Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
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		25,740,950

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 146,647	$ 149,765
Investment in receivable portfolios, net	2,555,925	2,382,809
Property and equipment, net	71,135	72,257
Deferred court costs, net	74,316	65,187
Other assets	239,218	215,447
Goodwill	831,556	785,032
Total assets	3,918,797	3,670,497
Liabilities:
Accounts payable and accrued liabilities	256,982	234,398
Debt	2,963,929	2,805,983
Other liabilities	29,776	29,601
Total liabilities	3,250,687	3,069,982
Commitments and contingencies
Redeemable noncontrolling interest	126,215	45,755
Redeemable equity component of convertible senior notes	192	2,995
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, 25,741 shares and 25,593 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	257	256
Additional paid-in capital	43,076	103,392
Accumulated earnings	593,290	560,567
Accumulated other comprehensive loss	(83,110)	(104,911)
Total Encore Capital Group, Inc. stockholders’ equity	553,513	559,304
Noncontrolling interest	(11,810)	(7,539)
Total equity	541,703	551,765
Total liabilities, redeemable equity and equity	3,918,797	3,670,497
Variable Interest Entities
Assets
Cash and cash equivalents	43,077	55,823
Investment in receivable portfolios, net	1,103,135	972,841
Property and equipment, net	19,843	19,284
Deferred court costs, net	25,049	22,760
Other assets	91,179	79,767
Goodwill	628,849	584,868
Liabilities:
Accounts payable and accrued liabilities	117,645	99,689
Debt	1,666,962	1,514,799
Other liabilities	$ 618	$ 1,921

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	25,741,000	25,593,000
Common stock, shares outstanding	25,741,000	25,593,000

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Revenue from receivable portfolios, net	$ 272,236	$ 267,452	$ 524,206	$ 537,546
Other revenues	18,681	21,990	38,652	40,913
Total revenues	290,917	289,442	562,858	578,459
Operating expenses
Salaries and employee benefits	75,786	75,499	144,064	145,141
Cost of legal collections	53,409	46,807	101,366	101,115
Other operating expenses	24,030	24,946	50,390	51,289
Collection agency commissions	11,494	9,274	23,056	19,394
General and administrative expenses	36,932	32,934	70,250	68,173
Depreciation and amortization	8,672	8,235	17,297	18,096
Total operating expenses	210,323	197,695	406,423	403,208
Income from operations	80,594	91,747	156,435	175,251
Other (expense) income
Interest expense	(50,516)	(50,597)	(99,714)	(101,288)
Other income	2,529	3,134	3,131	10,258
Total other expense	(47,987)	(47,463)	(96,583)	(91,030)
Income from continuing operations before income taxes	32,607	44,284	59,852	84,221
Provision for income taxes	(13,531)	(13,451)	(25,598)	(23,599)
Income from continuing operations	19,076	30,833	34,254	60,622
Loss from discontinued operations, net of tax	0	0	(199)	(3,182)
Net income	19,076	30,833	34,055	57,440
Net loss (income) attributable to noncontrolling interest	1,179	(1,245)	8,298	(2,158)
Net income attributable to Encore Capital Group, Inc. stockholders	20,255	29,588	42,353	55,282
Amounts attributable to Encore Capital Group, Inc.:
Income from continuing operations	20,255	29,588	42,552	58,464
Loss from discontinued operations, net of tax	$ 0	$ 0	$ (199)	$ (3,182)
Basic earnings (loss) per share from:
Continuing operations (in dollars per share)	$ 0.78	$ 1.15	$ 1.64	$ 2.28
Discontinued operations (in dollars per share)	0.00	0.00	(0.01)	(0.12)
Net basic (loss) earnings per share (in dollars per share)	0.78	1.15	1.63	2.16
Diluted earnings (loss) per share from:
Continuing operations (in dollars per share)	0.77	1.14	1.62	2.26
Discontinued operations (in dollars per share)	0.00	0.00	(0.01)	(0.12)
Net diluted (loss) earnings per share (in dollars per share)	$ 0.77	$ 1.14	$ 1.61	$ 2.14
Weighted average shares outstanding:
Basic (in shares)	25,983	25,742	25,930	25,646
Diluted (in shares)	26,391	25,874	26,240	25,871

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 19,076	$ 30,833	$ 34,055	$ 57,440
Change in unrealized gains/losses on derivative instruments:
Unrealized gain (loss) on derivative instruments	963	(562)	1,434	(496)
Income tax effect	35	220	(512)	194
Unrealized gain (loss) on derivative instruments, net of tax	998	(342)	922	(302)
Change in foreign currency translation:
Unrealized gain (loss) on foreign currency translation	7,824	(25,126)	22,288	(36,687)
Income tax effect	0	32	0	1,353
Unrealized gain (loss) on foreign currency translation, net of tax	7,824	(25,094)	22,288	(35,334)
Other comprehensive income (loss), net of tax	8,822	(25,436)	23,210	(35,636)
Comprehensive income	27,898	5,397	57,265	21,804
Comprehensive loss (income) attributable to noncontrolling interest:
Net loss (income)	1,179	(1,245)	8,298	(2,158)
Unrealized loss (gain) on foreign currency translation	1,841	1,260	(1,409)	922
Comprehensive loss (income) attributable to noncontrolling interest	3,020	15	6,889	(1,236)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 30,918	$ 5,412	$ 64,154	$ 20,568

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income	$ 34,055	$ 57,440
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of income taxes	199	3,182
Depreciation and amortization	17,297	18,096
Other non-cash expense, net	21,309	19,242
Stock-based compensation expense	3,510	8,869
Gain on derivative instruments, net	(2,623)	(7,531)
Deferred income taxes	(3,164)	(25,002)
Reversal of allowances on receivable portfolios, net	(10,961)	(4,670)
Changes in operating assets and liabilities
Deferred court costs and other assets	(5,951)	(666)
Prepaid income tax and income taxes payable	20,389	5,260
Accounts payable, accrued liabilities and other liabilities	(2,770)	(27,236)
Net cash provided by operating activities from continuing operations	71,290	46,984
Net cash provided by operating activities from discontinued operations	0	2,096
Net cash provided by operating activities	71,290	49,080
Investing activities:
Cash paid for acquisitions, net of cash acquired	(5,623)	(675)
Proceeds from divestiture of business, net of cash divested	0	106,041
Purchases of receivable portfolios, net of put-backs	(464,507)	(517,665)
Collections applied to investment in receivable portfolios, net	371,285	351,219
Purchases of property and equipment	(11,984)	(10,094)
Payments to acquire interest in affiliates	(8,805)	0
Other, net	(4,559)	(3,502)
Net cash used in investing activities from continuing operations	(115,075)	(67,672)
Net cash provided by investing activities from discontinued operations	0	14,685
Net cash used in investing activities	(115,075)	(52,987)
Financing activities:
Payment of loan costs	(3,415)	(2,934)
Proceeds from credit facilities	331,020	288,750
Repayment of credit facilities	(373,345)	(307,946)
Repayment of senior secured notes	(6,174)	(11,256)
Proceeds from issuance of convertible senior notes	150,000	0
Repayment of convertible senior notes	60,406	0
Proceeds from convertible hedge instruments	5,580	0
Taxes paid related to net share settlement of equity awards	(2,457)	(4,068)
Proceeds from other debt	0	34,946
Other, net	(4,954)	(8,714)
Net cash provided by (used in) financing activities	35,849	(11,222)
Net decrease in cash and cash equivalents	(7,936)	(15,129)
Effect of exchange rate changes on cash and cash equivalents	4,818	545
Cash and cash equivalents, beginning of period	149,765	153,593
Cash and cash equivalents, end of period	$ 146,647	$ 139,009

Ownership, Description of Business, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers 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. Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, 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, 2016. 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 10, “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation. 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 or loss. 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 immaterial reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation. For the three and six months ended June 30, 2016, the Company revised its statements of comprehensive income. The comprehensive loss attributable to Encore increased by $1.3 million and $0.9 million for the three and six months ended June 30, 2016. This revision was not material. There were no revisions to the statements of financial condition, income or cash flows. Change in Accounting Principle In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption of this standard, excess tax benefits and tax deficiencies will be recognized as income tax expense, and the tax effects of exercised or vested awards will be treated as discrete items in the period in which they occur. As such, implementation of this standard could create volatility in an entity’s effective income tax rate on a quarter by quarter basis. The volatility in the effective income tax rate is due primarily to fluctuations in the stock price and the timing of stock option exercises and vesting of restricted share grants. The standard also requires excess tax benefits to be presented as an operating activity on the statement of cash flows rather than as a financing activity. An entity may elect to apply the change in presentation in the statement of cash flows either prospectively or retrospectively to all periods presented. Further, the amendments allow an entity to make an accounting policy election to either estimate forfeitures or recognize forfeitures as they occur. If an election is made, the change to recognize forfeitures as they occur must be adopted using a modified retrospective approach with a cumulative effect adjustment recorded to opening retained earnings. ASU 2016-09 became effective for the Company on January 1, 2017. The Company applied the change in presentation to the statement of cash flows retrospectively for all periods presented after adoption date. The Company believes that the new standard may cause volatility in its effective tax rates and earnings per share due to the tax effects related to share-based payments being recorded to the income statement. The volatility in future periods will depend on the Company’s stock price at the awards’ vest dates and the number of awards that vest in each period. The Company will not elect an accounting policy change to record forfeitures as they occur and will continue to estimate forfeitures at each period. Recent Accounting Pronouncements Other than the adoption of ASU 2016-09 as discussed in the “Change in Accounting Principle” section above, there have been no new accounting pronouncements made effective during the six months ended June 30, 2017 that have significance, or potential significance, to the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718) (“ASU 2017-09”). ASU 2017-09 provides clarity in order to reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not anticipate that the adoption of ASU 2017-09 will have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairments tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements as well as whether to adopt the new guidance early. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The FASB issued ASU 2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. ASU 2016-15 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements as well as whether to adopt the new guidance early. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 applies a current expected credit loss model which is a new impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. ASU 2016-13 eliminates the current accounting model for loans and debt securities acquired with deteriorated credit quality under Accounting Standards Codification (“ASC”) 310-30, which provides authoritative guidance for the accounting of the Company’s investment in receivable portfolios. Under this new standard, entities will gross up the initial amortized cost for the purchased financial assets with credit deterioration (“PCD assets”), the initial amortized cost will be the sum of (1) the purchase price and (2) the estimate of credit losses as of the date of acquisition. After initial recognition of PCD assets and the related allowance, any change in estimated cash flows (favorable or unfavorable) will be immediately recognized in the income statement because the yield on PCD assets would be locked. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019 with early adoption permitted for reporting periods beginning after December 15, 2018. The guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period in which ASU 2016-13 is adopted. However, the FASB has determined that financial assets for which the guidance in Subtopic 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality, has previously been applied should prospectively apply the guidance in ASU 2016-13 for PCD assets. A prospective transition approach should be used for PCD assets where upon adoption, the amortized cost basis should be adjusted to reflect the addition of the allowance for credit losses. This transition relief will avoid the need for a reporting entity to reassess its purchased financial assets that exist as of the date of adoption to determine whether they would have met at acquisition the new criteria of more-than insignificant credit deterioration since origination. The transition relief also will allow an entity to accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date of ASU 2016-13. The same transition requirements should be applied to beneficial interests that previously applied Subtopic 310-30 or have a significant difference between contractual cash flows and expected cash flows. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 changes accounting for leases and requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company starting in the first quarter of fiscal year 2019. Early adoption is permitted. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB’s ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period. In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, which clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company is evaluating its implementation approach and the potential impacts of Topic 606 on its existing revenue recognition policies and procedures. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.

Discontinued Operations

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On March 31, 2016, the Company completed its previously announced divestiture of its membership interests in Propel Acquisition LLC (“Propel”) pursuant to the Securities Purchase Agreement (the “Purchase Agreement”), dated February 19, 2016, among the Company and certain funds affiliated with Prophet Capital Asset Management LP. Pursuant to the Purchase Agreement, the application of the purchase price formula resulted in cash consideration paid to the Company at closing of $144.4 million (net proceeds were $106.0 million after divestiture of $38.4 million in cash), subject to customary post-closing adjustments. The purchase price was finalized in the first quarter of 2017.

During the three months ended March 31, 2016, the Company recognized a loss of $3.0 million related to the sale of Propel, this loss was reduced to $2.0 million based on the adjustments recorded in the fourth quarter of 2016 and the first quarter of 2017. Propel represented the Company’s entire tax lien business reportable segment. Propel’s operations are presented as discontinued operations in the Company’s condensed consolidated statements of income. Certain immaterial costs that may be eliminated as a result of the sale remained in continuing operations.

The following table presents the results of the discontinued operations during the periods presented (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016
Revenue	$	—	$	—	$	—		$	4,950
Salaries and employee benefits	—		—		—			(2,860		)
Other operating expenses	—		—		—			(1,473		)
General and administrative expenses	—		—		—			(1,551		)
Depreciation and amortization	—		—		—			(127		)
Loss from discontinued operations, before income taxes	—		—		—			(1,061		)
Loss on sale of discontinued operations, before income taxes	—		—		(322		)	(3,000		)
Total loss on discontinued operations, before income taxes	—		—		(322		)	(4,061		)
Income tax benefit	—		—		123			879
Total loss from discontinued operations, net of tax	$	—	$	—	$	(199	)	$	(3,182	)

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings or loss per share is calculated by dividing net earnings or loss 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.

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,
	2017	2016	2017	2016
Weighted average common shares outstanding—basic	25,983	25,742	25,930	25,646
Dilutive effect of stock-based awards	160	132	186	225
Dilutive effect of convertible senior notes	248	—	124	—
Weighted average common shares outstanding—diluted	26,391	25,874	26,240	25,871

Anti-dilutive employee stock options outstanding were approximately 317,000 and 200,000 during the three and six months ended June 30, 2017. Anti-dilutive employee stock options outstanding were zero or negligible during the three and six months ended June 30, 2016.

