Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2018	Feb. 20, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	ECPG
Entity Registrant Name	ENCORE CAPITAL GROUP INC
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		30,884,393
Entity Public Float			$ 943.6

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 157,418	$ 212,139
Investment in receivable portfolios, net	3,137,893	2,890,613
Deferred court costs, net	95,918	79,963
Property and equipment, net	115,518	76,276
Other assets	257,002	302,728
Goodwill	868,126	928,993
Total assets	4,631,875	4,490,712
Liabilities:
Accounts payable and accrued liabilities	287,945	284,774
Debt, net	3,490,633	3,446,876
Other liabilities	33,609	35,151
Total liabilities	3,812,187	3,766,801
Commitments and contingencies
Redeemable noncontrolling interest	0	151,978
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, 30,884 shares and 25,801 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively	309	258
Additional paid-in capital	208,498	42,646
Accumulated earnings	720,189	616,314
Accumulated other comprehensive loss	(110,987)	(77,356)
Total Encore Capital Group, Inc. stockholders’ equity	818,009	581,862
Noncontrolling interest	1,679	(9,929)
Total equity	819,688	571,933
Total liabilities, redeemable equity and equity	4,631,875	4,490,712
VIEs
Assets
Cash and cash equivalents	448	88,902
Investment in receivable portfolios, net	501,489	1,342,300
Deferred court costs, net	0	26,482
Property and equipment, net	0	23,138
Other assets	9,563	122,263
Goodwill	0	724,054
Liabilities:
Accounts payable and accrued liabilities	4,556	151,208
Debt, net	445,837	2,014,202
Other liabilities	$ 46	$ 1,494

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	30,884,000	25,801,000
Common stock, shares outstanding	30,884,000	25,801,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenue from receivable portfolios	$ 1,167,132	$ 1,053,373	$ 1,030,792
Other revenues	153,425	92,429	82,643
Total revenues	1,320,557	1,145,802	1,113,435
Allowance reversals (allowances) on receivable portfolios, net	41,473	41,236	(84,177)
Total revenues, adjusted by net allowance reversals (allowances)	1,362,030	1,187,038	1,029,258
Operating expenses
Salaries and employee benefits	369,064	315,742	281,097
Cost of legal collections	205,204	200,058	200,855
General and administrative expenses	158,352	158,080	134,046
Other operating expenses	134,934	104,938	100,737
Collection agency commissions	47,948	43,703	36,141
Depreciation and amortization	41,228	39,977	34,868
Total operating expenses	956,730	862,498	787,744
Income from operations	405,300	324,540	241,514
Other (expense) income
Interest expense	(240,048)	(204,161)	(198,367)
Other (expense) income	(8,764)	10,847	14,228
Total other expense	(248,812)	(193,314)	(184,139)
Income from continuing operations before income taxes	156,488	131,226	57,375
Provision for income taxes	(46,752)	(52,049)	(38,205)
Income from continuing operations	109,736	79,177	19,170
Loss from discontinued operations, net of tax	0	(199)	(2,353)
Net income	109,736	78,978	16,817
Net loss attributable to noncontrolling interest	6,150	4,250	59,753
Net income attributable to Encore Capital Group, Inc. stockholders	115,886	83,228	76,570
Amounts attributable to Encore Capital Group, Inc.:
Income from continuing operations	115,886	83,427	78,923
Loss from discontinued operations, net of tax	0	(199)	(2,353)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 115,886	$ 83,228	$ 76,570
Basic earnings (loss) per share from:
Continuing operations (USD per share)	$ 4.09	$ 3.21	$ 3.07
Discontinued operations (USD per share)	0.00	(0.01)	(0.09)
Net basic earnings per share (USD per share)	4.09	3.20	2.98
Diluted earnings (loss) per share from:
Continuing operations (USD per share)	4.06	3.16	3.05
Discontinued operations (USD per share)	0.00	(0.01)	(0.09)
Net diluted earnings per share (USD per share)	$ 4.06	$ 3.15	$ 2.96
Weighted average shares outstanding:
Basic (shares)	28,313	25,972	25,713
Diluted (shares)	28,572	26,405	25,909

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 109,736	$ 78,978	$ 16,817
Change in unrealized gains/losses on derivative instruments:
Unrealized (loss) gain on derivative instruments	(7,658)
Income tax effect	1,743
Unrealized (loss) gain on derivative instruments, net of tax	(5,915)
Unrealized (loss) gain on derivative instruments		1,242	407
Income tax effect		(200)	(87)
Unrealized (loss) gain on derivative instruments, net of tax		1,042	320
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(36,927)	28,362	(67,943)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Divestiture, Before Tax	3,663	0	0
Income tax effect	0	0	361
Unrealized (loss) gain on foreign currency translation, net of tax	(33,264)	28,362	(67,582)
Other comprehensive (loss) income, net of tax	(39,179)	29,404	(67,262)
Comprehensive income (loss)	70,557	108,382	(50,445)
Comprehensive loss (income) attributable to noncontrolling interest:
Net loss	6,150	4,250	59,753
Unrealized loss (income) on foreign currency translation	5,548	(1,849)	20,173
Comprehensive loss attributable to noncontrolling interest	11,698	2,401	79,926
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 82,255	$ 110,783	$ 29,481

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2015		25,288
Balance at Dec. 31, 2015	$ 603,738	$ 253	$ 110,533	$ 543,489	$ (57,822)	$ 7,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	64,648			76,570		(11,922)
Other comprehensive income (loss), net of tax	(50,766)				(47,089)	(3,677)
Initial noncontrolling interest related to business combinations	775					775
Change in fair value of redeemable noncontrolling interest	(74,194)		(14,702)	(59,492)
Purchase of noncontrolling interest	(1,280)		(1,280)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		305
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(4,478)	$ 3	(4,481)
Stock-based compensation	12,627		12,627
Tax benefit related to stock-based compensation	(2,324)		(2,324)
Reclassification of redeemable equity component of convertible senior notes	3,130		3,130
Other	(111)		(111)
Balance (in shares) at Dec. 31, 2016		25,593
Balance at Dec. 31, 2016	551,765	$ 256	103,392	560,567	(104,911)	(7,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	83,883			83,228		655
Other comprehensive income (loss), net of tax	26,848				27,555	(707)
Change in fair value of redeemable noncontrolling interest	(108,296)		(81,074)	(27,222)
Purchase of noncontrolling interest	(1,532)		806			(2,338)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		208
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(2,115)	$ 2	(2,117)
Stock-based compensation	10,399		10,399
Issuance of convertible senior notes/exchangeable notes	12,341		12,341
Settlement and repurchase of convertible senior notes (in shares)		622
Settlement and repurchase of convertible senior notes	(7,875)	$ 6	(7,881)
Reclassification of redeemable equity component of convertible senior notes	2,995		2,995
Reclassification of certain income tax effects of items within accumulated other comprehensive income to retained earnings	(259)			(259)
Convertible/Exchangeable notes hedge transactions (in shares)		(622)
Convertible/Exchangeable notes hedge transactions	3,519	$ (6)	3,525
Other	260		260
Balance (in shares) at Dec. 31, 2017		25,801
Balance at Dec. 31, 2017	571,933	$ 258	42,646	616,314	(77,356)	(9,929)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	114,527			115,886		(1,359)
Other comprehensive income (loss), net of tax	(36,374)				(37,294)	920
Change in fair value of redeemable noncontrolling interest	7,419		19,430	(12,011)
Purchase of noncontrolling interest	9,626					9,626
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)		163
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(2,508)	$ 2	(2,510)
Stock-based compensation	12,980		12,980
Issuance of convertible senior notes/exchangeable notes	14,009		14,009
Convertible/Exchangeable notes hedge transactions	(17,785)		(17,785)
Net equity adjustment on Cabot Transaction	(43,097)		(43,097)
Other	7,771		1,687		3,663	2,421
Issuance of common stock (shares)		4,920
Issuance of common stock	181,187	$ 49	181,138
Balance (in shares) at Dec. 31, 2018		30,884
Balance at Dec. 31, 2018	$ 819,688	$ 309	$ 208,498	$ 720,189	$ (110,987)	$ 1,679

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Operating activities:
Net income	$ 109,736	$ 78,978	$ 16,817
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of income taxes	0	199	2,353
Interest expense related to financing	11,710	0	0
Depreciation and amortization	41,228	39,977	34,868
Other non-cash expense, net	20,744	39,591	30,623
Stock-based compensation expense	12,980	10,399	12,627
Loss (gain) on derivative instruments, net	10,789	(3,915)	(7,816)
Deferred income taxes	16,814	28,970	(52,905)
(Reversal of) provision for allowances on receivable portfolios, net	(41,473)	(41,236)	84,177
Changes in operating assets and liabilities
Deferred court costs and other assets	(35,626)	(4,101)	(20,364)
Prepaid income tax and income taxes payable	24,284	(26,699)	25,417
Accounts payable, accrued liabilities and other liabilities	15,605	1,655	2,439
Net cash provided by operating activities from continuing operations	186,791	123,818	128,236
Net cash provided by operating activities from discontinued operations	0	0	2,096
Net cash provided by operating activities	186,791	123,818	130,332
Investing activities:
Cash paid for acquisitions, net of cash acquired	0	(96,390)	(675)
Proceeds from divestiture of business, net of cash divested	(1,877)	0	106,041
Purchases of assets held for sale	0	0	(19,874)
Purchases of receivable portfolios, net of put-backs	(1,131,095)	(1,045,829)	(907,413)
Collections applied to investment in receivable portfolios, net	809,688	709,420	659,321
Purchases of property and equipment	(67,475)	(28,126)	(31,668)
(Payment of) proceeds from derivative instruments, net	(18,302)	3,533	8,800
Other, net	11,545	5,261	1,994
Net cash used in investing activities from continuing operations	(397,516)	(452,131)	(183,474)
Net cash provided by investing activities from discontinued operations	0	0	14,685
Net cash used in investing activities	(397,516)	(452,131)	(168,789)
Financing activities:
Payment of loan costs	(11,576)	(28,972)	(32,338)
Payment related to debt financing	(11,710)	0	0
Repayment of credit facilities	942,186	1,434,480	586,016
Repayment of credit facilities	(571,144)	(1,168,069)	(615,857)
Proceeds from senior secured notes	0	325,000	442,610
Repayment of senior secured notes	(91,578)	(204,241)	(352,549)
Proceeds from issuance of convertible and exchangeable senior notes	172,500	150,000	0
Repayment of convertible senior notes	0	(125,407)	0
Proceeds from other debt	27,694	33,197	36,172
Repayment of other debt	(42,456)	(8,910)	(15,388)
Payment for the purchase of PECs and noncontrolling interest	(234,101)	(29,731)	(4,842)
Payment of direct and incremental costs relating to Cabot Transaction	(8,622)	0	0
Other, net	(4,816)	870	(571)
Net cash provided by financing activities	166,377	378,217	43,253
Net increase in cash and cash equivalents	(44,348)	49,904	4,796
Effect of exchange rate changes on cash and cash equivalents	(10,373)	12,470	(8,624)
Cash and cash equivalents, beginning of period	212,139	149,765	153,593
Cash and cash equivalents, end of period	157,418	212,139	149,765
Cash and cash equivalents of discontinued operations, end of period	0	0	0
Cash and cash equivalents of continuing operations, end of period	157,418	212,139	149,765
Supplemental disclosures of cash flow information:
Cash paid for interest	198,797	162,545	147,899
Cash paid for income taxes, net	30,247	44,365	60,071
Supplemental schedule of non-cash investing and financing activities:
Stock consideration for the Cabot Transaction	180,559	0	0
Conversion of convertible senior notes	0	28,277	0
Fixed assets acquired through capital lease	$ 3,283	$ 3,577	$ 55

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

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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 and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans.

Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management plc (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”) the Company is one of the largest credit management services providers in Europe and a market leader in the United Kingdom and Ireland. These are the Company’s primary operations.

Basis of Consolidation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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. Translation gains or losses are the material components of accumulated 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 consolidated financial statements to conform to the current year’s presentation.

Change in Accounting Principle

On January 1, 2018, we adopted FASB ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). 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. To achieve this core principle, the guidance provides that an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB’s Accounting Standards Codification (“ASC”). Under the prior accounting standard, the Company recognized fee-based income when there was persuasive evidence of an arrangement, the sales price was fixed or determinable, the services had been performed and collectability was reasonably assured.

The Company’s investment in receivable portfolios is outside of the scope of Topic 606 since it is accounted for in accordance with ASC 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” Certain of the Company’s foreign subsidiaries earn fee-based income by providing portfolio management services to credit originators for non-performing loans. Performance obligations for this revenue stream under the new standard primarily arise from debt collection and management activities. These performance obligations are typically satisfied when services are performed, or debt is collected. Consideration is typically variable based on indeterminate volumes or collection activity. Under the new accounting standard, revenue is recognized over time as a series of single performance obligations when the Company is entitled to a percentage of collections received, since the customer simultaneously receives and consumes the benefits provided by the Company’s performance of debt collection and management. The method for measuring progress towards satisfying a performance obligation is based on transaction volumes or debt collected, depending on whether the contract is based on services performed or based on commissions. Costs to fulfill a contract are expensed when incurred.

The Company adopted Topic 606 utilizing the modified retrospective method of transition and elected to apply the revenue standard only to contracts that were not completed as of the adoption date. Prior periods were not restated. The cumulative effect of adopting this new standard had no impact to retained earnings. The impact of adopting Topic 606 on the Company’s revenue is not material to any of the periods presented. Fee-based income is included in “Other Revenues” in the Company’s consolidated statements of operations.

In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities—Derivatives and Hedging (“Topic 815” or “ASU 2017-12”) which amends the hedge accounting recognition and presentation requirements in ASC 815. ASU 2017-12 improves Topic 815 by simplifying and expanding the eligible hedging strategies for financial and nonfinancial risks by more closely aligning hedge accounting with a company’s risk management activities, and also simplifies its application through targeted improvements in key practice areas. This includes expanding the list of items eligible to be hedged and amending the methods used to measure the effectiveness of hedging relationships. In addition, ASU 2017-12 prescribes how hedging results should be presented and requires incremental disclosures. These changes are intended to allow preparers more flexibility and to enhance the transparency of how hedging results are presented and disclosed. Further, the new standard provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in earnings in the current period. For public entities, ASU 2017-12 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted in any interim period or fiscal year. The Company early adopted ASU 2017-12 as of the second quarter of 2018 retroactive to January 1, 2018. The adoption of the new standard did not have a material effect on the Company’s financial position, results of operations, or required presentations.

Recent Accounting Pronouncements

Other than the adoption of the standards discussed in the “Change in Accounting Principle” section above, there have been no new accounting pronouncements made effective during the year ended December 31, 2018 that have significance, or potential significance, to the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Effective

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. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements.

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 ASC 310-30, which provides authoritative guidance for the accounting of the Company’s investment in receivable portfolios.

ASU 2016-13 is effective for reporting periods beginning after December 15, 2019. 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 purchased financial assets with credit deterioration.

On February 27, 2019, the FASB clarified application of the new standard. The Company is in the process of determining the effects the adoption of ASU 2016-13 will have on its consolidated financial statements. The Company expects ASU 2016-13 could have a significant impact on how it measures and records income recognized on its receivable portfolios. The Company has established a project management team and is in the process of developing its accounting policy, evaluating the impact of this pronouncement and researching software resources that can assist with the implementation.

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 most 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. In July 2018, ASU 2018-11, Leases: Targeted Improvements, was issued to provide relief to companies from restating comparative periods. Pursuant to ASU 2018-11, in the period of adoption, the Company will not restate comparative periods presented in its financial statements. The new guidance will be effective for the Company starting in the first quarter of fiscal year 2019. The Company is finalizing the last phase of implementation of the new standard which requires recognition of a right-of-use (“ROU”) asset and lease liability for lease terms greater than one year. For leases with a term of twelve months or less, the Company has made an accounting policy election to not recognize ROU assets and lease liabilities; and as a result, the lease expense will be amortized over the lease term. The Company selected and is utilizing a new lease software solution that will facilitate consolidating its leases for reporting purposes. The Company elected to apply the modified retrospective option and the practical expedient available under the new standard. As a result, the Company will not (1) reassess whether any expired or existing contracts are or contain a lease, (2) reassess lease classification for any expired or existing lease or (3) reassess direct costs for any existing leases. The Company continues to evaluate the effects the adoption will have on its consolidated statements of financial condition but does not expect the new standard to have a material impact on its consolidated statements of operations or cash flows. The adoption of this new standard will not impact the Company’s compliance with debt covenants.

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.

Use of Estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company invests its excess cash in bank deposits and money market instruments, which are afforded the highest ratings by nationally recognized rating firms. The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents approximate their fair value.

Included in cash and cash equivalents are cash collected on behalf of and due to third party clients. A corresponding balance is included in accounts payable and accrued liabilities. The balance of cash held for clients was $21.8 million and $21.0 million at December 31, 2018 and 2017, respectively.

Investment in Receivable Portfolios

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 income 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 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. Once the net book value of a static pool has been fully recovered, it becomes zero basis portfolio (“ZBA”) and all subsequent collections are recognized as ZBA revenue.

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. See Note 5, “Investment in Receivable Portfolios, Net” for further discussion of investment in receivable portfolios.

Fee-based Income

Certain of the Company’s foreign subsidiaries earn fee-based income by providing portfolio management services to credit originators for non-performing loans. The Company recognizes fee-based income in accordance with the authoritative guidance for revenue recognition, specifically principal agent considerations. The revenue recognition guidance requires an analysis to be completed to determine if certain revenues should be reported gross or reported net of their related operating expense. This analysis includes an assessment of who establishes pricing and remains the primary obligor on the transaction. The Company considers each of these factors to determine the correct method of recognizing fee-based income. Fee-based income is included in “Other Revenues” in the Company’s consolidated statements of operations.

Goodwill and Other Intangible Assets

Goodwill represents the excess of purchase price over the value assigned to the tangible and identifiable intangible assets, liabilities assumed, and noncontrolling interest of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. In accordance with authoritative guidance on goodwill and other intangible assets, goodwill and other indefinite-lived intangible assets are tested at the reporting unit level annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below its carrying value. See Note 15, “Goodwill and Identifiable Intangible Assets” for further discussion of the Company’s goodwill and other intangible assets.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows:



Fixed Asset Category		Estimated Useful Life
Leasehold improvements		Lesser of lease term, including periods covered by renewal options, or useful life
Furniture, fixtures and equipment		5 to 10 years
Computer hardware and software		3 to 5 years

Maintenance and repairs are charged to expense in the year incurred. Expenditures for major renewals that extend the useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets.

