/or phone calls to its consumers. Where contact is made and consumers indicate a willingness to pay, a patient approach of forbearance is applied using regulatory protocols within the United Kingdom to assess affordability and ensure that plans are fair and balanced and therefore, sustainable. Where consumers are not locatable or refuse to engage in a constructive dialogue, Cabot will pass these accounts through a litigation scorecard and rule set in order to assess suitability for legal action. Through Cabot’s newly acquired subsidiary, Marlin, a leading acquirer of non-performing consumer debt in the United Kingdom, Cabot is able to take competitive advantage in the use of litigation-enhanced collections for non-paying financial services receivables. Colombia and Peru. Refinancia is a market leader in the management of non-performing loans in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia offers portfolio management services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in the geographic areas in which it operates, including providing financial solutions to individuals with defaulted credit records, payment plan guarantee services through merchants and loan guarantee services to financial institutions. Tax Lien Business Propel’s principal activities are the acquisition and servicing of residential and commercial tax liens on real property. These liens take priority over most other liens. By funding tax liens, Propel provides state and local taxing authorities and governments with much needed tax revenue. To the extent permitted by local law, Propel works with property owners to structure affordable payment plans designed to allow them to keep their property while paying their property tax obligation over time. Propel maintains a foreclosure rate of less than one-half of one percent. Propel’s receivables secured by property tax liens include Texas tax liens, Nevada tax liens, and tax lien certificates in various other states (collectively, “Tax Liens”). With Texas and Nevada Tax Liens, Texas or Nevada property owners choose to have the taxing authority transfer their tax lien to Propel. Propel pays their tax lien obligation to the taxing authority and the property owner pays Propel over time at a lower interest rate than would be assessed by the taxing authority. Propel’s arrangements with Texas and Nevada property owners provide them with repayment plans that are both affordable and flexible when compared with other payment options. Propel also purchases Tax Liens in various other states directly from taxing authorities, securing rights to future property tax payments, interest and penalties. In most cases, such Tax Liens continue to be serviced by the taxing authority. When the taxing authority is paid, it repays Propel the outstanding balance of the lien plus interest, which is established by statute or negotiated at the time of the purchase. Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by Encore, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position, results of operations, and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates. Basis of Consolidation The consolidated financial statements have been prepared in conformity with GAAP, and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates Variable Interest Entities (“VIE”), for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits. The Company has determined that its less than wholly-owned subsidiary Janus Holdings is a VIE, and the Company is the primary beneficiary of the VIE. As a result, the financial results of Janus Holdings are consolidated under the VIE consolidation model. Refer to Note 10, “Variable Interest Entity,” for further details. The Company evaluates its relationships with the VIE on an ongoing basis to ensure that it continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. On June 13, 2013, the Company completed its merger with Asset Acceptance Capital Corp. (“AACC”), on July 1, 2013, the Company completed its acquisition of Cabot and on February 7, 2014, Cabot completed the acquisition of Marlin. The condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2013 do not include the results of operations of AACC or the results of operations of Cabot’s parent Company, Janus Holdings, as these acquisitions were not completed until after March 31, 2013. Refer to Note 2, “Business Combinations,” for further details. Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities are translated as of the end of the balance sheet date and revenue and expenses are translated at an average rate over the period. Currency translation adjustments are recorded as a component of other comprehensive income. Transaction gains and losses are included in other (expense) income. Reclassifications Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Business Combinations

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Business Combinations

AACC Merger

On June 13, 2013, the Company completed its merger with AACC (the “AACC Merger”), a leading provider of debt management and recovery solutions in the United States. The purchase price consisted of $150.8 million in cash consideration and 1.7 million shares of Encore common stock valued at $37.30 per share. In addition, the Company paid off approximately $165.7 million of AACC debt on the closing date of the AACC Merger.

The AACC Merger was accounted for using the acquisition method of accounting and, accordingly, the tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the merger. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the respective assets and liabilities.

The components of the purchase price allocation for the AACC Merger are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	316,485
Stock consideration	62,352
Total purchase price	$	378,837
Allocation of purchase price:
Cash	$	23,156
Investment in receivable portfolios	383,382
Deferred court costs	6,940
Property and equipment	11,003
Other assets	16,004
Liabilities assumed	(126,059		)
Identifiable intangible assets	1,470
Goodwill	62,941
Total net assets acquired	$	378,837

The entire goodwill of $62.9 million related to AACC is not deductible for income tax purposes. The goodwill recognized is primarily attributable to expected synergies when combining AACC with the Company.

Cabot Acquisition

On July 1, 2013, the Company, through its wholly-owned subsidiary Encore Europe Holdings S.a.r.l. (“Encore Europe”), completed its acquisition (the “Cabot Acquisition”) of 50.1% of the equity interest in Janus Holdings, the indirect holding company of United Kingdom-based Cabot from certain funds advised by J.C. Flowers & Co. LLC (“J.C. Flowers”) pursuant to a Securities Purchase Agreement (as amended, the “Purchase Agreement”). Pursuant to the terms and conditions of the Purchase Agreement, Encore Europe purchased from J.C. Flowers: (i) E Bridge preferred equity certificates issued by Janus Holdings, with a face value of £10,218,574 (approximately $15.5 million) (and any accrued interest thereof) (the “E Bridge PECs”), (ii) E preferred equity certificates issued by Janus Holdings with a face value of £96,729,661 (approximately $147.1 million) (and any accrued interest thereof) (the “E PECs”), (iii) 3,498,563 E shares of Janus Holdings (the “E Shares”), and (iv) 100 A shares of Cabot Holdings S.a.r.l. (“ Cabot Holdings”), the direct subsidiary of Janus Holdings, for an aggregate purchase price of approximately £115.1 million (approximately $175.0 million). The E Bridge PECs, E PECs, and E Shares represent 50.1% of all of the issued and outstanding equity and debt securities of Janus Holdings. The remaining 49.9% of Janus Holdings’ equity and debt securities are owned by J.C. Flowers and include: (a) J Bridge preferred equity certificates with a face value of £10,177,781 (approximately $15.5 million ) (the “J Bridge PECs”) (represents the amount after the partial redemption of the J Bridge PECs contemplated in the Purchase Agreement and discussed in Note 9, “Debt”), (b) J preferred equity certificates with a face value of £96,343,515 (approximately $146.5 million) (the “J PECs”), (c) 3,484,597 J shares of Janus Holdings (the “J Shares”), and (d) 100 A shares of Cabot Holdings.

Through its acquisition of Janus Holdings, the Company’s effective equity ownership of Cabot is approximately 42.9%, after reflecting the ownership of the noncontrolling interests. The E Bridge PECs and the J Bridge PECs may be redeemed at any time prior to June 18, 2014. Any E Bridge PECs and J Bridge PECs that remain unredeemed as of June 18, 2014 will be converted into E Shares and E PECs, or J Shares and J PECs, as the case may be, in proportion to the number of E Shares and E PECs, or J Shares and J PECs, as applicable, outstanding on the closing date of the Cabot Acquisition. The E Bridge PECs, E PECs, J Bridge PECs and J PECs accrue interest at 12.0% per annum.

The following diagram summarizes Cabot’s corporate structure after the Company’s completion of the Cabot Acquisition. Encore has no interest in the J.C. Flowers entities or the employee benefit trust and they are not included in the Company’s consolidated financial statements.

The Cabot Acquisition was accounted for using the acquisition method of accounting and, accordingly, the tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the respective assets and liabilities.

The components of the purchase price allocation for the Cabot Acquisition are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	177,246
Allocation of purchase price:
Cash	$	57,520
Investment in receivable portfolios	558,951
Property and equipment	13,672
Other assets	20,349
Preferred equity certificates assumed	(211,549		)
Debt assumed	(559,907		)
Other liabilities assumed	(45,142		)
Redeemable noncontrolling interests	(12,064		)
Noncontrolling interests	(4,051		)
Identifiable intangible assets	7,559
Goodwill	351,908
Total net assets acquired	$	177,246

The goodwill recognized is primarily attributable to (i) the ability to capitalize on Cabot’s existing operating platform to gain immediate access to the debt management business in Europe and (ii) substantial synergies that are expected to be achieved through Cabot’s ability to leverage the Company’s analytic capacities and efficient operating platform. The entire goodwill of $351.9 million related to the Cabot Acquisition is not deductible for income tax purposes.

As discussed above, the Company purchased a majority interest in Janus Holdings. The Company has determined that Janus Holdings is a VIE and the Company is the primary beneficiary of the VIE. In accordance with authoritative guidance, the Company consolidates the financial results of Janus Holdings under the VIE consolidation model. The J Bridge PECs, J PECs, and any accrued interest are legal form debt, and are included as debt in the Company’s consolidated financial statements. In addition, certain other minority owners hold preferred equity certificates at the Cabot Holdings level. These preferred equity certificates and accrued interests are also included as debt. The Company’s preliminary valuation study indicated that the fair value of these preferred equity certificates approximates face value. The J shares represent noncontrolling interest at the Janus Holdings level, and the 100 A shares owned by J.C. Flowers represent noncontrolling interest at the Cabot Holdings level, and have been fair valued at the time of acquisition.

In connection with the Cabot Acquisition, the Company entered into an Investors Agreement with J.C. Flowers. Pursuant to the Investors Agreement, J.C. Flowers has the right, at certain times, to offer to sell its interest in Janus Holdings to the Company. The Company would then have the right, but not the obligation, to acquire J.C. Flowers’ interest at the offered price, or allow J.C. Flowers to offer Janus Holdings for sale to others. Since J.C. Flowers could force a sale of Janus Holdings if the Company chooses not to purchase J.C. Flowers’ interest in Janus Holdings, their noncontrolling interest has been reflected as a redeemable noncontrolling interest in the accompanying condensed consolidated statements of financial condition. The remaining noncontrolling interests represent other minority owners’ share of interests in Cabot Holdings.

The amount of revenue and net income included in the Company’s condensed consolidated statement of income for the three months ended March 31, 2014 directly related to the Cabot Acquisition was $62.5 million and $2.1 million, respectively. The revenue and loss for the three months ended March 31, 2014 at Janus Holdings was $62.5 million and $6.6 million, respectively. This loss is due to the fact that Janus Holdings recognizes all interest expense related to the outstanding preferred equity certificates owed to Encore, J.C. Flowers, and management. The loss attributable to noncontrolling interests included in the Company’s condensed consolidated statement of income of $3.3 million for the three months ended March 31, 2014 represents the total loss at Janus Holdings of $6.6 million multiplied by the noncontrolling ownership interest. The difference of $8.6 million between what was included in the Company’s financial statements and what was reported by Janus Holdings, represents Encore’s share of preferred equity certificate interest income recognized at Encore Europe and the loss attributable to noncontrolling interests.

The following table summarizes the operating performance of Janus Holdings and Encore Europe (in thousands):



	Three Months Ended March 31, 2014
	Janus Holdings			Encore Europe		Encore Europe Consolidated
Total revenues	$	62,520		$	—	$	62,520
Total operating expenses	(39,576		)	—		(39,576		)
Income from operations	22,944			—		22,944
Interest expense—non-PEC	(21,776		)	—		(21,776		)
PEC interest (expense) income	(11,042		)	5,367		(5,675		)
Other income	75			11		86
(Loss) income before income taxes	(9,799		)	5,378		(4,421		)
Provision for income taxes	2,146			—		2,146
Net (loss) income	(7,653		)	5,378		(2,275		)
Net loss attributable to noncontrolling interests	1,099			3,271		4,370
Net (loss) income attributable to Encore	$	(6,554	)	$	8,649	$	2,095

Marlin Acquisition

On February 7, 2014, Cabot, through its subsidiary Cabot Financial Holdings Group Limited (“Cabot Financial Holdings”), entered into a Share Sale and Purchase Agreement (the “Marlin Purchase Agreement”), pursuant to which Cabot acquired (a) the entire issued share capital of Marlin, a company organized under the laws of England, and (b) certain subordinated fixed rate loan notes of Marlin Financial Intermediate Limited, a company organized under the laws of England, which is a direct wholly-owned subsidiary of Marlin (the “Marlin Acquisition”), from funds managed by Duke Street LLP and certain individuals, including certain executive management of Marlin (collectively, the “Sellers”).

Pursuant to the terms and conditions of the Marlin Purchase Agreement and certain ancillary agreements, Cabot Financial Holdings purchased from the Sellers all of the issued and outstanding equity securities of Marlin and certain subordinated fixed rate loan notes of Marlin Financial Intermediate Limited and assumed substantially all of the outstanding debt of Marlin Intermediate Holdings plc, a subsidiary of Marlin. The purchase price consisted of £166.8 million (approximately $274.1 million) in cash consideration, of which £44.8 million (approximately $73.7 million) of the cash consideration was used to pay off Marlin’s fixed rate loan notes. In addition, Cabot assumed £150.0 million (approximately $246.5 million) of Marlin’s outstanding senior secured notes. The Marlin Acquisition was financed with borrowings under Cabot’s existing revolving credit facility and under Cabot’s new senior secured bridge facilities. Refer to Note 9 “Debt” for further details of Cabot’s revolving credit facility and senior secured bridge facilities.

The Marlin Acquisition was accounted for using the acquisition method of accounting and, accordingly, the tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the respective assets and liabilities. As of the date of this Quarterly Report on Form 10-Q, the Company is still finalizing the allocation of the purchase price. The initial purchase price allocation presented below was based on the preliminary assessment of assets acquired and liabilities assumed, which is subject to change based on the final valuation study that is expected to be completed by the fourth quarter of 2014.

The components of the preliminary purchase price allocation for the Marlin Acquisition are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	274,068
Allocation of purchase price:
Cash	$	16,342
Investment in receivable portfolios	208,450
Deferred court costs	914
Property and equipment	1,508
Other assets	18,091
Liabilities assumed	(301,180		)
Goodwill	329,943
Total net assets acquired	$	274,068

The goodwill recognized is primarily attributable to (i) the ability to utilize Marlin’s proven competitive advantage in the use of litigation-enhanced collections for non-paying financial services receivables and (ii) synergies that are expected to be achieved by applying Cabot’s scoring model to Marlin’s portfolio. The entire goodwill of $329.9 million related to the Marlin Acquisition is not deductible for income tax purposes.

Total acquisition and integration costs related to the Marlin Acquisition were approximately $9.8 million for the three months ended March 31, 2014, and have been expensed in the accompanying condensed consolidated statements of income within general and administrative expenses.

Pro forma financial information for the Marlin Acquisition has not been included as the computation of such information is impracticable.

Other Acquisitions

In addition to the business combination transactions discussed above, the Company completed certain other acquisitions in 2013, including the acquisition of Refinancia in December 2013. On February 22, 2014, the Company agreed to acquire approximately 68.2% of the equity ownership interest in Grove Holdings (“Grove”). Grove, through its subsidiaries, is a leading specialty investment firm focused on consumer non-performing loans, including insolvencies in the United Kingdom (in particular, individual voluntary arrangements, or IVAs) and non-bank receivables in Spain. The acquisition of Grove was completed on April 1, 2014. These acquisitions were immaterial to the Company’s financial statements individually and in the aggregate.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, warrants, and the dilutive effect of the convertible senior notes.

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands):



	Three Months Ended March 31,
	2014	2013
Weighted average common shares outstanding—basic	25,749	23,446
Dilutive effect of stock-based awards	906	968
Dilutive effect of convertible senior notes	1,461	—
Dilutive effect of warrants	80	—
Weighted average common shares outstanding—diluted	28,196	24,414

No anti-dilutive employee stock options were outstanding during the three months ended March 31, 2014 or 2013.

The Company has the following convertible senior notes outstanding: $115.0 million convertible senior notes due 2017 at a conversion price equivalent to approximately $31.56 per share of the Company’s common stock (the “2017 Convertible Notes”), $172.5 million convertible senior notes due 2020 at a conversion price equivalent to approximately $45.72 per share of the Company’s common stock (the “2020 Convertible Notes”), and $161.0 million convertible senior notes due 2021 at a conversion price equivalent to approximately $59.39 per share of the Company’s common stock (the “2021 Convertible Notes”).

In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount and permit the excess conversion premium to be settled in cash or shares of Company’s common stock. For the 2020 Convertible Notes and 2021 Convertible Notes, the Company has the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion. The Company’s intent is to settle the principal amount of the 2020 and 2021 Convertible Notes in cash upon conversion. As a result, upon conversion of all the convertible senior notes, only the amounts payable in excess of the principal amounts are considered in diluted earnings per share under the treasury stock method. For the three months ended March 31, 2014, diluted earnings per share includes the effect of the common shares issuable upon conversion of the 2017 Convertible Notes and the 2020 Convertible Notes because the average stock price exceeded the conversion price of these notes. However, as described in Note 9 “Debt—Encore Convertible Senior Notes,” the Company entered into certain hedge transactions that have the effect of increasing the effective conversion price of the 2017 Convertible Notes to $60.00 and the 2020 Convertible Notes to $61.55. For the three months ended March 31, 2013, the average stock price was below the initial conversion price of the Company’s outstanding convertible senior notes and thus the impact of an assumed conversion was not applicable. On January 2, 2014, the 2017 Convertible Notes became convertible as certain conditions for conversion were met in the immediately preceding calendar quarter as defined in the applicable indenture. However, none of the 2017 Convertible Notes were converted during the three months ended March 31, 2014.

In conjunction with the issuance of the 2017 Convertible Notes, the Company entered into privately negotiated transactions with certain counterparties and sold warrants to purchase approximately 3.6 million shares of its common stock. The warrants had an exercise price of $44.19. On December 16, 2013, the Company entered into amendments with the same counterparties to exchange the original warrants with new warrants with an exercise price of $60.00. All other terms and settlement provisions remain unchanged. The warrant restrike transaction was completed on February 6, 2014. Diluted earnings per share includes the effect of these warrants for the three months ended March 31, 2014. The effect of the warrants was anti-dilutive for the three months ended March 31, 2013. Refer to Note 9 “Debt—Encore Convertible Senior Notes—2017 Convertible Senior Notes” for further details of the warrant restrike transaction.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

The authoritative guidance for fair value measurements defines fair value as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the “exit price”). The guidance utilizes a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level:


•	Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.


•	Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.

Financial Instruments Required To Be Carried At Fair Value

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):



	Fair Value Measurements as of March 31, 2014
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	641		$	—		$	641
Interest rate cap contracts	—		69			—			69
Liabilities
Foreign currency exchange contracts	—		(2,233		)	—			(2,233		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(26,434		)	(26,434		)



	Fair Value Measurements as of December 31, 2013
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	46		$	—		$	46
Interest rate cap contracts	—		202			—			202
Liabilities
Foreign currency exchange contracts	—		(4,123		)	—			(4,123		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(26,564		)	(26,564		)

Derivative Contracts:

The Company uses derivative instruments to minimize its exposure to fluctuations in interest rates and foreign currency exchange rates. The Company’s derivative instruments primarily include interest rate swap agreements, interest rate cap contracts, and foreign currency exchange contracts. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies.