Fair Value Measurements

6 Months Ended

Jun. 30, 2017

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, 2017
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	3,748		$	—		$	3,748
Liabilities
Interest rate swap agreements	—		(56		)	—			(56		)
Contingent consideration	—		—			(10,885		)	(10,885		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(126,215		)	(126,215		)



	Fair Value Measurements as of December 31, 2016
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	1,122		$	—		$	1,122
Liabilities
Foreign currency exchange contracts	—		(1,360		)	—			(1,360		)
Interest rate swap agreements	—		(131		)	—			(131		)
Contingent consideration	—		—			(2,531		)	(2,531		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(45,755		)	(45,755		)

Derivative Contracts:

The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. 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.

Contingent Consideration:

The Company carries certain contingent liabilities resulting from its mergers and acquisition activities. Certain sellers of the Company’s acquired entities could earn additional earn-out payments in cash based on the entities’ subsequent operating performance. The Company recorded the acquisition date fair values of these contingent liabilities, based on the likelihood of contingent earn-out payments, as part of the consideration transferred. The earn-out payments are subsequently remeasured to fair value at each reporting date. During the three months ended June 30, 2017, the Company recorded additional contingent consideration of approximately $10.5 million resulting from Cabot’s acquisition of a debt solution service provider in the United Kingdom. Additionally, the Company reviewed the earn-out analysis for one of its previously acquired entities and determined that, based on actual and forecasted operating performance, there would be no future earn-out payment to the sellers, as a result, the entire liability for the contingent consideration of $2.8 million relating to the acquisition of that entity was reversed and recorded as a reduction of general and administrative expenses in the Company’s consolidated statements of income for the three months ended June 30, 2017. As of June 30, 2017, the aggregated fair value of the contingent consideration was approximately $10.9 million.

The following table provides a roll forward of the fair value of contingent consideration for the periods ended June 30, 2017 and December 31, 2016 (in thousands):



	Amount
Balance at December 31, 2015	$	10,403
Change in fair value of contingent consideration	(7,602		)
Effect of foreign currency translation	(270		)
Balance at December 31, 2016	2,531
Issuance of contingent consideration in connection with acquisition	10,544
Change in fair value of contingent consideration	(2,398		)
Effect of foreign currency translation	208
Balance at June 30, 2017	$	10,885

Redeemable Noncontrolling Interest:

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 and, in some cases, to force a sale of the subsidiary if the Company chooses not to purchase their interests at fair value. The noncontrolling interest subject to these arrangements is included in temporary equity as redeemable noncontrolling interest, and is adjusted to its estimated redemption amount each reporting period. Future reductions in the carrying amount are subject to a “floor” amount that is equal to the fair value of the redeemable noncontrolling interest at the time it was originally recorded. The recorded value of the redeemable noncontrolling interest cannot go below the floor level. Adjustments to the carrying amount of redeemable noncontrolling interest are charged to retained earnings (or to additional paid-in capital if there are no retained earnings) and do not affect net income or comprehensive income in the consolidated financial statements.

The components of the change in the redeemable noncontrolling interest for the periods ended June 30, 2017 and December 31, 2016 are presented in the following table (in thousands):



	Amount
Balance at December 31, 2015	$	38,624
Addition to redeemable noncontrolling interest	826
Redemption of redeemable noncontrolling interest	(3,562		)
Net loss attributable to redeemable noncontrolling interest	(47,831		)
Adjustment of the redeemable noncontrolling interest to fair value	74,194
Effect of foreign currency translation attributable to redeemable noncontrolling interest	(16,496		)
Balance at December 31, 2016	45,755
Addition to redeemable noncontrolling interest	277
Net loss attributable to redeemable noncontrolling interest	(6,928		)
Adjustment of the redeemable noncontrolling interest to fair value	85,139
Effect of foreign currency translation attributable to redeemable noncontrolling interest	1,972
Balance at June 30, 2017	$	126,215

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 using Level 3 inputs 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 fair value of investment in receivable portfolios was approximately $2,453.5 million and $2,446.6 million as of June 30, 2017 and December 31, 2016, respectively, as compared to the carrying value of $2,555.9 million and $2,382.8 million as of June 30, 2017 and December 31, 2016, respectively. 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 U.S. and European portfolios by approximately $48.5 million and $60.5 million, respectively, as of June 30, 2017. This fair value calculation does not represent, and should not be construed to represent, the underlying value of the Company or the amount that could be realized if its investment in receivable portfolios were sold.

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.

Debt:

The majority of Encore and its subsidiaries’ borrowings are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximate fair value. These borrowings include Encore’s senior secured notes and borrowings under its revolving credit and term loan facilities, Cabot’s senior secured notes and borrowings under its revolving credit facility, and other borrowing under term and revolving credit facilities at certain of the Company’s subsidiaries.

Encore’s convertible senior notes are carried at historical cost, adjusted for the debt discount. The carrying value of the convertible senior notes was $510.8 million and $416.5 million as of June 30, 2017 and December 31, 2016, respectively. The fair value estimate for these convertible senior notes, which incorporates quoted market prices using Level 2 inputs, was approximately $583.7 million and $431.7 million as of June 30, 2017 and December 31, 2016, respectively.

Cabot’s senior secured notes are carried at historical cost, adjusted for debt discount and debt premium. The carrying value of Cabot’s senior secured notes was $1.4 billion and $1.3 billion, as of June 30, 2017 and December 31, 2016, respectively. The fair value estimate for these senior notes, which incorporates quoted market prices using Level 2 inputs, was $1.4 billion and $1.3 billion as of June 30, 2017 and December 31, 2016, respectively.

The Company’s preferred equity certificates are legal obligations to the noncontrolling shareholders of certain subsidiaries. They are carried at the face amount, plus any accrued interest. The Company determined that the carrying value of these preferred equity certificates approximated fair value as of June 30, 2017 and December 31, 2016.

- Definition

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

+ References + Details

Derivatives and Hedging Instruments

6 Months Ended

Jun. 30, 2017

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. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging.

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, 2017				December 31, 2016
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other assets	$	2,117		Other assets	$	707
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(51		)
Interest rate swap agreements	Other liabilities	(56		)	Other liabilities	(131		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other assets	1,631			Other assets	415
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(1,309		)

Derivatives Designated as Hedging Instruments

The Company has operations in foreign countries, which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies. To mitigate a portion of this risk, the Company enters into derivative financial instruments, principally foreign currency forward contracts with financial counterparties. 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.

Certain of the foreign currency forward contracts are designated as cash flow hedging instruments and qualify for hedge accounting treatment. Gains and losses arising from the effective portion of such contracts are recorded as a component of accumulated other comprehensive income (“OCI”) as gains and losses on derivative instruments, net of income taxes. The hedging gains and losses in OCI are subsequently reclassified into earnings in the same period in which the underlying transactions affect the Company’s 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, 2017, the total notional amount of the forward contracts that are designated as cash flow hedging instruments was $21.0 million. All of these outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $1.7 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, 2017 and 2016.

The Company may periodically enter into interest rate swap agreements to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. As of June 30, 2017, Baycorp had two interest rate swap agreements outstanding with a total notional amount of $30.0 million Australian dollars (approximately $23.1 million U.S. dollars). These interest rate swap instruments are designated as cash flow hedges and accounted for using hedge accounting.

The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2017 and 2016 (in thousands):



Derivatives Designated as Hedging Instruments	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,
	2017		2016				2017		2016			2017		2016
Foreign currency exchange contracts	$	1,146	$	(207	)	Salaries and employee benefits	$	297	$	274	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	160		(36		)	General and administrative expenses	27		46		Other (expense) income	—		—
Interest rate swap agreements	14		—			Interest expense	33		—		Other (expense) income	—		—



Derivatives Designated as Hedging Instruments	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,
	2017		2016				2017		2016			2017		2016
Foreign currency exchange contracts	$	1,735	$	295		Salaries and employee benefits	$	472	$	532	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	240		(190		)	General and administrative expenses	41		69		Other (expense) income	—		—
Interest rate swap agreements	19		—			Interest expense	110		—		Other (expense) income	—		—

Derivatives Not Designated as Hedging Instruments

In 2016, Encore and its Cabot subsidiary collectively began entering into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations between the British Pound and Euro. These derivative contracts generally mature within one to three months and are not designated as hedge instruments for accounting purposes. The Company continues to monitor the level of exposure of the foreign currency exchange risk and may enter into additional short-term forward contracts on an ongoing basis. The gains or losses on these derivative contracts are recognized in other income or expense based on the changes in fair value.

The following table summarizes the effects of derivatives in cash flow hedging relationships not designated as hedging instruments on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2017 and 2016 (in thousands):



Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended June 30,				Six Months Ended June 30,
		2017		2016		2017		2016
Foreign currency exchange contracts ⁽¹⁾	Other income (expense)	$	2,875	$	1,990	$	2,623	$	7,376
Interest rate swap agreements	Interest expense	33		35		110		44

________________________

(1)

After the effect of income tax and noncontrolling interest, the net impact of the derivative contracts to consolidated net income from continuing operations attributable to Encore was a gain of $1.0 million and $0.9 million during the three and six months ended June 30, 2017, respectively, compared to a loss of $0.2 million and a gain of $1.6 million during the three and six months ended June 30, 2016, respectively.

Investment in Receivable Portfolios, Net

6 Months Ended

Jun. 30, 2017

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, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic region or location. Portfolios acquired in business combinations are also grouped into these pools. During any fiscal quarter in which the Company has an acquisition of an entity that has portfolio, the entire historical portfolio of the acquired company is aggregated into the pool groups for that quarter, based on common characteristics, resulting in pools for that quarter that may consist of several different vintages of portfolio. 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 operations as a reduction in revenue, with a corresponding valuation allowance, offsetting the investment in receivable portfolios in the consolidated statements of financial condition. With gross collections being discounted at monthly IRRs, when collections are lower in the near term, even if substantially higher collections are expected later in the collection curve, an allowance charge could result.

The Company utilizes its proprietary forecasting models to continuously evaluate the economic life of each pool. During the quarter ended September 30, 2016, the Company revised the forecasting methodology it uses to value and calculate IRRs on certain portfolios in Europe by extending the collection forecast from 120 months to 180 months. This change was made as a result of (1) the Company having observed that older portfolios in Europe have consistently experienced cash collections beyond 120 months, (2) an expectation that regulatory changes in the United Kingdom resulting in a reduction in the number of highly discounted near term one-time settlements, an increase in the number of payment plans, and an increase in the length of existing payment plans will cause a lengthening of the collections curve, (3) an expectation that, as a result of a higher percentage of semi-performing account purchases in the United Kingdom in recent years, newer vintages will have a larger percentage of collections after 120 months and (4) the Company’s increased confidence in its ability to forecast future cash collections to 180 months. The increase in the collection forecast from 120 months to 180 months was applied effective July 1, 2016 to certain portfolios in Europe for which the Company could accurately forecast through such term. These changes in forecasted future cash flows resulted in an increase in the aggregate total estimated remaining collections for the receivable portfolios of approximately $296.5 million as of September 30, 2016. In addition, during the three months ended September 30, 2016, the Company recorded allowance charges of approximately $94.0 million resulting from delays or shortfalls in near term collections against the forecasts for certain pools in Europe. Subsequent to the recording of the allowance charges for certain pools in Europe, the Company has experienced sustained improvements in collections resulting primarily from its liquidation improvement initiatives. As a result, during the three months ended June 30, 2017, the Company reversed approximately $7.8 million of the previously recorded allowance charges for certain pools in Europe and raised IRRs for certain other pool groups in Europe.

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 carrying value of a Cost Recovery Portfolio has been fully recovered.

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

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



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2016	$	3,092,004		$	365,504		$	3,457,508
Revenue recognized, net	(211,718		)	(40,252		)	(251,970		)
(Reductions) additions on existing portfolios, net	(90,138		)	57,446			(32,692		)
Additions for current purchases, net	200,728			—			200,728
Effect of foreign currency translation	38,712			467			39,179
Balance at March 31, 2017	3,029,588			383,165			3,412,753
Revenue recognized, net	(231,431		)	(40,805		)	(272,236		)
Net additions on existing portfolios	225,021			9,888			234,909
Additions for current purchases, net	258,687			—			258,687
Effect of foreign currency translation	66,927			(753		)	66,174
Balance at June 30, 2017	$	3,348,792		$	351,495		$	3,700,287



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2015	$	3,047,640		$	223,031		$	3,270,671
Revenue recognized, net	(238,547		)	(31,547		)	(270,094		)
Net additions on existing portfolios	39,538			8,071			47,609
Additions for current purchases, net	193,654			—			193,654
Effect of foreign currency translation	(64,330		)	470			(63,860		)
Balance at March 31, 2016	2,977,955			200,025			3,177,980
Revenue recognized, net	(233,714		)	(33,738		)	(267,452		)
Net additions on existing portfolios	59,459			95,135			154,594
Additions for current purchases, net	183,217			—			183,217
Effect of foreign currency translation	(181,223		)	245			(180,978		)
Balance at June 30, 2016	$	2,805,694		$	261,667		$	3,067,361

During the three months ended June 30, 2017, the Company purchased receivable portfolios with a face value of $2.4 billion for $246.4 million, or a purchase cost of 10.1% of face value. The estimated future collections at acquisition for all portfolios purchased during the three months ended June 30, 2017 amounted to $505.0 million. During the three months ended June 30, 2016, the Company purchased receivable portfolios with a face value of $2.8 billion for $233.1 million, or a purchase cost of 8.2% of face value. The estimated future collections at acquisition for all portfolios purchased during the three months ended June 30, 2016 amounted to $416.9 million.

During the six months ended June 30, 2017, the Company purchased receivable portfolios with a face value of $4.1 billion for $465.1 million, or a purchase cost of 11.3% of face value. The estimated future collections at acquisition for all portfolios purchased during the six months ended June 30, 2017 amounted to $924.4 million. During the six months ended June 30, 2016, the Company purchased receivable portfolios with a face value of $6.4 billion for $489.9 million, or a purchase cost of 7.7% of face value. The estimated future collections at acquisition for all portfolios purchased during the six months ended June 30, 2016 amounted to $875.5 million.