Deferred Court Costs

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. See Note 6, “Deferred Court Costs, Net” for further discussion.

Income Taxes

The Company uses the liability method of accounting for income taxes in accordance with the authoritative guidance for Income Taxes. When the Company prepares its consolidated financial statements, it estimates income taxes based on the various jurisdictions and countries where it conducts business. This requires the Company to estimate current tax exposure and to assess temporary differences that result from differing treatments of certain items for tax and accounting purposes. Deferred income taxes are recognized based on the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company then assesses the likelihood that deferred tax assets will be realized. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. When the Company establishes a valuation allowance or increases this allowance in an accounting period, it records a corresponding tax expense in the consolidated statement of income. The Company includes interest and penalties related to income taxes within its provision for income taxes. See Note 12, “Income Taxes” for further discussion.

Management must make significant judgments to determine the provision for income taxes, deferred tax assets and liabilities, and any valuation allowance to be recorded against deferred tax assets.

Stock-Based Compensation

The Company determines stock-based compensation expense for all share-based payment awards based on the measurement date fair value. The Company has certain share awards that include market conditions that affect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided. For share awards that require service and performance conditions, the Company recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions over the requisite service period of the award. Forfeiture rates are estimated based on the Company’s historical experience. See Note 11, “Stock-Based Compensation” for further discussion.

Derivative Instruments and Hedging Activities

The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. The Company designates certain derivative instruments as cash flow hedges. The changes in fair value of derivatives designated as cash flow hedges is recorded each period, net of tax, in accumulated other comprehensive income or loss until the related hedged transaction occurs. In the event the hedged cash flow does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or expense at that time. See Note 4, “Derivatives and Hedging Instruments” for further discussion.

Earnings Per Share

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

On August 12, 2015, the Company’s Board of Directors approved a new $50.0 million share repurchase program. Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. As of December 31, 2018, we had not made any repurchases under the share repurchase program.

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



	Year Ended December 31,
	2018	2017	2016
Weighted average common shares outstanding—basic	28,313	25,972	25,713
Dilutive effect of stock-based awards	259	255	196
Dilutive effect of convertible and exchangeable senior notes	—	178	—
Weighted average common shares outstanding—diluted	28,572	26,405	25,909

Anti-dilutive employee stock options outstanding were approximately 66,000, 107,000 and 3,000 for the years ended December 31, 2018, 2017, and 2016, respectively.

The Company has the following convertible and exchangeable senior notes outstanding: $172.5 million convertible senior notes due 2020 at a conversion price equivalent to approximately $45.72 per share of the Company’s common stock (the “2020 Convertible Notes”), $161.0 million convertible senior notes due 2021 at a conversion price equivalent to approximately $59.39 per share of the Company’s common stock (the “2021 Convertible Notes”), $150.0 million convertible senior notes due 2022 at a conversion price equivalent to approximately $45.57 per share of the Company’s common stock (the “2022 Convertible Notes”), and $172.5 million exchangeable senior notes due 2023 at a conversion price equivalent to approximately $44.62 per share of the Company’s common stock (the “Exchangeable Notes”).

In the event of conversion for the 2020 Convertible Notes, 2021 Convertible Notes, 2022 Convertible Notes and Exchangeable Notes, the Company has the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion. The Company’s intent is to settle the principal amount of the 2020, 2021 and 2022 Convertible Notes and Exchangeable Notes in cash upon conversion. As a result, upon conversion of all the convertible and exchangeable senior notes, only the amounts payable in excess of the principal amounts are considered in diluted earnings per share under the treasury stock method. Diluted earnings per share during the periods presented above included the effect of the common shares issuable upon conversion of certain of the convertible senior notes because the average stock price exceeded the conversion price of these notes. However, as described in the “Encore Convertible Notes and Exchangeable Notes” section of Note 9, “Debt,” the Company entered into certain hedge transactions that have the effect of increasing the effective conversion price of the 2020 Convertible Notes to $61.55, the 2021 Convertible Notes to $83.14 and the Exchangeable Notes to $62.48.

Cabot Transaction

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Cabot Transaction

On July 24, 2018, the Company completed the purchase of all the outstanding interests of CCM not owned by the Company (the “Cabot Transaction”). As a result, CCM became a wholly owned subsidiary of Encore. The acquisition of the remaining interest was accounted for as an equity transaction and no gain or loss was recognized in the Company’s consolidated statements of operations but was reflected as a component of additional paid-in capital in the consolidated statement of equity. Additionally, in accordance with authoritative guidance and the Company’s policy, the direct and incremental costs associated with the Cabot Transaction were accounted for as part of the equity transaction. Total consideration transferred was approximately $414.7 million, which consisted of cash of $234.1 million and the equivalent of $180.6 million of Encore common stock based on the last reported sale price of Encore common stock per share of $36.80 on July 24, 2018.



	(in thousands)
Cash consideration	$	234,101
Stock consideration	180,559
Total consideration transferred	414,660
Less: Preferred equity certificates acquired	(262,512		)
Consideration transferred to acquire remaining equity interest	152,148
Less: Carrying value of redeemable noncontrolling interest	(127,299		)
Less: Carrying value of noncontrolling interest	9,626
Net loss directly recorded in equity	34,475
Direct and incremental transaction costs	8,622
Total reduction in additional paid-in capital	$	43,097

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

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 December 31, 2018
	Level 1		Level 2			Level 3			Total
Assets
Interest rate cap contracts	$	—	$	2,023		$	—		$	2,023
Liabilities
Foreign currency exchange contracts	—		(237		)	—			(237		)
Interest rate swap agreements	—		(4,881		)	—			(4,881		)
Contingent consideration	—		—			(6,198		)	(6,198		)



	Fair Value Measurements as of December 31, 2017
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	1,912		$	—		$	1,912
Interest rate cap contracts	—		3,922			—			3,922
Liabilities
Foreign currency exchange contracts	—		(1,110		)	—			(1,110		)
Interest rate swap agreements	—		(7		)	—			(7		)
Contingent consideration	—		—			(10,612		)	(10,612		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(151,978		)	(151,978		)

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, based on actual and forecasted operating performance.

The following table provides a roll-forward of the fair value of contingent consideration for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	Amount
Balance at December 31, 2015	$	10,403
Change in fair value of contingent consideration	(8,111		)
Time value amortization	509
Effect of foreign currency translation	(270		)
Balance at December 31, 2016	2,531
Issuance of contingent consideration in connection with acquisition	10,808
Change in fair value of contingent consideration	(2,822		)
Time value amortization	381
Payment of contingent consideration	(781		)
Effect of foreign currency translation	495
Balance at December 31, 2017	10,612
Issuance of contingent consideration in connection with acquisition	1,728
Change in fair value of contingent consideration	(5,664		)
Payment of contingent consideration	(271		)
Effect of foreign currency translation	(207		)
Balance at December 31, 2018	$	6,198

Redeemable Noncontrolling Interest:

Some minority shareholders in certain subsidiaries of the Company had 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 chose not to purchase their interests at fair value. The noncontrolling interest subject to these arrangements is required to be 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. In connection with various business transactions, including the Cabot Transaction, the Company redeemed or deconsolidated all of its redeemable noncontrolling interest during the year ended December 31, 2018 and no longer carried any redeemable noncontrolling interest as of December 31, 2018.

The components of the change in the redeemable noncontrolling interest for the years ended December 31, 2018, 2017 and 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	(4,905		)
Adjustment of the redeemable noncontrolling interest to fair value	108,296
Effect of foreign currency translation attributable to redeemable noncontrolling interest	2,555
Balance at December 31, 2017	151,978
Redemption of redeemable noncontrolling interest	(138,835		)
Deconsolidation upon sale of redeemable noncontrolling interest	5,535
Net loss attributable to redeemable noncontrolling interest	(4,791		)
Adjustment of the redeemable noncontrolling interest to fair value	(7,419		)
Effect of foreign currency translation attributable to redeemable noncontrolling interest	(6,468		)
Balance at December 31, 2018	$	—

Non-Recurring Fair Value Measurement:

Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition using Level 2 measurements. The fair value estimate of the assets held for sale was approximately $26.7 million and $18.7 million as of December 31, 2018 and December 31, 2017, respectively.

Financial Instruments Not Required To Be Carried At Fair Value

In accordance with the disclosure requirements of ASC Topic 825, “Financial Instruments” (“ASC 825”), the table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the following table are recorded in the consolidated balance sheets at December 31, 2018 and December 31, 2017 (in thousands):



	December 31, 2018				December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios	$	3,137,893	$	3,525,861	$	2,890,613	$	3,415,325
Deferred court costs	95,918		95,918		79,963		79,963
Financial Liabilities
Encore convertible notes and exchangeable notes⁽¹⁾	619,639		553,744		450,780		520,944
Cabot senior secured notes	1,109,922		1,036,905		1,214,558		1,258,935

________________________


(1)	Carrying amount represents the portion of the convertible and exchangeable notes classified as debt, while estimated fair value pertains to the face amount of the notes.

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 $3,525.9 million and $3,415.3 million as of December 31, 2018 and 2017, respectively, as compared to the carrying value of $3,137.9 million and $2,890.6 million as of December 31, 2018 and 2017, respectively. A 100 basis point increase in the cost to collect and discount rate used would result in a decrease in the fair value of U.S., European and other geographies portfolios by approximately $45.3 million, $67.4 million and $5.5 million, respectively, as of December 31, 2018. This fair value calculation does not represent, and should not be construed to represent, the underlying value of the Company or the amount which could be realized if its investment in receivable portfolios were sold.

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 was $95.9 million and $80.0 million as of December 31, 2018 and 2017, respectively, and approximated fair value.

Debt:

The majority of the Company’s 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, and Cabot’s borrowings under its revolving credit facility. The Company’s revolving credit and term loan facilities carrying value approximates fair value due to the short-term nature of the interest rate periods. The fair value of the Company’s senior secured notes was estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates.

Encore’s convertible notes and exchangeable notes are carried at historical cost, adjusted for the debt discount. The carrying value of the convertible notes and exchangeable notes was $619.6 million and $450.8 million, net of the debt discount of $36.4 million and $32.7 million, as of December 31, 2018 and 2017, respectively. The fair value estimate for these convertible and exchangeable notes, which incorporates quoted market prices using Level 2 inputs, was approximately $553.7 million and $520.9 million as of December 31, 2018 and 2017, respectively.

Cabot’s senior secured notes are carried at historical cost, adjusted for the debt discount and debt premium. The carrying value of Cabot’s senior secured notes was $1,109.9 million and $1,214.6 million, net of the debt discount of $1.5 million and $1.9 million, as of December 31, 2018 and 2017, respectively. The fair value estimate for these senior notes, which incorporates quoted market prices using Level 2 inputs, was $1,036.9 million and $1,258.9 million as of December 31, 2018 and 2017, respectively.

- 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

12 Months Ended

Dec. 31, 2018

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 consolidated statements of financial condition (in thousands):



	December 31, 2018				December 31, 2017
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate cap contracts	Other assets	$	2,023		Other assets	$	—
Foreign currency exchange contracts	Other liabilities	(237		)	Other assets	1,912
Interest rate swap agreements	Other liabilities	(4,881		)	Other liabilities	(7		)
Derivatives not designated as hedging instruments:
Interest rate cap contracts	Other assets	—			Other assets	3,922
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(1,110		)

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 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, the accumulated gains or losses in OCI would be reclassified into earnings.

As of December 31, 2018, the total notional amount of the foreign currency forward contracts that are designated as cash flow hedging instruments was $12.0 million. All of these outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $0.2 million of net derivative loss included in OCI will be reclassified into earnings within the next 12 months. No gain or loss was reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the years ended December 31, 2018, 2017, or 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. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. In accordance with authoritative guidance relating to derivatives and hedging transactions, the Company designates its interest rate swap instruments as cash flow hedges. As of December 31, 2018, there were six interest rate swap agreements outstanding with a total notional amount of $368.1 million.

As of December 31, 2018, the Company also held two interest rate cap contracts (the “2018 Caps”) with a notional amount of £350.0 million (approximately $445.8 million) that are used to manage its risk related to interest rate fluctuations on the Company’s variable interest rate bearing debt. The 2018 Caps mature in 2021 and are structured as a series of European call options (“Caplets”) such that if exercised, the Company will receive a payment equal to 3-months GBP-LIBOR on a notional amount equal to the hedged notional amount net of a fixed strike price. Each interest rate reset date, the Company will elect to exercise the Caplet or let it expire. The potential cash flows from each Caplet are expected to offset any variability in the cash flows of the interest payments to the extent GBP-LIBOR exceeds the strike price of the Caplets. The Company expects the hedge relationship to be highly effective and designates the 2018 Caps as cash flow hedge instruments.

The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments on the Company’s consolidated statements of income for the years ended December 31, 2018 and 2017 (in thousands):



	Gain (Loss) Recognized in OCI					Location of Gain (Loss) Reclassified from OCI into Income	Gain (Loss) Reclassified from OCI into Income
	2018			2017		Location of Gain (Loss) Reclassified from OCI into Income	2018			2017
Foreign currency exchange contracts	$	(1,253	)	$	2,302	Salaries and employee benefits	$	794		$	1,280
Foreign currency exchange contracts	(100		)	310		General and administrative expenses	2			76
Interest rate swap agreements	(5,228		)	9		Interest expense	(384		)	(110		)
Interest rate cap contracts	(643		)	—		Interest expense	—			—

Derivatives Not Designated as Hedging Instruments

In 2016, the Company 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.

On May 8, 2018, in anticipation of the completion of the Cabot Transaction, Encore entered into a foreign exchange forward contract with a notional amount of £176.0 million, which was approximately the amount of cash consideration for the Cabot Transaction. The forward contract settled on August 3, 2018 at a total loss of $9.3 million. This loss was substantially offset by a decrease in the final purchase price in U.S. dollars for the Cabot Transaction.

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of income for the years ended December 31, 2018 and 2017 (in thousands):



Derivatives Not Designated as Hedging Instruments	Location of Derivative Gain (Loss) Recognized in Income	Amount of Derivative Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments	Location of Derivative Gain (Loss) Recognized in Income	2018			2017		2016
Foreign currency exchange contracts	Other (expense) income	$	(9,221	)	$	1,755	$	8,248
Interest rate cap contracts	Interest expense	(1,568		)	2,026		—
Interest rate swap agreements	Interest expense	—			110		144

Investment in Receivable Portfolios, Net

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Investment in Receivable Portfolios, Net

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 a significant 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. Due to the discounting of future cashflows using monthly IRRs, an allowance charge could still result even if substantial higher collections occurring later in the collection curve offset lower collections in the near term.

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 from receivable portfolios	(909,239		)	(144,134		)	(1,053,373		)
Allowance reversals on receivable portfolios, net	(34,294		)	(6,942		)	(41,236		)
Net additions on existing portfolios	365,357			155,160			520,517
Additions for current purchases, net	1,019,856			—			1,019,856
Effect of foreign currency translation	161,385			44			161,429
Balance at December 31, 2017	3,695,069			369,632			4,064,701
Revenue from receivable portfolios	(1,041,947		)	(125,185		)	(1,167,132		)
Allowance reversals on receivable portfolios, net	(32,429		)	(9,044		)	(41,473		)
Net additions on existing portfolios	144,726			18,114			162,840
Additions for current purchases, net	1,155,451			—			1,155,451
Effect of foreign currency translation	(147,699		)	(482		)	(148,181		)
Balance at December 31, 2018	$	3,773,171		$	253,035		$	4,026,206

During the year ended December 31, 2018, the Company purchased receivable portfolios with a face value of $8.5 billion for $1.1 billion, or a purchase cost of 13.3% of face value. The estimated future collections at acquisition for all portfolios purchased during the year amounted to $2.3 billion.

During the year ended December 31, 2017, the Company purchased receivable portfolios with a face value of $10.1 billion for $1.1 billion, or a purchase cost of 10.5% of face value. The estimated future collections at acquisition for all portfolios purchased during the year amounted to $2.2 billion.

After the net book value of a portfolio has been fully recovered, all collections are recorded as ZBA revenue. During the years ended December 31, 2018, 2017, and 2016, ZBA revenue was approximately $125.2 million, $144.1 million, and $138.1 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):



	Year Ended December 31, 2018
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,879,170		$	11,443		$	—		$	2,890,613
Purchases of receivable portfolios	1,131,898			—			—			1,131,898
Disposals or transfers to held for sale	(10,852		)	(1,604		)	—			(12,456		)
Gross collections⁽¹⁾	(1,832,539		)	(1,826		)	(133,255		)	(1,967,620		)
Put-backs and Recalls⁽²⁾	(14,253		)	—			(176		)	(14,429		)
Foreign currency adjustments	(98,298		)	(420		)	—			(98,718		)
Revenue recognized	1,041,947			—			125,185			1,167,132
Portfolio allowance reversals, net	32,429			—			9,044			41,473
Reclassification from prior period	—			798			(798		)	—
Balance, end of period	$	3,129,502		$	8,391		$	—		$	3,137,893
Revenue as a percentage of collections⁽³⁾	56.9		%	—			93.9		%	59.3		%



	Year Ended December 31, 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	1,057,066			1,169			—			1,058,235
Disposals or transfers to held for sale	(12,695		)	(493		)	—			(13,188		)
Gross collections⁽¹⁾	(1,613,351		)	(3,511		)	(150,782		)	(1,767,644		)
Put-backs and Recalls⁽²⁾	(2,577		)	—			(294		)	(2,871		)
Foreign currency adjustments	138,828			(165		)	—			138,663
Revenue recognized	909,239			—			144,134			1,053,373
Portfolio (allowance) reversals, net	34,294			—			6,942			41,236
Balance, end of period	$	2,879,170		$	11,443		$	—		$	2,890,613
Revenue as a percentage of collections⁽³⁾	56.4		%	—			95.6		%	59.6		%



	Year Ended December 31, 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	906,719			—			—			906,719
Transfer of portfolios	(13,076		)	13,076			—			—
Gross collections⁽¹⁾	(1,538,663		)	(2,102		)	(144,839		)	(1,685,604		)
Put-backs and Recalls⁽²⁾	(27,561		)	(1,019		)	(33		)	(28,613		)
Foreign currency adjustments	(196,842		)	(127		)	(8		)	(196,977		)
Revenue recognized	892,732			—			138,060			1,030,792
Portfolio (allowance) reversals, net	(90,997		)	—			6,820			(84,177		)
Balance, end of period	$	2,368,366		$	14,443		$	—		$	2,382,809
Revenue as a percentage of collections⁽³⁾	58.0		%	—			95.3		%	61.2		%

________________________


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


(2)	Put-backs (“Put-Backs”) and recalls (“Recalls”) represent ineligible accounts that are returned by us or recalled by the seller pursuant to specific guidelines as set forth in the respective purchase agreements.


