Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2015	Jul. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
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		25,237,121

Condensed Consolidated Statements of Financial Condition (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 138,158	$ 124,163
Investment in receivable portfolios, net	2,351,767	2,143,560
Receivables secured by property tax liens, net	316,299	259,432
Property and equipment, net	66,413	66,969
Deferred court costs, net	71,724	60,412
Other assets	199,689	197,666
Goodwill	969,928	897,933
Total assets	4,113,978	3,750,135
Liabilities:
Accounts payable and accrued liabilities	214,621	231,967
Debt	3,134,187	2,773,554
Other liabilities	83,877	79,675
Total liabilities	3,432,685	3,085,196
Commitments and contingencies
Redeemable noncontrolling interest	27,924	28,885
Redeemable equity component of convertible senior notes	7,625	9,073
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, 25,237 shares and 25,794 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	252	258
Additional paid-in capital	101,288	125,310
Accumulated earnings	555,436	498,354
Accumulated other comprehensive loss	(14,796)	(922)
Total Encore Capital Group, Inc. stockholders’ equity	642,180	623,000
Noncontrolling interest	3,564	3,981
Total equity	645,744	626,981
Total liabilities, redeemable equity and equity	4,113,978	3,750,135
Variable Interest Entities [Member]
Assets
Cash and cash equivalents	39,518	44,996
Investment in receivable portfolios, net	1,244,636	993,462
Receivables secured by property tax liens, net	96,212	108,535
Property and equipment, net	19,715	15,957
Deferred court costs, net	29,016	17,317
Other assets	46,062	80,264
Goodwill	742,272	671,434
Liabilities:
Accounts payable and accrued liabilities	119,187	137,201
Debt	1,823,897	1,556,956
Other liabilities	$ 18,367	$ 8,724

Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $)	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
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	25,237,000	25,794,000
Common stock, shares outstanding	25,237,000	25,794,000

Condensed Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Revenue from receivable portfolios, net	$ 270,301	$ 248,231	$ 534,411	$ 485,799
Other revenues	13,112	14,149	27,522	25,498
Net interest income	6,943	6,815	14,086	11,639
Total revenues	290,356	269,195	576,019	522,936
Operating expenses
Salaries and employee benefits	67,545	64,355	135,293	122,492
Cost of legal collections	57,076	50,029	112,074	99,854
Other operating expenses	23,015	23,712	48,249	50,135
Collection agency commissions	8,466	7,482	19,151	15,758
General and administrative expenses	39,166	38,282	71,778	74,976
Depreciation and amortization	8,084	6,829	16,434	12,946
Total operating expenses	203,352	190,689	402,979	376,161
Income from operations	87,004	78,506	173,040	146,775
Other (expense) income
Interest expense	(46,250)	(43,218)	(88,553)	(81,180)
Other income	395	75	2,512	340
Total other expense	(45,855)	(43,143)	(86,041)	(80,840)
Income before income taxes	41,149	35,363	86,999	65,935
Provision for income taxes	(15,964)	(14,010)	(31,847)	(25,752)
Net income	25,185	21,353	55,152	40,183
Net loss attributable to noncontrolling interest	2,472	2,208	1,930	6,558
Net income attributable to Encore Capital Group, Inc. stockholders	$ 27,657	$ 23,561	$ 57,082	$ 46,741
Earnings per share attributable to Encore Capital Group, Inc.:
Basic (in dollars per share)	$ 1.07	$ 0.91	$ 2.20	$ 1.81
Diluted (in dollars per share)	$ 1.03	$ 0.86	$ 2.11	$ 1.68
Weighted average shares outstanding:
Basic (in shares)	25,885	25,798	25,978	25,774
Diluted (in shares)	26,919	27,492	27,117	27,790

Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 25,185	$ 21,353	$ 55,152	$ 40,183
Other comprehensive (loss) gain, net of tax:
Unrealized (loss) gain on derivative instruments	(164)	706	349	2,229
Unrealized gain (loss) on foreign currency translation	8,426	3,299	(14,223)	3,513
Other comprehensive gain (loss), net of tax	8,262	4,005	(13,874)	5,742
Comprehensive income	33,447	25,358	41,278	45,925
Comprehensive loss (gain) attributable to noncontrolling interest:
Net loss	2,472	2,208	1,930	6,558
Unrealized (gain) loss on foreign currency translation	(930)	(618)	888	(470)
Comprehensive loss attributable to noncontrolling interests	1,542	1,590	2,818	6,088
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 34,989	$ 26,948	$ 44,096	$ 52,013

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 55,152	$ 40,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,434	12,946
Non-cash interest expense, net	18,436	13,974
Stock-based compensation expense	12,103	9,551
Deferred income taxes	765	9,616
Excess tax benefit from stock-based payment arrangements	(1,479)	(10,756)
Reversal of allowances on receivable portfolios, net	(7,219)	(6,652)
Changes in operating assets and liabilities
Deferred court costs and other assets	(21,819)	(9,025)
Prepaid income tax and income taxes payable	(23,648)	(9,038)
Accounts payable, accrued liabilities and other liabilities	(1,313)	1,574
Net cash provided by operating activities	47,412	52,373
Investing activities:
Cash paid for acquisitions, net of cash acquired	(237,873)	(303,532)
Purchases of receivable portfolios, net of put-backs	(356,302)	(475,121)
Collections applied to investment in receivable portfolios, net	334,587	325,451
Originations and purchases of receivables secured by tax liens	(139,820)	(85,014)
Collections applied to receivables secured by tax liens	76,876	53,216
Purchases of property and equipment	(10,642)	(8,943)
Other, net	1,292	0
Net cash used in investing activities	(331,882)	(493,943)
Financing activities:
Payment of loan costs	(6,574)	(14,673)
Proceeds from credit facilities	737,648	679,872
Repayment of credit facilities	(354,362)	(732,857)
Proceeds from senior secured notes	0	288,645
Repayment of senior secured notes	(7,500)	(7,500)
Proceeds from issuance of convertible senior notes	0	161,000
Proceeds from issuance of securitized notes	0	134,000
Repayment of securitized notes	(22,694)	(8,793)
Purchases of convertible hedge instruments	0	(33,576)
Repurchase of common stock	(33,185)	(16,815)
Taxes paid related to net share settlement of equity awards	(5,260)	(18,375)
Excess tax benefit from stock-based payment arrangements	1,479	10,756
Other, net	(5,757)	1,382
Net cash provided by financing activities	303,795	443,066
Net increase in cash and cash equivalents	19,325	1,496
Effect of exchange rate changes on cash and cash equivalents	(5,330)	(4,302)
Cash and cash equivalents, beginning of period	124,163	126,213
Cash and cash equivalents, end of period	138,158	123,407
Supplemental disclosures of cash flow information:
Cash paid for interest	50,833	54,672
Cash paid for income taxes, net	58,510	37,805
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease	$ 1,290	$ 3,766

Ownership, Description of Business, and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

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 working 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, including Puerto Rico. Encore’s subsidiary, Janus Holdings Luxembourg S.a.r.l. (“Janus Holdings”), through its indirectly held U.K.-based subsidiary Cabot Credit Management Limited and its subsidiaries (“Cabot”), is a market leader in debt management in the United Kingdom, historically specializing in portfolios consisting of higher balance, semi-performing accounts. Cabot’s acquisition of Marlin Financial Group Limited (“Marlin”) in February 2014, provides Cabot with substantial litigation-enhanced collection capabilities for non-performing accounts. Encore’s majority-owned subsidiary, Grove Holdings (“Grove”), is a U.K.-based leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, individual voluntary arrangements, or “IVAs”) in the United Kingdom and bank and non-bank receivables in Spain. 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 and its subsidiaries (collectively, “Propel”), the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans and purchases delinquent tax liens directly from selected taxing authorities.

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 methods and models 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 financial service providers in the United States.

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, do not respond to the Company’s calls or 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.

Europe

Cabot: 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-level collection strategies. Cabot’s proprietary consumer-level collectability analysis is a determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective customer engagement strategy to pursue for each account it owns to ensure that customers are treated fairly and the most suitable engagement and collection strategy for each individual customer is deployed. In recent years, Cabot has concentrated on buying portfolios that are defined as semi-performing, in which over 50% of the accounts have received a payment in three of the last four months immediately prior to the portfolio purchase. Cabot establishes contact with consumers, in order to convey payment arrangements and gauge the willingness of these consumers to continue to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships, 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 tries to engage with customers through letters and/or phone calls. 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 cannot be located 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 Marlin subsidiary, Cabot has a competitive advantage in the use of litigation-enhanced collections for non-paying accounts.

Grove: Grove, through its subsidiaries and affiliates, is a leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, IVAs) in the United Kingdom and bank and non-bank receivables in Spain. Grove purchases portfolio receivables using a proprietary pricing model. This model allows Grove to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections.

Latin America

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 Colombia, including providing financial solutions to individuals who have previously defaulted on their credit obligations, payment plan guarantee and factoring services through merchants and loan guarantee services to financial institutions.

Beginning in December 2014 the Company began investing in non-performing secured residential mortgages in Latin America.

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 directly 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 they 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 outstanding 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, 2014. 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 condensed 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 VIEs, 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) either the obligation to absorb losses or the right to receive benefits. Refer to Note 11, “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation.

On August 6, 2014, the Company acquired all of the outstanding equity interests of Atlantic Credit & Finance, Inc. (“Atlantic”) pursuant to a stock purchase agreement (the “Atlantic Acquisition”), on February 7, 2014, the Company, through its Cabot subsidiary completed its acquisition of Marlin (“the Marlin Acquisition”) and on June 1, 2015, Cabot completed the acquisition of Hillesden Securities Ltd (“dlc”). The condensed consolidated financial statements include the results of operations of subsidiaries from mergers and acquisitions, since the date of the respective acquisitions.

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 of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Transaction gains and losses are included in other income or expense.

Reclassifications

Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation.

The Company has reclassified a portion of the increase in other assets in the condensed consolidated statements of cash flows from operating activities to financing activities for all periods presented.

The impact of the reclassification was as follows (in thousands):



	Six Months Ended June 30, 2014
Net cash flows provided by operating activities - as previously reported	$	37,597
Impact of reclassification	$	14,776
Net cash flows provided by operating activities - as reclassified	$	52,373

Net cash flows provided by financing activities - as previously reported	$	457,842
Impact of reclassification	$	(14,776	)
Net cash flows provided by financing activities - as reclassified	$	443,066

This reclassification had no impact on the net change in cash and cash equivalents or cash flows from investing activities for any period presented.

Recent Accounting Pronouncements

In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. This standard is not expected to have a significant impact to the Company’s financial statements.

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective beginning January 1, 2016, with early adoption permitted, and shall be applied retrospectively. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures.

Earnings Per Share

6 Months Ended

Jun. 30, 2015

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, and the dilutive effect of the convertible senior notes.

On April 24, 2014, the Company’s Board of Directors approved a $50.0 million share repurchase program. 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. In May 2014, the Company repurchased 400,000 shares of its common stock for approximately $16.8 million. In May 2015, the Company repurchased 839,295 shares of common stock for approximately $33.2 million, which represented the remaining amount allowed under the share repurchase program.

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



	Three Months Ended June 30,		Six Months Ended June 30,
	2015	2014	2015	2014
Weighted average common shares outstanding—basic	25,885	25,798	25,978	25,774
Dilutive effect of stock-based awards	196	651	283	800
Dilutive effect of convertible senior notes	838	1,043	856	1,195
Dilutive effect of warrants	—	—	—	21
Weighted average common shares outstanding—diluted	26,919	27,492	27,117	27,790

There were no anti-dilutive employee stock options outstanding during the three and six months ended June 30, 2015 or 2014.

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 the 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 and six months ended June 30, 2015 and 2014, diluted earnings per share included the effect of the common shares issuable upon conversion of the 2017 Convertible Notes, because the average stock price exceeded the conversion price of these notes. For the six months ended June 30, 2014, diluted earnings per share included the effect of the common shares issuable upon conversion of the 2020 Convertible Notes because the average stock price exceeded the conversion price of these notes. However, as described in Note 10, “Debt—Encore Convertible Notes,” and further described below, 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. 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 have been converted.

In connection 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 included the effect of these warrants for the six months ended June 30, 2014. The effect of the warrants was anti-dilutive for the three months ended June 30, 2014 and for the three and six months ended June 30, 2015.

Business Combinations

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Business Combinations

dlc Acquisition

On June 1, 2015, Cabot acquired dlc, a U.K.-based acquirer and collector of non-performing unsecured consumer debt for approximately £181.6 million (approximately $276.2 million) (the “dlc Acquisition”). The dlc Acquisition was financed with borrowings under Cabot’s existing revolving credit facility and under Cabot’s new senior secured bridge facility. Refer to Note 10, “Debt” for further details of Cabot’s revolving credit facility and senior secured bridge facility.

The dlc 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 2015.

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



Purchase price:
Cash paid at acquisition	$	268,391
Deferred consideration	7,781
Total purchase price	$	276,172

Allocation of purchase price:
Cash	$	30,518
Investment in receivable portfolios	215,988
Deferred court costs	760
Property and equipment	1,327
Other assets	2,384
Liabilities assumed	(44,335		)
Identifiable intangible assets	6,075
Goodwill	63,455
Total net assets acquired	$	276,172

The goodwill recognized is primarily attributable to synergies that are expected to be achieved by combining dlc and Cabot's existing contingent collections operations. The Company is still finalizing its analysis of the effects of these synergies which, when finalized, will be incorporated into dlc and Cabot’s estimated remaining collections. The entire goodwill of $63.5 million related to the dlc Acquisition is not deductible for income tax purposes.

Total acquisition and integration costs related to the dlc Acquisition were approximately $2.7 million for the three and six months ended June 30, 2015, and have been expensed in the accompanying condensed consolidated statements of income within general and administrative expenses. The amount of revenue and net income included in the Company’s consolidated statement of income for the three and six months ended June 30, 2015 related to dlc was $4.4 million and $0.1 million, respectively.

Refer to Note 3, “Business Combinations” as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, for a complete description of the Company’s acquisition activities in 2014.

Fair Value Measurements

6 Months Ended

Jun. 30, 2015

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 June 30, 2015
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	896		$	—		$	896
Liabilities
Foreign currency exchange contracts	—		(576		)	—			(576		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(27,924		)	(27,924		)



	Fair Value Measurements as of December 31, 2014
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	768		$	—		$	768
Liabilities
Foreign currency exchange contracts	—		(1,037		)	—			(1,037		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(28,885		)	(28,885		)

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:

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 do not affect the calculation of earnings per share.