All collections realized after the net book value of a portfolio has been fully recovered (“Zero Basis Portfolios”) are recorded as revenue (“Zero Basis Revenue”). During the three months ended June 30, 2017 and 2016, Zero Basis Revenue was approximately $40.8 million and $33.7 million, respectively. During the six months ended June 30, 2017 and 2016, Zero Basis Revenue was approximately $81.1 million and $65.3 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, 2017
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,422,299		$	13,719		$	—		$	2,436,018
Purchases of receivable portfolios	245,246			1,169			—			246,415
Disposals or transfers to held for sale	(2,697		)	—			—			(2,697		)
Gross collections⁽¹⁾	(404,918		)	(459		)	(40,805		)	(446,182		)
Put-backs and Recalls⁽²⁾	(3,237		)	—			—			(3,237		)
Foreign currency adjustments	53,466			(94		)	—			53,372
Revenue recognized	224,310			—			39,097			263,407
Portfolio allowance reversals, net	7,121			—			1,708			8,829
Balance, end of period	$	2,541,590		$	14,335		$	—		$	2,555,925
Revenue as a percentage of collections⁽³⁾	55.4		%	0.0		%	95.8		%	59.0		%

	Three Months Ended June 30, 2016
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,482,855		$	4,123		$	—		$	2,486,978
Purchases of receivable portfolios	233,116			—			—			233,116
Transfer of portfolios	(96		)	96			—			—
Disposals or transfers to held for sale	—			—			—			—
Gross collections⁽¹⁾	(399,498		)	(724		)	(33,878		)	(434,100		)
Put-backs and Recalls⁽²⁾	(3,692		)	(5		)	140			(3,557		)
Foreign currency adjustments	(80,432		)	136			—			(80,296		)
Revenue recognized	233,010			—			31,963			264,973
Portfolio allowance reversals, net	704			—			1,775			2,479
Balance, end of period	$	2,465,967		$	3,626		$	—		$	2,469,593
Revenue as a percentage of collections⁽³⁾	58.3		%	0.0		%	94.3		%	61.0		%

________________________


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


(2)	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”).


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



	Six Months Ended June 30, 2017
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,368,366		$	14,443		$	—		$	2,382,809
Purchases of receivable portfolios	463,973			1,169			—			465,142
Disposals or transfers to held for sale	(7,468		)	—			—			(7,468		)
Gross collections⁽¹⁾	(804,922		)	(1,099		)	(81,024		)	(887,045		)
Put-backs and Recalls⁽²⁾	(4,994		)	—			(33		)	(5,027		)
Foreign currency adjustments	83,486			(178		)	—			83,308
Revenue recognized	435,415			—			77,830			513,245
Portfolio allowance reversals, net	7,734			—			3,227			10,961
Balance, end of period	$	2,541,590		$	14,335		$	—		$	2,555,925
Revenue as a percentage of collections⁽³⁾	54.1		%	0.0		%	96.1		%	57.9		%

	Six Months Ended June 30, 2016
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,436,054		$	4,615		$	—		$	2,440,669
Purchases of receivable portfolios	489,869			—			—			489,869
Gross collections⁽¹⁾	(815,225		)	(1,357		)	(65,323		)	(881,905		)
Put-backs and Recalls⁽²⁾	(16,577		)	(11		)	38			(16,550		)
Foreign currency adjustments	(100,319		)	283			—			(100,036		)
Revenue recognized	471,088			—			61,788			532,876
Portfolio allowance reversals, net	1,173			—			3,497			4,670
Balance, end of period	$	2,465,967		$	3,626		$	—		$	2,469,593
Revenue as a percentage of collections⁽³⁾	57.8		%	0.0		%	94.6		%	60.4		%

________________________


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


(2)	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”).


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

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



	Valuation Allowance
	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Balance at beginning of period	$	136,325		$	58,397		$	137,037		$	60,588
Provision for portfolio allowances	682			—			682			—
Reversal of prior allowances	(9,511		)	(2,479		)	(11,643		)	(4,670		)
Effect of foreign currency translation	3,179			—			4,599			—
Balance at end of period	$	130,675		$	55,918		$	130,675		$	55,918

- Definition

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

+ References + Details

Deferred Court Costs, Net

6 Months Ended

Jun. 30, 2017

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 that 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 an estimated court cost recovery rate established based on its analysis of historical court costs recovery data. The Company estimates deferral periods for Deferred Court Costs based on jurisdiction and nature of litigation and writes off any Deferred Court Costs not recovered within the respective deferral period. 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 deferral period consist of the following as of the dates presented (in thousands):



	June 30, 2017			December 31, 2016
Court costs advanced	$	704,409		$	654,356
Court costs recovered	(284,122		)	(261,243		)
Court costs reserve	(345,971		)	(327,926		)
Deferred court costs	$	74,316		$	65,187

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,
	2017			2016			2017			2016
Balance at beginning of period	$	(334,639	)	$	(324,025	)	$	(327,926	)	$	(318,784	)
Provision for court costs	(22,197		)	(11,479		)	(40,202		)	(30,376		)
Net down of reserve after deferral period	12,488			14,096			24,511			27,073
Effect of foreign currency translation	(1,623		)	1,757			(2,354		)	2,436
Balance at end of period	$	(345,971	)	$	(319,651	)	$	(345,971	)	$	(319,651	)

Other Assets

6 Months Ended

Jun. 30, 2017

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

Other Assets

Other assets consist of the following (in thousands):



	June 30, 2017		December 31, 2016
Deferred tax assets	$	54,804	$	51,077
Identifiable intangible assets, net	29,702		28,243
Assets held for sale	26,977		21,147
Service fee receivables	22,241		15,156
Prepaid expenses	20,480		18,036
Other financial receivables	18,367		18,732
Derivative instruments	3,748		1,122
Security deposits	3,180		2,781
Receivable from seller	5,388		5,388
Other	54,331		53,765
Total	$	239,218	$	215,447

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

The Company is in compliance with all covenants under its financing arrangements as of June 30, 2017. The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands):



	June 30, 2017			December 31, 2016
Encore revolving credit facility	$	539,000		$	578,000
Encore term loan facility	116,740			164,615
Encore senior secured notes	5,145			11,320
Encore convertible notes	548,500			448,500
Less: debt discount	(37,690		)	(31,968		)
Cabot senior secured notes	1,360,489			1,280,241
Add: debt premium	16,511			17,686
Less: debt discount	(2,090		)	(2,200		)
Cabot senior revolving credit facility	81,188			33,218
Preferred equity certificates	230,418			205,975
Other credit facilities	78,104			74,551
Other	63,381			62,608
Capital lease obligations	4,109			5,091
	3,003,805			2,847,637
Less: debt issuance costs, net of amortization	(39,876		)	(41,654		)
Total	$	2,963,929		$	2,805,983

Encore Revolving Credit Facility and Term Loan Facility

The Company has a revolving credit facility and term loan facility pursuant to a Third Amended and Restated Credit Agreement dated December 20, 2016 (as amended, the “Restated Credit Agreement”). The Restated Credit Agreement includes a revolving credit facility of $801.7 million (the “Revolving Credit Facility”), a term loan facility of $120.4 million (the “Term Loan Facility”, and together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”), and an accordion feature that allows the Company to increase the Senior Secured Credit Facilities by an additional $250.0 million (approximately $25.3 million of which has been exercised). The Senior Secured Credit Facilities have a five year maturity expiring in December 2021, except with respect to (1) revolving commitments under the Revolving Credit Facility of $32.1 million and $168.6 million expiring in November 2017 and February 2019, respectively, and (2) two subtranches of the Term Loan Facility of $4.8 million and $18.0 million, expiring in November 2017 and February 2019, respectively.

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

•

Revolving Credit Facility commitments of (1) $601.0 million that expire in December 2021, (2) $168.6 million that expire in February 2019 and (3) $32.1 million that expire in November 2017, in each case with interest at a floating rate equal to, at the Company’s option, either: (a) reserve adjusted London Interbank Offered Rate (“LIBOR”), plus a spread that ranges from 250 to 300 basis points depending on the cash flow leverage ratio of Encore and its restricted subsidiaries; or (b) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. “Alternate base rate,” as defined in the Restated Credit 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, (iii) reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus 1.0% per annum and (iv) zero;

•

A $97.6 million term loan maturing in December 2021, 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 cash flow leverage ratio of Encore and its restricted subsidiaries; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. Principal amortizes $4.9 million in each of 2017 and 2018, $7.3 million in each of 2019 and 2020, and $7.3 million in 2021 with the remaining principal due at the end of the term;

•

An $18.0 million term loan maturing in February 2019, 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 cash flow leverage ratio of Encore and its restricted subsidiaries; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. Principal amortizes $1.8 million in each of 2017 and 2018 with the remaining principal due at the end of the term;

•

A $4.8 million term loan maturing in November 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 cash flow leverage ratio of Encore and its restricted subsidiaries; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. Principal amortizes $0.5 million in 2017 with the remaining principal due at the end of the term;


•	A borrowing base under the Revolving Credit Facility equal to 35% of all eligible non-bankruptcy estimated remaining collections plus 55% of eligible estimated remaining collections for consumer receivables subject to bankruptcy;


•	A maximum cash flow leverage ratio permitted of 3.00:1.00;


•	A maximum cash flow first-lien leverage ratio of 2.00:1.00;


•	A minimum interest coverage ratio of 1.75:1.00;


•	The allowance of indebtedness in the form of senior secured notes not to exceed $350.0 million;


•	The allowance of additional unsecured or subordinated indebtedness not to exceed $1.1 billion, including junior lien indebtedness not to exceed $400.0 million;


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


•	Repurchases of up to $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, that excludes acquisitions of stock by Red Mountain Capital Partners LLC, JCF FPK I, LP 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 Encore 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;


•	A basket to allow for investments in persons organized under the laws of Canada in the amount of $50.0 million;

•

A requirement that Encore and its restricted subsidiaries, for the four-month period ending February 2019, have sufficient cash or availability under the Revolving Credit Facility (excluding availability under revolving commitments expiring in February 2019) to satisfy any amounts due under the revolving commitments that expire in February 2019 and the sub-tranche of the Term Loan Facility that expires in February 2019;


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

At June 30, 2017, the outstanding balance under the Revolving Credit Facility was $539.0 million, which bore a weighted average interest rate of 4.06% and 3.50% for the three months ended June 30, 2017 and 2016, respectively, and 3.90% and 3.49% for the six months ended June 30, 2017 and 2016, respectively. Available capacity under the Revolving Credit Facility, subject to borrowing base and applicable debt covenants, was $262.7 million as of June 30, 2017, not including the $224.7 million additional capacity provided by the facility’s remaining accordion feature. At June 30, 2017, the outstanding balance under the Term Loan Facility was $116.7 million.

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, 2017, $3.1 million of the 7.375% Senior Secured Notes and $2.0 million of the 7.75% Senior Secured Notes, for an aggregate of $5.1 million, remained outstanding.

The Senior Secured Notes are guaranteed in full by certain of Encore’s subsidiaries. The Senior Secured Notes are pari passu with, and are collateralized by the same collateral as, the Senior Secured Credit Facilities. 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 purchase agreement for the Senior Secured Notes have been amended in connection with amendments to the Restated Credit Agreement in order to 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 (the “2017 Convertible Notes”). 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 (the “2020 Convertible Notes”). 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 “2021 Convertible Notes”). In March 2017, Encore sold $150.0 million aggregate principal amount of 3.25% 2022 Convertible Senior Notes that mature on March 15, 2022 in private placement transactions (the “2022 Convertible Notes” and together with the 2017 Convertible Notes, the 2020 Convertible Notes and the 2021 Convertible Notes, the “Convertible Notes”). The interest on these unsecured convertible senior notes is payable semi-annually.

The net proceeds from the sale of the $150.0 million aggregate principal amount of the 2022 Convertible Notes were approximately $145.3 million, after deducting the initial purchasers’ discounts and the estimated offering expenses payable by the Company. The Company used approximately $60.4 million of the net proceeds from the offering to repurchase, in separate transactions, $50.0 million aggregate principal amount of its 2017 Convertible Notes. In accordance with authoritative guidance, the total consideration allocated to the extinguishment of the liability component was approximately $49.7 million and the total consideration allocated to the re-acquisition of the equity component was approximately $10.7 million. Because the net carrying value of the repurchased portion of the 2017 Convertible Notes was $48.9 million, the Company recognized a loss of approximately $0.8 million on the repurchase transaction.

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, 2017 are listed below.



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes		2022 Convertible Notes
Initial conversion price	$	31.56	$	45.72	$	59.39	$	45.57
Closing stock price at date of issuance	$	25.66	$	33.35	$	47.51	$	35.05
Closing stock price date	November 27, 2012		June 24, 2013		March 5, 2014		February 27, 2017
Conversion rate (shares per $1,000 principal amount)	31.6832		21.8718		16.8386		21.9467
Conversion date⁽¹⁾	May 27, 2017		January 1, 2020		September 15, 2020		September 15, 2021

_______________________


(1)	The 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 Convertible Notes, 2021 Convertible Notes, and 2022 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 ⁽¹⁾			2020 Convertible Notes			2021 Convertible Notes			2022 Convertible Notes
Debt component	$	64,646		$	140,247		$	143,645		$	137,266
Equity component	$	354		$	32,253		$	17,355		$	12,734
Equity issuance cost	$	788		$	1,106		$	581		$	398
Stated interest rate	3.000		%	3.000		%	2.875		%	3.250		%
Effective interest rate	3.750		%	6.350		%	4.700		%	5.200		%

________________________


(1)	As discussed above, in February 2017, the Company repurchased $50.0 million aggregate principal amount of its 2017 Convertible Notes. This transaction is treated as debt extinguishment and the effective interest rate has been updated from 6.000% to 3.750%, which represents the effective interest rate for the remaining 2017 Convertible Notes at the time of repurchase.