Redeemable Noncontrolling Interests:

As discussed in Note 2, “Business Combinations,” some minority shareholders in certain subsidiaries of the Company have the right, at certain times, to require the Company to acquire their ownership interest in those entities at fair value, while others have the right to force a sale of the subsidiary if the Company chooses not to purchase their interests at fair value. The noncontrolling interests subject to these arrangements are included in temporary equity as redeemable noncontrolling interests, and are adjusted to their estimated redemption amounts each reporting period with a corresponding adjustment to additional paid-in capital. Future reductions in the carrying amounts are subject to a “floor” amount that is equal to the fair value of the redeemable noncontrolling interests at the time they were originally recorded. The recorded value of the redeemable noncontrolling interests cannot go below the floor level. These adjustments will not affect the calculation of earnings per share.

The components of the change in the redeemable noncontrolling interests for the period ended March 31, 2014 are presented in the following table:



	Amount
Balance at December 31, 2013	$	26,564
Net loss attributable to redeemable noncontrolling interests	(3,262		)
Adjustment of the redeemable noncontrolling interests to fair value	3,271
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(139		)
Balance at March 31, 2014	$	26,434

Financial Instruments Not Required To Be Carried At Fair Value

Investment in Receivable Portfolios:

The Company records its investment in receivable portfolios at cost, which represents a significant discount from the contractual receivable balances due. The Company computes the fair value of its investment in receivable portfolios by discounting the estimated future cash flows generated by its proprietary forecasting models, using an estimated market participant cost to collect of approximately 50.3% and a discount rate of approximately 12.0% for United States portfolios and an estimated blended market participant cost to collect of approximately 30.2% and a blended discount rate of approximately 19.5% for Cabot and Marlin portfolios. Using this method, the fair value of investment in receivable portfolios approximates book value as of March 31, 2014 and December 31, 2013. A 100 basis point fluctuation in the cost to collect and discount rate used would result in an increase or decrease in the fair value of United States and United Kingdom portfolios by approximately $32.4 million and $35.7 million, respectively, as of March 31, 2014. This fair value calculation does not represent, and should not be construed to represent, the underlying value of the Company or the amount which could be realized if its investment in receivable portfolios were sold. The carrying value of the investment in receivable portfolios was $1.9 billion and $1.6 billion as of March 31, 2014 and December 31, 2013, respectively.

Deferred Court Costs:

The Company capitalizes deferred court costs and provides a reserve for those costs that it believes will ultimately be uncollectible. The carrying value of net deferred court costs approximates fair value.

Receivables Secured By Property Tax Liens:

The fair value of receivables secured by property tax liens is estimated by discounting the future cash flows of the portfolio using a discount rate equivalent to the current rate at which similar portfolios would be originated. For tax liens purchased directly from taxing authorities, the fair value is estimated by discounting the expected future cash flows of the portfolio using a discount rate equivalent to the interest rate expected when acquiring these tax liens. The carrying value of receivables secured by property tax liens approximates fair value. Additionally, the carrying value of the related interest receivable also approximates fair value.

Debt:

Encore’s senior secured notes and borrowings under its revolving credit and term loan facilities are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximate fair value.

Encore’s convertible senior notes are carried at historical cost, adjusted for the debt discount. The carrying value of the convertible senior notes was $448.5 million, net of debt discount of $57.9 million as of March 31, 2014, and $287.5 million, net of debt discount of $42.2 million as of December 31, 2013, respectively. The fair value estimate for these convertible senior notes, which incorporates quoted market prices, was approximately $538.4 million and $412.4 million as of March 31, 2014 and December 31, 2013, respectively.

Cabot’s senior secured notes due 2019 are carried at the fair value determined at the time of the Cabot Acquisition, adjusted by the accretion of debt premium. Cabot’s senior secured notes due 2020 and 2021 are carried at historical cost. Marlin’s senior secured notes due 2020 are carried at the fair value determined at the time of the Marlin Acquisition, adjusted by the accretion of debt premium. The carrying value of all the above senior secured notes then outstanding for the Company was $1.2 billion, including debt premium of $80.0 million, as of March 31, 2014, and $646.9 million, including debt premium of $43.6 million, as of December 31, 2013. The fair value estimate for these senior notes, which incorporates quoted market prices, was approximately $1.3 billion and $680.7 million as of March 31, 2014 and December 31, 2013, respectively.

The Company’s preferred equity certificates are legal obligations to the noncontrolling shareholders at its Janus Holdings and Cabot Holdings subsidiaries. They are carried at the face amount, plus any accrued interest. The Company determined, at the time of the Cabot Acquisition and at March 31, 2014, that the carrying value of these preferred equity certificates approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Derivatives and Hedging Instruments

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Most of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging. The Company’s Cabot subsidiary also holds interest rate cap contracts with an aggregated notional amount of £125.0 million (approximately $208.4 million) that are used to manage its risk related to interest rate fluctuations. The Company does not apply hedge accounting on the interest rate cap contracts. The impact of the interest rate cap contracts to the Company’s consolidated financial statements for the three months ended March 31, 2014, was immaterial.

Interest Rate Swaps

As of March 31, 2014, the Company had no outstanding interest rate swap agreements. During the three months ended March 31, 2013, the Company utilized interest rate swap contracts to manage risks related to interest rate fluctuation. These derivatives were designated as cash flow hedges in accordance with authoritative accounting guidance. The hedging instruments had been highly effective since the inception of the hedge program, therefore no gains or losses were reclassified from other comprehensive income (“OCI”) into earnings as a result of hedge ineffectiveness.

Foreign Currency Exchange Contracts

The Company has operations in foreign countries, which exposes the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies, including Indian rupees. To mitigate this risk, the Company enters into derivative financial instruments, principally forward contracts, which are designated as cash flow hedges, to mitigate fluctuations in the cash payments of future forecasted transactions in Indian rupees for up to 36 months. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis.

Gains and losses on cash flow hedges are recorded in OCI until the hedged transaction is recorded in the consolidated financial statements. Once the underlying transaction is recorded in the consolidated financial statements, the Company reclassifies the OCI on the derivative into earnings. If all or a portion of the forecasted transaction is cancelled, this would render all or a portion of the cash flow hedge ineffective and the Company would reclassify the ineffective portion of the hedge into earnings. The Company generally does not experience ineffectiveness of the hedge relationship and the accompanying consolidated financial statements do not include any such gains or losses.

As of March 31, 2014, the total notional amount of the forward contracts to buy Indian rupees in exchange for United States dollars was $43.2 million. As of March 31, 2014, all outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $1.2 million of net derivative loss included in OCI will be reclassified into earnings within the next 12 months. No gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the three months ended March 31, 2014, and 2013.

The Company does not enter into derivative instruments for trading or speculative purposes.

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):



	March 31, 2014				December 31, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other liabilities	$	(2,233	)	Other liabilities	$	(4,123	)
Foreign currency exchange contracts	Other assets	641			Other assets	46
Derivatives not designated as hedging instruments:
Interest rate cap	Other assets	69			Other assets	202

The following table summarizes the effects of derivatives in cash flow hedging relationships on the Company’s condensed consolidated statements of income for the three months ended March 31, 2014 and 2013 (in thousands):



	Gain or (Loss) Recognized in OCI- Effective Portion				Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion	Gain or (Loss) Reclassified from OCI into Income - Effective Portion						Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing
	Three Months Ended					Three Months Ended							Three Months Ended
	2014		2013			2014			2013				2014		2013
Interest rate swaps	$	—	$	222	Interest expense	$	—		$	—		Other (expense) income	$	—	$	—
Foreign currency exchange contracts	1,885		601		Salaries and employee benefits	(356		)	(49		)	Other (expense) income	—		—
Foreign currency exchange contracts	187		103		General and administrative expenses	(57		)	(9		)	Other (expense) income	—		—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Investment in Receivable Portfolios, Net

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Investment in Receivable Portfolios, Net

In accordance with the authoritative guidance for loans and debt securities acquired with deteriorated credit quality, discrete receivable portfolio purchases during a quarter are aggregated into pools based on common risk characteristics. Once a static pool is established, the portfolios are permanently assigned to the pool. The discount (i.e., the difference between the cost of each static pool and the related aggregate contractual receivable balance) is not recorded because the Company expects to collect a relatively small percentage of each static pool’s contractual receivable balance. As a result, receivable portfolios are recorded at cost at the time of acquisition. The purchase cost of the portfolios includes certain fees paid to third parties incurred in connection with the direct acquisition of the receivable portfolios.

In compliance with the authoritative guidance, the Company accounts for its investments in receivable portfolios using either the interest method or the cost recovery method. The interest method applies an internal rate of return (“IRR”) to the cost basis of the pool, which remains unchanged throughout the life of the pool, unless there is an increase in subsequent expected cash flows. Subsequent increases in expected cash flows are generally recognized prospectively through an upward adjustment of the pool’s IRR over its remaining life. Subsequent decreases in expected cash flows do not change the IRR, but are recognized as an allowance to the cost basis of the pool, and are reflected in the consolidated statements of comprehensive income as a reduction in revenue, with a corresponding valuation allowance, offsetting the investment in receivable portfolios in the consolidated statements of financial condition.

The Company utilizes its proprietary forecasting models to continuously evaluate the economic life of each pool. The collection forecast of each pool is generally estimated to be between 84 to 96 months based on the expected collection period of each pool (up to 120 months for Cabot’s semi-performing pools). The Company often experiences collections beyond the 84 to 96 month collection forecast. As of March 31, 2014, the total estimated remaining collections beyond the 84 to 96 month collection forecast, which are not included in the calculation of the Company’s IRRs, were $141.7 million. The collection forecast estimates for Cabot include a 120 month collection period which is included in its estimated remaining collections and is used for calculating its IRRs.

The Company accounts for each static pool as a unit for the economic life of the pool (similar to one loan) for recognition of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios, and for provision for loss or allowance. Revenue from receivable portfolios is accrued based on each pool’s IRR applied to each pool’s adjusted cost basis. The cost basis of each pool is increased by revenue earned and decreased by gross collections and portfolio allowances.

If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company accounts for such portfolios on the cost recovery method as Cost Recovery Portfolios. The accounts in these portfolios have different risk characteristics than those included in other portfolios acquired during the same quarter, or the necessary information was not available to estimate future cash flows and, accordingly, they were not aggregated with other portfolios. Under the cost recovery method of accounting, no revenue is recognized until the purchase price of a Cost Recovery Portfolio has been fully recovered.

Accretable yield represents the amount of revenue the Company expects to generate over the remaining life of its existing investment in receivable portfolios based on estimated future cash flows. Total accretable yield is the difference between future estimated collections and the current carrying value of a portfolio. All estimated cash flows on portfolios where the cost basis has been fully recovered are classified as zero basis cash flows.

The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands):



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2013	$	2,391,471		$	8,465		$	2,399,936
Revenue recognized, net	(231,057		)	(6,511		)	(237,568		)
Net additions on existing portfolios⁽¹⁾	92,325			8,555			100,880
Additions for current purchases⁽¹⁾⁽²⁾	591,205			—			591,205
Balance at March 31, 2014	$	2,843,944		$	10,509		$	2,854,453



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2012	$	984,944		$	17,366		$	1,002,310
Revenue recognized, net	(135,072		)	(5,611		)	(140,683		)
Net additions on existing portfolios⁽¹⁾	173,634			7,061			180,695
Additions for current purchases⁽¹⁾	66,808			—			66,808
Balance at March 31, 2013	$	1,090,314		$	18,816		$	1,109,130

________________________


(1)	Estimated remaining collections and accretable yield include anticipated collections beyond the 84 to 96 month collection forecast for United States portfolios.


(2)	Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition discussed in Note 2, “Business Combinations.”

During the three months ended March 31, 2014, the Company purchased receivable portfolios with a face value of $4.3 billion for $467.6 million, or a purchase cost of 10.9% of face value. Purchases of charged-off credit card portfolios include $208.5 million of portfolios acquired in conjunction with the Marlin Acquisition. The estimated future collections at acquisition for all portfolios purchased during the quarter amounted to $1.0 billion.

During the three months ended March 31, 2013, the Company purchased receivable portfolios with a face value of $1.6 billion for $58.8 million, or a purchase cost of 3.6% of face value. The estimated future collections at acquisition for all portfolios amounted to $126.6 million.

All collections realized after the net book value of a portfolio has been fully recovered (“Zero Basis Portfolios”) are recorded as revenue (“Zero Basis Revenue”). During the three months ended March 31, 2014 and 2013, Zero Basis Revenue was approximately $3.6 million and $4.7 million, respectively.

The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods (in thousands, except percentages):



	Three Months Ended March 31, 2014
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	1,585,587		$	4,662		$	—		$	1,590,249
Purchases of receivable portfolios⁽¹⁾	467,565			—			—			467,565
Gross collections⁽²⁾	(389,503		)	(660		)	(6,511		)	(396,674		)
Put-backs and recalls	(3,235		)	(149		)	—			(3,384		)
Foreign currency adjustments	8,706			—			—			8,706
Revenue recognized	230,747			—			3,591			234,338
Portfolio allowance reversals, net	310			—			2,920			3,230
Balance, end of period	$	1,900,177		$	3,853		$	—		$	1,904,030
Revenue as a percentage of collections⁽³⁾	59.2		%	—		%	55.2		%	59.1		%
	Three Months Ended March 31, 2013
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	873,119		$	—		$	—		$	873,119
Purchases of receivable portfolios	58,771			—			—			58,771
Gross collections⁽²⁾	(264,559		)	—			(5,611		)	(270,170		)
Put-backs and recalls	(878		)	—			—			(878		)
Revenue recognized	135,015			—			4,662			139,677
Portfolio allowance reversals, net	57			—			949			1,006
Balance, end of period	$	801,525		$	—		$	—		$	801,525
Revenue as a percentage of collections⁽³⁾	51.0		%	—		%	83.1		%	51.7		%

________________________


(1)	Purchases of portfolio receivables include $208.5 million acquired in connection with the Marlin Acquisition in February 2014 discussed in Note 2, “Business Combinations.”


(2)	Does not include amounts collected on behalf of others.


(3)	Revenue as a percentage of collections excludes the effects of net portfolio allowances or net portfolio allowance reversals.

The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the periods presented (in thousands):



	Valuation Allowance
	Three Months Ended March 31,
	2014			2013
Balance at beginning of period	$	93,080		$	105,273
Provision for portfolio allowances	—			479
Reversal of prior allowances	(3,230		)	(1,485		)
Balance at end of period	$	89,850		$	104,267

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References+ Details

Deferred Court Costs, Net

3 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Court Costs, Net

Within the United States, the Company contracts with a nationwide network of attorneys that specialize in collection matters. The Company generally refers charged-off accounts to its contracted attorneys when it believes the related consumer has sufficient assets to repay the indebtedness and has, to date, been unwilling to pay. In connection with the Company’s agreement with the contracted attorneys, it advances certain out-of-pocket court costs (“Deferred Court Costs”). The Company capitalizes Deferred Court Costs in its consolidated financial statements and provides a reserve for those costs that it believes will ultimately be uncollectible. The Company determines the reserve based on its analysis of court costs that have been advanced and those that have been recovered. Historically, the Company wrote off Deferred Court Costs not recovered within three years of placement. However, as a result of a history of court cost recoveries beyond three years, the Company has determined that court costs are recovered over a longer period of time. As a result, in January 2013, on a prospective basis, the Company began increasing its deferral period from three years to five years. Collections received from debtors are first applied against related court costs with the balance applied to the debtors’ account balance.

Deferred Court Costs consist of the following as of the dates presented (in thousands):



	March 31, 2014			December 31, 2013
Court costs advanced	$	430,598		$	399,274
Court costs recovered	(160,852		)	(147,166		)
Court costs reserve	(227,067		)	(210,889		)
	$	42,679		$	41,219

A roll forward of the Company’s court cost reserve is as follows (in thousands):



	Court Cost Reserve
	Three Months Ended March 31,
	2014			2013
Balance at beginning of period	$	(210,889	)	$	(149,080	)
Provision for court costs	(16,178		)	(13,420		)
Balance at end of period	$	(227,067	)	$	(162,500	)

Other Assets

3 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consist of the following (in thousands):



	March 31, 2014		December 31, 2013
Debt issuance costs, net of amortization	$	41,243	$	28,066
Deferred tax assets	24,489		13,974
Prepaid expenses	24,443		23,487
Identifiable intangible assets, net	22,579		23,549
Service fee receivables	16,362		29,931
Funds held in escrow	15,155		—
Other financial receivables	8,595		7,962
Interest receivable	8,566		7,956
Prepaid income taxes	4,344		5,009
Security deposits	3,130		2,500
Recoverable legal fees	3,029		3,049
Other	9,762		9,300
	$	181,697	$	154,783

Debt

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt

The Company is in compliance with all covenants under its financing arrangements. The components of the Company’s consolidated debt and capital lease obligations are as follows (in thousands):



	March 31, 2014			December 31, 2013
Encore revolving credit facility	$	223,000		$	356,000
Encore term loan facility	151,828			140,625
Encore senior secured notes	55,000			58,750
Encore convertible notes	448,500			287,500
Less: Debt discount	(57,881		)	(42,240		)
Propel facilities	174,815			170,630
Cabot senior secured notes	1,150,437			603,272
Add: Debt premium	79,964			43,583
Cabot senior revolving credit facility	133,384			—
Preferred equity certificates	222,473			199,821
Capital lease obligations	11,084			12,219
Other	19,529			20,271
	$	2,612,133		$	1,850,431

Encore Revolving Credit Facility and Term Loan Facility

On February 25, 2014, Encore amended its revolving credit facility and term loan facility (the “Credit Facility”) pursuant to a Second Amended and Restated Credit Agreement, (the “Restated Credit Agreement”). The Restated Credit Agreement includes a revolving credit facility tranche of $692.6 million, a term loan facility tranche of $153.8 million, and an accordion feature that would allow the Company to increase the revolving credit facility by an additional $250.0 million. Including the accordion feature, the maximum amount that can be borrowed under the Credit Facility is $1.1 billion. The Restated Credit Agreement has a five-year maturity, expiring in February 2019, except with respect to two subtranches of the term loan facility of $60.0 million and $6.3 million, expiring in February 2017 and November 2017, respectively.

