0001084961-22-000019 | 10-K | XBRL Viewer

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Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 189,645	$ 189,184
Investment in receivable portfolios, net	3,065,553	3,291,918
Property and equipment, net	119,857	127,297
Other assets	335,275	349,162
Goodwill	897,795	906,962
Total assets	4,608,125	4,864,523
Liabilities:
Accounts payable and accrued liabilities	229,586	215,920
Borrowings	2,997,331	3,281,634
Other liabilities	195,947	146,893
Total liabilities	3,422,864	3,644,447
Commitments and contingencies (Note 13)
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 24,541 shares and 31,345 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	245	313
Additional paid-in capital	0	230,440
Accumulated earnings	1,238,564	1,055,668
Accumulated other comprehensive loss	(53,548)	(68,813)
Total Encore Capital Group, Inc. stockholders’ equity	1,185,261	1,217,608
Noncontrolling interest	0	2,468
Total equity	1,185,261	1,220,076
Total liabilities and equity	4,608,125	4,864,523
Variable Interest Entity
Assets
Cash and cash equivalents	1,927	2,223
Investment in receivable portfolios, net	498,507	553,621
Other assets	3,452	5,127
Liabilities:
Accounts payable and accrued liabilities	105	0
Borrowings	473,443	478,131
Other liabilities	$ 10	$ 37

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	75,000,000	75,000,000
Common stock, shares issued	24,541,000	31,345,000
Common stock, shares outstanding	24,541,000	31,345,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenue from receivable portfolios	$ 1,287,730	$ 1,374,717	$ 1,269,288
Changes in recoveries	199,136	7,246	0
Total debt purchasing revenue	1,486,866	1,381,963	1,269,288
Servicing revenue	120,778	115,118	126,527
Other revenues	6,855	4,319	9,974
Total revenues	1,614,499	1,501,400	1,405,789
Allowances on receivable portfolios, net	0	0	(8,108)
Total revenues, adjusted by net allowances	1,614,499	1,501,400	1,397,681
Operating expenses
Salaries and employee benefits	385,178	378,176	376,365
Cost of legal collections	254,280	239,071	202,670
General and administrative expenses	137,695	149,113	148,256
Other operating expenses	106,938	108,944	108,433
Collection agency commissions	47,057	49,754	63,865
Depreciation and amortization	50,079	42,780	41,029
Goodwill impairment	0	0	10,718
Total operating expenses	981,227	967,838	951,336
Income from operations	633,272	533,562	446,345
Other expense
Interest expense	(169,647)	(209,356)	(217,771)
Loss on extinguishment of debt	(9,300)	(40,951)	(8,989)
Other expense	(17,784)	(357)	(18,343)
Total other expense	(196,731)	(250,664)	(245,103)
Income before income taxes	436,541	282,898	201,242
Provision for income taxes	(85,340)	(70,374)	(32,333)
Net income	351,201	212,524	168,909
Net income attributable to noncontrolling interest	(419)	(676)	(1,040)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 350,782	$ 211,848	$ 167,869
Earnings per share attributable to Encore Capital Group, Inc.:
Basic (USD per share)	$ 11.64	$ 6.74	$ 5.38
Diluted (USD per share)	$ 11.26	$ 6.68	$ 5.33
Weighted average shares outstanding:
Basic (shares)	30,129	31,427	31,210
Diluted (shares)	31,153	31,710	31,474

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 351,201	$ 212,524	$ 168,909
Change in unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on derivative instruments	12,835	234	(5,029)
Income tax effect	(2,165)	(66)	761
Unrealized gain (loss) on derivative instruments, net of tax	10,670	168	(4,268)
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(15,309)	17,160	23,169
Removal of other comprehensive loss in connection with divestiture	19,904	2,632	3,814
Unrealized gain on foreign currency translation, net of divestiture	4,595	19,792	26,983
Other comprehensive income, net of tax	15,265	19,960	22,715
Comprehensive income	366,466	232,484	191,624
Comprehensive income attributable to noncontrolling interest:
Net (income) loss attributable to noncontrolling interest	(419)	(676)	(1,040)
Unrealized income on foreign currency translation	0	(7)	(494)
Comprehensive income attributable to noncontrolling interest	(419)	(683)	(1,534)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 366,047	$ 231,801	$ 190,090

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Adjustment	Accumulated Earnings	Accumulated Earnings Adjustment	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Balance at beginning of period (in shares) at Dec. 31, 2018			30,884
Balance at beginning of period at Dec. 31, 2018	$ 819,688		$ 309	$ 208,498		$ 720,189		$ (110,987)	$ 1,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	168,909					167,869			1,040
Other comprehensive (loss) income, net of tax	18,901							18,407	494
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			213
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(4,872)		$ 2	(4,874)
Stock-based compensation	12,557			12,557
Issuance of exchangeable notes	4,733			4,733
Exchangeable notes hedge transactions	1,792			1,792
Removal of other comprehensive loss in connection with divestiture	3,698			(116)				3,814	0
Balance at end of period (in shares) at Dec. 31, 2019			31,097
Balance at end of period at Dec. 31, 2019	1,025,406	$ (44,238)	$ 311	222,590		888,058	$ (44,238)	(88,766)	3,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	212,524					211,848			676
Other comprehensive (loss) income, net of tax	17,328							17,321	7
Purchase of noncontrolling interest	(3,822)			(2,394)					(1,428)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			248
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,314)		$ 2	(6,316)
Stock-based compensation	16,560			16,560
Removal of other comprehensive loss in connection with divestiture	2,632							2,632
Balance at end of period (in shares) at Dec. 31, 2020			31,345
Balance at end of period at Dec. 31, 2020	1,220,076	$ (17,914)	$ 313	230,440	$ (40,372)	1,055,668	$ 22,458	(68,813)	2,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	351,201					350,782			419
Other comprehensive (loss) income, net of tax	(4,639)							(4,639)
Purchase of noncontrolling interest	(5,556)			(2,669)					(2,887)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			266
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,535)		$ 2	(5,537)
Stock Repurchased During Period, Shares			(7,070)
Repurchase of common stock	(390,606)		$ (70)	(200,192)		(190,344)
Stock-based compensation	18,330			18,330
Removal of other comprehensive loss in connection with divestiture	19,904							19,904
Balance at end of period (in shares) at Dec. 31, 2021			24,541
Balance at end of period at Dec. 31, 2021	$ 1,185,261		$ 245	$ 0		$ 1,238,564		$ (53,548)	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 351,201	$ 212,524	$ 168,909
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,079	42,780	41,029
Expense related to financing	9,300	51,117	3,523
Other non-cash interest expense, net	17,785	23,639	30,299
Stock-based compensation expense	18,330	16,560	12,557
Deferred income taxes	35,371	8,549	20,706
Goodwill impairment	0	0	10,718
Changes in recoveries	(199,136)	(7,246)	0
Provision for allowances on receivable portfolios, net	0	0	8,108
Other, net	17,130	16,260	9,794
Changes in operating assets and liabilities
Deferred court costs	0	0	(3,646)
Other assets	3,927	8,980	29,025
Prepaid income tax and income taxes payable	7,758	(24,344)	(24,045)
Accounts payable, accrued liabilities and other liabilities	(8,692)	(35,955)	(62,244)
Net cash provided by operating activities	303,053	312,864	244,733
Investing activities:
Purchases of receivable portfolios, net of put-backs	(657,280)	(644,048)	(1,035,130)
Collections applied to investment in receivable portfolios, net	1,019,629	737,131	757,640
Purchases of property and equipment	(33,372)	(34,600)	(39,602)
Proceeds from sale of portfolios	0	0	107,937
Other, net	10,919	24,343	6,822
Net cash provided by (used in) investing activities	339,896	82,826	(202,333)
Financing activities:
Payment of loan and debt refinancing costs	(11,963)	(82,455)	(11,586)
Proceeds from credit facilities	821,931	1,820,634	603,634
Repayment of credit facilities	(896,418)	(2,290,822)	(586,429)
Proceeds from senior secured notes	353,747	1,313,385	454,573
Repayment of senior secured notes	(359,175)	(1,033,765)	(470,768)
Proceeds from issuance of convertible senior notes	0	0	100,000
Repayment of convertible senior notes	(161,000)	(89,355)	(84,600)
Repurchase of common stock	(390,606)	0	0
Other, net	(12,208)	(40,822)	(24,594)
Net cash used in by financing activities	(655,692)	(403,200)	(19,770)
Net (decrease) increase in cash and cash equivalents	(12,743)	(7,510)	22,630
Effect of exchange rate changes on cash and cash equivalents	13,204	4,359	12,287
Cash and cash equivalents, beginning of period	189,184	192,335	157,418
Cash and cash equivalents, end of period	189,645	189,184	192,335
Supplemental disclosures of cash flow information:
Cash paid for interest	132,400	169,553	178,948
Cash paid for income taxes, net of refunds	42,039	88,816	43,973
Supplemental schedule of non-cash investing and financing activities:
Real Estate Owned, Transfer to Real Estate Owned	768	2,214	5,058
Property and equipment acquired through finance leases	$ 2,664	$ 3,276	$ 5,299

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

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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

Note 1: 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 obligations 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 in Europe.

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 Limited (“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. These are the Company’s primary operations.

The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.”

COVID-19

On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 outbreak and resulting containment measures implemented by governments around the world, as well as increased business uncertainty, have impacted the Company. The circumstances around the COVID-19 pandemic continue to rapidly evolve and will continue to impact the Company’s business and its estimation of expected recoveries in future periods. The Company will continue to closely monitor the COVID-19 situation and update its assumptions accordingly.

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 7: 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 and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations.

Immaterial Error Corrections

During 2021, the Company identified immaterial disclosure errors relating to presentation of its deferred tax assets and deferred tax liabilities in the Income Taxes footnote of Form 10-K for the year ended December 31, 2020. The disclosure error was primarily related to incorrect netting of deferred tax assets and deferred tax liabilities in various tax jurisdictions. Nonetheless, the consolidated net deferred taxes positions for the periods presented were reported correctly. The Company revised the previously reported deferred tax assets and deferred tax liabilities in this Form 10-K for the year ended December 31, 2021. The disclosure error had no effect on the Company’s consolidated financial statements.

Recently Adopted Accounting Guidance

On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (“Subtopic 470-20”) and Derivatives and Hedging — Contracts in Entity’s Own Equity (“Subtopic 815-40”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The Company adopted ASU 2020-06 using the modified-retrospective approach, by recording a net cumulative-effect adjustment to equity of approximately $17.9 million.

The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. The ASU also amends the guidance to improve the consistency of earnings per share calculations, which requires the if-converted method be used for convertible instruments.

Under ASU 2020-06, the Company’s convertible and exchangeable notes are no longer bifurcated to a debt component and an equity component, instead, they are carried as a single liability which reflects the principal amount of the convertible and exchangeable notes. The interest expense recognized on the convertible and exchangeable notes is based on coupon rates, rather than higher effective interest rates. As a result, the Company recognizes lower interest expense after the adoption. Additionally, effective January 1, 2021, the Company uses the if-converted method in calculating the dilutive effect of its convertible and exchangeable notes for earnings per share. The adoption of ASU 2020-06 had a positive impact to the Company’s diluted earnings per share of $0.19 for the year ended December 31, 2021.

The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. The following table summarizes the cumulative effects of adopting the new guidance on the Company’s consolidated statements of financial condition at January 1, 2021 (in thousands):


	Balance as of December 31, 2020		Adjustment		Opening Balance as of January 1, 2021
Liabilities
Convertible notes and exchangeable notes	$	583,500	$	—	$	583,500
Debt discount	(19,364)		19,364		—
Other liabilities (for deferred tax liabilities)	146,893		(1,450)		145,443
Equity
Additional paid-in capital	230,440		(40,372)		190,068
Accumulated earnings	1,055,668		22,458		1,078,126

With the exception of the updated standard discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the year ended December 31, 2021.

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. On an ongoing basis, the Company evaluates significant estimates, including changes in estimated future recoveries on its investment in receivable portfolios, fair value of goodwill, and income taxes, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable. 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 maintains its cash and cash equivalents in multiple financial institutions and certain account balances exceed federally insurable limits. To date, the Company has experienced no loss or lack of access to cash in its bank accounts. The Company believes any risks are mitigated by maintaining cash with highly rated financial institutions. 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 is 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 $29.3 million and $20.3 million as of December 31, 2021 and 2020, respectively.

Investment in Receivable Portfolios

Current Accounting Policy

On January 1, 2020, the Company adopted the new accounting standard for Financial Instruments - Credit Losses (“CECL”). The adoption resulted in a reduction to the Company’s accumulated earnings of $44.2 million.

The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as purchased credit deteriorated (or “PCD”) assets under CECL. Under the PCD accounting model, the purchased assets are recognized at their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. The amount of the negative allowance (i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off.

Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include 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 location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change, which is not expected due to the delinquent nature of the individual loans. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change.

Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components:

(1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and

(2) Changes in recoveries, which includes

(a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and

(b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases).

The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors that may have an impact on the Company’s collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions.

The Company elected not to maintain its previously formed pool groups with amortized costs at transition. Certain pools already fully recovered their cost basis and became ZBA prior to the transition. The Company did not establish a negative allowance from ZBA pools as the Company elected the Transition Resource Group for Credit Losses’ practical expedient to retain the integrity of its legacy pools. All subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in revenue from receivable portfolios in the Company’s consolidated statements of income.

Accounting Policy Prior to January 1, 2020

Discrete receivable portfolio purchases during the same fiscal quarter were aggregated into pools based on common risk characteristics. Once a static pool was established, the portfolios were permanently assigned to the pool. Receivable portfolios were recorded at cost at the time of acquisition. The purchase cost of the portfolios included certain fees paid to third parties incurred in connection with the direct acquisition of the receivable portfolios.

Revenues were calculated 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 remained unchanged throughout the life of the pool, unless there was an increase in subsequent expected cash flows. Subsequent increases in expected cash flows were recognized prospectively through an upward adjustment of the pool’s IRR over its remaining life. Subsequent decreases in expected cash flows did not change the IRR, but were recognized as an allowance to the cost basis of the pool, and were reflected in the consolidated statements of income as an adjustment to 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 were lower in the near term, even if substantially higher collections were expected later in the collection curve, an allowance charge could result.

The Company accounted 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 was accrued based on each pool’s IRR applied to each pool’s adjusted cost basis. The cost basis of each pool was 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 became ZBA and all subsequent collections were recognized as ZBA revenue.

If the amount and timing of future cash collections on a pool of receivables were not reasonably estimable, the Company accounted for such portfolios on the cost recovery method as Cost Recovery Portfolios. The accounts in these portfolios had 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 was recognized until the carrying value of a Cost Recovery Portfolio has been fully recovered.

See “Note 4: Investment in Receivable Portfolios, Net” for further discussion of investment in receivable portfolios.

Transfers of Financial Assets

The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s ongoing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Other revenues” in the Company’s consolidated statements of income. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the statements of financial condition at fair value.

Transfers of financial assets that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s statements of financial condition and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. To date, the Company has not had any transfers of financial assets that did not qualify for sale accounting.

Servicing Revenue

Certain of the Company’s subsidiaries earn servicing revenue by providing portfolio management services to credit originators for non-performing loans. The Company recognizes servicing revenue when it satisfies the performance obligation over time by providing debt solution and credit management services. The Company typically invoices for its services monthly with payment terms of 30 days.

Goodwill and Other Intangible Assets

Goodwill represents the excess of purchase price over the value assigned to 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. Goodwill is 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.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset is expected to generate. If the asset is not recoverable, its carrying amount would be adjusted down to its fair value.

Leases

The Company recognizes operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment.

The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases.