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



	June 30, 2017			December 31, 2016
Liability component—principal amount	$	548,500		$	448,500
Unamortized debt discount	(37,690		)	(31,968		)
Liability component—net carrying amount	$	510,810		$	416,532
Equity component	$	62,504		$	61,314

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,
	2017		2016		2017		2016
Interest expense—stated coupon rate	$	4,064	$	3,297	$	7,588	$	6,608
Interest expense—amortization of debt discount	2,415		2,438		4,901		4,865
Total interest expense—convertible notes	$	6,479	$	5,735	$	12,489	$	11,473

Convertible Notes Hedge Transactions

In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion prices of the Convertible Notes, the Company maintains a hedge program that increases the effective conversion price for each of the 2017 Convertible Notes, 2020 Convertible Notes, and 2021 Convertible Notes. The Company did not hedge the 2022 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 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

In connection with the partial repurchase of the 2017 Convertible Notes as described above, the Company terminated a portion of its convertible note hedge transactions in a notional amount corresponding to the amount of the 2017 Convertible Notes repurchased. The Company received approximately $5.6 million of proceeds in connection with the unwinding of the hedge transactions and recorded these proceeds as increase in additional paid-in capital.

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 Revolving 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 $83.9 million as of June 30, 2017. 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. The excess conversion premium may be settled in cash or shares of the Company’s common stock at the discretion of the Company. As a result, the Company reclassified $0.2 million of the equity component to temporary equity as of June 30, 2017. 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 have been converted since they became convertible.

Cabot Senior Secured Notes

On September 20, 2012, Cabot Financial (Luxembourg) S.A. (“Cabot Financial”), an indirect subsidiary of Encore, 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 October 6, 2016, the Cabot 2019 Notes were redeemed in full using the proceeds from the issuance of Senior Secured Notes due 2023 (the “Cabot 2023 Notes”) as discussed below. A call premium of £13.7 million (approximately $17.4 million) was paid in connection with the redemption of the Cabot 2019 Notes. Since the Cabot 2019 Notes carried a premium of approximately £15.2 million (approximately $19.2 million) at the time of redemption, Cabot recognized a gain of approximately £1.4 million (approximately $1.8 million) on this transaction. The gain is included in other income in the Company’s consolidated statements of income for the year ended December 31, 2016.

On August 2, 2013, Cabot Financial issued £100.0 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.

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”). Interest on the Cabot 2021 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year.

On October 6, 2016, Cabot Financial issued £350.0 million (approximately $442.6 million) in aggregate principal amount of 7.500% Senior Secured Notes due 2023 (the “Cabot 2023 Notes,” and together with the Cabot 2019 Notes, the Cabot 2020 Notes and the Cabot 2021 Notes, the “Cabot Notes”). Interest on the Cabot 2023 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. The Cabot 2023 Notes were issued at a price equal to 100% of their face value. The proceeds from the offering were used to (1) redeem in full the Cabot 2019 Notes plus a call premium of £13.7 million (approximately $17.4 million), (2) partially repay amounts outstanding under Cabot’s revolving credit facility, (3) pay accrued interest on the Cabot 2019 Notes, and (4) pay fees and expenses in relation to the offering of the Cabot 2023 Notes.

The Cabot Notes are fully and unconditionally guaranteed on a senior secured basis by the following indirect subsidiaries of the Company: Cabot Credit Management Limited (“CCM”), Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited (other than Cabot Financial and Marlin Intermediate Holdings plc). The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial and the guarantors (other than CCM and Marlin Midway Limited) and substantially all the assets of Cabot Financial and the guarantors (other than CCM). Subject to the Intercreditor Agreement described below under “Cabot Senior Revolving Credit Facility”, the guarantees provided in respect of the Cabot Notes are pari passu with each such guarantee given in respect of the Cabot Floating Rate Notes, Marlin Bonds and the Cabot Credit Facility described below.

On November 11, 2015, Cabot Financial (Luxembourg) II S.A. (“Cabot Financial II”), an indirect subsidiary of Encore, issued €310.0 million (approximately $332.2 million) in aggregate principal amount of Senior Secured Floating Rate Notes due 2021 (the “Cabot Floating Rate Notes”). The Cabot Floating Rate Notes were issued at a 1%, or €3.1 million (approximately $3.4 million), original issue discount, which is being amortized over the life of the notes and included as interest expense in the Company’s consolidated statements of income. The Cabot Floating Rate Notes bear interest at a rate equal to three-month EURIBOR plus 5.875% per annum, reset quarterly. Interest on the Cabot Floating Rate Notes is payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2016. The Cabot Floating Rate Notes will mature on November 15, 2021.

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

On July 25, 2013, Marlin Intermediate Holdings plc (“Marlin”), a subsidiary of Cabot, 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 acquisition of Marlin. The carrying value of the Marlin Bonds was adjusted to approximately $284.2 million to reflect the fair value of the Marlin Bonds at the time of acquisition.

The Marlin Bonds are fully and unconditionally guaranteed on a senior secured basis by Cabot Financial Limited and each of Cabot Financial Limited’s material subsidiaries other than Marlin Intermediate Holdings plc, each of which is an indirect subsidiary of the Company. Subject to the Intercreditor Agreement described below under “Cabot Senior Revolving Credit Facility”, the guarantees provided in respect of the Marlin Bonds are pari passu with each such guarantee given in respect of the Cabot Notes, the Cabot Floating Rate Notes and the Cabot Credit Facility.

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest expense—stated coupon rate	$	25,011		$	27,846		$	48,993		$	55,489
Interest income—accretion of debt premium	(1,081		)	(2,694		)	(2,097		)	(5,312		)
Interest expense—amortization of debt discount	116			257			226			384
Total interest expense—Cabot senior secured notes	$	24,046		$	25,409		$	47,122		$	50,561

At June 30, 2017, the outstanding balance on the Cabot Notes, Cabot Floating Rate Notes and Marlin Bonds was $1.4 billion.

Cabot Senior Revolving Credit Facility

On September 20, 2012, Cabot Financial (UK) Limited (“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”). Since such date there have been a number of amendments made, including, but not limited to, increases in the lenders’ total commitments thereunder to £250.0 million (approximately $316.2 million). On March 31, 2017, Cabot Financial UK amended and restated its existing senior secured revolving credit facility agreement effective as of April 3, 2017 to, among other things, extend the termination date for a £50.0 million tranche of commitments to March 2022 (as amended and restated, 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 £50.0 million, subject to obtaining the requisite commitments and compliance with the terms of Cabot Financial UK’s other indebtedness, among other conditions precedent.

The Cabot Credit Facility consists of a £200.0 million tranche that expires in September 2019 and a £50.0 million tranche that expires in March 2022, and includes the following key provisions:


•	Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.25%;


•	A restrictive covenant that limits the loan to value ratio to 0.75 in the event that the Cabot Credit Facility is more than 20% utilized;


•	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 in the event that the Cabot Credit Facility is more than 20% utilized;


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


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

The Cabot Credit Facility is unconditionally guaranteed by the following indirect subsidiaries of the Company: CCM, Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited. The Cabot Credit Facility is secured by first ranking security interests in all the outstanding shares of Cabot Financial UK and the guarantors (other than CCM) and substantially all the assets of Cabot Financial UK and the guarantors (other than CCM). Pursuant to the terms of intercreditor agreements entered into with respect to the relative positions of the Cabot Notes, the Cabot Floating Rate 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, the Cabot Floating Rate 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, 2017, the outstanding borrowings under the Cabot Credit Facility were approximately $81.2 million. The weighted average interest rate was 3.50% and 4.01% for the three months ended June 30, 2017 and 2016, respectively, and 3.51% and 4.01% for the six months ended June 30, 2017 and 2016, respectively.

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 acquisition of Cabot (the “Cabot Acquisition”) by acquiring 50.1% of the equity interest in Janus Holdings S.a.r.l. (“Janus Holdings”). Encore Europe purchased from J.C. Flowers & Co. LLC (“JC 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 interest 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 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, 2017, the outstanding balance of the PECs, including accrued interest, was approximately $230.4 million.

Capital Lease Obligations

The Company has capital lease obligations primarily for computer equipment. As of June 30, 2017, the Company’s combined obligations for capital leases were approximately $4.1 million. These capital lease obligations require monthly, quarterly or annual payments through 2021 and have implicit interest rates that range from zero to approximately 6.0%.

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2017
Variable Interest Entity, Measure of Activity [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 other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. Prior to March 31, 2016, the Company’s VIEs included its subsidiary Janus Holdings and its special purpose entity used for the Propel securitization. On March 31, 2016, the Company completed the divestiture of 100% of its membership interests in Propel. Since Propel is the primary beneficiary of the VIE used for securitization, subsequent to the sale of Propel, the Company no longer consolidates this VIE. Janus Holdings is the indirect 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. 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 VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense for income from continuing operations remained the same at $13.5 million during the three months ended June 30, 2017 and 2016. Income tax expense for income from continuing operations was $25.6 million and $23.6 million during the six months ended June 30, 2017 and 2016, respectively.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Federal provision	35.0	%	35.0	%	35.0	%	35.0	%
State provision	3.2	%	4.0	%	3.2	%	4.0	%
International provision (benefit)⁽¹⁾	2.9	%	(9.1	)%	3.7	%	(10.1	)%
Permanent items	0.3	%	0.4	%	0.4	%	0.5	%
Other⁽²⁾	0.1	%	0.1	%	0.5	%	(1.4	)%
Effective rate	41.5	%	30.4	%	42.8	%	28.0	%

________________________


(1)	Relates primarily to lower tax rates on income or loss attributable to international operations. Effective January 1, 2017, there was a change to U.K. tax law that resulted in an unfavorable deductibility on interest expenses as compared to the prior period.


(2)	Includes the effect of discrete items.

The effective tax rates fluctuated significantly during the periods presented due to the following factors.

In accordance with the authoritative guidance for income taxes, each interim period is considered an integral part of the annual period and tax expense or benefit is measured using an estimated annual effective income tax rate. The estimated annual effective income tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected amounts for the year. Since the Company operates in foreign countries with varying tax rates that are much lower than the tax rate in the United States, the magnitude of the impact of the results from the international operations have on the Company’s quarterly effective tax rate is dependent on the level of income or loss from the international operations in the period.

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, 2017 and 2016, was immaterial.

The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $21.2 million at June 30, 2017. These unrecognized tax benefits, if recognized, would result in a net tax benefit of $7.1 million as of June 30, 2017. The gross unrecognized tax benefits did not change from December 31, 2016.

During the three and six months ended June 30, 2017, the Company did not provide for U.S. 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 was approximately zero and $11.5 million during the three and six months ended June 30, 2017, respectively.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
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. At June 30, 2017, there were 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, 2016. 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, 2017, other than the reserves for the Consumer Finance Protection Bureau (“CFPB”) and ancillary state regulatory matters, and the TCPA settlement fund discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, 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, 2017, the Company has entered into agreements to purchase receivable portfolios with a face value of approximately $2.2 billion for a purchase price of approximately $310.1 million. The majority of purchase commitments do not extend past one year.

Segment Information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Information

The Company conducts business through several operating segments that meet the aggregation criteria under authoritative guidance related to segment reporting. 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. Prior to the first quarter 2016 the Company had determined that it had two reportable segments: portfolio purchasing and recovery and tax lien business. As discussed in Note 2, “Discontinued Operations,” on March 31, 2016, the Company completed the divestiture of its membership interests in Propel, which comprised the entire tax lien business segment. Propel’s operations are presented as discontinued operations in the Company’s condensed consolidated statements of income. Beginning in the first quarter 2016, the Company has one reportable segment, portfolio purchasing and recovery.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Revenues⁽¹⁾:
United States	$	173,613	$	166,112	$	343,929	$	336,843
International
Europe⁽²⁾	94,754		100,403		172,692		197,763
Other foreign countries	22,550		22,927		46,237		43,853
	117,304		123,330		218,929		241,616
Total	$	290,917	$	289,442	$	562,858	$	578,459

________________________


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


(2)	Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In accordance with authoritative guidance, goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.

The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the six months ended June 30, 2017 that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and long-lived assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands):



	Total
Balance, December 31, 2016	$	785,032
Goodwill acquired	11,142
Effect of foreign currency translation	35,382
Balance, June 30, 2017	$	831,556

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



	As of June 30, 2017							As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	25,393	$	(4,736	)	$	20,657	$	21,200	$	(3,220	)	$	17,980
Developed technologies	6,667		(4,740		)	1,927		6,497		(3,891		)	2,606
Trade name and other	13,197		(6,079		)	7,118		12,566		(4,909		)	7,657
Total intangible assets	$	45,257	$	(15,555	)	$	29,702	$	40,263	$	(12,020	)	$	28,243

- Definition

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

+ References + Details

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

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

The accompanying interim condensed consolidated financial statements have been prepared by the Company, 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, 2016. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

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

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 10, “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation.

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

Change in Accounting Principle and Recent Accounting Pronouncements

Change in Accounting Principle

In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption of this standard, excess tax benefits and tax deficiencies will be recognized as income tax expense, and the tax effects of exercised or vested awards will be treated as discrete items in the period in which they occur. As such, implementation of this standard could create volatility in an entity’s effective income tax rate on a quarter by quarter basis. The volatility in the effective income tax rate is due primarily to fluctuations in the stock price and the timing of stock option exercises and vesting of restricted share grants. The standard also requires excess tax benefits to be presented as an operating activity on the statement of cash flows rather than as a financing activity. An entity may elect to apply the change in presentation in the statement of cash flows either prospectively or retrospectively to all periods presented. Further, the amendments allow an entity to make an accounting policy election to either estimate forfeitures or recognize forfeitures as they occur. If an election is made, the change to recognize forfeitures as they occur must be adopted using a modified retrospective approach with a cumulative effect adjustment recorded to opening retained earnings.

ASU 2016-09 became effective for the Company on January 1, 2017. The Company applied the change in presentation to the statement of cash flows retrospectively for all periods presented after adoption date. The Company believes that the new standard may cause volatility in its effective tax rates and earnings per share due to the tax effects related to share-based payments being recorded to the income statement. The volatility in future periods will depend on the Company’s stock price at the awards’ vest dates and the number of awards that vest in each period. The Company will not elect an accounting policy change to record forfeitures as they occur and will continue to estimate forfeitures at each period.