Provisions of the Restated Credit Agreement include, but are not limited to:

•

A revolving loan of $692.6 million, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted London Interbank Offered Rate (“LIBOR”), plus a spread that ranges from 250 to 300 basis points depending on the Company’s cash flow leverage ratio; or (2) Alternate Base Rate, plus a spread that ranges from 150 to 200 basis points depending on the Company’s cash flow leverage ratio. “Alternate Base Rate,” as defined in the agreement, means the highest of (i) the per annum rate which the administrative agent publicly announces from time to time as its prime lending rate, (ii) the federal funds effective rate from time to time, plus 0.5% per annum and (iii) reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus 1.0% per annum;

•

An $87.5 million five-year term loan, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 250 to 300 basis points, depending on the Company’s cash flow leverage ratio; or (2) Alternate Base Rate, plus a spread that ranges from 150 to 200 basis points, depending on the Company’s cash flow leverage ratio. Principal amortizes $4.4 million in 2014, $4.4 million in 2015, $6.6 million in 2016, $8.8 million in 2017, and $8.8 million in 2018 with the remaining principal due at the end of the term;

•

A $60.0 million term loan maturing on February 25, 2017, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 200 to 250 basis points, depending on the Company’s cash flow leverage ratio; or (2) Alternate Base Rate, plus a spread that ranges from 100 to 150 basis points, depending on the Company’s cash flow leverage ratio. Principal amortizes $3.0 million in 2014, $3.0 million in 2015, and $4.5 million in 2016 with the remaining principal due at the end of the term;

•

A $6.3 million term loan maturing on November 3, 2017, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 250 to 300 basis points, depending on the Company’s cash flow leverage ratio; or (2) Alternate Base Rate, plus a spread that ranges from 150 to 200 basis points, depending on the Company’s cash flow leverage ratio. Principal amortizes $0.4 million in 2014, $0.5 million in 2015, $0.6 million in 2016 and $0.5 million in 2017 with the remaining principal due at the end of the term;

•

A borrowing base equal to (1) the lesser of (i) 30%—35% (depending on the Company’s trailing 12-month cost per dollar collected) of all eligible non-bankruptcy estimated remaining collections, initially set at 33%, plus 55% of eligible estimated remaining collections for consumer receivables subject to bankruptcy, and (ii) the product of the net book value of all receivable portfolios acquired on or after January 1, 2005 multiplied by 95%, minus (2) the sum of the aggregate principal amount outstanding of Encore’s Senior Secured Notes (as defined below) plus the aggregate principal amount outstanding under the term loans;


•	The allowance of additional unsecured or subordinated indebtedness not to exceed $450.0 million;


•	Restrictions and covenants, which limit the payment of dividends and the incurrence of additional indebtedness and liens, among other limitations;


•	Repurchases of up to $50.0 million of Encore’s common stock after February 25, 2014, subject to compliance with certain covenants and available borrowing capacity;


•	A change of control definition, which excludes acquisitions of stock by Red Mountain Capital Partners LLC, JCF FPK LLP and their respective affiliates of up to 50% of the outstanding shares of Encore’s voting stock;


•	Events of default which, upon occurrence, may permit the lenders to terminate the facility and declare all amounts outstanding to be immediately due and payable;


•	A pre-approved acquisition limit of $75.0 million per acquisition, $225.0 million in the aggregate, for acquisitions after February 25, 2014;


•	A basket to allow for investments in unrestricted subsidiaries of $200.0 million;


•	An annual foreign portfolio investment basket of $150.0 million; and


•	Collateralization by all assets of the Company, other than the assets of unrestricted subsidiaries as defined in the Restated Credit Agreement.

At March 31, 2014, the outstanding balance under the Restated Credit Agreement was $374.8 million. The weighted average interest rate was 2.89% and 3.14% for the three months ended March 31, 2014 and 2013, respectively.

Encore Senior Secured Notes

In 2010 and 2011 Encore entered into an aggregate of $75.0 million in senior secured notes with certain affiliates of Prudential Capital Group (the “Senior Secured Notes”). $25.0 million of the Senior Secured Notes bear an annual interest rate of 7.375%, mature in 2018 and require quarterly principal payments of $1.25 million. Prior to May 2013, these notes required quarterly payments of interest only. The remaining $50.0 million of Senior Secured Notes bear an annual interest rate of 7.75%, mature in 2017 and require quarterly principal payments of $2.5 million. Prior to December 2012 these notes required quarterly interest only payments. As of March 31, 2014, $55.0 million is outstanding under these obligations.

The Senior Secured Notes are guaranteed in full by certain of Encore’s subsidiaries. Similar to, and pari passu with, Encore’s credit facility, the Senior Secured Notes are also collateralized by all of the assets of the Company other than the assets of unrestricted subsidiaries as defined in the Restated Credit Agreement. The Senior Secured Notes may be accelerated and become automatically and immediately due and payable upon certain events of default, including certain events related to insolvency, bankruptcy, or liquidation. Additionally, the Senior Secured Notes may be accelerated at the election of the holder or holders of a majority in principal amount of the Senior Secured Notes upon certain events of default by Encore, including the breach of affirmative covenants regarding guarantors, collateral, most favored lender treatment, minimum revolving credit facility commitment or the breach of any negative covenant. If Encore prepays the Senior Secured Notes at any time for any reason, payment will be at the higher of par or the present value of the remaining scheduled payments of principal and interest on the portion being prepaid. The discount rate used to determine the present value is 50 basis points over the then current Treasury Rate corresponding to the remaining average life of the senior secured notes. The covenants are substantially similar to those in the Restated Credit Agreement. Prudential Capital Group and the administrative agent for the lenders of the Restated Credit Agreement have an intercreditor agreement related to their pro rata rights to the collateral, actionable default, powers and duties and remedies, among other topics. The terms of the Senior Secured Notes were amended and restated on May 9, 2013 in connection with the Restated Credit Agreement in order to properly align certain provisions between the two agreements.

Encore Convertible Senior Notes

2017 Convertible Senior Notes

On November 27, 2012, Encore sold $100.0 million in aggregate principal amount of 3.0% convertible senior notes due November 27, 2017 in a private placement transaction. On December 6, 2012, the initial purchasers exercised, in full, their option to purchase an additional $15.0 million of the convertible senior notes, which resulted in an aggregate principal amount of $115.0 million of the convertible senior notes outstanding (collectively, the “2017 Convertible Notes”). Interest on the 2017 Convertible Notes is payable semi-annually, in arrears, on May 27 and November 27 of each year, beginning on May 27, 2013. The 2017 Convertible Notes are the Company’s general unsecured obligations. In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount and permits the excess conversion premium to be settled in cash or shares of the Company’s common stock. The 2017 Convertible Notes are convertible at an initial conversion rate of 31.6832 shares of the Company’s common stock per $1,000 principal amount of the 2017 Convertible Notes, subject to adjustment upon certain events, which is equivalent to an initial conversion price of approximately $31.56 per share of the Company’s common stock.

Authoritative guidance related to debt with conversion and other options requires that issuers of convertible debt instruments that, upon conversion, may be settled fully or partially in cash, must separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, debt issuance costs are required to be allocated in proportion to the allocation of the liability and equity components and accounted for as debt issuance costs and equity issuance costs, respectively.

The Company determined that the fair value of the 2017 Convertible Notes was approximately $100.3 million, and designated the residual value of approximately $14.7 million as the equity component. Additionally, the Company allocated approximately $3.3 million of the $3.8 million original Convertible Notes issuance cost as debt issuance cost and the remaining $0.5 million as equity issuance cost.

During the quarter ending December 31, 2013, the closing price of the Company’s common stock exceeded 130% of the conversion price of the 2017 Convertible Notes for more than 20 trading days during a 30 consecutive trading day period , thereby satisfying one of the early conversion events. As a result, the 2017 Convertible Notes became convertible on demand effective January 2, 2014, and the holders were notified that they could elect to submit their 2017 Convertible Notes for conversion. The carrying value of the 2017 Convertible Notes continues to be reported as debt as the Company intends to draw on the Credit Facility or use cash on hand to settle the principal amount of any such conversions in cash. No gain or loss was recognized when the debt became convertible. The estimated fair value of the 2017 Convertible Notes was approximately $177.5 million as of March 31, 2014. In addition, upon becoming convertible, a portion of the equity component that was recorded at the time of the issuance of the 2017 Convertible Notes was considered redeemable and that portion of the equity was reclassified to temporary equity in the Company’s condensed consolidated statements of financial condition. Such amount was determined based on the cash consideration to be paid upon conversion and the carrying amount of the debt. Upon conversion, the holders of the 2017 Convertible Notes will be paid in cash for the principal amount and issued shares or a combination of cash and shares for the remaining value of the 2017 Convertible Notes. As a result, the Company reclassified $11.2 million of the equity component to temporary equity as of March 31, 2014. If a conversion event takes place, this temporary equity balance will be recalculated based on the difference between the 2017 Convertible Notes principal and the debt carrying value. If the 2017 Convertible Notes are settled, an amount equal to the fair value of the liability component, immediately prior to the settlement, will be deducted from the fair value of the total settlement consideration transferred and allocated to the liability component. Any difference between the amount allocated to the liability and the net carrying amount of the 2017 Convertible Notes (including any unamortized debt issue costs and discount) will be recognized in earnings as a gain or loss on debt extinguishment. Any remaining consideration is allocated to the reacquisition of the equity component and will be recognized as a reduction in stockholders’ equity.

None of the 2017 Convertible Notes were converted during the three months ended March 31, 2014.

In accordance with authoritative guidance related to derivatives and hedging and earnings per share calculation, only the conversion spread of the 2017 Convertible Notes is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $31.56. The average share price of the Company’s common stock for the three months ended March 31, 2014 exceeded $31.56. The dilutive effect from the 2017 Convertible Notes was approximately 1.3 million shares for the three months ended March 31, 2014. See Note 3, “Earnings Per Share” for additional information.

Concurrent with the pricing of the 2017 Convertible Notes, the Company entered into privately negotiated convertible note hedge transactions (together, the “Convertible Note Hedge Transactions”) with certain counterparties. The Convertible Note Hedge Transactions collectively cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock underlying the 2017 Convertible Notes, as described below. Concurrently with entering into the Convertible Note Hedge Transactions, the Company also entered into separate, privately negotiated warrant transactions (together, the “Warrant Transactions”) with the same counterparties, whereby the Company sold to the counterparties warrants to purchase, collectively, subject to customary anti-dilution adjustments, up to the same number of shares of the Company’s common stock as in the Convertible Note Hedge Transactions. Subject to certain conditions, the Company may settle the warrants in cash or on a net-share basis.

The Convertible Note Hedge Transactions are expected generally to reduce the potential dilution and/or offset the potential cash payments the Company is required to make in excess of the principal amount upon conversion of the 2017 Convertible Notes in the event that the market price per share of the Company’s common stock, is greater than the strike price of the Convertible Note Hedge Transactions, which initially corresponds to the conversion price of the 2017 Convertible Notes and is subject to anti-dilution adjustments. However, if the market price per share of the Company’s common stock, as measured under the terms of the Warrant Transactions, exceeds the strike price of the warrants, there would nevertheless be dilution to the extent that such market price exceeds the strike price of the warrants, unless the Company elects, subject to certain conditions, to settle the Warrant Transactions in cash. The strike price of the Warrant Transactions was initially $44.19 per share of the Company’s common stock and was subject to certain adjustments under the terms of the Warrant Transactions. Taken together, the Convertible Note Hedge Transactions and the Warrant Transactions had the effect of increasing the effective conversion price of the 2017 Convertible Notes to $44.19 per share.

On December 16, 2013, the Company entered into amendments to the warrants to increase the strike price from $44.19 to $60.00. All other terms and settlement provisions of the warrants remained unchanged. Warrants representing approximately 358,000 shares of common stock were modified as of December 31, 2013. The remaining 3.3 million shares represented by the warrants were modified between January 1, 2014 and February 6, 2014. The Company paid the holders of the warrants approximately $7.66 per warrant, or approximately $27.9 million in total in consideration for amending the warrants. The Company recorded the payment as a reduction of shareholders’ equity in the condensed consolidated statements of financial condition because, prior to being amended, the warrants were classified in permanent equity. The amended warrants meet the definition of derivatives; however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification, the amended warrants have also been recorded in shareholders’ equity in the condensed consolidated statements of financial condition. The costs for the warrant restrike completed in 2013 and 2014 were approximately $2.7 million and $25.2 million, respectively.

2020 Convertible Senior Notes

On June 24, 2013, Encore sold $150.0 million in aggregate principal amount of 3.0% convertible senior notes due July 1, 2020 in a private placement transaction. On July 18, 2013, the initial purchasers exercised, in full, their option to purchase an additional $22.5 million of the convertible senior notes, which resulted in an aggregate principal amount of $172.5 million of the convertible senior notes outstanding (collectively, the “2020 Convertible Notes”). The 2020 Convertible Notes are general unsecured obligations of the Company. Interest on the 2020 Convertible Notes is payable semi-annually, in arrears, on January 1 and July 1 of each year, beginning on January 1, 2014. Prior to January 1, 2020, the 2020 Convertible Notes will be convertible only during specified periods, if certain conditions are met. On or after January 1, 2020, the 2020 Convertible Notes will be convertible regardless of these conditions. Upon conversion, holders will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The conversion rate for the 2020 Convertible Notes is 21.8718 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $45.72 per share of common stock. As of March 31, 2014, none of the conditions allowing holders of the 2020 Convertible Notes to convert their notes had occurred.

As noted above, upon conversion, holders of the Company’s 2020 Convertible Notes will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. However, the Company’s current intent is to settle conversions through combination settlement (i.e., convertible into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $45.72. The average share price of the Company’s common stock for the three months ended March 31, 2014 exceeded $45.72. The dilutive effect from the 2020 Convertible Notes was approximately 0.2 million shares for the three months ended March 31, 2014. See Note 3, “Earnings Per Share” for additional information.

In connection with the pricing of the 2020 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with one or more of the initial purchasers (or their affiliates) and one or more other financial institutions (the “Option Counterparties”). The Capped Call Transactions cover, collectively, the number of shares of the Company’s common stock underlying the 2020 Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 2020 Convertible Notes. The cost of the Capped Call Transactions was approximately $18.1 million. In accordance with authoritative guidance, the Company recorded the net cost of the Capped Call Transactions as a reduction in additional paid in capital, and will not recognize subsequent changes in fair value of these financial instruments in its consolidated financial statements.

The Capped Call Transactions are expected generally to reduce the potential dilution and/or offset the cash payments the Company is required to make in excess of the principal amount upon conversion of the 2020 Convertible Notes in the event that the market price of the Company’s common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the 2020 Convertible Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is $61.5475 per share, and is subject to certain adjustments under the terms of the Capped Call Transactions.

The Capped Call Transactions are separate transactions, in each case, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2020 Convertible Notes and will not affect any holder’s rights under the 2020 Convertible Notes. Holders of the 2020 Convertible Notes do not have any rights with respect to the Capped Call Transactions.

The net proceeds from the issuance of the 2020 Convertible Notes were approximately $167.4 million, after deducting the initial purchasers’ discounts and commissions and the estimated offering expenses paid by the Company. The Company used approximately $18.1 million of the net proceeds from this offering to pay the cost of the Capped Call Transactions and used the remainder of the net proceeds from this offering to pay a portion of the purchase price for the Cabot Acquisition and for general corporate purposes.

The Company determined that the fair value of the 2020 Convertible Notes at the date of issuance was approximately $140.2 million, and designated the residual value of approximately $32.3 million as the equity component. Additionally, the Company allocated approximately $4.9 million of the $6.0 million original 2020 Convertible Notes issuance cost as debt issuance costs and the remaining $1.1 million as equity issuance costs.

2021 Convertible Senior Notes

On March 5, 2014, Encore sold $140.0 million in aggregate principal amount of 2.875% convertible senior notes due March 15, 2021 in a private placement transaction. On March 6, 2014, the initial purchasers exercised, in full, their option to purchase an additional $21.0 million of the convertible senior notes, which resulted in an aggregate principal amount of $161.0 million of the convertible senior notes outstanding (collectively, the “2021 Convertible Notes”). The 2021 Convertible Notes are general unsecured obligations of the Company. Interest on the 2021 Convertible Notes is payable semi-annually, in arrears, on March 15 and September 15 of each year, beginning on September 15, 2014. Prior to September 15, 2020, the 2021 Convertible Notes will be convertible only during specified periods, if certain conditions are met. On or after September 15, 2020, the 2021 Convertible Notes will be convertible regardless of these conditions. Upon conversion, holders will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The conversion rate for the 2021 Convertible Notes is 16.8386 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $59.39 per share of common stock. As of March 31, 2014, none of the conditions allowing holders of the 2021 Convertible Notes to convert their notes had occurred.

As noted above, upon conversion, holders of the Company’s 2021 Convertible Notes will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. However, the Company’s current intent is to settle conversions through combination settlement (i.e., convertible into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $59.39.

In connection with the pricing of the 2021 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2014 Capped Call Transactions”) with one or more of the initial purchasers (or their affiliates) and one or more other financial institutions (the “2014 Option Counterparties”). The Capped Call Transactions cover, collectively, the number of shares of the Company’s common stock underlying the 2021 Convertible Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 2021 Convertible Notes. The cost of the 2014 Capped Call Transactions was approximately $19.5 million. In accordance with authoritative guidance, the Company recorded the cost of the 2014 Capped Call Transactions as a reduction in additional paid in capital, and will not recognize subsequent changes in fair value of these financial instruments in its consolidated financial statements.

The 2014 Capped Call Transactions are expected generally to reduce the potential dilution and/or offset the cash payments the Company is required to make in excess of the principal amount upon conversion of the 2021 Convertible Notes in the event that the market price of the Company’s common stock is greater than the strike price of the 2014 Capped Call Transactions (which initially corresponds to the initial conversion price of the 2021 Convertible Notes and is subject to certain adjustments under the terms of the 2014 Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the 2014 Capped Call Transactions. The cap price of the Capped Call Transactions is $83.1425 per share, and is subject to certain adjustments under the terms of the 2014 Capped Call Transactions.

The 2014 Capped Call Transactions are separate transactions, in each case, entered into by the Company with the 2014 Option Counterparties, and are not part of the terms of the 2021 Convertible Notes and will not affect any holder’s rights under the 2021 Convertible Notes. Holders of the 2021 Convertible Notes do not have any rights with respect to the 2014 Capped Call Transactions.