Income Taxes

The provision for income taxes is estimated using the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to be realized or settled. At each reporting date, the Company considers new evidence, both positive and negative, that could affect future realization of deferred tax assets including historical earnings, taxable income in prior carryback years if permitted under tax law, projections of future income, timing of reversing temporary differences and the implementation of feasible and prudent tax planning strategies. In the event that it is more likely than not that all or part of the deferred tax assets are determined not to be realizable in the future, the Company would establish or increase a valuation allowance in the period such determination is made, with a corresponding charge to earnings. In the event the Company realizes deferred tax assets that were previously determined to be unrealizable, the Company would release or decrease the respective valuation allowance, with a corresponding positive adjustment to earnings. The calculation of tax liabilities involves significant judgement in estimating the impact and timing of resolution of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operation and financial position. The Company records liabilities related to uncertain tax positions when it believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities, despite its belief that those tax return positions are supportable. The Company includes interest and penalties related to income taxes within its provision for income taxes. See “Note 11: Income Taxes” for further discussion.

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 uses the Black-Scholes option-pricing model to determine the fair-value of stock option grants. 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. Stock-based compensation expenses are included in “Salaries and Employee Benefits” in the Company’s consolidated statements of income. See “Note 10: 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. If 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. If the hedged cash flows are still reasonably possible to occur, the hedged cash flows will continue to be recorded in accumulated other comprehensive income or loss until the hedged cash flows are no longer probable of occurring. The Company classifies the cash flows from a derivative instrument that is accounted for as a cash flow hedge (and that does not contain an other-than-insignificant financing element at inception) in the same category as the cash flows from the items being hedged. See “Note 3: Derivatives and Hedging Instruments” for further discussion.

Concentration of Supply Risk

A significant percentage of the Company’s portfolio purchases in the United States for any given fiscal quarter or year may be concentrated with a few large sellers, some of which may also involve forward flow arrangements. A significant decrease in the volume of portfolio available from any of the Company’s principal sellers would force the Company to seek alternative sources of charged-off receivables.

The Company may be unable to find alternative sources from which to purchase charged-off receivables, and even if it could successfully replace these purchases, the search could take time and the receivables could be of lower quality, cost more, or both, any of which could adversely affect the Company’s business, financial condition and operating results.

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 and exchangeable senior notes, if applicable.

The Company adopted ASU 2020-06 on January 1, 2021, using a modified retrospective approach. Effective January 1, 2021, the dilutive effect of the Company’s convertible and exchangeable notes is calculated using the if-converted method. Prior to the adoption, the dilutive effect of the convertible and exchangeable notes was calculated using the treasury stock method. In September 2021, in accordance with the indenture for the convertible senior notes due in March 2022, the Company irrevocably elected cash settlement for these notes. As a result, the convertible senior notes due in March 2022 were only dilutive prior to September 15, 2021. All of the Company’s other convertible and exchangeable notes require net share settlement, using the if-converted method results in a similar dilutive effect as using the treasury stock method under the previous accounting standard, due to the fact that only in-the-money shares are included in the dilutive effect.

A reconciliation of shares used in calculating earnings per basic and diluted shares follows for the periods presented (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020		2019



Net income attributable to Encore Capital Group, Inc.	$	350,782	$	211,848	$	167,869

Total weighted-average basic shares outstanding	30,129		31,427		31,210
Dilutive effect of stock-based awards	407		283		264
Dilutive effect of convertible and exchangeable senior notes	617		—		—
Total weighted-average dilutive shares outstanding	31,153		31,710		31,474




Basic earnings per share	$	11.64	$	6.74	$	5.38



Diluted earnings per share	$	11.26	$	6.68	$	5.33

Anti-dilutive employee stock options outstanding were approximately 3,000, 51,000 and 64,000 during the years ended December 31, 2021, 2020, and 2019, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 2: Fair Value Measurements

Fair value is defined 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 Company uses 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, 2021
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	3,541	$	—	$	3,541
Liabilities


Cross-currency swap agreements	—		(16,902)		—		(16,902)
Contingent consideration	—		—		(5,218)		(5,218)


	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets

Cross-currency swap agreements	$	—	$	11,578	$	—	$	11,578
Interest rate cap contracts	—		659		—		659
Liabilities

Interest rate swap agreements	—		(5,232)		—		(5,232)
Contingent consideration	—		—		(2,957)		(2,957)

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. Changes in fair value of contingent consideration are included in other operating expenses in the Company’s consolidated statements of income.

The following table provides a roll-forward of the fair value of contingent consideration, which is included in the accounts payable and accrued liabilities in the Company’s consolidated statements of financial position, for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	Amount
Balance as of December 31, 2018	$	6,198
Change in fair value of contingent consideration	(2,300)
Payment of contingent consideration	(3,686)
Effect of foreign currency translation	(146)
Balance as of December 31, 2019	66
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,848
Payment of contingent consideration	(88)
Effect of foreign currency translation	131
Balance as of December 31, 2020	2,957
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,913
Change in fair value of contingent consideration	(388)
Payment of contingent consideration	(180)
Effect of foreign currency translation	(84)
Balance as of December 31, 2021	$	5,218

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 and in each reporting period using Level 3 measurements based on appraised values using market comparable. The fair value estimate of the assets held for sale was approximately $44.6 million and $42.2 million as of December 31, 2021 and December 31, 2020, respectively.

Financial Instruments Not Required To Be Carried At Fair Value

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 statements of financial condition as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios	$	3,065,553	$	3,416,926	$	3,291,918	$	3,705,672

Financial Liabilities
Convertible senior notes due March 2021(1)	—		—		160,406		161,349
Convertible senior notes due March 2022(1)	150,000		195,009		146,644		160,905
Exchangeable senior notes due September 2023(1)	172,500		257,782		164,339		190,737
Convertible senior notes due October 2025(1)	100,000		165,887		92,747		109,090
Senior secured notes(2)	1,606,327		1,652,246		1,642,058		1,684,729
Encore private placement notes	107,470		108,652		146,550		141,860

________________________

(1)Prior to January 1, 2021, under the previous accounting standard, the convertible and exchangeable notes included a debt discount. The carrying amount as of December 31, 2020 represented the principal amount of the notes, net of the debt discount.

(2)Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.

Investment in Receivable Portfolios:

The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. 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.

Borrowings:

The Company’s convertible notes, exchangeable notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible and exchangeable notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is 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.

The carrying value of the Company’s senior secured revolving credit facility and securitisation senior facility approximates fair value due to the use of current market rates that are repriced frequently.

- 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, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

Note 3: Derivatives and Hedging Instruments

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, 2021

December 31, 2020

Balance Sheet
Location

Fair Value

Balance Sheet
Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

3,541

Other assets

659

Interest rate swap agreements

—

Other liabilities

(5,232)

Cross-currency swap agreements

Other liabilities

(16,902)

Other assets

11,578

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.

The Company held certain foreign currency forward contracts designated as cash flow hedging instruments that matured in June 2020. No gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the years ended December 31, 2021, 2020, or 2019.

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. The Company designates its interest rate swap instruments as cash flow hedges. Previously, the Company held four interest rate swap agreements that hedged the risk of USD-LIBOR interest rate fluctuations for the Encore revolving credit facility and term loan facility. As part of the financing transactions completed in September 2020, the Company settled two of the interest rate swap agreements but continued to amortize the remaining unrealized loss in OCI into earnings. On September 30, 2021, the Company ceased hedge accounting for its interest rate swap instruments due to the forecasted transactions were no longer probable driven by the continued pay down of its USD-LIBOR denominated borrowings. As a result, the Company reclassified all the remaining unrealized loss in OCI of approximately $1.9 million into earnings. The two remaining interest swap agreements matured in December 2021 and were not designated as hedging instruments during the fourth quarter of 2021.

The Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. The cross-currency swap agreements are accounted for as cash flow hedges. As of December 31, 2021, there were four cross-currency swap agreements outstanding with a total notional amount of €350.0 million (approximately $397.9 million based on an exchange rate of $1.00 to €0.88, the exchange rate as of December 31, 2021). The Company expects to reclassify approximately $5.2 million of net derivative loss from OCI into earnings relating to cross-currency swaps within the next 12 months.

The Company also uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt.

The Company has an interest rate cap (the “2019 Cap”) with a notional amount of €400.0 million (approximately $454.8 million based on an exchange rate of $1.00 to €0.88, the exchange rate as of December 31, 2021). The 2019 Cap hedges the fluctuations in three-month EURIBOR floating rate debt and matures in 2024. The Company also had an interest rate cap that was used to hedge the fluctuations in debt bearing variable interest based on sterling overnight index average (“SONIA”) (the “2020 Cap”). The 2020 Cap had a notional amount of £350.0 million (approximately $473.4 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) with a maturity date in March 2023. In November 2021, the Company sold the 2020 Cap for approximately $0.9 million and paid approximately $2.1 million to purchase another interest rate cap (the “2021 Cap”) that matures in September 2024 with the same notional amount. The Company expects the hedge relationships to be highly effective and designates the 2019 Cap and 2021 Cap as cash flow hedge instruments. The remaining OCI associated with the terminated 2020 Cap will continue to be amortized through March 2023. The Company expects to

reclassify approximately $0.9 million of net derivative loss from OCI into earnings relating to interest rate caps within the next 12 months.

The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments in the Company’s consolidated financial statements during the periods presented (in thousands):


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from OCI into Income	Gain (Loss) Reclassified from OCI into Income
	Year Ended December 31,							Year Ended December 31,
	2021		2020		2019			2021		2020		2019
Foreign currency exchange contracts	$	—	$	(341)	$	1,100	Salaries and employee benefits	$	—	$	49	$	383
Foreign currency exchange contracts	—		(44)		(56)		General and administrative expenses	—		11		(19)
Interest rate swap agreements	(69)		(7,441)		(6,347)		Interest expense	(8,743)		(7,893)		(2,560)
Interest rate cap contracts	1,824		(3,001)		(1,752)		Interest expense	(568)		(2,846)		146
Cross-currency swap agreements	(33,464)		10,503		—		Interest expense / Other expense	(33,532)		10,121		—

Derivatives Not Designated as Hedging Instruments

The Company enters 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. As of December 31, 2021, the Company had no outstanding currency exchange forward contracts that were not designated as cash flow hedging instruments. 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.

As discussed in “Derivatives Designed as Hedging Instruments,” on September 30, 2021, the Company ceased hedge accounting for its interest rate swap instruments due to the continued pay down of its USD-LIBOR denominated borrowings. The interest rate swap agreements had a liability balance of $1.2 million as of September 30, 2021 and matured in December 2021.

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of income during the periods presented (in thousands):


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income
		Year ended December 31,
		2021		2020		2019
Foreign currency exchange contracts	Other expense	$	(20)	$	3,564	$	(2,959)
Interest rate swap agreements	Other expense	(73)		—		—

Investment in Receivable Portfolios, Net

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Investment in Receivable Portfolios, Net

Note 4: Investment in Receivable Portfolios, Net

As discussed in “Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies,” effective January 1, 2020, the Company accounts for its investment in receivable portfolios as PCD assets under CECL. Refer to the “Investment in Receivable Portfolios” section in Note 1 for current accounting policy and accounting policy prior to January 1, 2020 for the Company’s purchased receivable portfolios.

The table below illustrates the Company’s transition approach for its investment in receivable portfolios as of January 1, 2020 (in thousands):


	Amount
Investment in receivable portfolios prior to transition	$	3,283,984
Initial transitioned deferred court costs	44,166
	3,328,150
Allowance for credit losses	79,028,043
Amortized cost	82,356,193
Noncredit discount	132,533,142
Face value	214,889,335
Write-off of amortized cost	(82,356,193)
Write-off of noncredit discount	(132,533,142)
Negative allowance	3,328,150
Initial negative allowance from transition	$	3,328,150

The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased subsequent to the adoption of CECL (in thousands):


	Year Ended December 31,
	2021		2020
Purchase price	$	664,529	$	659,872
Allowance for credit losses	1,823,582		1,703,420
Amortized cost	2,488,111		2,363,292
Noncredit discount	3,284,369		3,464,670
Face value	5,772,480		5,827,962
Write-off of amortized cost	(2,488,111)		(2,363,292)
Write-off of noncredit discount	(3,284,369)		(3,464,670)
Negative allowance	664,529		659,872
Negative allowance for expected recoveries - current period purchases	$	664,529	$	659,872

The following tables summarize the changes in the balance of the investment in receivable portfolios during the periods subsequent to the adoption of CECL (in thousands):


	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	3,291,918	$	3,328,150
Purchases of receivable portfolios	664,529		659,872
Collections applied to investment in receivable portfolios, net(1)	(1,019,629)		(737,131)
Changes in recoveries(2)	199,136		7,246
Put-backs and Recalls	(7,249)		(15,824)
Deconsolidation of receivable portfolios	(9,352)		(2,822)
Disposals and transfers to real estate owned	(8,071)		(9,459)
Foreign currency adjustments	(45,729)		61,886
Balance, end of period	$	3,065,553	$	3,291,918

________________________

(1) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods subsequent to the adoption of CECL:


	Year Ended December 31,
	2021		2020
Cash collections	$	2,307,359	$	2,111,848
Less - amounts classified to revenue from receivable portfolios	(1,287,730)		(1,374,717)
Collections applied to investment in receivable portfolios, net	$	1,019,629	$	737,131

(2) Changes in recoveries is calculated as follows during the periods subsequent to the adoption of CECL, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments:


	Year Ended December 31,
	2021		2020
Recoveries above forecast	$	326,006	$	228,075
Changes in expected future recoveries	(126,870)		(220,829)
Changes in recoveries	$	199,136	$	7,246

Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the year ended December 31, 2021 significantly outperformed the projected cash flows by approximately $326.0 million. The Company believes the collection over-performance was a result of improvements in collections operations and changed consumer behavior during the COVID-19 pandemic.

While the Company now has additional information with respect to the impact on collections of the COVID-19 pandemic, the future outlook remains uncertain, and will continue to evolve depending on future developments, including the duration and spread of the pandemic and related actions taken by governments. When reassessing the future forecasts of expected lifetime recoveries during the year ended December 31, 2021, management considered historical and current collection performance, uncertainty in economic forecasts in the geographies in which we operate, and believes that for certain static pools collections over-performance resulted in increased total expected recoveries. Although management believes that the relevant macroeconomic conditions have improved and therefore no longer materially impact the Company’s collections performance, uncertainty still remains in the geographies in which the Company operates. As a result, the Company has updated its forecast, resulting in a reduction of total estimated remaining collections which in turn, when discounted to present value, resulted in a negative change in expected future period recoveries of approximately $126.9 million during the year ended December 31, 2021. The circumstances around this pandemic are evolving rapidly and will continue to impact the Company’s business and its estimation of expected recoveries in future periods. The Company will continue to closely monitor the COVID-19 situation and update its assumptions accordingly.

The following tables summarize the changes in the balance of the investment in receivable portfolios during the year ended December 31, 2019, prior to the adoption of CECL (in thousands):


	Year Ended December 31,
	2019
Balance, beginning of period	$	3,137,893
Purchases of receivable portfolios	1,046,696
Collections applied to investment in receivable portfolios, net	(757,640)
Put-backs and Recalls	(11,591)
Deconsolidation of receivable portfolios	(51,935)
Disposals and transfers to real estate owned	(11,495)
Sale of receivable portfolios(1)	(98,636)
Portfolio allowance, net	(8,108)
Foreign currency adjustments	38,800
Balance, end of period	$	3,283,984

________________________

(1) Represents the sale of certain portfolios in the Company’s European operations under its co-investment framework. The Company recognized a gain of approximately $9.3 million in connection with the transaction. The gain was included in Other Revenues in the Company’s consolidated statements of income during the year ended December 31, 2019.