Recent Accounting Pronouncements

Other than the adoption of ASU 2016-09 as discussed in the “Change in Accounting Principle” section above, there have been no new accounting pronouncements made effective during the six months ended June 30, 2017 that have significance, or potential significance, to the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Effective

In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718) (“ASU 2017-09”). ASU 2017-09 provides clarity in order to reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not anticipate that the adoption of ASU 2017-09 will have a material impact on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairments tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements as well as whether to adopt the new guidance early.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The FASB issued ASU 2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. ASU 2016-15 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements as well as whether to adopt the new guidance early.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 applies a current expected credit loss model which is a new impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. ASU 2016-13 eliminates the current accounting model for loans and debt securities acquired with deteriorated credit quality under Accounting Standards Codification (“ASC”) 310-30, which provides authoritative guidance for the accounting of the Company’s investment in receivable portfolios. Under this new standard, entities will gross up the initial amortized cost for the purchased financial assets with credit deterioration (“PCD assets”), the initial amortized cost will be the sum of (1) the purchase price and (2) the estimate of credit losses as of the date of acquisition. After initial recognition of PCD assets and the related allowance, any change in estimated cash flows (favorable or unfavorable) will be immediately recognized in the income statement because the yield on PCD assets would be locked. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019 with early adoption permitted for reporting periods beginning after December 15, 2018. The guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period in which ASU 2016-13 is adopted. However, the FASB has determined that financial assets for which the guidance in Subtopic 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality, has previously been applied should prospectively apply the guidance in ASU 2016-13 for PCD assets. A prospective transition approach should be used for PCD assets where upon adoption, the amortized cost basis should be adjusted to reflect the addition of the allowance for credit losses. This transition relief will avoid the need for a reporting entity to reassess its purchased financial assets that exist as of the date of adoption to determine whether they would have met at acquisition the new criteria of more-than insignificant credit deterioration since origination. The transition relief also will allow an entity to accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income at the effective interest rate at the adoption date of ASU 2016-13. The same transition requirements should be applied to beneficial interests that previously applied Subtopic 310-30 or have a significant difference between contractual cash flows and expected cash flows. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 changes accounting for leases and requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet and requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company starting in the first quarter of fiscal year 2019. Early adoption is permitted. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying ASU 2014-09, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB’s ASC. ASU 2014-09 is effective for annual reporting periods (including interim periods within that reporting period) beginning after December 15, 2016 and shall be applied using either a full retrospective or modified retrospective approach. Early application is not permitted. In August 2015, FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the reporting period. In March 2016, the FASB issued ASU 2016-08 as an amendment to ASU 2014-09, which clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. The Company is evaluating its implementation approach and the potential impacts of Topic 606 on its existing revenue recognition policies and procedures. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements.

With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.

Earnings Per Share

Fair Value Measurements


•	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.

Derivatives

Segment Reporting

Goodwill

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Revenue and Components of Discontinued Operations

The following table presents the results of the discontinued operations during the periods presented (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016
Revenue	$	—	$	—	$	—		$	4,950
Salaries and employee benefits	—		—		—			(2,860		)
Other operating expenses	—		—		—			(1,473		)
General and administrative expenses	—		—		—			(1,551		)
Depreciation and amortization	—		—		—			(127		)
Loss from discontinued operations, before income taxes	—		—		—			(1,061		)
Loss on sale of discontinued operations, before income taxes	—		—		(322		)	(3,000		)
Total loss on discontinued operations, before income taxes	—		—		(322		)	(4,061		)
Income tax benefit	—		—		123			879
Total loss from discontinued operations, net of tax	$	—	$	—	$	(199	)	$	(3,182	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

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

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



	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
Weighted average common shares outstanding—basic	25,983	25,742	25,930	25,646
Dilutive effect of stock-based awards	160	132	186	225
Dilutive effect of convertible senior notes	248	—	124	—
Weighted average common shares outstanding—diluted	26,391	25,874	26,240	25,871

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	3,748		$	—		$	3,748
Liabilities
Interest rate swap agreements	—		(56		)	—			(56		)
Contingent consideration	—		—			(10,885		)	(10,885		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(126,215		)	(126,215		)



	Fair Value Measurements as of December 31, 2016
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	1,122		$	—		$	1,122
Liabilities
Foreign currency exchange contracts	—		(1,360		)	—			(1,360		)
Interest rate swap agreements	—		(131		)	—			(131		)
Contingent consideration	—		—			(2,531		)	(2,531		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(45,755		)	(45,755		)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the fair value of contingent consideration for the periods ended June 30, 2017 and December 31, 2016 (in thousands):



	Amount
Balance at December 31, 2015	$	10,403
Change in fair value of contingent consideration	(7,602		)
Effect of foreign currency translation	(270		)
Balance at December 31, 2016	2,531
Issuance of contingent consideration in connection with acquisition	10,544
Change in fair value of contingent consideration	(2,398		)
Effect of foreign currency translation	208
Balance at June 30, 2017	$	10,885

Change in Redeemable Noncontrolling Interests

The components of the change in the redeemable noncontrolling interest for the periods ended June 30, 2017 and December 31, 2016 are presented in the following table (in thousands):



	Amount
Balance at December 31, 2015	$	38,624
Addition to redeemable noncontrolling interest	826
Redemption of redeemable noncontrolling interest	(3,562		)
Net loss attributable to redeemable noncontrolling interest	(47,831		)
Adjustment of the redeemable noncontrolling interest to fair value	74,194
Effect of foreign currency translation attributable to redeemable noncontrolling interest	(16,496		)
Balance at December 31, 2016	45,755
Addition to redeemable noncontrolling interest	277
Net loss attributable to redeemable noncontrolling interest	(6,928		)
Adjustment of the redeemable noncontrolling interest to fair value	85,139
Effect of foreign currency translation attributable to redeemable noncontrolling interest	1,972
Balance at June 30, 2017	$	126,215

Derivatives and Hedging Instruments (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017				December 31, 2016
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign currency exchange contracts	Other assets	$	2,117		Other assets	$	707
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(51		)
Interest rate swap agreements	Other liabilities	(56		)	Other liabilities	(131		)
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other assets	1,631			Other assets	415
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(1,309		)

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



Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended June 30,				Six Months Ended June 30,
		2017		2016		2017		2016
Foreign currency exchange contracts ⁽¹⁾	Other income (expense)	$	2,875	$	1,990	$	2,623	$	7,376
Interest rate swap agreements	Interest expense	33		35		110		44

________________________


(1)	After the effect of income tax and noncontrolling interest, the net impact of the derivative contracts to consolidated net income from continuing operations attributable to Encore was a gain of $1.0 million and $0.9 million during the three and six months ended June 30, 2017, respectively, compared to



Derivatives Designated as Hedging Instruments	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,
	2017		2016				2017		2016			2017		2016
Foreign currency exchange contracts	$	1,146	$	(207	)	Salaries and employee benefits	$	297	$	274	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	160		(36		)	General and administrative expenses	27		46		Other (expense) income	—		—
Interest rate swap agreements	14		—			Interest expense	33		—		Other (expense) income	—		—



Derivatives Designated as Hedging Instruments	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,
	2017		2016				2017		2016			2017		2016
Foreign currency exchange contracts	$	1,735	$	295		Salaries and employee benefits	$	472	$	532	Other (expense) income	$	—	$	—
Foreign currency exchange contracts	240		(190		)	General and administrative expenses	41		69		Other (expense) income	—		—
Interest rate swap agreements	19		—			Interest expense	110		—		Other (expense) income	—		—

Investment in Receivable Portfolios, Net (Tables)

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

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

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



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2016	$	3,092,004		$	365,504		$	3,457,508
Revenue recognized, net	(211,718		)	(40,252		)	(251,970		)
(Reductions) additions on existing portfolios, net	(90,138		)	57,446			(32,692		)
Additions for current purchases, net	200,728			—			200,728
Effect of foreign currency translation	38,712			467			39,179
Balance at March 31, 2017	3,029,588			383,165			3,412,753
Revenue recognized, net	(231,431		)	(40,805		)	(272,236		)
Net additions on existing portfolios	225,021			9,888			234,909
Additions for current purchases, net	258,687			—			258,687
Effect of foreign currency translation	66,927			(753		)	66,174
Balance at June 30, 2017	$	3,348,792		$	351,495		$	3,700,287



	Accretable Yield			Estimate of Zero Basis Cash Flows			Total
Balance at December 31, 2015	$	3,047,640		$	223,031		$	3,270,671
Revenue recognized, net	(238,547		)	(31,547		)	(270,094		)
Net additions on existing portfolios	39,538			8,071			47,609
Additions for current purchases, net	193,654			—			193,654
Effect of foreign currency translation	(64,330		)	470			(63,860		)
Balance at March 31, 2016	2,977,955			200,025			3,177,980
Revenue recognized, net	(233,714		)	(33,738		)	(267,452		)
Net additions on existing portfolios	59,459			95,135			154,594
Additions for current purchases, net	183,217			—			183,217
Effect of foreign currency translation	(181,223		)	245			(180,978		)
Balance at June 30, 2016	$	2,805,694		$	261,667		$	3,067,361

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, 2017
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,422,299		$	13,719		$	—		$	2,436,018
Purchases of receivable portfolios	245,246			1,169			—			246,415
Disposals or transfers to held for sale	(2,697		)	—			—			(2,697		)
Gross collections⁽¹⁾	(404,918		)	(459		)	(40,805		)	(446,182		)
Put-backs and Recalls⁽²⁾	(3,237		)	—			—			(3,237		)
Foreign currency adjustments	53,466			(94		)	—			53,372
Revenue recognized	224,310			—			39,097			263,407
Portfolio allowance reversals, net	7,121			—			1,708			8,829
Balance, end of period	$	2,541,590		$	14,335		$	—		$	2,555,925
Revenue as a percentage of collections⁽³⁾	55.4		%	0.0		%	95.8		%	59.0		%

	Three Months Ended June 30, 2016
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,482,855		$	4,123		$	—		$	2,486,978
Purchases of receivable portfolios	233,116			—			—			233,116
Transfer of portfolios	(96		)	96			—			—
Disposals or transfers to held for sale	—			—			—			—
Gross collections⁽¹⁾	(399,498		)	(724		)	(33,878		)	(434,100		)
Put-backs and Recalls⁽²⁾	(3,692		)	(5		)	140			(3,557		)
Foreign currency adjustments	(80,432		)	136			—			(80,296		)
Revenue recognized	233,010			—			31,963			264,973
Portfolio allowance reversals, net	704			—			1,775			2,479
Balance, end of period	$	2,465,967		$	3,626		$	—		$	2,469,593
Revenue as a percentage of collections⁽³⁾	58.3		%	0.0		%	94.3		%	61.0		%

________________________


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


(2)	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”).


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



	Six Months Ended June 30, 2017
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,368,366		$	14,443		$	—		$	2,382,809
Purchases of receivable portfolios	463,973			1,169			—			465,142
Disposals or transfers to held for sale	(7,468		)	—			—			(7,468		)
Gross collections⁽¹⁾	(804,922		)	(1,099		)	(81,024		)	(887,045		)
Put-backs and Recalls⁽²⁾	(4,994		)	—			(33		)	(5,027		)
Foreign currency adjustments	83,486			(178		)	—			83,308
Revenue recognized	435,415			—			77,830			513,245
Portfolio allowance reversals, net	7,734			—			3,227			10,961
Balance, end of period	$	2,541,590		$	14,335		$	—		$	2,555,925
Revenue as a percentage of collections⁽³⁾	54.1		%	0.0		%	96.1		%	57.9		%

	Six Months Ended June 30, 2016
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,436,054		$	4,615		$	—		$	2,440,669
Purchases of receivable portfolios	489,869			—			—			489,869
Gross collections⁽¹⁾	(815,225		)	(1,357		)	(65,323		)	(881,905		)
Put-backs and Recalls⁽²⁾	(16,577		)	(11		)	38			(16,550		)
Foreign currency adjustments	(100,319		)	283			—			(100,036		)
Revenue recognized	471,088			—			61,788			532,876
Portfolio allowance reversals, net	1,173			—			3,497			4,670
Balance, end of period	$	2,465,967		$	3,626		$	—		$	2,469,593
Revenue as a percentage of collections⁽³⁾	57.8		%	0.0		%	94.6		%	60.4		%

________________________


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


(2)	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”).


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

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

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



	Valuation Allowance
	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Balance at beginning of period	$	136,325		$	58,397		$	137,037		$	60,588
Provision for portfolio allowances	682			—			682			—
Reversal of prior allowances	(9,511		)	(2,479		)	(11,643		)	(4,670		)
Effect of foreign currency translation	3,179			—			4,599			—
Balance at end of period	$	130,675		$	55,918		$	130,675		$	55,918

Deferred Court Costs, Net (Tables)

6 Months Ended

Jun. 30, 2017

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

Schedule of Deferred Court Costs

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



	June 30, 2017			December 31, 2016
Court costs advanced	$	704,409		$	654,356
Court costs recovered	(284,122		)	(261,243		)
Court costs reserve	(345,971		)	(327,926		)
Deferred court costs	$	74,316		$	65,187

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,
	2017			2016			2017			2016
Balance at beginning of period	$	(334,639	)	$	(324,025	)	$	(327,926	)	$	(318,784	)
Provision for court costs	(22,197		)	(11,479		)	(40,202		)	(30,376		)
Net down of reserve after deferral period	12,488			14,096			24,511			27,073
Effect of foreign currency translation	(1,623		)	1,757			(2,354		)	2,436
Balance at end of period	$	(345,971	)	$	(319,651	)	$	(345,971	)	$	(319,651	)

Other Assets (Tables)

6 Months Ended

Jun. 30, 2017

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

Components of Other Assets

Other assets consist of the following (in thousands):



	June 30, 2017		December 31, 2016
Deferred tax assets	$	54,804	$	51,077
Identifiable intangible assets, net	29,702		28,243
Assets held for sale	26,977		21,147
Service fee receivables	22,241		15,156
Prepaid expenses	20,480		18,036
Other financial receivables	18,367		18,732
Derivative instruments	3,748		1,122
Security deposits	3,180		2,781
Receivable from seller	5,388		5,388
Other	54,331		53,765
Total	$	239,218	$	215,447

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Obligation Under Borrowings



	June 30, 2017			December 31, 2016
Encore revolving credit facility	$	539,000		$	578,000
Encore term loan facility	116,740			164,615
Encore senior secured notes	5,145			11,320
Encore convertible notes	548,500			448,500
Less: debt discount	(37,690		)	(31,968		)
Cabot senior secured notes	1,360,489			1,280,241
Add: debt premium	16,511			17,686
Less: debt discount	(2,090		)	(2,200		)
Cabot senior revolving credit facility	81,188			33,218
Preferred equity certificates	230,418			205,975
Other credit facilities	78,104			74,551
Other	63,381			62,608
Capital lease obligations	4,109			5,091
	3,003,805			2,847,637
Less: debt issuance costs, net of amortization	(39,876		)	(41,654		)
Total	$	2,963,929		$	2,805,983

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

Certain key terms related to the convertible features for each of the Convertible Notes as of June 30, 2017 are listed below.