The components of the change in the redeemable noncontrolling interests for the periods ended June 30, 2015 and December 31, 2014 are presented in the following table (in thousands):



	Amount
Balance at December 31, 2013	$	26,564
Initial redeemable noncontrolling interest related to business combinations	4,997
Net loss attributable to redeemable noncontrolling interests	(4,513		)
Adjustment of the redeemable noncontrolling interests to fair value	5,730
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(3,893		)
Balance at December 31, 2014	28,885
Net loss attributable to redeemable noncontrolling interests	(1,514		)
Adjustment of the redeemable noncontrolling interests to fair value	1,205
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(652		)
Balance at June 30, 2015	$	27,924

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. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. In accordance with authoritative guidance related to fair value measurements, the Company estimates the average cost to collect and discount rates based on its estimate of what a market participant might use in valuing these portfolios. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business.

In the Company’s current analysis, the estimated blended market participant cost to collect and discount rate is approximately 50.3% and 12.0%, respectively, for United States portfolios, and approximately 30.0% and 12.5%, respectively, for Europe portfolios. Using this method, the fair value of investment in receivable portfolios approximates the carrying value as of June 30, 2015 and December 31, 2014. 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 Europe portfolios by approximately $40.0 million and $59.5 million, respectively, as of June 30, 2015. 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 $2.4 billion and $2.1 billion as of June 30, 2015 and December 31, 2014, 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 less debt discount of $46.6 million as of June 30, 2015, and $448.5 million less debt discount of $51.2 million as of December 31, 2014, respectively. The fair value estimate for these convertible senior notes, which incorporates quoted market prices, was approximately $501.3 million and $507.4 million as of June 30, 2015 and December 31, 2014, respectively.

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

The carrying value of the Cabot and Marlin senior secured notes was $1.1 billion, including debt premium of $62.4 million and $1.1 billion, including a debt premium of $67.3 million, as of June 30, 2015 and December 31, 2014, respectively. The fair value estimate for these senior notes, incorporates quoted market prices, and approximated the carrying value as of June 30, 2015 and December 31, 2014, respectively.

Cabot’s borrowings under its senior revolving credit facility and senior secured bridge loan facility, entered into in June 2015 in connection with the dlc Acquisition, are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximates fair value.

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 acquisition of a controlling interest in Cabot (the “Cabot Acquisition”) and at June 30, 2015, that the carrying value of these preferred equity certificates approximates fair value.

Derivatives and Hedging Instruments

6 Months Ended

Jun. 30, 2015

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 has entered into several interest rate cap contracts to manage its risk related to interest rate fluctuations. As of June 30, 2015, Cabot had only one outstanding interest rate cap contract with a notional amount of £100.0 million. The Company does not apply hedge accounting on interest rate cap contracts. The impact of the interest rate cap contracts to the Company’s consolidated financial statements for the three and six months ended June 30, 2015 and 2014, was immaterial.

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. To mitigate this risk, the Company enters into derivative financial instruments, principally Indian rupee forward contracts, which are designated as cash flow hedges, to mitigate fluctuations in the cash payments of future forecasted transactions. 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 other comprehensive income (“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 June 30, 2015, the total notional amount of the forward contracts to buy Indian rupees in exchange for U.S. dollars was $45.8 million. All of these outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $0.6 million of net derivative gain 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 six months ended June 30, 2015 and 2014.

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):



	June 30, 2015				December 31, 2014
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other liabilities	$	(576	)	Other liabilities	$	(1,037	)
Foreign currency exchange contracts	Other assets	896			Other assets	768

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 and six months ended June 30, 2015 and 2014 (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 June 30,						Three Months Ended June 30,							Three Months Ended June 30,
	2015			2014			2015			2014				2015		2014
Foreign currency exchange contracts	$	(395	)	$	760	Salaries and employee benefits	$	(164	)	$	(219	)	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	(70		)	134		General and administrative expenses	(31		)	(40		)	Other (expense) 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
	Six Months Ended June 30,					Six Months Ended June 30,							Six Months Ended June 30,
	2015		2014			2015			2014				2015		2014
Foreign currency exchange contracts	$	77	$	2,645	Salaries and employee benefits	$	(315	)	$	(575	)	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	150		321		General and administrative expenses	(47		)	(97		)	Other (expense) income	—		—

Investment in Receivable Portfolios, Net

6 Months Ended

Jun. 30, 2015

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 the same fiscal quarter are aggregated into pools based on common risk characteristics. Common risk characteristics include risk ratings (e.g. FICO or similar scores), financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card and telecom, purchased consumer bankruptcy, and mortgage portfolios. We further group these static pools by geographic region or location. 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 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. During the quarter ended September 30, 2014, the Company revised the forecasting methodology it uses to value and calculate IRRs on its portfolios in the United States by extending the collection forecasts from 84 or 96 months to 120 months. This change was made as a result of the Company experiencing collections beyond 84 or 96 months and an increased confidence in its ability to forecast future cash collections to 120 months. Extending the collection forecast did not result in a material increase to any quarterly pool group’s IRR or revenue for the quarter. The Company has historically included collections to 120 months in its estimated remaining collection disclosures and when evaluating the economic returns of its portfolio purchases.

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 portfolio allowance reversals 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
December 31, 2014	$	2,993,321		$	66,392		$	3,059,713
Revenue recognized, net⁽¹⁾	(248,539		)	(15,571		)	(264,110		)
Net additions on existing portfolios	120,729			39,607			160,336
Additions for current purchases	85,692			—			85,692
Balance at March 31, 2015	2,951,203			90,428			3,041,631
Revenue recognized, net⁽¹⁾	(243,425		)	(26,876		)	(270,301		)
Net additions on existing portfolios	91,294			74,586			165,880
Additions for current purchases⁽²⁾	395,032			—			395,032
Balance at June 30, 2015	$	3,194,104		$	138,138		$	3,332,242



	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⁽¹⁾	(231,057		)	(6,511		)	(237,568		)
Net additions on existing portfolios	92,325			8,555			100,880
Additions for current purchases⁽³⁾	591,205			—			591,205
Balance at March 31, 2014	2,843,944			10,509			2,854,453
Revenue recognized, net⁽¹⁾	(241,523		)	(6,708		)	(248,231		)
Net additions on existing portfolios	80,582			6,135			86,717
Additions for current purchases	218,047			—			218,047
Balance at June 30, 2014	$	2,901,050		$	9,936		$	2,910,986

________________________


(1)	Revenue recognized on Zero Basis Portfolios includes portfolio allowance reversals.


(2)	Includes $216.0 million of portfolios acquired in connection with the dlc Acquisition.


(3)	Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition.

During the three months ended June 30, 2015, the Company purchased receivable portfolios with a face value of $5.5 billion for $418.8 million, or a purchase cost of 7.6% of face value. Purchases of charged-off credit card portfolios during the three months ended June 30, 2015, include $216.0 million of portfolios acquired in connection with the dlc Acquisition. The estimated future collections at acquisition for all portfolios purchased during the quarter amounted to $806.5 million. During the three months ended June 30, 2014, the Company purchased receivable portfolios with a face value of $3.1 billion for $225.8 million, or a purchase cost of 7.3% of face value. The estimated future collections at acquisition for all portfolios purchased during the quarter amounted to $381.3 million.

During the six months ended June 30, 2015, the Company purchased receivable portfolios with a face value of $6.6 billion for $543.9 million, or a purchase cost of 8.2% of face value. Purchases of charged-off credit card portfolios during the six months ended June 30, 2015, include $216.0 million of portfolios acquired in connection with the dlc Acquisition. The estimated future collections at acquisition for all portfolios purchased during the period amounted to $1.0 billion. During the six months ended June 30, 2014, the Company purchased receivable portfolios with a face value of $7.4 billion for $693.3 million, or a purchase cost of 9.4% of face value. Purchases of charged-off credit card portfolios during the six months ended June 30, 2014, include $208.5 million of portfolios acquired in connection with the Marlin Acquisition. The estimated future collections at acquisition for all portfolios purchased during the period amounted to $1.4 billion.

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 June 30, 2015 and 2014, Zero Basis Revenue was approximately $26.9 million and $6.7 million, respectively. During the six months ended June 30, 2015 and 2014, Zero Basis Revenue was approximately $42.4 million and $13.2 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 June 30, 2015
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,029,335		$	9,072		$	—		$	2,038,407
Purchases of receivable portfolios⁽¹⁾	418,780			—			—			418,780
Gross collections⁽²⁾	(409,339		)	(1,253		)	(26,732		)	(437,324		)
Put-backs and recalls⁽³⁾	(1,458		)	(1		)	(164		)	(1,623		)
Foreign currency adjustments	63,121			85			20			63,226
Revenue recognized	242,618			—			23,323			265,941
Portfolio allowance reversals, net	807			—			3,553			4,360
Balance, end of period	$	2,343,864		$	7,903		$	—		$	2,351,767
Revenue as a percentage of collections⁽⁴⁾	59.3		%	0.0		%	87.2		%	60.8		%

	Three Months Ended June 30, 2014
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	1,900,177		$	3,853		$	—		$	1,904,030
Purchases of receivable portfolios⁽⁵⁾	225,762			—			—			225,762
Transfer of portfolios	(7,163		)	7,163			—			—
Gross collections⁽²⁾	(400,983		)	(1,589		)	(6,708		)	(409,280		)
Put-backs and recalls⁽³⁾	(5,588		)	(254		)	—			(5,842		)
Foreign currency adjustments	24,765			319			—			25,084
Revenue recognized	241,407			—			3,402			244,809
Portfolio allowance reversals, net	116			—			3,306			3,422
Balance, end of period	$	1,978,493		$	9,492		$	—		$	1,987,985
Revenue as a percentage of collections⁽⁴⁾	60.2		%	0.0		%	50.7		%	59.8		%



	Six Months Ended June 30, 2015
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,131,084		$	12,476		$	—		$	2,143,560
Purchases of receivable portfolios⁽¹⁾	543,934			—			—			543,934
Gross collections⁽²⁾	(816,895		)	(3,225		)	(42,275		)	(862,395		)
Put-backs and Recalls⁽³⁾	(3,975		)	(19		)	(192		)	(4,186		)
Foreign currency adjustments	(2,248		)	(1,329		)	20			(3,557		)
Revenue recognized	491,157			—			36,035			527,192
Portfolio allowance reversals, net	807			—			6,412			7,219
Balance, end of period	$	2,343,864		$	7,903		$	—		$	2,351,767
Revenue as a percentage of collections⁽⁴⁾	60.1		%	0.0		%	85.2		%	61.1		%

	Six Months Ended June 30, 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⁽⁵⁾	693,327			—			—			693,327
Transfer of portfolios	(7,163		)	7,163			—			—
Gross collections⁽²⁾	(790,486		)	(2,249		)	(13,219		)	(805,954		)
Put-backs and Recalls⁽³⁾	(8,823		)	(403		)	—			(9,226		)
Foreign currency adjustments	33,471			319			—			33,790
Revenue recognized	472,154			—			6,993			479,147
Portfolio allowance reversals, net	426			—			6,226			6,652
Balance, end of period	$	1,978,493		$	9,492		$	—		$	1,987,985
Revenue as a percentage of collections⁽⁴⁾	59.7		%	0.0		%	52.9		%	59.5		%

________________________


(1)	Includes $216.0 million acquired in connection with the dlc Acquisition in June 2015.


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


(3)	Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement (“Put-Backs”). Recalls represent accounts that are recalled by the seller in accordance with the respective purchase agreement (“Recalls”).


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


(5)	Includes $208.5 million acquired in connection with the Marlin Acquisition in February 2014.

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Balance at beginning of period	$	72,814		$	89,850		$	75,673		$	93,080
Reversal of prior allowances	(4,360		)	(3,422		)	(7,219		)	(6,652		)
Balance at end of period	$	68,454		$	86,428		$	68,454		$	86,428

Deferred Court Costs, Net

6 Months Ended

Jun. 30, 2015

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

Deferred Court Costs, Net

The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its internal legal channel. The Company generally pursues collections through legal means only when it believes a consumer has sufficient assets to repay their indebtedness but has, to date, been unwilling to pay. In order to pursue legal collections the Company is required to pay certain upfront costs to the applicable courts which are recoverable from the consumer (“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. The Company writes off any Deferred Court Cost not recovered within five years of placement. Collections received from debtors are first applied against related court costs with the balance applied to the debtors’ account balance.

Deferred Court Costs for the five-year deferral period consist of the following as of the dates presented (in thousands):



	June 30, 2015			December 31, 2014
Court costs advanced	$	595,895		$	546,271
Court costs recovered	(225,216		)	(206,287		)
Court costs reserve	(298,955		)	(279,572		)
	$	71,724		$	60,412

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



	Court Cost Reserve
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Balance at beginning of period	$	(290,383	)	$	(227,067	)	$	(279,572	)	$	(210,889	)
Provision for court costs	(18,318		)	(16,733		)	(37,497		)	(32,911		)
Net down of reserve after 60 months	10,469			—			18,394			—
Effect of foreign currency translation	(723		)	(32		)	(280		)	(32		)
Balance at end of period	$	(298,955	)	$	(243,832	)	$	(298,955	)	$	(243,832	)

Receivables Secured by Property Tax Liens, Net	6 Months Ended
Receivables Secured by Property Tax Liens, Net	Jun. 30, 2015
Receivables [Abstract]
Receivables Secured by Property Tax Liens, Net	Receivables Secured by Property Tax Liens, Net Propel’s receivables are secured by property tax liens. Repayment of the property tax liens is generally dependent on the property owner but can also come through payments from other lien holders or, in less than one half of one percent of cases, from foreclosure on the properties. Propel records receivables secured by property tax liens at their outstanding principal balances, adjusted for, if any, charge-offs, allowance for losses, deferred fees or costs, and unamortized premiums or discounts. Interest income is reported on the interest method and includes amortization of net deferred fees and costs over the term of the agreements. Propel accrues interest on all past due receivables secured by tax liens as the receivables are collateralized by tax liens that are in a priority position over most other liens on the properties. If there is doubt about the ultimate collection of the accrued interest on a specific account, it would be placed on non-accrual basis and, at that time, all accrued interest would be reversed. No receivables secured by property tax liens have been placed on a non-accrual basis. The typical redemption period for receivables secured by property tax liens is less than 84 months. On May 6, 2014, Propel, through its subsidiaries, completed the securitization of a pool of approximately $141.5 million in receivables secured by property tax liens on real property located in the State of Texas. In connection with the securitization, investors purchased approximately $134.0 million in aggregate principal amount of 1.44% notes collateralized by these property tax liens. The special purpose entity that is used for the securitization is consolidated by the Company as a VIE. The receivables recognized as a result of consolidating this VIE do not represent assets that can be used to satisfy claims against the Company’s general assets. At June 30, 2015, the Company had approximately $316.3 million in receivables secured by property tax liens, of which $96.2 million was carried at the VIE.