Composition of Certain Financial Statement Items

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Items

Note 5: Composition of Certain Financial Statement Items

Property and Equipment, Net

Property and equipment consist of the following as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Computer equipment and software	$	209,844	$	194,678
Leasehold improvements	37,533		43,621
Furniture, fixtures and equipment	19,959		10,514
Telecommunications equipment and other	3,075		3,450
Construction in process	2,487		4,739
	272,898		257,002
Less: accumulated depreciation and amortization	(153,041)		(129,705)
	$	119,857	$	127,297

Depreciation and amortization expense related to property and equipment was $42.2 million, $34.8 million, and $33.3 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Other Assets

Other assets consist of the following as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Operating lease right-of-use assets	$	68,812	$	72,164
Deferred tax assets	51,451		33,202
Real estate owned	44,640		42,173
Identifiable intangible assets, net	36,320		45,012
Prepaid expenses	26,943		26,717
Service fee receivables	22,610		26,539
Income tax deposits	19,315		35,853





Other	65,184		67,502
Total	$	335,275	$	349,162

Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

Note 6: Borrowings

The Company is in compliance in all material respects with all covenants under its financing arrangements as of December 31, 2021. The components of the Company’s consolidated borrowings were as follows as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Global senior secured revolving credit facility	$	406,635	$	481,007
Encore private placement notes	107,470		146,550
Senior secured notes	1,613,739		1,651,619
Convertible notes and exchangeable notes	422,500		583,500
Cabot securitisation senior facility	473,443		478,131
Other	24,889		24,398
Finance lease liabilities	7,005		8,288
	3,055,681		3,373,493
Less: debt discount and issuance costs, net of amortization	(58,350)		(91,859)
Total	$	2,997,331	$	3,281,634

Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Encore Private Placement Notes, each of which is guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries.

Global Senior Secured Revolving Credit Facility

In September 2020, the Company entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). In previous periods, the Company referred to this facility as the Cabot Credit Facility. As of December 31, 2021, the Global Senior Facility provided for a total committed facility of $1,050.0 million that matures in September 2025 and included the following key provisions:

•Interest at LIBOR (or EURIBOR for any loan drawn in euro or a rate based on SONIA for any loan drawn in British Pound) plus 2.50% per annum, with a LIBOR (or EURIBOR or SONIA) floor of 0.00%;

•An unused commitment fee of 0.40% per annum, payable quarterly in arrears;

•A restrictive covenant that limits the LTV Ratio (as defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized;

•A restrictive covenant that limits the SSRCF Ratio (as defined in the Global Senior Facility) to 0.275;

•A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0;

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

•Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable.

The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

As of December 31, 2021, the outstanding borrowings under the Global Senior Facility were $406.6 million. The weighted average interest rate of the Global Senior Facility was 3.07% and 3.25% for the years ended December 31, 2021 and December 31, 2020, respectively. The weighted average interest rate of the previous Cabot Credit Facility was 3.30% for the year ended December 31, 2020. The weighted average interest rate of the previous Encore Revolving Credit Facility was 3.90% for the year ended December 31, 2020. Available capacity under the Global Senior Facility was $643.4 million as of December 31, 2021.

Encore Private Placement Notes

In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). In September 2020 the Company prepaid approximately $103.7 million of the Encore Private Placement Notes and made a $10.4 million make-whole payment to the holders of notes that were prepaid. The make-whole payment was included in loss on extinguishment of debt in the Company’s consolidated statements of income during the year ended December 31, 2020. As of December 31, 2021, $107.5 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility.

Senior Secured Notes

The following table provides a summary of the Senior Secured Notes ($ in thousands):


	December 31, 2021		December 31, 2020		Maturity Date	Interest Payment Dates	Interest Rate
Cabot 2023 Notes	$	—	$	309,034	Oct 1, 2023	Apr 1, Oct 1	7.500	%

Encore 2025 Notes	397,928		426,752		Oct 15, 2025	Apr 15, Oct 15	4.875	%
Encore 2026 Notes	405,808		409,827		Feb 15, 2026	Feb 15, Aug 15	5.375	%
Encore 2028 Notes	338,174		—		Jun 1, 2028	Jun 1, Dec 1	4.250	%
Encore 2028 Floating Rate Notes	471,829		506,006		Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
	$	1,613,739	$	1,651,619

______________________

(1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.

In September 2020 Encore issued €350.0 million (approximately $397.9 million based on an exchange rate of $1.00 to €0.88, the exchange rate as of December 31, 2021) in aggregate principal amount of 4.875% Senior Secured Notes due 2025 at an issue price of 98.889% (the “Encore 2025 Notes”). Interest on the Encore 2025 Notes is payable semi-annually, in arrears, on April 15 and October 15 of each year, commencing on April 15, 2021.

In November 2020, Encore issued £300.0 million (approximately $405.8 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) in aggregate principal amount of 5.375% Senior Secured Notes due 2026 at an issue price of 100.000% (the “Encore 2026 Notes”). Interest on the Encore 2026 Notes is payable semi-annually, in arrears, on February 15 and August 15 of each year, commencing on February 15, 2021. The Company used the proceeds from this offering to redeem £286.7 million (approximately $387.8 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) of the outstanding £512.9 million (approximately $693.8 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) aggregate principal amount of 7.500% Senior Secured Notes due 2023 (the “Cabot 2023 Notes”) at a redemption price of 101.875%, and pay certain transaction fees and expenses incurred in connection with this offering. The Company recognized a loss on extinguishment of debt of approximately $12.8 million associated with this transaction during the year ended December 31, 2020.

In December 2020, Encore issued €415.0 million (approximately $471.8 million based on an exchange rate of $1.00 to €0.88, the exchange rate as of December 31, 2021) in aggregate principal amount of senior secured floating rate notes due 2028 at an issue price of 99.000% (the “Encore 2028 Floating Rate Notes”). The Encore 2028 Floating Rate Notes bear interest at a rate equal to the sum of (i) three-month EURIBOR (subject to a 0% floor) plus (ii) 4.250% per annum, reset quarterly. Interest is payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on April 15, 2021. The Company used the proceeds from this offering to redeem the outstanding €400.0 million (approximately $454.8 million based on an exchange rate of $1.00 to €0.88, the exchange rate as of December 31, 2021) aggregate principal amount Senior Secured Floating Rate Notes due 2024 (the “Cabot 2024 Floating Rate Notes”) in full and pay certain transaction fees and expenses incurred in connection with this offering. The Company recognized a loss on extinguishment of debt of approximately $13.1 million associated with this transaction during the year ended December 31, 2020. The Cabot 2024 Floating Rate Notes bore interest at a rate equal to the sum of (i) three-month EURIBOR (subject to a 0% floor) plus (ii) 6.375%, reset quarterly.

In June 2021, Encore issued £250.00 million (approximately $338.2 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) aggregate principal amount of senior secured notes due 2028 (the “Encore 2028 Notes” and together with the Cabot 2023 Notes, Encore 2025 Notes, Encore 2026 Notes and the Encore 2028 Floating Rate Notes, the “Senior Secured Notes”). The Encore 2028 Notes accrue interest at a rate of 4.250% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2021. Encore used the proceeds from the offering to redeem in full the then outstanding £226.2 million (approximately $306.0 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) aggregate principal amount of 7.500% Cabot 2023 Notes at a redemption price of 101.875%, and to pay certain transaction fees and expenses incurred in connection with the offering. The Company recognized a loss on extinguishment of debt of approximately $9.3 million associated with this transaction during the year ended December 31, 2021.

The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under the section “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets.

Convertible Notes and Exchangeable Notes

The following table provides a summary of the principal balance, maturity date and interest rate for the outstanding convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):


	December 31, 2021		December 31, 2020		Maturity Date	Interest Rate
2021 Convertible Notes (1)	$	—	$	161,000	Mar 15, 2021	2.875	%
2022 Convertible Notes	150,000		150,000		Mar 15, 2022	3.250	%
2023 Exchangeable Notes	172,500		172,500		Sep 1, 2023	4.500	%
2025 Convertible Notes	100,000		100,000		Oct 1, 2025	3.250	%
	$	422,500	$	583,500

_______________________

(1)The 2021 Convertible Notes matured on March 15, 2021 and the Company repaid the outstanding principal in cash.

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

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 Convertible Notes and the Exchangeable Notes. The hedge instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. The Company recorded the cost of the hedge instruments as a reduction in additional paid-in capital, and does not recognize subsequent changes in fair value of these financial instruments in its consolidated financial statements. As of December 31, 2021, the Company had one hedge program that increases the effective exchange price for the 2023 Exchangeable Notes. The Company did not hedge the 2022 Convertible Notes or the 2025 Convertible Notes.

Pursuant to certain terms in the indentures of the Company’s Convertible Notes and Exchangeable Notes, the conversion or exchange rates have been adjusted upon the completion of the Company’s modified “Dutch Auction” tender offer effective in December 2021. Refer to details of the tender offer in Note 8: Common Stock.” Certain key terms related to the convertible and exchangeable features as of December 31, 2021 are listed below ($ in thousands, except conversion or exchange price):


	2022 Convertible Notes		2023 Exchangeable Notes		2025 Convertible Notes
Initial conversion or exchange price	$	45.57	$	44.62	$	40.00
Closing stock price at date of issuance	$	35.05	$	36.45	$	32.00
Closing stock price date	Feb 27, 2017		Jul 20, 2018		Sep 4, 2019
Initial conversion or exchange rate (shares per $1,000 principal amount)	21.9467		22.4090		25.0000
Adjusted conversion or exchange rate (shares per $1,000 principal amount)	22.0617		22.5264		25.1310
Adjusted conversion or exchange price	$	45.33	$	44.39	$	39.79
Adjusted effective conversion or exchange price(1)	$	45.33	$	62.13	$	39.79
Excess of if-converted value compared to principal(2)	$	55,538	$	68,847	$	56,089
Conversion or exchange date(3)	Sep 15, 2021		Mar 1, 2023		Jul 1, 2025

_______________________

(1)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13.

(2)Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on December 31, 2021. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program.

(3)During the quarter ending December 31, 2021, the closing price of the Company’s common stock exceeded 130% of the exchange price of the 2023 Exchangeable Notes and the conversion price of the 2025 Convertible Notes for more than 20 trading days during a 30 consecutive trading day period, thereby satisfying one of the early exchange or conversion events. As a result, the 2023 Exchangeable Notes and the 2025 Convertible Notes became exchangeable or convertible on demand on January 1, 2022.

Prior to the close of business on the business day immediately preceding their respective free conversion or exchange date (listed above), 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 free conversion or exchange dates until the close of business on the second scheduled trading day immediately preceding their respective maturity date, holders may convert or exchange their notes at any time.

In September 2021, in accordance with the indenture for the 2022 Convertible Notes, the Company irrevocably elected “combination settlement” with a specified dollar amount equal to $1,750 per $1,000 principal amount of the 2022 Convertible Notes for all conversions of the 2022 Convertible Notes that occur on or after September 15, 2021, the free conversion date, which effectively will result in an all cash settlement for the 2022 Convertible Notes so long as the stock price is less than $79.32 at the time of conversion. None of the 2022 Convertible Notes have been converted.

In the event of conversion or exchange, the 2025 Convertible Notes and the 2023 Exchangeable Notes are convertible or exchangeable into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or 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.

As discussed in “Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies,” the Company adopted ASU 2020-06 on January 1, 2021 using a modified-retrospective approach. The Company’s convertible and exchangeable notes are no longer bifurcated into a debt component and an equity component, instead, they are carried as a single liability, which reflects the principal amount of the convertible and exchangeable notes. The interest expense recognized on the convertible and exchangeable notes is based on coupon rates, rather than higher effective interest rates. The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance.

Prior to the adoption of ASU 2020-06. The Convertible Notes and Exchangeable Notes were bifurcated into a debt component and an equity component. The debt discount was amortized into interest expense using effective interest rates. 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 at the time of the original offering are listed below (in

thousands, except percentages):


	2021 Convertible Notes			2022 Convertible Notes			2023 Exchangeable Notes			2025 Convertible Notes
Debt component	$	143,645		$	137,266		$	157,971		$	91,024
Equity component	$	17,355		$	12,734		$	14,009		$	8,976
Equity issuance cost	$	581		$	398		$	—		$	224
Stated interest rate	2.875		%	3.250		%	4.500		%	3.250		%
Effective interest rate	4.700		%	5.200		%	6.500		%	5.000		%

The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding prior to the adoption of ASU 2020-06 were as follows (in thousands):


	December 31, 2020
Liability component—principal amount	$	583,500
Unamortized debt discount	(19,364)
Liability component—net carrying amount	$	564,136
Equity component	$	53,074

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


	Year ended December 31,
	2021		2020		2019
Interest expense—stated coupon rate	$	16,839	$	21,857	$	23,845
Interest expense—amortization of debt discount	—		10,945		12,780
Interest expense—Convertible Notes and Exchangeable Notes	$	16,839	$	32,802	$	36,625

Cabot Securitisation Senior Facility

Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £350.0 million (as amended, the “Cabot Securitisation Senior Facility”). On November 12, 2021, the Cabot Securitisation Senior Facility was amended to extend the maturity date from March 15, 2025 to September 18, 2026. Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.00% plus, for periods after September 18, 2024, a step-up margin ranging from zero to 1.00%.

As of December 31, 2021, the outstanding borrowings under the Cabot Securitisation Senior Facility were £350.0 million (approximately $473.4 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility 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 £361.0 million (approximately $488.3 million based on an exchange rate of $1.00 to £0.74, the exchange rate as of December 31, 2021) as of December 31, 2021. The weighted average interest rate was 3.11% and 3.23% for the years ended December 31, 2021 and 2020, respectively.

Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 7: Variable Interest Entities” for further details.

Finance Lease Liabilities

The Company has finance lease liabilities primarily for computer equipment. As of December 31, 2021, the Company’s finance lease liabilities were approximately $7.0 million. Refer to “Note 12: Leases” for further details.

Maturity Schedule

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


2022	$	203,825
2023	220,667
2024	33,622
2025	907,663
2026	879,901
Thereafter	810,003
Total	$	3,055,681

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 7: 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. As of December 31, 2021, the Company’s VIEs include certain securitized financing vehicle 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. The Company has the power to exercise discretion in the servicing of the financial assets and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. 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.

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2021
Common Stock [Abstract]
Common Stock	Note 8: Common Stock Share Repurchase Plan On August 12, 2015, the Company’s Board of Directors approved a $50.0 million share repurchase program. On May 5, 2021, the Company announced that the Board of Directors had approved an increase in the size of the repurchase program from $50.0 million to $300.0 million (an increase of $250.0 million). 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. During the year ended December 31, 2021, the Company repurchased 2,598,034 shares of its common stock for approximately $121.2 million. The Company’s practice is to retire the shares repurchased. Tender Offer On November 4, 2021, the Company commenced a modified “Dutch Auction” tender offer to purchase up to $300.0 million of shares of its common stock with a price range between $52.00 and $60.00 per share. On December 9, 2021, the Company announced the final results of the tender offer. Through the tender offer, the Company purchased 4,471,995 shares of common stock at a price of $60.00 per share, for a total cost of $268.3 million, excluding fees and expenses. The shares purchased through the tender offer were immediately retired. The Company records the excess of repurchase price over the par amount to additional paid-in capital, then to retained earnings once additional paid-in capital is reduced to zero. Direct costs relating to the stock repurchases are treated as stock issuance costs and are included in stockholders’ equity.

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

Note 9: Accumulated Other Comprehensive Loss

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at December 31, 2018	$	(6,054)	$	(104,933)	$	(110,987)
Other comprehensive loss before reclassification	(7,055)		22,675		15,620
Reclassification (1)	2,026		—		2,026
Removal of OCI in connection with divestiture	—		3,814		3,814
Tax effect	761		—		761
Balance at December 31, 2019	(10,322)		(78,444)		(88,766)
Other comprehensive loss before reclassification	(324)		17,153		16,829
Reclassification	558		—		558
Removal of OCI in connection with divestiture	—		2,632		2,632
Tax effect	(66)		—		(66)
Balance at December 31, 2020	(10,154)		(58,659)		(68,813)
Other comprehensive loss before reclassification	(31,709)		(15,309)		(47,018)
Reclassification (1)	44,544		—		44,544

Removal of OCI in connection with divestiture	—		19,904		19,904
Tax effect	(2,165)		—		(2,165)
Balance at December 31, 2021	$	516	$	(54,064)	$	(53,548)

________________________

(1)Includes immaterial adjustment to true-up certain derivative related activities recorded in prior periods.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10: 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.