	2017 Convertible Notes		2020 Convertible Notes		2021 Convertible Notes		2022 Convertible Notes
Initial conversion price	$	31.56	$	45.72	$	59.39	$	45.57
Closing stock price at date of issuance	$	25.66	$	33.35	$	47.51	$	35.05
Closing stock price date	November 27, 2012		June 24, 2013		March 5, 2014		February 27, 2017
Conversion rate (shares per $1,000 principal amount)	31.6832		21.8718		16.8386		21.9467
Conversion date⁽¹⁾	May 27, 2017		January 1, 2020		September 15, 2020		September 15, 2021

_______________________


(1)	The 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, 2017			December 31, 2016
Liability component—principal amount	$	548,500		$	448,500
Unamortized debt discount	(37,690		)	(31,968		)
Liability component—net carrying amount	$	510,810		$	416,532
Equity component	$	62,504		$	61,314

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



	2017 Convertible Notes ⁽¹⁾			2020 Convertible Notes			2021 Convertible Notes			2022 Convertible Notes
Debt component	$	64,646		$	140,247		$	143,645		$	137,266
Equity component	$	354		$	32,253		$	17,355		$	12,734
Equity issuance cost	$	788		$	1,106		$	581		$	398
Stated interest rate	3.000		%	3.000		%	2.875		%	3.250		%
Effective interest rate	3.750		%	6.350		%	4.700		%	5.200		%

________________________


(1)	As discussed above, in February 2017, the Company repurchased $50.0 million aggregate principal amount of its 2017 Convertible Notes. This transaction is treated as debt extinguishment and the effective interest rate has been updated from 6.000% to 3.750%, which represents the effective interest rate for the remaining 2017 Convertible Notes at the time of repurchase.

Interest Expense

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Interest expense—stated coupon rate	$	4,064	$	3,297	$	7,588	$	6,608
Interest expense—amortization of debt discount	2,415		2,438		4,901		4,865
Total interest expense—convertible notes	$	6,479	$	5,735	$	12,489	$	11,473

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest expense—stated coupon rate	$	25,011		$	27,846		$	48,993		$	55,489
Interest income—accretion of debt premium	(1,081		)	(2,694		)	(2,097		)	(5,312		)
Interest expense—amortization of debt discount	116			257			226			384
Total interest expense—Cabot senior secured notes	$	24,046		$	25,409		$	47,122		$	50,561

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

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,
	2017		2016		2017		2016
Federal provision	35.0	%	35.0	%	35.0	%	35.0	%
State provision	3.2	%	4.0	%	3.2	%	4.0	%
International provision (benefit)⁽¹⁾	2.9	%	(9.1	)%	3.7	%	(10.1	)%
Permanent items	0.3	%	0.4	%	0.4	%	0.5	%
Other⁽²⁾	0.1	%	0.1	%	0.5	%	(1.4	)%
Effective rate	41.5	%	30.4	%	42.8	%	28.0	%

________________________


(1)	Relates primarily to lower tax rates on income or loss attributable to international operations. Effective January 1, 2017, there was a change to U.K. tax law that resulted in an unfavorable deductibility on interest expenses as compared to the prior period.


(2)	Includes the effect of discrete items.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Schedule of Geographical Areas of Which Company Operates

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Revenues⁽¹⁾:
United States	$	173,613	$	166,112	$	343,929	$	336,843
International
Europe⁽²⁾	94,754		100,403		172,692		197,763
Other foreign countries	22,550		22,927		46,237		43,853
	117,304		123,330		218,929		241,616
Total	$	290,917	$	289,442	$	562,858	$	578,459

________________________


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


(2)	Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amounts of Goodwill

The following table summarizes the activity in the Company’s goodwill balance (in thousands):



	Total
Balance, December 31, 2016	$	785,032
Goodwill acquired	11,142
Effect of foreign currency translation	35,382
Balance, June 30, 2017	$	831,556

Summary of Acquired Intangible Assets

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



	As of June 30, 2017							As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	25,393	$	(4,736	)	$	20,657	$	21,200	$	(3,220	)	$	17,980
Developed technologies	6,667		(4,740		)	1,927		6,497		(3,891		)	2,606
Trade name and other	13,197		(6,079		)	7,118		12,566		(4,909		)	7,657
Total intangible assets	$	45,257	$	(15,555	)	$	29,702	$	40,263	$	(12,020	)	$	28,243

Ownership, Description of Business, and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Increase in comprehensive loss attributable to Encore	$ (30,918)	$ (5,412)	$ (64,154)	$ (20,568)
Restatement Adjustment
Debt Instrument [Line Items]
Increase in comprehensive loss attributable to Encore		$ 1,300		$ 900

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business, net of cash divested					$ 0		$ 106,041
Discontinued Operations, Disposed of by Sale \| Tax Lien Business \| Propel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 144,400			$ 144,400
Proceeds from divestiture of business, net of cash divested	106,000
Divestiture of cash	$ 38,400
Loss on sale of discontinued operations, net of tax		$ 0	$ 0	$ 3,000	$ 322	$ (2,000)	$ 3,000

Discontinued Operations - Revenue and Components of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total loss from discontinued operations, net of tax	$ 0	$ 0		$ (199)		$ (3,182)
Tax Lien Business \| Propel \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	0		0		4,950
Salaries and employee benefits	0	0		0		(2,860)
Other operating expenses	0	0		0		(1,473)
General and administrative expenses	0	0		0		(1,551)
Depreciation and amortization	0	0		0		(127)
Loss from discontinued operations, before income taxes	0	0		0		(1,061)
Loss on sale of discontinued operations, before income taxes	0	0	$ (3,000)	(322)	$ 2,000	(3,000)
Total loss on discontinued operations, before income taxes	0	0		(322)		(4,061)
Income tax benefit	0	0		123		879
Total loss from discontinued operations, net of tax	$ 0	$ 0		$ (199)		$ (3,182)

Earnings Per Share - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted average common shares outstanding—basic (in shares)	25,983,000	25,742,000	25,930,000	25,646,000
Dilutive effect of stock-based awards (in shares)	160,000	132,000	186,000	225,000
Dilutive effect of convertible senior notes (in shares)	248,000	0	124,000	0
Weighted average common shares outstanding—diluted (in shares)	26,391,000	25,874,000	26,240,000	25,871,000
Antidilutive securities excluded from computation of earnings per share, amount	317,000		200,000

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Liabilities
Contingent consideration	$ (10,885)	$ (2,531)
Temporary Equity
Redeemable noncontrolling interest	(126,215)	(45,755)
Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	3,748	1,122
Liabilities
Foreign currency exchange contracts		(1,360)
Interest rate swap agreements
Liabilities
Interest rate swap agreements	(56)	(131)
Level 1
Liabilities
Contingent consideration	0	0
Temporary Equity
Redeemable noncontrolling interest	0	0
Level 1 \| Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0	0
Liabilities
Foreign currency exchange contracts		0
Level 1 \| Interest rate swap agreements
Liabilities
Interest rate swap agreements	0	0
Level 2
Liabilities
Contingent consideration	0	0
Temporary Equity
Redeemable noncontrolling interest	0	0
Level 2 \| Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	3,748	1,122
Liabilities
Foreign currency exchange contracts		(1,360)
Level 2 \| Interest rate swap agreements
Liabilities
Interest rate swap agreements	(56)	(131)
Level 3
Liabilities
Contingent consideration	(10,885)	(2,531)
Temporary Equity
Redeemable noncontrolling interest	(126,215)	(45,755)
Level 3 \| Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0	0
Liabilities
Foreign currency exchange contracts		0
Level 3 \| Interest rate swap agreements
Liabilities
Interest rate swap agreements	$ 0	$ 0

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value inputs, fluctuation in cost to collect and discount rate		1.00%
Convertible senior notes, carrying value	$ 548,500	$ 548,500	$ 448,500
Senior secured notes, carrying value	5,145	5,145	11,320
United States
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase or decrease of the fair value (100 basis points)		48,500
Europe
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase or decrease of the fair value (100 basis points)		60,500
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes, carrying value	510,800	510,800	416,500
Senior Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value estimate of convertible senior notes incorporates quoted market prices	583,700	583,700	431,700
Secured Debt \| Cabot Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, carrying value	1,400,000	1,400,000	1,300,000
Secured Debt \| Level 2 \| Cabot Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of senior notes	1,400,000	1,400,000	1,300,000
Fair Value \| Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investment receivable portfolios	2,453,500	2,453,500	2,446,600
Carrying Value \| Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investment receivable portfolios	2,555,900	2,555,900	2,382,800
Contingent Consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Issuance (reversal) of contingent consideration in connection with acquisition	10,500
Contingent consideration	10,885	$ 10,885	$ 2,531	$ 10,403
General and Administrative Expense \| Contingent Consideration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Issuance (reversal) of contingent consideration in connection with acquisition	$ (2,800)

Fair Value Measurements - Schedule of Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 2,531	$ 10,403
Issuance of contingent consideration in connection with acquisition	10,544
Change in fair value of contingent consideration	(2,398)	(7,602)
Effect of foreign currency translation	208	(270)
End of period	$ 10,885	$ 2,531

Fair Value Measurements - Change in Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interests [Roll Forward]
Balance at beginning of period	$ 45,755	$ 38,624
Addition to redeemable noncontrolling interest	277	826
Redemption of redeemable noncontrolling interest		(3,562)
Net loss attributable to redeemable noncontrolling interest	(6,928)	(47,831)
Adjustment of the redeemable noncontrolling interest to fair value	85,139	74,194
Effect of foreign currency translation attributable to redeemable noncontrolling interest	1,972	(16,496)
Balance at end of period	$ 126,215	$ 45,755

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 - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts, assets	$ 3,748	$ 1,122
Foreign currency exchange contracts, liabilities		(1,360)
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements, liabilities	(56)	(131)
Derivatives designated as hedging instruments: \| Foreign currency exchange contracts \| Other assets
Derivative [Line Items]
Foreign currency exchange contracts, assets	2,117	707
Derivatives designated as hedging instruments: \| Foreign currency exchange contracts \| Other liabilities
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	0	(51)
Derivatives designated as hedging instruments: \| Interest rate swap agreements \| Other liabilities
Derivative [Line Items]
Interest rate swap agreements, liabilities	(56)	(131)
Derivatives not designated as hedging instruments: \| Foreign currency exchange contracts \| Other assets
Derivative [Line Items]
Foreign currency exchange contracts, assets	1,631	415
Derivatives not designated as hedging instruments: \| Foreign currency exchange contracts \| Other liabilities
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	$ 0	$ (1,309)

Derivatives and Hedging Instruments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 AUD instrument	Jun. 30, 2017 USD ($) instrument
Forward Contracts
Derivative [Line Items]
Net derivative (loss) included in OCI expected to be reclassified into earnings	$ 1,700,000
Gains or losses were reclassified from OCI into earnings	$ 0	$ 0
Derivatives designated as hedging instruments: \| Forward Contracts
Derivative [Line Items]
Derivative instrument, notional amount				$ 21,000,000
Cash Flow Hedging
Derivative [Line Items]
Number of instruments held \| instrument			2	2
Cash Flow Hedging \| Interest rate swap agreements
Derivative [Line Items]
Derivative instrument, notional amount			AUD 30,000,000	$ 23,100,000

Derivatives and Hedging Instruments - Summary of Effects of Derivatives on Cash Flow Hedging Relationships in Company's Statements of Income, Derivatives Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Foreign Currency Exchange Contracts 1
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	$ 1,146	$ (207)	$ 1,735	$ 295
Foreign Currency Exchange Contracts 1 \| Salaries and employee benefits
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	297	274	472	532
Foreign Currency Exchange Contracts 1 \| Other (expense) income
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	0	0	0	0
Foreign Currency Exchange Contracts 2
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	160	(36)	240	(190)
Foreign Currency Exchange Contracts 2 \| General and administrative expenses
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	27	46	41	69
Foreign Currency Exchange Contracts 2 \| Other (expense) income
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	0	0	0	0
Cash Flow Hedging \| Interest rate swap agreements
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	14	0	19	0
Cash Flow Hedging \| Interest rate swap agreements \| Interest expense
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	33	0	110	0
Cash Flow Hedging \| Interest rate swap agreements \| Other (expense) income
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	$ 0	$ 0	$ 0	$ 0

Derivatives and Hedging Instruments - Summary of Effects of Derivatives on Cash Flow Hedging Relationships in Company's Statements of Income, Derivatives Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments: - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Foreign Currency Exchange Contracts \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 2,875	$ 1,990	$ 2,623	$ 7,376
Gain (loss) recognized in earnings after tax and noncontrolling interest	1,000	(200)	900	1,600
Interest rate swap agreements \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 33	$ 35	$ 110	$ 44