Debt

6 Months Ended

Jun. 30, 2015

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 were as follows (in thousands):



	June 30, 2015			December 31, 2014
Encore revolving credit facility	$	524,000		$	505,000
Encore term loan facility	142,102			146,023
Encore senior secured notes	36,250			43,750
Encore convertible notes	448,500			448,500
Less: Debt discount	(46,615		)	(51,202		)
Propel facilities	171,550			84,229
Propel securitized notes	81,553			104,247
Cabot senior secured notes	1,085,301			1,076,952
Add: Debt premium	62,406			67,259
Cabot senior revolving credit facility	230,657			86,368
Cabot senior secured bridge facility	141,561			—
Preferred equity certificates	222,419			208,312
Capital lease obligations	11,991			15,331
Other	22,512			38,785
	$	3,134,187		$	2,773,554

Encore Revolving Credit Facility and Term Loan Facility

On July 9, 2015, Encore amended its revolving credit facility and term loan facility (the “Credit Facility”) pursuant to Amendment No. 2 to the Second Amended and Restated Credit Agreement (as amended, 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 allows 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 expires in February 2019, except with respect to two subtranches of the term loan facility of $60.0 million and $6.3 million, maturing 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 or (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 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 28, 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 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 $0.5 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, currently 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;


•	a maximum cash flow leverage ratio permitted of 2.50:1.00;


•	a maximum cash flow secured leverage ratio of 2.00:1.00;


•	The allowance of additional unsecured or subordinated indebtedness not to exceed $1.1 billion;


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


•	Repurchases of up to $150.0 million of Encore’s common stock after July 9, 2015, 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 $225.0 million per fiscal year;


•	A basket to allow for investments not to exceed the greater of (1) 200% of the consolidated net worth of the Company and its restricted subsidiaries and (2) an unlimited amount such that after giving effect to the making of any investment, the cash flow leverage ratio is less than 1.25:1:00; and


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

At June 30, 2015, the outstanding balance under the Restated Credit Agreement was $666.1 million. The weighted average interest rate was 2.40% and 2.89% for the three months ended June 30, 2015 and 2014, respectively, and 2.37% and 2.90% for the six months ended June 30, 2015 and 2014, 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 June 30, 2015, $36.3 million was 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 the 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 in connection with the Restated Credit Agreement in order to properly align certain provisions between the two agreements.

Encore Convertible Notes

In November and December 2012, Encore sold $115.0 million aggregate principal amount of 3.0% 2017 Convertible Notes that mature on November 27, 2017 in private placement transactions. In June and July 2013, Encore sold $172.5 million aggregate principal amount of 3.0% 2020 Convertible Notes that mature on July 1, 2020 in private placement transactions. In March 2014, Encore sold $161.0 million aggregate principal amount of 2.875% 2021 Convertible Notes that mature on March 15, 2021 in private placement transactions. The interest on these unsecured convertible senior notes (collectively, the “Convertible Notes”), is payable semi-annually.

Prior to the close of business on the business day immediately preceding their respective conversion date (listed below), holders may convert their Convertible Notes under certain circumstances set forth in the applicable Convertible Notes indentures. On or after their respective conversion dates until the close of business on the scheduled trading day immediately preceding their respective maturity date, holders may convert their Convertible Notes at any time. Certain key terms related to the convertible features for each of the Convertible Notes as of June 30, 2015 are listed below.



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes
Initial conversion price	$	31.56	$	45.72	$	59.39
Closing stock price at date of issuance	$	25.66	$	33.35	$	47.51
Closing stock price date	November 27, 2012		June 24, 2013		March 5, 2014
Conversion rate (shares per $1,000 principal amount)	31.6832		21.8718		16.8386
Conversion date⁽¹⁾	May 27, 2017		January 1, 2020		September 15, 2020

_______________________


(1)	2017 Convertible Notes became convertible on January 2, 2014, as certain early conversion events were satisfied. Refer to “Conversion and Earnings Per Share Impact” section below for further details.

In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount of the notes. The excess conversion premium may be settled in cash or shares of the Company’s common stock at the discretion of the Company. In the event of conversion, holders of the Company’s 2020 and 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. 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, during any quarter, the average share price of the Company’s common stock exceeds the initial conversion prices listed in the above table.

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 debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes are listed below (in thousands, except percentages):



	2017 Convertible Notes			2020 Convertible Notes			2021 Convertible Notes
Debt component	$	100,298		$	140,271		$	143,604
Equity component	$	14,702		$	32,229		$	17,396
Equity issuance cost	$	788		$	1,113		$	575
Stated interest rate	3.000		%	3.000		%	2.875		%
Effective interest rate	6.000		%	6.350		%	4.700		%

The balances of the liability and equity components of all of the Convertible Notes outstanding were as follows (in thousands):



	June 30, 2015			December 31, 2014
Liability component—principal amount	$	448,500		$	448,500
Unamortized debt discount	(46,615		)	(51,202		)
Liability component—net carrying amount	$	401,885		$	397,298
Equity component	$	56,684		$	55,236

The debt discount is being amortized into interest expense over the remaining life of the convertible notes using the effective interest rates. Interest expense related to the convertible notes was as follows (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Interest expense—stated coupon rate	$	3,308	$	3,308	$	6,600	$	5,764
Interest expense—amortization of debt discount	2,310		2,181		4,588		3,936
Total interest expense—convertible notes	$	5,618	$	5,489	$	11,188	$	9,700

Convertible Notes Hedge Transactions

In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company is required to make in the event that the market price of the Company’s common stock becomes greater than the conversion price of the Convertible Notes, the Company maintains a hedge program that increases the effective conversion price for each of the Convertible Notes. All of the hedge instruments related to the Convertible Notes have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. In accordance with authoritative guidance, the Company recorded the cost of the hedge instruments 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 initial hedge instruments the Company entered into in connection with its issuance of the 2017 Convertible Notes had an effective conversion price of $44.19. On December 16, 2013, the Company entered into amendments to the hedge instruments to further increase the effective conversion price from $44.19 to $60.00. All other terms and settlement provisions of the hedge instruments remained unchanged. The transaction was completed in February 2014. The Company paid approximately $27.9 million in total consideration for amending the hedge instruments. The Company recorded the payment as a reduction of equity in the consolidated statements of financial condition. The costs for the amendments in 2013 and 2014 were approximately $2.7 million and $25.2 million, respectively.

The details of the hedge program for each of the Convertible Notes are listed below (in thousands, except conversion price):



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes
Cost of the hedge transaction(s)	$	50,595	$	18,113	$	19,545
Initial conversion price	$	31.56	$	45.72	$	59.39
Effective conversion price	$	60.00	$	61.55	$	83.14

Conversion and Earnings Per Share Impact

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 $163.6 million as of June 30, 2015. 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 $7.6 million of the equity component to temporary equity as of June 30, 2015. 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 and six months ended June 30, 2015 and 2014.

In accordance with authoritative guidance related to derivatives and hedging and earnings per share calculation, only the conversion spread of the 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 the respective conversion price of each of the Convertible Notes. The average share price of the Company’s common stock for the three and six months ended June 30, 2015 and 2014, exceeded the initial conversion price of the 2017 Convertible Notes. The dilutive effect from the 2017 Convertible Notes was approximately 0.8 million and 1.0 million for the three months ended June 30, 2015 and 2014, respectively, and 0.9 million and 1.2 million shares for the six months ended June 30, 2015 and 2014, respectively. See Note 2, “Earnings Per Share” for additional information.

Propel Facilities

Propel Facility I

On May 8, 2015, Propel amended its syndicated loan facility (as amended, the “Propel Facility I”). The Propel Facility I is an $80.0 million facility, with a $20.0 million uncommitted accordion feature, used to originate or purchase tax lien assets related to properties in Texas and Arizona.

The Propel Facility I expires in May 2018 and includes the following key provisions:

•

Interest at Propel’s option, at either: (1) LIBOR, plus a spread that ranges from 270 to 320 basis points, depending on Propel’s cash flow leverage ratio; or (2) the greater of (a) the rate publicly announced from time to time by Texas Capital Bank, National Association, as its prime rate, (b) the sum of the federal funds rate for such day plus 50 basis points, or (c) one month LIBOR plus 100 basis points;


•	A borrowing base of 90% of the face value of the tax lien assets;


•	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 lenders 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 June 30, 2015, the outstanding balance on the Propel Facility I was $63.0 million. The weighted average interest rate was 3.60% and 3.49% for the three months ended June 30, 2015 and 2014, respectively, and 3.45% and 3.37% for the six months ended June 30, 2015 and 2014, respectively.

Propel Facility II

On May 15, 2013, the Company, through affiliates of Propel, entered into a $100.0 million revolving credit facility (as amended, the “Propel Facility II”). The Propel Facility II is used to purchase tax liens from taxing authorities in various states and expires on May 10, 2019. On April 3, 2015, the Propel Facility II was amended to, among other things, modify the interest rate and permit additional tax lien assets to be included in the borrowing base. The Propel Facility II includes the following key provisions:


•	Propel can draw up to $150.0 million through May 15, 2017;

•

The committed amount can be drawn on a revolving basis until May 15, 2017 (unless terminated earlier in accordance with the terms of the facility). During the following two years, until the May 10, 2019 expiration date, no additional draws are permitted, and all proceeds from the tax liens are used to repay any amounts outstanding under the facility. So long as no events or default have occurred, Propel may extend the expiration date for additional one year periods.


•	Prior to the expiration of the facility, interest at a per annum floating rate equal to LIBOR plus 2.25%;

•

Following the expiration of the facility, 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 2.25%, 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 June 30, 2015, the outstanding balance on the Propel Facility II was $103.8 million. The weighted average interest rate was 2.50% and 3.53% for the three months ended June 30, 2015 and 2014, respectively, and 2.78% and 3.60% the six months ended June 30, 2015 and 2014, respectively.

Propel Term Loan Facility

On May 2, 2014, the Company, through affiliates of Propel, entered into a $31.9 million term loan facility (the “Propel Term Loan Facility”). The Propel Term Loan Facility was entered into to fund the acquisition of a portfolio of tax liens and other assets in a transaction valued at approximately $43.0 million. The Propel Term Loan Facility has a fixed 5.5% interest rate and matures in October 2016.

At June 30, 2015, the outstanding balance on the Propel Term Loan Facility was $4.7 million. In July 2015, Propel paid off the outstanding balance on the term loan.

Propel Securitized Notes

On May 6, 2014, Propel, through its affiliates, 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 “Securitized Texas Tax Liens”). In connection with the securitization, investors purchased, in a private placement, approximately $134.0 million in aggregate principal amount of 1.44% notes collateralized by the Securitized Texas Tax Liens (the “Propel Securitized Notes”), due May 15, 2029. The payment agreements and contracts will continue to be serviced by Propel.

The Propel Securitized Notes are payable solely from the collateral and represent non-recourse obligations of the consolidated securitization entity PFS Tax Lien Trust 2014-1, a Delaware statutory trust and an affiliate of Propel. Interest accrues monthly at the rate of 1.44% per annum. Principal and interest on the Propel Securitized Notes are payable on the 15^th day of each calendar month. Propel used the net proceeds to pay down borrowings under the Propel Facility I, pay certain expenses incurred in connection with the issuance of the Propel Securitized Notes and fund certain reserves.

At June 30, 2015, the outstanding balance on the Propel Securitized Notes was $81.6 million and the balance of the collateral was $96.2 million.

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.

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 preferred equity certificates (the “J Bridge PECs”) to an affiliate of J.C. Flowers & Co. LLC (“J.C. Flowers”), discussed in further detail below.

On March 27, 2014, Cabot Financial issued £175.0 million (approximately $291.8 million) in aggregate principal amount of 6.500% Senior Secured Notes due 2021 (the “Cabot 2021 Notes” and, together with the Cabot 2019 Notes and the 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 $7.5 million.

Approximately £105.0 million (approximately $174.8 million) of the proceeds from the issuance of the Cabot 2021 Notes was used to repay all amounts outstanding under senior secured bridge facilities that Cabot Financial UK entered into in connection with the Marlin Acquisition.

The Cabot Notes are fully and unconditionally guaranteed on a senior secured basis by certain indirect subsidiaries of the Company. The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial and certain guarantors and substantially all the assets of Cabot Financial and certain guarantors. The guarantees provided in respect of the Cabot Notes are pari passu with each such guarantee given in respect of the Marlin Bonds and the Cabot Credit Facility described below.

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 certain indirect subsidiaries of the Company. The guarantees provided in respect of the Marlin Bonds are pari passu with each such guarantee given in respect of the Cabot Notes and the Cabot Credit Facility.

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Interest expense—stated coupon rate	$	24,150		$	26,605		$	48,001		$	45,860
Interest income—accretion of debt premium	(2,660		)	(2,573		)	(5,207		)	(4,805		)
Total interest expense—Cabot Notes and Marlin Bonds	$	21,490		$	24,032		$	42,794		$	41,055

At June 30, 2015, the outstanding balance on the Cabot Notes and Marlin Bonds was $1.1 billion.

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) and again on February 5, 2015 to increase the size of the revolving credit facility to £195.0 million (approximately $298.1 million) (the “Cabot Credit Facility”). The Cabot Credit Facility also includes an uncommitted accordion provision which will allow the facility to be increased by an additional £55.0 million, subject to obtaining the requisite commitments and compliance with the terms of Cabot Financial UK’s other indebtedness, among other conditions precedent. Loan fees associated with the amendment to the Cabot Credit Facility were approximately £2.7 million (approximately $4.1 million) and capitalized as debt issuance costs.