Total stock-based compensation expense during the years ended December 31, 2021, 2020, and 2019 was $18.3 million, $16.6 million, and $12.6 million, respectively. The actual tax benefit from stock-based compensation arrangements totaled $2.5 million, $2.5 million, and $1.2 million for the years ended December 31, 2021, 2020, and 2019, 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.

There were no options granted during the years ended December 31, 2021, 2020, or 2019. As of December 31, 2021, all outstanding stock options have been fully vested and all related compensation expense has been fully recognized.

A summary of the Company’s stock option activity as of December 31, 2021, and changes during the year then ended, are presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	9,166	$	22.17


Exercised	(5,000)	$	22.17

Outstanding as of December 31, 2021	4,166	$	22.17	0.26	$	166
Exercisable as of December 31, 2021	4,166	$	22.17	0.26	$	166

The total intrinsic value of options exercised during the years ended December 31, 2021 and 2019 was $0.2 million and $0.9 million, respectively. Cash received from option exercise under all share-based payment arrangements during the years ended December 31, 2021 and 2019, was negligible. There were no stock options exercised during the year ended December 31, 2020.

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, 2021, and changes during the year then ended, are presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	164,013	$	31.73


Exercised	(50,083)	$	30.95

Expired	(13,316)	$	40.50
Outstanding as of December 31, 2021	100,614	$	30.95	2.19	$	3,135
Vested as of December 31, 2021	100,614	$	30.95	2.19	$	3,135
Exercisable as of December 31, 2021	100,614	$	30.95	2.19	$	3,135

As of December 31, 2021, all related compensation expense has been fully recognized. No performance stock options were granted during the years ended December 31, 2021, 2020, and 2019. The total intrinsic value of performance options exercised during the year ended December 31, 2021 and 2019 was $1.1 million and $0.1 million, respectively. Cash received from performance option exercise during the years ended December 31, 2021 and 2019 was $1.6 million and $0.3 million, respectively. There were no performance stock options exercised during the year ended December 31, 2020.

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 grant date. Compensation expense is recognized only for the awards that ultimately vest. The Company has certain share awards that include market conditions that affect vesting. These shares vest based on the Company’s three-year relative total stockholder return compared to the other companies in the S&P SmallCap 600 Financial Sector Index as of the date of grant. The fair value of these shares is estimated using a lattice model. 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 Company’s stock award activities as of December 31, 2021, and changes during the year then ended, is presented below:


	Non-Vested Shares (1)	Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2020	942,518	$	37.28
Awarded	418,961	$	42.09
Vested	(442,894)	$	38.04
Cancelled	(224,646)	$	38.44
Non-vested as of December 31, 2021	693,939	$	39.33

________________________

(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, 2021 and 2020, the maximum number of non-vested performance shares that could vest under the provisions of the agreements was 878,309 and 1,255,445, respectively.

Unrecognized compensation expense related to non-vested shares as of December 31, 2021 was $12.8 million. The weighted-average remaining expense period, based on the unamortized value of these outstanding non-vested shares, was approximately 1.3 years. The fair value of restricted stock units and restricted stock awards vested for the years ended December 31, 2021, 2020, and 2019 was $16.9 million, $14.5 million, and $8.9 million, respectively. The weighted average grant date fair value for stock awards granted during the years ended December 31, 2021, 2020, and 2019 was $42.09, $38.51, and $32.42, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 11: Income Taxes

Income before provision for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2021		2020		2019
US	$	390,607	$	259,132	$	144,495
Foreign	45,934		23,766		56,747
Total income before provision for income taxes	$	436,541	$	282,898	$	201,242

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


	Year Ended December 31,
	2021		2020		2019
Current expense (benefit):
Federal	$	33,582	$	43,185	$	(2,917)
State	5,787		8,528		(6,464)
Foreign	10,600		10,112		21,008
	49,969		61,825		11,627
Deferred expense (benefit):
Federal	49,512		15,851		27,640
State	5,904		2,192		5,535
Foreign	(20,045)		(9,494)		(12,469)
	35,371		8,549		20,706
Provision for income taxes	$	85,340	$	70,374	$	32,333

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


	Year Ended December 31,
	2021		2020		2019
Federal provision	21.0	%	21.0	%	21.0	%
State provision	2.3	%	3.2	%	0.2	%
Foreign rate differential(1)	(1.0)	%	(0.5)	%	(2.2)	%

Change in tax rate(2)	(1.3)	%	(0.9)	%	0.2	%
Change in valuation allowance(3)	(2.3)	%	0.9	%	(0.5)	%
IRS settlement(4)	—	%	—	%	(2.4)	%
Tax effect of CFPB settlement fees(5)	—	%	1.1	%	—	%
Other	0.8	%	0.1	%	(0.2)	%
Effective rate	19.5	%	24.9	%	16.1	%

________________________

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

(2)In 2021 and 2020, includes impact of U.K. tax rate increases.

(3)In 2021, valuation allowance net decrease resulted from releasing valuation allowances in certain foreign subsidiaries.

(4)In 2019, relates to tax benefit resulting from tax accounting method change.

(5)Non-deductible expense 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 years ended December 31, 2021, 2020 and 2019 was immaterial.

The Company has not provided for applicable income or withholding taxes on the undistributed earnings from continuing operations for certain of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries as of December 31, 2021, were approximately $143.0 million. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments of unremitted earnings under the indefinite reinvestment exemption. Determination of the amount of unrecognized deferred tax liability related to these earnings is not

practical due to the complexities of a hypothetical calculation. Subsidiaries operating outside of the United States for which the Company does not consider under the indefinite reinvestment exemption have no material undistributed earnings or outside basis differences and therefore no U.S. taxes have been provided.

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


	December 31, 2021		December 31, 2020 (1)
Deferred tax assets:
Net operating losses	$	68,677	$	69,718
Operating lease liabilities	18,715		18,717
Accrued expenses	11,885		10,165
Difference in basis of bond and loan costs	—		16
Difference in basis of receivable portfolio	33,335		17,115
Stock-based compensation	4,528		2,787
Right-of-use asset	23		58
Difference in basis of depreciable and amortizable assets	5,326		4,242
Other	6,094		5,782
Total deferred tax assets	148,583		128,600
Valuation allowance	(35,920)		(45,636)
Total deferred tax assets net of valuation allowance	112,663		82,964
Deferred tax liabilities:
Accrued expenses	(750)		(9)
Difference in basis of bond and loan costs	(1,725)		(11,818)
Difference in basis of receivable portfolio	(105,743)		(41,383)
Stock-based compensation	(672)		—
Right-of-use asset	(15,367)		(14,717)
Difference in basis of depreciable and amortizable assets	(26,210)		(18,105)
Prepaid expenses	(907)		(793)
Other	(23)		(1,869)
Total deferred tax liabilities	(151,397)		(88,694)
Net deferred tax liability(2)	$	(38,734)	$	(5,730)

________________________

(1)Certain adjustments have been made to the numbers reported in the Form 10-K for the year ended December 31, 2020, to reflect the revision of immaterial presentation errors in the prior period primarily due to incorrect netting of deferred tax assets and deferred tax liabilities in certain taxing jurisdictions. The net deferred tax liability was correctly reported in the prior year.

(2)The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred taxes 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, 2021, certain of the Company’s foreign subsidiaries have net operating loss carry forwards of approximately $274.3 million, which will begin to expire in 2024. Certain of the Company’s domestic subsidiaries have state net operating losses which the Company expects to fully utilize upon filing the 2021 income tax returns.

Valuation allowances are recorded against deferred tax assets, including certain net operating losses recorded as deferred tax assets, if the Company believes it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2021, valuation allowance decreased by $9.7 million, as compared to December 31, 2020. The decrease in valuation allowance is primarily due to expected utilization of net operating losses in certain foreign jurisdictions that were previously limited due to forecasted income. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets in these jurisdictions.

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


	Amount















Balance as of December 31, 2018	$	18,552
Decreases related to prior year tax positions	(10,673)
Increases related to current year tax positions	4,442
Decrease related to expiration of statute of limitations	(2,493)
Decreases related to settlements with taxing authorities	(1,920)
Balance as of December 31, 2019	7,908
Decrease related to prior year tax positions	(608)
Increases related to prior year tax positions	6
Increases related to current year tax positions	574
Decrease related to expiration of statute of limitations	(827)
Decreases related to settlements with taxing authorities	(272)
Balance as of December 31, 2020	6,781
Decrease related to prior year tax positions	(2,034)
Decrease related to expiration of statute of limitations	(712)
Increase related to prior year tax positions	261
Increase related to current year tax positions	251
Balance as of December 31, 2021	$	4,547

The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $4.6 million, $6.9 million and $8.2 million as of December 31, 2021, 2020, and 2019 respectively. As of December 31, 2021, 2020 and 2019, there was $1.6 million, $3.3 million and $5.0 million, respectively, of unrecognized tax benefit that if recognized, would result in a net tax benefit. During the year ended December 31, 2021, the decrease in the Company’s gross unrecognized tax benefit was primarily related to the release of a prior year position related to a foreign entity. During the year ended December 31, 2020, the decrease in the Company's gross unrecognized tax benefit was primarily related to the expiration of state statute of limitations. During the year ended December 31, 2019, the decrease in the Company’s gross unrecognized tax benefit was primarily related to decreases in prior year tax positions from exam resolutions.

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 income tax as a component of the provision for income taxes. The Company recognized expense of $0.1 million, expense of $0.2 million and benefit of $2.7 million in net interest and penalties during the years ended December 31, 2021, 2020 and 2019, respectively. Interest and penalties accrued as of December 31, 2021, 2020 and 2019 were immaterial.

The Company files federal, state and non-U.S. income tax returns in jurisdictions with varying statutes of limitations. The Company is subject to examination of its income tax returns by various taxing authorities, and the timing of the resolution of income tax examinations cannot be predicted with certainty. In general, the Company is subject to examination for tax years after 2017 for the U.S. federal jurisdiction, after 2012 for U.S state jurisdictions, and after 2014 in major foreign jurisdictions.

The Company's management regularly assesses the likelihood of adverse outcomes resulting from examinations, if any, 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 12: Leases

The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment.

The components of lease expense were as follows during the periods presented (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease costs(1)	$	17,272	$	16,331
Finance lease costs
Amortization of ROU assets	3,848		3,149
Interest on lease liabilities	419		420
Total lease costs	$	21,539	$	19,900

________________________

(1)Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of income. Costs include short-term and variable lease components which were not material for the periods presented.

The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands):


	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease ROU assets	Other assets	$	68,812	$	72,164
Finance lease ROU assets	Property and equipment, net	15,064		12,410
Total lease ROU assets		$	83,876	$	84,574

Liabilities
Operating lease liabilities	Other liabilities	$	84,314	$	90,659
Finance lease liabilities	Borrowings	7,005		8,288
Total lease liabilities		$	91,319	$	98,947

Supplemental lease information is summarized below (in thousands):


	Year Ended December 31,
	2021		2020
ROU assets obtained in exchange for new operating lease obligations	$	13,426	$	8,990
ROU assets obtained in exchange for new finance lease obligations	2,664		3,276
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	20,048		17,396
Finance leases - operating cash flows	419		419
Finance leases - financing cash flows	3,950		3,114

Lease term and discount rate were as follows:


	December 31, 2021		December 31, 2020
Weighted-average remaining lease term (in years)
Operating leases	6.2		7.1
Finance leases	2.0		2.5
Weighted-average discount rate
Operating leases	5.2	%	5.0	%
Finance leases	4.6	%	4.6	%

Maturities of lease liabilities under non-cancelable leases as of December 31, 2021 are summarized as follows (in thousands):


	Finance Leases		Operating Leases		Total
2022	$	4,182	$	17,878	$	22,060
2023	2,198		15,459		17,657
2024	973		15,751		16,724
2025	—		13,015		13,015
2026	—		12,127		12,127
Thereafter	—		28,507		28,507
Total undiscounted lease payments	7,353		102,737		110,090
Less: imputed interest	(348)		(18,423)		(18,771)
Total lease liabilities	$	7,005	$	84,314	$	91,319

Leases

Note 12: Leases

The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment.

The components of lease expense were as follows during the periods presented (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease costs(1)	$	17,272	$	16,331
Finance lease costs
Amortization of ROU assets	3,848		3,149
Interest on lease liabilities	419		420
Total lease costs	$	21,539	$	19,900

________________________

The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands):


	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease ROU assets	Other assets	$	68,812	$	72,164
Finance lease ROU assets	Property and equipment, net	15,064		12,410
Total lease ROU assets		$	83,876	$	84,574

Liabilities
Operating lease liabilities	Other liabilities	$	84,314	$	90,659
Finance lease liabilities	Borrowings	7,005		8,288
Total lease liabilities		$	91,319	$	98,947

Supplemental lease information is summarized below (in thousands):


	Year Ended December 31,
	2021		2020
ROU assets obtained in exchange for new operating lease obligations	$	13,426	$	8,990
ROU assets obtained in exchange for new finance lease obligations	2,664		3,276
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	20,048		17,396
Finance leases - operating cash flows	419		419
Finance leases - financing cash flows	3,950		3,114

Lease term and discount rate were as follows:


	December 31, 2021		December 31, 2020
Weighted-average remaining lease term (in years)
Operating leases	6.2		7.1
Finance leases	2.0		2.5
Weighted-average discount rate
Operating leases	5.2	%	5.0	%
Finance leases	4.6	%	4.6	%

Maturities of lease liabilities under non-cancelable leases as of December 31, 2021 are summarized as follows (in thousands):


	Finance Leases		Operating Leases		Total
2022	$	4,182	$	17,878	$	22,060
2023	2,198		15,459		17,657
2024	973		15,751		16,724
2025	—		13,015		13,015
2026	—		12,127		12,127
Thereafter	—		28,507		28,507
Total undiscounted lease payments	7,353		102,737		110,090
Less: imputed interest	(348)		(18,423)		(18,771)
Total lease liabilities	$	7,005	$	84,314	$	91,319

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: 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 September 2015, the Company entered into a consent order (the “2015 Consent Order”) with the Consumer Financial Protection Bureau (the “CFPB”) in which the Company settled allegations arising from its practices between 2011 and 2015. In October 2020, the Company entered into a stipulated judgment (“Stipulated Judgment”) with the CFPB to resolve a subsequent lawsuit related to the 2015 Consent Order. As a result of the Stipulated Judgment the Company recorded a charge of $15.0 million, which is included in the general and administration expenses in its consolidated statements of income for the year ended December 31, 2020. Additionally, we are subject to ancillary state Attorney General investigations related to similar debt collection practices. In 2018, we entered into settlement agreements with the Attorneys General of 42 U.S. states and the District of Columbia in connection with our debt collection and litigation practices. The Company has discussed with additional state attorneys general potential resolution of these investigations, which could include penalties, restitution, and/or the adoption of new operational requirements. If the Company is unable to resolve its differences with the state attorneys general, it is possible that they may file claims against the Company. 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. 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, 2021, the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements. A forward flow purchase agreement is a commitment to purchase receivables over a duration that is typically three to twelve months, but can be longer, generally with a specifically defined volume range, frequency, and pricing. Typically, these forward flow contracts have provisions that allow for early termination or price re-negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month’s delivery is materially different than the original portfolio used to price the forward flow contract. Certain of these forward flow purchase agreements may also have termination clauses, whereby the agreements can be canceled by either party upon providing a certain specified amount of notice. As of December 31, 2021, the Company had entered into forward flow purchase agreements for the purchase of nonperforming loans with an estimated minimum aggregate purchase price of approximately $259.2 million. We expect actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price. Employee Savings and Retirement Plan The Company has a 401(k) Savings Plan that qualifies as deferred salary arrangements under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, matching contributions are based upon the amount of the employees’ contributions subject to certain limitations. The Company recognized expense of approximately $2.8 million, $2.9 million, and $2.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. 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, 2021, has no liabilities recorded for these agreements.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

Note 14: Segment and Geographic Information

The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments 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,
	2021		2020		2019
Total revenues(1):
United States	$	1,115,572	$	992,916	$	817,693
International
Europe(2)	486,530		490,385		520,433
Other geographies	12,397		18,099		59,555
	498,927		508,484		579,988
Total	$	1,614,499	$	1,501,400	$	1,397,681

________________________

(1)Total revenues during 2019 is adjusted by net allowances. Total revenues are attributed to countries based on consumer location.