Investment in Receivable Portfolios, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Initial collection forecast			120 months
Extended collection forecast			180 months
Allowance charges	$ (682)			$ 0		$ (682)	$ 0
Reduction in allowance charges	9,511			2,479		11,643	4,670
Face value of receivable portfolios	2,400,000			2,800,000		4,100,000	6,400,000
Purchase price of receivable portfolios	$ 246,415			$ 233,116		$ 465,142	$ 489,869
Purchase cost as a percentage of face value	10.10%			8.20%		11.30%	7.70%
Estimated future collections at acquisition for receivable portfolios	$ 505,000			$ 416,900		$ 924,400	$ 875,500
Revenue recognized, net	272,236	$ 251,970		267,452	$ 270,094	524,206	537,546
Estimate of Zero Basis Cash Flows
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Revenue recognized, net	40,805	$ 40,252		$ 33,738	$ 31,547	$ 81,100	$ 65,300
Investment in Receivable Portfolios
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Increase in total estimated remaining collections for receivable portfolios			$ 296,500
Europe \| Investment in Receivable Portfolios
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Allowance charges			$ 94,000
Reduction in allowance charges	$ 7,800

Investment in Receivable Portfolios, Net - Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	$ 3,412,753	$ 3,457,508	$ 3,177,980	$ 3,270,671	$ 3,457,508	$ 3,270,671
Revenue recognized, net	(272,236)	(251,970)	(267,452)	(270,094)	(524,206)	(537,546)
(Reductions) additions on existing portfolios, net	234,909	(32,692)	154,594	47,609
Additions for current purchases, net	258,687	200,728	183,217	193,654
Effect of foreign currency translation	66,174	39,179	(180,978)	(63,860)
Balance at end of period	3,700,287	3,412,753	3,067,361	3,177,980	3,700,287	3,067,361
Accretable Yield
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	3,029,588	3,092,004	2,977,955	3,047,640	3,092,004	3,047,640
Revenue recognized, net	(231,431)	(211,718)	(233,714)	(238,547)
(Reductions) additions on existing portfolios, net	225,021	(90,138)	59,459	39,538
Additions for current purchases, net	258,687	200,728	183,217	193,654
Effect of foreign currency translation	66,927	38,712	(181,223)	(64,330)
Balance at end of period	3,348,792	3,029,588	2,805,694	2,977,955	3,348,792	2,805,694
Estimate of Zero Basis Cash Flows
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	383,165	365,504	200,025	223,031	365,504	223,031
Revenue recognized, net	(40,805)	(40,252)	(33,738)	(31,547)	(81,100)	(65,300)
(Reductions) additions on existing portfolios, net	9,888	57,446	95,135	8,071
Additions for current purchases, net	0	0	0	0
Effect of foreign currency translation	(753)	467	245	470
Balance at end of period	$ 351,495	$ 383,165	$ 261,667	$ 200,025	$ 351,495	$ 261,667

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 2,436,018	$ 2,486,978	$ 2,382,809	$ 2,440,669
Purchases of receivable portfolios	246,415	233,116	465,142	489,869
Transfer of portfolios		0
Disposals or transfers to held for sale	(2,697)	0	(7,468)
Gross collections	(446,182)	(434,100)	(887,045)	(881,905)
Put-backs and Recalls	(3,237)	(3,557)	(5,027)	(16,550)
Foreign currency adjustments	53,372	(80,296)	83,308	(100,036)
Revenue recognized	263,407	264,973	513,245	532,876
Portfolio allowance reversals, net	8,829	2,479	10,961	4,670
Balance, end of period	$ 2,555,925	$ 2,469,593	$ 2,555,925	$ 2,469,593
Revenue as a percentage of collections	59.00%	61.00%	57.90%	60.40%
Accrual Basis Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 2,422,299	$ 2,482,855	$ 2,368,366	$ 2,436,054
Purchases of receivable portfolios	245,246	233,116	463,973	489,869
Transfer of portfolios		96
Disposals or transfers to held for sale	(2,697)	0	(7,468)
Gross collections	(404,918)	(399,498)	(804,922)	(815,225)
Put-backs and Recalls	(3,237)	(3,692)	(4,994)	(16,577)
Foreign currency adjustments	53,466	(80,432)	83,486	(100,319)
Revenue recognized	224,310	233,010	435,415	471,088
Portfolio allowance reversals, net	7,121	704	7,734	1,173
Balance, end of period	$ 2,541,590	$ 2,465,967	$ 2,541,590	$ 2,465,967
Revenue as a percentage of collections	55.40%	58.30%	54.10%	57.80%
Cost Recovery Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 13,719	$ 4,123	$ 14,443	$ 4,615
Purchases of receivable portfolios	1,169	0	1,169	0
Transfer of portfolios		(96)
Disposals or transfers to held for sale	0	0	0
Gross collections	(459)	(724)	(1,099)	(1,357)
Put-backs and Recalls	0	(5)	0	(11)
Foreign currency adjustments	(94)	136	(178)	283
Revenue recognized	0	0	0	0
Portfolio allowance reversals, net	0	0	0	0
Balance, end of period	$ 14,335	$ 3,626	$ 14,335	$ 3,626
Revenue as a percentage of collections	0.00%	0.00%	0.00%	0.00%
Zero Basis Portfolios
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
Disposals or transfers to held for sale	0	0	0
Gross collections	(40,805)	(33,878)	(81,024)	(65,323)
Put-backs and Recalls	0	140	(33)	38
Foreign currency adjustments	0	0	0	0
Revenue recognized	39,097	31,963	77,830	61,788
Portfolio allowance reversals, net	1,708	1,775	3,227	3,497
Balance, end of period	$ 0	$ 0	$ 0	$ 0
Revenue as a percentage of collections	95.80%	94.30%	96.10%	94.60%

Investment in Receivable Portfolios, Net - Summary of Change in Valuation Allowance for Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Valuation Allowance for Investment in Receivable Portfolios [Roll Forward]
Balance at beginning of period	$ 136,325	$ 58,397	$ 137,037	$ 60,588
Reversal of prior allowances	(9,511)	(2,479)	(11,643)	(4,670)
Effect of foreign currency translation	3,179	0	4,599	0
Balance at end of period	$ 130,675	$ 55,918	$ 130,675	$ 55,918

Deferred Court Costs, Net - Schedule of Deferred Court Costs (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Court costs advanced	$ 704,409		$ 654,356
Court costs recovered	(284,122)		(261,243)
Court costs reserve	(345,971)	$ (334,639)	(327,926)	$ (319,651)	$ (324,025)	$ (318,784)
Deferred court costs	$ 74,316		$ 65,187

Deferred Court Costs, Net - Schedule of Court Cost Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (334,639)	$ (324,025)	$ (327,926)	$ (318,784)
Provision for court costs	(22,197)	(11,479)	(40,202)	(30,376)
Net down of reserve after deferral period	12,488	14,096	24,511	27,073
Effect of foreign currency translation	(1,623)	1,757	(2,354)	2,436
Balance at end of period	$ (345,971)	$ (319,651)	$ (345,971)	$ (319,651)

Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax assets	$ 54,804	$ 51,077
Identifiable intangible assets, net	29,702	28,243
Assets held for sale	26,977	21,147
Other financial receivables	22,241	15,156
Service fee receivables	20,480	18,036
Prepaid expenses	18,367	18,732
Receivable from seller	3,748	1,122
Security deposits	3,180	2,781
Derivative instruments	5,388	5,388
Other	54,331	53,765
Total	$ 239,218	$ 215,447

Debt - Components of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 29, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Revolving credit facility	$ 539,000		$ 578,000
Senior secured notes	5,145		11,320
Encore convertible notes	548,500		448,500
Less: debt discount	(37,690)		(31,968)
Preferred equity certificates	230,418		205,975
Capital lease obligations	4,109		5,091
Debt and capital lease obligations, gross	3,003,805		2,847,637
Less: debt issuance costs, net of amortization	(39,876)		(41,654)
Total	2,963,929		2,805,983
Other
Debt Instrument [Line Items]
Other	63,381		62,608
Cabot Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	81,188		33,218
Other Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	78,104		74,551
Cabot Senior Secured Notes
Debt Instrument [Line Items]
Senior secured notes	1,360,489		1,280,241
Less: debt discount	(2,090)		(2,200)
Add: debt premium	16,511		17,686
Term Loan
Debt Instrument [Line Items]
Encore term loan facility	$ 116,740	$ 120,400	$ 164,615

Debt - Encore Revolving Credit Facility and Term Loan Facility (Detail)			3 Months Ended		6 Months Ended
	Jun. 29, 2017 USD ($) subtranche	Dec. 20, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016	Jun. 30, 2017 USD ($)	Jun. 30, 2016	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Number of subtranches associated with term loan facility \| subtranche	2
Percentage to be added to base rate for alternate base rate	0.50%
Percentage to be added to adjusted base rate for alternate base rate	1.00%
Borrowing base as percentage of eligible estimated collection range end (percent)	35.00%
Eligible estimated remaining collections for consumer receivables (percent)	55.00%
Maximum cash flow leverage ratio	300.00%
Maximum cash flow secured leverage ratio	200.00%
Minimum interest coverage ratio	175.00%
Maximum senior secured notes	$ 350,000,000.0
Allowance of additional unsecured indebtedness (not to exceed)	1,100,000,000.0
Company's repurchases, common stock (up to)	$ 150,000,000.0
Percentage of acquisitions excluded (up to)	50.00%
Acquisition limit	$ 225,000,000.0
Credit facility, provision, investments not to exceed maximum percentage of consolidated net worth (percent)	200.00%
Basket allowed for investments under laws of Canada	$ 50,000,000.0
Revolving credit facility			$ 539,000,000		$ 539,000,000		$ 578,000,000
Weighted average interest rate (percent)			4.06%	3.50%	3.90%	3.49%
Minimum
Debt Instrument [Line Items]
Maximum cash flow leverage ratio	125.00%
Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan
Debt Instrument [Line Items]
Term loan facility	$ 120,400,000		$ 116,740,000		$ 116,740,000		$ 164,615,000
Term Loan One
Debt Instrument [Line Items]
Term loan facility	97,600,000.0
Principal amount amortized, 2017	4,900,000
Principal amount amortized, 2018		$ 4,400,000
Principal amount amortized, 2019	7,300,000
Principal amount amortized, 2020		$ 6,600,000
Principal amount amortized, 2021	7,300,000
Term Loan One \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan One \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term Loan One \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Term Loan One \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan Subtranche One
Debt Instrument [Line Items]
Term loan facility	18,000,000
Principal amount amortized, 2017	1,800,000
Principal amount amortized, 2018		$ 4,400,000
Term Loan Subtranche One \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan Subtranche One \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term Loan Subtranche One \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Term Loan Subtranche One \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term loan Subtranche Two
Debt Instrument [Line Items]
Term loan facility	4,800,000.0
Principal amount amortized, 2017	500,000
Term loan Subtranche Two \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term loan Subtranche Two \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term loan Subtranche Two \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Term loan Subtranche Two \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan Four \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan Four \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Term Loan Four \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan Four \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Junior Lien Portion
Debt Instrument [Line Items]
Allowance of additional unsecured indebtedness (not to exceed)	400,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	801,700,000.0
Additional borrowing capacity	250,000,000.0
Amount of exercised of the additional borrowing capacity	$ 25,300,000
Debt instrument, term	5 years
Revolving Credit Facility Three
Debt Instrument [Line Items]
Revolving credit facility	$ 32,100,000.0
Revolving Credit Facility Two
Debt Instrument [Line Items]
Revolving credit facility	168,600,000.0
Revolving Credit Facility One
Debt Instrument [Line Items]
Revolving credit facility	$ 601,000,000
Restated Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity			262,700,000		262,700,000
Restated Credit Agreement \| Accordion Feature
Debt Instrument [Line Items]
Current borrowing capacity			$ 224,700,000		$ 224,700,000

Debt - Encore Senior Secured Notes (Detail)	6 Months Ended
Debt - Encore Senior Secured Notes (Detail)	Jun. 30, 2017 USD ($) agreement	Dec. 31, 2016 USD ($)	Dec. 31, 2011 USD ($)
Debt Instrument [Line Items]
Securitized notes	$ 5,145,000	$ 11,320,000
Basis spread over the current Treasury Rate (percent)	0.50%
Number of agreements \| agreement	2
2021 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	2.875%
Senior Notes
Debt Instrument [Line Items]
Debt issued			$ 75,000,000.0
2011 Senior Secured Notes
Debt Instrument [Line Items]
Debt issued	$ 25,000,000.0
Debt instrument, stated interest rate	7.375%
Senior secured notes, periodic principal repayment	$ 1,250,000
Securitized notes	3,100,000
2010 Senior Secured Notes
Debt Instrument [Line Items]
Debt issued	$ 50,000,000.0
Debt instrument, stated interest rate	7.75%
Senior secured notes, periodic principal repayment	$ 2,500,000.0
Securitized notes	$ 2,000,000
2022 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.25%

Debt - Encore Convertible Notes (Details)						6 Months Ended
Debt - Encore Convertible Notes (Details)	Mar. 03, 2017 USD ($)	Feb. 27, 2017 $ / shares	Mar. 05, 2014 $ / shares	Jun. 24, 2013 $ / shares	Nov. 27, 2012 $ / shares	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2014 USD ($)	Jul. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of convertible senior notes						$ 150,000,000	$ 0
Repayment of convertible senior notes						$ 60,406,000	$ 0
2017 Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate						3.00%
Initial conversion price (in dollars per share) \| $ / shares					$ 31.56
Closing stock price at date of issuance (in dollars per share) \| $ / shares					$ 25.66
Conversion rate (shares per $1,000 principal amount)					0.0316832
2020 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate						3.00%
Initial conversion price (in dollars per share) \| $ / shares				$ 45.72
Closing stock price at date of issuance (in dollars per share) \| $ / shares				$ 33.35
Conversion rate (shares per $1,000 principal amount)				0.0218718
2021 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate						2.875%
Initial conversion price (in dollars per share) \| $ / shares			$ 59.39
Closing stock price at date of issuance (in dollars per share) \| $ / shares			$ 47.51
Conversion rate (shares per $1,000 principal amount)			0.0168386
2022 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate						3.25%
Initial conversion price (in dollars per share) \| $ / shares		$ 45.57
Closing stock price at date of issuance (in dollars per share) \| $ / shares		$ 35.05
Conversion rate (shares per $1,000 principal amount)		0.0219467
Convertible Notes \| 2017 Convertible Senior Notes
Debt Instrument [Line Items]
Debt issued	$ 50,000,000.0									$ 115,000,000.0
Debt instrument, stated interest rate										3.00%
Repayment of convertible senior notes	60,400,000
Consideration allocated to extinguishment of liability	49,700,000
Consideration allocated to re-acquisition of equity component	10,700,000
Carrying value of repurchased portion of debt	48,900,000.0
Loss recognized on repurchase transaction	800,000
Convertible Notes \| 2020 Convertible Notes
Debt Instrument [Line Items]
Debt issued									$ 172,500,000.0
Debt instrument, stated interest rate									3.00%
Convertible Notes \| 2021 Convertible Notes
Debt Instrument [Line Items]
Debt issued								$ 161,000,000.0
Debt instrument, stated interest rate								2.875%
Convertible Notes \| 2022 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 150,000,000.0
Debt instrument, stated interest rate	3.25%
Proceeds from issuance of convertible senior notes	$ 145,300,000