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


•	Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.5%;


•	A restrictive covenant that limits the loan to value ratio to 0.75;


•	A restrictive covenant that limits the super senior loan (i.e. the Cabot Credit Facility and any super priority hedging liabilities) to value ratio to 0.25;


•	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 certain indirect subsidiaries of the Company. The Cabot Credit Facility is secured by first ranking security interests in all the outstanding shares of Cabot Financial UK and certain guarantors and substantially all the assets of Cabot Financial UK and certain guarantors. Pursuant to the terms of intercreditor agreements entered into with respect to the relative positions of the Cabot Notes, the Marlin Bonds and the Cabot Credit Facility, any liabilities in respect of obligations under the Cabot Credit Facility that are secured by assets that also secure the Cabot Notes and the Marlin Bonds will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

At June 30, 2015, the outstanding borrowings under the Cabot Credit Facility were approximately $230.7 million. The weighted average interest rate was 3.79% and 4.32% for the three months ended June 30, 2015 and 2014, respectively, and 3.85% and 4.28% for the six months ended June 30, 2015 and 2014, respectively.

Cabot 2015 Senior Secured Bridge Facility

The dlc Acquisition was financed with borrowings under the existing Cabot Credit Facility and under a new senior secured bridge facility entered into on June 1, 2015 (the “2015 Senior Secured Bridge Facility”).

The 2015 Senior Secured Bridge Facility provides an aggregate principal amount of up to £90.0 million. The purpose of the 2015 Senior Secured Bridge Facility was to provide funding for the financing, in full or in part, of the purchase price of the dlc Acquisition and the payment of costs, fees and expenses in connection with the dlc Acquisition, and was fully drawn as of the closing of the dlc Acquisition. The 2015 Senior Secured Bridge Facility has an initial term of one year and can be extended for an additional year if it is not repaid during the first year of issuance.

Prior to the initial maturity date, the rate of interest payable under the 2015 Senior Secured Bridge Facility was the aggregate, per annum, of (i) LIBOR (set to a minimum of 1%), 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 2015 Senior Secured Bridge Facility remains outstanding), not to exceed total caps set forth in the senior secured bridge facility agreement.

Loan fees associated with the 2015 Senior Secured Bridge Facility were approximately $1.4 million. These fees were recognized as interest expense in the Company’s condensed consolidated financial statements for the three and six months ended June 30, 2015.

At June 30, 2015, the outstanding balance on the 2015 Senior Secured Bridge Facility was $141.6 million.

Preferred Equity Certificates

On July 1, 2013, the Company, through its wholly owned subsidiary Encore Europe Holdings, S.a.r.l. (“Encore Europe”), completed the Cabot Acquisition by acquiring 50.1% of the equity interest in Janus Holdings. 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 PECs with a face value of £10,177,781 (approximately $15.5 million), (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.

All of the PECs accrue interest at 12% per annum. Since PECs are legal form debt, 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 in the Company’s condensed consolidated statements of financial condition. 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.

On June 20, 2014, Encore Europe converted all of its E Bridge PECs into E Shares and E PECs, and J.C. Flowers converted all of its J Bridge PECs into J Shares and J PECs, respectively, 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.

As of June 30, 2015, the outstanding balance of the PECs and their accrued interest was approximately $222.4 million.

Capital Lease Obligations

The Company has capital lease obligations primarily for computer equipment. As of June 30, 2015, the Company’s combined obligations for these equipment leases were approximately $12.0 million. These lease obligations require monthly, quarterly or annual payments through 2020 and have implicit interest rates that range from zero to approximately 11.0%.

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2015
Variable Interest Entities Disclosure [Abstract]
Variable Interest Entities	Variable Interest Entities 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 Company’s VIEs include its subsidiary Janus Holdings and its special purpose entity used for the Propel securitization. Janus Holdings is the immediate parent company of Cabot. The Company has determined that Janus Holdings is a VIE and the Company is the primary beneficiary of 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 Janus Holdings, the Company controls the key operating activities at Cabot. Propel used a special purpose entity to issue asset-backed securities to investors. The Company has determined that it is a VIE and Propel is the primary beneficiary of the VIE. Propel has the power to direct the activities of the VIE because it has the ability to exercise discretion in the servicing of the financial assets and to add assets to revolving structures. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. The Company evaluates its relationships with the VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.

Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

During the three months ended June 30, 2015 and 2014, the Company recorded income tax provisions of $16.0 million and $14.0 million, respectively. During the six months ended June 30, 2015, and 2014, the Company recorded income tax provisions of $31.8 million and $25.8 million, respectively.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Federal provision	35.0	%	35.0	%	35.0	%	35.0	%
State provision	6.9	%	5.8	%	6.9	%	5.8	%
State benefit	(2.4	)%	(2.0	)%	(2.4	)%	(2.0	)%
International benefit⁽¹⁾	(4.5	)%	(1.9	)%	(5.3	)%	(3.4	)%
Permanent items⁽²⁾	3.2	%	3.5	%	2.1	%	3.7	%
Other⁽³⁾	0.6	%	(0.8	)%	0.3	%	0.0	%
Effective rate	38.8	%	39.6	%	36.6	%	39.1	%

________________________


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


(2)	Represents a provision for nondeductible items.


(3)	Includes the effect of discrete items and reserves taken for a certain tax position adopted by the Company.

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 and six months ended June 30, 2015 was immaterial.

The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $48.0 million and $44.4 million at June 30, 2015 and December 31, 2014, respectively. The total gross unrecognized tax benefits that, if recognized, would result in a net tax benefit of $16.4 million and $12.7 million as of June 30, 2015 and December 31, 2014, respectively. The increase in the gross unrecognized tax benefits was due to an unrecognized tax benefit of $3.7 million associated with certain business combinations. The uncertain tax benefit is included in “Other liabilities” in the Company’s condensed consolidated statements of financial condition.

During the three and six months ended June 30, 2015, 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. Undistributed pre-tax income of these subsidiaries during the three and six months ended June 30, 2015, was approximately $2.7 million and $8.6 million, respectively.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory 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 investigated or 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 or unsupported 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 could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. The Consumer Finance Protection Bureau (“CFPB”) is currently examining the collection practices of participants in the consumer debt buying industry. The Company is currently engaged in discussions with the staff of the CFPB regarding practices and controls relating to its engagement with consumers. In these discussions, the staff has taken certain positions with respect to the interpretation of existing legal requirements and the retroactive application of potential requirements from future rulemaking. The Company agrees with the staff on some items under discussion, and disagrees with the staff on others. As the Company seeks to resolve those areas of disagreement, it intends to vigorously defend its interpretation of the law and, consequently, may ultimately reach a negotiated settlement or become engaged in litigation. If the parties reach a negotiated agreement, it is reasonably possible that the Company could agree to pay penalties or restitution and could recognize pre-tax charges of in excess of $35 million and could agree to additional terms that may materially impact its future operations, collections or financial results. If the Company becomes involved in litigation, it is unable to estimate a possible range of loss, if any. These discussions and other supervisory or regulatory actions that may be taken by the CFPB in the future may have an adverse impact on the Company’s business, financial condition and operating results. On November 2, 2010 and December 17, 2010, two national class actions entitled Robinson v. Midland Funding LLC and Tovar v. Midland Credit Management, respectively, were filed in the United States District Court for the Southern District of California. The complaints allege that certain of the Company’s subsidiaries violated the TCPA by calling consumers’ cellular phones without their prior express consent. The complaints seek monetary damages under the TCPA, injunctive relief, and other relief, including attorney fees. On May 10, 2011 and May 11, 2011 two class actions entitled Scardina v. Midland Credit Management, Inc., Midland Funding LLC and Encore Capital Group, Inc. and Martin v. Midland Funding, LLC, respectively, were filed in the United States District Court for the Northern District of Illinois. The complaints allege on behalf of a putative class of Illinois consumers that certain of the Company’s subsidiaries violated the TCPA by calling consumers’ cellular phones without their prior express consent. The complaints seek monetary damages under the TCPA, injunctive relief, and other relief, including attorney fees. On July 28, 2011, the Company filed a motion to transfer the Scardina and Martin cases to the United States District Court for the Southern District of California to be consolidated with the Tovar and Robinson cases. On October 11, 2011, the United States Judicial Panel on Multidistrict Litigation granted the Company’s motion to transfer. All four of these cases, along with a number of additional cases brought against the Company that allege violations of the TCPA, are now pending in the United States District Court for the Southern District of California in a multi-district litigation titled In re Midland Credit Management Inc. Telephone Consumer Protection Act Litigation. The lead plaintiffs filed an amended consolidated complaint on July 11, 2012. The Company has vigorously denied the claims asserted against it in these matters, but has agreed to a proposed class settlement to avoid the burden and expense of continued litigation. The proposed class settlement is intended to resolve all cases involved in multi-district litigation, and all claims against the Company for alleged violations of the TCPA that occurred before August 31, 2014, other than those of persons who exclude themselves from class settlement. The settlement agreement, which is subject to court approval, would require the Company to contribute $2.0 million to a settlement fund, to be disbursed among eligible class members, and to set aside $13.0 million in debt forgiveness to be allocated among eligible class members. In addition, the settlement agreement provides that the Company will pay plaintiffs’ attorney fees in an amount to be determined by the court, and not to exceed $2.4 million, and for the costs associated with administering the class relief. Except as described above, at June 30, 2015, 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, 2014. 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 regulatory matters and revises its estimates when additional information becomes available. As of June 30, 2015, the Company has no material reserves for legal matters. Additionally, based on the current status of litigation and regulatory 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 June 30, 2015, the Company has entered into agreements to purchase receivable portfolios with a face value of approximately $2.0 billion for a purchase price of approximately $277.4 million. The Company has no purchase commitments extending past one year.

Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

The Company conducts business through several operating segments that meet the aggregation criteria under the authoritative guidance related to segment reporting. The Company has determined that it has 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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues:
Portfolio purchasing and recovery	$	282,661		$	262,087		$	560,444		$	510,676
Tax lien business	7,695			7,108			15,575			12,260
	$	290,356		$	269,195		$	576,019		$	522,936
Operating income:
Portfolio purchasing and recovery	$	98,376		$	87,718		$	195,305		$	165,286
Tax lien business	2,910			2,332			6,272			3,986
	101,286			90,050			201,577			169,272
Depreciation and amortization	(8,084		)	(6,829		)	(16,434		)	(12,946		)
Stock-based compensation	(6,198		)	(4,715		)	(12,103		)	(9,551		)
Other expense	(45,855		)	(43,143		)	(86,041		)	(80,840		)
Income before income taxes	$	41,149		$	35,363		$	86,999		$	65,935

Additionally, assets are allocated to operating segments for management review. As of June 30, 2015, total segment assets were $3.7 billion and $435.5 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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues⁽¹⁾:
Domestic	$	193,001	$	189,012	$	384,622	$	374,553
International	97,355		80,183		191,397		148,383
	$	290,356	$	269,195	$	576,019	$	522,936

________________________


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

Goodwill and Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2015

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, 2014	$	848,656	$	49,277	$	897,933
Goodwill acquired	63,455		—		63,455
Goodwill adjustment⁽¹⁾	2,410		—		2,410
Effect of foreign currency translation	6,130		—		6,130
Balance, June 30, 2015	$	920,651	$	49,277	$	969,928

______________________


(1)	During the first quarter of 2015, the Company completed the valuation study related to its acquisition of Atlantic in August 2014. Based on the valuation study, the Company has determined that there were additional tax related obligations assumed at the time of acquisition of approximately $2.4 million. As a result, the goodwill balance was increased by $2.4 million.

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



	As of June 30, 2015							As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	5,053	$	(1,001	)	$	4,052	$	5,437	$	(743	)	$	4,694
Developed technologies	11,424		(3,168		)	8,256		8,353		(2,194		)	6,159
Trade name and other	13,148		(3,088		)	10,060		10,458		(1,709		)	8,749
Other intangibles—indefinite lived	1,962		—			1,962		1,962		—			1,962
Total intangible assets	$	31,587	$	(7,257	)	$	24,330	$	26,210	$	(4,646	)	$	21,564

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
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 methods and models 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 financial service providers in the United States. 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, do not respond to the Company’s calls or 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. Europe Cabot: 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-level collection strategies. Cabot’s proprietary consumer-level collectability analysis is a determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective customer engagement strategy to pursue for each account it owns to ensure that customers are treated fairly and the most suitable engagement and collection strategy for each individual customer is deployed. In recent years, Cabot has concentrated on buying portfolios that are defined as semi-performing, in which over 50% of the accounts have received a payment in three of the last four months immediately prior to the portfolio purchase. Cabot establishes contact with consumers, in order to convey payment arrangements and gauge the willingness of these consumers to continue to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships, 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 tries to engage with customers through letters and/or phone calls. 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 cannot be located 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 Marlin subsidiary, Cabot has a competitive advantage in the use of litigation-enhanced collections for non-paying accounts. Grove: Grove, through its subsidiaries and affiliates, is a leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, IVAs) in the United Kingdom and bank and non-bank receivables in Spain. Grove purchases portfolio receivables using a proprietary pricing model. This model allows Grove to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. Latin America 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 Colombia, including providing financial solutions to individuals who have previously defaulted on their credit obligations, payment plan guarantee and factoring services through merchants and loan guarantee services to financial institutions. Beginning in December 2014 the Company began investing in non-performing secured residential mortgages in Latin America.
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 directly 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 they 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 outstanding 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 Accounting	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”).
Use of Estimates	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	Basis of Consolidation The condensed 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 VIEs, 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) either the obligation to absorb losses or the right to receive benefits. Refer to Note 11, “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation. On August 6, 2014, the Company acquired all of the outstanding equity interests of Atlantic Credit & Finance, Inc. (“Atlantic”) pursuant to a stock purchase agreement (the “Atlantic Acquisition”), on February 7, 2014, the Company, through its Cabot subsidiary completed its acquisition of Marlin (“the Marlin Acquisition”) and on June 1, 2015, Cabot completed the acquisition of Hillesden Securities Ltd (“dlc”). The condensed consolidated financial statements include the results of operations of subsidiaries from mergers and acquisitions, since the date of the respective acquisitions.
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 of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Transaction gains and losses are included in other income or expense.
Reclassifications	Reclassifications Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation. The Company has reclassified a portion of the increase in other assets in the condensed consolidated statements of cash flows from operating activities to financing activities for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. This standard is not expected to have a significant impact to the Company’s financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective beginning January 1, 2016, with early adoption permitted, and shall be applied retrospectively. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	896		$	—		$	896
Liabilities
Foreign currency exchange contracts	—		(576		)	—			(576		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(27,924		)	(27,924		)