The net proceeds from the sale of the 2021 Convertible Notes were approximately $155.7 million, after deducting the initial purchasers’ discounts and commissions and the estimated offering expenses paid by the Company. The Company used approximately $19.5 million of the net proceeds from this offering to pay the cost of the 2014 Capped Call Transactions and used the remainder of the net proceeds from this offering to pay for general corporate purposes, including working capital.

The Company determined that the fair value of the 2021 Convertible Notes at the date of issuance was approximately $143.6 million, and designated the residual value of approximately $17.4 million as the equity component. Additionally, the Company allocated approximately $4.7 million of the $5.3 million original 2021 Convertible Notes issuance cost as debt issuance costs and the remaining $0.6 million as equity issuance costs.

The balances of the liability and equity components of all of the convertible senior notes outstanding were as follows (in thousands):



	March 31, 2014			December 31, 2013
Liability component—principal amount	$	448,500		$	287,500
Unamortized debt discount	(57,881		)	(42,240		)
Liability component—net carrying amount	$	390,619		$	245,260
Equity component	$	53,133		$	46,954

The debt discount is being amortized into interest expense over the remaining life of the convertible notes using the effective interest rates, which are 6.00%, 6.35%, and 4.70% for the 2017, 2020, and 2021 Convertible Notes, respectively.

Interest expense related to the convertible notes was as follows (in thousands):



	Three Months Ended March 31,
	2014		2013
Interest expense—stated coupon rate	$	2,456	$	858
Interest expense—amortization of debt discount	1,755		607
Total interest expense—convertible notes	$	4,211	$	1,465

Propel Facilities

Propel Facility I

Propel has a $200.0 million syndicated loan facility (the “Propel Facility I”). The Propel Facility I is used to originate or purchase tax lien assets related to properties in Texas and Arizona.

The Propel Facility I expires in May 2015 and includes the following key provisions:

•

Interest at Propel’s option, at either: (1) LIBOR, plus a spread that ranges from 300 to 375 basis points, depending on Propel’s cash flow leverage ratio; or (2) Prime Rate, which is defined in the agreement as the rate of interest per annum equal to the sum of (a) the interest rate quoted in the “Money Rates” section of The Wall Street Journal from time to time and designated as the “Prime Rate” plus (b) the Prime Rate Margin, which is a spread that ranges from 0 to 75 basis points, depending on Propel’s cash flow leverage ratio;


•	A borrowing base of 90% of the face value of the tax lien collateralized payment arrangements;


•	Interest payable monthly; principal and interest due at maturity;


•	Restrictions and covenants, which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and


•	Events of default which, upon occurrence, may permit the lender to terminate the Propel Facility I and declare all amounts outstanding to be immediately due and payable.

The Propel Facility I is primarily collateralized by the Tax Liens in Texas and requires Propel to maintain various financial covenants, including a minimum interest coverage ratio and a maximum cash flow leverage ratio.

At March 31, 2014, the outstanding balance on the Propel Facility I was $157.3 million. The weighted average interest rate was 3.66% and 3.54% for the three months ended March 31, 2014 and 2013, respectively.

Propel Facility II

On May 9, 2013, the Company, through subsidiaries of Propel, entered into a $100.0 million revolving credit facility (the “Propel Facility II”). The Propel Facility II is used to purchase tax liens from taxing authorities in various states.

The Propel Facility II expires in May 2017 and includes the following key provisions:

•

During the first two years of the four-year term, the committed amount can be drawn on a revolving basis. During the following two years, no additional draws are permitted, and all proceeds from the tax liens are used to repay any amounts outstanding under the facility. After the four-year period ends, if any amounts are still outstanding, an alternate interest rate applies until all amounts owed are repaid;


•	Prior to the expiration of the four-year term, interest at a per annum floating rate equal to LIBOR plus a spread of 325 basis points;

•

Following the expiration of the four-year term or upon the occurrence of an event of default, interest at 400 basis points plus the greater of (i) a per annum floating rate equal to LIBOR plus a spread of 325 basis points, or (ii) Prime Rate, which is defined in the agreement as the rate most recently announced by the lender at its branch in San Francisco, California, from time to time as its prime commercial rate for United States dollar-denominated loans made in the United States;


•	Proceeds from the tax liens are applied to pay interest, principal and other obligations incurred in connection with the Propel Facility II on a monthly basis as defined in the agreement;


•	Special purpose entity covenants designed to protect the bankruptcy-remoteness of the borrowers and additional restrictions and covenants, which limit, among other things, the payment of certain dividends, the occurrence of additional indebtedness and liens and use of the collections proceeds from the certain Tax Liens; and


•	Events of default which, upon occurrence, may permit the lender to terminate the Propel Facility II and declare all amounts outstanding to be immediately due and payable.

The Propel Facility II is collateralized by the Tax Liens acquired under the Propel Facility II. At March 31, 2014, the outstanding balance on the Propel Facility II was $17.5 million and, for the three months ended March 31, 2014, bore a weighted average interest rate of 3.04%.

On May 6, 2014, the Propel Facility II was amended by the parties to provide for the following changes:


•	The commitment amount was increased from $100.0 million to the following: (a) during the period from July 1, 2014 to and including September 30, 2014, $190.0 million or (b) at any other time, $150.0 million;


•	Termination of the revolving period for purchasing tax liens from taxing authorities was extended for a period of two years to May 15, 2017 (unless terminated earlier in accordance with the terms of the facility);


•	The maturity date was extended two years to May 10, 2019;


•	The amended facility allows for (a) the funding of tax liens in both Texas and Nevada in an aggregate amount up to $80.0 million (in addition to allowing for the purchase of tax liens in states other than Texas and Nevada) and (b) the right to finance vacant land in an amount equal to 5% of eligible assets (collectively the “Additional Assets”);


•	The applicable interest rate for advances related to tax liens in Texas is LIBOR plus 2.50%;


•	In connection with the Additional Assets, the amended facility provides for certain technical changes throughout the governing tax lien loan and security agreement (e.g., definitions, waterfall mechanics, representations and warranties) which were required to facilitate the addition of the Additional Assets; and


•	The amended Propel Facility II increases the advance rate for certain states.

Cabot Senior Secured Notes

On September 20, 2012, Cabot Financial (Luxembourg) S.A. (“Cabot Financial”), an indirect subsidiary of Janus Holdings, issued £265.0 million (approximately $438.4 million) in aggregate principal amount of 10.375% Senior Secured Notes due 2019 (the “Cabot 2019 Notes”). Interest on the Cabot 2019 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year.

On August 2, 2013, Cabot Financial issued £100 million (approximately $151.7 million) in aggregate principal amount of 8.375% Senior Secured Notes due 2020 (the “Cabot 2020 Notes”). Interest on the Cabot 2020 Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year, beginning on February 1, 2014.

Of the proceeds from the issuance of the Cabot 2020 Notes, approximately £75.0 million (approximately $113.8 million) was used to repay all amounts outstanding under the senior credit facilities of Cabot Financial (UK) Limited (“Cabot Financial UK”), an indirect subsidiary of Janus Holdings, and £25.0 million (approximately $37.9 million) was used to partially repay a portion of the J Bridge PECs (as anticipated in the Purchase Agreement discussed in Note 2, “Business Combinations”) to J.C. Flowers.

On March 21, 2014, Cabot Financial issued £175.0 million (approximately $291.8 million) in aggregate principal amount of 6.5% Senior Secured Notes due 2021 (the “Cabot 2021 Notes” and, together with the Cabot 2019 Notes and Cabot 2020 Notes, the “Cabot Notes”). Interest on the Cabot 2021 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year, beginning on October 1, 2014. The total debt issuance cost associated with the Cabot 2021 Notes was approximately $4.4 million.

Of the proceeds from the issuance of the Cabot 2021 Notes, approximately £105.0 million (approximately $174.8 million) was used to repay all amounts outstanding under the Senior Secured Bridge Facilities described below.

The Cabot Notes are fully and unconditionally guaranteed on a senior secured basis by the following indirect subsidiaries of the Company: Cabot, Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited (other than Cabot Financial and Marlin Intermediate Holdings plc). The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial and the guarantors (other than Cabot) and substantially all the assets of Cabot Financial and the guarantors (other than Cabot).

On July 25, 2013, Marlin Intermediate Holdings plc, a subsidiary of Marlin, issued £150.0 million (approximately $246.5 million) in aggregate principal amount of 10.5% Senior Secured Notes due 2020 (the “Marlin Bonds”). Interest on the Marlin Bonds is payable semi-annually, in arrears, on February 1 and August 1 of each year. Cabot assumed the Marlin Bonds as a result of the Marlin Acquisition. The carrying value of the Marlin Bonds was adjusted to approximately $284.2 million to reflect the fair value of the Marlin Bonds at the time of acquisition.

The Marlin Bonds are fully and unconditionally guaranteed on a senior secured basis by Cabot Financial Limited and each of Cabot Financial Limited’s material subsidiaries other than Marlin Intermediate Holdings plc, each of which is an indirect subsidiary of the Company.

Interest expense related to the Cabot Notes and Marlin Bonds was as follows (in thousands):



	Three Months Ended March 31, 2014
Interest expense—stated coupon rate	$	19,255
Interest income—accretion of debt premium	(2,232		)
Total interest expense—Cabot Notes and Marlin Bonds	$	17,023

Cabot Senior Revolving Credit Facility

On September 20, 2012, Cabot Financial UK entered into an agreement for a senior committed revolving credit facility of £50.0 million (approximately $82.7 million) (the “Cabot Credit Agreement”). This agreement was amended and restated on June 28, 2013 to increase the size of the revolving credit facility to £85.0 million (approximately $140.6 million) (the “Cabot Credit Facility”).

The Cabot Credit Facility has a five-year term expiring in September 2017, and includes the following key provisions:


•	Interest at LIBOR plus a maximum of 4.0% depending on the loan to value (“LTV”) ratio determined quarterly, calculated as being the ratio of the net financial indebtedness of Cabot (as defined in the Cabot Credit Agreement) to Cabot’s estimated remaining collections capped at 84-months;


•	A restrictive covenant that limits the LTV ratio to 0.75;


•	Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and


•	Events of default which, upon occurrence, may permit the lenders to terminate the Cabot Credit Facility and declare all amounts outstanding to be immediately due and payable.

The Cabot Credit Facility is unconditionally guaranteed by the following indirect subsidiaries of the Company: Cabot, Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited. The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial UK and the guarantors (other than Cabot) and substantially all the assets of Cabot Financial UK and the guarantors (other than Cabot).

On February 7, 2014, Cabot Financial UK acquired all of the equity interest of Marlin, a leading acquirer of non-performing consumer debt in the United Kingdom, for an aggregate purchase price of approximately £166.8 million (approximately $274.1 million). The Acquisition was financed with £75.0 million (approximately $122.3 million) in borrowings under the Cabot Credit Facility and under the Senior Secured Bridge Facilities described below.

At March 31, 2014, the outstanding borrowings under the Cabot Credit Facility were approximately $133.4 million.

Senior Secured Bridge Facilities

The Marlin Acquisition was financed with borrowings under the existing Cabot Credit Facility and under new senior secured bridge facilities (the “Senior Secured Bridge Facilities”) that Cabot Financial Limited entered into on February 7, 2014 pursuant to a Senior Secured Bridge Facilities Agreement. The Senior Secured Bridge Facilities were paid off in full by using proceeds from borrowings under the £175.0 million (approximately $291.8 million) Cabot 2021 Notes issued on March 21, 2014.

The Senior Secured Bridge Facilities Agreement provided for (a) a senior secured bridge facility in an aggregate principal amount of up to £105.0 million (“Bridge Facility A”) and (b) a senior secured bridge facility in an aggregate principal amount of up to £151.5 million (“Bridge Facility B,” and together with Bridge Facility A, the “Bridge Facilities”). The purpose of Bridge Facility A was to provide funding for the financing, in full or in part, of the purchase price for the Marlin Acquisition and the payment of costs, fees and expenses in connection with the Marlin Acquisition, and was fully drawn on as of the closing of the Marlin Acquisition. The purpose of Bridge Facility B was to finance, in full or in part, the repurchase of any bonds tendered in any change of control offer required to be made to the holders of the Marlin Bonds and the premium payable thereon. Bridge Facility B was intended to be utilized only to the extent that any holders of the Marlin Bonds elected to tender their Marlin Bonds within a defined period. No Marlin Bonds were tendered during the defined period and Bridge Facility B expired without drawdown. The Senior Secured Bridge Facilities Agreement also provided for uncommitted incremental facilities in an amount of up to £80.0 million for the purposes of financing future debt portfolio acquisitions. The Senior Secured Bridge Facilities had an initial term of one year and an extended term of 6.5 years if they were not repaid during the first year of issuance.

Prior to their initial maturity date, the rate of interest payable under the Senior Secured Bridge Facilities was the aggregate, per annum, of (i) LIBOR, plus (ii) an initial spread of 6.00% per annum (such spread stepping up by 50 basis points for each three-month period that the Senior Secured Bridge Facilities remained outstanding), not to exceed total caps set forth in the Senior Secured Bridge Facilities Agreement.

Loan fees associated with the Senior Secured Bridge Facilities were approximately $2.0 million. These fees were originally recorded as debt issuance costs and were written off at the time of repayment and termination of the agreement. This $2.0 million was charged to interest expense in the Company’s condensed consolidated financial statements for the three months ended March 31, 2014.

Preferred Equity Certificates

As discussed in Note 2, “Business Combinations,” on July 1, 2013, the Company, through Encore Europe, completed the Cabot Acquisition by acquiring E Bridge PECs, E PECs, and E Shares that represent 50.1% of all of the issued and outstanding equity and debt securities of Janus Holdings. The remaining 49.9% of Janus Holdings’ equity and debt securities constitute J Bridge PECs, J PECs, and J shares owned by J.C. Flowers. All of the PECs accrue interest at 12% per annum. In accordance with authoritative guidance related to debt and equity securities, the J Bridge PECs, J PECs and any accrued interests thereof are classified as liabilities and are included in debt in the Company’s accompanying condensed consolidated statements of financial condition. In addition, certain other minority owners hold PECs at the Cabot Holdings level (the “Management PECs”). These PECs are also included in debt in the Company’s accompanying condensed consolidated statements of financial condition. The E Bridge PECs and E PECs held by the Company, and their related interest eliminate in consolidation and therefore are not included in debt. The J Bridge PECs, J PECs, and the Management PECs do not require the payment of cash interest expense as they have characteristics similar to equity with a preferred return. The ultimate payment of the accumulated interest would be satisfied only in connection with the disposition of the noncontrolling interests of J.C. Flowers and management.

The Company determined, at the time of the Cabot Acquisition, that the fair value of the preferred equity certificates and the respective accrued interests approximated their face value.

As anticipated in the Purchase Agreement, and as discussed in Note 2, “Business Combinations,” in August 2013, Cabot made a payment of approximately $41.2 million to J.C. Flowers for a partial redemption of the J Bridge PECs.

As of March 31, 2014, the outstanding balance of the PECs and their accrued interests was approximately $222.5 million.

Capital Lease Obligations

The Company has capital lease obligations primarily for computer equipment. As of March 31, 2014, the Company’s combined obligations for these equipment leases were approximately $11.1 million. These lease obligations require monthly or quarterly payments through 2018 and have implicit interest rates that range from zero to approximately 11.38%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Variable Interest Entity

3 Months Ended

Mar. 31, 2014

Variable Interest Entities Disclosure [Abstract]

Variable Interest Entity

On July 1, 2013, the Company, through Encore Europe, completed its acquisition of 50.1% of the equity interest in Janus Holdings. See Note 2, “Business Combinations” for more information. The Company has determined that Janus Holdings is a VIE, and the Company is the primary beneficiary of the VIE. As a result, the financial results of Janus Holdings are consolidated under the VIE consolidation model. A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The key activities that affect Cabot’s economic performance include, but are not limited to, operational budgets and purchasing decisions. Through its control of the board of directors of Cabot’s immediate parent company, the Company controls the key operating activities at Cabot. The Company evaluates its relationships with the VIE on an ongoing basis to ensure that it continues to be the primary beneficiary.

The Company considers that the rights granted to J.C. Flowers under the contractual arrangements are more protective in nature rather than participating rights.

The Company does not intend to provide financial support to Janus Holdings. The Company did not apply push down accounting to Janus Holdings as a result of the business combination.

The Company’s consolidated assets as of March 31, 2014 and December 31, 2013 included assets from Janus Holdings that can only be used to settle obligations of Janus Holdings. The Company’s consolidated liabilities as of March 31, 2014 and December 31, 2013 included liabilities of Janus Holdings, whose creditors have no recourse to the Company. The following table presents Janus Holdings’ assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated statement of financial condition as of March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014		December 31, 2013
Assets
Cash and cash equivalents	$	95,109	$	62,403
Investment in receivable portfolios, net	954,147		620,312
Deferred court costs, net	854		—
Property and equipment, net	15,034		13,755
Other assets	78,812		33,772
Goodwill	713,450		376,296
Total assets	$	1,857,406	$	1,106,538
Liabilities
Accounts payable and accrued liabilities	$	53,817	$	47,219
Debt	1,586,259		846,676
Other liabilities	7,081		1,897
Total liabilities	$	1,647,157	$	895,792

Income Taxes

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

During the three months ended March 31, 2014, and 2013, the Company recorded an income tax provision of $11.7 million and $12.6 million, respectively.

The effective tax rates for the respective periods are shown below:



	Three Months Ended March 31,
	2014		2013
Federal provision	35.0	%	35.0	%
State provision	5.8	%	6.6	%
State benefit	(2.0	)%	(2.3	)%
International benefit⁽¹⁾	(3.4	)%	—	%
Permanent items⁽²⁾	2.3	%	—	%
Other	0.7	%	—	%
Effective rate	38.4	%	39.3	%

________________________


(1)	Relates primarily to the lower tax rate on the income attributable to international operations.


(2)	Represents a provision for nondeductible items.

The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2018 and a 50% tax holiday for the subsequent four years. The impact of the tax holiday in Costa Rica for the three months ended March 31, 2014 was immaterial.

As of March 31, 2014, the Company had a gross unrecognized tax benefit of $88.2 million primarily related to an uncertain tax position resulting from the AACC Merger due to AACC’s tax revenue recognition policy. This uncertain tax position, if recognized, would result in a net tax benefit of $18.7 million and would have a favorable effect on the Company’s effective tax rate. The uncertain tax benefit increased $5.2 million during the three months ended March 31, 2014 as a result of the Marlin Acquisition described in Note 2, “Business Combinations.” The uncertain tax benefit is included in “Other liabilities” in the Company’s condensed consolidated statements of financial condition.