(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
Balance at December 31, 2015	$	60,588
Provision for portfolio allowances	94,011
Reversal of prior allowances	(9,834		)
Effect of foreign currency translation	(7,728		)
Balance at December 31, 2016	137,037
Provision for portfolio allowances	12,047
Reversal of prior allowances	(53,283		)
Effect of foreign currency translation	6,775
Balance at December 31, 2017	102,576
Provision for portfolio allowances	14,421
Reversal of prior allowances	(55,894		)
Effect of foreign currency translation	(472		)
Balance at December 31, 2018	$	60,631

- 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

12 Months Ended

Dec. 31, 2018

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

Deferred Court Costs, Net

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):



	December 31, 2018			December 31, 2017
Court costs advanced	$	828,713		$	743,584
Court costs recovered	(336,335		)	(299,606		)
Court costs reserve	(396,460		)	(364,015		)
Deferred court costs	$	95,918		$	79,963

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



	December 31, 2018			December 31, 2017			December 31, 2016
Balance at beginning of period	$	(364,015	)	$	(327,926	)	$	(318,784	)
Provision for court costs	(90,026		)	(82,702		)	(67,850		)
Net down of reserve after deferral period	53,383			50,743			53,527
Effect of foreign currency translation	4,198			(4,130		)	5,181
Balance at end of period	$	(396,460	)	$	(364,015	)	$	(327,926	)

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

The Company is in compliance with all covenants under its financing arrangements as of December 31, 2018. The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands):



	December 31, 2018			December 31, 2017
Encore revolving credit facility	$	429,000		$	328,961
Encore term loan facility	195,056			181,687
Encore senior secured notes	325,000			326,029
Encore convertible notes and exchangeable notes	656,000			483,500
Less: debt discount	(36,361		)	(32,720		)
Cabot senior secured notes	1,111,399			1,216,485
Less: debt discount	(1,477		)	(1,927		)
Cabot senior revolving credit facility	298,005			179,008
Cabot securitisation senior facility	445,837			391,790
Preferred equity certificates	—			253,324
Other credit facilities	43,354			68,001
Other	64,566			92,792
Capital lease obligations	7,563			6,069
	3,537,942			3,492,999
Less: debt issuance costs, net of amortization	(47,309		)	(46,123		)
Total	$	3,490,633		$	3,446,876

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”). As of December 31, 2018, the Restated Credit Agreement includes a revolving credit facility of $894.4 million (the “Revolving Credit Facility”), a term loan facility of $203.7 million (the “Term Loan Facility”, and together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”).

Provisions of the Restated Credit Agreement as of December 31, 2018 include, but are not limited to:

•

Revolving Credit Facility commitments of (1) $884.2 million that expire in December 2021 and (2) $10.2 million that expire in February 2019, 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 as defined in the Restated Credit Agreement; 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 $194.6 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 $15.3 million in each of 2019 and 2020 with the remaining principal due in 2021;

•

A $9.1 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. The remaining principal is due in 2019;


•	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; On February 25, 2019, $10.2 million of revolving commitments under the Company’s Revolving Credit facility and $8.1 million of outstanding term loans under the Company’s Term Loan Facility matured. All maturing amounts were paid with cash on hand and available funds under the Revolving Credit Facility. As a result, the requirement to have sufficient cash or availability under the Revolving Credit facility to satisfy such amounts due on February 25, 2019 is no longer applicable;


•	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 December 31, 2018, the outstanding balance under the Revolving Credit Facility was $429.0 million, which bore a weighted average interest rate of 5.01% and 4.03% for the years ended December 31, 2018 and 2017, respectively. Available capacity under the Revolving Credit Facility, after taking into account borrowing base and applicable debt covenants, was $177.5 million as of December 31, 2018. At December 31, 2018, the outstanding balance under the Term Loan Facility was $195.1 million.

Encore Senior Secured Notes

In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Senior Secured Notes”). The Senior Secured Notes bear an annual interest rate of 5.625%, mature in 2024 and beginning in November 2019 will require quarterly principal payments of $16.3 million. As of December 31, 2018, $325.0 million of the Senior Secured Notes 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, any series of the Senior Secured Notes may be accelerated at the election of the holder or holders of a majority in principal amount of such series of Senior Secured Notes upon certain events of default by Encore, including the breach of affirmative covenants regarding guarantors, collateral, minimum revolving credit facility commitment or the breach of any negative covenant. Encore may prepay the Senior Secured Notes at any time for any reason. If Encore prepays the Senior Secured Notes, 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 and material terms in the purchase agreement for the Senior Secured Notes are substantially similar to those in the Restated Credit Agreement. The holders of the Senior Secured Notes 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.

Encore Convertible Notes and Exchangeable Notes

In June and July 2013, Encore issued $172.5 million aggregate principal amount of 3.000% 2020 Convertible Notes that mature on July 1, 2020 in private placement transactions (the “2020 Convertible Notes”). In March 2014, Encore issued $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 issued $150.0 million aggregate principal amount of 3.250% 2022 Convertible Senior Notes that mature on March 15, 2022 in private placement transactions (the “2022 Convertible Notes” and together with the 2020 Convertible Notes and the 2021 Convertible Notes, the “Convertible Notes”). The interest on the Convertible Notes is payable semi-annually.

In July 2018, Encore Finance (defined below), a 100% owned finance subsidiary of Encore, issued $172.5 million aggregate principal amount of exchangeable senior notes due 2023 (the “Exchangeable Notes”) which are fully and unconditionally guaranteed by Encore. The Exchangeable Notes mature on September 1, 2023 and bear interest at a rate of 4.500% per year, payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2019.

Unless otherwise indicated in connection with a particular offering of debt securities, Encore will fully and unconditionally guarantee any debt securities issued by Encore Capital Europe Finance Limited (“Encore Finance”), a 100% owned finance subsidiary of Encore. Amounts related to Encore Finance are included in the consolidated financial statements of Encore subsequent to April 30, 2018, the date of the incorporation of Encore Finance.

Prior to the close of business on the business day immediately preceding their respective conversion or exchange date (listed below), holders may convert or exchange their Convertible Notes or Exchangeable Notes under certain circumstances set forth in the applicable indentures. On or after their respective conversion or exchange dates until the close of business on the scheduled trading day immediately preceding their respective maturity date, holders may convert or exchange their notes at any time. Certain key terms related to the convertible and exchangeable features as of December 31, 2018 are listed below.



	2020 Convertible Notes		2021 Convertible Notes		2022 Convertible Notes		2023 Exchangeable Notes
Initial conversion or exchange price	$	45.72	$	59.39	$	45.57	$	44.62
Closing stock price at date of issuance	$	33.35	$	47.51	$	35.05	$	36.45
Closing stock price date	June 24, 2013		March 5, 2014		February 27, 2017		July 20, 2018
Conversion or exchange rate (shares per $1,000 principal amount)	21.8718		16.8386		21.9467		22.4090
Conversion or exchange date	January 1, 2020		September 15, 2020		September 15, 2021		March 1, 2023

In the event of conversion or exchange, holders of the Company’s Convertible Notes or Exchangeable 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 and exchanges through combination settlement (i.e., convertible or exchangeable 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 and subject to certain restrictions contained in each of the indentures governing the Convertible Notes and Exchangeable Notes, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion or exchange spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion or exchange spread has a dilutive effect when, during any quarter, the average share price of the Company’s common stock exceeds the initial conversion or exchange prices listed in the above table.

Authoritative guidance requires that issuers of convertible or exchangeable debt instruments which, upon conversion or exchange, 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 or nonexchangeable 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.

As discussed above, upon exchange of the Exchangeable Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. However, the Company was required to settle solely in cash all exchanges with an exchange date occurring before September 28, 2018, the “share reservation date.” As a result and in accordance with authoritative guidance, the exchange feature of the Exchangeable Notes did not qualify as an equity instrument and was bifurcated at the time of issuance. On September 28, 2018, the bifurcated derivative met the criteria for equity classification and was recorded in equity at fair value with no subsequent measurement. All issuance costs relating to the Exchangeable Notes were recorded as debt issuance costs. 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 and Exchangeable Notes are listed below (in thousands, except percentages):



	2020 Convertible Notes			2021 Convertible Notes			2022 Convertible Notes			2023 Exchangeable Notes
Debt component	$	140,247		$	143,645		$	137,266		$	157,971
Equity component	$	32,253		$	17,355		$	12,734		$	14,009
Equity issuance cost	$	1,106		$	581		$	398		$	—
Stated interest rate	3.000		%	2.875		%	3.250		%	4.500		%
Effective interest rate	6.350		%	4.700		%	5.200		%	6.500		%

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



	December 31, 2018			December 31, 2017
Liability component—principal amount	$	656,000		$	483,500
Unamortized debt discount	(36,361		)	(32,720		)
Liability component—net carrying amount	$	619,639		$	450,780
Equity component	$	76,351		$	62,696

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



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	17,518	$	15,721
Interest expense—amortization of debt discount	10,888		9,871
Total interest expense—convertible notes	$	28,406	$	25,592

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 or exchange prices of the Convertible Notes and the Exchangeable Notes, the Company maintains a hedge program that increases the effective conversion or exchange price for the 2020 Convertible Notes, the 2021 Convertible Notes and the Exchangeable Notes. The Company did not hedge the 2022 Convertible Notes.

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



	2020 Convertible Notes		2021 Convertible Notes		2023 Exchangeable Notes
Cost of the hedge transaction(s)	$	18,113	$	19,545	$	17,785
Initial conversion or exchange price	$	45.72	$	59.39	$	44.62
Effective conversion or exchange price	$	61.55	$	83.14	$	62.48

Cabot Senior Secured Notes

On August 2, 2013, Cabot Financial (Luxembourg) S.A. (“Cabot Financial”), an indirect subsidiary of Encore, issued £100.0 million (approximately $151.7 million) in aggregate principal amount of 8.375% Senior Secured Notes due 2020 (the “Cabot 2020 Notes”). In July 2018, Cabot Financial completed an exchange offer for a portion of these outstanding notes and in November 2018 redeemed the remaining outstanding notes, as further discussed below.

On March 27, 2014, Cabot Financial issued £175.0 million (approximately $291.8 million) in aggregate principal amount of 6.500% Senior Secured Notes due 2021 (the “Cabot 2021 Notes”). Interest on the Cabot 2021 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. On July 18, 2018, Cabot Financial completed an exchange offer for a portion of these outstanding notes, as further discussed below.

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”). 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.

On July 18, 2018, Cabot Financial completed an exchange offer whereby certain holders of the Cabot 2020 Notes and holders of the Cabot 2021 Notes exchanged their notes for additional Cabot 2023 Notes (the “Exchange Notes”). Pursuant to the exchange offer, Cabot Financial exchanged £32.2 million (approximately $42.4 million) in aggregate principal amount of the Cabot 2020 Notes and £95.0 million (approximately $125.2 million) in aggregate principal amount of the Cabot 2021 Notes, at a premium, for a total of £128.4 million (approximately $169.2 million) aggregate principal amount of the Exchange Notes. On July 18, 2018, Cabot Financial also issued £34.5 million (approximately $45.5 million) aggregate principal amount of 7.500% additional notes (the “Additional Notes”) at 99.0% plus accrued interest from and including April 1, 2018. Both the Exchange Notes and the Additional Notes were issued as additional notes under the indenture entered into by Cabot Financial, among others, dated October 6, 2016, governing the Cabot 2023 Notes and are part of the same series as the currently outstanding £350.0 million 7.500% Cabot 2023 Notes issued under that indenture. In November 2018, Cabot Financial redeemed the remaining £67.8 million (approximately $86.5 million) of the Cabot 2020 Notes. The third-party fees relating to the exchange offer and fees relating to the redemption were approximately $9.2 million and were recorded as interest expense in the Company’s consolidated statements of operations during the year ended December 31, 2018.

The Cabot 2021 Notes and the Cabot 2023 Notes (together the “Cabot 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 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 operations. 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. 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).

Interest expense related to the Cabot senior secured notes was as follows (in thousands):



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	84,772	$	93,691
Interest income—accretion of debt premium	—		(2,865		)
Interest expense—amortization of debt discount	343		467
Total interest expense—Cabot senior secured notes	$	85,115	$	91,293

At December 31, 2018, the outstanding balance of the Cabot senior secured notes was $1.1 billion.

Cabot Senior Revolving Credit Facility

On December 12, 2017, Cabot Financial (UK) Limited (“Cabot Financial UK”) entered into an amended and restated senior secured revolving credit facility agreement (as amended and restated, the “Cabot Credit Facility”). As of December 31, 2018, the Cabot Credit Facility provides for a total committed facility of £385.0 million of which £375.0 million expires in September 2022 and £10.0 million that expires in September 2021, and included the following key provisions:


•	Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.00% per annum, which may decrease to 2.75% upon certain specified conditions;


•	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 0.275 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, 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 will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

At December 31, 2018, the outstanding borrowings under the Cabot Credit Facility were approximately $298.0 million. The weighted average interest rate was 3.73% and 3.60% for the years ended December 31, 2018 and 2017, respectively. Available capacity under the Cabot Credit Facility, after taking into account borrowing base and applicable debt covenants, was £151.1 million (approximately $192.4 million) as of December 31, 2018.

Cabot Securitisation Senior Facility

Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, entered into a senior facility agreement (the “Senior Facility Agreement”) for a committed amount of £300.0 million, of which £300.0 million was drawn as of December 31, 2018. The Senior Facility Agreement had an initial availability period ending in September 2020 and an initial repayment date in September 2022. On October 4, 2018, the Senior Facility Agreement was amended to mature in September 2023. The obligations of Cabot Securitisation under the Senior Facility Agreement are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £381.7 million (approximately $486.2 million) as of December 31, 2018. Funds drawn under the Senior Facility Agreement will bear interest at a rate per annum equal to LIBOR plus a margin of 2.85%.

At December 31, 2018, the outstanding borrowings under the Cabot Securitisation Senior Facility were approximately $445.8 million. The weighted average interest rate was 3.46% and 3.10% for the year ended December 31, 2018 and 2017.

On November 1, 2018, Cabot Securitisation UK II Ltd (“Cabot Securitisation II”), an indirect subsidiary of Encore, entered into a new non-recourse asset backed senior facility of £50.0 million, with a maturity date in September 2023. The facility is secured by first ranking security interests over all of Cabot Securitisation II’s property, assets and rights. Funds drawn under this facility will bear interest at a rate per annum equal to LIBOR plus a margin of 4.075%.

Cabot Securitisation and Cabot Securitisation II are securitized financing vehicles and are VIEs for consolidation purposes. Refer to Note 10, “Variable Interest Entities,” for further details.

Preferred Equity Certificates

The Company previously held PECs as a result of its initial acquisition of CCM in July 2013. The PECs were legal debt obligations to the noncontrolling shareholders of CCM and they were carried at face amount, plus any accrued interest. The PECs accrued interest at 12% per annum. On July 24, 2018, in connection with the Cabot Transaction, the Company acquired all outstanding PECs including accrued interest not owned by the Company of approximately $262.5 million. Subsequent to the Cabot Transaction, the Company no longer carried any PECs. The accrued interest expense on the PECs was approximately $17.3 million, $25.9 million, and $24.3 million during the years ended December 31, 2018, 2017 and 2016, respectively.

Capital Lease Obligations

The Company has capital lease obligations primarily for computer equipment. As of December 31, 2018, the Company’s capital lease obligations were approximately $7.6 million. These capital lease obligations require monthly, quarterly or annual payments through 2023 and have implicit interest rates that range from zero to approximately 5.7%.

Maturity Schedule

The aggregate amounts of the Company’s debt and capital lease obligations, maturing in each of the next five years and thereafter are as follows (in thousands):



2019	$	115,377
2020	285,758
2021	1,271,922
2022	231,558
2023	1,622,415
Thereafter	48,750
Total	$	3,575,780

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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 expected losses, or the right to receive 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 consolidates VIEs when it is the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. A reconsideration event is significant if it changes the design of the entity or the entity’s equity investment at risk. Prior to the Cabot Transaction, CCM’s indirect holding Company Janus Holdings S.a r.l. (“Janus Holdings”) was a VIE. Upon completion of the Cabot Transaction on July 24, 2018 and the subsequent change in organizational structure, Janus Holdings no longer qualified as a VIE and Cabot is consolidated via the voting interest model. As of December 31, 2018, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. Most 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.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

In April 2017, Encore’s Board of Directors (the “Board”) approved the Encore Capital Group, Inc. 2017 Incentive Award Plan (the “2017 Plan”), which was then approved by the Company’s stockholders on June 15, 2017. The 2017 Plan superseded the Company’s 2013 Incentive Compensation Plan (as amended, the “2013 Plan”), which had previously superseded the Company’s 2005 Stock Incentive Plan (“2005 Plan”). Board members, employees, and consultants of Encore and its subsidiaries and affiliates are eligible to receive awards under the 2017 Plan. Subject to certain adjustments, the Company may grant awards for an aggregate of 5,713,571 shares of the Company’s common stock under the 2017 Plan. The aggregate number of shares available for issuance under the 2017 Plan will be reduced by 2.12 shares for each share delivered in settlement of any full value award and by one share for each share delivered in settlement of any stock option or stock appreciation right. If an award under the 2017 Plan or the 2013 Plan expires, lapses or is terminated, exchanged for cash, surrendered, repurchased, canceled without having been fully exercised or forfeited, the unused shares covered by such award will again become or again be available for award grants under the 2017 Plan. Shares available under the 2017 Plan will be increased by 2.12 shares for each share subject to a full value award and by one share for each share subject to a stock option or a stock appreciation right, in each case, that become or again be available for issuance pursuant to the foregoing share counting provisions.

The 2017 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, dividend equivalent rights, stock appreciation rights, cash awards, performance-based awards and any other types of awards not inconsistent with the 2017 Plan. The awards under the 2017 Plan consist of compensation subject to authoritative guidance for stock-based compensation.