	Fair Value Measurements as of December 31, 2014
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	768		$	—		$	768
Liabilities
Foreign currency exchange contracts	—		(1,037		)	—			(1,037		)
Temporary Equity
Redeemable noncontrolling interests	—		—			(28,885		)	(28,885		)

Change in Redeemable Noncontrolling Interests

The components of the change in the redeemable noncontrolling interests for the periods ended June 30, 2015 and December 31, 2014 are presented in the following table (in thousands):



	Amount
Balance at December 31, 2013	$	26,564
Initial redeemable noncontrolling interest related to business combinations	4,997
Net loss attributable to redeemable noncontrolling interests	(4,513		)
Adjustment of the redeemable noncontrolling interests to fair value	5,730
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(3,893		)
Balance at December 31, 2014	28,885
Net loss attributable to redeemable noncontrolling interests	(1,514		)
Adjustment of the redeemable noncontrolling interests to fair value	1,205
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(652		)
Balance at June 30, 2015	$	27,924

Derivatives and Hedging Instruments (Tables)

6 Months Ended

Jun. 30, 2015

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):



	June 30, 2015				December 31, 2014
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other liabilities	$	(576	)	Other liabilities	$	(1,037	)
Foreign currency exchange contracts	Other assets	896			Other assets	768

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 June 30,						Three Months Ended June 30,							Three Months Ended June 30,
	2015			2014			2015			2014				2015		2014
Foreign currency exchange contracts	$	(395	)	$	760	Salaries and employee benefits	$	(164	)	$	(219	)	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	(70		)	134		General and administrative expenses	(31		)	(40		)	Other (expense) 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
	Six Months Ended June 30,					Six Months Ended June 30,							Six Months Ended June 30,
	2015		2014			2015			2014				2015		2014
Foreign currency exchange contracts	$	77	$	2,645	Salaries and employee benefits	$	(315	)	$	(575	)	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	150		321		General and administrative expenses	(47		)	(97		)	Other (expense) income	—		—

Investment in Receivable Portfolios, Net (Tables)

6 Months Ended

Jun. 30, 2015

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
December 31, 2014	$	2,993,321		$	66,392		$	3,059,713
Revenue recognized, net⁽¹⁾	(248,539		)	(15,571		)	(264,110		)
Net additions on existing portfolios	120,729			39,607			160,336
Additions for current purchases	85,692			—			85,692
Balance at March 31, 2015	2,951,203			90,428			3,041,631
Revenue recognized, net⁽¹⁾	(243,425		)	(26,876		)	(270,301		)
Net additions on existing portfolios	91,294			74,586			165,880
Additions for current purchases⁽²⁾	395,032			—			395,032
Balance at June 30, 2015	$	3,194,104		$	138,138		$	3,332,242



	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⁽¹⁾	(231,057		)	(6,511		)	(237,568		)
Net additions on existing portfolios	92,325			8,555			100,880
Additions for current purchases⁽³⁾	591,205			—			591,205
Balance at March 31, 2014	2,843,944			10,509			2,854,453
Revenue recognized, net⁽¹⁾	(241,523		)	(6,708		)	(248,231		)
Net additions on existing portfolios	80,582			6,135			86,717
Additions for current purchases	218,047			—			218,047
Balance at June 30, 2014	$	2,901,050		$	9,936		$	2,910,986

________________________


(1)	Revenue recognized on Zero Basis Portfolios includes portfolio allowance reversals.


(2)	Includes $216.0 million of portfolios acquired in connection with the dlc Acquisition.


(3)	Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition.

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 June 30, 2015
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,029,335		$	9,072		$	—		$	2,038,407
Purchases of receivable portfolios⁽¹⁾	418,780			—			—			418,780
Gross collections⁽²⁾	(409,339		)	(1,253		)	(26,732		)	(437,324		)
Put-backs and recalls⁽³⁾	(1,458		)	(1		)	(164		)	(1,623		)
Foreign currency adjustments	63,121			85			20			63,226
Revenue recognized	242,618			—			23,323			265,941
Portfolio allowance reversals, net	807			—			3,553			4,360
Balance, end of period	$	2,343,864		$	7,903		$	—		$	2,351,767
Revenue as a percentage of collections⁽⁴⁾	59.3		%	0.0		%	87.2		%	60.8		%

	Three Months Ended June 30, 2014
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	1,900,177		$	3,853		$	—		$	1,904,030
Purchases of receivable portfolios⁽⁵⁾	225,762			—			—			225,762
Transfer of portfolios	(7,163		)	7,163			—			—
Gross collections⁽²⁾	(400,983		)	(1,589		)	(6,708		)	(409,280		)
Put-backs and recalls⁽³⁾	(5,588		)	(254		)	—			(5,842		)
Foreign currency adjustments	24,765			319			—			25,084
Revenue recognized	241,407			—			3,402			244,809
Portfolio allowance reversals, net	116			—			3,306			3,422
Balance, end of period	$	1,978,493		$	9,492		$	—		$	1,987,985
Revenue as a percentage of collections⁽⁴⁾	60.2		%	0.0		%	50.7		%	59.8		%



	Six Months Ended June 30, 2015
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,131,084		$	12,476		$	—		$	2,143,560
Purchases of receivable portfolios⁽¹⁾	543,934			—			—			543,934
Gross collections⁽²⁾	(816,895		)	(3,225		)	(42,275		)	(862,395		)
Put-backs and Recalls⁽³⁾	(3,975		)	(19		)	(192		)	(4,186		)
Foreign currency adjustments	(2,248		)	(1,329		)	20			(3,557		)
Revenue recognized	491,157			—			36,035			527,192
Portfolio allowance reversals, net	807			—			6,412			7,219
Balance, end of period	$	2,343,864		$	7,903		$	—		$	2,351,767
Revenue as a percentage of collections⁽⁴⁾	60.1		%	0.0		%	85.2		%	61.1		%

	Six Months Ended June 30, 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⁽⁵⁾	693,327			—			—			693,327
Transfer of portfolios	(7,163		)	7,163			—			—
Gross collections⁽²⁾	(790,486		)	(2,249		)	(13,219		)	(805,954		)
Put-backs and Recalls⁽³⁾	(8,823		)	(403		)	—			(9,226		)
Foreign currency adjustments	33,471			319			—			33,790
Revenue recognized	472,154			—			6,993			479,147
Portfolio allowance reversals, net	426			—			6,226			6,652
Balance, end of period	$	1,978,493		$	9,492		$	—		$	1,987,985
Revenue as a percentage of collections⁽⁴⁾	59.7		%	0.0		%	52.9		%	59.5		%

________________________


(1)	Includes $216.0 million acquired in connection with the dlc Acquisition in June 2015.


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


(3)	Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement (“Put-Backs”). Recalls represent accounts that are recalled by the seller in accordance with the respective purchase agreement (“Recalls”).


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


(5)	Includes $208.5 million acquired in connection with the Marlin Acquisition in February 2014.

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Balance at beginning of period	$	72,814		$	89,850		$	75,673		$	93,080
Reversal of prior allowances	(4,360		)	(3,422		)	(7,219		)	(6,652		)
Balance at end of period	$	68,454		$	86,428		$	68,454		$	86,428

Deferred Court Costs, Net (Tables)

6 Months Ended

Jun. 30, 2015

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

Schedule of Deferred Court Costs

Deferred Court Costs for the five-year deferral period consist of the following as of the dates presented (in thousands):



	June 30, 2015			December 31, 2014
Court costs advanced	$	595,895		$	546,271
Court costs recovered	(225,216		)	(206,287		)
Court costs reserve	(298,955		)	(279,572		)
	$	71,724		$	60,412

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Balance at beginning of period	$	(290,383	)	$	(227,067	)	$	(279,572	)	$	(210,889	)
Provision for court costs	(18,318		)	(16,733		)	(37,497		)	(32,911		)
Net down of reserve after 60 months	10,469			—			18,394			—
Effect of foreign currency translation	(723		)	(32		)	(280		)	(32		)
Balance at end of period	$	(298,955	)	$	(243,832	)	$	(298,955	)	$	(243,832	)

Other Assets (Tables)

6 Months Ended

Jun. 30, 2015

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

Components of Other Assets

Other assets consist of the following (in thousands):



	June 30, 2015		December 31, 2014
Debt issuance costs, net of amortization	$	38,834	$	38,504
Identifiable intangible assets, net	24,330		21,564
Prepaid expenses	22,905		21,427
Prepaid income taxes	18,321		—
Interest receivable	16,206		12,187
Service fee receivables	11,161		7,864
Deferred tax assets	10,047		33,716
Other financial receivables	9,119		7,467
Receivable from seller	6,987		7,357
Security deposits	5,686		3,617
Recoverable legal fees	2,991		2,905
Funds held in escrow	—		16,889
Other	33,102		24,169
	$	199,689	$	197,666

Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Instrument [Line Items]

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 were as follows (in thousands):



	June 30, 2015			December 31, 2014
Encore revolving credit facility	$	524,000		$	505,000
Encore term loan facility	142,102			146,023
Encore senior secured notes	36,250			43,750
Encore convertible notes	448,500			448,500
Less: Debt discount	(46,615		)	(51,202		)
Propel facilities	171,550			84,229
Propel securitized notes	81,553			104,247
Cabot senior secured notes	1,085,301			1,076,952
Add: Debt premium	62,406			67,259
Cabot senior revolving credit facility	230,657			86,368
Cabot senior secured bridge facility	141,561			—
Preferred equity certificates	222,419			208,312
Capital lease obligations	11,991			15,331
Other	22,512			38,785
	$	3,134,187		$	2,773,554

Schedule of Convertible Notes - Interest Rates, Hedging, Liability and Equity Components

The details of the hedge program for each of the Convertible Notes are listed below (in thousands, except conversion price):



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes
Cost of the hedge transaction(s)	$	50,595	$	18,113	$	19,545
Initial conversion price	$	31.56	$	45.72	$	59.39
Effective conversion price	$	60.00	$	61.55	$	83.14

Certain key terms related to the convertible features for each of the Convertible Notes as of June 30, 2015 are listed below.



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes
Initial conversion price	$	31.56	$	45.72	$	59.39
Closing stock price at date of issuance	$	25.66	$	33.35	$	47.51
Closing stock price date	November 27, 2012		June 24, 2013		March 5, 2014
Conversion rate (shares per $1,000 principal amount)	31.6832		21.8718		16.8386
Conversion date⁽¹⁾	May 27, 2017		January 1, 2020		September 15, 2020

_______________________


(1)	2017 Convertible Notes became convertible on January 2, 2014, as certain early conversion events were satisfied. Refer to “Conversion and Earnings Per Share Impact” section below for further details.

The balances of the liability and equity components of all of the Convertible Notes outstanding were as follows (in thousands):



	June 30, 2015			December 31, 2014
Liability component—principal amount	$	448,500		$	448,500
Unamortized debt discount	(46,615		)	(51,202		)
Liability component—net carrying amount	$	401,885		$	397,298
Equity component	$	56,684		$	55,236



	2017 Convertible Notes			2020 Convertible Notes			2021 Convertible Notes
Debt component	$	100,298		$	140,271		$	143,604
Equity component	$	14,702		$	32,229		$	17,396
Equity issuance cost	$	788		$	1,113		$	575
Stated interest rate	3.000		%	3.000		%	2.875		%
Effective interest rate	6.000		%	6.350		%	4.700		%

Cabot and Marlin Acquisitions [Member]

Debt Instrument [Line Items]

Interest Expense

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Interest expense—stated coupon rate	$	24,150		$	26,605		$	48,001		$	45,860
Interest income—accretion of debt premium	(2,660		)	(2,573		)	(5,207		)	(4,805		)
Total interest expense—Cabot Notes and Marlin Bonds	$	21,490		$	24,032		$	42,794		$	41,055

Convertible Notes [Member]

Debt Instrument [Line Items]

Interest Expense

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Interest expense—stated coupon rate	$	3,308	$	3,308	$	6,600	$	5,764
Interest expense—amortization of debt discount	2,310		2,181		4,588		3,936
Total interest expense—convertible notes	$	5,618	$	5,489	$	11,188	$	9,700

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rates

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Federal provision	35.0	%	35.0	%	35.0	%	35.0	%
State provision	6.9	%	5.8	%	6.9	%	5.8	%
State benefit	(2.4	)%	(2.0	)%	(2.4	)%	(2.0	)%
International benefit⁽¹⁾	(4.5	)%	(1.9	)%	(5.3	)%	(3.4	)%
Permanent items⁽²⁾	3.2	%	3.5	%	2.1	%	3.7	%
Other⁽³⁾	0.6	%	(0.8	)%	0.3	%	0.0	%
Effective rate	38.8	%	39.6	%	36.6	%	39.1	%

________________________


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


(2)	Represents a provision for nondeductible items.


(3)	Includes the effect of discrete items and reserves taken for a certain tax position adopted by the Company.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues:
Portfolio purchasing and recovery	$	282,661		$	262,087		$	560,444		$	510,676
Tax lien business	7,695			7,108			15,575			12,260
	$	290,356		$	269,195		$	576,019		$	522,936
Operating income:
Portfolio purchasing and recovery	$	98,376		$	87,718		$	195,305		$	165,286
Tax lien business	2,910			2,332			6,272			3,986
	101,286			90,050			201,577			169,272
Depreciation and amortization	(8,084		)	(6,829		)	(16,434		)	(12,946		)
Stock-based compensation	(6,198		)	(4,715		)	(12,103		)	(9,551		)
Other expense	(45,855		)	(43,143		)	(86,041		)	(80,840		)
Income before income taxes	$	41,149		$	35,363		$	86,999		$	65,935

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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues⁽¹⁾:
Domestic	$	193,001	$	189,012	$	384,622	$	374,553
International	97,355		80,183		191,397		148,383
	$	290,356	$	269,195	$	576,019	$	522,936

________________________


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

Goodwill and Identifiable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

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, 2014	$	848,656	$	49,277	$	897,933
Goodwill acquired	63,455		—		63,455
Goodwill adjustment⁽¹⁾	2,410		—		2,410
Effect of foreign currency translation	6,130		—		6,130
Balance, June 30, 2015	$	920,651	$	49,277	$	969,928

______________________


(1)	During the first quarter of 2015, the Company completed the valuation study related to its acquisition of Atlantic in August 2014. Based on the valuation study, the Company has determined that there were additional tax related obligations assumed at the time of acquisition of approximately $2.4 million. As a result, the goodwill balance was increased by $2.4 million.