During the three months ended March 31, 2014, the Company did not provide for United States income taxes or foreign withholding taxes on the quarterly undistributed earnings from operations of its subsidiaries operating outside of the United States because the net operations resulted in a loss. Undistributed net loss of these subsidiaries during the three months ended March 31, 2014, was approximately $2.4 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions based on the Fair Debt Collection Practices Act (“FDCPA”), comparable state statutes, the Telephone Consumer Protection Act (“TCPA”), state and federal unfair competition statutes, and common law causes of action. The violations of law alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions involve potential compensatory or punitive damage claims, fines, sanctions, or injunctive relief. Many continue on for some length of time and involve substantial litigation, effort, and negotiation before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. There have been no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In certain legal proceedings, the Company may have recourse to insurance or third party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. As of March 31, 2014, the Company has no material reserves for litigation. Additionally, based on the current status of litigation matters, either the estimate of exposure is immaterial to the Company’s financial statements or an estimate cannot yet be determined. The Company’s legal costs are recorded to expense as incurred. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements and other purchase commitment agreements. As of March 31, 2014, the Company has entered into agreements to purchase receivable portfolios with a face value of approximately $1.0 billion for a purchase price of approximately $127.0 million. The Company has no purchase commitments extending past one year.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Information

The Company conducts business primarily through two reportable segments: portfolio purchasing and recovery and tax lien business. The Company’s management relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The operating results from the Company’s tax lien business segment are immaterial to the Company’s total consolidated operating results. However, total assets from the tax lien business segment are significant as compared to the Company’s total consolidated assets. As a result, in accordance with authoritative guidance on segment reporting, the Company’s tax lien business segment is determined to be a reportable segment.

Segment operating income includes income from operations before depreciation, amortization of intangible assets, and stock-based compensation expense. The following table provides a reconciliation of revenue and segment operating income by reportable segment to consolidated results and was derived from the segments’ internal financial information as used for corporate management purposes (in thousands):



	Three Months Ended March 31,
	2014			2013
Revenues:
Portfolio purchasing and recovery	$	248,589		$	140,683
Tax lien business	5,152			3,903
	$	253,741		$	144,586
Operating income:
Portfolio purchasing and recovery	$	77,568		$	42,680
Tax lien business	1,654			881
	79,222			43,561
Depreciation and amortization	(6,117		)	(1,846		)
Stock-based compensation	(4,836		)	(3,001		)
Other expense	(37,697		)	(6,695		)
Income from operations before income taxes	$	30,572		$	32,019

Additionally, assets are allocated to operating segments for management review. As of March 31, 2014, total segment assets were $3.2 billion and $257.8 million for the portfolio purchasing and recovery segment and tax lien business segment, respectively.

The following presents information about geographic areas in which the Company operates (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues⁽¹⁾ :
Domestic	$	184,745	$	144,586
International	68,996		—
	$	253,741	$	144,586

________________________


(1)	Revenues are attributed to countries based on location of customer.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In accordance with authoritative guidance, goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur that indicate the fair value of a reporting unit may be below its carrying value. Goodwill was allocable to reporting units included in the Company’s reportable segments, as follows (in thousands):



	Portfolio Purchasing and Recovery		Tax Lien Business		Total
Balance, December 31, 2013	$	454,936	$	49,277	$	504,213
Goodwill acquired	329,943		—		329,943
Goodwill adjustment	3,457		—		3,457
Effect of foreign currency translation	6,954		—		6,954
Balance, March 31, 2014	$	795,290	$	49,277	$	844,567

The Company’s acquired intangible assets are summarized as follows (in thousands):



	As of March 31, 2014							As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	1,975	$	(160	)	$	1,815	$	1,975	$	(74	)	$	1,901
Developed technologies	4,909		(713		)	4,196		4,909		(468		)	4,441
Trade name and other	15,631		(1,025		)	14,606		15,631		(386		)	15,245
Other intangibles—indefinite lived	1,962		—			1,962		1,962		—			1,962
Total intangible assets	$	24,477	$	(1,898	)	$	22,579	$	24,477	$	(928	)	$	23,549

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Propel Securitized Financing Facility On May 6, 2014, Propel, through its subsidiaries, completed the securitization of a pool of approximately $141.5 million in payment agreements and contracts relating to unpaid real property taxes, assessments, and other charges secured by liens on real property located in the State of Texas (the “Texas Tax Liens”). In connection with the securitization, investors purchased approximately $134.0 million in aggregate principal amount of 1.44% notes collateralized by the Texas Tax Liens (the “Propel Notes”), due 2029. The payment agreements and contracts will continue to be serviced by Propel. Proceeds from the sale of the Propel Notes will be used to pay the purchase price for the Texas Tax Liens to Propel, pay certain expenses incurred in connection with the issuance of the Propel Notes and fund certain reserves. Propel will use the net proceeds to pay down borrowings on the Propel Facility I. Refer to Note 9, “Debt - Propel Facilities” for detailed information related to the Propel Facility I and Part II - Item 5, “Other Information,” for detailed information related to the securitization. Acquisition of Tax Lien Portfolio On May 2, 2014, Propel completed the acquisition of a portfolio of tax liens and other assets in a transaction valued at approximately $43.0 million. The acquired tax liens are secured by real estate in 18 states and the District of Columbia. The purchase was financed with cash on hand and from proceeds of a new $31.9 million term loan. Share Repurchase Program On April 24, 2014, the Company’s Board of Directors approved a $50.0 million share repurchase program. Repurchases under the Company’s share repurchase program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through solicited or unsolicited privately negotiated transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion.

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]
Portfolio Purchasing and Recovery	Portfolio Purchasing and Recovery United States. The Company purchases receivable portfolios based on robust, account-level valuation methods and employs a suite of proprietary statistical and behavioral models across the full extent of its operations. These investments allow the Company to value portfolios accurately (and limit the risk of overpaying), avoid buying portfolios that are incompatible with its methods or goals and precisely align the accounts it purchases with its operational channels to maximize future collections. As a result, the Company has been able to realize significant returns from the receivables it acquires. The Company maintains strong relationships with many of the largest credit and telecommunication providers, and possesses one of the industry’s best collection staff retention rates. The Company uses insights discovered during its purchasing process to build account collection strategies. The Company’s proprietary consumer-level collectability analysis is the primary determinant of whether an account will be actively serviced post-purchase. The Company continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. After the Company’s preliminary analysis, it seeks to collect on only a fraction of the accounts it purchases, through one or more of its collection channels. The channel identification process is analogous to a funneling system, where the Company first differentiates those consumers who it believes are not able to pay from those who are able to pay. Consumers who the Company believes are financially incapable of making any payments, facing extenuating circumstances or hardships (such as medical issues), serving in the military, or currently receiving social security as their only source of income are excluded from the next step of its collection process and are designated as inactive. The remaining pool of accounts in the funnel then receives further evaluation. At that point, the Company analyzes and determines a consumer’s perceived willingness to pay. Based on that analysis, the Company will pursue collections through letters and/or phone calls to its consumers. Despite its efforts to reach consumers and work out a settlement option, only a small number of consumers who are contacted choose to engage with the Company. Those who do are often offered deep discounts on their obligations, or are presented with payment plans that are better suited to meet their daily cash flow needs. The majority of contacted consumers, however, ignore both the Company’s calls and letters, and therefore the Company must then make the difficult decision whether or not to pursue collections through legal means. The Company continually monitors applicable changes to laws governing statutes of limitations and disclosures to consumers. The Company maintains policies, system controls, and processes designed to ensure that accounts past the applicable statute of limitations do not get placed into legal collections. Additionally, in written and verbal communications with consumers, the Company provides disclosures to the consumer that the account is past its applicable statute of limitations and, therefore, the Company will not pursue collections through legal means. United Kingdom. Through Cabot, portfolio receivables are purchased using a proprietary pricing model. This model allows Cabot to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. As a result, Cabot has been able to realize significant returns from the assets it has acquired. Cabot maintains strong relationships with many of the largest financial service providers in the United Kingdom. Cabot also uses insights discovered during its purchasing process to build account collection strategies. Cabot’s proprietary consumer-level collectability analysis is the primary determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. In recent years, Cabot has concentrated on buying portfolios that are defined as semi-performing, in which over 50% of the accounts in a portfolio have made a payment in three of the last four months immediately prior to the portfolio purchase. Cabot will try to establish contact with these consumers, in order to transfer payment arrangements and gauge the willingness of these consumers to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships (such as medical issues or mental incapacity), are managed outside of normal collection routines. The remaining pool of accounts then receives further evaluation. Cabot analyzes and estimates a consumer’s perceived willingness to pay. Based on that analysis, Cabot pursues collections through letters and/or phone calls to its consumers. Where contact is made and consumers indicate a willingness to pay, a patient approach of forbearance is applied using regulatory protocols within the United Kingdom to assess affordability and ensure that plans are fair and balanced and therefore, sustainable. Where consumers are not locatable or refuse to engage in a constructive dialogue, Cabot will pass these accounts through a litigation scorecard and rule set in order to assess suitability for legal action. Through Cabot’s newly acquired subsidiary, Marlin, a leading acquirer of non-performing consumer debt in the United Kingdom, Cabot is able to take competitive advantage in the use of litigation-enhanced collections for non-paying financial services receivables. Colombia and Peru. Refinancia is a market leader in the management of non-performing loans in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia offers portfolio management services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in the geographic areas in which it operates, including providing financial solutions to individuals with defaulted credit records, payment plan guarantee services through merchants and loan guarantee services to financial institutions.
Tax Lien Business	Tax Lien Business Propel’s principal activities are the acquisition and servicing of residential and commercial tax liens on real property. These liens take priority over most other liens. By funding tax liens, Propel provides state and local taxing authorities and governments with much needed tax revenue. To the extent permitted by local law, Propel works with property owners to structure affordable payment plans designed to allow them to keep their property while paying their property tax obligation over time. Propel maintains a foreclosure rate of less than one-half of one percent. Propel’s receivables secured by property tax liens include Texas tax liens, Nevada tax liens, and tax lien certificates in various other states (collectively, “Tax Liens”). With Texas and Nevada Tax Liens, Texas or Nevada property owners choose to have the taxing authority transfer their tax lien to Propel. Propel pays their tax lien obligation to the taxing authority and the property owner pays Propel over time at a lower interest rate than would be assessed by the taxing authority. Propel’s arrangements with Texas and Nevada property owners provide them with repayment plans that are both affordable and flexible when compared with other payment options. Propel also purchases Tax Liens in various other states directly from taxing authorities, securing rights to future property tax payments, interest and penalties. In most cases, such Tax Liens continue to be serviced by the taxing authority. When the taxing authority is paid, it repays Propel the outstanding balance of the lien plus interest, which is established by statute or negotiated at the time of the purchase.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements have been prepared in conformity with GAAP, and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates Variable Interest Entities (“VIE”), for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits. The Company has determined that its less than wholly-owned subsidiary Janus Holdings is a VIE, and the Company is the primary beneficiary of the VIE. As a result, the financial results of Janus Holdings are consolidated under the VIE consolidation model. Refer to Note 10, “Variable Interest Entity,” for further details. The Company evaluates its relationships with the VIE on an ongoing basis to ensure that it continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. On June 13, 2013, the Company completed its merger with Asset Acceptance Capital Corp. (“AACC”), on July 1, 2013, the Company completed its acquisition of Cabot and on February 7, 2014, Cabot completed the acquisition of Marlin. The condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2013 do not include the results of operations of AACC or the results of operations of Cabot’s parent Company, Janus Holdings, as these acquisitions were not completed until after March 31, 2013. Refer to Note 2, “Business Combinations,” for further details.
Translation of Foreign Currencies	Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities are translated as of the end of the balance sheet date and revenue and expenses are translated at an average rate over the period. Currency translation adjustments are recorded as a component of other comprehensive income. Transaction gains and losses are included in other (expense) income.
Reclassifications	Reclassifications Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

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-Section S99

-Paragraph 2

-Subparagraph (SX 210.3A-02)

-URI http://asc.fasb.org/extlink&oid=27015204&loc=d3e355033-122828

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph k

-Article 1

+ Details

- Definition

Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.

+ References+ Details

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Operating Performance

The following table summarizes the operating performance of Janus Holdings and Encore Europe (in thousands):



	Three Months Ended March 31, 2014
	Janus Holdings			Encore Europe		Encore Europe Consolidated
Total revenues	$	62,520		$	—	$	62,520
Total operating expenses	(39,576		)	—		(39,576		)
Income from operations	22,944			—		22,944
Interest expense—non-PEC	(21,776		)	—		(21,776		)
PEC interest (expense) income	(11,042		)	5,367		(5,675		)
Other income	75			11		86
(Loss) income before income taxes	(9,799		)	5,378		(4,421		)
Provision for income taxes	2,146			—		2,146
Net (loss) income	(7,653		)	5,378		(2,275		)
Net loss attributable to noncontrolling interests	1,099			3,271		4,370
Net (loss) income attributable to Encore	$	(6,554	)	$	8,649	$	2,095

AACC Merger [Member]

Components of Purchase Price Allocation for Acquisition/Merger

The components of the purchase price allocation for the AACC Merger are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	316,485
Stock consideration	62,352
Total purchase price	$	378,837
Allocation of purchase price:
Cash	$	23,156
Investment in receivable portfolios	383,382
Deferred court costs	6,940
Property and equipment	11,003
Other assets	16,004
Liabilities assumed	(126,059		)
Identifiable intangible assets	1,470
Goodwill	62,941
Total net assets acquired	$	378,837

Cabot Acquisition [Member]

Components of Purchase Price Allocation for Acquisition/Merger

The components of the purchase price allocation for the Cabot Acquisition are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	177,246
Allocation of purchase price:
Cash	$	57,520
Investment in receivable portfolios	558,951
Property and equipment	13,672
Other assets	20,349
Preferred equity certificates assumed	(211,549		)
Debt assumed	(559,907		)
Other liabilities assumed	(45,142		)
Redeemable noncontrolling interests	(12,064		)
Noncontrolling interests	(4,051		)
Identifiable intangible assets	7,559
Goodwill	351,908
Total net assets acquired	$	177,246

Marlin [Member]

Components of Purchase Price Allocation for Acquisition/Merger

The components of the preliminary purchase price allocation for the Marlin Acquisition are as follows (in thousands):



Purchase price:
Cash paid at acquisition	$	274,068
Allocation of purchase price:
Cash	$	16,342
Investment in receivable portfolios	208,450
Deferred court costs	914
Property and equipment	1,508
Other assets	18,091
Liabilities assumed	(301,180		)
Goodwill	329,943
Total net assets acquired	$	274,068

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands):



	Three Months Ended March 31,
	2014	2013
Weighted average common shares outstanding—basic	25,749	23,446
Dilutive effect of stock-based awards	906	968
Dilutive effect of convertible senior notes	1,461	—
Dilutive effect of warrants	80	—
Weighted average common shares outstanding—diluted	28,196	24,414

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):



	Fair Value Measurements as of March 31, 2014
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	641		$	—		$	641
Interest rate cap contracts	—		69			—			69
Liabilities
Foreign currency exchange contracts	—		(2,233		)	—			(2,233		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(26,434		)	(26,434		)



	Fair Value Measurements as of December 31, 2013
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	46		$	—		$	46
Interest rate cap contracts	—		202			—			202
Liabilities
Foreign currency exchange contracts	—		(4,123		)	—			(4,123		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(26,564		)	(26,564		)

Change in Redeemable Noncontrolling Interests

The components of the change in the redeemable noncontrolling interests for the period ended March 31, 2014 are presented in the following table:



	Amount
Balance at December 31, 2013	$	26,564
Net loss attributable to redeemable noncontrolling interests	(3,262		)
Adjustment of the redeemable noncontrolling interests to fair value	3,271
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(139		)
Balance at March 31, 2014	$	26,434

Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Instruments as Recorded on Company's Consolidated Statements of Financial Condition

The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):



	March 31, 2014				December 31, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other liabilities	$	(2,233	)	Other liabilities	$	(4,123	)
Foreign currency exchange contracts	Other assets	641			Other assets	46
Derivatives not designated as hedging instruments:
Interest rate cap	Other assets	69			Other assets	202

Summary of Effects of Derivatives in Cash Flow Hedging Relationships in Company's Statements of Income



	Gain or (Loss) Recognized in OCI- Effective Portion				Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion	Gain or (Loss) Reclassified from OCI into Income - Effective Portion						Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing
	Three Months Ended					Three Months Ended							Three Months Ended
	2014		2013			2014			2013				2014		2013
Interest rate swaps	$	—	$	222	Interest expense	$	—		$	—		Other (expense) income	$	—	$	—
Foreign currency exchange contracts	1,885		601		Salaries and employee benefits	(356		)	(49		)	Other (expense) income	—		—
Foreign currency exchange contracts	187		103		General and administrative expenses	(57		)	(9		)	Other (expense) income	—		—

Investment in Receivable Portfolios, Net (Tables)

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows

The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands):



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2013	$	2,391,471		$	8,465		$	2,399,936
Revenue recognized, net	(231,057		)	(6,511		)	(237,568		)
Net additions on existing portfolios⁽¹⁾	92,325			8,555			100,880
Additions for current purchases⁽¹⁾⁽²⁾	591,205			—			591,205
Balance at March 31, 2014	$	2,843,944		$	10,509		$	2,854,453



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2012	$	984,944		$	17,366		$	1,002,310
Revenue recognized, net	(135,072		)	(5,611		)	(140,683		)
Net additions on existing portfolios⁽¹⁾	173,634			7,061			180,695
Additions for current purchases⁽¹⁾	66,808			—			66,808
Balance at March 31, 2013	$	1,090,314		$	18,816		$	1,109,130

________________________


(1)	Estimated remaining collections and accretable yield include anticipated collections beyond the 84 to 96 month collection forecast for United States portfolios.


(2)	Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition discussed in Note 2, “Business Combinations.”