In accordance with authoritative guidance for stock-based compensation, compensation expense is recognized only for those shares expected to vest, based on the Company’s historical experience and future expectations. The Company has elected a policy of estimating expected forfeitures. Total stock-based compensation expense during the years ended December 31, 2018, 2017, and 2016 was $13.0 million, $10.4 million, and $12.6 million, respectively. The actual tax benefit from stock-based compensation arrangements totaled $1.3 million, $3.6 million, and $4.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. Cash received from option exercise under all share-based payment arrangements for the years ended December 31, 2018, 2017 and 2016, was $0.7 million, $0.5 million and $0.4 million, respectively.

The Company’s stock-based compensation arrangements are described below:

Stock Options

Under the 2005 Plan, option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of issuance. They generally vest over three to five years of continuous service, and have ten-year contractual terms. Other than the Performance Options discussed below, no options have been awarded under the 2013 Plan or 2017 Plan.

The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. All options are amortized ratably over the requisite service periods of the awards, which are generally the vesting periods. There were no options granted during the years ended December 31, 2018, 2017, or 2016. As of December 31, 2018, all outstanding stock options have been fully vested and all related compensation expenses have been fully recognized.

A summary of the Company’s stock option activity as of December 31, 2018, and changes during the year then ended, is presented below:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	65,766		$	16.27
Exercised	(10,000	)	22.17
Outstanding at December 31, 2018	55,766		$	15.21	1.13	$	462
Exercisable as of December 31, 2018	55,766		$	15.21	1.13	$	462

The total intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $0.4 million, $0.8 million and $0.1 million, respectively.

Performance Stock Options

Under the 2017 Plan and the 2013 Plan, the Company granted performance stock options, with an exercise price equal to the closing price of the Company’s stock at the date of issuance, that vest in equal annual installments over a three year service period but only if, within four years from the date of grant, the 20 trading day average of the closing price of the Company’s stock (subject to dividend-related adjustments) exceeds a target equal to a 25% increase from the closing price on the date of grant. These performance options have a seven-year contractual life.

A summary of the Company’s performance stock option activity as of December 31, 2018, and changes during the year then ended, is presented below:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	266,522		$	31.43
Exercised	(16,648	)	30.95
Cancelled/forfeited	(33,292	)	30.95
Outstanding at December 31, 2018	216,582		$	31.54	4.26	$	—
Vested and expected to vest as of December 31, 2018	211,807		$	31.55	4.24	$	—
Exercisable as of December 31, 2018	72,198		$	31.54	4.26	$	—

As of December 31, 2018, there was $0.4 million of total unrecognized compensation cost related to non-vested performance stock options which is expected to be recognized over a period of approximately 1.0 year.

Non-Vested Shares

The Company’s 2017 Plan (and previously, the 2013 Plan and 2005 Plan), permits restricted stock units, restricted stock awards, performance stock units, and performance stock awards (collectively “stock awards”). The fair value of non-vested shares with a service condition and/or a performance condition that affect vesting is equal to the closing sale price of the Company’s common stock on the date of issuance. Compensation cost is recognized only for the awards that ultimately vest. The Company has certain share awards that include market conditions that affect vesting. The fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided. For the majority of non-vested shares, shares are issued on the vesting dates net of the number of shares needed to satisfy minimal statutory tax withholding requirements. The tax obligations are then paid by the Company on behalf of the employees.

A summary of the status of the Company’s stock awards as of December 31, 2018, and changes during the year then ended, is presented below:



	Non-Vested Shares ⁽¹⁾		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2017	805,757		$	30.98
Awarded	519,724		$	38.52
Vested	(219,443	)	$	32.97
Cancelled	(246,106	)	$	33.09
Non-vested at December 31, 2018	859,932		$	34.43

________________________

(1)

Certain of the Company’s stock awards have a vesting matrix under which the stock awards can vest at a maximum level that is 200% of the shares that would vest for achieving the performance goals at target. The number of shares presented is based on achieving the performance goals at target levels as defined in the stock award agreements. As of December 31, 2018 and 2017, the maximum number of non-vested performance shares that could vest under the provisions of the agreements was 1,218,359 and 1,038,272, respectively.

Unrecognized compensation expense related to non-vested shares as of December 31, 2018, was $15.7 million. The weighted-average remaining expense period, based on the unamortized value of these outstanding non-vested shares, was approximately 1.5 years. The fair value of restricted stock units and restricted stock awards vested for the years ended December 31, 2018, 2017, and 2016 was $8.8 million, $7.8 million, and $12.5 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income before provision for income taxes for the years ended December 31, 2018, 2017, and 2016 consisted of the following (in thousands):



	Year Ended December 31,
	2018		2017		2016
US	$	61,972	$	71,794	$	112,483
Foreign	94,516		59,432		(55,108		)
Total income before provision for income taxes	$	156,488	$	131,226	$	57,375

The provision for income taxes was $46.8 million, $52.0 million, and $38.2 million, for the years ended December 31, 2018, 2017, and 2016, respectively.

The income tax provision for continuing operations consisted of the following (in thousands):



	Year Ended December 31,
	2018			2017			2016
Current expense (benefit):
Federal	$	23,254		$	9,969		$	58,816
State	2,983			(794		)	1,173
Foreign	29,532			15,690			10,364
	55,769			24,865			70,353
Deferred expense (benefit):
Federal	(10,447		)	16,563			(22,951		)
State	(2,169		)	784			25
Foreign	3,599			9,837			(9,222		)
	(9,017		)	27,184			(32,148		)
Provision for income taxes	$	46,752		$	52,049		$	38,205

Enacted on December 22, 2017, the Tax Reform Act introduced significant changes to U.S. income tax law. Effective 2018, the Tax Reform Act reduced the U.S. statutory tax rate from 35% to 21% and, among other changes, created new taxes on certain foreign-sourced earnings. Due to the timing of the enactment and complexity involved in applying the provision of the Tax Reform Act, the Company made reasonable estimates of the effects and recorded provisional amounts in its consolidated financial statements as of December 31, 2017. As the Company collected and prepared necessary data, and interpreted the additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service (“IRS”), and other standard-setting bodies, adjustments to the provisional amounts have been made during the year ended December 31, 2018. The Tax Reform Act subjects U.S. shareholders to a tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The Company has elected to treat taxes due on future U.S. inclusions in taxable income as a current period expense. The accounting for the tax effects of the Tax Reform Act has been completed and the Company recorded immaterial adjustments as of December 22, 2018.

The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows:



	Year Ended December 31,
	2018		2017		2016
Federal provision	21.0	%	35.0	%	35.0	%
State provision	0.1	%	0.5	%	2.3	%
Foreign rate differential⁽¹⁾	(11.7	)%	(20.0	)%	(3.6	)%
Transaction costs⁽²⁾	1.0	%	5.0	%	0.0	%
Permanent items⁽³⁾	1.1	%	10.2	%	14.7	%
Change in valuation allowance⁽⁴⁾	17.7	%	8.2	%	20.7	%
Other	0.7	%	0.8	%	(2.5	)%
Effective rate	29.9	%	39.7	%	66.6	%

________________________


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


(2)	In 2018, relates primarily to transaction costs incurred in connection with the Cabot Transaction. In 2017, relates primarily to certain costs related to the withdrawn IPO costs that are disallowed for U.K. tax purposes.


(3)	Represents a provision for nondeductible items, including nondeductible interest in a foreign subsidiary and certain foreign income taxable in the U.S. under Internal Revenue Code Section 951 (Subpart F) in 2017, and an overall foreign loss in 2016.


(4)	Valuation allowance recorded as a result of certain foreign subsidiaries’ cumulative operating losses for tax purposes.

The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the year ended December 31, 2018 was immaterial.

The Company has not provided for applicable income or withholding taxes on the undistributed earnings from continuing operations of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries as of December 31, 2018, was approximately $154.0 million. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments on unremitted earnings under the indefinite reversal exception. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable due to the complexities of a hypothetical calculation.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows (in thousands):



	December 31, 2018			December 31, 2017
Deferred tax assets:
Net operating losses	$	42,013		$	46,615
Accrued expenses	17,715			14,708
Differences in income recognition related to receivable portfolios	13,857			20,612
Other	4,825			522
Difference in basis of bond and loan costs	3,728			7,878
Prepaid expenses	2,949			—
Stock-based compensation expense	2,796			4,777
State taxes	174			—
Total deferred tax assets	88,057			95,112
Valuation allowance	(46,516		)	(34,642		)
Total deferred tax assets net of valuation allowance	41,541			60,470
Deferred tax liabilities:
Deferred court costs	(23,484		)	(20,207		)
Other	(3,403		)	(9,144		)
Difference in basis of depreciable and amortizable assets	(1,937		)	(20,632		)
State taxes	—			(1,237		)
Total deferred tax liabilities	(28,824		)	(51,220		)
Net deferred tax asset⁽¹⁾	$	12,717		$	9,250

________________________


(1)	The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred tax assets and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction and presented as a single amount in the statement of financial condition.

As of December 31, 2018, certain of the Company's foreign subsidiaries have net operating loss carry forwards of approximately $214.9 million, which will begin to expire in 2025. Certain of the Company's domestic subsidiaries have state net operating losses of approximately $9.6 million, which will generally begin to expire in 2020.

Valuation allowances are recognized on deferred tax assets if the Company believes that it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2018, valuation allowances increased to $46.5 million, as compared to $34.6 million as of December 31, 2017. The increase was primarily related to the recording of valuation allowance at certain of the Company’s foreign subsidiaries that have cumulative operating losses. At this time, the Company does not have enough positive evidence to support the fact that the net operating loss carryforwards at these jurisdictions can be realized, therefore, the Company has recorded valuation allowances against the current and previously established deferred tax assets.

A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands):



	Amount
Balance at December 31, 2015	$	47,949
Decreases related to prior year tax positions	(1,657		)
Increases related to prior year tax positions	2,505
Increases related to current year tax positions	1,259
Decreases related to settlements with taxing authorities	(31,111		)
Balance at December 31, 2016	18,945
Increases related to current year tax positions	5,902
Decreases related to settlements with taxing authorities	(228		)
Decreases related to current year tax positions	(4,599		)
Balance at December 31, 2017	20,020
Increases related to prior year tax positions	256
Increases related to current year tax positions	1,958
Decrease related to expiration of statute of limitations	(3,221		)
Decreases related to settlements with taxing authorities	(461		)
Balance at December 31, 2018	$	18,552

The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $19.9 million, $22.2 million and $21.2 million at December 31, 2018, 2017, and 2016 respectively. At December 31, 2018, 2017 and 2016, there was $13.0 million, $9.9 million and $7.1 million, respectively, of unrecognized tax benefit that if recognized, would result in a net tax benefit. During the year ended December 31, 2018, the decrease in the Company's gross unrecognized tax benefit was primarily related to expiration of state statute of limitations. During the year ended December 31, 2017, the increase in the Company's gross unrecognized tax benefit was primarily related to prepaid services to be performed within three and a half months of December 31, 2017. During the year ended December 31, 2016, the decrease in the Company's gross unrecognized tax benefit was primarily related to a settlement with tax authorities for unrecognized tax benefits associated with amortization of receivable portfolios. The uncertain tax benefit is recorded as “Other liabilities” in the Company's consolidated statements of financial condition.

The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, it is reasonably possible that certain changes may occur within the next 12 months, which could significantly increase or decrease the balance of the Company’s gross unrecognized tax benefits.

The Company recognizes interest and penalties related to unrecognized tax benefits in its tax expense. The Company recognized expense of approximately $0.6 million, $0.8 million and $0.5 million in interest and penalties during the years ended December 31, 2018, 2017 and 2016, respectively. Interest and penalties accrued as of December 31, 2018 and 2017 were $1.4 million and $2.2 million, respectively.

The Company files federal, state and non-U.S. income tax returns in jurisdictions with varying statutes of limitations. For U.S. federal and state tax returns, the Company is no longer subject to tax examinations for years prior to 2014. For non-U.S. tax returns, the Company is generally not subject to tax examinations for years prior to 2012. The Company is subject to the examination of its income tax returns by the IRS and other tax authorities, and the timing of the resolution of income tax examinations cannot be predicted with certainty. The Company's management regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of the Company’s provision for income taxes. If any issues addressed in the Company’s tax examinations are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

During the first quarter of 2019, the Company received approval from the IRS for a tax accounting method change related to revenue reporting. The revised tax accounting method will more closely align with the current book accounting method for revenue reporting. Upon completion of standard IRS audit procedures, the Company estimates the impact of the revised tax method may be material and expects to record a one-time tax provision benefit during 2019.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

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. 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. The Company’s legal costs are recorded to expense as incurred.

As of December 31, 2018, the Company has no material reserves for legal matters.

Leases

The Company leases office facilities in the United States, Europe, and other geographies. The leases are structured as operating leases, and the Company incurred related rent expense in the amounts of $25.2 million, $21.3 million, and $20.3 million during the years ended December 31, 2018, 2017, and 2016, respectively.

The Company has capital lease obligations primarily for certain computer equipment. Refer to Note 9, “Debt—Capital Lease Obligations” for additional information on the Company’s capital leases. Amortization of assets under capital leases is included in depreciation and amortization expense.

Future minimum lease payments under lease obligations consist of the following for the years ending December 31, (in thousands):



	Capital Leases			Operating Leases		Total
2019	$	2,507		$	16,538	$	19,045
2020	1,983			13,850		15,833
2021	1,844			13,044		14,888
2022	1,630			11,737		13,367
2023	204			9,741		9,945
Thereafter	—			37,997		37,997
Total minimal leases payments	8,168			$	102,907	$	111,075
Less: Interest	(605		)
Present value of minimal lease payments	$	7,563

Purchase Commitments

In the normal course of business, the Company enters into forward flow purchase agreements and other purchase commitment agreements. As of December 31, 2018, the Company had entered into agreements to purchase receivable portfolios with a face value of approximately $2,894.9 million for a purchase price of approximately $400.8 million. Most purchase commitments do not extend past one year.

Guarantees

Encore’s Certificate of Incorporation and indemnification agreements between the Company and its officers and directors provide that the Company will indemnify and hold harmless its officers and directors for certain events or occurrences arising as a result of the officer or director serving in such capacity. The Company has also agreed to indemnify certain third parties under certain circumstances pursuant to the terms of certain underwriting agreements, registration rights agreements, credit facilities, portfolio purchase and sale agreements, and other agreements entered into by the Company in the ordinary course of business. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes the estimated fair value of these indemnification agreements is minimal and, as of December 31, 2018, has no liabilities recorded for these agreements.

Segment Information

12 Months Ended

Dec. 31, 2018

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. 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 consolidated statements of operations. Beginning in the first quarter 2016, the Company determined it has several operating segments that meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.

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



	Year Ended December 31,
	2018		2017		2016
Revenues⁽¹⁾:
United States	$	709,493	$	665,564	$	669,636
International
Europe⁽²⁾	556,265		427,655		270,411
Other geographies	96,272		93,819		89,211
Total	$	1,362,030	$	1,187,038	$	1,029,258

________________________


(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.



	December 31, 2018		December 31, 2017
Long-lived assets⁽¹⁾:
United States	$	76,791	$	40,550
International
United Kingdom	27,454		25,287
Other foreign countries	11,273		10,439
	38,727		35,726
Total	$	115,518	$	76,276

________________________


(1)	Long-lived assets consist of property and equipment, net.

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2018

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 Company performs its annual goodwill impairment assessment as of October 1. As of October 1, 2018, the Company had four reporting units that carried goodwill.

The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The qualitative factors include economic environment, business climate, market capitalization, operating performance, competition, and other factors. The Company may proceed directly to the two-step quantitative test without performing the qualitative test.

The first step involves measuring the recoverability of goodwill at the reporting unit level by comparing the estimated fair value of the reporting unit in which the goodwill resides to its carrying value. The second step, if necessary, measures the amount of impairment, if any, by comparing the implied fair value of goodwill to its carrying value. The Company applies various valuation techniques to measure the fair value of each reporting unit, including the income approach and the market approach. For goodwill impairment analyses conducted at most of the reporting units, the Company uses the income approach in determining fair value, specifically the discounted cash flow method, or DCF. In applying the DCF method, an identified level of future cash flow is estimated. Annual estimated cash flows and a terminal value are then discounted to their present value at an appropriate discount rate to obtain an indication of fair value. The discount rate utilized reflects estimates of required rates of return for investments that are seen as similar to an investment in the reporting unit. DCF analyses are based on management’s long-term financial projections and require significant judgments, therefore, for most of the Company’s reporting units where the Company has access to reliable market participant data, the market approach is conducted in addition to the income approach in determining the fair value. The Company uses a guideline company method under the market approach to estimate the fair value of equity and the market value of invested capital (“MVIC”). The guideline company approach relies on estimated remaining collections data or the earnings before interest, tax, depreciation and amortization (“EBITDA”) for each of the selected guideline companies, which enables a direct comparison between the reporting unit and the selected peer group. The Company leveraged the most recent transaction data combined with qualitative and quantitative assessments for the goodwill impairment testing at its Cabot reporting unit. The Company believes that the current methodology used in determining the fair value at its reporting units represent its best estimates. In addition, the Company compares the aggregate fair value of the reporting units to its overall market capitalization.

According to authoritative guidance, if the carrying amount of a reporting unit is zero or negative, the traditional step two of the impairment test should be performed to measure the amount of impairment loss, if any, when it is more likely than not that a goodwill impairment exists. In considering whether it is more likely than not that a goodwill impairment exists, an entity can perform a step zero qualitative analysis. The Company conducted a qualitative analysis for its reporting unit with negative carrying value and concluded that there was no indication that goodwill impairment existed.

Based on the annual goodwill impairment tests performed at October 1, 2018, no impairment existed at any of the Company’s reporting units. In December 2018, the Company completed the sale of all our interests in Refinancia S.A. and its subsidiaries (collectively, “Refinancia”) to the existing minority shareholders of Refinancia. As a result, the Company no longer consolidates Refinancia and the goodwill carried at Refinancia was eliminated from the Company’s consolidated statements of financial position.

Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and long-lived assets. Further 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, as follows (in thousands):



	2018			2017
Balance, Balance at beginning of period:	$	928,993		$	785,032
Goodwill acquired	—			79,372
Goodwill adjustment	(2,213		)	—
Goodwill eliminated in connection with divestiture	(13,347		)	—
Effect of foreign currency translation	(45,307		)	64,589
Balance at end of period:	$	868,126		$	928,993

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



	As of December 31, 2018							As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	73,458	$	(17,025	)	$	56,433	$	73,875	$	(6,800	)	$	67,075
Developed technologies	7,461		(6,446		)	1,015		6,683		(5,411		)	1,272
Trade name and other	8,346		(5,213		)	3,133		14,413		(7,024		)	7,389
Total intangible assets	$	89,265	$	(28,684	)	$	60,581	$	94,971	$	(19,235	)	$	75,736

The weighted-average useful lives of intangible assets at the time of acquisition were as follows:




	Weighted-Average Useful Lives
Customer relationships	10
Developed technologies	6
Trade name and other	8

The amortization expense for intangible assets subject to amortization was $11.7 million, $8.9 million, and $7.2 million for the years ended December 31, 2018, 2017, and 2016, respectively. Estimated future amortization expense related to finite-lived intangible assets at December 31, 2018 is as follows (in thousands):



2019	$	8,501
2020	8,434
2021	8,110
2022	7,554
2023	7,293
Thereafter	20,689
Total	$	60,581

Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information (Unaudited)

The following table summarizes quarterly financial data for the periods presented (in thousands, except per share amounts):



	Three Months Ended
	March 31		June 30		September 30		December 31
2018
Gross collections	$	489,102	$	496,093	$	498,843	$	483,582
Total revenues, adjusted by net allowance reversals (allowances)	326,788		349,747		336,774		348,721
Total operating expenses	238,336		246,314		239,246		232,834
Income from continuing operations	23,713		26,974		13,016		46,033
Net income	23,713		26,974		13,016		46,033
Amounts attributable to Encore Capital Group, Inc.:
Income from continuing operations	21,827		26,298		20,725		47,036
Net income attributable to Encore Capital Group, Inc. stockholders	21,827		26,298		20,725		47,036
Earnings per share attributable to Encore Capital Group, Inc.:
From continuing operations:
Basic	$	0.84	$	1.01	$	0.69	$	1.51
Diluted	0.83		1.00		0.69		1.50
From net income:
Basic	$	0.84	$	1.01	$	0.69	$	1.51
Diluted	0.83		1.00		0.69		1.50
2017
Gross collections	$	440,863	$	446,182	$	442,996	$	437,603
Total revenues, adjusted by net allowance reversals (allowances)	271,941		290,917		306,699		317,481
Total operating expenses	196,100		210,323		202,829		253,246
Income (loss) from continuing operations	15,178		19,076		42,144		2,779
Net income (loss)	14,979		19,076		42,144		2,779
Amounts attributable to Encore Capital Group, Inc.:
Income (loss) from continuing operations	22,297		20,255		28,194		12,681
Net income (loss)	22,098		20,255		28,194		12,681
Earnings (loss) per share attributable to Encore Capital Group, Inc.:
From continuing operations:
Basic	$	0.86	$	0.78	$	1.08	$	0.49
Diluted	0.85		0.77		1.05		0.48
From net income:
Basic	$	0.85	$	0.78	$	1.08	$	0.49
Diluted	0.85		0.77		1.05		0.48

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

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Consolidation

Translation of Foreign Currencies

Reclassifications

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

Change in Accounting Principle and Recent Accounting Pronouncements

Change in Accounting Principle

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Effective

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Included in cash and cash equivalents are cash collected on behalf of and due to third party clients. A corresponding balance is included in accounts payable and accrued liabilities.

Investment in Receivable Portfolios

Fee-Based Income

Fee-based Income

Goodwill and Other Intangible Assets

Property and Equipment



Fixed Asset Category		Estimated Useful Life
Leasehold improvements		Lesser of lease term, including periods covered by renewal options, or useful life
Furniture, fixtures and equipment		5 to 10 years
Computer hardware and software		3 to 5 years

Deferred Court Costs

Income Taxes

Management must make significant judgments to determine the provision for income taxes, deferred tax assets and liabilities, and any valuation allowance to be recorded against deferred tax assets.

Stock-Based Compensation

Derivative Instruments and Hedging Activities

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.

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

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Estimated Useful Lives of Property and Equipment

The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows:



Fixed Asset Category		Estimated Useful Life
Leasehold improvements		Lesser of lease term, including periods covered by renewal options, or useful life
Furniture, fixtures and equipment		5 to 10 years
Computer hardware and software		3 to 5 years

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):



	Year Ended December 31,
	2018	2017	2016
Weighted average common shares outstanding—basic	28,313	25,972	25,713
Dilutive effect of stock-based awards	259	255	196
Dilutive effect of convertible and exchangeable senior notes	—	178	—
Weighted average common shares outstanding—diluted	28,572	26,405	25,909

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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 December 31, 2018
	Level 1		Level 2			Level 3			Total
Assets
Interest rate cap contracts	$	—	$	2,023		$	—		$	2,023
Liabilities
Foreign currency exchange contracts	—		(237		)	—			(237		)
Interest rate swap agreements	—		(4,881		)	—			(4,881		)
Contingent consideration	—		—			(6,198		)	(6,198		)



	Fair Value Measurements as of December 31, 2017
	Level 1		Level 2			Level 3			Total
Assets
Foreign currency exchange contracts	$	—	$	1,912		$	—		$	1,912
Interest rate cap contracts	—		3,922			—			3,922
Liabilities
Foreign currency exchange contracts	—		(1,110		)	—			(1,110		)
Interest rate swap agreements	—		(7		)	—			(7		)
Contingent consideration	—		—			(10,612		)	(10,612		)
Temporary Equity
Redeemable noncontrolling interest	—		—			(151,978		)	(151,978		)

Schedule of Fair Value of Contingent Consideration

The following table provides a roll-forward of the fair value of contingent consideration for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	Amount
Balance at December 31, 2015	$	10,403
Change in fair value of contingent consideration	(8,111		)
Time value amortization	509
Effect of foreign currency translation	(270		)
Balance at December 31, 2016	2,531
Issuance of contingent consideration in connection with acquisition	10,808
Change in fair value of contingent consideration	(2,822		)
Time value amortization	381
Payment of contingent consideration	(781		)
Effect of foreign currency translation	495
Balance at December 31, 2017	10,612
Issuance of contingent consideration in connection with acquisition	1,728
Change in fair value of contingent consideration	(5,664		)
Payment of contingent consideration	(271		)
Effect of foreign currency translation	(207		)
Balance at December 31, 2018	$	6,198

Change in Redeemable Noncontrolling Interests

The components of the change in the redeemable noncontrolling interest for the years ended December 31, 2018, 2017 and 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	(4,905		)
Adjustment of the redeemable noncontrolling interest to fair value	108,296
Effect of foreign currency translation attributable to redeemable noncontrolling interest	2,555
Balance at December 31, 2017	151,978
Redemption of redeemable noncontrolling interest	(138,835		)
Deconsolidation upon sale of redeemable noncontrolling interest	5,535
Net loss attributable to redeemable noncontrolling interest	(4,791		)
Adjustment of the redeemable noncontrolling interest to fair value	(7,419		)
Effect of foreign currency translation attributable to redeemable noncontrolling interest	(6,468		)
Balance at December 31, 2018	$	—

Schedule of Financial Instruments Not Required to Be Carried at Fair Value

The carrying amounts in the following table are recorded in the consolidated balance sheets at December 31, 2018 and December 31, 2017 (in thousands):



	December 31, 2018				December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios	$	3,137,893	$	3,525,861	$	2,890,613	$	3,415,325
Deferred court costs	95,918		95,918		79,963		79,963
Financial Liabilities
Encore convertible notes and exchangeable notes⁽¹⁾	619,639		553,744		450,780		520,944
Cabot senior secured notes	1,109,922		1,036,905		1,214,558		1,258,935

________________________


(1)	Carrying amount represents the portion of the convertible and exchangeable notes classified as debt, while estimated fair value pertains to the face amount of the notes.

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2018

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 consolidated statements of financial condition (in thousands):



	December 31, 2018				December 31, 2017
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate cap contracts	Other assets	$	2,023		Other assets	$	—
Foreign currency exchange contracts	Other liabilities	(237		)	Other assets	1,912
Interest rate swap agreements	Other liabilities	(4,881		)	Other liabilities	(7		)
Derivatives not designated as hedging instruments:
Interest rate cap contracts	Other assets	—			Other assets	3,922
Foreign currency exchange contracts	Other liabilities	—			Other liabilities	(1,110		)

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



	Gain (Loss) Recognized in OCI					Location of Gain (Loss) Reclassified from OCI into Income	Gain (Loss) Reclassified from OCI into Income
	2018			2017		Location of Gain (Loss) Reclassified from OCI into Income	2018			2017
Foreign currency exchange contracts	$	(1,253	)	$	2,302	Salaries and employee benefits	$	794		$	1,280
Foreign currency exchange contracts	(100		)	310		General and administrative expenses	2			76
Interest rate swap agreements	(5,228		)	9		Interest expense	(384		)	(110		)
Interest rate cap contracts	(643		)	—		Interest expense	—			—



Derivatives Not Designated as Hedging Instruments	Location of Derivative Gain (Loss) Recognized in Income	Amount of Derivative Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments	Location of Derivative Gain (Loss) Recognized in Income	2018			2017		2016
Foreign currency exchange contracts	Other (expense) income	$	(9,221	)	$	1,755	$	8,248
Interest rate cap contracts	Interest expense	(1,568		)	2,026		—
Interest rate swap agreements	Interest expense	—			110		144

Investment in Receivable Portfolios, Net (Tables)

12 Months Ended

Dec. 31, 2018

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 from receivable portfolios	(909,239		)	(144,134		)	(1,053,373		)
Allowance reversals on receivable portfolios, net	(34,294		)	(6,942		)	(41,236		)
Net additions on existing portfolios	365,357			155,160			520,517
Additions for current purchases, net	1,019,856			—			1,019,856
Effect of foreign currency translation	161,385			44			161,429
Balance at December 31, 2017	3,695,069			369,632			4,064,701
Revenue from receivable portfolios	(1,041,947		)	(125,185		)	(1,167,132		)
Allowance reversals on receivable portfolios, net	(32,429		)	(9,044		)	(41,473		)
Net additions on existing portfolios	144,726			18,114			162,840
Additions for current purchases, net	1,155,451			—			1,155,451
Effect of foreign currency translation	(147,699		)	(482		)	(148,181		)
Balance at December 31, 2018	$	3,773,171		$	253,035		$	4,026,206

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):



	Year Ended December 31, 2018
	Accrual Basis Portfolios			Cost Recovery Portfolios			Zero Basis Portfolios			Total
Balance, beginning of period	$	2,879,170		$	11,443		$	—		$	2,890,613
Purchases of receivable portfolios	1,131,898			—			—			1,131,898
Disposals or transfers to held for sale	(10,852		)	(1,604		)	—			(12,456		)
Gross collections⁽¹⁾	(1,832,539		)	(1,826		)	(133,255		)	(1,967,620		)
Put-backs and Recalls⁽²⁾	(14,253		)	—			(176		)	(14,429		)
Foreign currency adjustments	(98,298		)	(420		)	—			(98,718		)
Revenue recognized	1,041,947			—			125,185			1,167,132
Portfolio allowance reversals, net	32,429			—			9,044			41,473
Reclassification from prior period	—			798			(798		)	—
Balance, end of period	$	3,129,502		$	8,391		$	—		$	3,137,893
Revenue as a percentage of collections⁽³⁾	56.9		%	—			93.9		%	59.3		%



	Year Ended December 31, 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	1,057,066			1,169			—			1,058,235
Disposals or transfers to held for sale	(12,695		)	(493		)	—			(13,188		)
Gross collections⁽¹⁾	(1,613,351		)	(3,511		)	(150,782		)	(1,767,644		)
Put-backs and Recalls⁽²⁾	(2,577		)	—			(294		)	(2,871		)
Foreign currency adjustments	138,828			(165		)	—			138,663
Revenue recognized	909,239			—			144,134			1,053,373
Portfolio (allowance) reversals, net	34,294			—			6,942			41,236
Balance, end of period	$	2,879,170		$	11,443		$	—		$	2,890,613
Revenue as a percentage of collections⁽³⁾	56.4		%	—			95.6		%	59.6		%



	Year Ended December 31, 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	906,719			—			—			906,719
Transfer of portfolios	(13,076		)	13,076			—			—
Gross collections⁽¹⁾	(1,538,663		)	(2,102		)	(144,839		)	(1,685,604		)
Put-backs and Recalls⁽²⁾	(27,561		)	(1,019		)	(33		)	(28,613		)
Foreign currency adjustments	(196,842		)	(127		)	(8		)	(196,977		)
Revenue recognized	892,732			—			138,060			1,030,792
Portfolio (allowance) reversals, net	(90,997		)	—			6,820			(84,177		)
Balance, end of period	$	2,368,366		$	14,443		$	—		$	2,382,809
Revenue as a percentage of collections⁽³⁾	58.0		%	—			95.3		%	61.2		%

________________________


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


(2)	Put-backs (“Put-Backs”) and recalls (“Recalls”) represent ineligible accounts that are returned by us or recalled by the seller pursuant to specific guidelines as set forth in the respective purchase agreements.


(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
Balance at December 31, 2015	$	60,588
Provision for portfolio allowances	94,011
Reversal of prior allowances	(9,834		)
Effect of foreign currency translation	(7,728		)
Balance at December 31, 2016	137,037
Provision for portfolio allowances	12,047
Reversal of prior allowances	(53,283		)
Effect of foreign currency translation	6,775
Balance at December 31, 2017	102,576
Provision for portfolio allowances	14,421
Reversal of prior allowances	(55,894		)
Effect of foreign currency translation	(472		)
Balance at December 31, 2018	$	60,631

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Obligation Under Borrowings

The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands):



	December 31, 2018			December 31, 2017
Encore revolving credit facility	$	429,000		$	328,961
Encore term loan facility	195,056			181,687
Encore senior secured notes	325,000			326,029
Encore convertible notes and exchangeable notes	656,000			483,500
Less: debt discount	(36,361		)	(32,720		)
Cabot senior secured notes	1,111,399			1,216,485
Less: debt discount	(1,477		)	(1,927		)
Cabot senior revolving credit facility	298,005			179,008
Cabot securitisation senior facility	445,837			391,790
Preferred equity certificates	—			253,324
Other credit facilities	43,354			68,001
Other	64,566			92,792
Capital lease obligations	7,563			6,069
	3,537,942			3,492,999
Less: debt issuance costs, net of amortization	(47,309		)	(46,123		)
Total	$	3,490,633		$	3,446,876

Convertible Debt, Features and Hedging

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



	2020 Convertible Notes		2021 Convertible Notes		2023 Exchangeable Notes
Cost of the hedge transaction(s)	$	18,113	$	19,545	$	17,785
Initial conversion or exchange price	$	45.72	$	59.39	$	44.62
Effective conversion or exchange price	$	61.55	$	83.14	$	62.48

Certain key terms related to the convertible and exchangeable features as of December 31, 2018 are listed below.



	2020 Convertible Notes		2021 Convertible Notes		2022 Convertible Notes		2023 Exchangeable Notes
Initial conversion or exchange price	$	45.72	$	59.39	$	45.57	$	44.62
Closing stock price at date of issuance	$	33.35	$	47.51	$	35.05	$	36.45
Closing stock price date	June 24, 2013		March 5, 2014		February 27, 2017		July 20, 2018
Conversion or exchange rate (shares per $1,000 principal amount)	21.8718		16.8386		21.9467		22.4090
Conversion or exchange date	January 1, 2020		September 15, 2020		September 15, 2021		March 1, 2023

Balances of the Liability and Equity Components

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 and Exchangeable Notes are listed below (in thousands, except percentages):



	2020 Convertible Notes			2021 Convertible Notes			2022 Convertible Notes			2023 Exchangeable Notes
Debt component	$	140,247		$	143,645		$	137,266		$	157,971
Equity component	$	32,253		$	17,355		$	12,734		$	14,009
Equity issuance cost	$	1,106		$	581		$	398		$	—
Stated interest rate	3.000		%	2.875		%	3.250		%	4.500		%
Effective interest rate	6.350		%	4.700		%	5.200		%	6.500		%

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



	December 31, 2018			December 31, 2017
Liability component—principal amount	$	656,000		$	483,500
Unamortized debt discount	(36,361		)	(32,720		)
Liability component—net carrying amount	$	619,639		$	450,780
Equity component	$	76,351		$	62,696

Interest Expense

Interest expense related to the Cabot senior secured notes was as follows (in thousands):



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	84,772	$	93,691
Interest income—accretion of debt premium	—		(2,865		)
Interest expense—amortization of debt discount	343		467
Total interest expense—Cabot senior secured notes	$	85,115	$	91,293

Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands):



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	17,518	$	15,721
Interest expense—amortization of debt discount	10,888		9,871
Total interest expense—convertible notes	$	28,406	$	25,592

Summary of Debt Including Capital Lease Obligations Maturities

The aggregate amounts of the Company’s debt and capital lease obligations, maturing in each of the next five years and thereafter are as follows (in thousands):



2019	$	115,377
2020	285,758
2021	1,271,922
2022	231,558
2023	1,622,415
Thereafter	48,750
Total	$	3,575,780

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2018, and changes during the year then ended, is presented below:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	65,766		$	16.27
Exercised	(10,000	)	22.17
Outstanding at December 31, 2018	55,766		$	15.21	1.13	$	462
Exercisable as of December 31, 2018	55,766		$	15.21	1.13	$	462

A summary of the Company’s performance stock option activity as of December 31, 2018, and changes during the year then ended, is presented below:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	266,522		$	31.43
Exercised	(16,648	)	30.95
Cancelled/forfeited	(33,292	)	30.95
Outstanding at December 31, 2018	216,582		$	31.54	4.26	$	—
Vested and expected to vest as of December 31, 2018	211,807		$	31.55	4.24	$	—
Exercisable as of December 31, 2018	72,198		$	31.54	4.26	$	—

Summary of Restricted Stock Units

A summary of the status of the Company’s stock awards as of December 31, 2018, and changes during the year then ended, is presented below:



	Non-Vested Shares ⁽¹⁾		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2017	805,757		$	30.98
Awarded	519,724		$	38.52
Vested	(219,443	)	$	32.97
Cancelled	(246,106	)	$	33.09
Non-vested at December 31, 2018	859,932		$	34.43

________________________

(1)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Pretax Income

Income before provision for income taxes for the years ended December 31, 2018, 2017, and 2016 consisted of the following (in thousands):



	Year Ended December 31,
	2018		2017		2016
US	$	61,972	$	71,794	$	112,483
Foreign	94,516		59,432		(55,108		)
Total income before provision for income taxes	$	156,488	$	131,226	$	57,375

Components of Provision for Income Taxes

The income tax provision for continuing operations consisted of the following (in thousands):



	Year Ended December 31,
	2018			2017			2016
Current expense (benefit):
Federal	$	23,254		$	9,969		$	58,816
State	2,983			(794		)	1,173
Foreign	29,532			15,690			10,364
	55,769			24,865			70,353
Deferred expense (benefit):
Federal	(10,447		)	16,563			(22,951		)
State	(2,169		)	784			25
Foreign	3,599			9,837			(9,222		)
	(9,017		)	27,184			(32,148		)
Provision for income taxes	$	46,752		$	52,049		$	38,205

Schedule of Effective Tax Rates



	Year Ended December 31,
	2018		2017		2016
Federal provision	21.0	%	35.0	%	35.0	%
State provision	0.1	%	0.5	%	2.3	%
Foreign rate differential⁽¹⁾	(11.7	)%	(20.0	)%	(3.6	)%
Transaction costs⁽²⁾	1.0	%	5.0	%	0.0	%
Permanent items⁽³⁾	1.1	%	10.2	%	14.7	%
Change in valuation allowance⁽⁴⁾	17.7	%	8.2	%	20.7	%
Other	0.7	%	0.8	%	(2.5	)%
Effective rate	29.9	%	39.7	%	66.6	%

________________________


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


(2)	In 2018, relates primarily to transaction costs incurred in connection with the Cabot Transaction. In 2017, relates primarily to certain costs related to the withdrawn IPO costs that are disallowed for U.K. tax purposes.