Debt - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Feb. 27, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Equity component	$ 62,504		$ 61,314
2017 Convertible Senior Notes
Debt Instrument [Line Items]
Debt component	64,646
Equity component	354
Equity issuance cost	$ 788
Stated interest rate	3.00%
Effective interest rate	3.75%	6.00%
2020 Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 140,247
Equity component	32,253
Equity issuance cost	$ 1,106
Stated interest rate	3.00%
Effective interest rate	6.35%
2021 Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 143,645
Equity component	17,355
Equity issuance cost	$ 581
Stated interest rate	2.875%
Effective interest rate	4.70%
2022 Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 137,266
Equity component	12,734
Equity issuance cost	$ 398
Stated interest rate	3.25%
Effective interest rate	5.20%

Debt - Balances of Liability and Equity Components (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Liability component—principal amount	$ 548,500	$ 448,500
Unamortized debt discount	(37,690)	(31,968)
Liability component—net carrying amount	510,810	416,532
Equity component	$ 62,504	$ 61,314

Debt - Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Debt - Interest Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Convertible Notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 4,064	$ 3,297	$ 7,588	$ 6,608
Interest expense—amortization of debt discount (premium)	2,415	2,438	4,901	4,865
Total interest expense—convertible notes	6,479	5,735	12,489	11,473
Cabot Senior Secured Notes
Debt Instrument [Line Items]
Total interest expense—convertible notes	24,046	25,409	47,122	50,561
Interest expense \| Cabot Senior Secured Notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate	25,011	27,846	48,993	55,489
Interest expense—amortization of debt discount (premium)	116	257	226	384
Interest Income \| Cabot Senior Secured Notes
Debt Instrument [Line Items]
Interest expense—amortization of debt discount (premium)	$ (1,081)	$ (2,694)	$ (2,097)	$ (5,312)

Debt - Convertible Notes Hedge Transactions, Conversion and EPS Impact (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2013 d	Jun. 30, 2017 USD ($) $ / shares	Jun. 30, 2016 USD ($)	Mar. 05, 2014 $ / shares	Jun. 24, 2013 $ / shares	Nov. 27, 2012 $ / shares
Debt Instrument [Line Items]
Proceeds from convertible hedge instruments		$ 5,580,000	$ 0
Reclassifications of equity to temporary equity, debt conversion		200,000
2017 Convertible Senior Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s)		50,595,000
Conversion price (in dollars per share) \| $ / shares						$ 31.56
Convertible debt, threshold of stock price trigger (exceeded)	130.00%
Convertible debt, threshold trading days \| d	20
Convertible debt, threshold consecutive trading days	30
Convertible notes, fair value		83,900,000
Amount of converted notes		0
2020 Convertible Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s)		18,113,000
Conversion price (in dollars per share) \| $ / shares					$ 45.72
2021 Convertible Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s)		$ 19,545,000
Conversion price (in dollars per share) \| $ / shares				$ 59.39
Hedging of Convertible Debt Instrument \| 2017 Convertible Senior Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares		$ 60.00
Hedging of Convertible Debt Instrument \| 2020 Convertible Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares		61.55
Hedging of Convertible Debt Instrument \| 2021 Convertible Notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares		$ 83.14

Debt - Cabot Senior Secured Notes (Detail)	Oct. 06, 2016 USD ($)	Nov. 11, 2015 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 06, 2016 GBP (£)	Nov. 11, 2015 EUR (€)	Mar. 27, 2014 USD ($)	Mar. 27, 2014 GBP (£)	Aug. 02, 2013 USD ($)	Aug. 02, 2013 GBP (£)	Jul. 25, 2013 USD ($)	Jul. 25, 2013 GBP (£)	Sep. 20, 2012 USD ($)	Sep. 20, 2012 GBP (£)	Dec. 31, 2011 USD ($)
Debt Instrument [Line Items]
Senior secured notes			$ 5,145,000	$ 11,320,000
Unamortized discount			37,690,000	31,968,000
Cabot Senior Secured Notes
Debt Instrument [Line Items]
Senior secured notes			1,360,489,000	1,280,241,000
Unamortized discount			2,090,000	2,200,000
Add: debt premium			$ 16,511,000	$ 17,686,000
Cabot 2019 Notes
Debt Instrument [Line Items]
Senior secured notes													$ 438,400,000	£ 265,000,000
Debt instrument, stated interest rate													10.375%	10.375%
Call premium paid	$ 17,400,000				£ 13,700,000
Add: debt premium	19,200,000				15,200,000
Gain (loss) on premium paid	$ 1,800,000				£ 1,400,000
Cabot 2020 Notes
Debt Instrument [Line Items]
Senior secured notes									$ 151,700,000	£ 100,000,000
Debt instrument, stated interest rate									8.375%	8.375%
Cabot 2021 Notes
Debt Instrument [Line Items]
Senior secured notes							$ 291,800,000	£ 175,000,000.0
Debt instrument, stated interest rate							6.50%	6.50%
Senior Secured Notes Due 2020 \| Marlin
Debt Instrument [Line Items]
Senior secured notes											$ 246,500,000	£ 150,000,000.0
Debt instrument, stated interest rate											10.50%	10.50%
Long-term debt, fair value											$ 284,200,000
Senior Notes
Debt Instrument [Line Items]
Debt issued															$ 75,000,000.0
Cabot Two Thousand Twenty Three Notes
Debt Instrument [Line Items]
Percentage of face value issued	100.00%
Senior Secured Cabot Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes		$ 332,200,000				€ 310,000,000.0
Discount rate		1.00%
Unamortized discount		$ 3,400,000				€ 3,100,000
Senior Secured Notes due 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	7.50%				7.50%
Debt issued	$ 442,600,000				£ 350,000,000.0
Three-Month EURIBOR \| Senior Secured Cabot Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		5.875%

Debt - Cabot Senior Revolving Credit Facility (Details)		3 Months Ended		6 Months Ended
Debt - Cabot Senior Revolving Credit Facility (Details)	Oct. 06, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016	Jun. 30, 2017 USD ($)	Jun. 30, 2016	Jun. 30, 2017 GBP (£)	Jun. 29, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 06, 2016 GBP (£)	Sep. 20, 2012 USD ($)	Sep. 20, 2012 GBP (£)
Debt Instrument [Line Items]
Credit facility, outstanding amount \| $		$ 539,000,000		$ 539,000,000				$ 578,000,000
Weighted average interest rate (percent)		4.06%	3.50%	3.90%	3.49%
Cabot Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility										$ 82,700,000	£ 50,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility \| $							$ 801,700,000.0
Revolving Credit Facility \| Secured Debt \| Cabot Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility	$ 316,200,000								£ 250,000,000
Line of credit facility, increase to maximum borrowing capacity, accordion provision \| £									£ 50,000,000
Loan-to-value credit facility utilization trigger (more than)	20.00%
Revolving Credit Facility \| Secured Debt \| Cabot Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Revolving Credit Facility \| Secured Debt \| Cabot Credit Agreement, Tranche with Expiration in September 2019
Debt Instrument [Line Items]
Revolving credit facility \| £						£ 200,000,000.0
Revolving Credit Facility \| Secured Debt \| Cabot Credit Agreement, Tranche with Expiration in March 2022
Debt Instrument [Line Items]
Revolving credit facility \| £						£ 50,000,000.0
Revolving Credit Facility \| Senior Loans \| Cabot Credit Agreement
Debt Instrument [Line Items]
Loan-to-value credit facility utilization trigger (more than)	20.00%
Cabot Credit Facility
Debt Instrument [Line Items]
Maximum loan to value ratio				75.00%
Credit facility, outstanding amount \| $		$ 81,188,000		$ 81,188,000				$ 33,218,000
Weighted average interest rate (percent)		3.50%	4.01%	3.51%	4.01%
Cabot Credit Facility \| Senior Loans
Debt Instrument [Line Items]
Maximum loan to value ratio				25.00%

Debt - Preferred Equity Certificates and Capital Lease Obligations (Details) $ in Thousands	Jul. 01, 2013 USD ($) shares	Jul. 01, 2013 GBP (£) shares	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 01, 2013 GBP (£)
Debt Instrument [Line Items]
Preferred equity certificates \| $			$ 230,418	$ 205,975
Capital lease obligations \| $			$ 4,109	$ 5,091
Preferred Equity Certificate
Debt Instrument [Line Items]
Debt instrument, stated interest rate			12.00%
Common Class A
Debt Instrument [Line Items]
Business combination number of shares still held by minority interest (in shares)	100	100
Cabot Holdings \| Common Class A \| J C Flowers And Company Limited Liability Company
Debt Instrument [Line Items]
Business acquisition, number of shares acquired	100	100
Cabot Acquisition
Debt Instrument [Line Items]
Business acquisition, equity interest	50.10%				50.10%
Janus Holdings
Debt Instrument [Line Items]
Business combination, consideration transferred	$ 175,000	£ 115,100,000
Noncontrolling interest, ownership percentage	49.90%				49.90%
Janus Holdings \| Common Class E
Debt Instrument [Line Items]
Business acquisition, number of shares acquired	3,498,563	3,498,563
Janus Holdings \| E Bridge Preferred Equity Certificates
Debt Instrument [Line Items]
Business acquisition, face value	$ 15,500				£ 10,218,574
Janus Holdings \| E Preferred Equity Certificates
Debt Instrument [Line Items]
Business acquisition, face value	$ 147,100				96,729,661
Janus Holdings \| Cabot Holdings \| Common Class J \| J C Flowers And Company Limited Liability Company
Debt Instrument [Line Items]
Business combination number of shares still held by minority interest (in shares)	3,484,597	3,484,597
Janus Holdings \| Cabot Holdings \| J Bridge PECs \| J C Flowers And Company Limited Liability Company
Debt Instrument [Line Items]
Business acquisition, face value	$ 15,500				10,177,781
Janus Holdings \| Cabot Holdings \| J Preferred Equity Certificates \| J C Flowers And Company Limited Liability Company
Debt Instrument [Line Items]
Equity certificates with a face value	$ 146,500				£ 96,343,515
Janus Holdings \| Cabot Credit Management
Debt Instrument [Line Items]
Business acquisition, equity interest	50.10%				50.10%
Maximum
Debt Instrument [Line Items]
Debt instrument, stated interest rate			6.00%
Minimum
Debt Instrument [Line Items]
Debt instrument, stated interest rate			0.00%

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Contingency [Line Items]
Provision for income taxes	$ (13,531)	$ (13,451)	$ (25,598)	$ (23,599)
Unrecognized tax benefit	21,200		21,200
Net tax benefit from unrecognized tax benefits, if recognized	7,100		7,100
Undistributed earnings of foreign subsidiaries	$ 0		$ 11,500
Costa Rica \| Tax holiday through December 31, 2018
Income Tax Contingency [Line Items]
Holiday tax rate			100.00%
Costa Rica \| Subsequent four years from December 31, 2018
Income Tax Contingency [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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Federal provision	35.00%	35.00%	35.00%	35.00%
State provision	3.20%	4.00%	3.20%	4.00%
International provision (benefit)	2.90%	(9.10%)	3.70%	(10.10%)
Permanent items	0.30%	0.40%	0.40%	0.50%
Other	0.10%	0.10%	0.50%	(1.40%)
Effective rate	41.50%	30.40%	42.80%	28.00%

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($)
Loss Contingencies [Line Items]
Purchase price of receivable portfolios	$ 2,200.0
Purchase price	310.1
Telephone Consumer Protection Act (TCPA) Settlement
Loss Contingencies [Line Items]
Material reserves for litigation	$ 0.0

Segment Information - Schedule of Geographical Areas of Which Company Operates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 290,917	$ 289,442	$ 562,858	$ 578,459
United States
Segment Reporting Information [Line Items]
Revenues	173,613	166,112	343,929	336,843
International [Member]
Segment Reporting Information [Line Items]
Revenues	117,304	123,330	218,929	241,616
Europe
Segment Reporting Information [Line Items]
Revenues	94,754	100,403	172,692	197,763
Other Geographies
Segment Reporting Information [Line Items]
Revenues	$ 22,550	$ 22,927	$ 46,237	$ 43,853

Goodwill and Identifiable Intangible Assets - Schedule of Reportable Segments by Reporting Units (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 785,032
Goodwill acquired	11,142
Effect of foreign currency translation	35,382
Balance at end of period	$ 831,556

Goodwill and Identifiable Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 45,257	$ 40,263
Accumulated Amortization	(15,555)	(12,020)
Net Carrying Amount	29,702	28,243
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,393	21,200
Accumulated Amortization	(4,736)	(3,220)
Net Carrying Amount	20,657	17,980
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,667	6,497
Accumulated Amortization	(4,740)	(3,891)
Net Carrying Amount	1,927	2,606
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,197	12,566
Accumulated Amortization	(6,079)	(4,909)
Net Carrying Amount	$ 7,118	$ 7,657

Variable Interest Entities (Details)	Mar. 31, 2016
Propel
Variable Interest Entity [Line Items]
Percentage of membership interests divested	100.00%