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


	December 31, 2021		December 31, 2020
Long-lived assets(1):
United States	$	70,413	$	83,523
International
United Kingdom	43,604		37,225
Other foreign countries	5,840		6,549
	49,444		43,774
Total	$	119,857	$	127,297

________________________

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Note 15: Goodwill and Identifiable Intangible Assets

The Company first assesses qualitative factors to determine whether it is necessary to perform the 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 quantitative test without performing the qualitative test. For the goodwill impairment tests performed as of October 1, 2021, the Company updated its consideration of the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. The Company performed qualitative analysis for the MCM reporting unit and proceeded directly to the quantitative test for its Cabot reporting unit.

If goodwill is quantitatively assessed for impairment and a reporting unit’s carrying value exceeds its fair value, the difference is recorded as an impairment. 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, 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 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 and 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 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.

Based on the annual goodwill impairment tests performed at October 1, 2021, no goodwill impairment existed at these two reporting units.

On August 15, 2019, the Company completed the sale of Baycorp, which represented the Company’s investments and operations in Australia and New Zealand. The Company concluded that the fair value of Baycorp immediately prior to the sale was less than its recorded book value and, as a result, the entire goodwill balance carried at the Baycorp reporting unit of $10.7 million was impaired. The goodwill impairment is included in operating expenses in the Company’s consolidated statements of income during the year ended December 31, 2019.

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 during the periods presented (in thousands):


	Year Ended December 31,
	2021		2020		2019
Balance as of beginning of period:	$	906,962	$	884,185	$	868,126



Goodwill impairment	—		—		(10,718)
Effect of foreign currency translation	(9,167)		22,777		26,777
Balance as of end of period:	$	897,795	$	906,962	$	884,185

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


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	66,969	$	(31,154)	$	35,815	$	66,796	$	(22,714)	$	44,082
Developed technologies	2,549		(2,530)		19		5,048		(4,760)		288
Trade name and other	1,597		(1,111)		486		6,644		(6,002)		642

Total intangible assets	$	71,115	$	(34,795)	$	36,320	$	78,488	$	(33,476)	$	45,012

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


			Weighted-Average Useful Lives
Customer relationships			10
Developed technologies			5
Trade name and other			7

The amortization expense for intangible assets subject to amortization was $7.9 million, $8.0 million, and $7.7 million during the years ended December 31, 2021, 2020, and 2019, respectively. Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2021 is as follows (in thousands):


2022	$	7,374
2023	6,965
2024	6,887
2025	6,533
2026	5,182
Thereafter	3,379
Total	$	36,320

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

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Consolidation

Translation of Foreign Currencies

Recently Adopted Accounting Guidance


	Balance as of December 31, 2020		Adjustment		Opening Balance as of January 1, 2021
Liabilities
Convertible notes and exchangeable notes	$	583,500	$	—	$	583,500
Debt discount	(19,364)		19,364		—
Other liabilities (for deferred tax liabilities)	146,893		(1,450)		145,443
Equity
Additional paid-in capital	230,440		(40,372)		190,068
Accumulated earnings	1,055,668		22,458		1,078,126

With the exception of the updated standard discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the year ended December 31, 2021.

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Included in cash and cash equivalents is 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

Current Accounting Policy

Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components:

(2) Changes in recoveries, which includes

Accounting Policy Prior to January 1, 2020

See “Note 4: Investment in Receivable Portfolios, Net” for further discussion of investment in receivable portfolios.

Transfers of Financial Assets

Servicing Revenue

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

Leases

The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases.

Income Taxes

Stock-Based Compensation

Derivative Instruments and Hedging Activities

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.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.

Concentration of Supply Risk

Earnings Per Share

Fair Value Measurements

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

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

Variable Interest Entity

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.

As of December 31, 2021, the Company’s VIEs include certain securitized financing vehicle 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. The Company has the power to exercise discretion in the servicing of the financial assets and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.

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.

Segment Reporting

Goodwill

The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. 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 assumptionsThe Company first assesses qualitative factors to determine whether it is necessary to perform the 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 quantitative test without performing the qualitative test.If goodwill is quantitatively assessed for impairment and a reporting unit’s carrying value exceeds its fair value, the difference is recorded as an impairment. 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, 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 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 and 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 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.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.

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

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Changes in Accounting Principles

The following table summarizes the cumulative effects of adopting the new guidance on the Company’s consolidated statements of financial condition at January 1, 2021 (in thousands):


	Balance as of December 31, 2020		Adjustment		Opening Balance as of January 1, 2021
Liabilities
Convertible notes and exchangeable notes	$	583,500	$	—	$	583,500
Debt discount	(19,364)		19,364		—
Other liabilities (for deferred tax liabilities)	146,893		(1,450)		145,443
Equity
Additional paid-in capital	230,440		(40,372)		190,068
Accumulated earnings	1,055,668		22,458		1,078,126

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 for the periods presented (in thousands, except per share amounts):


	Year Ended December 31,
	2021		2020		2019



Net income attributable to Encore Capital Group, Inc.	$	350,782	$	211,848	$	167,869

Total weighted-average basic shares outstanding	30,129		31,427		31,210
Dilutive effect of stock-based awards	407		283		264
Dilutive effect of convertible and exchangeable senior notes	617		—		—
Total weighted-average dilutive shares outstanding	31,153		31,710		31,474




Basic earnings per share	$	11.64	$	6.74	$	5.38



Diluted earnings per share	$	11.26	$	6.68	$	5.33

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
	Level 1		Level 2		Level 3		Total
Assets

Interest rate cap contracts	$	—	$	3,541	$	—	$	3,541
Liabilities


Cross-currency swap agreements	—		(16,902)		—		(16,902)
Contingent consideration	—		—		(5,218)		(5,218)


	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets

Cross-currency swap agreements	$	—	$	11,578	$	—	$	11,578
Interest rate cap contracts	—		659		—		659
Liabilities

Interest rate swap agreements	—		(5,232)		—		(5,232)
Contingent consideration	—		—		(2,957)		(2,957)

Schedule of Roll Forward of the Fair Value of Contingent Consideration


	Amount
Balance as of December 31, 2018	$	6,198
Change in fair value of contingent consideration	(2,300)
Payment of contingent consideration	(3,686)
Effect of foreign currency translation	(146)
Balance as of December 31, 2019	66
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,848
Payment of contingent consideration	(88)
Effect of foreign currency translation	131
Balance as of December 31, 2020	2,957
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,913
Change in fair value of contingent consideration	(388)
Payment of contingent consideration	(180)
Effect of foreign currency translation	(84)
Balance as of December 31, 2021	$	5,218

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

The carrying amounts in the following table are recorded in the consolidated statements of financial condition as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios	$	3,065,553	$	3,416,926	$	3,291,918	$	3,705,672

Financial Liabilities
Convertible senior notes due March 2021(1)	—		—		160,406		161,349
Convertible senior notes due March 2022(1)	150,000		195,009		146,644		160,905
Exchangeable senior notes due September 2023(1)	172,500		257,782		164,339		190,737
Convertible senior notes due October 2025(1)	100,000		165,887		92,747		109,090
Senior secured notes(2)	1,606,327		1,652,246		1,642,058		1,684,729
Encore private placement notes	107,470		108,652		146,550		141,860

________________________

(2)Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

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, 2021

December 31, 2020

Balance Sheet
Location

Fair Value

Balance Sheet
Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate cap contracts

Other assets

3,541

Other assets

659

Interest rate swap agreements

—

Other liabilities

(5,232)

Cross-currency swap agreements

Other liabilities

(16,902)

Other assets

11,578

Effects of Derivatives in Cash Flow Hedging Relationships


Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from OCI into Income	Gain (Loss) Reclassified from OCI into Income
	Year Ended December 31,							Year Ended December 31,
	2021		2020		2019			2021		2020		2019
Foreign currency exchange contracts	$	—	$	(341)	$	1,100	Salaries and employee benefits	$	—	$	49	$	383
Foreign currency exchange contracts	—		(44)		(56)		General and administrative expenses	—		11		(19)
Interest rate swap agreements	(69)		(7,441)		(6,347)		Interest expense	(8,743)		(7,893)		(2,560)
Interest rate cap contracts	1,824		(3,001)		(1,752)		Interest expense	(568)		(2,846)		146
Cross-currency swap agreements	(33,464)		10,503		—		Interest expense / Other expense	(33,532)		10,121		—

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of income during the periods presented (in thousands):


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income
		Year ended December 31,
		2021		2020		2019
Foreign currency exchange contracts	Other expense	$	(20)	$	3,564	$	(2,959)
Interest rate swap agreements	Other expense	(73)		—		—

Investment in Receivable Portfolios, Net (Tables)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2019

Receivables [Abstract]

Transition of Receivable Portfolios

The table below illustrates the Company’s transition approach for its investment in receivable portfolios as of January 1, 2020 (in thousands):


	Amount
Investment in receivable portfolios prior to transition	$	3,283,984
Initial transitioned deferred court costs	44,166
	3,328,150
Allowance for credit losses	79,028,043
Amortized cost	82,356,193
Noncredit discount	132,533,142
Face value	214,889,335
Write-off of amortized cost	(82,356,193)
Write-off of noncredit discount	(132,533,142)
Negative allowance	3,328,150
Initial negative allowance from transition	$	3,328,150

The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased subsequent to the adoption of CECL (in thousands):


	Year Ended December 31,
	2021		2020
Purchase price	$	664,529	$	659,872
Allowance for credit losses	1,823,582		1,703,420
Amortized cost	2,488,111		2,363,292
Noncredit discount	3,284,369		3,464,670
Face value	5,772,480		5,827,962
Write-off of amortized cost	(2,488,111)		(2,363,292)
Write-off of noncredit discount	(3,284,369)		(3,464,670)
Negative allowance	664,529		659,872
Negative allowance for expected recoveries - current period purchases	$	664,529	$	659,872

Schedule Of Investment In Receivable Portfolios Table

The following tables summarize the changes in the balance of the investment in receivable portfolios during the periods subsequent to the adoption of CECL (in thousands):


	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	3,291,918	$	3,328,150
Purchases of receivable portfolios	664,529		659,872
Collections applied to investment in receivable portfolios, net(1)	(1,019,629)		(737,131)
Changes in recoveries(2)	199,136		7,246
Put-backs and Recalls	(7,249)		(15,824)
Deconsolidation of receivable portfolios	(9,352)		(2,822)
Disposals and transfers to real estate owned	(8,071)		(9,459)
Foreign currency adjustments	(45,729)		61,886
Balance, end of period	$	3,065,553	$	3,291,918

________________________

(1) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods subsequent to the adoption of CECL:


	Year Ended December 31,
	2021		2020
Cash collections	$	2,307,359	$	2,111,848
Less - amounts classified to revenue from receivable portfolios	(1,287,730)		(1,374,717)
Collections applied to investment in receivable portfolios, net	$	1,019,629	$	737,131


	Year Ended December 31,
	2021		2020
Recoveries above forecast	$	326,006	$	228,075
Changes in expected future recoveries	(126,870)		(220,829)
Changes in recoveries	$	199,136	$	7,246

The following tables summarize the changes in the balance of the investment in receivable portfolios during the year ended December 31, 2019, prior to the adoption of CECL (in thousands):


	Year Ended December 31,
	2019
Balance, beginning of period	$	3,137,893
Purchases of receivable portfolios	1,046,696
Collections applied to investment in receivable portfolios, net	(757,640)
Put-backs and Recalls	(11,591)
Deconsolidation of receivable portfolios	(51,935)
Disposals and transfers to real estate owned	(11,495)
Sale of receivable portfolios(1)	(98,636)
Portfolio allowance, net	(8,108)
Foreign currency adjustments	38,800
Balance, end of period	$	3,283,984

________________________

Composition of Certain Financial Statement Items (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

Property and equipment consist of the following as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Computer equipment and software	$	209,844	$	194,678
Leasehold improvements	37,533		43,621
Furniture, fixtures and equipment	19,959		10,514
Telecommunications equipment and other	3,075		3,450
Construction in process	2,487		4,739
	272,898		257,002
Less: accumulated depreciation and amortization	(153,041)		(129,705)
	$	119,857	$	127,297

Other Assets

Other assets consist of the following as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Operating lease right-of-use assets	$	68,812	$	72,164
Deferred tax assets	51,451		33,202
Real estate owned	44,640		42,173
Identifiable intangible assets, net	36,320		45,012
Prepaid expenses	26,943		26,717
Service fee receivables	22,610		26,539
Income tax deposits	19,315		35,853





Other	65,184		67,502
Total	$	335,275	$	349,162

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Consolidated Debt and Capital Lease Obligations

The components of the Company’s consolidated borrowings were as follows as of the dates presented (in thousands):


	December 31, 2021		December 31, 2020
Global senior secured revolving credit facility	$	406,635	$	481,007
Encore private placement notes	107,470		146,550
Senior secured notes	1,613,739		1,651,619
Convertible notes and exchangeable notes	422,500		583,500
Cabot securitisation senior facility	473,443		478,131
Other	24,889		24,398
Finance lease liabilities	7,005		8,288
	3,055,681		3,373,493
Less: debt discount and issuance costs, net of amortization	(58,350)		(91,859)
Total	$	2,997,331	$	3,281,634

Schedule of Notes

The following table provides a summary of the Senior Secured Notes ($ in thousands):


	December 31, 2021		December 31, 2020		Maturity Date	Interest Payment Dates	Interest Rate
Cabot 2023 Notes	$	—	$	309,034	Oct 1, 2023	Apr 1, Oct 1	7.500	%

Encore 2025 Notes	397,928		426,752		Oct 15, 2025	Apr 15, Oct 15	4.875	%
Encore 2026 Notes	405,808		409,827		Feb 15, 2026	Feb 15, Aug 15	5.375	%
Encore 2028 Notes	338,174		—		Jun 1, 2028	Jun 1, Dec 1	4.250	%
Encore 2028 Floating Rate Notes	471,829		506,006		Jan 15, 2028	Jan 15, Apr 15, Jul 15, Oct 15	EURIBOR +4.250%(1)
	$	1,613,739	$	1,651,619

______________________

(1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.


	December 31, 2021		December 31, 2020		Maturity Date	Interest Rate
2021 Convertible Notes (1)	$	—	$	161,000	Mar 15, 2021	2.875	%
2022 Convertible Notes	150,000		150,000		Mar 15, 2022	3.250	%
2023 Exchangeable Notes	172,500		172,500		Sep 1, 2023	4.500	%
2025 Convertible Notes	100,000		100,000		Oct 1, 2025	3.250	%
	$	422,500	$	583,500

_______________________

(1)The 2021 Convertible Notes matured on March 15, 2021 and the Company repaid the outstanding principal in cash.

Schedule of Hedge Program for Convertible Notes

Certain key terms related to the convertible and exchangeable features as of December 31, 2021 are listed below ($ in thousands, except conversion or exchange price):


	2022 Convertible Notes		2023 Exchangeable Notes		2025 Convertible Notes
Initial conversion or exchange price	$	45.57	$	44.62	$	40.00
Closing stock price at date of issuance	$	35.05	$	36.45	$	32.00
Closing stock price date	Feb 27, 2017		Jul 20, 2018		Sep 4, 2019
Initial conversion or exchange rate (shares per $1,000 principal amount)	21.9467		22.4090		25.0000
Adjusted conversion or exchange rate (shares per $1,000 principal amount)	22.0617		22.5264		25.1310
Adjusted conversion or exchange price	$	45.33	$	44.39	$	39.79
Adjusted effective conversion or exchange price(1)	$	45.33	$	62.13	$	39.79
Excess of if-converted value compared to principal(2)	$	55,538	$	68,847	$	56,089
Conversion or exchange date(3)	Sep 15, 2021		Mar 1, 2023		Jul 1, 2025

_______________________

(1)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13.