(3)	Represents a provision for nondeductible items, including nondeductible interest in a foreign subsidiary and certain foreign income taxable in the U.S. under Internal Revenue Code Section 951 (Subpart F) in 2017, and an overall foreign loss in 2016.


(4)	Valuation allowance recorded as a result of certain foreign subsidiaries’ cumulative operating losses for tax purposes.

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):



	December 31, 2018			December 31, 2017
Deferred tax assets:
Net operating losses	$	42,013		$	46,615
Accrued expenses	17,715			14,708
Differences in income recognition related to receivable portfolios	13,857			20,612
Other	4,825			522
Difference in basis of bond and loan costs	3,728			7,878
Prepaid expenses	2,949			—
Stock-based compensation expense	2,796			4,777
State taxes	174			—
Total deferred tax assets	88,057			95,112
Valuation allowance	(46,516		)	(34,642		)
Total deferred tax assets net of valuation allowance	41,541			60,470
Deferred tax liabilities:
Deferred court costs	(23,484		)	(20,207		)
Other	(3,403		)	(9,144		)
Difference in basis of depreciable and amortizable assets	(1,937		)	(20,632		)
State taxes	—			(1,237		)
Total deferred tax liabilities	(28,824		)	(51,220		)
Net deferred tax asset⁽¹⁾	$	12,717		$	9,250

________________________


(1)	The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred tax assets and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction and presented as a single amount in the statement of financial condition.

Unrecognized Tax Benefit

A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands):



	Amount
Balance at December 31, 2015	$	47,949
Decreases related to prior year tax positions	(1,657		)
Increases related to prior year tax positions	2,505
Increases related to current year tax positions	1,259
Decreases related to settlements with taxing authorities	(31,111		)
Balance at December 31, 2016	18,945
Increases related to current year tax positions	5,902
Decreases related to settlements with taxing authorities	(228		)
Decreases related to current year tax positions	(4,599		)
Balance at December 31, 2017	20,020
Increases related to prior year tax positions	256
Increases related to current year tax positions	1,958
Decrease related to expiration of statute of limitations	(3,221		)
Decreases related to settlements with taxing authorities	(461		)
Balance at December 31, 2018	$	18,552

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments under lease obligations consist of the following for the years ending December 31, (in thousands):



	Capital Leases			Operating Leases		Total
2019	$	2,507		$	16,538	$	19,045
2020	1,983			13,850		15,833
2021	1,844			13,044		14,888
2022	1,630			11,737		13,367
2023	204			9,741		9,945
Thereafter	—			37,997		37,997
Total minimal leases payments	8,168			$	102,907	$	111,075
Less: Interest	(605		)
Present value of minimal lease payments	$	7,563

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under lease obligations consist of the following for the years ending December 31, (in thousands):



	Capital Leases			Operating Leases		Total
2019	$	2,507		$	16,538	$	19,045
2020	1,983			13,850		15,833
2021	1,844			13,044		14,888
2022	1,630			11,737		13,367
2023	204			9,741		9,945
Thereafter	—			37,997		37,997
Total minimal leases payments	8,168			$	102,907	$	111,075
Less: Interest	(605		)
Present value of minimal lease payments	$	7,563

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Geographical Areas of Which Company Operates

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



	Year Ended December 31,
	2018		2017		2016
Revenues⁽¹⁾:
United States	$	709,493	$	665,564	$	669,636
International
Europe⁽²⁾	556,265		427,655		270,411
Other geographies	96,272		93,819		89,211
Total	$	1,362,030	$	1,187,038	$	1,029,258

________________________


(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.

Schedule of Long-lived Assets by Geographic Areas



	December 31, 2018		December 31, 2017
Long-lived assets⁽¹⁾:
United States	$	76,791	$	40,550
International
United Kingdom	27,454		25,287
Other foreign countries	11,273		10,439
	38,727		35,726
Total	$	115,518	$	76,276

________________________


(1)	Long-lived assets consist of property and equipment, net.

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill



	2018			2017
Balance, Balance at beginning of period:	$	928,993		$	785,032
Goodwill acquired	—			79,372
Goodwill adjustment	(2,213		)	—
Goodwill eliminated in connection with divestiture	(13,347		)	—
Effect of foreign currency translation	(45,307		)	64,589
Balance at end of period:	$	868,126		$	928,993

Summary of Acquired Intangible Assets

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



	As of December 31, 2018							As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	73,458	$	(17,025	)	$	56,433	$	73,875	$	(6,800	)	$	67,075
Developed technologies	7,461		(6,446		)	1,015		6,683		(5,411		)	1,272
Trade name and other	8,346		(5,213		)	3,133		14,413		(7,024		)	7,389
Total intangible assets	$	89,265	$	(28,684	)	$	60,581	$	94,971	$	(19,235	)	$	75,736

Weighted-Average Useful Lives of Intangible Assets

The weighted-average useful lives of intangible assets at the time of acquisition were as follows:




	Weighted-Average Useful Lives
Customer relationships	10
Developed technologies	6
Trade name and other	8

Estimated Future Amortization Expense

Estimated future amortization expense related to finite-lived intangible assets at December 31, 2018 is as follows (in thousands):



2019	$	8,501
2020	8,434
2021	8,110
2022	7,554
2023	7,293
Thereafter	20,689
Total	$	60,581

Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Data

The following table summarizes quarterly financial data for the periods presented (in thousands, except per share amounts):



	Three Months Ended
	March 31		June 30		September 30		December 31
2018
Gross collections	$	489,102	$	496,093	$	498,843	$	483,582
Total revenues, adjusted by net allowance reversals (allowances)	326,788		349,747		336,774		348,721
Total operating expenses	238,336		246,314		239,246		232,834
Income from continuing operations	23,713		26,974		13,016		46,033
Net income	23,713		26,974		13,016		46,033
Amounts attributable to Encore Capital Group, Inc.:
Income from continuing operations	21,827		26,298		20,725		47,036
Net income attributable to Encore Capital Group, Inc. stockholders	21,827		26,298		20,725		47,036
Earnings per share attributable to Encore Capital Group, Inc.:
From continuing operations:
Basic	$	0.84	$	1.01	$	0.69	$	1.51
Diluted	0.83		1.00		0.69		1.50
From net income:
Basic	$	0.84	$	1.01	$	0.69	$	1.51
Diluted	0.83		1.00		0.69		1.50
2017
Gross collections	$	440,863	$	446,182	$	442,996	$	437,603
Total revenues, adjusted by net allowance reversals (allowances)	271,941		290,917		306,699		317,481
Total operating expenses	196,100		210,323		202,829		253,246
Income (loss) from continuing operations	15,178		19,076		42,144		2,779
Net income (loss)	14,979		19,076		42,144		2,779
Amounts attributable to Encore Capital Group, Inc.:
Income (loss) from continuing operations	22,297		20,255		28,194		12,681
Net income (loss)	22,098		20,255		28,194		12,681
Earnings (loss) per share attributable to Encore Capital Group, Inc.:
From continuing operations:
Basic	$	0.86	$	0.78	$	1.08	$	0.49
Diluted	0.85		0.77		1.05		0.48
From net income:
Basic	$	0.85	$	0.78	$	1.08	$	0.49
Diluted	0.85		0.77		1.05		0.48

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 12, 2015
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash	$ 21,800,000	$ 21,000,000
Stock repurchase program, authorized amount				$ 50,000,000
Anti-dilutive employee stock options outstanding (in shares)	66	107	3
2020 Convertible Senior Notes
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible/exchangeable debt	$ 172,500,000
Initial conversion price (in dollars per share)	$ 45.72
2020 Convertible Senior Notes \| Adjusted Debt Conversion Rate Following Hedge Transactions
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Initial conversion price (in dollars per share)	$ 61.55
2021 Convertible Senior Notes
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible/exchangeable debt	$ 161,000,000
Initial conversion price (in dollars per share)	$ 59.39
2021 Convertible Senior Notes \| Adjusted Debt Conversion Rate Following Hedge Transactions
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Initial conversion price (in dollars per share)	$ 83.14
2022 Convertible Senior Notes
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible/exchangeable debt	$ 150,000,000
Initial conversion price (in dollars per share)	$ 45.57
Exchangeable Notes
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible/exchangeable debt	$ 172,500,000
Initial conversion price (in dollars per share)	$ 44.62
Exchangeable Notes \| Adjusted Debt Conversion Rate Following Hedge Transactions
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Initial conversion price (in dollars per share)	$ 62.48

Ownership, Description of Business, and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2018
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Ownership, Description of Business, and Summary of Significant Accounting Policies - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Weighted average common shares outstanding-basic (in shares)	28,313	25,972	25,713
Dilutive effect of stock-based awards (in shares)	259	255	196
Dilutive effect of convertible and exchangeable senior notes (in shares)	0	178	0
Weighted average common shares outstanding-diluted (in shares)	28,572	26,405	25,909

Cabot Transaction - Narrative (Details) - Cabot Holdings	Jul. 24, 2018 USD ($) $ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]
Gain (loss) recognized on transaction	$ 0
Total consideration transferred	414,660,000
Cash consideration	234,101,000
Stock consideration	$ 180,559,000
Stock price at date of transaction (USD per share) \| $ / shares	$ 36.80

Cabot Transaction - Summary (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 24, 2018	Dec. 31, 2018
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]
Total reduction in additional paid-in capital		$ 43,097
Cabot Holdings
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract]
Cash consideration	$ 234,101
Stock consideration	180,559
Total consideration transferred	414,660
Less: Preferred equity certificates acquired	(262,512)
Consideration transferred to acquire remaining equity interest	152,148
Less: Carrying value of redeemable noncontrolling interest	(127,299)
Less: Carrying value of noncontrolling interest	9,626
Net loss directly recorded in equity	34,475
Direct and incremental transaction costs	8,622
Total reduction in additional paid-in capital	$ 43,097

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Recurring
Liabilities
Contingent consideration	$ (6,198)	$ (10,612)
Temporary Equity
Redeemable noncontrolling interest		(151,978)
Recurring \| Level 1
Liabilities
Contingent consideration	0	0
Temporary Equity
Redeemable noncontrolling interest		0
Recurring \| Level 2
Liabilities
Contingent consideration	0	0
Temporary Equity
Redeemable noncontrolling interest		0
Recurring \| Level 3
Liabilities
Contingent consideration	(6,198)	(10,612)
Temporary Equity
Redeemable noncontrolling interest		(151,978)
Foreign currency exchange contracts \| Recurring
Assets
Foreign currency exchange contracts		1,912
Liabilities
Foreign currency exchange contracts	(237)	(1,110)
Foreign currency exchange contracts \| Recurring \| Level 1
Assets
Foreign currency exchange contracts		0
Liabilities
Foreign currency exchange contracts	0	0
Foreign currency exchange contracts \| Recurring \| Level 2
Assets
Foreign currency exchange contracts		1,912
Liabilities
Foreign currency exchange contracts	(237)	(1,110)
Foreign currency exchange contracts \| Recurring \| Level 3
Assets
Foreign currency exchange contracts		0
Liabilities
Foreign currency exchange contracts	0	0
Interest rate cap contracts
Assets
Interest rate cap contracts	2,023	0
Interest rate cap contracts \| Recurring
Assets
Interest rate cap contracts	2,023	3,922
Interest rate cap contracts \| Recurring \| Level 1
Assets
Interest rate cap contracts	0	0
Interest rate cap contracts \| Recurring \| Level 2
Assets
Interest rate cap contracts	2,023	3,922
Interest rate cap contracts \| Recurring \| Level 3
Assets
Interest rate cap contracts	0	0
Interest rate swap agreements \| Recurring
Liabilities
Interest rate swap agreements	(4,881)	(7)
Interest rate swap agreements \| Recurring \| Level 1
Liabilities
Interest rate swap agreements	0	0
Interest rate swap agreements \| Recurring \| Level 2
Liabilities
Interest rate swap agreements	(4,881)	(7)
Interest rate swap agreements \| Recurring \| Level 3
Liabilities
Interest rate swap agreements	$ 0	$ 0

Fair Value Measurements - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fluctuation in discount rate (basis points)	100.00%
Assets held for sale	$ 26,664	$ 18,741
Investment in receivable portfolios, carrying amount	3,137,893	2,890,613	$ 2,382,809	$ 2,440,669
Deferred court costs, net	95,918	79,963
Convertible and exchangeable senior notes, carrying value	656,000	483,500
Unamortized debt discount	36,361	32,720
Senior notes, carrying value	325,000	326,029
United States
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Decrease of the fair value	45,300
Europe
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Decrease of the fair value	67,400
Other geographies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Decrease of the fair value	5,500
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible and exchangeable senior notes, carrying value	619,639	450,780
Unamortized debt discount	36,400	32,700
Cabot senior secured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt discount	1,500	1,900
Level 2 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value estimate of convertible senior notes incorporates quoted market prices	553,744	520,944
Cabot senior secured notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, carrying value	1,111,399
Cabot senior secured notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, carrying value	1,109,922	1,214,558
Cabot senior secured notes \| Level 2 \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes, estimated fair value	1,036,905	1,258,935
Fair Value \| Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in receivable portfolios, estimated fair value	$ 3,525,861	$ 3,415,325

Fair Value Measurements - Schedule of Contingent Consideration Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Time value amortization		$ (381)	$ (509)
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 10,612	2,531	10,403
Issuance of contingent consideration in connection with acquisition	1,728	10,808
Change in fair value of contingent consideration	(5,664)	(2,822)	(8,111)
Payment of contingent consideration	(271)	(781)
Effect of foreign currency translation	(207)	495	(270)
End of period	$ 6,198	$ 10,612	$ 2,531

Fair Value Measurements - Change in Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change in Redeemable Noncontrolling Interests [Roll Forward]
Balance, beginning of period	$ 151,978	$ 45,755	$ 38,624
Addition to redeemable noncontrolling interest		277	826
Redemption of redeemable noncontrolling interest	(138,835)		(3,562)
Deconsolidation upon sale of redeemable noncontrolling interest	5,535
Net loss attributable to redeemable noncontrolling interest	(4,791)	(4,905)	(47,831)
Adjustment of the redeemable noncontrolling interest to fair value	(7,419)	108,296	74,194
Effect of foreign currency translation attributable to redeemable noncontrolling interest	(6,468)	2,555	(16,496)
Balance, end of period	$ 0	$ 151,978	$ 45,755

Fair Value Measurements - Schedule of Financial Instruments Not Required to Be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, carrying amount	$ 3,137,893	$ 2,890,613	$ 2,382,809	$ 2,440,669
Deferred court costs	95,918	79,963
Convertible and exchangeable senior notes, carrying value	656,000	483,500
Senior notes, carrying value	325,000	326,029
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, estimated fair value	3,525,861	3,415,325
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible and exchangeable senior notes, carrying value	619,639	450,780
Level 2 \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible and exchangeable senior notes, estimated fair value	553,744	520,944
Cabot senior secured notes \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, carrying value	1,111,399
Cabot senior secured notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, carrying value	1,109,922	1,214,558
Cabot senior secured notes \| Level 2 \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, estimated fair value	$ 1,036,905	$ 1,258,935

Derivatives and Hedging Instruments - Summary of Fair Value of Derivative Instruments as Recorded in Company's Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Interest rate cap contracts
Derivative [Line Items]
Interest rate cap contracts	$ 2,023	$ 0
Recurring \| Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts	(237)	(1,110)
Foreign currency exchange contracts		1,912
Recurring \| Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements	(4,881)	(7)
Recurring \| Interest rate cap contracts
Derivative [Line Items]
Interest rate cap contracts	2,023	3,922
Designated as Hedging Instrument \| Recurring \| Other assets \| Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts		1,912
Designated as Hedging Instrument \| Recurring \| Other liabilities \| Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts	(237)
Designated as Hedging Instrument \| Recurring \| Other liabilities \| Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements	(4,881)	(7)
Not Designated as Hedging Instruments \| Recurring \| Other assets \| Interest rate cap contracts
Derivative [Line Items]
Interest rate cap contracts	0	3,922
Not Designated as Hedging Instruments \| Recurring \| Other liabilities \| Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts	$ 0	$ (1,110)