Summary of Changes in Balance of the Investment in Receivable Portfolios

The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods (in thousands, except percentages):



	Three Months Ended March 31, 2014
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	1,585,587		$	4,662		$	—		$	1,590,249
Purchases of receivable portfolios⁽¹⁾	467,565			—			—			467,565
Gross collections⁽²⁾	(389,503		)	(660		)	(6,511		)	(396,674		)
Put-backs and recalls	(3,235		)	(149		)	—			(3,384		)
Foreign currency adjustments	8,706			—			—			8,706
Revenue recognized	230,747			—			3,591			234,338
Portfolio allowance reversals, net	310			—			2,920			3,230
Balance, end of period	$	1,900,177		$	3,853		$	—		$	1,904,030
Revenue as a percentage of collections⁽³⁾	59.2		%	—		%	55.2		%	59.1		%
	Three Months Ended March 31, 2013
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	873,119		$	—		$	—		$	873,119
Purchases of receivable portfolios	58,771			—			—			58,771
Gross collections⁽²⁾	(264,559		)	—			(5,611		)	(270,170		)
Put-backs and recalls	(878		)	—			—			(878		)
Revenue recognized	135,015			—			4,662			139,677
Portfolio allowance reversals, net	57			—			949			1,006
Balance, end of period	$	801,525		$	—		$	—		$	801,525
Revenue as a percentage of collections⁽³⁾	51.0		%	—		%	83.1		%	51.7		%

________________________


(1)	Purchases of portfolio receivables include $208.5 million acquired in connection with the Marlin Acquisition in February 2014 discussed in Note 2, “Business Combinations.”


(2)	Does not include amounts collected on behalf of others.


(3)	Revenue as a percentage of collections excludes the effects of net portfolio allowances or net portfolio allowance reversals.

Summary of Change in the Valuation Allowance for Investment in Receivable Portfolios

The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the periods presented (in thousands):



	Valuation Allowance
	Three Months Ended March 31,
	2014			2013
Balance at beginning of period	$	93,080		$	105,273
Provision for portfolio allowances	—			479
Reversal of prior allowances	(3,230		)	(1,485		)
Balance at end of period	$	89,850		$	104,267

Deferred Court Costs, Net (Tables)

3 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Court Costs

Deferred Court Costs consist of the following as of the dates presented (in thousands):



	March 31, 2014			December 31, 2013
Court costs advanced	$	430,598		$	399,274
Court costs recovered	(160,852		)	(147,166		)
Court costs reserve	(227,067		)	(210,889		)
	$	42,679		$	41,219

Schedule of Court Cost Reserve

A roll forward of the Company’s court cost reserve is as follows (in thousands):



	Court Cost Reserve
	Three Months Ended March 31,
	2014			2013
Balance at beginning of period	$	(210,889	)	$	(149,080	)
Provision for court costs	(16,178		)	(13,420		)
Balance at end of period	$	(227,067	)	$	(162,500	)

Other Assets (Tables)

3 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Other Assets

Other assets consist of the following (in thousands):



	March 31, 2014		December 31, 2013
Debt issuance costs, net of amortization	$	41,243	$	28,066
Deferred tax assets	24,489		13,974
Prepaid expenses	24,443		23,487
Identifiable intangible assets, net	22,579		23,549
Service fee receivables	16,362		29,931
Funds held in escrow	15,155		—
Other financial receivables	8,595		7,962
Interest receivable	8,566		7,956
Prepaid income taxes	4,344		5,009
Security deposits	3,130		2,500
Recoverable legal fees	3,029		3,049
Other	9,762		9,300
	$	181,697	$	154,783

Debt (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Obligation Under Borrowings

The Company is in compliance with all covenants under its financing arrangements. The components of the Company’s consolidated debt and capital lease obligations are as follows (in thousands):



	March 31, 2014			December 31, 2013
Encore revolving credit facility	$	223,000		$	356,000
Encore term loan facility	151,828			140,625
Encore senior secured notes	55,000			58,750
Encore convertible notes	448,500			287,500
Less: Debt discount	(57,881		)	(42,240		)
Propel facilities	174,815			170,630
Cabot senior secured notes	1,150,437			603,272
Add: Debt premium	79,964			43,583
Cabot senior revolving credit facility	133,384			—
Preferred equity certificates	222,473			199,821
Capital lease obligations	11,084			12,219
Other	19,529			20,271
	$	2,612,133		$	1,850,431

Balances of the Liability and Equity Components

The balances of the liability and equity components of all of the convertible senior notes outstanding were as follows (in thousands):



	March 31, 2014			December 31, 2013
Liability component—principal amount	$	448,500		$	287,500
Unamortized debt discount	(57,881		)	(42,240		)
Liability component—net carrying amount	$	390,619		$	245,260
Equity component	$	53,133		$	46,954

Convertible Notes [Member]

Interest Expense

Interest expense related to the convertible notes was as follows (in thousands):



	Three Months Ended March 31,
	2014		2013
Interest expense—stated coupon rate	$	2,456	$	858
Interest expense—amortization of debt discount	1,755		607
Total interest expense—convertible notes	$	4,211	$	1,465

Variable Interest Entity (Tables)

3 Months Ended

Mar. 31, 2014

Variable Interest Entities Disclosure [Abstract]

Assets and Liabilities of Variable Interest Entity

The following table presents Janus Holdings’ assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated statement of financial condition as of March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014		December 31, 2013
Assets
Cash and cash equivalents	$	95,109	$	62,403
Investment in receivable portfolios, net	954,147		620,312
Deferred court costs, net	854		—
Property and equipment, net	15,034		13,755
Other assets	78,812		33,772
Goodwill	713,450		376,296
Total assets	$	1,857,406	$	1,106,538
Liabilities
Accounts payable and accrued liabilities	$	53,817	$	47,219
Debt	1,586,259		846,676
Other liabilities	7,081		1,897
Total liabilities	$	1,647,157	$	895,792

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References+ Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rates

The effective tax rates for the respective periods are shown below:



	Three Months Ended March 31,
	2014		2013
Federal provision	35.0	%	35.0	%
State provision	5.8	%	6.6	%
State benefit	(2.0	)%	(2.3	)%
International benefit⁽¹⁾	(3.4	)%	—	%
Permanent items⁽²⁾	2.3	%	—	%
Other	0.7	%	—	%
Effective rate	38.4	%	39.3	%

________________________


(1)	Relates primarily to the lower tax rate on the income attributable to international operations.


(2)	Represents a provision for nondeductible items.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Reconciliation of Revenue and Operating Income from Segments to Consolidated

The following table provides a reconciliation of revenue and segment operating income by reportable segment to consolidated results and was derived from the segments’ internal financial information as used for corporate management purposes (in thousands):



	Three Months Ended March 31,
	2014			2013
Revenues:
Portfolio purchasing and recovery	$	248,589		$	140,683
Tax lien business	5,152			3,903
	$	253,741		$	144,586
Operating income:
Portfolio purchasing and recovery	$	77,568		$	42,680
Tax lien business	1,654			881
	79,222			43,561
Depreciation and amortization	(6,117		)	(1,846		)
Stock-based compensation	(4,836		)	(3,001		)
Other expense	(37,697		)	(6,695		)
Income from operations before income taxes	$	30,572		$	32,019

Schedule of Geographical Areas of Which Company Operates

The following presents information about geographic areas in which the Company operates (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues⁽¹⁾ :
Domestic	$	184,745	$	144,586
International	68,996		—
	$	253,741	$	144,586

________________________


(1)	Revenues are attributed to countries based on location of customer.

Goodwill and Identifiable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Reportable Segments by Reporting Units

Goodwill was allocable to reporting units included in the Company’s reportable segments, as follows (in thousands):



	Portfolio Purchasing and Recovery		Tax Lien Business		Total
Balance, December 31, 2013	$	454,936	$	49,277	$	504,213
Goodwill acquired	329,943		—		329,943
Goodwill adjustment	3,457		—		3,457
Effect of foreign currency translation	6,954		—		6,954
Balance, March 31, 2014	$	795,290	$	49,277	$	844,567

Summary of Acquired Intangible Assets

The Company’s acquired intangible assets are summarized as follows (in thousands):



	As of March 31, 2014							As of December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	1,975	$	(160	)	$	1,815	$	1,975	$	(74	)	$	1,901
Developed technologies	4,909		(713		)	4,196		4,909		(468		)	4,441
Trade name and other	15,631		(1,025		)	14,606		15,631		(386		)	15,245
Other intangibles—indefinite lived	1,962		—			1,962		1,962		—			1,962
Total intangible assets	$	24,477	$	(1,898	)	$	22,579	$	24,477	$	(928	)	$	23,549

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended						3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014 Cabot Acquisition [Member]	Mar. 31, 2014 AACC Merger [Member]	Mar. 31, 2014 2017 Convertible Senior Notes [Member]	Feb. 06, 2014 2017 Convertible Senior Notes [Member]	Dec. 31, 2012 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Mar. 31, 2014 Maximum [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of payment made for portfolios purchase	50.00%
Foreclosure rate (less than)										0.50%
Business acquisition, date of acquisition				Jul. 01, 2013	Jun. 13, 2013
Deferred Court Costs not recovered, years	3 years
Employee stock options to purchase common shares, excluded from computation of diluted earnings per share	0	0
Initial conversion price per share						$ 31.56			$ 31.56
Warrants sold to purchase common stock						358,000	3,300,000	3,600,000
Convertible senior notes issuance	$ 448,500,000		$ 287,500,000						$ 115,000,000

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

Business Combinations - Additional Information (Detail)	3 Months Ended			3 Months Ended			3 Months Ended			3 Months Ended			0 Months Ended		3 Months Ended		3 Months Ended	0 Months Ended				0 Months Ended					0 Months Ended		0 Months Ended					0 Months Ended	3 Months Ended
Business Combinations - Additional Information (Detail)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)	Mar. 31, 2014 J.C. Flowers [Member]	Mar. 31, 2014 Preferred Equity Certificate [Member]	Feb. 22, 2014 Grove Holdings [Member]	Mar. 31, 2014 Janus Holdings [Member] USD ($)	Dec. 31, 2013 Janus Holdings [Member] USD ($)	Jul. 02, 2013 Janus Holdings [Member]	Mar. 31, 2014 Janus Holdings [Member] Preferred Equity Certificate [Member] USD ($)	Mar. 31, 2014 Encore Europe Consolidated [Member] USD ($)	Mar. 31, 2014 Encore Europe Consolidated [Member] Preferred Equity Certificate [Member] USD ($)	Feb. 07, 2014 Marlin Acquisition [Member] USD ($)	Feb. 07, 2014 Marlin Acquisition [Member] GBP (£)	Mar. 31, 2014 Marlin Acquisition [Member]	Jul. 02, 2013 Cabot Credit Management [Member] Janus Holdings [Member]	Mar. 31, 2014 Cabot Acquisition [Member] USD ($)	Jul. 02, 2013 Cabot Acquisition [Member] A Shares [Member]	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] USD ($)	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] GBP (£)	Mar. 31, 2014 Cabot Acquisition [Member] Janus Holdings [Member]	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] E Shares [Member]	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] E Bridge PECs [Member] USD ($)	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] E Bridge PECs [Member] GBP (£)	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] E PECs [Member] USD ($)	Jul. 02, 2013 Cabot Acquisition [Member] Janus Holdings [Member] E PECs [Member] GBP (£)	Jul. 02, 2013 Cabot Holdings [Member] J.C. Flowers [Member] A Shares [Member]	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member]	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member] J.C. Flowers [Member] J Shares [Member]	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member] J.C. Flowers [Member] J Bridge PECs [Member] USD ($)	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member] J.C. Flowers [Member] J Bridge PECs [Member] GBP (£)	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member] J.C. Flowers [Member] J PECs [Member] USD ($)	Jul. 02, 2013 Cabot Holdings [Member] Janus Holdings [Member] J.C. Flowers [Member] J PECs [Member] GBP (£)	Jun. 13, 2013 AACC Merger [Member] USD ($)	Mar. 31, 2014 AACC Merger [Member] USD ($)
Business Acquisition [Line Items]
Percentage of equity interest acquired						68.20%										50.10%					42.90%
Debt instrument purchased, face amount																							$ 15,500,000	£ 10,218,574	$ 147,100,000	£ 96,729,661.0				$ 15,500,000	£ 10,177,781
Number of shares acquired				100																		3,498,563					100
Number of shares held																		100											3,484,597
Aggregate purchase price													274,100,000	166,800,000					175,000,000	115,100,000
Minority interest percentage									49.90%																			49.90%
Debt instrument purchased, face amount																																146,500,000	96,343,515
Debt instrument, stated interest rate					12.00%
Goodwill	844,567,000		504,213,000				713,450,000	376,296,000					329,943,000				351,908,000																		62,941,000
Revenues	253,741,000	144,586,000					62,520,000				62,520,000						62,500,000
Net loss attributable to noncontrolling interests	4,350,000	0					(1,099,000)				(4,370,000)
PEC interest (expense) income	4,824,000	3,602,000								(11,042,000)		(5,675,000)
Business acquisition, date of acquisition															Feb. 07, 2014
Business acquisition, cash paid													274,068,000	166,800,000			177,246,000																	150,800,000	316,485,000
Business acquisition, common stock issued																																		1,700,000
Business acquisition, common stock issued, price per share																																		$ 37.30
Business acquisition, debt paid off on the closing date of AACC Merger																																			165,700,000
Intangible assets																	7,559,000																		1,470,000
Liabilities, net													301,180,000																						126,059,000
Net income attributable to Encore Capital Group, Inc. stockholders	$ 23,180,000	$ 19,448,000					$ (6,554,000)				$ 2,095,000						$ 2,100,000

Business Combinations - Components of Purchase Price Allocation for Acquisition/Merger (Detail)			3 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended		3 Months Ended
	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Mar. 31, 2014 Cabot Acquisition [Member] USD ($)	Jun. 13, 2013 AACC Merger [Member] USD ($)	Mar. 31, 2014 AACC Merger [Member] USD ($)	Feb. 07, 2014 Marlin [Member] USD ($)	Feb. 07, 2014 Marlin [Member] GBP (£)	Mar. 31, 2014 Marlin [Member] USD ($)
Business Acquisition [Line Items]
Cash paid at acquisition			$ 177,246,000	$ 150,800,000	$ 316,485,000	$ 274,068,000	£ 166,800,000
Cash consideration used to repay Acquiree loans						73,700,000	44,800,000
Stock consideration					62,352,000
Liabilities assumed						246,500,000	150,000,000
Business combination, acquisition and integration costs								9,800,000
Allocation of purchase price:
Cash			57,520,000		23,156,000	16,342,000
Investment in receivable portfolios			558,951,000		383,382,000	208,450,000
Deferred court costs					6,940,000	914,000
Property and equipment			13,672,000		11,003,000	1,508,000
Other assets			20,349,000		16,004,000	18,091,000
Preferred equity certificates assumed			(211,549,000)
Liabilities assumed					(126,059,000)	(301,180,000)
Debt assumed			(559,907,000)
Other liabilities assumed			(45,142,000)
Redeemable noncontrolling interests			(12,064,000)
Noncontrolling interests			(4,051,000)
Identifiable intangible assets			7,559,000		1,470,000
Goodwill	844,567,000	504,213,000	351,908,000		62,941,000	329,943,000
Total net assets acquired			$ 177,246,000		$ 378,837,000	$ 274,068,000

Business Combinations - Summary of Operating Performance (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition [Line Items]
Total revenues	$ 253,741	$ 144,586
Total operating expenses	(185,472)	(105,872)
Income from operations	68,269	38,714
Interest expense-non-PEC	(37,962)	(6,854)
PEC interest (expense) income	4,824	3,602
(Loss) income before income taxes	30,572	32,019
Provision for income taxes	11,742	12,571
Net income	18,830	19,448
Net loss attributable to noncontrolling interests	(4,350)	0
Net income attributable to Encore Capital Group, Inc. stockholders	23,180	19,448
Janus Holdings [Member]
Business Acquisition [Line Items]
Total revenues	62,520
Total operating expenses	(39,576)
Income from operations	22,944
Other income	75
(Loss) income before income taxes	(9,799)
Provision for income taxes	2,146
Net income	(7,653)
Net loss attributable to noncontrolling interests	1,099
Net income attributable to Encore Capital Group, Inc. stockholders	(6,554)
Janus Holdings [Member] \| Non Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
Interest expense-non-PEC	(21,776)
Janus Holdings [Member] \| Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
PEC interest (expense) income	(11,042)
Encore Europe [Member]
Business Acquisition [Line Items]
Total revenues	0
Total operating expenses	0
Income from operations	0
Other income	11
(Loss) income before income taxes	5,378
Provision for income taxes	0
Net income	5,378
Net loss attributable to noncontrolling interests	3,271
Net income attributable to Encore Capital Group, Inc. stockholders	8,649
Encore Europe [Member] \| Non Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
Interest expense-non-PEC	0
Encore Europe [Member] \| Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
PEC interest (expense) income	5,367
Encore Europe Consolidated [Member]
Business Acquisition [Line Items]
Total revenues	62,520
Total operating expenses	(39,576)
Income from operations	22,944
Other income	86
(Loss) income before income taxes	(4,421)
Provision for income taxes	2,146
Net income	(2,275)
Net loss attributable to noncontrolling interests	4,370
Net income attributable to Encore Capital Group, Inc. stockholders	2,095
Encore Europe Consolidated [Member] \| Non Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
Interest expense-non-PEC	(21,776)
Encore Europe Consolidated [Member] \| Preferred Equity Certificate [Member]
Business Acquisition [Line Items]
PEC interest (expense) income	$ (5,675)

Earnings Per Share Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares outstanding-basic	25,749	23,446
Dilutive effect of stock-based awards	906	968
Dilutive effect of convertible senior notes (in shares)	1,461	0
Dilutive effect of warrants	80	0
Weighted average common shares outstanding-diluted	28,196	24,414

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.