Schedule of 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 at the time of the original offering are listed below (in

thousands, except percentages):


	2021 Convertible Notes			2022 Convertible Notes			2023 Exchangeable Notes			2025 Convertible Notes
Debt component	$	143,645		$	137,266		$	157,971		$	91,024
Equity component	$	17,355		$	12,734		$	14,009		$	8,976
Equity issuance cost	$	581		$	398		$	—		$	224
Stated interest rate	2.875		%	3.250		%	4.500		%	3.250		%
Effective interest rate	4.700		%	5.200		%	6.500		%	5.000		%

The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding prior to the adoption of ASU 2020-06 were as follows (in thousands):


	December 31, 2020
Liability component—principal amount	$	583,500
Unamortized debt discount	(19,364)
Liability component—net carrying amount	$	564,136
Equity component	$	53,074

Schedule of Interest Expense

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


	Year ended December 31,
	2021		2020		2019
Interest expense—stated coupon rate	$	16,839	$	21,857	$	23,845
Interest expense—amortization of debt discount	—		10,945		12,780
Interest expense—Convertible Notes and Exchangeable Notes	$	16,839	$	32,802	$	36,625

Summary of Debt Including Capital Lease Obligations Maturities

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


2022	$	203,825
2023	220,667
2024	33,622
2025	907,663
2026	879,901
Thereafter	810,003
Total	$	3,055,681

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands):


	Derivatives		Currency Translation Adjustments		Accumulated Other Comprehensive Loss
Balance at December 31, 2018	$	(6,054)	$	(104,933)	$	(110,987)
Other comprehensive loss before reclassification	(7,055)		22,675		15,620
Reclassification (1)	2,026		—		2,026
Removal of OCI in connection with divestiture	—		3,814		3,814
Tax effect	761		—		761
Balance at December 31, 2019	(10,322)		(78,444)		(88,766)
Other comprehensive loss before reclassification	(324)		17,153		16,829
Reclassification	558		—		558
Removal of OCI in connection with divestiture	—		2,632		2,632
Tax effect	(66)		—		(66)
Balance at December 31, 2020	(10,154)		(58,659)		(68,813)
Other comprehensive loss before reclassification	(31,709)		(15,309)		(47,018)
Reclassification (1)	44,544		—		44,544

Removal of OCI in connection with divestiture	—		19,904		19,904
Tax effect	(2,165)		—		(2,165)
Balance at December 31, 2021	$	516	$	(54,064)	$	(53,548)

________________________

(1)Includes immaterial adjustment to true-up certain derivative related activities recorded in prior periods.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2021, and changes during the year then ended, are presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	9,166	$	22.17


Exercised	(5,000)	$	22.17

Outstanding as of December 31, 2021	4,166	$	22.17	0.26	$	166
Exercisable as of December 31, 2021	4,166	$	22.17	0.26	$	166

A summary of the Company’s performance stock option activity as of December 31, 2021, and changes during the year then ended, are presented below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	164,013	$	31.73


Exercised	(50,083)	$	30.95

Expired	(13,316)	$	40.50
Outstanding as of December 31, 2021	100,614	$	30.95	2.19	$	3,135
Vested as of December 31, 2021	100,614	$	30.95	2.19	$	3,135
Exercisable as of December 31, 2021	100,614	$	30.95	2.19	$	3,135

Summary of Restricted Stock Units

A summary of the Company’s stock award activities as of December 31, 2021, and changes during the year then ended, is presented below:


	Non-Vested Shares (1)	Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2020	942,518	$	37.28
Awarded	418,961	$	42.09
Vested	(442,894)	$	38.04
Cancelled	(224,646)	$	38.44
Non-vested as of December 31, 2021	693,939	$	39.33

________________________

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Pretax Income

Income before provision for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2021		2020		2019
US	$	390,607	$	259,132	$	144,495
Foreign	45,934		23,766		56,747
Total income before provision for income taxes	$	436,541	$	282,898	$	201,242

Components of Provision for Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
Current expense (benefit):
Federal	$	33,582	$	43,185	$	(2,917)
State	5,787		8,528		(6,464)
Foreign	10,600		10,112		21,008
	49,969		61,825		11,627
Deferred expense (benefit):
Federal	49,512		15,851		27,640
State	5,904		2,192		5,535
Foreign	(20,045)		(9,494)		(12,469)
	35,371		8,549		20,706
Provision for income taxes	$	85,340	$	70,374	$	32,333

Schedule of Effective Tax Rates

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


	Year Ended December 31,
	2021		2020		2019
Federal provision	21.0	%	21.0	%	21.0	%
State provision	2.3	%	3.2	%	0.2	%
Foreign rate differential(1)	(1.0)	%	(0.5)	%	(2.2)	%

Change in tax rate(2)	(1.3)	%	(0.9)	%	0.2	%
Change in valuation allowance(3)	(2.3)	%	0.9	%	(0.5)	%
IRS settlement(4)	—	%	—	%	(2.4)	%
Tax effect of CFPB settlement fees(5)	—	%	1.1	%	—	%
Other	0.8	%	0.1	%	(0.2)	%
Effective rate	19.5	%	24.9	%	16.1	%

________________________

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

(2)In 2021 and 2020, includes impact of U.K. tax rate increases.

(3)In 2021, valuation allowance net decrease resulted from releasing valuation allowances in certain foreign subsidiaries.

(4)In 2019, relates to tax benefit resulting from tax accounting method change.

(5)Non-deductible expense for tax purposes.

Components of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands):


	December 31, 2021		December 31, 2020 (1)
Deferred tax assets:
Net operating losses	$	68,677	$	69,718
Operating lease liabilities	18,715		18,717
Accrued expenses	11,885		10,165
Difference in basis of bond and loan costs	—		16
Difference in basis of receivable portfolio	33,335		17,115
Stock-based compensation	4,528		2,787
Right-of-use asset	23		58
Difference in basis of depreciable and amortizable assets	5,326		4,242
Other	6,094		5,782
Total deferred tax assets	148,583		128,600
Valuation allowance	(35,920)		(45,636)
Total deferred tax assets net of valuation allowance	112,663		82,964
Deferred tax liabilities:
Accrued expenses	(750)		(9)
Difference in basis of bond and loan costs	(1,725)		(11,818)
Difference in basis of receivable portfolio	(105,743)		(41,383)
Stock-based compensation	(672)		—
Right-of-use asset	(15,367)		(14,717)
Difference in basis of depreciable and amortizable assets	(26,210)		(18,105)
Prepaid expenses	(907)		(793)
Other	(23)		(1,869)
Total deferred tax liabilities	(151,397)		(88,694)
Net deferred tax liability(2)	$	(38,734)	$	(5,730)

________________________

Unrecognized Tax Benefit

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


	Amount















Balance as of December 31, 2018	$	18,552
Decreases related to prior year tax positions	(10,673)
Increases related to current year tax positions	4,442
Decrease related to expiration of statute of limitations	(2,493)
Decreases related to settlements with taxing authorities	(1,920)
Balance as of December 31, 2019	7,908
Decrease related to prior year tax positions	(608)
Increases related to prior year tax positions	6
Increases related to current year tax positions	574
Decrease related to expiration of statute of limitations	(827)
Decreases related to settlements with taxing authorities	(272)
Balance as of December 31, 2020	6,781
Decrease related to prior year tax positions	(2,034)
Decrease related to expiration of statute of limitations	(712)
Increase related to prior year tax positions	261
Increase related to current year tax positions	251
Balance as of December 31, 2021	$	4,547

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease cost

The components of lease expense were as follows during the periods presented (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease costs(1)	$	17,272	$	16,331
Finance lease costs
Amortization of ROU assets	3,848		3,149
Interest on lease liabilities	419		420
Total lease costs	$	21,539	$	19,900

________________________(1)Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of income. Costs include short-term and variable lease components which were not material for the periods presented.

Supplemental balance sheet information

The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands):


	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease ROU assets	Other assets	$	68,812	$	72,164
Finance lease ROU assets	Property and equipment, net	15,064		12,410
Total lease ROU assets		$	83,876	$	84,574

Liabilities
Operating lease liabilities	Other liabilities	$	84,314	$	90,659
Finance lease liabilities	Borrowings	7,005		8,288
Total lease liabilities		$	91,319	$	98,947

Lease term and discount rate were as follows:


	December 31, 2021		December 31, 2020
Weighted-average remaining lease term (in years)
Operating leases	6.2		7.1
Finance leases	2.0		2.5
Weighted-average discount rate
Operating leases	5.2	%	5.0	%
Finance leases	4.6	%	4.6	%

Supplemental lease information

Supplemental lease information is summarized below (in thousands):


	Year Ended December 31,
	2021		2020
ROU assets obtained in exchange for new operating lease obligations	$	13,426	$	8,990
ROU assets obtained in exchange for new finance lease obligations	2,664		3,276
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	20,048		17,396
Finance leases - operating cash flows	419		419
Finance leases - financing cash flows	3,950		3,114

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2021 are summarized as follows (in thousands):


	Finance Leases		Operating Leases		Total
2022	$	4,182	$	17,878	$	22,060
2023	2,198		15,459		17,657
2024	973		15,751		16,724
2025	—		13,015		13,015
2026	—		12,127		12,127
Thereafter	—		28,507		28,507
Total undiscounted lease payments	7,353		102,737		110,090
Less: imputed interest	(348)		(18,423)		(18,771)
Total lease liabilities	$	7,005	$	84,314	$	91,319

Lease maturities

Maturities of lease liabilities under non-cancelable leases as of December 31, 2021 are summarized as follows (in thousands):


	Finance Leases		Operating Leases		Total
2022	$	4,182	$	17,878	$	22,060
2023	2,198		15,459		17,657
2024	973		15,751		16,724
2025	—		13,015		13,015
2026	—		12,127		12,127
Thereafter	—		28,507		28,507
Total undiscounted lease payments	7,353		102,737		110,090
Less: imputed interest	(348)		(18,423)		(18,771)
Total lease liabilities	$	7,005	$	84,314	$	91,319

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Total revenues(1):
United States	$	1,115,572	$	992,916	$	817,693
International
Europe(2)	486,530		490,385		520,433
Other geographies	12,397		18,099		59,555
	498,927		508,484		579,988
Total	$	1,614,499	$	1,501,400	$	1,397,681

________________________

(1)Total revenues during 2019 is adjusted by net allowances. Total revenues are attributed to countries based on consumer location.

(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, 2021		December 31, 2020
Long-lived assets(1):
United States	$	70,413	$	83,523
International
United Kingdom	43,604		37,225
Other foreign countries	5,840		6,549
	49,444		43,774
Total	$	119,857	$	127,297

________________________

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

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity in the Goodwill Balance

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


	Year Ended December 31,
	2021		2020		2019
Balance as of beginning of period:	$	906,962	$	884,185	$	868,126



Goodwill impairment	—		—		(10,718)
Effect of foreign currency translation	(9,167)		22,777		26,777
Balance as of end of period:	$	897,795	$	906,962	$	884,185

Schedule of Acquired Intangible Assets

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


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	66,969	$	(31,154)	$	35,815	$	66,796	$	(22,714)	$	44,082
Developed technologies	2,549		(2,530)		19		5,048		(4,760)		288
Trade name and other	1,597		(1,111)		486		6,644		(6,002)		642

Total intangible assets	$	71,115	$	(34,795)	$	36,320	$	78,488	$	(33,476)	$	45,012

Weighted-Average Useful Lives of Intangible Assets

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


			Weighted-Average Useful Lives
Customer relationships			10
Developed technologies			5
Trade name and other			7

Estimated Future Amortization Expense

Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2021 is as follows (in thousands):


2022	$	7,374
2023	6,965
2024	6,887
2025	6,533
2026	5,182
Thereafter	3,379
Total	$	36,320

Ownership, Description of Business, and Summary of Significant Accounting Policies - New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes		$ 583,500
Debt discount		(19,364)
Other liabilities	$ 195,947	146,893
Additional paid-in capital	0	230,440
Accumulated earnings	$ 1,238,564	$ 1,055,668
Diluted (USD per share)	$ 11.26	$ 6.68	$ 5.33
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes		$ 0
Debt discount		19,364
Other liabilities		(1,450)
Additional paid-in capital		(40,372)
Accumulated earnings		22,458	$ 44,200
Diluted (USD per share)	$ 0.19
Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes		583,500
Debt discount		0
Other liabilities		145,443
Additional paid-in capital		190,068
Accumulated earnings		$ 1,078,126

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Ownership, Description of Business, and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
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 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income attributable to Encore Capital Group, Inc. stockholders	$ 350,782	$ 211,848	$ 167,869
Weighted average common shares outstanding-basic (in shares)	30,129	31,427	31,210
Dilutive effect of stock-based awards (in shares)	407	283	264
Dilutive effect of convertible and exchangeable senior notes (in shares)	617	0	0
Weighted average common shares outstanding-diluted (in shares)	31,153	31,710	31,474
Earnings per share
Earnings Per Share, Basic	$ 11.64	$ 6.74	$ 5.38
Earnings Per Share, Diluted	$ 11.26	$ 6.68	$ 5.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted cash	$ 29.3	$ 20.3
Anti-dilutive employee stock options outstanding (in shares)	3,000	51,000	64,000

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities
Contingent consideration	$ (5,218)	$ (2,957)
Fair Value, Inputs, Level 1 [Member]
Liabilities
Contingent consideration	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
Contingent consideration	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities
Contingent consideration	(5,218)	(2,957)
Cross-currency swap agreements
Assets
Interest Rate Derivative Assets, at Fair Value		11,578
Liabilities
Swap Agreements	(16,902)
Cross-currency swap agreements \| Fair Value, Inputs, Level 1 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value		0
Liabilities
Swap Agreements	0
Cross-currency swap agreements \| Fair Value, Inputs, Level 2 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value		11,578
Liabilities
Swap Agreements	(16,902)
Cross-currency swap agreements \| Fair Value, Inputs, Level 3 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value		0
Liabilities
Swap Agreements	0
Interest rate cap contracts
Assets
Interest Rate Derivative Assets, at Fair Value	3,541	659
Interest rate cap contracts \| Fair Value, Inputs, Level 1 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value	0	0
Interest rate cap contracts \| Fair Value, Inputs, Level 2 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value	3,541	659
Interest rate cap contracts \| Fair Value, Inputs, Level 3 [Member]
Assets
Interest Rate Derivative Assets, at Fair Value	$ 0	0
Interest rate swap agreements
Liabilities
Swap Agreements		(5,232)
Interest rate swap agreements \| Fair Value, Inputs, Level 1 [Member]
Liabilities
Swap Agreements		0
Interest rate swap agreements \| Fair Value, Inputs, Level 2 [Member]
Liabilities
Swap Agreements		(5,232)
Interest rate swap agreements \| Fair Value, Inputs, Level 3 [Member]
Liabilities
Swap Agreements		$ 0

Fair Value Measurements - Schedule of Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at Beginning of period	$ 2,957	$ 66	$ 6,198
Change in fair value of contingent consideration	(388)		(2,300)
Payment of contingent consideration	180	88	3,686
Effect of foreign currency translation	(84)	(131)	(146)
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,913	2,848
Balance at End of period	$ 5,218	$ 2,957	$ 66

Fair Value Measurements - Schedule of Financial Instruments Not Required to Be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios	$ 3,065,553	$ 3,291,918
Carrying Amount \| 2021 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes	0	160,406
Carrying Amount \| 2022 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes		146,644
Carrying Amount \| 2023 Exchangeable Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes		164,339
Carrying Amount \| 2025 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes		92,747
Carrying Amount \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	1,606,327	1,642,058
Carrying Amount \| Encore private placement notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	107,470	146,550
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios	3,416,926	3,705,672
Estimated Fair Value \| 2021 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes	0	161,349
Estimated Fair Value \| 2022 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes	195,009	160,905
Estimated Fair Value \| 2023 Exchangeable Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes	257,782	190,737
Estimated Fair Value \| 2025 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes and exchangeable notes	165,887	109,090
Estimated Fair Value \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	1,652,246	1,684,729
Estimated Fair Value \| Encore private placement notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 108,652	$ 141,860