Summary of Acquired Intangible Assets

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



	As of June 30, 2015							As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	5,053	$	(1,001	)	$	4,052	$	5,437	$	(743	)	$	4,694
Developed technologies	11,424		(3,168		)	8,256		8,353		(2,194		)	6,159
Trade name and other	13,148		(3,088		)	10,060		10,458		(1,709		)	8,749
Other intangibles—indefinite lived	1,962		—			1,962		1,962		—			1,962
Total intangible assets	$	31,587	$	(7,257	)	$	24,330	$	26,210	$	(4,646	)	$	21,564

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Receivable Portfolios [Abstract]
Percentage of payment made for portfolios purchase	50.00%
Receivables portfolio, semi-performing, number of months payment was received within previous four months	3 months
Receivables portfolio, semi-performing, number of months included in review for payments received	4 months
Reclassifications [Abstract]
Net cash flows provided by operating activities	$ 47,412	$ 52,373
Net cash flows provided by financing activities	303,795	443,066
As previously reported [Member]
Reclassifications [Abstract]
Net cash flows provided by operating activities		37,597
Net cash flows provided by financing activities		457,842
Impact of reclassification [Member]
Reclassifications [Abstract]
Net cash flows provided by operating activities		14,776
Net cash flows provided by financing activities		$ (14,776)

Earnings Per Share - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted average common shares outstanding—basic (in shares)	25,885	25,798	25,978	25,774
Dilutive effect of stock-based awards (in shares)	196	651	283	800
Dilutive effect of convertible senior notes (in shares)	838	1,043	856	1,195
Dilutive effect of warrants (in shares)	0	0	0	21
Weighted average common shares outstanding—diluted (in shares)	26,919	27,492	27,117	27,790

Earnings Per Share - Additional Information (Details) (USD $)	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2015	May 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 24, 2014	Jun. 30, 2015 2017 Convertible Senior Notes [Member]	Dec. 31, 2013 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Dec. 31, 2013 2017 Convertible Senior Notes [Member] Before Amendment [Member]	Dec. 16, 2013 2017 Convertible Senior Notes [Member] After Amendment [Member]	Jun. 30, 2015 2017 Convertible Senior Notes [Member] Adjusted Debt Conversion Rate Following Hedge Transactions [Member]	Jun. 30, 2015 2020 Convertible Senior Notes [Member]	Jun. 24, 2013 2020 Convertible Senior Notes [Member]	Jun. 30, 2015 2020 Convertible Senior Notes [Member] Adjusted Debt Conversion Rate Following Hedge Transactions [Member]	Jun. 30, 2015 2021 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase program, amount authorized							$ 50,000,000.0
Stock repurchased during period (shares)	839,295	400,000
Stock repurchased during period (value)	33,200,000	16,800,000
Anti-dilutive securities, employee stock options excluded from EPS			0	0	0	0
Debt component								$ 115,000,000						$ 172,500,000			$ 161,000,000
Conversion price (in dollars per share)								$ 31.56		$ 31.56			$ 60.00	$ 45.72	$ 45.72	$ 61.55	$ 59.39	$ 59.39
Warrants sold to purchase common stock (in shares)									3,600,000
Warrants exercise price (in dollars per share)											$ 44.19	$ 60.00

Business Combinations - Components of Purchase Price Allocation (Detail)			0 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 01, 2015 Hillesden Securities Ltd (dlc) [Member] USD ($)	Jun. 30, 2015 Hillesden Securities Ltd (dlc) [Member] USD ($)	Jun. 30, 2015 Hillesden Securities Ltd (dlc) [Member] USD ($)	Jun. 01, 2015 Hillesden Securities Ltd (dlc) [Member] USD ($)	Jun. 01, 2015 Hillesden Securities Ltd (dlc) [Member] GBP (£)
Business Acquisition [Line Items]
Cash paid at acquisition			$ 268,391,000
Deferred consideration			7,781,000
Total purchase price			276,172,000
Allocation of purchase price:
Cash						30,518,000
Investment in receivable portfolios						215,988,000
Deferred court costs						760,000
Property and equipment						1,327,000
Other assets						2,384,000
Liabilities assumed						(44,335,000)
Identifiable intangible assets						6,075,000
Goodwill	969,928,000	897,933,000				63,455,000
Total net assets acquired						276,172,000	181,600,000
Acquisition and integration costs				2,700,000	2,700,000
Revenue of acquiree recognized since acquisition date				4,400,000	4,400,000
Net income of acquiree recognized since acquisition date				$ 100,000	$ 100,000

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	Jun. 30, 2015	Dec. 31, 2014
Temporary Equity
Redeemable noncontrolling interests	$ (27,924)	$ (28,885)
Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	896	768
Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(576)	(1,037)
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 2 [Member]
Temporary Equity
Redeemable noncontrolling interests	0	0
Level 2 [Member] \| Foreign Exchange Contract [Member] \| Other Assets [Member]
Assets
Foreign currency exchange contracts	896	768
Level 2 [Member] \| Foreign Exchange Contract [Member] \| Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(576)	(1,037)
Level 3 [Member]
Temporary Equity
Redeemable noncontrolling interests	(27,924)	(28,885)
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

Fair Value Measurements - Change in Redeemable Noncontrolling Interests (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Redeemable Noncontrolling Interests [Roll Forward]
Balance at beginning of period	$ 28,885	$ 26,564
Initial redeemable noncontrolling interest related to business combinations		4,997
Net loss attributable to redeemable noncontrolling interests	(1,514)	(4,513)
Adjustment of the redeemable noncontrolling interests to fair value	1,205	5,730
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(652)	(3,893)
Balance at end of period	$ 27,924	$ 28,885

Fair Value Measurements - Additional Information (Detail) (USD $)									6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2015 Cabot and Marlin Acquisitions [Member]	Dec. 31, 2014 Cabot and Marlin Acquisitions [Member]	Jun. 30, 2015 United States [Member]	Jun. 30, 2015 United States [Member] Cost to collect [Member]	Jun. 30, 2015 United States [Member] Discount rate [Member]	Jun. 30, 2015 Europe [Member]	Jun. 30, 2015 Europe [Member] Cost to collect [Member]	Jun. 30, 2015 Europe [Member] Discount rate [Member]
Fair Value Measurements Of Financial Instruments [Line Items]
Estimated market participant cost to collect (percent)										50.30%			30.00%
Discount rate (percent)											12.00%			12.50%
Increase or decrease of the fair value (100 basis points)									$ 40,000,000			$ 59,500,000
Carrying value of investment in receivable portfolios	2,351,767,000	2,038,407,000	2,143,560,000	1,987,985,000	1,904,030,000	1,590,249,000
Convertible senior notes, carrying value	448,500,000		448,500,000
Unamortized debt discount	46,615,000		51,202,000
Fair value estimate of convertible senior notes incorporates quoted market prices	501,300,000		507,400,000
Senior secured notes, carrying value	36,250,000		43,750,000				1,100,000,000	1,100,000,000
Senior secured notes, debt premium	$ 62,406,000		$ 67,259,000				$ 62,400,000	$ 67,300,000

Derivatives and Hedging Instruments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 Forward Contracts [Member] USD ($)	Jun. 30, 2014 Forward Contracts [Member] USD ($)	Jun. 30, 2015 Cabot Acquisition [Member] GBP (£) contract
Derivative [Line Items]
Number of interest rate cap contracts held			1
Derivative instrument, notional amount	$ 45,800,000		£ 100,000,000
Net derivative gain included in OCI expected to be reclassified into earnings	600,000
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], Foreign Currency Exchange Contracts [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	$ (576)	$ (1,037)
Other Assets [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	896	768
Fair Value, Inputs, Level 2 [Member] \| Other Liabilities [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	(576)	(1,037)
Fair Value, Inputs, Level 2 [Member] \| Other Assets [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	$ 896	$ 768

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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	$ (395)	$ 760	$ 77	$ 2,645
Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	(70)	134	150	321
Salaries and Employee Benefits [Member] \| Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(164)	(219)	(315)	(575)
General and Administrative Expenses [Member] \| Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(31)	(40)	(47)	(97)
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	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	$ 0	$ 0

Investment in Receivable Portfolios, Net - Additional Information (Detail) (USD $)	3 Months Ended					6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended				6 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015 Accrual Basis Portfolios [Member]	Jun. 30, 2014 Accrual Basis Portfolios [Member]	Jun. 30, 2015 Accrual Basis Portfolios [Member]	Jun. 30, 2014 Accrual Basis Portfolios [Member]	Jun. 30, 2015 Estimate of Zero Basis Cash Flows [Member]	Mar. 31, 2015 Estimate of Zero Basis Cash Flows [Member]	Jun. 30, 2014 Estimate of Zero Basis Cash Flows [Member]	Mar. 31, 2014 Estimate of Zero Basis Cash Flows [Member]	Jun. 30, 2015 Estimate of Zero Basis Cash Flows [Member]	Jun. 30, 2014 Estimate of Zero Basis Cash Flows [Member]	Jun. 01, 2015 Hillesden Securities Ltd (dlc) [Member]	Jun. 30, 2014 Marlin [Member]	Jun. 30, 2014 Minimum [Member]	Jun. 30, 2014 Maximum [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Investment in receivable portfolios																		$ 216,000,000
Collection forecast estimated on receivable portfolios			120 months																	84 months	96 months
Income recognized under cost recovery method						0
Purchase price of receivable portfolios	418,780,000			225,762,000		543,934,000	693,327,000	418,780,000	225,762,000	543,934,000	693,327,000								208,500,000
Face value of receivable portfolios	5,500,000,000			3,100,000,000		6,600,000,000	7,400,000,000
Purchase cost as a percentage of face value	7.60%			7.30%		8.20%	9.40%
Estimated future collections at acquisition for receivable portfolios	806,500,000			381,300,000		1,000,000,000	1,400,000,000
Revenue recognized, net	$ 270,301,000	$ 264,110,000		$ 248,231,000	$ 237,568,000	$ 534,411,000	$ 485,799,000					$ 26,876,000	$ 15,571,000	$ 6,708,000	$ 6,511,000	$ 42,400,000	$ 13,200,000

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				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	$ 3,041,631	$ 3,059,713	$ 2,854,453	$ 2,399,936	$ 3,059,713	$ 2,399,936
Revenue recognized, net	(270,301)	(264,110)	(248,231)	(237,568)	(534,411)	(485,799)
Net additions on existing portfolios	165,880	160,336	86,717	100,880
Additions for current purchases(2)	395,032	85,692	218,047	591,205
Balance at end of period	3,332,242	3,041,631	2,910,986	2,854,453	3,332,242	2,910,986
Accretable Yield [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	2,951,203	2,993,321	2,843,944	2,391,471	2,993,321	2,391,471
Revenue recognized, net	(243,425)	(248,539)	(241,523)	(231,057)
Net additions on existing portfolios	91,294	120,729	80,582	92,325
Additions for current purchases(2)	395,032	85,692	218,047	591,205
Balance at end of period	3,194,104	2,951,203	2,901,050	2,843,944	3,194,104	2,901,050
Estimate of Zero Basis Cash Flows [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	90,428	66,392	10,509	8,465	66,392	8,465
Revenue recognized, net	(26,876)	(15,571)	(6,708)	(6,511)	(42,400)	(13,200)
Net additions on existing portfolios	74,586	39,607	6,135	8,555
Additions for current purchases(2)	0	0	0	0
Balance at end of period	$ 138,138	$ 90,428	$ 9,936	$ 10,509	$ 138,138	$ 9,936

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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 2,038,407	$ 1,904,030	$ 2,143,560	$ 1,590,249
Purchases of receivable portfolios	418,780	225,762	543,934	693,327
Transfer of portfolios		0		0
Gross collections	(437,324)	(409,280)	(862,395)	(805,954)
Put-backs and recalls	(1,623)	(5,842)	(4,186)	(9,226)
Foreign currency adjustments	63,226	25,084	(3,557)	33,790
Revenue recognized	265,941	244,809	527,192	479,147
Portfolio allowance reversals, net	4,360	3,422	7,219	6,652
Balance, end of period	2,351,767	1,987,985	2,351,767	1,987,985
Revenue as a percentage of collections	60.80%	59.80%	61.10%	59.50%
Marlin [Member]
Investment in Receivables Portfolio [Roll Forward]
Purchases of receivable portfolios				208,500
Accrual Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	2,029,335	1,900,177	2,131,084	1,585,587
Purchases of receivable portfolios	418,780	225,762	543,934	693,327
Transfer of portfolios		(7,163)		(7,163)
Gross collections	(409,339)	(400,983)	(816,895)	(790,486)
Put-backs and recalls	(1,458)	(5,588)	(3,975)	(8,823)
Foreign currency adjustments	63,121	24,765	(2,248)	33,471
Revenue recognized	242,618	241,407	491,157	472,154
Portfolio allowance reversals, net	807	116	807	426
Balance, end of period	2,343,864	1,978,493	2,343,864	1,978,493
Revenue as a percentage of collections	59.30%	60.20%	60.10%	59.70%
Cost Recovery Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	9,072	3,853	12,476	4,662
Purchases of receivable portfolios	0	0	0	0
Transfer of portfolios		7,163		7,163
Gross collections	(1,253)	(1,589)	(3,225)	(2,249)
Put-backs and recalls	(1)	(254)	(19)	(403)
Foreign currency adjustments	85	319	(1,329)	319
Revenue recognized	0	0	0	0
Portfolio allowance reversals, net	0	0	0	0
Balance, end of period	7,903	9,492	7,903	9,492
Revenue as a percentage of collections	0.00%	0.00%	0.00%	0.00%
Zero Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	0	0	0	0
Purchases of receivable portfolios	0	0	0	0
Transfer of portfolios		0		0
Gross collections	(26,732)	(6,708)	(42,275)	(13,219)
Put-backs and recalls	(164)	0	(192)	0
Foreign currency adjustments	20	0	20	0
Revenue recognized	23,323	3,402	36,035	6,993
Portfolio allowance reversals, net	3,553	3,306	6,412	6,226
Balance, end of period	$ 0	$ 0	$ 0	$ 0
Revenue as a percentage of collections	87.20%	50.70%	85.20%	52.90%