+ References+ Details

Earnings Per Share Additional Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014 2017 Convertible Senior Notes [Member]	Feb. 06, 2014 2017 Convertible Senior Notes [Member]	Dec. 31, 2012 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Mar. 31, 2013 2017 Convertible Senior Notes [Member] Before Amendment [Member]	Dec. 31, 2012 2017 Convertible Senior Notes [Member] Before Amendment [Member]	Dec. 16, 2013 2017 Convertible Senior Notes [Member] After Amendment [Member]	Mar. 31, 2014 2017 Convertible Senior Notes [Member] Adjusted Debt Conversion Rate Following Hedge Transactions [Member]	Mar. 31, 2014 2020 Convertible Senior Notes [Member]	Jul. 18, 2013 2020 Convertible Senior Notes [Member]	Jun. 25, 2013 2020 Convertible Senior Notes [Member]	Mar. 31, 2014 2020 Convertible Senior Notes [Member] Adjusted Debt Conversion Rate Following Hedge Transactions [Member]	Mar. 31, 2014 2021 Convertible Senior Notes [Member]	Mar. 06, 2014 2021 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Employee stock options to purchase common shares, excluded from computation of diluted earnings per share	0	0
Convertible debt, outstanding				$ 115,000,000								$ 172,500,000				$ 161,000,000
Initial conversion price per share				$ 31.56			$ 31.56				$ 60.00	$ 45.72		$ 45.72	$ 61.55	$ 59.39		$ 59.39
Convertible senior notes issuance	$ 448,500,000		$ 287,500,000				$ 115,000,000						$ 172,500,000.0				$ 161,000,000.0
Warrants sold to purchase common stock				358,000	3,300,000	3,600,000
Warrants exercise price								44.19	44.19	60.00

- Definition

+ References+ Details

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Temporary Equity
Redeemable noncontrolling interests	$ (26,434)	$ (26,564)
Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	641	46
Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(2,233)	(4,123)
Interest Rate Cap [Member] \| Other Assets [Member]
Assets
Interest rate cap contracts	69	202
Level 1 [Member]
Temporary Equity
Redeemable noncontrolling interests	0	0
Level 1 [Member] \| Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	0	0
Level 1 [Member] \| Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	0	0
Level 1 [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Assets
Interest rate cap contracts	0	0
Level 2 [Member]
Temporary Equity
Redeemable noncontrolling interests	0	0
Level 2 [Member] \| Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	641	46
Level 2 [Member] \| Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(2,233)	(4,123)
Level 2 [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Assets
Interest rate cap contracts	69	202
Level 3 [Member]
Temporary Equity
Redeemable noncontrolling interests	(26,434)	(26,564)
Level 3 [Member] \| Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	0	0
Level 3 [Member] \| Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	0	0
Level 3 [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Assets
Interest rate cap contracts	$ 0	$ 0

- Definition

The aggregate fair value as of the reporting date of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References+ Details

Fair Value Measurements - Change in Redeemable Noncontrolling Interests (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Redeemable Noncontrolling Interests [Roll Forward]
Balance at beginning of period	$ 26,564
Net loss attributable to redeemable noncontrolling interests	(3,262)
Adjustment of the redeemable noncontrolling interests to fair value	3,271
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(139)
Balance at end of period	$ 26,434

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References+ Details

Fair Value Measurements - Additional Information (Detail) (USD $)							3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2014 Cabot and Marlin Acquisitions [Member]	Dec. 31, 2013 Cabot Acquisition [Member]	Mar. 31, 2014 Cost to collect [Member]	Mar. 31, 2014 Discount rate [Member]	Mar. 31, 2014 United States [Member]	Mar. 31, 2014 United Kingdom [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Increase or decrease of the fair value							$ 32,400,000	$ 35,700,000
Fluctuation in discount rate	1.00%
Estimated market participant cost to collect									50.30%	30.20%
Discount rate									12.00%	19.50%
Carrying value of investment in receivable portfolios	1,904,030,000	1,590,249,000	801,525,000	873,119,000
Convertible senior notes, carrying value	448,500,000	287,500,000
Convertible senior notes, debt discount	57,881,000	42,240,000
Fair value estimate of convertible senior notes incorporates quoted market prices	538,400,000	412,400,000			1,300,000,000	680,700,000
Senior secured notes, carrying value	55,000,000	58,750,000			1,230,401,000	646,855,000
Senior secured notes, debt premium	$ 79,964,000	$ 43,583,000			$ 80,000,000	$ 43,600,000

Derivatives and Hedging Instruments - Additional Information (Detail)			3 Months Ended
	Mar. 31, 2014 Cabot Acquisition [Member] USD ($)	Mar. 31, 2014 Cabot Acquisition [Member] GBP (£)	Mar. 31, 2014 Forward Contracts [Member] USD ($)	Mar. 31, 2013 Forward Contracts [Member] USD ($)
Derivative [Line Items]
Derivative instrument, Notional amount	$ 208,400,000	£ 125,000,000	$ 43,200,000
Period of forward contracts entered for cash payments of future forecasted transactions in Indian rupees, maximum			36 months
Net derivative loss included in OCI will be reclassified into earnings			1,200,000
Gains or losses were reclassified from OCI into earnings			$ 0	$ 0

Derivatives and Hedging Instruments - Summary of Fair Value of Derivative Instruments as Recorded in Company's Consolidated Statements of Financial Condition (Detail) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Other Liabilities [Member] \| Foreign Currency Exchange Contracts [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	$ (2,233)	$ (4,123)
Other Assets [Member] \| Foreign Currency Exchange Contracts [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	641	46
Other Assets [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Interest rate cap, assets	69	202
Fair Value, Inputs, Level 2 [Member] \| Other Liabilities [Member] \| Foreign Currency Exchange Contracts [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	(2,233)	(4,123)
Fair Value, Inputs, Level 2 [Member] \| Other Assets [Member] \| Foreign Currency Exchange Contracts [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	641	46
Fair Value, Inputs, Level 2 [Member] \| Other Assets [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Interest rate cap, assets	$ 69	$ 202

Derivatives and Hedging Instruments - Summary of Effects of Derivatives on Cash Flow Hedging Relationships in Company's Statements of Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest Rate Swaps [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI - Effective Portion	$ 0	$ 222
Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI - Effective Portion	1,885	601
Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI - Effective Portion	187	103
Interest Expense [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	0	0
Salaries and Employee Benefits [Member] \| Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(356)	(49)
General and Administrative Expenses [Member] \| Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(57)	(9)
Other (expense) income [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	0	0
Other (expense) income [Member] \| Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	0	0
Other (expense) income [Member] \| Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	$ 0	$ 0

Investment in Receivable Portfolios, Net - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Investment in receivable portfolios collection forecast estimate	$ 141,700,000
Income recognized under cost recovery method	0
Purchase price of receivable portfolios	467,565,000	58,771,000
Face value of receivable portfolios	4,300,000,000	1,600,000,000
Purchase cost as a percentage of face value	10.90%	3.60%
Estimated future collections at acquisition for receivable portfolios	1,000,000,000	126,600,000
Zero Basis Revenue	3,600,000	4,700,000
Marlin [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Purchase price of receivable portfolios	$ 208,500,000
Minimum [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios	84 months
Maximum [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios	96 months
Maximum [Member] \| Cabot Holdings [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios	120 months

Investment in Receivable Portfolios, Net - Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	$ 2,399,936		$ 1,002,310
Revenue recognized, net	(237,568)	(140,683)
Net additions on existing portfolios	100,880	180,695
Additions for current purchases	591,205	66,808
Balance at end of period	2,854,453	1,109,130	1,002,310
Accretable Yield [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	2,391,471		984,944
Revenue recognized, net	(231,057)	(135,072)
Net additions on existing portfolios	92,325	173,634
Additions for current purchases	591,205	66,808
Balance at end of period	2,843,944	1,090,314	984,944
Estimate of Zero Basis Cash Flows [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	8,465		17,366
Revenue recognized, net	(6,511)	(5,611)
Net additions on existing portfolios	8,555	7,061
Additions for current purchases	0	0
Balance at end of period	$ 10,509	$ 18,816	$ 17,366

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 1,590,249		$ 873,119
Purchases of receivable portfolios	467,565	58,771
Gross collections	(396,674)	(270,170)
Put-backs and recalls	(3,384)	(878)
Foreign currency adjustments	8,706
Revenue recognized	234,338	139,677
Portfolio allowance reversals, net	3,230	1,006
Balance, end of period	1,904,030	801,525	873,119
Revenue as a percentage of collections	59.10%	51.70%
Accrual Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	1,585,587		873,119
Purchases of receivable portfolios	467,565	58,771
Gross collections	(389,503)	(264,559)
Put-backs and recalls	(3,235)	(878)
Foreign currency adjustments	8,706
Revenue recognized	230,747	135,015
Portfolio allowance reversals, net	310	57
Balance, end of period	1,900,177	801,525	873,119
Revenue as a percentage of collections	59.20%	51.00%
Cost Recovery Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	4,662
Purchases of receivable portfolios	0
Gross collections	(660)
Put-backs and recalls	(149)
Balance, end of period	3,853
Revenue as a percentage of collections	0.00%	0.00%
Zero Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Gross collections	(6,511)	(5,611)
Put-backs and recalls	0
Revenue recognized	3,591	4,662
Portfolio allowance reversals, net	2,920	949
Revenue as a percentage of collections	55.20%	83.10%
Marlin [Member]
Investment in Receivables Portfolio [Roll Forward]
Purchases of receivable portfolios	$ 208,500

Investment in Receivable Portfolios, Net - Summary of Change in Valuation Allowance for Investment in Receivable Portfolios (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Valuation Allowance for Investment in Receivable Portfolios [Roll Forward]
Balance at beginning of period	$ 93,080	$ 105,273
Provision for portfolio allowances	0	479
Reversal of prior allowances	(3,230)	(1,485)
Balance at end of period	$ 89,850	$ 104,267

Deferred Court Costs, Net - Schedule of Deferred Court Costs (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Court costs advanced	$ 430,598	$ 399,274
Court costs recovered	(160,852)	(147,166)
Court costs reserve	(227,067)	(210,889)	(162,500)	(149,080)
Deferred court costs, net	$ 42,679	$ 41,219

Other Assets - Components of Other Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Debt issuance costs, net of amortization	$ 41,243	$ 28,066
Deferred tax assets	24,489	13,974
Prepaid expenses	24,443	23,487
Identifiable intangible assets, net	22,579	23,549
Service fee receivables	16,362	29,931
Funds held in escrow	15,155	0
Other financial receivables	8,595	7,962
Interest receivable	8,566	7,956
Prepaid income taxes	4,344	5,009
Security deposits	3,130	2,500
Recoverable legal fees	3,029	3,049
Other	9,762	9,300
Total other assets	$ 181,697	$ 154,783

Debt - Components of Debt (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Encore revolving credit facility	$ 223,000,000	$ 356,000,000
Encore term loan facility	151,828,000	140,625,000
Encore senior secured notes	55,000,000	58,750,000
Encore convertible notes	448,500,000	287,500,000
Less: Debt discount	(57,881,000)	(42,240,000)
Add: Debt premium	79,964,000	43,583,000
Preferred equity certificates	222,473,000	199,821,000
Capital lease obligations	11,084,000	12,219,000
Debt and capital lease obligations, total	2,612,133,000	1,850,431,000
Other [Member]
Debt Instrument [Line Items]
Encore senior secured notes	19,529,000	20,271,000
Propel facilities [Member]
Debt Instrument [Line Items]
Encore revolving credit facility	174,815,000	170,630,000
Propel Facility I [Member]
Debt Instrument [Line Items]
Encore revolving credit facility	157,300,000
Propel Facility II [Member]
Debt Instrument [Line Items]
Encore revolving credit facility	17,500,000
Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Encore senior secured notes	1,150,437,000	603,272,000
Cabot Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 133,384,000	$ 0

Debt - Additional Information (Detail) (USD $)	3 Months Ended			0 Months Ended		3 Months Ended				0 Months Ended			0 Months Ended		3 Months Ended	0 Months Ended
Debt - Additional Information (Detail) (USD $)	Mar. 31, 2014	Feb. 25, 2014	Dec. 31, 2013	Feb. 25, 2014 Restated Credit Agreement [Member]	Feb. 25, 2014 Revolving Credit Facility [Member]	Mar. 31, 2014 Revolving Credit Facility [Member] Minimum [Member] LIBOR [Member]	Mar. 31, 2014 Revolving Credit Facility [Member] Minimum [Member] Base Rate [Member]	Mar. 31, 2014 Revolving Credit Facility [Member] Maximum [Member] LIBOR [Member]	Mar. 31, 2014 Revolving Credit Facility [Member] Maximum [Member] Base Rate [Member]	Feb. 07, 2014 Bridge Facility [Member]	Feb. 25, 2014 Term Loan One [Member]	Feb. 25, 2014 Term Loan [Member]	Feb. 25, 2014 Term Loan Subtranche One [Member]	Feb. 25, 2014 Term loan Subtranche Two [Member]	Mar. 31, 2014 2011 Senior Secured Notes [Member]	Feb. 25, 2014 Base Rate [Member] Term Loan One [Member] Minimum [Member]	Feb. 25, 2014 Base Rate [Member] Term Loan One [Member] Maximum [Member]	Feb. 25, 2014 Base Rate [Member] Term Loan Subtranche One [Member] Minimum [Member]	Feb. 25, 2014 Base Rate [Member] Term Loan Subtranche One [Member] Maximum [Member]	Feb. 25, 2014 Base Rate [Member] Term loan Subtranche Two [Member] Minimum [Member]	Feb. 25, 2014 Base Rate [Member] Term loan Subtranche Two [Member] Maximum [Member]	Feb. 25, 2014 LIBOR [Member] Term Loan One [Member] Minimum [Member]	Feb. 25, 2014 LIBOR [Member] Term Loan One [Member] Maximum [Member]	Feb. 25, 2014 LIBOR [Member] Term Loan Subtranche One [Member] Minimum [Member]	Feb. 25, 2014 LIBOR [Member] Term Loan Subtranche One [Member] Maximum [Member]	Feb. 25, 2014 LIBOR [Member] Term loan Subtranche Two [Member] Minimum [Member]	Feb. 25, 2014 LIBOR [Member] Term loan Subtranche Two [Member] Maximum [Member]
Debt Instrument [Line Items]
Revolving credit facility					$ 692,600,000
Term loan facility	151,828,000		140,625,000								87,500,000	153,800,000	60,000,000	6,300,000
Additional line of revolving credit facility					250,000,000.0
Maximum borrowing capacity including accordion agreement after amendment				1,100,000,000.0
Debt instrument, term				5 years						1 year	5 years
Line of credit facility expiry date				Feb. 28, 2019									Feb. 25, 2017	Nov. 03, 2017
Investments in unrestricted subsidiaries		$ 200,000,000
Basis spread on variable rate						2.50%	1.50%	3.00%	2.00%	6.00%						1.50%	2.00%	1.00%	1.50%	1.50%	2.00%	2.50%	3.00%	2.00%	2.50%	2.50%	3.00%
Percentage to be added to base rate for alternate base rate	0.50%
Percentage to be added to adjusted base rate for alternate base rate	1.00%
Debt instrument, frequency of periodic payment															Quarterly

Debt - Additional Information 1 (Detail) (USD $)			0 Months Ended
Debt - Additional Information 1 (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 25, 2014 Term Loan One [Member]	Feb. 25, 2014 Term Loan Subtranche One [Member]	Feb. 25, 2014 Term loan Subtranche Two [Member]	Feb. 25, 2014 Minimum [Member] Term Loan One [Member] LIBOR [Member]	Feb. 25, 2014 Minimum [Member] Term Loan One [Member] Base Rate [Member]	Feb. 25, 2014 Minimum [Member] Term Loan Subtranche One [Member] LIBOR [Member]	Feb. 25, 2014 Minimum [Member] Term Loan Subtranche One [Member] Base Rate [Member]	Feb. 25, 2014 Minimum [Member] Term loan Subtranche Two [Member] LIBOR [Member]	Feb. 25, 2014 Minimum [Member] Term loan Subtranche Two [Member] Base Rate [Member]	Feb. 25, 2014 Maximum [Member] Term Loan One [Member] LIBOR [Member]	Feb. 25, 2014 Maximum [Member] Term Loan One [Member] Base Rate [Member]	Feb. 25, 2014 Maximum [Member] Term Loan Subtranche One [Member] LIBOR [Member]	Feb. 25, 2014 Maximum [Member] Term Loan Subtranche One [Member] Base Rate [Member]	Feb. 25, 2014 Maximum [Member] Term loan Subtranche Two [Member] LIBOR [Member]	Feb. 25, 2014 Maximum [Member] Term loan Subtranche Two [Member] Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, term			5 years
Term loan facility	$ 151,828,000	$ 140,625,000	$ 87,500,000	$ 60,000,000	$ 6,300,000
Basis spread on variable rate						2.50%	1.50%	2.00%	1.00%	2.50%	1.50%	3.00%	2.00%	2.50%	1.50%	3.00%	2.00%
Principal amount amortized, 2014			4,400,000	3,000,000	400,000
Principal amount amortized, 2015			4,400,000	3,000,000	500,000
Principal amount amortized, 2016			6,600,000	4,500,000	600,000
Principal amount amortized, 2017			8,800,000		500,000
Principal amount amortized, 2018			$ 8,800,000
Line of credit facility expiry date				Feb. 25, 2017	Nov. 03, 2017

Debt - Additional Information 2 (Detail) (USD $)	0 Months Ended
Debt - Additional Information 2 (Detail) (USD $)	Feb. 25, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Debt Instrument [Line Items]
Eligible estimated remaining collections for consumer receivables	55.00%
Borrowing base as percentage of eligible estimated collection range start	30.00%
Borrowing base as percentage of eligible estimated collection range end	35.00%
Percentage of eligible estimated remaining collections	33.00%
Percentage of multiplying factor	95.00%
Allowance of additional unsecured indebtedness	$ 450,000,000.0
Company's repurchases, common stock	50,000,000.0
Percentage of acquisitions excluded	50.00%
Acquisition limit per acquisition	75,000,000.0
Acquisition limit	225,000,000.0
Amount outstanding		374,800,000
Revolving credit facility, interest rate		2.89%		3.14%
Other long-term debt		151,828,000	140,625,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	692,600,000
Additional line of revolving credit facility	250,000,000.0
Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity including accordion agreement after amendment	1,100,000,000.0
Debt instrument, term	5 years
Foreign Portfolio Investment Basket [Member]
Debt Instrument [Line Items]
Acquisition limit per acquisition	150,000,000.0
Term Loan [Member]
Debt Instrument [Line Items]
Other long-term debt	153,800,000
Term Loan Two [Member]
Debt Instrument [Line Items]
Other long-term debt	60,000,000
Term Loan Three [Member]
Debt Instrument [Line Items]
Other long-term debt	$ 6,300,000