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets held for sale	$ 44,640	$ 42,173

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Interest rate cap contracts
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 3,541		$ 659
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements - liabilities			(5,232)
Cross-currency swap agreements
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value			11,578
Interest rate swap agreements - liabilities	(16,902)
Designated as Hedging Instrument \| Other assets \| Interest rate cap contracts
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	3,541		659
Designated as Hedging Instrument \| Other assets \| Cross-currency swap agreements
Derivative [Line Items]
Cross Currency Swap Agreements - Assets			11,578
Designated as Hedging Instrument \| Other liabilities \| Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements - liabilities	0	$ (1,200)	$ (5,232)
Designated as Hedging Instrument \| Other liabilities \| Cross-currency swap agreements
Derivative [Line Items]
Cross Currency Swap Agreements - Liabilities	$ 16,902

Derivatives and Hedging Instruments - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($)	Sep. 30, 2020 instrument	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) instrument	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€) instrument	Dec. 31, 2021 GBP (£) instrument	Aug. 31, 2020 instrument
United Kingdom, Pounds
Derivative [Line Items]
Foreign Currency Exchange Rate, Translation				0.74			0.74	0.74
Euro Member Countries, Euro
Derivative [Line Items]
Foreign Currency Exchange Rate, Translation				0.88			0.88	0.88
Forward contracts
Derivative [Line Items]
Gains or losses were reclassified from OCI into earnings				$ 0	$ 0	$ 0
Interest rate swap agreements
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net			$ 1,900,000
Cross-currency swap agreements
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months				5,200,000
Interest rate cap contracts
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months				$ (900,000)
Cash Flow Hedges \| Interest rate swap agreements
Derivative [Line Items]
Number of interest rate derivatives held \| instrument									4
Number Of Interest Rate Derivatives Settled \| instrument		2
Cash Flow Hedges \| Cross-currency swap agreements
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument				4			4	4
Derivative instrument, notional amount				$ 397,900,000			€ 350,000,000
Cash Flow Hedges \| Interest Rate Cap, 2020 Caps [Member]
Derivative [Line Items]
Proceeds from hedge, financing activities	$ 900,000
Payments for hedge, financing activities	$ 2,100,000
Not Designated as Hedging Instruments \| Forward contracts
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument				0			0	0
Minimum \| Not Designated as Hedging Instruments \| Cash Flow Hedges
Derivative [Line Items]
Term of contract (years)				1 month
Maximum \| Not Designated as Hedging Instruments \| Cash Flow Hedges
Derivative [Line Items]
Term of contract (years)				3 months
2019 Cap \| Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount				$ 454,800,000			€ 400,000,000
2020 Caps \| Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount				$ 473,400,000				£ 350,000,000

Derivatives and Hedging Instruments - Effects of Derivatives in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 10,670	$ 168	$ (4,268)
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Cash Flow Hedges \| Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	(341)	1,100
Gain (Loss) Reclassified from OCI into Income	0	49	383
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Cash Flow Hedges \| General and administrative expenses
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	(44)	(56)
Gain (Loss) Reclassified from OCI into Income	0	11	(19)
Designated as Hedging Instrument \| Interest rate swap agreements \| Cash Flow Hedges \| Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(69)	(7,441)	(6,347)
Gain (Loss) Reclassified from OCI into Income	(8,743)	(7,893)	(2,560)
Designated as Hedging Instrument \| Interest rate cap contracts \| Cash Flow Hedges \| Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	1,824	(3,001)	(1,752)
Gain (Loss) Reclassified from OCI into Income	(568)	(2,846)	146
Designated as Hedging Instrument \| Cross-currency swap agreements \| Cash Flow Hedges \| Interest Expense / Other Income
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(33,464)	10,503	0
Gain (Loss) Reclassified from OCI into Income	$ (33,532)	$ 10,121	$ 0

Derivatives and Hedging Instruments - Summary of Effects of Derivatives not Designated as Hedging Instruments (Details) - Other Expense - Cash Flow Hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign currency exchange contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (20)	$ 3,564	$ (2,959)
Interest rate swap agreements
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (73)	$ 0	$ 0

Investment in Receivable Portfolios, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Changes To Expected Current Period Recoveries	$ 326,006	$ 228,075
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Changes To Expected Future Period Recoveries	$ (126,870)	$ (220,829)

Investment in Receivable Portfolios, Net - Transition Approach (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Investment in receivable portfolios, carrying value		$ 3,065,553	$ 3,291,918	$ 3,283,984	$ 3,137,893
Allowance for credit losses		1,823,582	1,703,420
Noncredit discount		3,284,369	3,464,670
Face value		5,772,480	5,827,962
Write-off of amortized cost		(2,488,111)	(2,363,292)
Write-off of noncredit discount		(3,284,369)	(3,464,670)
Negative allowance		$ 664,529	659,872
Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in receivable portfolios, carrying value				44,166
Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in receivable portfolios, carrying value			$ 3,291,918	$ 3,328,150
Allowance for credit losses	$ 79,028,043
Amortized cost	82,356,193
Noncredit discount	132,533,142
Face value	214,889,335
Write-off of amortized cost	(82,356,193)
Write-off of noncredit discount	(132,533,142)
Negative allowance	3,328,150
Investment In Receivable Portfolios, Net \| Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Line Items]
Investment in receivable portfolios, carrying value	$ 3,328,150

Investment in Receivable Portfolios, Net - Establishment of Negative Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Purchase price	$ 664,529	$ 659,872
Allowance for credit losses	1,823,582	1,703,420
Amortized cost	2,488,111	2,363,292
Noncredit discount	3,284,369	3,464,670
Face value	5,772,480	5,827,962
Write-off of amortized cost	(2,488,111)	(2,363,292)
Write-off of noncredit discount	(3,284,369)	(3,464,670)
Negative allowance	664,529	659,872
Negative allowance for expected recoveries - current period purchases	$ 664,529	$ 659,872	$ 1,046,696

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,291,918	$ 3,283,984	$ 3,137,893
Purchases of Receivable Portfolios	664,529	659,872	1,046,696
Collections applied to investment in receivable portfolios, net	(1,019,629)	(737,131)	(757,640)
Changes in recoveries	199,136	7,246
Put-backs and Recalls	(7,249)	(15,824)	(11,591)
Deconsolidation of receivable portfolios	(9,352)	(2,822)	(51,935)
Disposals and transfers to real estate owned	(8,071)	(9,459)	(11,495)
Foreign currency adjustments	(45,729)	61,886	38,800
Balance, end of period	3,065,553	3,291,918	3,283,984
Collections applied to principal balance (debt purchasing)
Cash collections	(2,307,359)	(2,111,848)
Less - amounts classified to revenue from receivable portfolios	(1,287,730)	(1,374,717)
Collections applied to investment in receivable portfolios, net	1,019,629	737,131	$ 757,640
Changes in recoveries
Recoveries above forecast	326,006	228,075
Changes in expected future recoveries	(126,870)	(220,829)
Changes in recoveries	$ 199,136	$ 7,246

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios in 2019 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,291,918	$ 3,283,984	$ 3,137,893
Purchases of Receivable Portfolios	664,529	659,872	1,046,696
Collections applied to investment in receivable portfolios, net	(1,019,629)	(737,131)	(757,640)
Put-backs and Recalls	(7,249)	(15,824)	(11,591)
Deconsolidation of receivable portfolios	(9,352)	(2,822)	(51,935)
Disposals and transfers to real estate owned	(8,071)	(9,459)	(11,495)
Sale of receivable portfolio			(98,636)
Portfolio allowance, net	0	0	(8,108)
Foreign currency adjustments	(45,729)	61,886	38,800
Balance, end of period	$ 3,065,553	$ 3,291,918	3,283,984
Gain on Sale of Investments			$ 9,300

Composition of Certain Financial Statement Items - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 272,898	$ 257,002
Less: accumulated depreciation and amortization	(153,041)	(129,705)
Property and equipment, net	119,857	127,297
Depreciation and amortization expense	42,200	34,800	$ 33,300
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	209,844	194,678
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	37,533	43,621
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19,959	10,514
Telecommunications equipment and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,075	3,450
Construction in process
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,487	$ 4,739

Composition of Certain Financial Statement Items - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total
Operating lease right-of-use assets	$ 68,812	$ 72,164
Deferred tax assets	51,451	33,202
Real estate owned	44,640	42,173
Identifiable intangible assets, net	36,320	45,012
Prepaid expenses	26,943	26,717
Service fee receivables	22,610	26,539
Income tax deposits	19,315	35,853
Other	65,184	67,502
Total	$ 335,275	$ 349,162

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance Lease, Liability	$ 7,005	$ 8,288
Debt and finance lease liabilities, gross	3,055,681	3,373,493
Less: debt discount and issuance costs, net of amortization	(58,350)	(91,859)
Borrowings	$ 2,997,331	$ 3,281,634
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Borrowings	Borrowings
Credit Facility \| Global senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 406,635	$ 481,007
Credit Facility \| Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	473,443	478,131
Encore private placement notes \| Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	107,470	146,550
Senior secured notes \| Senior secured notes
Debt Instrument [Line Items]
Long-term debt	1,613,739	1,651,619
Convertible notes and exchangeable notes \| Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Long-term debt	422,500	583,500
Other
Debt Instrument [Line Items]
Long-term debt	$ 24,889	$ 24,398

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee (as a percent)	0.40%
Global senior secured revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 1,050,000,000
Maximum ratio of financial indebtedness to cash and cash equivalent investments	0.75
Utilization threshold (as a percent)	20.00%
Maximum ratio of super senior liabilities to cash and cash equivalent investments	0.275
Fixed charge coverage ratio	2.0
Long-term debt	$ 406,600,000
Weighted average interest rate (as a percent)	3.07%	3.25%
Remaining borrowing capacity	$ 643,400,000
Cabot Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		3.30%
Encore Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		3.90%
LIBOR \| Global senior secured revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Floor interest rate (as a percent)	0.00%
Euro Interbank Offered Rate (EURIBOR) \| Global senior secured revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Floor interest rate (as a percent)	0.00%

Borrowings - Encore Private Placement Notes - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued		$ 422,500,000	$ 583,500,000
Encore private placement notes \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt issued				$ 325,000,000
Repayments of Debt	$ 103,700,000
Repayment of Long-term Debt, Make-whole Payment	$ 10,400,000
Long-term debt		$ 107,470,000	$ 146,550,000
Stated interest rate (as a percent)		5.625%
Senior Secured Notes, periodic principal repayment		$ 9,800,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Borrowings - Senior Secured Notes - Table (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Jun. 01, 2021 USD ($)	Jun. 01, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Senior secured notes	$ 1,613,739			$ 1,651,619
Cabot 2023 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 0	$ 306,000	£ 226.2	309,034
Stated interest rate (as a percent)	7.50%
Encore 2025 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 397,928			426,752
Stated interest rate (as a percent)	4.875%
Encore 2026 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 405,808			409,827
Stated interest rate (as a percent)	5.375%
Encore 2028 Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 338,174			0
Stated interest rate (as a percent)	4.25%
Encore 2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 471,829			$ 506,006
Basis spread on variable rate (as a percent)	4.25%
Variable rate floor (as a percent)	0.00%
Euro Interbank Offered Rate (EURIBOR) \| Encore 2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%

Borrowings - Senior Secured Notes - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 GBP (£)	Jun. 01, 2021 USD ($)	Jun. 01, 2021 GBP (£)
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 422,500		$ 422,500	$ 583,500
Loss on extinguishment of debt			(9,300)	(40,951)	$ (8,989)
Senior secured notes	$ 1,613,739		$ 1,613,739	1,651,619
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign Currency Exchange Rate, Translation	0.74		0.74			0.74	0.74
Euro Member Countries, Euro
Debt Instrument [Line Items]
Foreign Currency Exchange Rate, Translation	0.88		0.88			0.88	0.88
Encore 2025 Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 397,900		$ 397,900			€ 350,000,000
Stated interest rate (as a percent)	4.875%		4.875%			4.875%	4.875%
Issuance price (as a percent)	98.889%		98.889%			98.889%	98.889%
Senior secured notes	$ 397,928		$ 397,928	426,752
Encore 2026 Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 405,800		$ 405,800				£ 300,000,000
Stated interest rate (as a percent)	5.375%		5.375%			5.375%	5.375%
Issuance price (as a percent)	100.00%		100.00%			100.00%	100.00%
Senior secured notes	$ 405,808		$ 405,808	409,827
Cabot 2023 Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 693,800		$ 693,800				£ 512,900,000
Stated interest rate (as a percent)	7.50%		7.50%			7.50%	7.50%
Early Repayment of Senior Debt	$ 387,800	£ 286,700,000
Debt Instrument, Redemption Price (as a percent)	101.875%	101.875%	101.875%
Loss on extinguishment of debt			$ 12,800
Senior secured notes	$ 0		0	309,034				$ 306,000	£ 226,200,000
Encore 2028 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 471,800		$ 471,800			€ 415,000,000
Issuance price (as a percent)	99.00%		99.00%			99.00%	99.00%
Variable rate floor (as a percent)	0.00%		0.00%			0.00%	0.00%
Basis spread on variable rate (as a percent)			4.25%
Senior secured notes	$ 471,829		$ 471,829	506,006
Encore 2028 Floating Rate Notes \| Secured Debt \| Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.25%
Cabot 2024 Floating Rate Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 454,800		$ 454,800			€ 400,000,000
Loss on extinguishment of debt			$ 13,100
Variable rate floor (as a percent)	0.00%		0.00%			0.00%	0.00%
Cabot 2024 Floating Rate Notes \| Secured Debt \| Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			6.375%
Encore 2028 Notes \| Secured Debt
Debt Instrument [Line Items]
Debt Instrument Face Value	$ 338,200		$ 338,200				£ 250,000,000
Stated interest rate (as a percent)	4.25%		4.25%			4.25%	4.25%
Senior secured notes	$ 338,174		$ 338,174	$ 0

Borrowings - Encore Convertible Notes and Exchangeable Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issued	$ 422,500	$ 583,500
Convertible Notes \| 2021 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 0	161,000
Stated interest rate (as a percent)	2.875%
Convertible Notes \| 2022 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 150,000	150,000
Stated interest rate (as a percent)	3.25%
Convertible Notes \| 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 100,000	100,000
Stated interest rate (as a percent)	3.25%
Exchangeable Notes Payable \| 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued	$ 172,500	$ 172,500
Stated interest rate (as a percent)	4.50%

Borrowings - Encore Convertible Notes and Exchangeable Notes - Key Features (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2021 day $ / shares	Dec. 31, 2021 USD ($) $ / shares	Sep. 30, 2021 $ / shares
Debt Instrument [Line Items]
Debt Instrument, Convertible, All Cash Settlement, Maximum Stock Price At Time Of Conversion			$ 79.32
2021 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		0.0168386
2022 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (USD per share)	$ 45.57	$ 45.57	$ 1.75
Closing stock price at date of issuance (in dollars per share)	35.05	$ 35.05
Initial conversion or exchange rate (shares per $1,000 principal amount)		21.9467
Adjusted conversion or exchange rate (shares per $1,000 principal amount)		22.0617
Adjusted conversion or exchange price		$ 45.33
Adjusted effective conversion or exchange price \| $		$ 45.33
Excess of if-converted value compared to principal \| $		$ 55,538,000
Debt Instrument, Convertible, Conversion Ratio		0.0219467
2023 Exchangeable Notes \| Exchangeable Notes Payable
Debt Instrument [Line Items]
Initial conversion price (USD per share)	44.62	$ 44.62
Closing stock price at date of issuance (in dollars per share)	$ 36.45	$ 36.45
Initial conversion or exchange rate (shares per $1,000 principal amount)		22.4090
Adjusted conversion or exchange rate (shares per $1,000 principal amount)		22.5264
Adjusted conversion or exchange price		$ 44.39
Adjusted effective conversion or exchange price \| $		$ 62.13
Excess of if-converted value compared to principal \| $		$ 68,847,000
Threshold percentage of stock price trigger	130.00%
Debt Instrument, Convertible, Conversion Ratio		0.022409
2025 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (USD per share)	$ 40.00	$ 40.00
Closing stock price at date of issuance (in dollars per share)	$ 32.00	$ 32.00
Initial conversion or exchange rate (shares per $1,000 principal amount)		25.0000
Adjusted conversion or exchange rate (shares per $1,000 principal amount)		25.1310
Adjusted conversion or exchange price		$ 39.79
Adjusted effective conversion or exchange price \| $		$ 39.79
Excess of if-converted value compared to principal \| $		$ 56,089,000
Trading days \| day	20
Consecutive trading day period \| day	30
Debt Instrument, Convertible, Conversion Ratio		0.025