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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Valuation Allowance for Investment in Receivable Portfolios [Roll Forward]
Balance at beginning of period	$ 72,814	$ 89,850	$ 75,673	$ 93,080
Reversal of prior allowances	(4,360)	(3,422)	(7,219)	(6,652)
Balance at end of period	$ 68,454	$ 86,428	$ 68,454	$ 86,428

Deferred Court Costs, Net - Schedule of Deferred Court Costs (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred court costs, not recovered, term prior to write off	5 years
Court costs advanced	$ 595,895		$ 546,271
Court costs recovered	(225,216)		(206,287)
Court costs reserve	(298,955)	(290,383)	(279,572)	(243,832)	(227,067)	(210,889)
Deferred court costs, net	$ 71,724		$ 60,412

Deferred Court Costs, Net - Schedule of Court Cost Reserve (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (290,383)	$ (227,067)	$ (279,572)	$ (210,889)
Provision for court costs	(18,318)	(16,733)	(37,497)	(32,911)
Net down of reserve after 60 months	10,469	0	18,394	0
Effect of foreign currency translation	(723)	(32)	(280)	(32)
Balance at end of period	$ (298,955)	$ (243,832)	$ (298,955)	$ (243,832)

Receivables Secured by Property Tax Liens, Net (Details) (USD $)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015 Variable Interest Entities [Member]	Dec. 31, 2014 Variable Interest Entities [Member]	May 06, 2014 Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Property tax liens, collections from foreclosure, percentage of properties (less than)	0.50%
Receivables secured by tax liens, typical redemption period	84 months
Receivables secured by property tax liens, net	$ 316,299,000	$ 259,432,000	$ 96,212,000	$ 108,535,000	$ 141,500,000
Receivable secured by property tax liens, principal amount					$ 134,000,000
Debt instrument, stated interest rate (percent)					1.44%

Other Assets - Components of Other Assets (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Debt issuance costs, net of amortization	$ 38,834	$ 38,504
Identifiable intangible assets, net	24,330	21,564
Prepaid expenses	22,905	21,427
Prepaid income taxes	18,321	0
Interest receivable	16,206	12,187
Service fee receivables	11,161	7,864
Deferred tax assets	10,047	33,716
Other financial receivables	9,119	7,467
Receivable from seller	6,987	7,357
Security deposits	5,686	3,617
Recoverable legal fees	2,991	2,905
Funds held in escrow	0	16,889
Other	33,102	24,169
Total other assets	$ 199,689	$ 197,666

Debt - Components of Debt (Detail) (USD $)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Encore revolving credit facility	$ 524,000,000	$ 505,000,000
Encore term loan facility	142,102,000	146,023,000
Encore senior secured notes	36,250,000	43,750,000
Encore convertible notes	448,500,000	448,500,000
Less: Debt discount	(46,615,000)	(51,202,000)
Add: Debt premium	62,406,000	67,259,000
Preferred equity certificates	222,419,000	208,312,000
Capital lease obligations	11,991,000	15,331,000
Debt and capital lease obligations, total	3,134,187,000	2,773,554,000
Other [Member]
Debt Instrument [Line Items]
Other	22,512,000	38,785,000
Cabot Credit Facility [Member]
Debt Instrument [Line Items]
Encore revolving credit facility	230,657,000	86,368,000
Propel facilities [Member]
Debt Instrument [Line Items]
Encore revolving credit facility	171,550,000	84,229,000
Propel securitized notes [Member]
Debt Instrument [Line Items]
Encore senior secured notes	81,553,000	104,247,000
Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Encore senior secured notes	1,085,301,000	1,076,952,000
Cabot Senior Secured Notes [Member] \| Senior Secured Bridge Facility [Member]
Debt Instrument [Line Items]
Encore senior secured notes	$ 141,561,000	$ 0

Debt - Encore Revolving Credit Facility and Term Loan Facility (Detail) (USD $)	3 Months Ended		6 Months Ended			0 Months Ended		0 Months Ended			0 Months Ended		0 Months Ended						0 Months Ended						0 Months Ended						0 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jul. 09, 2015 Subsequent event [Member]	Jul. 09, 2015 Subsequent event [Member]	Jul. 09, 2015 Subsequent event [Member] Minimum [Member]	Jul. 09, 2015 Subsequent event [Member] Maximum [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member] Minimum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member] Minimum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member] Maximum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan Subtranche One [Member] Maximum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member] Minimum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member] Minimum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member] Maximum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term loan Subtranche Two [Member] Maximum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member] Minimum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member] Minimum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member] Maximum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Term Loan One [Member] Maximum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Secured Debt [Member]	Jul. 09, 2015 Subsequent event [Member] Revolving Credit Facility [Member]	Jul. 09, 2015 Subsequent event [Member] Revolving Credit Facility [Member] Minimum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Revolving Credit Facility [Member] Minimum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Revolving Credit Facility [Member] Maximum [Member] LIBOR [Member]	Jul. 09, 2015 Subsequent event [Member] Revolving Credit Facility [Member] Maximum [Member] Base Rate [Member]	Jul. 09, 2015 Subsequent event [Member] Restated Credit Agreement [Member] subtranche	Jul. 09, 2015 Subsequent event [Member] Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility																														$ 692,600,000
Term loan facility	142,102,000		142,102,000		146,023,000					153,800,000		60,000,000						6,300,000						87,500,000
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
Line of credit facility expiration date											Feb. 28, 2017						Nov. 03, 2017																		Feb. 28, 2019
Debt Instrument, number of subtranches																																			2
Basis spread on variable rate (percent)													2.00%	1.00%	2.50%	1.50%			2.50%	1.50%	3.00%	2.00%			2.50%	1.50%	3.00%	2.00%			2.50%	1.50%	3.00%	2.00%
Percentage to be added to base rate for alternate base rate (percent)						0.50%
Percentage to be added to adjusted base rate for alternate base rate (percent)						1.00%
Principal amount amortized, 2015												3,000,000						500,000						4,400,000
Principal amount amortized, 2016												4,500,000						600,000						6,600,000
Principal amount amortized, 2017																		500,000						8,800,000
Principal amount amortized, 2018																								8,800,000
Borrowing base as percentage of eligible estimated collection range start (percent)						30.00%
Borrowing base as percentage of eligible estimated collection range end (percent)						35.00%
Percentage of eligible estimated remaining collections (percent)						33.00%
Eligible estimated remaining collections for consumer receivables (percent)						55.00%
Percentage of multiplying factor (percent)						95.00%
Cash flow leverage ratio								125.00%	250.00%																				200.00%
Allowance of additional unsecured indebtedness							1,100,000,000
Company's repurchases, common stock						150,000,000
Percentage of acquisitions excluded						50.00%
Acquisition limit							225,000,000.0
Credit facility, provision, investments not to exceed maximum percentage of consolidated net worth (percent)						200.00%
Amount outstanding	666,100,000		666,100,000
Weighted average interest rate (percent)	2.40%	2.89%	2.37%	2.90%
Encore senior secured notes	$ 36,250,000		$ 36,250,000		$ 43,750,000

Debt - Encore Senior Secured Notes (Detail) (USD $)	6 Months Ended
Debt - Encore Senior Secured Notes (Detail) (USD $)	Jun. 30, 2015 agreement	Dec. 31, 2014
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	$ 75,000,000.0
Securitized notes	36,250,000	43,750,000
Basis spread over the current Treasury Rate (percent)	0.50%
Number of agreements	2
2011 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	25,000,000.0
Debt instrument, stated interest rate (percent)	7.375%
Debt instrument maturity date	2018
Senior secured notes, periodic principal repayment	1,250,000.00
2010 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	50,000,000.0
Debt instrument, stated interest rate (percent)	7.75%
Debt instrument maturity date	2017
Senior secured notes, periodic principal repayment	$ 2,500,000.0

Debt - Encore Convertible Notes (Details) (USD $)	0 Months Ended			0 Months Ended			0 Months Ended
Debt - Encore Convertible Notes (Details) (USD $)	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Jun. 30, 2015 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Jun. 24, 2013 2020 Convertible Senior Notes [Member]	Jun. 30, 2015 2020 Convertible Senior Notes [Member]	Jun. 24, 2013 2020 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]	Jun. 30, 2015 2021 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]	Dec. 31, 2012 Convertible Notes [Member] 2017 Convertible Senior Notes [Member]	Jul. 31, 2013 Convertible Notes [Member] 2020 Convertible Senior Notes [Member]	Mar. 31, 2014 Convertible Notes [Member] 2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount										$ 115,000,000	$ 172,500,000	$ 161,000,000
Debt instrument, stated interest rate (percent)		3.00%			3.00%			2.875%		3.00%	3.00%	2.875%
Initial conversion price (in dollars per share)		$ 31.56	$ 31.56		$ 45.72	$ 45.72		$ 59.39	$ 59.39
Closing stock price at date of issuance (in dollars per share)			$ 25.66			$ 33.35			$ 47.51
Conversion rate (shares per $1,000 principal amount)	31.6832			21.8718			16.8386

Debt - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) (USD $) In Thousands, unless otherwise specified			6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015 2017 Convertible Senior Notes [Member]	Jun. 30, 2015 2020 Convertible Senior Notes [Member]	Jun. 30, 2015 2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt component			$ 100,298	$ 140,271	$ 143,604
Equity component	56,684	55,236	14,702	32,229	17,396
Equity issuance cost			$ 788	$ 1,113	$ 575
Stated interest rate (percent)			3.00%	3.00%	2.875%
Effective interest rate (percent)			6.00%	6.35%	4.70%

Debt - Balances of Liability and Equity Components (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Liability component—principal amount	$ 448,500	$ 448,500
Unamortized debt discount	(46,615)	(51,202)
Liability component—net carrying amount	401,885	397,298
Equity component	$ 56,684	$ 55,236

Debt - Interest Expense (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Convertible Notes [Member]
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 3,308	$ 3,308	$ 6,600	$ 5,764
Interest expense—amortization of debt discount	2,310	2,181	4,588	3,936
Total interest expense—convertible notes	5,618	5,489	11,188	9,700
Cabot and Marlin Acquisitions [Member]
Debt Instrument [Line Items]
Interest expense—stated coupon rate	24,150	26,605	48,001	45,860
Interest expense—amortization of debt discount	(2,660)	(2,573)	(5,207)	(4,805)
Total interest expense—convertible notes	$ 21,490	$ 24,032	$ 42,794	$ 41,055

Debt - Convertible Notes Hedge Transactions, Conversion and EPS Impact (Details) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended		3 Months Ended			6 Months Ended			6 Months Ended		6 Months Ended		1 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015 2017 Convertible Senior Notes [Member]	Jun. 30, 2014 2017 Convertible Senior Notes [Member]	Dec. 31, 2013 2017 Convertible Senior Notes [Member] D	Jun. 30, 2015 2017 Convertible Senior Notes [Member]	Jun. 30, 2014 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 2017 Convertible Senior Notes [Member]	Jun. 30, 2015 2020 Convertible Senior Notes [Member]	Jun. 24, 2013 2020 Convertible Senior Notes [Member]	Jun. 30, 2015 2021 Convertible Senior Notes [Member]	Mar. 05, 2014 2021 Convertible Senior Notes [Member]	Feb. 28, 2014 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Dec. 31, 2014 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Dec. 31, 2013 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Jun. 30, 2015 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Dec. 16, 2013 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Nov. 27, 2012 Hedging of Convertible Debt Instrument [Member] 2017 Convertible Senior Notes [Member]	Jun. 30, 2015 Hedging of Convertible Debt Instrument [Member] 2020 Convertible Senior Notes [Member]	Jun. 30, 2015 Hedging of Convertible Debt Instrument [Member] 2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Cost of the hedge transaction(s)								$ 50,595,000			$ 18,113,000		$ 19,545,000		$ 27,900,000	$ 25,200,000	$ 2,700,000
Conversion price (in dollars per share)					$ 31.56			$ 31.56		$ 31.56	$ 45.72	$ 45.72	$ 59.39	$ 59.39				$ 60.00	$ 60.00	$ 44.19	$ 61.55	$ 83.14
Convertible debt, threshold of stock price trigger (percent)							130.00%
Convertible debt, threshold trading days							20
Convertible debt, threshold consecutive trading days							30 days
Convertible notes, fair value					163,600,000			163,600,000
Reclassifications of equity to temporary equity, debt conversion			$ 7,600,000
Dilutive effect of convertible senior notes (in shares)	838	1,043	856	1,195	800	1,000		900	1,200

Debt - Propel Facilities (Detail) (USD $)	3 Months Ended		6 Months Ended							3 Months Ended		6 Months Ended							6 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended
Debt - Propel Facilities (Detail) (USD $)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	May 06, 2014 Texas [Member]	Jun. 30, 2015 Propel Term Loan Facility [Member]	May 02, 2014 Propel Term Loan Facility [Member]	Jun. 30, 2015 Secured Debt [Member]	Jun. 30, 2015 Propel Facility I [Member]	Jun. 30, 2014 Propel Facility I [Member]	Jun. 30, 2015 Propel Facility I [Member]	Jun. 30, 2014 Propel Facility I [Member]	Jun. 30, 2015 Propel Facility I [Member] Federal funds rate [Member]	Jun. 30, 2015 Propel Facility I [Member] One month LIBOR [Member]	Jun. 30, 2015 Propel Facility I [Member] Minimum [Member] LIBOR [Member]	Jun. 30, 2015 Propel Facility I [Member] Maximum [Member] LIBOR [Member]	Jun. 30, 2015 Propel Facility I [Member] Accordion feature [Member]	Jun. 30, 2015 Propel Facility II, Amended [Member]	May 15, 2013 Propel Facility II, Amended [Member]	Jun. 30, 2015 Propel Facility II, Amended [Member] LIBOR [Member]	Jun. 30, 2015 Propel Facility II, Amended [Member] LIBOR [Member] Following Expiration Date [Member]	Jun. 30, 2015 Propel Facility II [Member]	Jun. 30, 2014 Propel Facility II [Member]	Jun. 30, 2015 Propel Facility II [Member]	Jun. 30, 2014 Propel Facility II [Member]	Jun. 30, 2015 Propel securitized notes [Member]	Dec. 31, 2014 Propel securitized notes [Member]
Debt Instrument [Line Items]
Revolving credit facility										$ 80,000,000		$ 80,000,000						$ 20,000,000.0	$ 150,000,000.0	$ 100,000,000.0
Basis spread on variable rate (percent)														0.50%	1.00%	2.70%	3.20%				2.25%	2.25%
Borrowing base of the face value of the tax lien collateralized notes (percent)										90.00%		90.00%
Credit facility, outstanding amount	524,000,000		524,000,000		505,000,000					63,000,000		63,000,000											103,800,000		103,800,000
Weighted average interest rate (percent)	2.40%	2.89%	2.37%	2.90%						3.60%	3.49%	3.45%	3.37%										2.50%	3.53%	2.78%	3.60%
Additional draws																			0
Debt instrument, extension period																			1 year
Debt instrument, stated interest rate (percent)						1.44%		5.50%														4.00%
Convertible senior notes sold								31,900,000.0
Receivables secured by property tax liens, net	316,299,000		316,299,000		259,432,000	141,500,000		43,000,000
Term loan facility	142,102,000		142,102,000		146,023,000		4,700,000
Receivable secured by property tax liens, principal amount						134,000,000
Securitized notes	36,250,000		36,250,000		43,750,000																						81,553,000	104,247,000
Debt instrument, collateral amount									$ 96,200,000