Debt - Additional Information 3 (Detail)	3 Months Ended					3 Months Ended		0 Months Ended			3 Months Ended		0 Months Ended				3 Months Ended				0 Months Ended						3 Months Ended					0 Months Ended				3 Months Ended						3 Months Ended			0 Months Ended	3 Months Ended
Debt - Additional Information 3 (Detail)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)	Mar. 31, 2014 Propel Facility I [Member] USD ($)	Mar. 31, 2013 Propel Facility I [Member]	Mar. 31, 2014 Propel Facility II [Member] USD ($)	May 09, 2013 Propel Facility II [Member] USD ($)	May 06, 2014 Propel Facility II, Amended [Member] Subsequent Event [Member] USD ($)	May 09, 2013 Propel Facility II, Amended [Member] Subsequent Event [Member] USD ($)	May 06, 2014 Propel Facility II, Amended [Member] July 1, 2014 to September 30, 2014 [Member] Subsequent Event [Member] USD ($)	Mar. 31, 2014 Cabot Corporation [Member] USD ($)	Mar. 31, 2014 Cabot Corporation [Member] GBP (£)	Sep. 20, 2012 Cabot 2019 Notes [Member] USD ($)	Sep. 20, 2012 Cabot 2019 Notes [Member] GBP (£)	Aug. 02, 2013 Cabot 2020 Notes [Member] USD ($)	Aug. 02, 2013 Cabot 2020 Notes [Member] GBP (£)	Mar. 31, 2014 J Bridge PECs [Member] USD ($)	Mar. 31, 2014 J Bridge PECs [Member] GBP (£)	Mar. 31, 2014 2011 Senior Secured Notes [Member] USD ($)	Mar. 31, 2014 2010 Senior Secured Notes [Member] USD ($)	Mar. 21, 2014 Cabot 2021 Notes [Member] USD ($)	Mar. 21, 2014 Cabot 2021 Notes [Member] GBP (£)	Feb. 07, 2014 Marlin Acquisition [Member] USD ($)	Feb. 07, 2014 Marlin Acquisition [Member] GBP (£)	Jul. 25, 2013 Marlin Acquisition [Member] Senior Secured Notes Due 2020 [Member] USD ($)	Jul. 25, 2013 Marlin Acquisition [Member] Senior Secured Notes Due 2020 [Member] GBP (£)	Mar. 31, 2014 LIBOR [Member] Propel Facility I [Member] Minimum [Member]	Mar. 31, 2014 LIBOR [Member] Propel Facility I [Member] Maximum [Member]	Mar. 31, 2014 LIBOR [Member] Propel Facility II [Member]	Mar. 31, 2014 Prime Rate [Member] Propel Facility I [Member] Minimum [Member]	Mar. 31, 2014 Prime Rate [Member] Propel Facility I [Member] Maximum [Member]	May 06, 2014 Funding of Tax Liens [Member] Propel Facility II, Amended [Member] Subsequent Event [Member] USD ($)	May 06, 2014 Funding of Tax Liens [Member] LIBOR [Member] Propel Facility II, Amended [Member] Subsequent Event [Member]	Sep. 20, 2012 Cabot Credit Agreement [Member] USD ($)	Sep. 20, 2012 Cabot Credit Agreement [Member] GBP (£)	Mar. 31, 2014 Cabot Credit Facility [Member] USD ($)	Dec. 31, 2013 Cabot Credit Facility [Member] USD ($)	Jun. 28, 2013 Cabot Credit Facility [Member] USD ($)	Jun. 28, 2013 Cabot Credit Facility [Member] GBP (£)	Feb. 07, 2014 Cabot Credit Facility [Member] Marlin Acquisition [Member] USD ($)	Feb. 07, 2014 Cabot Credit Facility [Member] Marlin Acquisition [Member] GBP (£)	Mar. 31, 2014 Cabot Credit Facility [Member] LIBOR [Member]	Feb. 07, 2014 Bridge Facility A [Member] GBP (£)	Feb. 07, 2014 Bridge Facility B [Member] GBP (£)	Feb. 07, 2014 Bridge Facility [Member] GBP (£)	Mar. 31, 2014 Bridge Facility [Member] USD ($)
Debt Instrument [Line Items]
Preferred equity certificates	$ 222,473,000		$ 199,821,000
Capital lease obligations	11,084,000		12,219,000
senior secured Notes	55,000,000		58,750,000										438,400,000	265,000,000	151,700,000	100,000,000					291,800,000	175,000,000.0			246,500,000	150,000,000.0
Senior secured notes, aggregate amount	75,000,000.0																		25,000,000.0	50,000,000.0
Debt instrument, stated interest rate													10.375%	10.375%	8.375%	8.375%			7.375%	7.75%	6.50%	6.50%			10.50%	10.50%			4.00%
Debt instrument, additional facility face amount																																													80,000,000
Senior secured notes, periodic principal repayment																			1,250,000.00	2,500,000.0
Frequency of repayment, senior secured notes																			Quarterly
Debt instrument maturity date																			2018	2017
Revolving credit facility, maximum borrowing capacity				200,000,000			100,000,000	150,000,000.0	100,000,000.0	190,000,000.0																						80,000,000.0		82,700,000	50,000,000.0			140,600,000	85,000,000.0				105,000,000	151,500,000
Credit facility, right to finance vacant land, percentage of eligible assets																																5.00%
Debt instrument, extension of revolving period, purchasing tax liens								2 years
Basis spread on variable rate																											3.00%	3.75%	3.25%	0.00%	0.75%		2.50%									4.00%			6.00%
Basis spread over the current Treasury Rate	0.50%																																												0.50%
Credit facility, estimated remaining collections, maximum term																																										84 months
Borrowing base of the face value of the tax lien collateralized notes				90.00%
Credit facility, outstanding amount																																				133,384,000	0			122,300,000	75,000,000
Encore revolving credit facility	223,000,000		356,000,000	157,300,000		17,500,000
Weighted average interest rate	2.89%	3.14%		3.66%	3.54%	3.04%
Additional draws	0
Debt instrument, term						4 years																														5 years									1 year
Debt instrument, extension of maturity date, term								2 years																																					6 years 6 months
Amount outstanding	374,800,000
Debt instrument interest payment date													Interest on the Cabot 2019 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year	Interest on the Cabot 2019 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year	Interest on the Cabot 2020 Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year, beginning on February 1, 2014	Interest on the Cabot 2020 Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year, beginning on February 1, 2014
Debt issuance cost																					4,400,000																									2,000,000
Repayment of senior credit facility	447,045,000	91,800,000									113,800,000	75,000,000									174,800,000	105,000,000
Repayment of J Bridge PECs	4,537,000	0															37,900,000	25,000,000.0
Line of credit facility expiry date																																				Sep. 01, 2017
LTV ratio																																				0.75%
Aggregate purchase price																							274,100,000	166,800,000
Basis spread rate increase interval period																																													3 months
Long-term debt, fair value																									$ 284,200,000

Debt - Additional Information 4 (Detail) (USD $)	1 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended				0 Months Ended	3 Months Ended	12 Months Ended							0 Months Ended		3 Months Ended		0 Months Ended
Debt - Additional Information 4 (Detail) (USD $)	Aug. 30, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014 After Amendment [Member]	Mar. 31, 2014 Warrants [Member]	Jul. 02, 2013 Cabot Acquisition [Member]	Jul. 02, 2013 Janus Holdings [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Mar. 31, 2014 2017 Convertible Senior Notes [Member]	Dec. 31, 2013 2017 Convertible Senior Notes [Member] D	Feb. 06, 2014 2017 Convertible Senior Notes [Member]	Dec. 31, 2012 2017 Convertible Senior Notes [Member]	Dec. 06, 2012 2017 Convertible Senior Notes [Member]	Mar. 31, 2013 2017 Convertible Senior Notes [Member] Before Amendment [Member]	Dec. 31, 2012 2017 Convertible Senior Notes [Member] Before Amendment [Member]	Dec. 16, 2013 2017 Convertible Senior Notes [Member] After Amendment [Member]	Jun. 25, 2013 2020 Convertible Senior Notes [Member]	Jun. 25, 2013 2020 Convertible Senior Notes [Member]	Mar. 31, 2014 2020 Convertible Senior Notes [Member]	Jul. 18, 2013 2020 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]	Mar. 31, 2014 2021 Convertible Senior Notes [Member]	Mar. 06, 2014 2021 Convertible Senior Notes [Member]	Mar. 31, 2014 Preferred Equity Certificate [Member]	Mar. 31, 2014 Propel Facility II [Member]
Debt Instrument [Line Items]
Encore revolving credit facility		$ 223,000,000		$ 356,000,000																						$ 17,500,000
Encore senior secured notes		55,000,000		58,750,000
Basis spread over the current Treasury Rate		0.50%
Convertible senior notes sold									100,000,000					15,000,000				150,000,000	150,000,000		22,500,000.0	140,000,000.0		21,000,000.0
Debt instrument, stated interest rate									3.00%									3.00%	3.00%			2.875%			12.00%
Convertible senior notes, Maturity date									Nov. 27, 2017										Jul. 01, 2020
Convertible senior notes outstanding		448,500,000		287,500,000					115,000,000												172,500,000.0			161,000,000.0
Debt instrument interest payment date										Interest on the 2017 Convertible Notes is payable semi-annually, in arrears, on May 27 and November 27 of each year										Interest on the 2020 Convertible Notes is payable semi-annually, in arrears, on January 1 and July 1 of each year
Initial conversion rate									31.6832										21.8718			16.8386
Convertible senior notes, principal amount									1,000									1,000	1,000			1,000
Initial conversion price per share									$ 31.56	$ 31.56								$ 45.72	$ 45.72	$ 45.72		$ 59.39	$ 59.39
Fair value of notes									100,300,000	177,500,000								140,200,000	140,200,000			143,600,000
Residual value		53,133,000		46,954,000					14,700,000									32,300,000	32,300,000			17,400,000
Debt issuance cost									3,300,000									4,900,000				4,700,000
Initial debt issuance costs									3,800,000									6,000,000				5,300,000
Equity issuance cost									500,000									1,100,000				600,000
Event of early conversion, percentage of conversion price											130.00%
Event of early conversion, period stock price exceeds conversion price, trading days											20
Event of early conversion, term prior to period end stock price exceeds conversion price, consecutive trading days											30 days
Redeemable equity component of convertible senior notes		11,176,000
Dilutive effect of convertible senior notes (in shares)		1,461,000	0							1,300,000										200,000
Average price of common stock (in dollars per share)										$ 31.56
Effective conversion price of Notes per share										$ 44.19
Warrants strike price															44.19	44.19	60.00
Number of warrants modified										358,000		3,300,000	3,600,000
Amount paid to modify warrants, per warrant (in dollars per share)						$ 7.66
Amount paid to modify warrants					27,900,000
Warrant restrike costs		25,200,000		2,700,000
Capped Call Transactions cost																				18,100,000		19,500,000
Cap price of capped call transactions per share																				$ 61.5475		$ 83.1425
Proceeds from sale of Notes		161,000,000	0																	167,400,000		155,700,000
Net proceeds used for payment of convertible note hedge transaction cost																				18,100,000		19,500,000
Effective interest rate on the liability component										6.00%										6.35%			4.70%
Percentage of equity interest acquired							50.10%
Minority interest percentage								49.90%
Repayment of J Bridge PECs	41,200,000
Preferred equity certificates		222,473,000		199,821,000
Capital lease obligations		$ 11,084,000		$ 12,219,000
Capital lease obligations, minimum percentage		0.00%
Capital lease obligations, maximum percentage		11.38%

Debt - Balances of Liability and Equity Components (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Liability component-principal amount	$ 448,500	$ 287,500
Unamortized debt discount	(57,881)	(42,240)
Liability component-net carrying amount	390,619	245,260
Equity component	$ 53,133	$ 46,954

Debt - Interest Expense (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Convertible Notes [Member]
Debt Instrument [Line Items]
Interest expense-stated coupon rate	$ 2,456	$ 858
Interest expense - amortization/appreciation of debt discount/premium	1,755	607
Total interest expense-Cabot Notes	4,211	1,465
Cabot and Marlin Acquisitions [Member]
Debt Instrument [Line Items]
Interest expense-stated coupon rate	19,255
Interest expense - amortization/appreciation of debt discount/premium	(2,232)
Total interest expense-Cabot Notes	$ 17,023

Debt - Summary of Debt and Capital Lease Obligations Maturities (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified			0 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Feb. 25, 2014 Term Loan Subtranche One [Member]	Feb. 25, 2014 Term loan Subtranche Two [Member]	Feb. 25, 2014 Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, term					5 years
Line of credit facility expiry date			Feb. 25, 2017	Nov. 03, 2017	Feb. 28, 2019
Term loan facility	$ 151,828	$ 140,625	$ 60,000	$ 6,300

Variable Interest Entity - Assets and Liabilities of Variable Interest Entity (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
Assets
Cash and cash equivalents	$ 196,389	$ 126,213	$ 29,904	$ 17,510
Investment in receivable portfolios, net	1,904,030	1,590,249	801,525		873,119
Property and equipment, net	55,879	55,783
Other assets	181,697	154,783
Goodwill	844,567	504,213
Total assets(1)	3,434,696	2,685,274
Liabilities
Accounts payable and accrued liabilities	124,803	137,272
Debt	2,612,133	1,850,431
Other liabilities	99,469	95,100
Total liabilities(1)	2,836,405	2,082,803
Janus Holdings [Member]
Assets
Cash and cash equivalents	95,109	62,403
Investment in receivable portfolios, net	954,147	620,312
Deferred court costs, net	854	0
Property and equipment, net	15,034	13,755
Other assets	78,812	33,772
Goodwill	713,450	376,296
Total assets(1)	1,857,406	1,106,538
Liabilities
Accounts payable and accrued liabilities	53,817	47,219
Debt	1,586,259	846,676
Other liabilities	7,081	1,897
Total liabilities(1)	$ 1,647,157	$ 895,792

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Line Items]
Provision for income taxes	$ 11,742,000	$ 12,571,000
Net tax benefit from unrecognized tax benefits, if recognized	18,700,000
Increase in gross unrecognized tax benefit	5,200,000
Undistributed earnings	2,400,000
Income tax holiday, description	The Company's subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2018 and a 50% tax holiday for the subsequent four years. The impact of the tax holiday in Costa Rica for the three months ended March 31, 2014 was immaterial.
AACC Merger [Member]
Income Taxes [Line Items]
Unrecognized tax benefit	$ 88,200,000
Costa Rica [Member] \| Tax Holiday Through December 31, 2018 [Member]
Income Taxes [Line Items]
Holiday tax rate	100.00%
Costa Rica [Member] \| Subsequent Four Years [Member]
Income Taxes [Line Items]
Holiday tax rate	50.00%
Income Tax Holiday, Term	4 years

- Definition

The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed.

+ References+ Details

Income Taxes - Schedule of Effective Tax Rates (Detail)	3 Months Ended
Income Taxes - Schedule of Effective Tax Rates (Detail)	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]
Federal provision	35.00%	35.00%
State provision	5.80%	6.60%
State benefit	2.00%	2.30%
International provision	(3.40%)	0.00%
Permanent items	2.30%	0.00%
Other	0.70%	0.00%
Effective rate	38.40%	39.30%

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Contingencies And Commitments [Line Items]
Material Reserves For Litigation	$ 0
Purchase price of receivable portfolios	1,000,000,000
Purchase price	127,000,000
Purchase commitments in past one year	$ 0

- Definition

Minimum amount to be expended to satisfy the terms of arrangements in which the entity has agreed to expend funds to procure goods or services, excluding long-term purchase commitments or unconditional purchase obligations.

+ References+ Details

Segment Information - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014 Segment	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments	2
Assets	$ 3,434,696	$ 2,685,274
Portfolio Purchasing and Recovery [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,200,000
Tax Lien Transfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 257,800

Segment Information - Reconciliation of Revenue and Operating Income from Segments to Consolidated (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 253,741	$ 144,586
Depreciation and amortization	(6,117)	(1,846)
Other expense	(37,697)	(6,695)
Income from operations before income taxes	30,572	32,019
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	253,741	144,586
Operating income loss before depreciation and amortization	79,222	43,561
Operating Segments [Member] \| Portfolio Purchasing and Recovery [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	248,589	140,683
Operating income loss before depreciation and amortization	77,568	42,680
Operating Segments [Member] \| Tax Lien Transfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	5,152	3,903
Operating income loss before depreciation and amortization	1,654	881
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(6,117)	(1,846)
Stock-based compensation	(4,836)	(3,001)
Other expense	$ (37,697)	$ (6,695)

Segment Information - Schedule of Geographical Areas of Which Company Operates (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 253,741	$ 144,586
Domestic
Segment Reporting Information [Line Items]
Revenues	184,745	144,586
International
Segment Reporting Information [Line Items]
Revenues	$ 68,996	$ 0

Goodwill and Identifiable Intangible Assets - Schedule of Reportable Segments by Reporting Units (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Goodwill [Roll Forward]
Balance at beginning of period	$ 504,213
Goodwill acquired	329,943
Goodwill adjustment	3,457
Effect of foreign currency translation	6,954
Balance at end of period	844,567
Portfolio Purchasing and Recovery [Member]
Goodwill [Roll Forward]
Balance at beginning of period	454,936
Goodwill acquired	329,943
Goodwill adjustment	3,457
Effect of foreign currency translation	6,954
Balance at end of period	795,290
Tax Lien Transfer [Member]
Goodwill [Roll Forward]
Balance at beginning of period	49,277
Goodwill acquired	0
Goodwill adjustment	0
Effect of foreign currency translation	0
Balance at end of period	$ 49,277

Goodwill and Identifiable Intangible Assets - Summary of Acquired Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 24,477	$ 24,477
Accumulated Amortization	(1,898)	(928)
Other intangibles - indefinite lived	1,962	1,962
Net Carrying Amount	22,579	23,549
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,975	1,975
Accumulated Amortization	(160)	(74)
Net Carrying Amount	1,815	1,901
Developed Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,909	4,909
Accumulated Amortization	(713)	(468)
Net Carrying Amount	4,196	4,441
Trade Name and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15,631	15,631
Accumulated Amortization	(1,025)	(386)
Net Carrying Amount	$ 14,606	$ 15,245

Subsequent Events - Additional Information (Detail) (USD $)	0 Months Ended				0 Months Ended
	Apr. 24, 2014	Mar. 31, 2014	Dec. 31, 2013	May 02, 2014 Subsequent Event [Member] Tax lien portfolios and other related real estate assets [Member] state	May 02, 2014 Subsequent Event [Member] Tax lien portfolios and other related real estate assets [Member] Term Loan [Member]	May 06, 2014 Subsequent Event [Member] Propel Securitized Financing Facility [Member] Unpaid real estate taxes assessments and other charges secured by real property [Member]
Subsequent Event [Line Items]
Receivables secured by property tax liens, net		$ 209,455,000	$ 212,814,000			$ 141,500,000
Other long-term debt		151,828,000	140,625,000			134,000,000
Debt instrument, stated interest rate						1.44%
Acquisition of property tax portfolio				43,000,000
Number of states, subject to secured real estate				18
Part noncash asset acquisition, debt assumed					31,900,000
Stock repurchase program, authorized amount	$ 50,000,000

Deferred Court Costs, Net - Schedule of Court Cost Reserve (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (210,889)	$ (149,080)
Provision for court costs	(16,178)	(13,420)
Balance at end of period	$ (227,067)	$ (162,500)

Variable Interest Entity - Additional Information (Detail) (Cabot Credit Management [Member], Janus Holdings [Member])	Jul. 02, 2013
Cabot Credit Management [Member] \| Janus Holdings [Member]
Variable Interest Entity [Line Items]
Percentage of equity interest acquired	50.10%