Derivatives and Hedging Instruments - Additional Information (Detail) £ in Millions		12 Months Ended
	Aug. 03, 2018 USD ($)	Dec. 31, 2018 USD ($) instrument	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 GBP (£) instrument	May 08, 2018 GBP (£)
Cash Flow Hedges \| Foreign currency exchange contracts
Derivative [Line Items]
Derivative instrument, notional amount		$ 12,000,000
Net derivative gain (loss) included in OCI to be reclassified into earnings		200,000
Gain (Loss) Reclassified from OCI into Income		0	$ 0	$ 0
Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Derivative instrument, notional amount		$ 368,100,000
Number of interest rate cap contracts \| instrument		6			6
Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount		$ 445,800,000			£ 350.0
Number of interest rate cap contracts \| instrument		2			2
Not Designated as Hedging Instruments \| Foreign currency exchange contracts
Derivative [Line Items]
Derivative instrument, notional amount \| £						£ 176.0
Loss on forward contract settlement	$ 9,300,000
Minimum \| Not Designated as Hedging Instruments \| Cash Flow Hedges
Derivative [Line Items]
Derivative term of contract		1 month
Maximum \| Not Designated as Hedging Instruments \| Cash Flow Hedges
Derivative [Line Items]
Derivative term of contract		3 months

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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gain (Loss) Recognized in OCI		$ 1,242	$ 407
Cash Flow Hedges \| Foreign currency exchange contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (1,253)
Gain (Loss) Recognized in OCI		2,302
Cash Flow Hedges \| Foreign currency exchange contracts \| Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	794
Gain (Loss) Reclassified from OCI into Income		1,280
Cash Flow Hedges \| Foreign currency exchange contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(100)
Gain (Loss) Recognized in OCI		310
Cash Flow Hedges \| Foreign currency exchange contracts \| General and administrative expenses
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	2
Gain (Loss) Reclassified from OCI into Income		76
Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(5,228)
Gain (Loss) Recognized in OCI		9
Cash Flow Hedges \| Interest rate swap agreements \| Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	(384)
Gain (Loss) Reclassified from OCI into Income		(110)
Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(643)
Gain (Loss) Recognized in OCI		0
Cash Flow Hedges \| Interest rate cap contracts \| Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	$ 0
Gain (Loss) Reclassified from OCI into Income		$ 0

Derivatives and Hedging Instruments 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) - Not Designated as Hedging Instruments - Cash Flow Hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other (expense) income \| Foreign currency exchange contracts
Derivative [Line Items]
Amount of Derivative Gain (Loss) Recognized in Income	$ (9,221)	$ 1,755	$ 8,248
Interest expense \| Interest rate cap contracts
Derivative [Line Items]
Amount of Derivative Gain (Loss) Recognized in Income	(1,568)	2,026	0
Interest expense \| Interest rate swap agreements
Derivative [Line Items]
Amount of Derivative Gain (Loss) Recognized in Income	$ 0	$ 110	$ 144

Investment in Receivable Portfolios, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Reversal of) provision for allowances on receivable portfolios, net	$ (41,473)	$ (41,236)	$ 84,177
Reduction in allowance charges	55,894	53,283	9,834
Allowance charges	14,421	12,047	94,011
Face value of receivable portfolios	8,500,000	10,100,000
Purchase price of receivable portfolios	$ 1,131,898	$ 1,058,235	906,719
Purchase cost as a percentage of face value	13.30%	10.50%
Estimated future collections at acquisition for receivable portfolios	$ 2,300,000	$ 2,200,000
Zero basis revenue	125,200	144,100	$ 138,100
Accretable Yield
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Reversal of) provision for allowances on receivable portfolios, net	(32,429)	(34,294)
Estimate of Zero Basis Cash Flows
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Reversal of) provision for allowances on receivable portfolios, net	$ (9,044)	$ (6,942)

Investment in Receivable Portfolios, Net - Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield and Estimate of Zero Basis Future Cash Flows Movement Schedule [Roll Forward]
Beginning balance	$ 4,064,701	$ 3,457,508
Revenue from receivable portfolios	(1,167,132)	(1,053,373)	$ (1,030,792)
(Reversal of) provision for allowances on receivable portfolios, net	(41,473)	(41,236)	84,177
Net additions on existing portfolios	162,840	520,517
Additions for current purchases, net	1,155,451	1,019,856
Effect of foreign currency translation	(148,181)	161,429
Ending balance	4,026,206	4,064,701	3,457,508
Accretable Yield
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield and Estimate of Zero Basis Future Cash Flows Movement Schedule [Roll Forward]
Beginning balance	3,695,069	3,092,004
Revenue from receivable portfolios	(1,041,947)	(909,239)
(Reversal of) provision for allowances on receivable portfolios, net	(32,429)	(34,294)
Net additions on existing portfolios	144,726	365,357
Additions for current purchases, net	1,155,451	1,019,856
Effect of foreign currency translation	(147,699)	161,385
Ending balance	3,773,171	3,695,069	3,092,004
Estimate of Zero Basis Cash Flows
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield and Estimate of Zero Basis Future Cash Flows Movement Schedule [Roll Forward]
Beginning balance	369,632	365,504
Revenue from receivable portfolios	(125,185)	(144,134)
(Reversal of) provision for allowances on receivable portfolios, net	(9,044)	(6,942)
Net additions on existing portfolios	18,114	155,160
Additions for current purchases, net	0	0
Effect of foreign currency translation	(482)	44
Ending balance	$ 253,035	$ 369,632	$ 365,504

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period				$ 2,890,613				$ 2,382,809	$ 2,890,613	$ 2,382,809	$ 2,440,669
Purchases of receivable portfolios									1,131,898	1,058,235	906,719
Transfer of portfolios											0
Disposals or transfers to held for sale									(12,456)	(13,188)
Gross collections	$ (483,582)	$ (498,843)	$ (496,093)	(489,102)	$ (437,603)	$ (442,996)	$ (446,182)	(440,863)	(1,967,620)	(1,767,644)	(1,685,604)
Put-backs and Recalls									(14,429)	(2,871)	(28,613)
Foreign currency adjustments									(98,718)	138,663	(196,977)
Revenue recognized									1,167,132	1,053,373	1,030,792
Portfolio (allowance) reversals, net									41,473	41,236	(84,177)
Reclassification from prior period									0
Balance, end of period	3,137,893				2,890,613				$ 3,137,893	$ 2,890,613	$ 2,382,809
Revenue as a percentage of collections									59.30%	59.60%	61.20%
Accrual Basis Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period				2,879,170				2,368,366	$ 2,879,170	$ 2,368,366	$ 2,436,054
Purchases of receivable portfolios									1,131,898	1,057,066	906,719
Transfer of portfolios											(13,076)
Disposals or transfers to held for sale									(10,852)	(12,695)
Gross collections									(1,832,539)	(1,613,351)	(1,538,663)
Put-backs and Recalls									(14,253)	(2,577)	(27,561)
Foreign currency adjustments									(98,298)	138,828	(196,842)
Revenue recognized									1,041,947	909,239	892,732
Portfolio (allowance) reversals, net									32,429	34,294	(90,997)
Reclassification from prior period									0
Balance, end of period	3,129,502				2,879,170				$ 3,129,502	$ 2,879,170	$ 2,368,366
Revenue as a percentage of collections									56.90%	56.40%	58.00%
Cost Recovery Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period				11,443				14,443	$ 11,443	$ 14,443	$ 4,615
Purchases of receivable portfolios									0	1,169	0
Transfer of portfolios											13,076
Disposals or transfers to held for sale									(1,604)	(493)
Gross collections									(1,826)	(3,511)	(2,102)
Put-backs and Recalls									0	0	(1,019)
Foreign currency adjustments									(420)	(165)	(127)
Revenue recognized									0	0	0
Portfolio (allowance) reversals, net									0	0	0
Reclassification from prior period									798
Balance, end of period	8,391				11,443				$ 8,391	$ 11,443	$ 14,443
Revenue as a percentage of collections									0.00%	0.00%	0.00%
Zero Basis Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period				$ 0				$ 0	$ 0	$ 0	$ 0
Purchases of receivable portfolios									0	0	0
Transfer of portfolios											0
Disposals or transfers to held for sale									0	0
Gross collections									(133,255)	(150,782)	(144,839)
Put-backs and Recalls									(176)	(294)	(33)
Foreign currency adjustments									0	0	(8)
Revenue recognized									125,185	144,134	138,060
Portfolio (allowance) reversals, net									9,044	6,942	6,820
Reclassification from prior period									(798)
Balance, end of period	$ 0				$ 0				$ 0	$ 0	$ 0
Revenue as a percentage of collections									93.90%	95.60%	95.30%

Investment in Receivable Portfolios, Net - Summary of Change in Valuation Allowance for Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivable Portfolio, Valuation Allowance [Roll Forward]
Balance at beginning of period	$ 102,576	$ 137,037	$ 60,588
Provision for portfolio allowances	14,421	12,047	94,011
Reversal of prior allowances	(55,894)	(53,283)	(9,834)
Effect of foreign currency translation	472	(6,775)	7,728
Balance at end of period	$ 60,631	$ 102,576	$ 137,037

Deferred Court Costs, Net - Schedule of Deferred Court Costs (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Court costs advanced	$ 828,713	$ 743,584
Court costs recovered	(336,335)	(299,606)
Court costs reserve	(396,460)	(364,015)	$ (327,926)	$ (318,784)
Deferred court costs	$ 95,918	$ 79,963

Deferred Court Costs, Net - Schedule of Court Cost Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (364,015)	$ (327,926)	$ (318,784)
Provision for court costs	(90,026)	(82,702)	(67,850)
Net down of reserve after deferral period	53,383	50,743	53,527
Effect of foreign currency translation	4,198	(4,130)	5,181
Balance at end of period	$ (396,460)	$ (364,015)	$ (327,926)

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 230,584	$ 205,852
Less: accumulated depreciation and amortization	(115,066)	(129,576)
Property and equipment, net	115,518	76,276
Depreciation and amortization expense	29,500	31,100	$ 27,700
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,226	17,712
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	172,679	161,019
Telecommunications equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,862	5,642
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,817	$ 21,479

Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Identifiable intangible assets, net	$ 60,581	$ 75,736
Other financial receivables	47,363	37,861
Service fee receivables	28,035	25,609
Assets held for sale	26,664	18,741
Prepaid expenses	24,989	27,606
Deferred tax assets	24,910	18,773
Security deposits	2,667	3,451
Derivative instruments	2,023	5,834
Funds held in trust	0	28,199
Prepaid income taxes	0	27,917
Other	39,770	33,001
Total	$ 257,002	$ 302,728

Debt - Components of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Other debt	$ 64,566	$ 92,792
Senior secured notes	325,000	326,029
Encore convertible and exchangeable notes	656,000	483,500
Less: debt discount	(36,361)	(32,720)
Preferred equity certificates	0	253,324
Capital lease obligations	7,563	6,069
Debt and capital lease obligations, before debt issuance costs	3,537,942	3,492,999
Less: debt issuance costs, net of amortization	(47,309)	(46,123)
Total	3,490,633	3,446,876
Encore revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings for credit facility	429,000	328,961
Cabot senior revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings for credit facility	298,005	179,008
Cabot securitisation senior facility
Debt Instrument [Line Items]
Outstanding borrowings for credit facility		391,790
Other credit facilities
Debt Instrument [Line Items]
Outstanding borrowings for credit facility	43,354	68,001
Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes		1,216,485
Less: debt discount	(1,477)	(1,927)
Term Loan
Debt Instrument [Line Items]
Other debt	$ 195,056	$ 181,687

Debt - Encore Revolving Credit Facility and Term Loan Facility (Detail) - USD ($)		12 Months Ended
	Feb. 25, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 26, 2017
Debt Instrument [Line Items]
Term loan facility		$ 64,566,000	$ 92,792,000
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%
Principal amortization in 2018		$ 115,377,000
Principal amortization in 2019		285,758,000
Principal amortization in 2020		$ 1,271,922,000
Borrowing base as percentage of eligible estimated collection range end		35.00%
Eligible estimated remaining collections for consumer receivables		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
Allowance of additional unsecured indebtedness		1,100,000,000
Company's repurchases, common stock		$ 150,000,000
Percentage of acquisitions excluded		50.00%
Acquisition limit		$ 225,000,000
Maximum percentage of consolidated net worth		200.00%
Basket allowed for investments under laws of Canada		$ 50,000,000
Weighted average interest rate		5.01%	4.03%
Minimum
Debt Instrument [Line Items]
Maximum cash flow leverage ratio		125.00%
LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan
Debt Instrument [Line Items]
Term loan facility		$ 195,056,000	$ 181,687,000
Term Loan One
Debt Instrument [Line Items]
Term loan facility		$ 194,600,000
Principal amortization in 2018				$ 15,300,000
Principal amortization in 2020				$ 15,300,000
Term Loan One \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan One \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Term Loan One \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term Loan One \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Term Loan Two
Debt Instrument [Line Items]
Term loan facility		$ 9,100,000
Term Loan Two \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan Two \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Term Loan Two \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term Loan Two \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Junior Lien Portion
Debt Instrument [Line Items]
Allowance of additional unsecured indebtedness		$ 400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility		894,400,000
Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Term loan facility		203,670,000
Revolving Credit Facility One
Debt Instrument [Line Items]
Revolving credit facility		884,200,000
Revolving Credit Facility Two
Debt Instrument [Line Items]
Revolving credit facility		10,200,000
Encore revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings for credit facility		429,000,000	$ 328,961,000
Restated Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity		$ 177,500,000
Subsequent Event \| Revolving Credit Facility
Debt Instrument [Line Items]
Extinguishment of debt	$ 10,200,000
Subsequent Event \| Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Extinguishment of debt	$ 8,100,000

Debt - Encore Senior Secured Notes (Detail) - USD ($)	12 Months Ended
Debt - Encore Senior Secured Notes (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2017
Debt Instrument [Line Items]
Senior secured notes	$ 325,000,000	$ 326,029,000
Encore convertible and exchangeable notes	$ 656,000,000	$ 483,500,000
Basis spread over the current Treasury Rate (percent)	50.00%
2017 Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.625%
Senior Secured Notes, periodic principal repayment	$ 16,300,000.0
Encore convertible and exchangeable notes	$ 325,000,000		$ 325,000,000.0
Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate	0.00%

Debt - Encore Convertible Notes and Exchangeable Notes (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 20, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2014 USD ($)	Jul. 31, 2013 USD ($)
Debt Instrument [Line Items]
Convertible senior notes sold	$ 656,000,000	$ 483,500,000
Equity component	76,351,000	62,696,000
Liability component—principal amount	656,000,000	483,500,000
Unamortized debt discount	(36,361,000)	(32,720,000)
Liability component—net carrying amount	619,639,000	450,780,000
Total interest expense	11,710,000	0	$ 0
Convertible Notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate	17,518,000	15,721,000
Interest income— amortization of debt discount (accretion of debt premium)	10,888,000	9,871,000
Total interest expense	$ 28,406,000	25,592,000
Convertible Notes \| 2020 Convertible Senior Notes
Debt Instrument [Line Items]
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 or exchange rate (shares per $1,000 principal amount)	0.0218718
Debt component	$ 140,247,000
Equity component	32,253,000
Equity issuance cost	$ 1,106,000
Effective interest rate	6.35%
Convertible Notes \| 2022 Convertible Senior Notes
Debt Instrument [Line Items]
Convertible senior notes sold					$ 150,000,000.0
Stated interest rate	3.25%				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 or exchange rate (shares per $1,000 principal amount)	0.0219467
Debt component	$ 137,266,000
Equity component	12,734,000
Equity issuance cost	$ 398,000
Effective interest rate	5.20%
Convertible Notes \| 2021 Convertible Senior Notes
Debt Instrument [Line Items]
Convertible senior notes sold						$ 161,000,000
Stated interest rate	2.875%					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 or exchange rate (shares per $1,000 principal amount)	0.0168386
Debt component	$ 143,645,000
Equity component	17,355,000
Equity issuance cost	$ 581,000
Effective interest rate	4.70%
Convertible Notes \| 2023 Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate	4.50%
Initial conversion price (in dollars per share) \| $ / shares	$ 44.62
Closing stock price at date of issuance (in dollars per share) \| $ / shares	$ 36.45
Conversion or exchange rate (shares per $1,000 principal amount)	0.022409
Debt component	$ 157,971,000
Equity component	14,009,000
Equity issuance cost	$ 0
Effective interest rate	6.50%
Senior Notes
Debt Instrument [Line Items]
Liability component—principal amount	$ 619,639,000	450,780,000
Unamortized debt discount	$ (36,400,000)	$ (32,700,000)
Subsidiaries \| Encore Finance
Debt Instrument [Line Items]
Ownership percentage				100.00%
Encore Finance \| Convertible Notes \| 2020 Convertible Senior Notes
Debt Instrument [Line Items]
Convertible senior notes sold							$ 172,500,000
Stated interest rate							3.00%
Encore Finance \| Senior Notes \| 2023 Senior Secured Notes
Debt Instrument [Line Items]
Convertible senior notes sold				$ 172,500,000.0
Stated interest rate				4.50%

Debt - Hedge Transactions (Details) - Convertible Notes $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares
2023 Senior Secured Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) \| $	$ 17,785
Conversion or exchange price (in dollars per share)	$ 44.62
2023 Senior Secured Notes \| Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion or exchange price (in dollars per share)	$ 62.48
2021 Convertible Senior Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) \| $	$ 19,545
Conversion or exchange price (in dollars per share)	$ 59.39
2021 Convertible Senior Notes \| Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion or exchange price (in dollars per share)	$ 83.14
2020 Convertible Senior Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) \| $	$ 18,113
Conversion or exchange price (in dollars per share)	$ 45.72
2020 Convertible Senior Notes \| Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion or exchange price (in dollars per share)	$ 61.55