Borrowings - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Equity component		$ 53,074
2021 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 143,645
Equity component	17,355
Equity issuance cost	$ 581
Stated interest rate (as a percent)	2.875%
Effective interest rate (as a percent)	4.70%
2022 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 137,266
Equity component	12,734
Equity issuance cost	$ 398
Stated interest rate (as a percent)	3.25%
Effective interest rate (as a percent)	5.20%
2023 Exchangeable Notes \| Exchangeable Notes Payable
Debt Instrument [Line Items]
Debt component	$ 157,971
Equity component	14,009
Equity issuance cost	$ 0
Stated interest rate (as a percent)	4.50%
Effective interest rate (as a percent)	6.50%
2025 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 91,024
Equity component	8,976
Equity issuance cost	$ 224
Stated interest rate (as a percent)	3.25%
Effective interest rate (as a percent)	5.00%

Borrowings - Balances of Liability and Equity Components (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Liability component—principal amount	$ 583,500
Unamortized debt discount	(19,364)
Liability component—net carrying amount	564,136
Equity component	$ 53,074

Borrowings - Interest Expense related to Convertible Notes and Exchangeable Notes (Details) - Convertible notes and exchangeable notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 16,839	$ 21,857	$ 23,845
Interest expense—amortization of debt discount	0	10,945	12,780
Total interest expense	$ 16,839	$ 32,802	$ 36,625

Borrowings - Cabot Securitisation Senior Facility - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 GBP (£)
Debt Instrument [Line Items]
Book value \| $	$ 4,608,125	$ 4,864,523
Cabot securitisation senior facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £			£ 350,000,000
Credit facility, outstanding amount	473,400		350,000,000
Book value	$ 488,300		£ 361,000,000
Weighted average interest rate (as a percent)	3.11%	3.23%
Cabot securitisation senior facility \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Cabot securitisation senior facility \| Minimum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Cabot securitisation senior facility \| Maximum \| Sterling Overnight Index Average (SONIA) \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%

Borrowings - Summary of Debt Obligations Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Maturities of Long-term Debt and Capital Lease Obligations [Abstract]
Principal amortization in 2021	$ 203,825
Principal amortization in 2022	220,667
Principal amortization in 2023	33,622
Principal amortization in 2024	907,663
Principal amortization in 2025	879,901
Thereafter	810,003
Total	$ 3,055,681

Common Stock - Narrative (Details) - USD ($)		12 Months Ended	69 Months Ended
Common Stock - Narrative (Details) - USD ($)	Dec. 09, 2021	Dec. 31, 2021	May 05, 2021	Nov. 04, 2021	Aug. 12, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ (300,000,000)		$ (50,000,000)
Stock repurchase program, change in authorized amount			$ 250,000,000
Stock Repurchased During Period, Value		$ 390,606,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, shares		7,070,000
Stock Repurchased During Period, Value		$ 70,000
Tender Offer [Member] \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 300,000,000
Closing stock price at date of issuance (in dollars per share)	$ 60.00
Stock repurchased and retired during period, shares	4,471,995
Stock repurchased and retired during period, value	$ 268,300,000
Tender Offer [Member] \| Minimum \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Closing stock price at date of issuance (in dollars per share)				$ 52.00
Tender Offer [Member] \| Maximum \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Closing stock price at date of issuance (in dollars per share)				$ 60.00
Treasury Stock, Common \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value		$ 121,200,000
Stock repurchased and retired during period, shares		2,598,034

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 1,220,076	$ 1,025,406	$ 819,688
Balance at end of period	1,185,261	1,220,076	1,025,406
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(10,154)	(10,322)	(6,054)
Other comprehensive loss before reclassification	(31,709)	(324)	(7,055)
Reclassification	44,544	558	2,026
Removal of OCI in connection with divestiture	0	0	0
Tax effect	(2,165)	(66)	761
Balance at end of period	516	(10,154)	(10,322)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(58,659)	(78,444)	(104,933)
Other comprehensive loss before reclassification	(15,309)	17,153	22,675
Reclassification	0	0	0
Removal of OCI in connection with divestiture	19,904	2,632	3,814
Tax effect	0	0	0
Balance at end of period	(54,064)	(58,659)	(78,444)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(68,813)	(88,766)	(110,987)
Other comprehensive loss before reclassification	(47,018)	16,829	15,620
Reclassification	44,544	558	2,026
Removal of OCI in connection with divestiture	19,904	2,632	3,814
Tax effect	(2,165)	(66)	761
Balance at end of period	$ (53,548)	$ (68,813)	$ (88,766)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Subparagraph (a)(3)(iii)(03)

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 18.3	$ 16.6	$ 12.6
Tax benefit from stock-based compensation arrangements	$ 2.5	2.5	1.2
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 3 months 18 days
Unrecognized compensation cost, non vested shares	$ 12.8
Fair value of restricted stock units and restricted stock awards vested	$ 16.9	$ 14.5	$ 8.9
Weighted Average Grant Date Fair Value, Awarded (in dollars per share)	$ 42.09	$ 38.51	$ 32.42
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]
Cash received from option exercise	$ 1.6		$ 0.3
Stock options intrinsic value	1.1		0.1
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options intrinsic value	$ 0.2		$ 0.9
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 (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Equity Option
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	9,166
Number of Shares Exercised in Period (in shares) \| shares	(5,000)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	4,166
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	4,166
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	$ 22.17
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	22.17
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	22.17
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 22.17
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (in years), Outstanding	3 months 3 days
Weighted Average Remaining Contractual Term (in years), Exercisable	3 months 3 days
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding \| $	$ 166
Aggregate intrinsic value, Exercisable \| $	$ 166
Performance Stock Options
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	164,013
Number of Shares Exercised in Period (in shares) \| shares	(50,083)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	100,614
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	100,614
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	$ 31.73
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 30.95
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (in years), Outstanding	2 years 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Exercisable	2 years 2 months 8 days
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding \| $	$ 3,135
Aggregate intrinsic value, Exercisable \| $	$ 3,135

Stock-Based Compensation - Summary of Performance Stock Options Activity (Details) - Performance Stock Options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	164,013
Number of Shares, Exercised (in shares) \| shares	(50,083)
Number of Shares, Expired (in shares) \| shares	(13,316)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	100,614
Number of Shares, Vested or Expected to Vest (in shares) \| shares	100,614
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	100,614
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	$ 31.73
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Cancelled/forfeited (in dollars per share) \| $ / shares	40.50
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 30.95
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (in years), Outstanding	2 years 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Vested or expected to vest	2 years 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Exercisable	2 years 2 months 8 days
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding \| $	$ 3,135
Aggregate intrinsic value, Vested or expected to vest \| $	3,135
Aggregate intrinsic value, Exercisable \| $	$ 3,135

Stock-Based Compensation - Summary of Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Vested Shares
Non-Vested Shares, Beginning Balance (in shares)	942,518
Non-Vested Shares, Awarded (in shares)	418,961
Non-Vested Shares, Vested (in shares)	(442,894)
Non-Vested Shares, Cancelled (in shares)	(224,646)
Non-Vested Shares, Ending Balance (in shares)	693,939	942,518
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 37.28
Weighted Average Grant Date Fair Value, Awarded (in dollars per share)	42.09	$ 38.51	$ 32.42
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	38.04
Weighted Average Grant Date Fair Value, Cancelled (in dollars per share)	38.44
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 39.33	$ 37.28
Performance Shares
Weighted Average Grant Date Fair Value
Maximum shares that could vest (percent)	200.00%
Maximum number that could vest (in shares)	878,309	1,255,445

Income Taxes Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 390,607	$ 259,132	$ 144,495
Foreign	45,934	23,766	56,747
Income before income taxes	$ 436,541	$ 282,898	$ 201,242

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal	$ 33,582	$ 43,185	$ (2,917)
State	5,787	8,528	(6,464)
Foreign	10,600	10,112	21,008
Total current income tax expense	49,969	61,825	11,627
Federal	49,512	15,851	27,640
State	5,904	2,192	5,535
Foreign	(20,045)	(9,494)	(12,469)
Total deferred income tax expense	35,371	8,549	20,706
Provision for income taxes	$ 85,340	$ 70,374	$ 32,333

Income Taxes - Schedule of Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal Provision (as a percent)	21.00%	21.00%	21.00%
State Provision (as a percent)	2.30%	3.20%	0.20%
Foreign rate differential (as a percent)	(1.00%)	(0.50%)	(2.20%)
Change in Enacted Tax Rate (as a percent)	(1.30%)	(0.90%)	0.20%
Change in valuation allowance (as a percent)	(2.30%)	0.90%	(0.50%)
IRS Settlement (as a percent)	0.00%	0.00%	(2.40%)
Tax effect of CFPB settlement fees (as a percent)	0.00%	1.10%	0.00%
Other (as a percent)	0.80%	0.10%	(0.20%)
Effective rate (as a percent)	19.50%	24.90%	16.10%

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 68,677	$ 69,718
Operating lease liabilities	18,715	18,717
Accrued expenses	11,885	10,165
Difference in basis of bond and loan costs	0	16
Difference in basis of receivable portfolio	33,335	17,115
Stock-based compensation	4,528	2,787
Right-of-use asset	23	58
Difference in basis of depreciable and amortizable assets	5,326	4,242
Other	6,094	5,782
Total deferred tax assets	148,583	128,600
Valuation allowance	(35,920)	(45,636)
Total deferred tax assets net of valuation allowance	112,663	82,964
Deferred tax liabilities:
Accrued expenses	(750)	(9)
Difference in basis of bond and loan costs	(1,725)	(11,818)
Difference in basis of receivable portfolio	(105,743)	(41,383)
Stock-based compensation	(672)	0
Right-of-use asset	(15,367)	(14,717)
Difference in basis of depreciable and amortizable assets	(26,210)	(18,105)
Prepaid expenses	(907)	(793)
Other	(23)	(1,869)
Total deferred tax liabilities	(151,397)	(88,694)
Deferred Tax Liabilities, Net, Total	$ (38,734)	$ (5,730)

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 6,781	$ 7,908	$ 18,552
Decreases related to prior year tax positions	(2,034)	(608)	(10,673)
Increases related to prior year tax positions	261	6
Increases related to current year tax positions	251	574	4,442
Decrease related to expiration of statute of limitations	(712)	(827)	(2,493)
Decreases related to settlements with taxing authorities		(272)	(1,920)
Ending Balance	$ 4,547	$ 6,781	$ 7,908

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Undistributed earnings	$ 143,000
Valuation allowance	35,920	$ 45,636
Unrecognized tax benefits, including penalties and interest	4,600	6,900	$ 8,200
Net tax benefit from unrecognized tax benefits, if recognized	1,600	3,300	5,000
Unrecognized tax benefits, income tax penalties and interest expense	100	$ 200	$ 2,700
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 274,300
Tax Holiday Through 2026 \| Costa Rica
Income Taxes [Line Items]
Holiday tax rate	100.00%

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 17,272	$ 16,331
Amortization of ROU assets	3,848	3,149
Interest on lease liabilities	419	420
Total lease costs	$ 21,539	$ 19,900

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 68,812	$ 72,164
Finance lease ROU assets	$ 15,064	$ 12,410
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease ROU assets	$ 83,876	$ 84,574
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Liability	$ 84,314	$ 90,659
Finance Lease, Liability	7,005	8,288
Total lease liabilities	91,319	98,947
Increases related to current year tax positions	$ 251	$ 574	$ 4,442

Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
ROU assets obtained in exchange for new operating lease obligations	$ 13,426	$ 8,990
ROU assets obtained in exchange for new finance lease obligations	2,664	3,276
Operating leases - operating cash flows	20,048	17,396
Finance leases - operating cash flows	419	419
Finance leases - financing cash flows	$ 3,950	$ 3,114

Leases - Lease term and discount rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	6 years 2 months 12 days	7 years 1 month 6 days
Weighted-average remaining lease term, finance leases (years)	2 years	2 years 6 months
Weighted-average discount rate, operating leases (percentage)	5.20%	5.00%
Weighted-average discount rate, finance leases (percentage)	4.60%	4.60%

Leases - Schedule of Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Lease, Liability, Payment, Due [Abstract]
2022	$ 4,182
2023	2,198
2024	973
2025	0
2026	0
Thereafter	0
Total undiscounted lease payments	7,353
Less: imputed interest	(348)
Finance Lease, Liability	7,005	$ 8,288
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	17,878
2023	15,459
2024	15,751
2025	13,015
2026	12,127
Thereafter	28,507
Total undiscounted lease payments	102,737
Less: imputed interest	(18,423)
Operating Lease, Liability	84,314	90,659
Total Lease, 2022	22,060
Total Lease, 2023	17,657
Total Lease, 2024	16,724
Total Lease, 2025	13,015
Total Lease, 2026	12,127
Total Lease, Thereafter	28,507
Total undiscounted lease payments	110,090
Less: imputed interest	(18,771)
Total lease liabilities	$ 91,319	$ 98,947

Commitments and Contingencies - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Material reserves for legal matters	$ 0
Purchase price	259,200,000
401(K) Expense Recognized	2,800,000	$ 2,900,000	$ 2,800,000
Estimated fair value, liability	$ 0
CFPB Stipulated Judgement
Loss Contingencies [Line Items]
Litigation Settlement, Expense		$ 15,000,000

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Schedule of Geographical Areas of Which Company Operates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	$ 1,614,499	$ 1,501,400	$ 1,397,681
United States
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	1,115,572	992,916	817,693
International
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	498,927	508,484	579,988
Europe
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	486,530	490,385	520,433
Other geographies
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	$ 12,397	$ 18,099	$ 59,555

Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	$ 119,857	$ 127,297
United States
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	70,413	83,523
International
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	49,444	43,774
United Kingdom
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	43,604	37,225
Other foreign countries
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	$ 5,840	$ 6,549

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill impairment	$ 10,700,000	$ 0	$ 0	$ 10,718,000
Amortization expense		7,900,000	$ 8,000,000	$ 7,700,000
MCM And Cabot
Goodwill [Line Items]
Goodwill impairment		$ 0

Goodwill and Identifiable Intangible Assets - Schedule of Activity in the Goodwill Balance (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Balance as of beginning of period:		$ 906,962	$ 884,185	$ 868,126
Goodwill impairment	$ (10,700)	0	0	(10,718)
Effect of foreign currency translation		(9,167)	22,777	26,777
Balance as of end of period:	$ 884,185	$ 897,795	$ 906,962	$ 884,185

Goodwill and Identifiable Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,115	$ 78,488
Accumulated Amortization	(34,795)	(33,476)
Total	36,320	45,012
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	66,969	66,796
Accumulated Amortization	(31,154)	(22,714)
Total	35,815	44,082
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,549	5,048
Accumulated Amortization	(2,530)	(4,760)
Total	19	288
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,597	6,644
Accumulated Amortization	(1,111)	(6,002)
Total	$ 486	$ 642

Goodwill and Identifiable Intangible Assets - Weighted-Average Useful Lives of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	10 years
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	5 years
Trade name and other
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	7 years

Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 7,374
2023	6,965
2024	6,887
2025	6,533
2026	5,182
Thereafter	3,379
Total	$ 36,320	$ 45,012