Debt - Cabot Senior Secured Notes (Detail)	6 Months Ended					6 Months Ended						6 Months Ended		0 Months Ended
Debt - Cabot Senior Secured Notes (Detail)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2015 Cabot Senior Secured Notes [Member] USD ($)	Dec. 31, 2014 Cabot Senior Secured Notes [Member] USD ($)	Jun. 30, 2015 Cabot Corporation [Member] USD ($)	Jun. 30, 2015 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 (£)	Jun. 30, 2015 J Bridge PECs [Member] USD ($)	Jun. 30, 2015 J Bridge PECs [Member] GBP (£)	Mar. 27, 2014 Cabot 2021 Notes [Member] USD ($)	Mar. 27, 2014 Cabot 2021 Notes [Member] GBP (£)	Jun. 01, 2015 Cabot 2021 Notes [Member] USD ($)	Jun. 01, 2015 Cabot 2021 Notes [Member] GBP (£)	Mar. 27, 2014 Cabot 2021 Notes [Member]	Jul. 25, 2013 Senior Secured Notes Due 2020 [Member] Marlin Acquisition [Member] USD ($)	Jul. 25, 2013 Senior Secured Notes Due 2020 [Member] Marlin Acquisition [Member] GBP (£)
Debt Instrument [Line Items]
Encore senior secured notes	$ 36,250,000		$ 43,750,000	$ 1,085,301,000	$ 1,076,952,000			$ 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
Debt instrument, stated interest rate (percent)								10.375%	10.375%	8.375%	8.375%							6.50%	10.50%	10.50%
Repayment of senior credit facility	354,362,000	732,857,000				113,800,000	75,000,000							174,800,000	105,000,000
Repayment of preferred equity certificates, net												37,900,000	25,000,000.0
Debt issuance cost														7,500,000
Long-term debt, fair value																			$ 284,200,000

Debt - Cabot Senior Revolving Credit Facility and Senior Secured Bridge Facility (Detail)	3 Months Ended		6 Months Ended							0 Months Ended		3 Months Ended		6 Months Ended							6 Months Ended	0 Months Ended				0 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014	Jun. 30, 2015 USD ($)	Jun. 30, 2014	Dec. 31, 2014 USD ($)	Jun. 30, 2015 Cabot Senior Secured Notes [Member] USD ($)	Dec. 31, 2014 Cabot Senior Secured Notes [Member] USD ($)	Sep. 20, 2012 Cabot Credit Agreement [Member] USD ($)	Sep. 20, 2012 Cabot Credit Agreement [Member] GBP (£)	Feb. 05, 2015 Cabot Credit Facility [Member] USD ($)	Feb. 05, 2015 Cabot Credit Facility [Member] GBP (£)	Jun. 30, 2015 Cabot Credit Facility [Member] USD ($)	Jun. 30, 2014 Cabot Credit Facility [Member]	Jun. 30, 2015 Cabot Credit Facility [Member] USD ($)	Jun. 30, 2014 Cabot Credit Facility [Member]	Feb. 05, 2015 Cabot Credit Facility [Member] USD ($)	Feb. 05, 2015 Cabot Credit Facility [Member] GBP (£)	Dec. 31, 2014 Cabot Credit Facility [Member] USD ($)	Jun. 28, 2013 Cabot Credit Facility [Member] USD ($)	Jun. 28, 2013 Cabot Credit Facility [Member] GBP (£)	Jun. 30, 2015 Cabot Credit Facility [Member] Super Senior Loan [Member]	Jun. 01, 2015 Senior Secured Bridge Facility [Member] USD ($)	Jun. 01, 2015 Senior Secured Bridge Facility [Member] GBP (£)	Jun. 30, 2015 Senior Secured Bridge Facility [Member] Cabot Senior Secured Notes [Member] USD ($)	Dec. 31, 2014 Senior Secured Bridge Facility [Member] Cabot Senior Secured Notes [Member] USD ($)	Jun. 01, 2015 Senior Secured Bridge Facility [Member] LIBOR [Member]
Debt Instrument [Line Items]
Revolving credit facility								$ 82,700,000	£ 50,000,000.0							$ 298,100,000	£ 195,000,000.0		$ 140,600,000	£ 85,000,000.0			£ 90,000,000.0
Line of credit facility, increase to maximum borrowing capacity, accordion provision																	55,000,000.0
Debt issuance cost										4,100,000	2,700,000											1,400,000
Debt instrument, term														5 years								1 year
Line of credit facility expiration date														Sep. 01, 2017
Basis spread on variable rate (percent)														3.50%												6.00%
Maximum loan to value ratio														0.75%							25.00%
Credit facility, outstanding amount	524,000,000		524,000,000		505,000,000							230,657,000		230,657,000				86,368,000
Weighted average interest rate (percent)	2.40%	2.89%	2.37%	2.90%								3.79%	4.32%	3.85%	4.28%
Debt instrument, stated interest rate, minimum (percent)			0.00%																			1.00%
Step up in basis spread on variable rate (percent)																										0.50%
Increased basis spread on variable rate, interval period																										3 months
Encore senior secured notes	$ 36,250,000		$ 36,250,000		$ 43,750,000	$ 1,085,301,000	$ 1,076,952,000																	$ 141,561,000	$ 0

Debt - Preferred Equity Certificates and Capital Lease Obligations (Details)	6 Months Ended			0 Months Ended			0 Months Ended			0 Months Ended					0 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2015 Preferred Equity Certificate [Member]	Jul. 01, 2013 Common Class A [Member]	Jul. 01, 2013 Cabot Holdings [Member] Common Class A [Member] J C Flowers And Company Limited Liability Company [Member]	Jul. 01, 2013 Cabot Acquisition [Member]	Jul. 01, 2013 Janus Holdings [Member] USD ($)	Jul. 01, 2013 Janus Holdings [Member] GBP (£)	Jul. 01, 2013 Janus Holdings [Member]	Jul. 01, 2013 Janus Holdings [Member] Common Class E [Member]	Jul. 01, 2013 Janus Holdings [Member] E Bridge Preferred Equity Certificates [Member] USD ($)	Jul. 01, 2013 Janus Holdings [Member] E Bridge Preferred Equity Certificates [Member] GBP (£)	Jul. 01, 2013 Janus Holdings [Member] E Preferred Equity Certificates [Member] USD ($)	Jul. 01, 2013 Janus Holdings [Member] E Preferred Equity Certificates [Member] GBP (£)	Jul. 01, 2013 Janus Holdings [Member] Cabot Holdings [Member] Common Class J [Member] J C Flowers And Company Limited Liability Company [Member]	Jul. 01, 2013 Janus Holdings [Member] Cabot Holdings [Member] J Bridge PECs [Member] J C Flowers And Company Limited Liability Company [Member] USD ($)	Jul. 01, 2013 Janus Holdings [Member] Cabot Holdings [Member] J Bridge PECs [Member] J C Flowers And Company Limited Liability Company [Member] GBP (£)	Jul. 01, 2013 Janus Holdings [Member] Cabot Holdings [Member] J Preferred Equity Certificates [Member] J C Flowers And Company Limited Liability Company [Member] USD ($)	Jul. 01, 2013 Janus Holdings [Member] Cabot Holdings [Member] J Preferred Equity Certificates [Member] J C Flowers And Company Limited Liability Company [Member] GBP (£)	Jul. 01, 2013 Janus Holdings [Member] Cabot Credit Management [Member]
Debt Instrument [Line Items]
Business acquisition, equity interest (percent)						50.10%														50.10%
Business acquisition, face value											$ 15,500,000	£ 10,218,574	$ 147,100,000	£ 96,729,661		$ 15,500,000	£ 10,177,781
Business acquisition, number of shares acquired					100					3,498,563
Business combination, consideration transferred							175,000,000	115,100,000
Noncontrolling interest, ownership percentage									49.90%
Equity certificates with a face value																		146,500,000	96,343,515
Business combination number of shares still held by minority interest				100											3,484,597
Debt instrument, stated interest rate (percent)			12.00%
Preferred equity certificates	222,419,000	208,312,000
Capital lease obligations	$ 11,991,000	$ 15,331,000
Debt instrument, stated interest rate, minimum (percent)	0.00%
Debt instrument, stated interest rate, maximum (percent)	11.00%

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes [Line Items]
Provision for income taxes	$ 15,964,000	$ 14,010,000	$ 31,847,000	$ 25,752,000
Unrecognized tax benefit	48,000,000		48,000,000		44,400,000
Net tax benefit from unrecognized tax benefits, if recognized	16,400,000		16,400,000		12,700,000
Undistributed earnings	2,700,000		8,600,000
Other business combinations [Member]
Income Taxes [Line Items]
Unrecognized tax benefits, increase resulting from acquisition			$ 3,700,000
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

Income Taxes - Schedule of Effective Tax Rates (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Schedule of Effective Tax Rates (Detail)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Federal provision	35.00%	35.00%	35.00%	35.00%
State provision	6.90%	5.80%	6.90%	5.80%
State benefit	(2.40%)	(2.00%)	(2.40%)	(2.00%)
International benefit	(4.50%)	(1.90%)	(5.30%)	(3.40%)
Permanent items	3.20%	3.50%	2.10%	3.70%
Other	0.60%	(0.80%)	0.30%	0.00%
Effective rate	38.80%	39.60%	36.60%	39.10%

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended		1 Months Ended	0 Months Ended
	Jun. 30, 2015	Jun. 30, 2015 Midland Credit Management Inc. Telephone Consumer Protection Act Litigation [Member] Pending Litigation [Member] class_action	Dec. 17, 2010 Robinson v. Midland Funding and Tovar v. Midland Credit Management [Member] class_action	May 11, 2011 Scardina v. Midland Credit Management & Encore Capital Group and Martin v. Midland Funding [Member] class_action
Loss Contingencies [Line Items]
Estimate of possible charge for penalties and restitution (in excess of)	$ 35,000,000
Number of class actions filed		4	2	2
Litigation settlement, estimated cash contribution		2,000,000
Litigation settlement, estimated debt forgiveness		13,000,000
Litigation settlement, estimated attorney fees		2,400,000
Material reserves for litigation	0
Purchase price of receivable portfolios	2,000,000,000
Purchase price	$ 277,400,000

Segment Information - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2015 Segment	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments	2
Assets	$ 4,113,978	$ 3,750,135
Portfolio Purchasing and Recovery [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,700,000
Tax Lien Transfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 435,500

Segment Information - Reconciliation of Revenue and Operating Income from Segments to Consolidated (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 290,356	$ 269,195	$ 576,019	$ 522,936
Depreciation and amortization	(8,084)	(6,829)	(16,434)	(12,946)
Other expense	(45,855)	(43,143)	(86,041)	(80,840)
Income before income taxes	41,149	35,363	86,999	65,935
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	290,356	269,195	576,019	522,936
Operating income loss before depreciation and amortization	101,286	90,050	201,577	169,272
Operating Segments [Member] \| Portfolio Purchasing and Recovery [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	282,661	262,087	560,444	510,676
Operating income loss before depreciation and amortization	98,376	87,718	195,305	165,286
Operating Segments [Member] \| Tax Lien Transfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	7,695	7,108	15,575	12,260
Operating income loss before depreciation and amortization	2,910	2,332	6,272	3,986
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(8,084)	(6,829)	(16,434)	(12,946)
Stock-based compensation	(6,198)	(4,715)	(12,103)	(9,551)
Other expense	(45,855)	(43,143)	(86,041)	(80,840)
Income before income taxes	$ 41,149	$ 35,363	$ 86,999	$ 65,935

Goodwill and Identifiable Intangible Assets - Schedule of Reportable Segments by Reporting Units (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015 Portfolio Purchasing and Recovery [Member]	Mar. 31, 2015 Portfolio Purchasing and Recovery [Member] Atlantic Credit and Finance, Inc. [Member]	Jun. 30, 2015 Tax Lien Transfer [Member]
Goodwill [Roll Forward]
Balance at beginning of period	$ 897,933	$ 848,656		$ 49,277
Goodwill acquired	63,455	63,455		0
Goodwill adjustment	2,410	2,410	2,400	0
Effect of foreign currency translation	6,130	6,130		0
Balance at end of period	$ 969,928	$ 920,651		$ 49,277

Goodwill and Identifiable Intangible Assets - Summary of Acquired Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization, finite-lived intangibles	$ (7,257)	$ (4,646)
Other intangibles—indefinite lived	1,962	1,962
Gross Carrying Amount	31,587	26,210
Net Carrying Amount	24,330	21,564
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	5,053	5,437
Accumulated Amortization, finite-lived intangibles	(1,001)	(743)
Net Carrying Amount, finite-lived intangibles	4,052	4,694
Developed Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	11,424	8,353
Accumulated Amortization, finite-lived intangibles	(3,168)	(2,194)
Net Carrying Amount, finite-lived intangibles	8,256	6,159
Trade Name and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	13,148	10,458
Accumulated Amortization, finite-lived intangibles	(3,088)	(1,709)
Net Carrying Amount, finite-lived intangibles	$ 10,060	$ 8,749