Debt - Cabot Senior Debt (Details) $ in Thousands					1 Months Ended		12 Months Ended
Debt - Cabot Senior Debt (Details) $ in Thousands	Jul. 18, 2018 USD ($)	Jul. 18, 2018 GBP (£)	Oct. 06, 2016 USD ($)	Nov. 11, 2015 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2018 GBP (£)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 GBP (£)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 18, 2018 GBP (£)	Oct. 06, 2016 GBP (£)	Nov. 11, 2015 EUR (€)	Mar. 27, 2014 USD ($)	Mar. 27, 2014 GBP (£)	Aug. 02, 2013 USD ($)	Aug. 02, 2013 GBP (£)
Debt Instrument [Line Items]
Senior secured notes							$ 325,000		$ 326,029
Convertible senior notes sold							656,000		483,500
Unamortized debt discount							36,361		32,720
Total interest expense							11,710		0	$ 0
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount							36,400		32,700
Senior Notes \| Cabot 2020 Notes
Debt Instrument [Line Items]
Senior secured notes																$ 151,700	£ 100,000,000
Debt instrument, interest rate																8.375%	8.375%
Extinguishment of debt	$ 42,400	£ 32,200,000			$ 86,500	£ 67,800,000
Senior Notes \| Cabot 2021 Notes
Debt Instrument [Line Items]
Senior secured notes														$ 291,800	£ 175,000,000
Debt instrument, interest rate														6.50%	6.50%
Extinguishment of debt	125,200	95,000,000
Senior Notes \| Cabot 2023 Notes
Debt Instrument [Line Items]
Senior secured notes			$ 442,600									£ 350,000,000
Debt instrument, interest rate			7.50%									7.50%
Percentage of face value issued			100.00%
Senior Notes \| Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes							1,111,399
Total interest expense							85,115		91,293
Senior Notes \| Exchangeable Notes
Debt Instrument [Line Items]
If-converted value in excess of principal	$ 169,200	£ 128,400,000
Total interest expense \| £								£ 9,200,000
Senior Notes \| Additional Notes due 2023
Debt Instrument [Line Items]
Percentage of face value issued	99.00%	99.00%
Convertible senior notes sold	$ 45,500										£ 34,500,000
Senior Notes \| Senior Secured Notes due 2023
Debt Instrument [Line Items]
Debt instrument, interest rate			7.50%									7.50%
Convertible senior notes sold \| £												£ 350,000,000.0
Secured Debt \| Senior Secured Cabot Floating Rate Notes
Debt Instrument [Line Items]
Senior secured notes				$ 332,200									€ 310,000,000
Debt instrument, discount rate				1.00%
Unamortized debt discount				$ 3,400									€ 3,100,000
Secured Debt \| Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes							1,109,922		1,214,558
Three-Month EURIBOR \| Secured Debt \| Senior Secured Cabot Floating Rate Notes
Debt Instrument [Line Items]
Basis spread on variable rate				5.875%
Interest Income \| Senior Notes \| Cabot senior secured notes
Debt Instrument [Line Items]
Interest income— amortization of debt discount (accretion of debt premium)							0		(2,865)
Interest expense \| Senior Notes \| Cabot senior secured notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate							84,772		93,691
Interest income— amortization of debt discount (accretion of debt premium)							343		467
Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes									1,216,485
Unamortized debt discount							$ 1,477		$ 1,927
Encore Finance \| Senior Notes \| Additional Notes due 2023
Debt Instrument [Line Items]
Debt instrument, interest rate	7.50%										7.50%

Debt - Cabot Senior Revolving Credit Facility (Details) $ in Thousands		12 Months Ended
	Nov. 11, 2015	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 GBP (£)	Sep. 30, 2018 GBP (£)
Debt Instrument [Line Items]
Weighted average interest rate		5.01%	4.03%
Cabot senior revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility				£ 385,000,000.0
Maximum loan to value ratio		0.75%
Outstanding borrowings for credit facility \| $		$ 298,005	$ 179,008
Weighted average interest rate		3.73%	3.60%
Available capacity		$ 192,400		151,100,000
Senior Loans \| Cabot senior revolving credit facility
Debt Instrument [Line Items]
Maximum loan to value ratio		27.50%
Maximum utilization of credit facility		20.00%
LIBOR \| Cabot senior revolving credit facility
Debt Instrument [Line Items]
Debt instrument, alternate basis spread on variable rate	2.75%
LIBOR \| Secured Debt \| Cabot senior revolving credit facility
Debt Instrument [Line Items]
Debt instrument, initial spread percentage		3.00%
Maximum utilization of credit facility		20.00%
Cabot Credit Agreement, Tranche with Expiration in September 2022 \| Secured Debt \| Cabot senior revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility				£ 375,000,000.0
Cabot Credit Agreement, Tranche with Expiration in September 2021 \| Secured Debt \| Cabot senior revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility					£ 10,000,000.0

Debt - Cabot Securitisation Senior Facility (Details) $ in Thousands		12 Months Ended
	Nov. 01, 2018 GBP (£)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 GBP (£)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Book value \| $		$ 4,631,875		$ 4,490,712
Cabot Securitisation Non-Recourse Asset-Backed Senior Facility
Debt Instrument [Line Items]
Revolving credit facility \| £	£ 50,000,000.0
Cabot Securitisation Non-Recourse Asset-Backed Senior Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	4.075%
Cabot securitisation senior facility
Debt Instrument [Line Items]
Revolving credit facility \| £			£ 300,000,000.0
Amount drawn on facility \| £			300,000,000
Book value		486,200	£ 381,700,000
Outstanding borrowings for credit facility \| $		$ 445,837
Weighted average interest rate		3.46%	3.46%	3.10%
Cabot securitisation senior facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.85%
Cabot securitisation senior facility
Debt Instrument [Line Items]
Outstanding borrowings for credit facility \| $				$ 391,790

Debt - Preferred Equity Certificates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 24, 2018
Debt Instrument [Line Items]
Preferred equity certificates	$ 0	$ 253,324
Interest expense related to financing	$ 11,710	0	$ 0
Preferred Equity Certificate
Debt Instrument [Line Items]
Debt instrument, interest rate	12.00%
Interest expense related to financing	$ 17,300	$ 25,900	$ 24,300
Cabot
Debt Instrument [Line Items]
Preferred equity certificates				$ 262,500

Debt - Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Capital lease obligations	$ 7,563	$ 6,069
Minimum
Debt Instrument [Line Items]
Implicit interest rate	0.00%
Maximum
Debt Instrument [Line Items]
Implicit interest rate	5.70%

Debt - Summary of Debt and Capital Lease Obligations Maturities (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Maturities of Long-term Debt and Capital Lease Obligations [Abstract]
Principal amortization in 2019	$ 115,377
Principal amortization in 2020	285,758
Principal amortization in 2021	1,271,922
Principal amortization in 2022	231,558
Principal amortization in 2023	1,622,415
Thereafter	48,750
Total	$ 3,575,780

Stock-Based Compensation - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 13.0	$ 10.4	$ 12.6
Tax benefit from stock-based compensation arrangements	1.3	3.6	4.9
Cash received from option exercise	0.7	0.5	0.4
Stock options intrinsic value	$ 0.4	0.8	0.1
Performance stock options, threshold trading days	20 days
Performance stock options, threshold increase from closing price on date of grant	25.00%
Unrecognized compensation cost, expected period of recognition	1 year 6 months
Unrecognized compensation cost, non vested shares	$ 15.7
Fair value of restricted stock units and restricted stock awards vested	$ 8.8	$ 7.8	$ 12.5
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, contractual term	10 years
Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested performance stock options	$ 0.4
Unrecognized compensation cost, expected period of recognition	12 months
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	3 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	5 years
2017 Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)				5,713,571
Conversion ratio full value awards				2.12
2017 Incentive Compensation Plan \| Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards				2.12
2017 Incentive Compensation Plan \| Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards				1
2017 Plan and 2013 Plan \| Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	3 years
Share-based compensation, contractual term	7 years
Options performance measurement period	4 years

Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	65,766
Number of Shares, Exercised (in shares) \| shares	(10,000)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	55,766
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	55,766
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 16.27
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	22.17
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	15.21
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 15.21
Weighted Average Remaining Contractual Term (in years), Outstanding	1 year 1 month 16 days
Weighted Average Remaining Contractual Term (in years), Exercisable	1 year 1 month 16 days
Aggregate intrinsic value, Outstanding \| $	$ 462
Aggregate intrinsic value, Exercisable \| $	$ 462

Stock-Based Compensation - Summary of Performance Stock Options Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	65,766
Number of Shares, Exercised (in shares) \| shares	(10,000)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	55,766
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	55,766
Weighted Average Grant Date Fair Value
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 16.27
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	22.17
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	15.21
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 15.21
Weighted Average Remaining Contractual Term (in years), Outstanding	1 year 1 month 16 days
Weighted Average Remaining Contractual Term (in years), Exercisable	1 year 1 month 16 days
Aggregate intrinsic value, Outstanding \| $	$ 462
Aggregate intrinsic value, Exercisable \| $	$ 462
Performance Stock Options
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	266,522
Number of Shares, Exercised (in shares) \| shares	(16,648)
Number of Shares, Cancelled/forfeited (in shares) \| shares	(33,292)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	216,582
Number of Shares, Vested or Expected to Vest (in shares) \| shares	211,807
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	72,198
Weighted Average Grant Date Fair Value
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 31.43
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Cancelled/forfeited (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	31.54
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) \| $ / shares	31.55
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 31.54
Weighted Average Remaining Contractual Term (in years), Outstanding	4 years 3 months 4 days
Weighted Average Remaining Contractual Term (in years), Vested or expected to vest	4 years 2 months 26 days
Weighted Average Remaining Contractual Term (in years), Exercisable	4 years 3 months 4 days
Aggregate intrinsic value, Outstanding \| $	$ 0
Aggregate intrinsic value, Vested or expected to vest \| $	0
Aggregate intrinsic value, Exercisable \| $	$ 0

Stock-Based Compensation - Summary of Stock Awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Non-Vested Shares (1)
Non-Vested Shares, Beginning Balance (in shares)	805,757
Non-Vested Shares, Awarded (in shares)	519,724
Non-Vested Shares, Vested (in shares)	(219,443)
Non-Vested Shares, Cancelled (in shares)	(246,106)
Non-Vested Shares, Ending Balance (in shares)	859,932
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 30.98
Weighted Average Grant Date Fair Value, Awarded (in dollars per share)	38.52
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	32.97
Weighted Average Grant Date Fair Value, Cancelled (in dollars per share)	33.09
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 34.43
Performance Shares
Weighted Average Grant Date Fair Value
Maximum shares that could vest (percent)	200.00%
Maximum number that could vest (in shares)	1,218,359	1,038,272

Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Provision for income taxes	$ 46,752	$ 52,049	$ 38,205
Undistributed earnings	154,000
Valuation allowance	46,516	34,642
Unrecognized tax benefits, including penalties and interest	19,900	22,200	21,200
Net tax benefit from unrecognized tax benefits, if recognized	13,000	9,900	7,100
Unrecognized tax benefits, income tax penalties and interest expense	600	800	$ 500
Unrecognized tax benefits, income tax penalties and interest accrued	1,400	$ 2,200
Foreign Subsidiaries
Income Taxes [Line Items]
Net operating loss carry forward	$ 214,900
Tax Holiday Through December 31, 2018 \| Costa Rica
Income Taxes [Line Items]
Holiday tax rate	100.00%
State and Local Jurisdiction \| Domestic Subsidiaries
Income Taxes [Line Items]
Net operating loss carry forward	$ 9,600

Income Taxes Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Domestic	$ 61,972	$ 71,794	$ 112,483
Foreign	94,516	59,432	(55,108)
Income from continuing operations before income taxes	$ 156,488	$ 131,226	$ 57,375

Income Taxes Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Federal	$ 23,254	$ 9,969	$ 58,816
State	2,983	(794)	1,173
Foreign	29,532	15,690	10,364
Total current income tax expense	55,769	24,865	70,353
Federal	(10,447)	16,563	(22,951)
State	(2,169)	784	25
Foreign	3,599	9,837	(9,222)
Total deferred income tax expense	(9,017)	27,184	(32,148)
Provision for income taxes	$ 46,752	$ 52,049	$ 38,205

Income Taxes - Schedule of Effective Tax Rates (Detail)	12 Months Ended
Income Taxes - Schedule of Effective Tax Rates (Detail)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Federal provision	21.00%	35.00%	35.00%
State provision	0.10%	0.50%	2.30%
Foreign rate differential	(11.70%)	(20.00%)	(3.60%)
Transaction costs	1.00%	5.00%	0.00%
Permanent items	1.10%	10.20%	14.70%
Change in valuation allowance	17.70%	8.20%	20.70%
Other	0.70%	0.80%	(2.50%)
Effective rate	29.90%	39.70%	66.60%

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating losses	$ 42,013	$ 46,615
Accrued expenses	17,715	14,708
Differences in income recognition related to receivable portfolios	13,857	20,612
Other	4,825	522
Difference in basis of bond and loan costs	3,728	7,878
Prepaid expenses	2,949	0
Stock-based compensation expense	2,796	4,777
State taxes	174	0
Total deferred tax assets	88,057	95,112
Valuation allowance	(46,516)	(34,642)
Total deferred tax assets net of valuation allowance	41,541	60,470
Deferred tax liabilities:
Deferred court costs	(23,484)	(20,207)
Other	(3,403)	(9,144)
Difference in basis of amortizable assets	(1,937)	(20,632)
State taxes	0	(1,237)
Total deferred tax liabilities	(28,824)	(51,220)
Net deferred tax asset	$ 12,717	$ 9,250

Income Taxes - Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 20,020	$ 18,945	$ 47,949
Decreases related to prior year tax positions			(1,657)
Increases related to prior year tax positions	256		2,505
Increases related to current year tax positions	1,958	5,902	1,259
Decreases related to settlements with taxing authorities	(461)	(228)	(31,111)
Decreases related to current year tax positions		(4,599)
Decrease related to expiration of statute of limitations	(3,221)
Ending Balance	$ 18,552	$ 20,020	$ 18,945

Commitments and Contingencies - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Rent expense	$ 25,200,000	$ 21,300,000	$ 20,300,000
Purchase price of receivable portfolios	2,894,900,000
Purchase price	400,800,000
Estimated fair value, liability	$ 0
Maximum
Loss Contingencies [Line Items]
Purchase commitment term	1 year

Commitments and Contingencies - Future Minimum Lease Payments under Lease Obligations (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Capital lease obligation, 2019	$ 2,507
Capital lease obligation, 2020	1,983
Capital lease obligation, 2021	1,844
Capital lease obligation, 2022	1,630
Capital lease obligation, 2023	204
Capital lease obligation, Thereafter	0
Total minimal leases payments, Capital Leases	8,168
Less: Interest	(605)
Present value of minimal lease payments	7,563
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease obligation, 2019	16,538
Operating lease obligation, 2020	13,850
Operating lease obligation, 2021	13,044
Operating lease obligation, 2022	11,737
Operating lease obligation, 2023	9,741
Operating lease obligation, Thereafter	37,997
Total minimal leases payments, Operating Leases	102,907
Schedule of Total Future Minimum Lease Payments [Abstract]
Total lease, 2019	19,045
Total lease, 2020	15,833
Total lease, 2021	14,888
Total lease, 2022	13,367
Total lease, 2023	9,945
Total lease, Thereafter	37,997
Total minimal leases payments	$ 111,075

Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Property and equipment, net	$ 115,518	$ 76,276
United States
Segment Reporting Information [Line Items]
Property and equipment, net	76,791	40,550
United Kingdom
Segment Reporting Information [Line Items]
Property and equipment, net	27,454	25,287
Other foreign countries
Segment Reporting Information [Line Items]
Property and equipment, net	11,273	10,439
International
Segment Reporting Information [Line Items]
Property and equipment, net	$ 38,727	$ 35,726

Goodwill and Identifiable Intangible Assets - Narrative (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($) reporting_unit	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	4
Goodwill impairment	$ 0
Amortization expense	$ 11,700,000	$ 8,900,000	$ 7,200,000

Goodwill and Identifiable Intangible Assets - Schedule of Reportable Segments by Reporting Units (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Balance at beginning of period:	$ 928,993	$ 785,032
Goodwill acquired	0	79,372
Goodwill adjustment	(2,213)	0
Goodwill eliminated in connection with divestiture	(13,347)	0
Effect of foreign currency translation	(45,307)	64,589
Balance at end of period:	$ 868,126	$ 928,993

Goodwill and Identifiable Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (28,684)	$ (19,235)
Net Carrying Amount	60,581
Gross Carrying Amount	89,265	94,971
Accumulated Amortization	60,581	75,736
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	73,458	73,875
Accumulated Amortization	(17,025)	(6,800)
Net Carrying Amount	56,433	67,075
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,461	6,683
Accumulated Amortization	(6,446)	(5,411)
Net Carrying Amount	1,015	1,272
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,346	14,413
Accumulated Amortization	(5,213)	(7,024)
Net Carrying Amount	$ 3,133	$ 7,389

Goodwill and Identifiable Intangible Assets - Weighted-Average Useful Lives of Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2018
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives	10 years
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives	6 years
Trade name and other
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives	8 years

Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 8,501
2020	8,434
2021	8,110
2022	7,554
2023	7,293
Thereafter	20,689
Net Carrying Amount	$ 60,581

Quarterly Information (Unaudited) - Summary of Quarterly Financial Data for Periods (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Gross collections	$ 483,582	$ 498,843	$ 496,093	$ 489,102	$ 437,603	$ 442,996	$ 446,182	$ 440,863	$ 1,967,620	$ 1,767,644	$ 1,685,604
Total revenues, adjusted by net allowance reversals (allowances)	348,721	336,774	349,747	326,788	317,481	306,699	290,917	271,941	1,320,557	1,145,802	1,113,435
Total operating expenses	232,834	239,246	246,314	238,336	253,246	202,829	210,323	196,100	956,730	862,498	787,744
Income (loss) from continuing operations	46,033	13,016	26,974	23,713	2,779	42,144	19,076	15,178	109,736	79,177	19,170
Net income	46,033	13,016	26,974	23,713	2,779	42,144	19,076	14,979	109,736	78,978	16,817
Amounts attributable to Encore Capital Group, Inc.:
Income (loss) from continuing operations	47,036	20,725	26,298	21,827	12,681	28,194	20,255	22,297	115,886	83,427	78,923
Net income (loss)	$ 47,036	$ 20,725	$ 26,298	$ 21,827	$ 12,681	$ 28,194	$ 20,255	$ 22,098	$ 115,886	$ 83,228	$ 76,570
From continuing operations:
Basic (USD per share)	$ 1.51	$ 0.69	$ 1.01	$ 0.84	$ 0.49	$ 1.08	$ 0.78	$ 0.86	$ 4.09	$ 3.21	$ 3.07
Diluted (USD per share)	1.50	0.69	1.00	0.83	0.48	1.05	0.77	0.85	4.06	3.16	3.05
From net income:
Basic (USD per share)	1.51	0.69	1.01	0.84	0.49	1.08	0.78	0.85	4.09	3.20	2.98
Diluted (USD per share)	$ 1.50	$ 0.69	$ 1.00	$ 0.83	$ 0.48	$ 1.05	$ 0.77	$ 0.85	$ 4.06	$ 3.15	$ 2.96

Segment Information - Narrative (Detail) - Segment	12 Months Ended
Segment Information - Narrative (Detail) - Segment	Dec. 31, 2018	Dec. 31, 2015
Segment Reporting [Abstract]
Number of reportable segments	1	2